Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,125,228,007 | ||
Entity Common Stock, Shares Outstanding | 125,327,684 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the 2024 Annual Meeting of Shareholders of the Registrant to be held on April 23, 2024, are incorporated by reference into Part III of this Form 10-K. | ||
Entity Central Index Key | 0000090498 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 686 |
Auditor Name | FORVIS, LLP |
Auditor Location | Little Rock, Arkansas |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and noninterest bearing balances due from banks | $ 345,258 | $ 200,616 |
Interest bearing balances due from banks and federal funds sold | 268,834 | 481,506 |
Cash and cash equivalents | 614,092 | 682,122 |
Interest bearing balances due from banks – time | 100 | 795 |
Investment securities: | ||
Held-to-maturity, net of allowance for credit losses of $3,214 and $1,388 at December 31, 2023 and 2022, respectively | 3,726,288 | 3,759,706 |
Available-for-sale, at estimated fair value (amortized cost of $3,509,709 and $4,331,413 at December 31, 2023 and 2022, respectively) | 3,152,153 | 3,852,854 |
Total investments | 6,878,441 | 7,612,560 |
Mortgage loans held for sale | 9,373 | 3,486 |
Loans | 16,845,670 | 16,142,124 |
Allowance for credit losses on loans | (225,231) | (196,955) |
Net loans | 16,620,439 | 15,945,169 |
Premises and equipment | 570,678 | 548,741 |
Foreclosed assets and other real estate owned | 4,073 | 2,887 |
Interest receivable | 122,430 | 102,892 |
Bank owned life insurance | 500,559 | 491,340 |
Goodwill | 1,320,799 | 1,319,598 |
Other intangible assets | 112,645 | 128,951 |
Other assets | 592,045 | 622,520 |
Total assets | 27,345,674 | 27,461,061 |
Deposits: | ||
Noninterest bearing transaction accounts | 4,800,880 | 6,016,651 |
Interest bearing transaction accounts and savings deposits | 10,997,425 | 11,762,885 |
Time deposits | 6,446,673 | 4,768,558 |
Total deposits | 22,244,978 | 22,548,094 |
Federal funds purchased and securities sold under agreements to repurchase | 67,969 | 160,403 |
Other borrowings | 972,366 | 859,296 |
Subordinated notes and debentures | 366,141 | 365,989 |
Accrued interest and other liabilities | 267,732 | 257,917 |
Total liabilities | 23,919,186 | 24,191,699 |
Stockholders’ equity: | ||
Common stock, Class A, $0.01 par value; 350,000,000 shares authorized at December 31, 2023 and 2022; 125,184,119 and 127,046,654 shares issued and outstanding at December 31, 2023 and 2022, respectively | 1,252 | 1,270 |
Surplus | 2,499,930 | 2,530,066 |
Undivided profits | 1,329,681 | 1,255,586 |
Accumulated other comprehensive loss | (404,375) | (517,560) |
Total stockholders’ equity | 3,426,488 | 3,269,362 |
Total liabilities and stockholders’ equity | $ 27,345,674 | $ 27,461,061 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity, allowance for credit losses | $ 3,214 | $ 1,388 |
Amortized Cost | $ 3,509,709 | $ 4,331,413 |
Common stock, Class A, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, Class A, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, Class A, shares issued (in shares) | 125,184,119 | 127,046,654 |
Common stock, Class A, shares outstanding (in shares) | 125,184,119 | 127,046,654 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INTEREST INCOME | |||
Loans, including fees | $ 989,196 | $ 694,192 | $ 555,008 |
Interest bearing balances due from banks and federal funds sold | 13,490 | 5,500 | 2,795 |
Investment securities | 206,918 | 158,203 | 111,693 |
Mortgage loans held for sale | 557 | 720 | 1,565 |
Other loans held for sale | 0 | 3,120 | 0 |
TOTAL INTEREST INCOME | 1,210,161 | 861,735 | 671,061 |
INTEREST EXPENSE | |||
Deposits | 472,919 | 99,049 | 41,172 |
Federal funds purchased and securities sold under agreements to repurchase | 1,150 | 941 | 579 |
Other borrowings | 60,517 | 24,934 | 19,495 |
Subordinated notes and debentures | 25,449 | 19,495 | 18,283 |
TOTAL INTEREST EXPENSE | 560,035 | 144,419 | 79,529 |
NET INTEREST INCOME | 650,126 | 717,316 | 591,532 |
Provision for credit losses | 42,028 | 14,074 | (32,704) |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 608,098 | 703,242 | 624,236 |
NONINTEREST INCOME | |||
Bank owned life insurance income | 11,717 | 11,146 | 8,902 |
(Loss) gain on sale of securities, net | (20,609) | (278) | 15,498 |
Gain on insurance settlement | 0 | 4,074 | 0 |
Other income | 35,398 | 27,361 | 35,273 |
TOTAL NONINTEREST INCOME | 155,566 | 170,066 | 191,815 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 286,117 | 286,982 | 246,335 |
Occupancy expense, net | 46,741 | 44,321 | 38,797 |
Furniture and equipment expense | 20,741 | 20,665 | 19,890 |
Other real estate and foreclosure expense | 892 | 1,003 | 2,121 |
Deposit insurance | 29,986 | 11,608 | 6,973 |
Merger related costs | 1,420 | 22,476 | 15,911 |
Other operating expenses | 177,164 | 179,693 | 153,562 |
TOTAL NONINTEREST EXPENSE | 563,061 | 566,748 | 483,589 |
INCOME BEFORE INCOME TAXES | 200,603 | 306,560 | 332,462 |
Provision for income taxes | 25,546 | 50,148 | 61,306 |
NET INCOME | 175,057 | 256,412 | 271,156 |
Preferred stock dividends | 0 | 0 | 47 |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ 175,057 | $ 256,412 | $ 271,109 |
BASIC EARNINGS PER SHARE (in dollars per share) | $ 1.39 | $ 2.07 | $ 2.47 |
DILUTED EARNINGS PER SHARE (in dollars per share) | $ 1.38 | $ 2.06 | $ 2.46 |
Service charges on deposit accounts | |||
NONINTEREST INCOME | |||
Non-interest income | $ 50,530 | $ 46,527 | $ 43,231 |
Debit and credit card fees | |||
NONINTEREST INCOME | |||
Non-interest income | 31,472 | 31,203 | 28,245 |
Wealth management fees | |||
NONINTEREST INCOME | |||
Non-interest income | 30,203 | 31,895 | 31,172 |
Mortgage lending income | |||
NONINTEREST INCOME | |||
Non-interest income | 7,733 | 10,522 | 21,798 |
Other service charges and fees | |||
NONINTEREST INCOME | |||
Non-interest income | $ 9,122 | $ 7,616 | $ 7,696 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME | $ 175,057 | $ 256,412 | $ 271,156 |
OTHER COMPREHENSIVE INCOME (LOSS) | |||
Unrealized holding gains (losses) arising during the period on available-for-sale securities | 108,612 | (593,010) | (91,434) |
Less: Reclassification adjustment for realized (losses) gains included in net income | (20,609) | (278) | 15,498 |
Less: Realized gains (losses) on available-for-sale securities interest rate hedges | 1,960 | (98,374) | (10,588) |
Net unrealized (losses) gains on securities transferred from available-for-sale to held-to-maturity during the period | 0 | (206,682) | 1,106 |
Less: Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity | (25,971) | (14,632) | (104) |
Other comprehensive income (loss), before tax effect | 153,232 | (686,408) | (95,134) |
Less: Tax effect of other comprehensive income (loss) | 40,047 | (179,393) | (24,863) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 113,185 | (507,015) | (70,271) |
COMPREHENSIVE INCOME (LOSS) | $ 288,242 | $ (250,603) | $ 200,885 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | |||
Net income | $ 175,057 | $ 256,412 | $ 271,156 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 47,877 | 48,962 | 47,220 |
Provision for credit losses | 42,028 | 14,074 | (32,704) |
Loss (gain) on sale of investments | 20,609 | 278 | (15,498) |
Net amortization (accretion) of investment securities and assets | 14,982 | (39,031) | (52,781) |
Net amortization on borrowings | 152 | 313 | 1,257 |
Stock-based compensation expense | 12,189 | 15,317 | 15,868 |
Gain on sale of premises and equipment, net of impairment | 0 | 0 | (591) |
Gain on sale of foreclosed assets and other real estate owned | (182) | (390) | (932) |
Gain on sale of mortgage loans held for sale | (7,379) | (7,945) | (36,434) |
Gain on sale of branches | 0 | 0 | (5,316) |
Gain on sale of loans | 0 | (282) | 0 |
Deferred income taxes | (2,460) | 14,933 | 10,937 |
Income from bank owned life insurance | (12,905) | (11,164) | (9,477) |
Loss from early retirement of TruPS | 0 | 365 | 0 |
Originations of mortgage loans held for sale | (262,901) | (497,815) | (1,034,716) |
Proceeds from sale of mortgage loans held for sale | 264,393 | 538,630 | 1,190,891 |
Changes in assets and liabilities: | |||
Interest receivable | (19,538) | (22,107) | 4,423 |
Other assets | 263,969 | (7,214) | (33,495) |
Accrued interest and other liabilities | (3,908) | 10,417 | (50,620) |
Income taxes payable | 8,996 | 8,445 | 8,592 |
Net cash provided by operating activities | 540,979 | 322,198 | 277,780 |
INVESTING ACTIVITIES | |||
Net change in loans | (786,775) | (1,900,325) | |
Net change in loans | 2,333,893 | ||
Proceeds from sale of loans | 69,760 | 73,746 | 28,033 |
Decrease in due from banks - time | 695 | 1,087 | 292 |
Purchases of premises and equipment, net | (33,086) | (35,268) | (47,861) |
Proceeds from sale of premises and equipment | 0 | 0 | 5,621 |
Proceeds from sale of foreclosed assets and other real estate owned | 2,071 | 4,754 | 21,983 |
Proceeds from sale of available-for-sale securities | 247,948 | 0 | 342,577 |
Proceeds from maturities of available-for-sale securities | 302,802 | 1,137,923 | 1,001,669 |
Purchases of available-for-sale securities | (7,518) | (261,375) | (5,266,148) |
Proceeds from maturities of held-to-maturity securities | 85,192 | 86,229 | 15,712 |
Purchases of held-to-maturity securities | (68,368) | (331,273) | (708,580) |
Proceeds from bank owned life insurance death benefits | 3,686 | 1,873 | 3,814 |
Purchases of bank owned life insurance | 0 | 0 | (160,000) |
Cash received in business combinations, net | 0 | 276,396 | 25,425 |
Disposition of assets and liabilities held for sale | 0 | 0 | (134,166) |
Net cash used in investing activities | (183,593) | (946,233) | (2,537,736) |
FINANCING ACTIVITIES | |||
Net change in deposits | (302,747) | 462,530 | 847,494 |
Repayments of subordinated debentures | 0 | (56,189) | (1,563) |
Dividends paid on preferred stock | 0 | 0 | (47) |
Dividends paid on common stock | (100,962) | (94,096) | (78,845) |
Net change in other borrowed funds | 113,070 | (516,726) | (80,254) |
Net change in federal funds purchased and securities sold under agreements to repurchase | (92,434) | (25,000) | (116,562) |
Net shares (cancelled) issued under stock compensation plans | (2,854) | (5,033) | 290 |
Shares issued under employee stock purchase plan | 833 | 1,151 | 1,170 |
Repurchase of common stock | (40,322) | (111,133) | (132,459) |
Retirement of preferred stock | 0 | 0 | (767) |
Net cash (used in) provided by financing activities | (425,416) | (344,496) | 438,457 |
DECREASE IN CASH AND CASH EQUIVALENTS | (68,030) | (968,531) | (1,821,499) |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 682,122 | 1,650,653 | 3,472,152 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 614,092 | $ 682,122 | $ 1,650,653 |
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 | Landmark Bank | Landmark Bank Common Stock | Landmark Bank Surplus | Triumph | Triumph Common Stock | Triumph Surplus | Spirit | Spirit Common Stock | Spirit Surplus |
Beginning balance at Dec. 31, 2020 | $ 2,976,656 | $ 767 | $ 1,081 | $ 2,014,076 | $ 59,726 | $ 901,006 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Comprehensive income | 200,885 | (70,271) | 271,156 | ||||||||||||
Stock issued for employee stock purchase plan | 1,170 | 1 | 1,169 | ||||||||||||
Stock-based compensation plans, net | 16,158 | 4 | 16,154 | ||||||||||||
Stock issued for acquisition | $ 138,191 | $ 45 | $ 138,146 | $ 127,899 | $ 42 | $ 127,857 | |||||||||
Preferred stock retirement | (767) | (767) | |||||||||||||
Stock repurchases | (132,459) | (46) | (132,413) | ||||||||||||
Dividends on preferred stock | (47) | (47) | |||||||||||||
Dividends on common stock | (78,845) | (78,845) | |||||||||||||
Ending balance at Dec. 31, 2021 | 3,248,841 | 0 | 1,127 | 2,164,989 | (10,545) | 1,093,270 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Comprehensive income | (250,603) | (507,015) | 256,412 | ||||||||||||
Stock issued for employee stock purchase plan | 1,151 | 1 | 1,150 | ||||||||||||
Stock-based compensation plans, net | 10,284 | 3 | 10,281 | ||||||||||||
Stock issued for acquisition | $ 464,918 | $ 183 | $ 464,735 | ||||||||||||
Stock repurchases | (111,133) | (44) | (111,089) | ||||||||||||
Dividends on common stock | (94,096) | (94,096) | |||||||||||||
Ending balance at Dec. 31, 2022 | 3,269,362 | 0 | 1,270 | 2,530,066 | (517,560) | 1,255,586 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Comprehensive income | 288,242 | 113,185 | 175,057 | ||||||||||||
Stock issued for employee stock purchase plan | 833 | 0 | 833 | ||||||||||||
Stock-based compensation plans, net | 9,335 | 5 | 9,330 | ||||||||||||
Stock repurchases | (40,322) | (23) | (40,299) | ||||||||||||
Dividends on common stock | (100,962) | (100,962) | |||||||||||||
Ending balance at Dec. 31, 2023 | $ 3,426,488 | $ 0 | $ 1,252 | $ 2,499,930 | $ (404,375) | $ 1,329,681 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock issued for employee stock purchase plan, shares (in shares) | 42,510 | 59,475 | 60,697 |
Stock issued for compensation plans, shares (in shares) | 352,004 | 429,423 | 474,970 |
Stock repurchased (in shares) | 2,257,049 | 4,432,762 | 4,562,469 |
Cash dividends, per share (in dollars per share) | $ 0.80 | $ 0.76 | $ 0.72 |
Landmark Bank | |||
Stock issued for acquisition, shares (in shares) | 4,499,872 | ||
Triumph | |||
Stock issued for acquisition, shares (in shares) | 4,164,712 | ||
Spirit | |||
Stock issued for acquisition, shares (in shares) | 18,275,074 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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 a Mid-South financial holding company headquartered in Pine Bluff, Arkansas, and the parent company of Simmons Bank, an Arkansas state-chartered bank that has been in operation since 1903 (“Simmons Bank” or the “Bank”). Simmons First Insurance Services, Inc. and Simmons First Insurance Services of TN, LLC are wholly-owned subsidiaries of Simmons Bank and are insurance agencies that offer various lines of personal and corporate insurance coverage to individual and commercial customers. 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 234 financial centers as of December 31, 2023, located throughout market areas in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. 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 with community and commercial banking groups. Each of these groups provide one or more similar banking services, including such products and services as loans; time deposits, checking and savings accounts; treasury management; and credit cards. Loan products include consumer, real estate, commercial, agricultural, equipment, warehouse lending and SBA lending. The individual banking groups have similar operating and economic characteristics. While the chief operating decision maker monitors the revenue streams of the various products, services, branch locations, divisions and groups, operations are managed, financial performance is evaluated, and management makes decisions on how to allocate resources, on a Company-wide basis. Accordingly, the respective groups are considered by management to be aggregated into one reportable operating segment. 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 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 credit losses. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, the valuation of acquired loans, valuation of goodwill and subsequent impairment analysis, stock-based compensation plans and income taxes. Management obtains third party valuations to assist in valuing certain aspects of these material estimates, as appropriate, including independent appraisals for significant properties in connection with the determination of the allowance for credit losses and the fair value of acquired loans. Assumptions used in the goodwill impairment analysis involve internally projected forecasts, coupled with market and third-party data. These material estimates could change as a result of the uncertainty in current macroeconomic conditions and other factors that are beyond the Company’s control and could cause actual results to differ materially from those projected. 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 noninterest bearing balances due from banks, interest bearing balances due from banks and federal funds sold and securities purchased under agreements to resell. At December 31, 2023, nearly all of the interest-bearing and noninterest bearing deposits were uninsured with nearly all of these balances held at the Federal Reserve Bank. Investment Securities Held-to-maturity securities (“HTM”), 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 effective yield method over the estimated life of the security. Prepayments are anticipated for mortgage-backed and SBA securities. Premiums on callable securities are amortized to their earliest call date. Available-for-sale securities (“AFS”), 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 effective yield method over the estimated life of the security. Prepayments are anticipated for mortgage-backed and SBA securities. Premiums on callable securities are amortized to their earliest call date. 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. Allowance for Credit Losses - Investment Securities Allowance for Credit Losses - HTM Securities - The Company measures expected credit losses on HTM securities on a collective basis by major security type, with each type sharing similar risk characteristics. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Company has made the election to exclude accrued interest receivable on HTM securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. Allowance for Credit Losses - AFS Securities - For AFS securities in an unrealized loss position, the Company first evaluates whether it intends to sell, or whether it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of these criteria regarding intent or requirement to sell is met, the AFS security amortized cost basis is written down to fair value through income. If the criteria is not met, the Company is required to assess whether the decline in fair value has resulted from credit losses or noncredit-related factors. If the assessment indicates a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists, and an allowance for credit loss is recorded through income as a component of provision for credit loss expense. If the assessment indicates that a credit loss does not exist, the Company records the decline in fair value through other comprehensive income, net of related income tax effects. The Company has made the election to exclude accrued interest receivable on AFS securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. 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, 2023 and 2022 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 amortized cost basis, which is the unpaid principal balance outstanding, net of unearned income, deferred loan fees and costs, premiums and discounts associated with acquisition date fair value adjustments on acquired loans, and any direct principal charge-offs. The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans and report accrued interest separately from the related loan balance on the consolidated balance sheets. 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 non-accrual 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. Further information regarding accounting policies related to past due loans, non-accrual loans, and modifications to borrowers experiencing financial difficulty is presented in Note 5, Loans and Allowance for Credit Losses. Additionally, for discussion of the Company’s accounting for acquired loans, see Acquisition Accounting, Loans later in this section. Allowance for Credit Losses The allowance for credit losses is a reserve established through a provision for credit losses charged to expense which represents management’s best estimate of lifetime expected losses based on reasonable and supportable forecasts, quantitative factors, and other qualitative considerations. Loans with similar risk characteristics such as loan type, collateral type, and internal risk ratings are aggregated for collective assessment. The Company uses statistically-based models that leverage assumptions about current and future economic conditions throughout the contractual life of the loan. Expected credit losses are estimated by either lifetime loss rates or expected loss cash flows based on three key parameters: probability-of-default (“PD”), exposure-at-default (“EAD”), and loss-given-default (“LGD”). Future economic conditions are incorporated to the extent that they are reasonable and supportable. Beyond the reasonable and supportable periods, the economic variables revert to a historical equilibrium at a pace dependent on the state of the economy reflected within the economic scenarios. The Company also includes qualitative adjustments to the allowance based on factors and considerations that have not otherwise been fully accounted for. Loans that have unique risk characteristics are evaluated on an individual basis. These evaluations are typically performed on loans with a deteriorated internal risk rating. For a collateral-dependent loan, our evaluation process includes a valuation by appraisal or other collateral analysis adjusted for selling costs, when appropriate. 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 credit losses as a specific allocation. Reserve for Unfunded Commitments In addition to the allowance for credit losses, the Company has established a reserve for unfunded commitments, classified in other liabilities, representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a contractual obligation to extend credit. This reserve is maintained at a level management believes to be sufficient to absorb losses arising from unfunded loan commitments. The adequacy of the reserve for unfunded commitments is determined quarterly based on methodology similar to the methodology for determining the allowance for credit losses. The allowance for credit loss is reported as a component of accrued interest and other liabilities in the consolidated balance sheets. Adjustments to the allowance are reported in the income statement as a component of the provision for credit losses. Acquisition Accounting, Loans 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. The fair value for acquired loans at the time of acquisition is based on a variety of factors including discounted expected cash flows, adjusted for estimated prepayments and credit losses. In accordance with ASC 326, the fair value adjustment is recorded as premium or discount to the unpaid principal balance of each acquired loan. Loans that have been identified as having experienced a more-than-insignificant deterioration in credit quality since origination is a purchased credit deteriorated (“PCD”) loan. The net premium or discount on PCD loans is adjusted by the Company’s allowance for credit losses recorded at the time of acquisition. The remaining net premium or discount is accreted or amortized into interest income over the remaining life of the loan using a constant yield method. The net premium or discount on loans that are not classified as PCD (“non-PCD”), that includes credit and non-credit components, is accreted or amortized into interest income over the remaining life of the loan using a constant yield method. The Company then records the necessary allowance for credit losses on the non-PCD loans through provision for credit losses expense. For further discussion of the Company’s acquisition and loan accounting, see Note 2, Acquisitions, and Note 5, Loans and Allowance for Credit Losses. 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. Right-of-use lease assets are operating leases with a term greater than one year and are included in premises and equipment. Foreclosed Assets Held For Sale Assets acquired by foreclosure or in settlement of debt and held for sale are valued at estimated fair value less estimated cost to sell as of the date of foreclosure. Management evaluates the value of foreclosed assets held for sale periodically and any decreases in the fair value are charged 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 noninterest 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 than annually 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, or 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 and mitigate the impact of changing interest rates on the fair value of AFS securities, the Company has entered into fair value hedges. Fair value hedges include interest rate swap agreements on fixed rate loans and fixed rate callable AFS securities. 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 Other Real Estate Owned (“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. Wealth Management Fees – 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. The computation of per share earnings is as follows: (In thousands, except per share data) 2023 2022 2021 Net income available to common stockholders $ 175,057 $ 256,412 $ 271,109 Average common shares outstanding 126,338 123,958 109,577 Average potential dilutive common shares 438 512 621 Average diluted common shares 126,776 124,470 110,198 Basic earnings per share $ 1.39 $ 2.07 $ 2.47 Diluted earnings per share $ 1.38 $ 2.06 $ 2.46 There were 410,490 stock options excluded from the year ended December 31, 2023 earnings per share calculation due to the related stock option exercise price exceeding the average market price of the Company’s stock. There were no stock options excluded from the earnings per share calculations for the years ended December 31, 2022 and 2021 due to the average market price of the Company’s stock exceeding the related stock option exercise price. 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, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | ACQUISITIONS Spirit of Texas Bancshares, Inc. On April 8, 2022, the Company completed its merger with Spirit of Texas Bancshares, Inc. (“Spirit”) pursuant to the terms of the Agreement and Plan of Merger dated as of November 18, 2021 (“Spirit Agreement”), at which time Spirit merged with and into the Company, with the Company continuing as the surviving corporation. The Company issued 18,275,074 shares of its common stock valued at approximately $464.9 million as of April 8, 2022, plus $1,393,508.90 in cash, in exchange for all outstanding shares of Spirit capital stock (and common stock equivalents) to effect the merger. Prior to the acquisition, Spirit, headquartered in Conroe, Texas, conducted banking business through its subsidiary bank, Spirit of Texas Bank SSB, from 35 branches located primarily in the Texas Triangle - consisting of Dallas-Fort Worth, Houston, San Antonio and Austin metropolitan areas - with additional locations in the Bryan-College Station, Corpus Christi and Tyler metropolitan areas, along with offices in North Central and South Texas. Including the effects of the acquisition method accounting adjustments, the Company acquired approximately $3.11 billion in assets, including approximately $2.29 billion in loans (inclusive of loan discounts), and approximately $2.72 billion in deposits. Goodwill of $174.1 million was recorded as a result of the transaction. The merger strengthened the Company’s position in the Texas market 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 Spirit acquisition, as of the acquisition date, is as follows: (In thousands) Acquired from Spirit Fair Value Adjustments Fair Value Assets Acquired Cash and due from banks $ 277,790 $ — $ 277,790 Investment securities 362,088 (13,401) 348,687 Loans acquired 2,314,085 (19,925) 2,294,160 Allowance for credit losses on loans (17,005) 7,382 (9,623) Premises and equipment 84,135 (19,074) 65,061 Bank owned life insurance 36,890 — 36,890 Goodwill 77,681 (77,681) — Core deposit and other intangible assets 6,245 32,386 38,631 Other assets 58,403 (3,411) 54,992 Total assets acquired $ 3,200,312 $ (93,724) $ 3,106,588 Liabilities Assumed Deposits: Noninterest bearing transaction accounts $ 825,228 $ (534) $ 824,694 Interest bearing transaction accounts and savings deposits 1,383,663 — 1,383,663 Time deposits 509,209 1,081 510,290 Total deposits 2,718,100 547 2,718,647 Other borrowings 37,547 503 38,050 Subordinated debentures 36,491 879 37,370 Accrued interest and other liabilities 23,667 (3,311) 20,356 Total liabilities assumed 2,815,805 (1,382) 2,814,423 Equity 384,507 (384,507) — Total equity assumed 384,507 (384,507) — Total liabilities and equity assumed $ 3,200,312 $ (385,889) $ 2,814,423 Net assets acquired 292,165 Purchase price 466,311 Goodwill $ 174,146 During 2023, the Company finalized its analysis of the loans acquired along with other acquired assets and assumed liabilities related to the Spirit acquisition. The Company’s operating results include the operating results of the acquired assets and assumed liabilities of Spirit subsequent to the acquisition date. Summary of Unaudited Pro forma Information The unaudited pro forma information below for the years ended December 31, 2022 and 2021 gives effect to the Spirit acquisition as if the acquisition had occurred on January 1, 2021. Pro forma earnings for the year ended December 31, 2022 were adjusted to exclude $18.7 million of acquisition-related costs, net of tax, incurred by the Company during 2022. The pro forma financial information is not necessarily indicative of the results of operations if the acquisition had been effective as of this date. (In thousands, except per share data) 2022 2021 Revenue (1) $ 912,631 $ 927,061 Net income $ 264,522 $ 307,752 Diluted earnings per share $ 2.04 $ 2.40 _________________________ (1) Net interest income plus non-interest income. As previously discussed, the Company’s acquisition of Spirit was completed on April 8, 2022, at which time Spirit was fully integrated into the Company’s operations. As a result, it is impracticable for the Company to provide certain post-closing information, such as revenue and earnings, as it relates to the Spirit acquisition. Landmark Community Bank On October 8, 2021, the Company completed its acquisition of Landmark Community Bank (“Landmark”) pursuant to the terms of the Agreement and Plan of Merger dated as of June 4, 2021 (“Landmark Agreement”), at which time Landmark merged with and into Simmons Bank, with Simmons Bank continuing as the surviving entity. The Company issued 4,499,872 shares of its common stock valued at approximately $138.2 million as of October 8, 2021, plus $6,451,727.43 in cash, in exchange for all outstanding shares of Landmark capital stock (and common stock equivalents) to effect the merger. Prior to the acquisition, Landmark, headquartered in Collierville, Tennessee, conducted banking business from 8 branches located in the Memphis and Nashville, Tennessee, metropolitan areas. Including the effects of the acquisition method accounting adjustments, the Company acquired approximately $968.8 million in assets, including approximately $789.5 million in loans (inclusive of loan discounts), and approximately $802.7 million in deposits. Goodwill of $31.4 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 Landmark acquisition, as of the acquisition date, is as follows: (In thousands) Acquired from Landmark Fair Value Adjustments Fair Value Assets Acquired Cash and due from banks $ 27,591 $ — $ 27,591 Due from banks - time 100 — 100 Investment securities 114,793 (125) 114,668 Loans acquired 785,551 3,953 789,504 Allowance for credit losses on loans (5,980) 3,621 (2,359) Premises and equipment 9,540 (4,099) 5,441 Bank owned life insurance 21,287 — 21,287 Core deposit intangible 88 4,071 4,159 Other assets 13,036 (4,605) 8,431 Total assets acquired $ 966,006 $ 2,816 $ 968,822 Liabilities Assumed Deposits: Noninterest bearing transaction accounts $ 110,393 $ — $ 110,393 Interest bearing transaction accounts and savings deposits 425,777 — 425,777 Time deposits 266,835 (334) 266,501 Total deposits 803,005 (334) 802,671 Other borrowings 47,023 — 47,023 Accrued interest and other liabilities 8,459 (3,122) 5,337 Total liabilities assumed 858,487 (3,456) 855,031 Equity 107,519 (107,519) — Total equity assumed 107,519 (107,519) — Total liabilities and equity assumed $ 966,006 $ (110,975) $ 855,031 Net assets acquired 113,791 Purchase price 145,195 Goodwill $ 31,404 During 2022, the Company finalized its analysis of the loans acquired along with other acquired assets and assumed liabilities related to Landmark. The Company’s operating results include the operating results of the acquired assets and assumed liabilities of Landmark subsequent to the acquisition date. Triumph Bancshares, Inc. On October 8, 2021, the Company completed its merger with Triumph Bancshares, Inc. (“Triumph”) pursuant to the terms of the Agreement and Plan of Merger dated as of June 4, 2021 (“Triumph Agreement”), at which time Triumph merged with and into the Company, with the Company continuing as the surviving corporation. The Company issued 4,164,712 shares of its common stock valued at approximately $127.9 million as of October 8, 2021, plus $1,693,402.93 in cash, in exchange for all outstanding shares of Triumph capital stock (and common stock equivalents) to effect the merger. Prior to the acquisition, Triumph, headquartered in Memphis, Tennessee, conducted banking business through its subsidiary bank, Triumph Bank, from 6 branches located in the Memphis and Nashville, Tennessee, metropolitan areas. Including the effects of the acquisition method accounting adjustments, the Company acquired approximately $847.2 million in assets, including approximately $698.8 million in loans (inclusive of loan discounts), and approximately $719.7 million in deposits. Goodwill of $39.9 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 Triumph acquisition, as of the acquisition date, is as follows: (In thousands) Acquired from Triumph Fair Value Adjustments Fair Value Assets Acquired Cash and due from banks $ 7,484 $ — $ 7,484 Due from banks - time 495 — 495 Investment securities 130,571 (1,116) 129,455 Loans acquired 702,460 (3,674) 698,786 Allowance for credit losses on loans (12,617) 1,525 (11,092) Premises and equipment 2,774 484 3,258 Goodwill 1,550 (1,550) — Core deposit intangible — 5,136 5,136 Other assets 12,806 897 13,703 Total assets acquired $ 845,523 $ 1,702 $ 847,225 Liabilities Assumed Deposits: Noninterest bearing transaction accounts $ 115,729 $ — $ 115,729 Interest bearing transaction accounts and savings deposits 383,434 — 383,434 Time deposits 219,477 1,094 220,571 Total deposits 718,640 1,094 719,734 Other borrowings 2,854 — 2,854 Subordinated debentures 30,700 — 30,700 Accrued interest and other liabilities 2,882 455 3,337 Total liabilities assumed 755,076 1,549 756,625 Equity 90,446 (90,446) — Total equity assumed 90,446 (90,446) — Total liabilities and equity assumed $ 845,522 $ (88,897) $ 756,625 Net assets acquired 90,600 Purchase price 130,544 Goodwill $ 39,944 During 2022, the Company finalized its analysis of the loans acquired along with other acquired assets and assumed liabilities related to Triumph. The Company’s operating results include the operating results of the acquired assets and assumed liabilities of Triumph subsequent to the acquisition date. Total acquisition-related costs of $1.4 million, $22.5 million, and $15.9 million were recorded during the years ended 2023, 2022 and 2021, respectively. 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 and time deposits due from banks – 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. See Note 5, Loans and Allowance for Credit Losses, in the accompanying Notes to Consolidated Financial Statements for additional information related to purchased financial assets with credit deterioration. 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. Any core deposit intangible established prior to the acquisitions, if applicable, was written off. Other assets – The fair value adjustment results from certain assets whose value was estimated to be more or 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 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES Held-to-maturity (“HTM”) securities, which include any security for which the Company has both 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 effective yield method over the security’s estimated life. Prepayments are anticipated for mortgage-backed and SBA securities. Premiums on callable securities are amortized to their earliest call date. Available-for-sale (“AFS”) 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, further discussed below. Premiums and discounts are amortized and accreted, respectively, to interest income using the constant effective yield method over the estimated life of the security. Prepayments are anticipated for mortgage-backed and SBA securities. Premiums on callable securities are amortized to their earliest call date. During the quarters ended June 30, 2022 and September 30, 2021, the Company transferred, at fair value, $1.99 billion and $500.8 million, respectively, of securities from the AFS portfolio to the HTM portfolio. As of December 31, 2023, the related remaining combined net unrealized losses of $126.4 million in accumulated other comprehensive income (loss) will be amortized over the remaining life of the securities. No gains or losses on these securities were recognized at the time of transfer. The amortized cost, fair value and allowance for credit losses of investment securities that are classified as HTM are as follows: (In thousands) Amortized Cost Allowance Net Carrying Amount Gross Unrealized Gross Unrealized Estimated Fair Held-to-maturity December 31, 2023 U.S. Government agencies $ 453,121 $ — $ 453,121 $ — $ (89,203) $ 363,918 Mortgage-backed securities 1,161,694 — 1,161,694 354 (107,834) 1,054,214 State and political subdivisions 1,858,680 (2,006) 1,856,674 284 (369,509) 1,487,449 Other securities 256,007 (1,208) 254,799 — (25,010) 229,789 Total HTM $ 3,729,502 $ (3,214) $ 3,726,288 $ 638 $ (591,556) $ 3,135,370 December 31, 2022 U.S. Government agencies $ 448,012 $ — $ 448,012 $ — $ (102,558) $ 345,454 Mortgage-backed securities 1,190,781 — 1,190,781 227 (118,960) 1,072,048 State and political subdivisions 1,861,102 (110) 1,860,992 56 (446,198) 1,414,850 Other securities 261,199 (1,278) 259,921 — (29,040) 230,881 Total HTM $ 3,761,094 $ (1,388) $ 3,759,706 $ 283 $ (696,756) $ 3,063,233 Mortgage-backed securities (“MBS”) are commercial MBS, secured by commercial properties, and residential MBS, generally secured by single-family residential properties. All mortgage-backed securities included in the table above were issued by U.S. government agencies or corporations. As of December 31, 2023, HTM MBS consisted of $141.6 million and $1.02 billion of commercial MBS and residential MBS, respectively. As of December 31, 2022, HTM MBS consisted of $149.2 million and $1.04 billion of commercial MBS and residential MBS, respectively. The amortized cost, fair value and allowance for credit losses of investment securities that are classified as AFS are as follows: (In thousands) Amortized Allowance for Credit Losses Gross Unrealized Gross Unrealized Estimated Fair Available-for-sale December 31, 2023 U.S. Treasury $ 2,285 $ — $ — $ (31) $ 2,254 U.S. Government agencies 74,460 — 35 (1,993) 72,502 Mortgage-backed securities 2,138,652 — 8 (198,353) 1,940,307 State and political subdivisions 1,035,147 — 187 (132,541) 902,793 Other securities 259,165 — — (24,868) 234,297 Total AFS $ 3,509,709 $ — $ 230 $ (357,786) $ 3,152,153 December 31, 2022 U.S. Treasury $ 2,257 $ — $ — $ (60) $ 2,197 U.S. Government agencies 191,498 — 103 (7,322) 184,279 Mortgage-backed securities 2,809,319 — 20 (266,437) 2,542,902 State and political subdivisions 1,056,124 — 250 (185,300) 871,074 Other securities 272,215 — — (19,813) 252,402 Total AFS $ 4,331,413 $ — $ 373 $ (478,932) $ 3,852,854 All mortgage-backed securities included in the table above were issued by U.S. government agencies or corporations. As of December 31, 2023, AFS MBS consisted of $710.1 million and $1.23 billion of commercial MBS and residential MBS, respectively. As of December 31, 2022, AFS MBS consisted of $1.07 billion and $1.47 billion of commercial MBS and residential MBS, respectively. Accrued interest receivable on HTM and AFS securities at December 31, 2023 was $20.6 million and $24.7 million, respectively, and is included in interest receivable on the consolidated balance sheets. The Company has made the election to exclude all accrued interest receivable from securities from the estimate of credit losses. The following table summarizes the Company’s AFS investments in an unrealized loss position for which an allowance for credit loss has not been recorded as of December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: Less Than 12 Months 12 Months or More Total (In thousands) Estimated Gross Estimated Gross Estimated Gross Available-for-sale U.S. Treasury $ — $ — $ 2,254 $ (31) $ 2,254 $ (31) U.S. Government agencies 8,614 (39) 59,732 (1,954) 68,346 (1,993) Mortgage-backed securities 9,182 (135) 1,930,105 (198,218) 1,939,287 (198,353) State and political subdivisions 3,050 (163) 869,379 (132,378) 872,429 (132,541) Other securities 11,016 (2,654) 223,025 (22,214) 234,041 (24,868) Total AFS $ 31,862 $ (2,991) $ 3,084,495 $ (354,795) $ 3,116,357 $ (357,786) As of December 31, 2023, the Company’s investment portfolio included $3.15 billion of AFS securities, of which $3.12 billion, or 98.9%, were in an unrealized loss position that are not deemed to have credit losses. A portion of the unrealized losses were related to the Company’s MBS, which are issued and guaranteed by U.S. government-sponsored entities and agencies, and the Company’s state and political subdivision securities, specifically investments in insured fixed rate municipal bonds for which the issuers continue to make timely principal and interest payments under the contractual terms of the securities. Furthermore, the decline in fair value for each of the above AFS securities is attributable to the rates for those investments yielding less than current market rates. Management does not believe any of the securities are impaired due to reasons of credit quality. Management believes the declines in fair value for the securities are temporary. Management does not have the immediate intent to sell the securities, and management believes the accounting standard of “more likely than not” has not been met regarding whether the Company would be required to sell any of the AFS securities before recovery of amortized cost. Allowance for Credit Losses All MBS held by the Company are issued by U.S. government-sponsored entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Accordingly, no allowance for credit losses has been recorded for these securities. Regarding securities issued by state and political subdivisions and other HTM securities, the adequacy of the reserve for credit loss is determined quarterly based on methodology similar to the methodology for determining the allowance for credit losses on loans. The methodology considers, but is not limited to: (i) issuer bond ratings, (ii) issuer geography, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, (iv) probability-weighted multiple scenario forecasts, and (v) the issuers’ size. The following table details activity in the allowance for credit losses by investment security type for the years ended December 31, 2023 and 2022 on the Company’s HTM and AFS securities held. (In thousands) State and Political Subdivisions Other Securities Total December 31, 2023 Held-to-maturity Beginning balance, January 1, 2023 $ 110 $ 1,278 $ 1,388 Provision for credit loss expense 824 1,002 1,826 Net increase (decrease) in allowance on previously impaired securities 1,072 (1,072) — Ending balance, December 31, 2023 $ 2,006 $ 1,208 $ 3,214 Available-for-sale Beginning balance, January 1, 2023 $ — $ — $ — Provision for credit loss expense — 12,800 12,800 Reduction due to sales — (2,078) (2,078) Securities charged-off — (7,000) (7,000) Net decrease in allowance on previously impaired securities — (3,722) (3,722) Ending balance, December 31, 2023 $ — $ — $ — December 31, 2022 Held-to-maturity Beginning balance, January 1, 2022 $ 1,197 $ 82 $ 1,279 Provision for credit loss expense — — — Net increase (decrease) in allowance on previously impaired securities (1,180) 1,180 — Recoveries 93 16 109 Ending balance, December 31, 2022 $ 110 $ 1,278 $ 1,388 Based upon the Company’s analysis of the underlying risk characteristics of its AFS portfolio, including credit ratings and other qualitative factors, as previously discussed, the provision for credit losses related to AFS securities recorded during the twelve months ended December 31, 2023 was $9.1 million. During the year ended December 31, 2023, the Company charged-off $7.0 million directly related to one corporate bond which was deemed uncollectible during the period. There was no provision for credit losses related to AFS securities recorded during the year ended December 31, 2022. The following table summarizes bond ratings for the Company’s HTM portfolio issued by state and political subdivisions and other securities as of December 31, 2023: State and Political Subdivisions (In thousands) Not Guaranteed or Pre-Refunded Other Credit Enhancement or Insurance Pre-Refunded Total Other Securities Aaa/AAA $ 179,585 $ 299,910 $ — $ 479,495 $ — Aa/AA 635,749 524,037 — 1,159,786 — A 46,932 161,189 — 208,121 102,393 Baa/BBB — 4,376 — 4,376 153,614 Not Rated 6,902 — — 6,902 — Total $ 869,168 $ 989,512 $ — $ 1,858,680 $ 256,007 Historical loss rates associated with securities having similar grades as those in the Company’s portfolio have generally not been significant. Pre-refunded securities, if any, have been defeased by the issuer and are fully secured by cash and/or U.S. Treasury securities held in escrow for payment to holders when the underlying call dates of the securities are reached. Securities with other credit enhancement or insurance continue to make timely principal and interest payments under the contractual terms of the securities. Accordingly, no allowance for credit losses has been recorded for these securities as there is no current expectation of credit losses related to these securities. Income earned on securities for the years ended December 31, 2023, 2022 and 2021, is as follows: (In thousands) 2023 2022 2021 Taxable: Held-to-maturity $ 44,093 $ 33,778 $ 4,208 Available-for-sale 99,085 60,659 54,768 Non-taxable: Held-to-maturity 40,612 36,516 16,047 Available-for-sale 23,128 27,250 36,670 Total $ 206,918 $ 158,203 $ 111,693 The amortized cost and estimated fair value by maturity of securities are shown in the following table as of December 31, 2023. 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 Fair Amortized Fair One year or less $ 1,473 $ 1,412 $ 10,418 $ 10,115 After one through five years 9,159 8,877 115,387 114,069 After five through ten years 387,939 345,785 216,076 190,533 After ten years 2,169,237 1,725,082 1,028,920 896,873 Securities not due on a single maturity date 1,161,694 1,054,214 2,138,652 1,940,307 Other securities (no maturity) — — 256 256 Total $ 3,729,502 $ 3,135,370 $ 3,509,709 $ 3,152,153 The carrying value, which approximates the fair value, of securities pledged as collateral, to secure public deposits and for other purposes, amounted to $3.32 billion at December 31, 2023 and $3.96 billion at December 31, 2022. The Company sold approximately $247.9 million of investment securities during 2023 and approximately $342.6 million of investment securities during 2021. No securities were sold during 2022. Securities sold in 2023 were in large part related to a strategic decision by the Company to sell low yield securities and use the proceeds to pay off higher rate wholesale fundings, including both brokered deposits and Federal Home Loan Bank (“FHLB”) advances, while the securities sold during 2021 were part of a strategic plan to realize gains on securities with projected calls within the short-term period. The net losses on the sale and call of securities in 2023 and 2022 as compared to 2021 reflect the rising interest rate environment experienced over the comparative period. There were no gross realized gains and approximately $20.6 million of gross realized losses from the sale of securities during the year ended December 31, 2023. There were approximately $46,000 of gross realized gains and $324,000 of gross realized losses from the call of securities during the year ended December 31, 2022. There were approximately $15.9 million of gross realized gains and $422,000 of gross realized losses from the sale of securities during the year ended December 31, 2021. The income tax expense/benefit related to security gains/losses was 26.135% of the gross amounts in 2023, 2022 and 2021. The Company has entered into various fair value hedging transactions to mitigate the impact of changing interest rates on the fair value of AFS securities. See Note 21, Derivative Instruments, for disclosure of the gains and losses recognized on derivative instruments and the cumulative fair value hedging adjustments to the carrying amount of the hedged securities. |
Other Assets and Other Liabilit
Other Assets and Other Liabilities Held for Sale | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Other Assets and Other Liabilities Held for Sale | OTHER ASSETS AND OTHER LIABILITIES HELD FOR SALE Illinois Branch Sale On November 30, 2020, Simmons Bank entered into a Branch Purchase and Assumption Agreement (the “Citizens Equity Agreement”) with Citizens Equity First Credit Union (“CEFCU”). On March 12, 2021, CEFCU completed its purchase of certain assets and assumption of certain liabilities (the “Illinois Branch Sale”) associated with four Simmons Bank locations in the Metro East area of Southern Illinois, near St. Louis (collectively, the “Illinois Branches”). Pursuant to the terms of the Citizens Equity Agreement, CEFCU assumed certain deposit liabilities and acquired certain loans, as well as cash, personal property and other fixed assets associated with the Illinois Branches. The loan and deposit balances of the Illinois Branches were $354,000 and $137.9 million, respectively. During 2021, the Company recognized a gain on sale of $5.3 million related to the Illinois Branches. Spirit Acquisition In connection with the acquisition of Spirit, the Company acquired a portfolio of loans which were identified as held for sale by the acquired bank prior to the completion of the acquisition. These loans were valued at $35.2 million, net of fair value discounts, at the date of acquisition with no remaining balance as of December 31, 2022. As of December 31, 2023, there were no outstanding other assets and other liabilities held for sale. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | LOANS AND ALLOWANCE FOR CREDIT LOSSES At December 31, 2023, the Company’s loan portfolio was $16.85 billion, compared to $16.14 billion at December 31, 2022. The various categories of loans are summarized as follows: (In thousands) 2023 2022 Consumer: Credit cards $ 191,204 $ 196,928 Other consumer 127,462 152,882 Total consumer 318,666 349,810 Real estate: Construction and development 3,144,220 2,566,649 Single family residential 2,641,556 2,546,115 Other commercial 7,552,410 7,468,498 Total real estate 13,338,186 12,581,262 Commercial: Commercial 2,490,176 2,632,290 Agricultural 232,710 205,623 Total commercial 2,722,886 2,837,913 Other 465,932 373,139 Total loans $ 16,845,670 $ 16,142,124 The above table presents total loans at amortized cost. The difference between amortized cost and unpaid principal balance is primarily premiums and discounts associated with acquisition date fair value adjustments on acquired loans as well as deferred origination costs and fees totaling $6.7 million and $26.4 million at December 31, 2023 and 2022, respectively. Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $77.1 million and $65.4 million at December 31, 2023 and 2022, respectively, and is included in interest receivable on the consolidated balance sheets. 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; and providing an adequate allowance for credit 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. 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 economic downturns that result in increased unemployment. Other consumer loans include direct installment loans and account 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 and development loans (“C&D”), single family residential loans and commercial loans. C&D and commercial real estate (“CRE”) loans can be particularly sensitive to valuation of real estate. CRE 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 CRE – 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. Paycheck Protection Program (“PPP”) loans are also included in the commercial loan portfolio. 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 Paycheck Protection Program Loans - The Company originated loans pursuant to multiple PPP appropriations of the Coronavirus Aid, Relief and Economic Security Act which provided 100% federally guaranteed loans for small businesses to cover up to 24 weeks of payroll costs and assistance with mortgage interest, rent and utilities. Notably, these small business loans may be forgiven by the SBA if borrowers maintain their payrolls and satisfy certain other conditions. PPP loans have a zero percent risk-weight for regulatory capital ratios. As of December 31, 2023 and 2022, the total outstanding balance of PPP loans was $4.8 million and $8.9 million, respectively. Other – The other loan portfolio includes mortgage warehouse loans, representing warehouse lines of credit to mortgage originators for the disbursement of newly originated 1-4 family residential loans. Also included in the other loan portfolio are loans to public sector customers, including state and local governments. 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. The amortized cost basis of nonaccrual loans segregated by class of loans are as follows: (In thousands) 2023 2022 Consumer: Credit cards $ 487 $ 349 Other consumer 589 433 Total consumer 1,076 782 Real estate: Construction and development 2,457 2,799 Single family residential 27,209 22,319 Other commercial 11,960 14,998 Total real estate 41,626 40,116 Commercial: Commercial 39,886 17,356 Agricultural 734 177 Total commercial 40,620 17,533 Other 3 3 Total $ 83,325 $ 58,434 As of December 31, 2023 and 2022, nonaccrual loans for which there was no related allowance for credit losses had an amortized cost of $3.2 million and $16.9 million, respectively. These loans are individually assessed and do not hold an allowance due to being adequately collateralized under the collateral-dependent valuation method. An age analysis of the amortized cost basis of past due loans, including nonaccrual loans, segregated by class of loans is as follows: (In thousands) Gross 90 Days Total Current Total 90 Days December 31, 2023 Consumer: Credit cards $ 1,734 $ 892 $ 2,626 $ 188,578 $ 191,204 $ 791 Other consumer 1,471 216 1,687 125,775 127,462 — Total consumer 3,205 1,108 4,313 314,353 318,666 791 Real estate: Construction and development 3,171 2,190 5,361 3,138,859 3,144,220 — Single family residential 30,697 12,522 43,219 2,598,337 2,641,556 7 Other commercial 4,702 3,612 8,314 7,544,096 7,552,410 — Total real estate 38,570 18,324 56,894 13,281,292 13,338,186 7 Commercial: Commercial 13,799 22,750 36,549 2,453,627 2,490,176 349 Agricultural 92 516 608 232,102 232,710 — Total commercial 13,891 23,266 37,157 2,685,729 2,722,886 349 Other — 3 3 465,929 465,932 — Total $ 55,666 $ 42,701 $ 98,367 $ 16,747,303 $ 16,845,670 $ 1,147 December 31, 2022 Consumer: Credit cards $ 1,297 $ 409 $ 1,706 $ 195,222 $ 196,928 $ 225 Other consumer 852 214 1,066 151,816 152,882 — Total consumer 2,149 623 2,772 347,038 349,810 225 Real estate: Construction and development 4,677 443 5,120 2,561,529 2,566,649 — Single family residential 23,625 11,075 34,700 2,511,415 2,546,115 106 Other commercial 2,759 7,100 9,859 7,458,639 7,468,498 — Total real estate 31,061 18,618 49,679 12,531,583 12,581,262 106 Commercial: Commercial 5,034 7,575 12,609 2,619,681 2,632,290 176 Agricultural 111 67 178 205,445 205,623 — Total commercial 5,145 7,642 12,787 2,825,126 2,837,913 176 Other 61 3 64 373,075 373,139 — Total $ 38,416 $ 26,886 $ 65,302 $ 16,076,822 $ 16,142,124 $ 507 Loan Modifications to Borrowers Experiencing Financial Difficulty The Company has internal loan modification programs for borrowers experiencing financial difficulties. Modifications to borrowers experiencing financial difficulties may include interest rate reductions, principal or interest forgiveness and/or term extensions. The Company primarily uses interest rate reduction and/or payment modifications or extensions, with an occasional forgiveness of principal. The following table presents a summary of the amortized cost basis of loan modifications granted to borrowers experiencing financial difficulty, segregated by class of loans and type of loan modification, for the year ended December 31, 2023. Percent of Percent of Total Class Total Class (Dollars in thousands) Rate Reduction of Loans Term Extension of Loans Real estate: Single family residential $ 79 — % $ — — % Other commercial — — % 30,493 0.40 % Total real estate 79 30,493 Commercial: Commercial — — % 746 0.03 % Total commercial — 746 Total $ 79 $ 31,239 The financial effects of the modified loans made to borrowers experiencing financial difficulty in the single family residential real estate and commercial portfolio were not significant during the year ended December 31, 2023 and did not significantly impact the Company’s determination of the allowance for credit losses on loans during the year. During the year ended December 31, 2023, the Company modified one loan for a borrower experiencing financial difficulty related to the CRE portfolio, whereby the modification allowed for two months of interest only payments with the remaining balance due at maturity. Upon modification, a charge-off of $9.6 million was recorded in relation to this modified loan during 2023. As a result of this CRE loan modified during the year ended December 31, 2023 being collateral-dependent, the impact to the Company’s allowance for credit losses on loans was the difference between the fair value of the underlying collateral, adjusted for selling costs, and the remaining outstanding principal balance of the loan. The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty. Loans modified during the year ended December 31, 2023 were all current at December 31, 2023, with no loans in past due status. Additionally, there were no modified loans for which a payment default occurred during the year ended December 31, 2023 and were modified within twelve months prior to default. In relation to loans modified to borrowers experiencing financial difficulty, the Company defines a payment default as a payment received more than 90 days after its due date. At December 31, 2023 and 2022, the Company had $2.5 million and $3.0 million, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process. At December 31, 2023 and 2022, the Company had $506,000 and $853,000, respectively, of OREO secured by residential real estate properties. Troubled Debt Restructurings (Prior to the adoption of ASU 2022-02) When the Company restructured a loan to a borrower that was experiencing financial difficulty and granted a concession that it would not otherwise consider, a “troubled debt restructuring” (“TDR”) resulted, and the Company classified the loan as a TDR. The Company granted various types of concessions, primarily interest rate reduction and/or payment modifications or extensions, with an occasional forgiveness of principal. Once an obligation was restructured because of such credit problems, it continued to be considered a TDR until paid in full; or, if an obligation yielded a market interest rate and no longer has any concession regarding payment amount or amortization, then it was not considered a TDR at the beginning of the calendar year after the year in which the improvement had taken place. The Company returned TDRs to accrual status only if (1) all contractual amounts due were reasonably expected to be repaid within a prudent period and (2) repayment was in accordance with the contract for a sustained period, typically at least six months. TDRs were individually evaluated for expected credit losses. The Company assessed the exposure for each modification, either by the fair value of the underlying collateral or the present value of expected cash flows, and determined if a specific allowance for credit losses was needed. The following table presents a summary of TDRs segregated by class of loans as of December 31, 2022. Accruing TDR Loans Nonaccrual TDR Loans Total TDR Loans (Dollars in thousands) Number Balance Number Balance Number Balance December 31, 2022 Real estate: Single-family residential 24 $ 1,849 12 $ 1,589 36 $ 3,438 Total real estate 24 1,849 12 1,589 36 3,438 Commercial: Commercial — — 1 33 1 33 Total commercial — — 1 33 1 33 Total 24 $ 1,849 13 $ 1,622 37 $ 3,471 The following table presents loans that were restructured as TDRs during the year ended December 31, 2022. Modification Type (Dollars in thousands) Number of Balance Prior Balance at December 31, Change in Change in Financial Impact Year Ended December 31, 2022 Real estate: Single-family residential 4 $ 760 $ 730 $ — $ 730 $ — Total real estate 4 $ 760 $ 730 $ — $ 730 $ — During the year ended December 31, 2022, the Company modified four loans with a recorded investment of $760,000 prior to modification which were deemed TDRs. The restructured loans were modified by reducing the interest rate on the loan. No specific reserve was recorded with respect to these TDRs. 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. Additionally, there was one loan with an outstanding balance of $7,800 considered a TDR for which a payment default occurred during the year ended December 31, 2022. The Company defines a payment default as a payment received more than 90 days after its due date. 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, 2022. 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 of the Company’s local markets. The Company utilizes a risk rating matrix to assign a risk rate to each of its commercial and real estate loans. Risk ratings are updated on an ongoing basis and are subject to change by continuous loan monitoring processes including lending management monitoring, executive management and board committee oversight, and independent credit review. A description of the general characteristics of the risk ratings is as follows: • 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. • 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”). • 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. • 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. • 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. • 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. • 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. • 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. The Company monitors credit quality in the consumer portfolio by delinquency status. The delinquency status of loans is updated daily. A description of the delinquency credit quality indicators is as follows: • Current - Loans in this category are either current in payments or are under 30 days past due. These loans are considered to have a normal level of risk. • 30-89 Days Past Due - Loans in this category are between 30 and 89 days past due and are subject to the Company’s loss mitigation process. These loans are considered to have a moderate level of risk. • 90+ Days Past Due - Loans in this category are 90 days or more past due and are placed on nonaccrual status. These loans have been subject to the Company’s loss mitigation process and foreclosure and/or charge-off proceedings have commenced. The Company uses a dual risk rating scale that utilizes quantitative models and qualitative factors (“score cards”) to assist in determining the appropriate risk rating for its commercial loans. This dual risk rating methodology incorporates a “probability of default” analysis which utilizes quantified metrics such as loan terms and financial performance, as well as a “loss given default” analysis which utilizes collateral values and economics of the market, among other attributes. Model outputs are reviewed and analyzed to ensure the projected risk levels are commensurate with underwriting and credit leader expectations. The risk rating scale includes Probability of Default levels of 1 – 16 and Loss Given Default levels of A – I. The scale allows for more granular recognition of risk and diversification of grading among traditional Pass grades. The following is a reconciliation between the expanded risk rating scale and the Company’s traditional risk rating segments utilized within the commercial loan classes presented in the credit quality indicator tables. • Pass - Includes loans with an expanded risk rating of 1 through 11. Loans with a risk rating of 10 and 11 equate to loans included on management’s “watch list” and is intended to be utilized on a temporary basis for pass grade borrowers where a significant risk-modifying action is anticipated in the near term. • Special Mention - Includes loans with an expanded risk rating of 12. • Substandard - Includes loans with an expanded risk rating of 13 and 14. • Doubtful and loss - Includes loans with an expanded risk rating of 15 and 16. The following table presents a summary of loans by credit quality indicator, as of December 31, 2023, segregated by class of loans. Term Loans Amortized Cost Basis by Origination Year (In thousands) 2023 2022 2021 2020 2019 2018 and Prior Lines of Credit (“LOC”) Amortized Cost Basis LOC Converted to Term Loans Amortized Cost Basis Total Consumer - credit cards Delinquency: Current $ — $ — $ — $ — $ — $ — $ 188,578 $ — $ 188,578 30-89 days past due — — — — — — 1,734 — 1,734 90+ days past due — — — — — — 892 — 892 Total consumer - credit cards — — — — — — 191,204 — 191,204 Current-period consumer - credit cards gross charge-offs — — — — — — 5,303 — 5,303 Consumer - other Delinquency: Current 55,091 35,904 12,115 3,838 1,471 1,106 16,250 — 125,775 30-89 days past due 400 719 127 53 2 16 154 — 1,471 90+ days past due 35 127 46 — — — 8 — 216 Total consumer - other 55,526 36,750 12,288 3,891 1,473 1,122 16,412 — 127,462 Current-period consumer - other gross charge-offs 220 826 493 79 29 128 449 — 2,224 Real estate - C&D Risk rating: Pass 138,749 143,711 52,081 45,027 10,278 13,632 2,710,853 504 3,114,835 Special mention — 1,143 7,284 — — 396 16,682 — 25,505 Substandard — 101 48 — — 247 3,484 — 3,880 Doubtful and loss — — — — — — — — — Total real estate - C&D 138,749 144,955 59,413 45,027 10,278 14,275 2,731,019 504 3,144,220 Current-period real estate - C&D gross charge-offs — 1,148 — — — 8 349 — 1,505 Real estate - SF residential Delinquency: Current 371,326 620,933 352,589 238,128 121,416 504,675 388,705 565 2,598,337 30-89 days past due 5,222 5,061 3,667 2,283 1,741 9,759 2,964 — 30,697 90+ days past due 1,313 2,443 1,810 1,661 120 3,465 1,710 — 12,522 Total real estate - SF residential 377,861 628,437 358,066 242,072 123,277 517,899 393,379 565 2,641,556 Current-period real estate - SF residential gross charge-offs — 111 12 73 — 677 232 — 1,105 Real estate - other commercial Risk rating: Pass 729,602 1,651,010 1,237,810 621,595 171,230 417,122 2,333,637 — 7,162,006 Special mention 37,302 8,458 10,149 7,844 1,364 11,604 84,978 — 161,699 Substandard 40,664 10,290 4,495 16,646 6,293 9,861 140,454 — 228,703 Doubtful and loss — — — 2 — — — — 2 Total real estate - other commercial 807,568 1,669,758 1,252,454 646,087 178,887 438,587 2,559,069 — 7,552,410 Current-period real estate - other commercial gross charge-offs — — — 7 2 35 9,731 — 9,775 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2023 2022 2021 2020 2019 2018 and Prior Lines of Credit (“LOC”) Amortized Cost Basis LOC Converted to Term Loans Amortized Cost Basis Total Commercial Risk rating: Pass 440,872 354,016 200,941 67,320 27,374 42,953 1,271,826 — 2,405,302 Special mention 157 14,117 316 367 98 889 8,228 — 24,172 Substandard 1,998 11,874 6,272 2,934 1,722 3,392 32,510 — 60,702 Doubtful and loss — — — — — — — — — Total commercial 443,027 380,007 207,529 70,621 29,194 47,234 1,312,564 — 2,490,176 Current-period commercial - gross charge-offs 463 2,081 778 197 244 815 1,351 — 5,929 Commercial - agriculture Risk rating: Pass 39,680 30,075 13,940 6,280 2,071 303 134,180 — 226,529 Special mention 363 733 1,068 — — — 3,257 — 5,421 Substandard 518 37 71 104 26 — 4 — 760 Doubtful and loss — — — — — — — — — Total commercial - agriculture 40,561 30,845 15,079 6,384 2,097 303 137,441 — 232,710 Current-period commercial - agriculture gross charge-offs — 7 — — — 26 — — 33 Other Delinquency: Current 45,234 144,732 28,413 2,543 3,255 36,719 205,033 — 465,929 30-89 days past due — — — — — — — — — 90+ days past due — — — — — 3 — — 3 Total other 45,234 144,732 28,413 2,543 3,255 36,722 205,033 — 465,932 Current-period other - gross charge-offs — — — — — — 298 — 298 Total $ 1,908,526 $ 3,035,484 $ 1,933,242 $ 1,016,625 $ 348,461 $ 1,056,142 $ 7,546,121 $ 1,069 $ 16,845,670 The following table presents a summary of loans by credit quality indicator, as of December 31, 2022 segregated by class of loans. Term Loans Amortized Cost Basis by Origination Year (In thousands) 2022 2021 2020 2019 2018 2017 and Prior Lines of Credit (“LOC”) Amortized Cost Basis LOC Converted to Term Loans Amortized Cost Basis Total Consumer - credit cards Delinquency: Current $ — $ — $ — $ — $ — $ — $ 195,222 $ — $ 195,222 30-89 days past due — — — — — — 1,297 — 1,297 90+ days past due — — — — — — 409 — 409 Total consumer - credit cards — — — — — — 196,928 — 196,928 Consumer - other Delinquency: Current 86,303 26,339 10,071 3,804 2,671 2,275 20,350 3 $ 151,816 30-89 days past due 298 241 135 13 34 119 12 — 852 90+ days past due 121 47 2 1 2 41 — — 214 Total consumer - other 86,722 26,627 10,208 3,818 2,707 2,435 20,362 3 152,882 Real estate - C&D Risk rating: Pass 237,304 68,916 50,912 16,920 13,625 9,611 2,163,776 334 $ 2,561,398 Special mention — — — — — 41 1,342 — 1,383 Substandard 1,091 116 36 13 31 103 2,478 — 3,868 Doubtful and loss — — — — — — — — — Total real estate - C&D 238,395 69,032 50,948 16,933 13,656 9,755 2,167,596 334 2,566,649 Real estate - SF residential Delinquency: Current 700,976 411,885 295,365 141,608 192,176 440,931 324,282 4,192 $ 2,511,415 30-89 days past due 3,105 3,415 1,290 2,018 3,129 8,626 2,042 — 23,625 90+ days past due 586 871 885 968 1,017 6,312 436 — 11,075 Total real estate - SF residential 704,667 416,171 297,540 144,594 196,322 455,869 326,760 4,192 2,546,115 Real estate - other commercial Risk rating: Pass 1,917,352 1,482,049 768,630 254,986 179,729 428,027 2,093,379 19,469 7,143,621 Special mention 19,538 32,831 38,821 206 2,261 20,741 104,431 — 218,829 Substandard 24,639 3,399 27,399 2,544 2,026 15,217 30,824 — 106,048 Doubtful and loss — — — — — — — — — Total real estate - other commercial 1,961,529 1,518,279 834,850 257,736 184,016 463,985 2,228,634 19,469 7,468,498 Commercial Risk rating: Pass 595,256 300,650 168,539 41,924 31,329 35,447 1,401,402 24,940 2,599,487 Special mention 199 1,700 11 32 — 927 2,708 80 5,657 Substandard 5,257 2,435 3,328 802 891 1,290 11,337 1,805 27,145 Doubtful and loss — — — — — — — 1 1 Total commercial 600,712 304,785 171,878 42,758 32,220 37,664 1,415,447 26,826 2,632,290 Commercial - agriculture Risk rating: Pass 44,377 22,901 12,044 4,483 1,029 369 119,342 310 204,855 Special mention 8 — — — — — — — 8 Substandard 55 8 78 49 10 — 560 — 760 Doubtful and loss — — — — — — — — — Total commercial - agriculture 44,440 22,909 12,122 4,532 1,039 369 119,902 310 205,623 Other Delinquency: Current 152,086 29,362 8,181 4,742 20,018 25,349 132,384 953 373,075 30-89 days past due — — — — — 61 — — 61 90+ days past due — — — — — 3 — — 3 Total other 152,086 29,362 8,181 4,742 20,018 25,413 132,384 953 373,139 Total $ 3,788,551 $ 2,387,165 $ 1,385,727 $ 475,113 $ 449,978 $ 995,490 $ 6,608,013 $ 52,087 $ 16,142,124 Allowance for Credit Losses Allowance for Credit Losses – The allowance for credit losses is a reserve established through a provision for credit losses charged to expense, which represents management’s best estimate of lifetime expected losses based on reasonable and supportable forecasts, quantitative factors, and other qualitative considerations. The allowance, in the judgment of management, is necessary to reserve for expected loan losses and risks inherent in the loan portfolio. The Company’s allowance for credit loss methodology includes reserve factors calculated to estimate current expected credit losses to amortized cost balances over the remaining contractual life of the portfolio, adjusted for prepayments, in accordance with ASC Topic 326-20, Financial Instruments - Credit Losses . Accordingly, the methodology is comprised of two components: individual assessments on loans with unique risk characteristics and collective assessments for loans that share similar risk characteristics. Loans with similar risk characteristics such as loan type, collateral type, and internal risk ratings are aggregated for collective assessment. The Company uses statistically-based models that leverage assumptions about current and future economic conditions throughout the contractual life of the loan. Expected credit losses are estimated by either lifetime loss rates or expected loss cash flows based on three key parameters: probability-of-default (“PD”), exposure-at-default (“EAD”), and loss-given-default (“LGD”). Future economic conditions are incorporated to the extent that they are reasonable and supportable. Beyond the reasonable and supportable periods, the economic variables revert to a historical equilibrium at a pace dependent on the state of the economy reflected within the economic scenarios. To determine the best estimate of credit losses as of December 31, 2023 , the Company utilized a probability-weighted, multiple-scenario approach consisting of Baseline, Upside (S1), and Downside (S3) scenarios published by Moody’s Analytics in December 2023 that was updated to reflect the U.S. economic outlook. The Company also includes qualitative adjustments to the allowance based on factors and considerations that have not otherwise been fully accounted for. These factors may include but are not limited to portfolio trends and considerations, other economic considerations, policy actions, concentration risk, or imprecision risk. Loans with similar risk characteristics such as loan type, collateral type, and internal risk ratings are aggregated into homogeneous segments for assessment. Reserve factors are based on estimated probability of default and loss given default for each segment. The estimates are determined based on economic forecasts over the reasonable and supportable forecast period based on projected performance of economic variables that have a statistical relationship with the historical loss experience of th |
Right-Of-Use Lease Assets and L
Right-Of-Use Lease Assets and Lease Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Right-Of-Use Lease Assets and Lease Liabilities | RIGHT-OF-USE LEASE ASSETS AND LEASE LIABILITIES 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. The following table presents information as of December 31, 2023 and 2022 related to the Company’s right-of-use lease assets, included in premises and equipment, and lease liabilities, included in accrued interest and other liabilities. (Dollars in thousands) 2023 2022 Right-of-use lease assets $ 67,267 $ 46,845 Lease liabilities 68,788 47,850 Weighted average remaining lease term 8.81 years 6.69 years Weighted average discount rate 3.52 % 2.41 % Operating lease cost for the years ended December 31, 2023, 2022 and 2021 was $15.7 million, $14.2 million, and $11.5 million, respectively. The Company’s remaining undiscounted minimum lease payments on operating leases as of December 31, 2023 are as follows: Year (In thousands) 2024 $ 13,064 2025 11,212 2026 10,147 2027 7,732 2028 6,792 Thereafter 33,044 Total undiscounted minimum lease payments 81,991 Less: Net present value adjustment 13,203 Lease liability included in other liabilities $ 68,788 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | PREMISES AND EQUIPMENT Premises and equipment are stated at cost less accumulated depreciation and amortization. Total premises and equipment, net at December 31, 2023 and 2022 were as follows: (In thousands) 2023 2022 Right-of-use lease assets $ 67,267 $ 46,845 Premises and equipment: Land 122,093 122,841 Buildings and improvements 388,675 370,530 Furniture, fixtures and equipment 112,133 122,029 Software 61,242 70,984 Construction in progress 14,142 15,488 Accumulated depreciation and amortization (194,874) (199,976) Total premises and equipment, net $ 570,678 $ 548,741 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
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 $1.32 billion at December 31, 2023 and 2022. Goodwill increased $1.2 million during the year ended December 31, 2023 primarily due to the continued assessment of the fair value and assumed tax position of the Spirit acquisition. Goodwill impairment was neither indicated nor recorded in 2023, 2022 or 2021. During March of 2023, the Company’s share price began to decline as markets in the United States (“US”) responded to the sudden collapse of two US banks. As a result of the decrease in the Company’s market capitalization, the Company performed an interim goodwill impairment qualitative assessment during the first quarter of 2023 and concluded that it was more likely-than-not that the fair value of goodwill continued to exceed its carrying value and therefore, goodwill was not impaired. During the second quarter of 2023, the Company performed an annual goodwill impairment analysis and concluded that it is more likely-than-not that the fair value of goodwill continues to exceed its carrying value and therefore, goodwill was not impaired. Additionally, the Company performed interim goodwill impairment assessments during the third and fourth quarters of 2023 and concluded no impairment existed during the periods. During 2022, the Company performed an annual goodwill impairment analysis and concluded no impairment existed. Additionally during 2022, the Company’s share price declined as markets in the United States responded to record inflation and other economic pressures. As a result of the effect on share price, the Company performed interim goodwill impairment assessments during the second, third and fourth quarters of 2022 and concluded no impairment existed during the periods. While the goodwill impairment analysis indicated no impairment at December 31, 2023, the Company’s assessment depends on several assumptions which are dependent on market and economic conditions, and future changes in those conditions could impact the Company’s assessment in the future. 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 years 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 8 years 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, 2023 and 2022 were as follows: (In thousands) 2023 2022 Core deposit premiums: Balance, beginning of year $ 116,016 $ 93,862 Acquisitions (1) — 36,500 Amortization (14,672) (14,346) Balance, end of year 101,344 116,016 Books of business and other intangibles: Balance, beginning of year 12,935 12,373 Acquisitions (2) — 2,131 Amortization (1,634) (1,569) Balance, end of year 11,301 12,935 Total other intangible assets, net $ 112,645 $ 128,951 _________________________ (1) A core deposit premium of $36.5 million was recorded during 2022 as part of the Spirit acquisition. See Note 2, Acquisitions, for additional information on acquisitions. (2) The Company recorded $2.1 million during 2022 related to servicing assets acquired as part of the Spirit acquisition. See Note 2, Acquisitions, for additional information on acquisitions. The carrying basis and accumulated amortization of the Company’s other intangible assets at December 31, 2023 and 2022 were as follows: (In thousands) 2023 2022 Core deposit premiums: Gross carrying amount $ 187,467 $ 189,996 Accumulated amortization (86,123) (73,980) Core deposit premiums, net 101,344 116,016 Books of business and other intangibles: Gross carrying amount 22,068 22,068 Accumulated amortization (10,767) (9,133) Books of business and other intangibles, net 11,301 12,935 Total other intangible assets, net $ 112,645 $ 128,951 Core deposit premium amortization expense recorded for the years ended December 31, 2023, 2022 and 2021 was $14.7 million, $14.3 million and $12.1 million, respectively. Amortization expense recorded for books of business and other intangibles was $1.6 million, $1.6 million, and $1.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company’s estimated remaining amortization expense on other intangible assets as of December 31, 2023 is as follows: Year (In thousands) 2024 $ 15,403 2025 12,819 2026 12,346 2027 12,218 2028 11,312 Thereafter 48,547 Total $ 112,645 |
Time Deposits
Time Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Time Deposits | TIME DEPOSITS Time deposits included approximately $1.73 billion and $1.08 billion of certificates of deposit over $250,000 at December 31, 2023 and 2022, respectively. Brokered time deposits were $2.90 billion and $2.75 billion at December 31, 2023 and 2022, respectively. Maturities of all time deposits at December 31, 2023 are as follows: Year (In thousands) 2024 $ 6,089,586 2025 287,651 2026 56,173 2027 6,705 2028 5,125 Thereafter 1,433 Total $ 6,446,673 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, 2023 | |
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) 2023 2022 2021 Income taxes currently payable $ 28,006 $ 35,215 $ 50,369 Deferred income taxes (2,460) 14,933 10,937 Provision for income taxes $ 25,546 $ 50,148 $ 61,306 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, 2023 and 2022: (In thousands) 2023 2022 Deferred tax assets: Loans acquired $ 3,644 $ 5,846 Allowance for credit losses 53,445 47,145 Valuation of foreclosed assets 480 523 Tax NOLs from acquisition 9,643 10,962 Deferred compensation payable 3,355 3,867 Accrued equity and other compensation 8,048 8,153 Acquired securities 7,569 7,651 Right-of-use lease liability 16,501 11,641 Unrealized loss on AFS securities 143,624 177,839 Allowance for unfunded commitments 6,148 10,200 Other 7,627 4,173 Gross deferred tax assets 260,084 288,000 Deferred tax liabilities: Goodwill and other intangible amortization (41,174) (44,539) Accumulated depreciation (24,632) (24,288) Right-of-use lease asset (16,136) (11,396) Unrealized gain on swaps (25,371) (25,836) Other (10,995) (8,875) Gross deferred tax liabilities (118,308) (114,934) Net deferred tax asset $ 141,776 $ 173,066 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) 2023 2022 2021 Computed at the statutory rate $ 42,127 $ 64,378 $ 69,807 Increase (decrease) in taxes resulting from: State income taxes, net of federal tax benefit (983) 3,249 4,452 Discrete items related to share-based compensation 596 (74) (17) Tax exempt interest income (15,357) (14,484) (11,510) Tax exempt earnings on bank owned life insurance (2,607) (1,918) (1,212) Federal tax credits (218) (1,708) (2,260) Other differences, net 1,988 705 2,046 Actual tax provision $ 25,546 $ 50,148 $ 61,306 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. 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 four tax-free reorganization transactions in which acquired net operating losses are limited pursuant to Section 382. In total, approximately $39.4 million of federal net operating losses subject to the IRC Section 382 annual limitation are expected to be utilized by the Company. All of the acquired net operating loss carryforwards are 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 2020 tax year and forward. The Company’s various state income tax returns are generally open from the 2020 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, 2023 | |
Disclosure of Repurchase Agreements [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 $67.6 million and $152.4 million at December 31, 2023 and 2022, respectively. The remaining contractual maturity of the securities sold under agreements to repurchase in the consolidated balance sheets as of December 31, 2023 and 2022 is presented in the following tables. Remaining Contractual Maturity of the Agreements (In thousands) Overnight and Up to 30 Days 30-90 Days Greater than Total December 31, 2023 Repurchase agreements: U.S. Government agencies $ 67,569 $ — $ — $ — $ 67,569 December 31, 2022 Repurchase agreements: U.S. Government agencies $ 152,403 $ — $ — $ — $ 152,403 |
Other Borrowings and Subordinat
Other Borrowings and Subordinated Notes and Debentures | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Other Borrowings and Subordinated Notes and Debentures | OTHER BORROWINGS AND SUBORDINATED NOTES AND DEBENTURES Debt at December 31, 2023 and 2022 consisted of the following components: (In thousands) 2023 2022 Other Borrowings FHLB advances, net of discount, due 2024 to 2033, 4.56% to 5.68%, secured by real estate loans $ 953,222 $ 838,487 Other long-term debt 19,144 20,809 Total other borrowings 972,366 859,296 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) (1) 330,000 330,000 Subordinated notes payable, net of premium adjustments, due 7/31/2030, fixed-to-floating rate (fixed rate of 6.00% through 7/30/2025, floating rate of 5.92% above the three month SOFR rate, reset quarterly) 37,171 37,285 Unamortized debt issuance costs (1,030) (1,296) Total subordinated notes and debentures 366,141 365,989 Total other borrowings and subordinated debt $ 1,338,507 $ 1,225,285 _________________________ (1) The Company transitioned from the three month London Interbank Offered Rate (“LIBOR”) to the three month Secured Overnight Financing Rate (“SOFR”), plus a comparable spread adjustment of 26.16 basis points, beginning with interest accrued on the notes from and after October 1, 2023. In March 2018, the Company issued $330.0 million in aggregate principal amount, of 5.00% Fixed-to-Floating Rate Subordinated Notes (“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 initially bore interest at a 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 resets quarterly to an annual interest rate equal to the “then-current three month LIBOR rate” plus 215 basis points, payable quarterly in arrears, and the Company transitioned from the “then-current three month LIBOR rate” to the “three month SOFR, plus a comparable spread adjustment of 26.16 basis points,” beginning with interest accrued on the Notes from and after October 1, 2023. 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. The Company used a portion of the net proceeds from the sale of the Notes to repay certain outstanding indebtedness. The Notes qualify for Tier 2 capital treatment. The Company assumed subordinated debt in an aggregate principal amount, net of premium adjustments, of $37.4 million in connection with the Spirit acquisition in April 2022 (the “Spirit Notes”). The Spirit Notes will mature on July 31, 2030, and initially bear interest at a fixed annual rate of 6.00%, payable quarterly, in arrears, to, but excluding, July 31, 2025. From and including July 31, 2025, to, but excluding, the maturity date or earlier redemption date, the interest rate will reset quarterly to an interest rate per annum equal to a benchmark rate, which is expected to be the then-current three-month SOFR rate, as published by the Federal Reserve Bank of New York (provided, that in the event the benchmark rate is less than zero, the benchmark rate will be deemed to be zero) plus 592 basis points, payable quarterly, in arrears. The Company had total FHLB advances of $953.2 million and $838.5 million at December 31, 2023 and 2022, respectively, which are primarily fixed rate, fixed term advances, which are due less than one year from origination and therefore are classified as short-term advances by the Company. At December 31, 2023, the FHLB advances outstanding were secured by mortgage loans and investment securities totaling approximately $6.94 billion and the Company had approximately $5.40 billion of additional advances available from the FHLB. During the third quarter of 2022, the Company redeemed the five issuances of trust preferred securities which had an outstanding aggregate principal amount of $56.2 million. The Company recorded a loss of $365,000 related to the early retirement of debt, which represented the unamortized purchase discounts associated with the previously acquired trust preferred securities. Each of the trusts was 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 represented preferred beneficial interests in the assets of the respective trusts and were subject to mandatory redemption upon payment of the junior subordinated debentures held by the trust. The common securities of each trust were wholly-owned by the Company. The trust preferred securities were tax-advantaged issues that qualified for inclusion as Tier 2 capital. The Company’s long-term debt primarily includes subordinated debt and other notes payable. Aggregate annual maturities of long-term debt at December 31, 2023, are as follows: Year (In thousands) 2024 $ 1,822 2025 1,822 2026 1,824 2027 1,920 2028 332,210 Thereafter 48,909 Total $ 388,507 |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2023 | |
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. On April 27, 2022, the Company’s shareholders approved an amendment to the Company’s Articles of Incorporation to remove an $80.0 million cap on the aggregate liquidation preference associated with the preferred stock and increase the number of authorized shares of the Company’s Class A common stock from 175,000,000 to 350,000,000. On October 29, 2019, the Company filed 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 (“Series D Preferred Stock”), out of the Company’s authorized preferred stock. On November 30, 2021, the Company redeemed all of the Series D Preferred Stock, including accrued and unpaid dividends. On April 27, 2022, the Company’s shareholders approved an amendment to the Company’s Articles of Incorporation to remove the classification and designation for the Series D Preferred Stock. As of December 31, 2023 and 2022, there were no shares of preferred stock issued or outstanding. On March 31, 2021, 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. Effective July 23, 2021, the Company’s Board of Directors approved an amendment to the Company’s stock repurchase program originally established in October 2019 (“2019 Program”) that increased the amount of the Company’s Class A common stock that may be repurchased under the 2019 Program from a maximum of $180.0 million to a maximum of $276.5 million and extended the term of the 2019 Program from October 31, 2021, to October 31, 2022. During January 2022, the Company substantially exhausted the repurchase capacity under the 2019 Program. As a result, the Company’s Board of Directors authorized a new stock repurchase program in January 2022 (“2022 Program”) under which the Company may repurchase up to $175.0 million of its Class A common stock currently issued and outstanding. Because the 2022 Program was set to terminate on January 31, 2024, the Company’s Board of Directors authorized a new stock repurchase program in January 2024 (“2024 Program”) under which the Company may repurchase up to $175.0 million of its Class A common stock currently issued and outstanding. During 2023, the Company repurchased 2,257,049 shares at an average price of $17.72 per share under the 2022 Program. Market conditions and the Company’s capital needs will drive decisions regarding additional, future stock repurchases. During 2022, the Company repurchased 513,725 shares at an average price of $31.25 per share under the 2019 Program and 3,919,037 shares at an average price of $24.26 per share under the 2022 Program, respectively. The 2022 Program repurchases were all completed during the second and third quarters of 2022. Under the 2024 Program, which replaced the 2022 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 2024 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 2024 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 2024 Program to come from available sources of liquidity, including cash on hand and future cash flow. |
Transactions With Related Parti
Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | TRANSACTIONS WITH RELATED PARTIES At December 31, 2023 and 2022, 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 $3.2 million at December 31, 2023 and $3.7 million at December 31, 2022. (In thousands) 2023 2022 Balance, beginning of year $ 3,672 $ 6,216 New extensions of credit 100 180 Repayments (565) (2,724) Balance, end of year $ 3,207 $ 3,672 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, 2023 | |
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 $11.9 million, $13.0 million and $13.9 million in 2023, 2022 and 2021, 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. There was a $316,000 benefit to income related to the plans for 2023. This benefit was primarily due to a reduction in the present value of the liability resulting from a significant increase in the discount factor used, as compared to previous years. The Company also reversed the accrued unvested liability during 2023 related to a former participant. The charges to income for the plans were $2.2 million for 2022 and $2.7 million for 2021. 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 awards of restricted stock, restricted stock units, or performance stock units 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. The table below summarizes the transactions under the Company’s active stock compensation plans at December 31, 2023, 2022 and 2021, and changes during the years then ended: Stock Options Non-vested Stock Awards Outstanding Non-vested Stock Units Outstanding (1) (Shares in thousands) Number of Shares Weighted Number of Shares Weighted Average Grant-Date Fair Value Number of Shares Weighted Average Grant-Date Fair Value Balance, December 31, 2020 658 $ 22.48 5 $ 22.35 1,032 $ 24.53 Granted — — — — 674 28.94 Stock options exercised (185) 22.42 — — — — Stock awards/units vested (earned) — — (3) 22.48 (434) 25.61 Forfeited/expired — — — — (87) 25.86 Balance, December 31, 2021 473 22.50 2 22.20 1,185 26.51 Granted — — — — 719 26.42 Stock options exercised (3) 13.30 — — — — Stock awards/units vested (earned) — — (2) 22.20 (609) 26.30 Forfeited/expired — — — — (98) 25.68 Balance, December 31, 2022 470 22.56 — — 1,197 26.63 Granted — — — — 798 21.15 Stock options exercised (1) 10.65 — — — — Stock awards/units vested (earned) — — — — (490) 24.73 Forfeited/expired (22) 22.87 — — (232) 24.81 Balance, December 31, 2023 447 $ 22.56 — $ — 1,273 $ 24.23 Exercisable, December 31, 2023 447 $ 22.56 _________________________ (1) All stock units (including performance stock units). The following table summarizes information about stock options under the plans outstanding at December 31, 2023: Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Weighted Number Weighted $ 20.29 — $ 20.29 47 0.90 $20.29 47 $20.29 22.20 — 22.20 51 1.24 22.20 51 22.20 22.75 — 22.75 274 1.46 22.75 274 22.75 23.51 — 23.51 68 1.89 23.51 68 23.51 24.07 — 24.07 7 1.71 24.07 7 24.07 $ 20.29 — $ 24.07 447 1.45 $22.56 447 $22.56 The table below summarizes the Company’s performance stock unit activity for the years ended December 31, 2023, 2022 and 2021: (In thousands) Performance Stock Units Non-vested, December 31, 2020 222 Granted 171 Vested (earned) (57) Forfeited (5) Non-vested, December 31, 2021 331 Granted 184 Vested (earned) (149) Forfeited (14) Non-vested, December 31, 2022 352 Granted 302 Vested (earned) (72) Forfeited (90) Non-vested, December 31, 2023 492 Stock-based compensation expense was $12.2 million in 2023, $15.3 million in 2022 and $15.9 million in 2021. 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, 2023. Unrecognized stock-based compensation expense related to non-vested stock awards and stock units was $14.5 million at December 31, 2023. At such date, the weighted-average period over which this unrecognized expense is expected to be recognized was 1.4 years. There was no intrinsic value of stock options outstanding and stock options exercisable at December 31, 2023. Aggregate intrinsic value represents the difference between the Company’s closing stock price on the last trading day of the period, which was $19.84 at December 31, 2023, and the exercise price multiplied by the number of options outstanding. There were 900 stock options exercised in 2023 with an intrinsic value of $8,000. There were 2,750 stock options exercised in 2022 with no intrinsic value. There were 184,888 stock options exercised in 2021 with an intrinsic value of $1.3 million. 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, 2023, 2022 and 2021. |
Additional Cash Flow Informatio
Additional Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
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) 2023 2022 2021 Interest paid $ 540,816 $ 134,980 $ 82,914 Income taxes paid 20,948 25,084 55,202 Transfers of loans to foreclosed assets held for sale 3,075 1,219 4,322 Transfer of premises held for sale to other real estate owned — — 4,368 Transfer of premises held for sale to premises — — 5,610 Transfers of assets held for sale to other assets — 100 — Transfers of available-for-sale to held-to-maturity securities — 1,992,542 500,809 |
Other Income and Other Operatin
Other Income and Other Operating Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Operating Expenses | OTHER INCOME AND OTHER OPERATING EXPENSES Other income for the years ended December 31, 2023 and 2022 was $35.4 million and $27.4 million, respectively. Other income for the year ended December 31, 2023 included a $4.0 million legal reserve recapture associated with previously disclosed legal matters. Other income for the year ended December 31, 2021 was $35.3 million and included the gain on sale related to the Illinois Branch Sale of $5.3 million. Other operating expenses consisted of the following during the years ended December 31: (In thousands) 2023 2022 2021 Professional services $ 19,612 $ 19,138 $ 18,921 Postage 9,458 8,955 8,276 Telephone 6,965 6,394 6,234 Credit card expense 13,243 12,243 11,112 Marketing 24,008 28,870 22,234 Software and technology 42,530 40,906 40,608 Operating supplies 2,591 2,556 2,766 Amortization of intangibles 16,306 15,915 13,494 Branch right sizing expense 5,467 3,475 (537) Other expense 36,984 41,241 30,454 Total other operating expenses $ 177,164 $ 179,693 $ 153,562 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
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. ASC 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 certain other financial products. 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. 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. Mortgage loans held for sale – Mortgage loans held for sale are reported at fair value on an aggregate basis. Adjustments to fair value are recognized monthly and reflected in earnings. In determining the fair value of loans held for sale, 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, 2023 and 2022, the aggregate fair value of mortgage loans held for sale exceeded their cost. 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. 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, 2023 and 2022. Fair Value Measurements (In thousands) Fair Value Quoted Prices in Significant Other Significant December 31, 2023 Available-for-sale securities U.S. Treasury $ 2,254 $ 2,254 $ — $ — U.S. Government agencies 72,502 — 72,502 — Mortgage-backed securities 1,940,307 — 1,940,307 — State and political subdivisions 902,793 — 902,793 — Other securities 234,297 — 234,297 — Mortgage loans held for sale 9,373 — — 9,373 Derivative asset 130,271 — 130,271 — Derivative liability (27,584) — (27,584) — December 31, 2022 Available-for-sale securities U.S. Treasury $ 2,197 $ 2,197 $ — $ — U.S. Government agencies 184,279 — 184,279 — Mortgage-backed securities 2,542,902 — 2,542,902 — State and political subdivisions 871,074 — 871,074 — Other securities 252,402 — 252,402 — Mortgage loans held for sale 3,486 — — 3,486 Derivative asset 139,323 — 139,323 — Derivative liability (34,440) — (34,440) — Certain 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. Assets and liabilities measured at fair value on a nonrecurring basis include the following: Individually assessed loans (collateral-dependent) – When the Company has a specific expectation to initiate, or has initiated, foreclosure proceedings, and when the repayment of a loan is expected to be substantially dependent on the liquidation of underlying collateral, the relationship is deemed collateral-dependent. Fair value of the loan is determined by establishing an allowance for credit loss for any exposure based on the valuation of the underlying collateral. The valuation of the collateral is determined by either an independent third-party appraisal or other collateral analysis. Discounts can be made by the Company based upon the overall evaluation of the independent appraisal. Collateral-dependent loans are classified within Level 3 of the fair value hierarchy due to the unobservable inputs used in determining their fair value such as collateral values and the borrower’s underlying financial condition. Collateral values supporting the individually assessed loans are evaluated quarterly for updates to appraised values or adjustments due to non-current valuations. 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 credit 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. The significant unobservable inputs (Level 3) used in the fair value measurement of collateral for collateral-dependent 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. The following table sets forth the Company’s assets by level within the fair value hierarchy that were measured at fair value on a nonrecurring basis as of December 31, 2023 and 2022. Fair Value Measurements Using (In thousands) Fair Value Quoted Prices in Significant Other Significant December 31, 2023 Individually assessed loans (1) (2) (collateral-dependent) $ 144,604 $ — $ — $ 144,604 Foreclosed assets and other real estate owned (1) 3,646 — — 3,646 December 31, 2022 Individually assessed loans (1) (2) (collateral-dependent) $ 70,926 $ — $ — $ 70,926 Foreclosed assets and other real estate owned (1) 2,418 — — 2,418 ______________________ (1) These amounts represent the resulting carrying amounts on the consolidated balance sheets for collateral-dependent loans and foreclosed assets and other real estate owned for which fair value re-measurements took place during the period. (2) Identified reserves of $18.7 million and $5.2 million were related to collateral-dependent loans for which fair value re-measurements took place during the years ended December 31, 2023 and 2022, respectively. ASC Topic 825, Financial Instruments , requires disclosure in annual and interim 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 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, 2023 Financial assets: Cash and cash equivalents $ 614,092 $ 614,092 $ — $ — $ 614,092 Interest bearing balances due from banks - time 100 — 100 — 100 Held-to-maturity securities, net 3,726,288 — 3,135,370 — 3,135,370 Interest receivable 122,430 — 122,430 — 122,430 Loans, net 16,620,439 — — 15,734,766 15,734,766 Financial liabilities: Noninterest bearing transaction accounts 4,800,880 — 4,800,880 — 4,800,880 Interest bearing transaction accounts and savings deposits 10,997,425 — 10,997,425 — 10,997,425 Time deposits 6,446,673 — — 6,414,222 6,414,222 Federal funds purchased and securities sold under agreements to repurchase 67,969 — 67,969 — 67,969 Other borrowings 972,366 — 970,846 — 970,846 Subordinated notes and debentures 366,141 — 349,424 — 349,424 Interest payable 35,618 — 35,618 — 35,618 December 31, 2022 Financial assets: Cash and cash equivalents $ 682,122 $ 682,122 $ — $ — $ 682,122 Interest bearing balances due from banks - time 795 — 795 — 795 Held-to-maturity securities, net 3,759,706 — 3,063,233 — 3,063,233 Interest receivable 102,892 — 102,892 — 102,892 Loans, net 15,945,169 — — 15,573,555 15,573,555 Financial liabilities: Noninterest bearing transaction accounts 6,016,651 — 6,016,651 — 6,016,651 Interest bearing transaction accounts and savings deposits 11,762,885 — 11,762,885 — 11,762,885 Time deposits 4,768,558 — — 4,696,473 4,696,473 Federal funds purchased and securities sold under agreements to repurchase 160,403 — 160,403 — 160,403 Other borrowings 859,296 — 857,257 — 857,257 Subordinated notes and debentures 365,989 — 363,578 — 363,578 Interest payable 16,399 — 16,399 — 16,399 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, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Credit Risk | COMMITMENTS AND CREDIT RISK The Company grants agribusiness, commercial and residential loans to customers primarily throughout Arkansas, 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, 2023, the Company had outstanding commitments to extend credit aggregating approximately $738.2 million and $4.17 billion for credit card commitments and other loan commitments, respectively. At December 31, 2022, the Company had outstanding commitments to extend credit aggregating approximately $696.7 million and $5.64 billion for credit card commitments and other loan commitments, respectively. As of December 31, 2023 and 2022, the Company had outstanding commitments to originate fixed-rate mortgage loans of approximately $16.6 million and $21.1 million respectively. The commitments extend over varying periods of time with the majority being disbursed within a thirty-day period. 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 $54.2 million and $44.4 million at December 31, 2023 and 2022, respectively, with terms ranging from 9 months to 15 years. At December 31, 2023 and 2022, the Company had no deferred revenue under standby letter of credit agreements. The Company has purchased letters of credit from the FHLB as security for certain public deposits. The amount of the letters of credit was $ 580.8 million 265.7 million one year At December 31, 2023, 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, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS Recently Adopted Accounting Standards Investment-Income Taxes - In March 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-02, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (“ASU 2023-02”), that introduced the option to apply the proportional amortization method to account for investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense (benefit). ASU 2023-02 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2023, with early adoption permitted. The Company elected to early adopt ASU 2023-02 and apply the proportional amortization method for all income tax credits during the first quarter of 2023 by utilizing the modified retrospective method. The adoption of ASU 2023-02 did not have a material impact on the Company’s results of operations, financial position or disclosures. Credit Losses on Financial Instruments - In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), which eliminates the accounting guidance on troubled debt restructurings (“TDRs”) for creditors in ASC 310-40 and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. The ASU also updates the requirements related to accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings made to borrowers experiencing financial difficulty. ASU 2022-02 was effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company adopted ASU 2022-02 effective January 1, 2023 on a prospective basis. As a result, comparative disclosures to prior periods will not be available until such time as both periods disclosed are subject to the new guidance. The adoption of ASU 2022-02 did not have a material impact on the Company’s results of operations or financial position. See Note 5, Loans and Allowance for Credit Losses, for additional information. Fair Value Hedging - In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method (“ASU 2022-01”), which clarifies the guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. This ASU amends the guidance in ASU 2017-12 that, among other things, established the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible. ASU 2022-01 renames that method the “portfolio layer” method and expands the scope of this guidance to allow entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. This scope expansion is consistent with the FASB’s efforts to simplify hedge accounting and allows entities to apply the same method to similar hedging strategies. ASU 2022-01 was effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The adoption of 2022-01 did not have a material impact on the Company’s results of operations, financial position or disclosures. Reference Rate Reform – In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides relief for companies preparing for discontinuation of interest rates such as LIBOR. LIBOR is a benchmark interest rate referenced in a variety of agreements that are used by numerous entities. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) announced that the majority of LIBOR rates will no longer be published after December 31, 2021. Effective January 1, 2022, the ICE Benchmark Administration Limited, the administrator of the LIBOR, ceased the publication of one-week and two-month USD LIBOR and as of June 30, 2023, ceased the publications of the remaining tenors of USD LIBOR (one, three, six and 12-month). Other interest rates used globally could also be discontinued for similar reasons. ASU 2020-04 provides optional expedients and exceptions to contracts, hedging relationships and other transactions affected by reference rate reform. The main provisions for contract modifications include optional relief by allowing the modification as a continuation of the existing contract without additional analysis and other optional expedients regarding embedded features. Optional expedients for hedge accounting permits changes to critical terms of hedging relationships and to the designated benchmark interest rate in a fair value hedge and also provides relief for assessing hedge effectiveness for cash flow hedges. Companies are able to apply ASU 2020-04 immediately; however, the guidance will only be available for a limited time (generally through December 31, 2022). The Company formed a LIBOR Transition Team in 2020, has created standard LIBOR replacement language for new and modified loan notes, and is monitoring the remaining loans with LIBOR rates monthly to ensure progress in updating these loans with acceptable LIBOR replacement language or converting them to other interest rates. During 2021, the Company did not offer LIBOR-indexed rates on loans which it originated, although it did participate in some shared credit agreements originated by other banks subject to the Company’s determination that the LIBOR replacement language in the loan documents met the Company’s standards. Pursuant to the Joint Regulatory Statement on LIBOR transition issued in October 2021, the Company’s policy, as of January 1, 2022, is not to enter into any new LIBOR-based credit agreements and not extend, renew, or modify prior LIBOR credit agreements without requiring conversion of the agreements to other interest rates. The adoption of ASU 2020-04 has not had a material impact on the Company’s financial position or results of operations. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the changes in the interest rates used for margining, discounting, or contract price alignment for derivative instruments that are being implemented as part of the market-wide transition to new reference rates (commonly referred to as the “discounting transition”). ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. ASU 2021-01 did not have a material impact on the Company’s financial position or results of operations. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Leases - In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments (“ASU 2021-05”), that amends lease classification requirements for lessors. In accordance with ASU 2021-05, lessors should classify and account for a lease that have variable lease payments that do not depend on a reference index rate as an operating lease if both of the following criteria are met: i) the lease would have been classified as a sales-type lease or a direct financing lease under the previous lease classification criteria and ii) sales-type or direct financing lease classification would result in a Day 1 loss. ASU 2021-05 was effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The adoption of ASU 2021-05 did not have a material impact on the Company’s results of operations, financial position or disclosures. 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. The adoption of ASU 2019-12 did not have a material impact on the Company’s operations, financial position or disclosures. Recently Issued Accounting Standards Income Taxes - In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), primarily focused on income tax disclosures regarding effective tax rates and cash income taxes paid. ASU 2023-09 requires public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate). ASU 2023-09 is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2024, with early adoption permitted. The Company will complete an evaluation of the impact this standard will have on its results of operations, financial position or disclosures. Segment Reporting - In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which expands reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. The amendments in this update introduce a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker, extend certain annual disclosures to interim periods, clarify that single reportable segment entities must apply Topic 280 in its entirety, permit more than one measure of segment profit or loss to be reported under certain conditions and require disclosure of the title and position of the chief operating decision maker. ASU 2023-07 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of ASU 2023-07 is not expected to have a material impact on the Company’s operations, financial position or disclosures. 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, 2023 | |
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. Fair Value Hedges For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged asset or liability attributable to the hedged risk are recognized in current earnings. The gain or loss on the derivative instrument is presented on the same income statement line item as the earnings effect of the hedged item. During the third quarter of 2021, the Company began utilizing interest rate swaps designated as fair value hedges to mitigate the effect of changing interest rates on the fair values of fixed rate callable AFS securities. The hedging strategy converts the fixed interest rates to variable interest rates based on federal funds rates. The two year forward start date for these swaps occurred during late third quarter of 2023 and involves the payment of fixed interest rates with a weighted average of 1.21% in exchange for variable interest rates based on federal funds rates. For the year ended December 31, 2023, the net amount included in interest income on investment securities in the consolidated statements of income related to fair value hedges was $11.9 million. The following table summarizes the fair value hedges recorded in the accompanying consolidated balance sheets. December 31, 2023 December 31, 2022 (In thousands) Balance Sheet Location Weighted Average Pay Rate Receive Rate Notional Fair Value Notional Fair Value Derivative assets Other assets 1.21% Federal Funds $ 1,001,715 $ 102,644 $ 1,001,715 $ 104,833 The following amounts were recorded on the balance sheet related to carrying amounts and cumulative basis adjustments for fair value hedges. Carrying Amount of Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets Line Item on the Balance Sheet (In thousands) 2023 2022 2023 2022 Investment securities - Available-for-sale $ 940,010 $ 944,115 $ 104,408 $ 106,321 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 following table summarizes the fair values of loan derivative contracts recorded in the accompanying consolidated balance sheets for the years ended December 31, 2023 and 2022. 2023 2022 (In thousands) Notional Fair Value Notional Fair Value Derivative assets $ 551,314 $ 27,627 $ 413,968 $ 34,490 Derivative liabilities 552,274 27,584 414,955 34,440 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 $19.7 million as of December 31, 2023. Energy Hedging The Company, from time-to-time, has provided energy derivative services to qualifying, high quality oil and gas borrowers for hedging purposes. The Company has served 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. The energy hedging risk exposure to the Company’s customer would increase as energy prices for crude oil and natural gas rise. As prices decrease, exposure to the exchange would increase. These risks are mitigated by customer credit underwriting policies and establishing a predetermined hedge line for each borrower and by monitoring the exchange margin. During the second quarter of 2023, the Company’s remaining energy hedge swap contracts expired and there were no outstanding notional values related to these contracts as of December 31, 2023. The outstanding notional value as of December 31, 2022 for energy hedging Customer Sell to Company swaps were $2.6 million and the corresponding Company Sell to Dealer swaps were $2.6 million and the corresponding net fair value of the derivative asset and derivative liability was $49,000. Currently, the Company generally does not intend to offer hedging services to any remaining energy related customers. |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | CONTINGENT LIABILITIES In the ordinary course of its operations, the Company and its subsidiaries are parties to various legal proceedings incidental to the conduct of its business, including proceedings based on breach of contract claims, lender liability claims, and other ordinary-course claims, some of which seek substantial relief or damages. The Company establishes reserves for legal proceedings when potential losses become probable and can be reasonably estimated. While the ultimate resolution (including amounts thereof) of any legal proceedings cannot be determined at this time, based on information presently available and after consultation with legal counsel, management believes that the ultimate outcome in such proceedings, either individually or in the aggregate, will not have a material adverse effect on the Company’s business, consolidated results of operations, financial condition, or cash flows. It is possible, however, that future developments could result in an unfavorable outcome for or resolution of any of these proceedings, which may be material to the Company’s results of operations for a given fiscal period. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Simmons Bank, the Company’s subsidiary 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, 2023, Simmons Bank had approximately $54.4 million available for payment of dividends to the Company, without prior regulatory approval. Past dividends are not necessarily indicative of amounts that may be paid, or available to be paid, in future periods. The Company’s bank subsidiary is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and its bank subsidiary 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. The risk-based capital guidelines of the Federal Reserve Board and the Arkansas State Bank Department include the definitions for (1) a well-capitalized institution, (2) an adequately-capitalized institution, and (3) an undercapitalized institution. Under the Basel III Rules effective January 1, 2015, the criteria for a well-capitalized institution are: a 5% “Tier l leverage capital” ratio, an 8% “Tier 1 risk-based capital” ratio, 10% “total risk-based capital” ratio; and a 6.5% “common equity Tier 1 (CET1)” ratio. 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 Company and Simmons Bank must hold a capital conservation buffer of 2.5% composed of CET1 capital above its minimum risk-based capital requirements. Failure to meet this capital conservation buffer would result in additional limits on dividends, other distributions and discretionary bonuses. 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, 2023, 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, Simmons Bank was well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Company and the 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 these categories. The Company’s and the Bank’s actual capital amounts and ratios are presented in the following table. Actual Minimum To Be Well (In thousands) Amount Ratio (%) Amount Ratio (%) Amount Ratio (%) December 31, 2023 Total Risk-Based Capital Ratio Simmons First National Corporation $ 2,964,917 14.4 $ 1,647,176 8.0 N/A Simmons Bank 2,834,126 13.8 1,642,972 8.0 2,053,714 10.0 Tier 1 Risk-Based Capital Ratio Simmons First National Corporation 2,493,799 12.1 1,236,595 6.0 N/A Simmons Bank 2,663,153 13.0 1,229,148 6.0 1,638,863 8.0 Common Equity Tier 1 Capital Ratio Simmons First National Corporation 2,493,799 12.1 927,446 4.5 N/A Simmons Bank 2,663,153 13.0 921,861 4.5 1,331,577 6.5 Tier 1 Leverage Ratio Simmons First National Corporation 2,493,799 9.4 1,061,191 4.0 N/A Simmons Bank 2,663,153 10.0 1,065,261 4.0 1,331,577 5.0 December 31, 2022 Total Risk-Based Capital Ratio Simmons First National Corporation $ 2,948,490 14.2 $ 1,661,121 8.0 N/A Simmons Bank 2,743,625 13.3 1,650,301 8.0 2,062,876 10.0 Tier 1 Risk-Based Capital Ratio Simmons First National Corporation 2,466,874 11.9 1,243,802 6.0 N/A Simmons Bank 2,628,002 12.7 1,241,576 6.0 1,655,434 8.0 Common Equity Tier 1 Capital Ratio Simmons First National Corporation 2,466,874 11.9 932,852 4.5 N/A Simmons Bank 2,628,002 12.7 931,182 4.5 1,345,040 6.5 Tier 1 Leverage Ratio Simmons First National Corporation 2,466,874 9.3 1,061,021 4.0 N/A Simmons Bank 2,628,002 10.0 1,051,201 4.0 1,314,001 5.0 |
Condensed Financial Information
Condensed Financial Information (Parent Company Only) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information (Parent Company Only) | CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY) Condensed Balance Sheets December 31, 2023 and 2022 (In thousands) 2023 2022 ASSETS Cash and cash equivalents $ 164,439 $ 116,915 Investments in wholly-owned subsidiaries 3,603,066 3,453,961 Loans 102 1,412 Intangible assets, net 133 133 Premises and equipment 20,498 22,083 Other assets 50,642 86,622 TOTAL ASSETS $ 3,838,880 $ 3,681,126 LIABILITIES Long-term debt $ 385,285 $ 386,798 Other liabilities 27,107 24,966 Total liabilities 412,392 411,764 STOCKHOLDERS’ EQUITY Common stock 1,252 1,270 Surplus 2,499,930 2,530,066 Undivided profits 1,329,681 1,255,586 Accumulated other comprehensive loss: Unrealized depreciation on available-for-sale securities, net of income taxes of $(143,076) and $(183,124) at December 31, 2023 and 2022, respectively (404,375) (517,560) Total stockholders’ equity 3,426,488 3,269,362 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 3,838,880 $ 3,681,126 Condensed Statements of Income Years Ended December 31, 2023 , 2022 and 2021 (In thousands) 2023 2022 2021 INCOME Dividends from subsidiaries $ 166,874 $ 219,868 $ 227,310 Other income 303 508 1,080 Income 167,177 220,376 228,390 EXPENSE 44,685 46,133 44,847 Income before income taxes and equity in undistributed net income of subsidiaries 122,492 174,243 183,543 Provision for income taxes (10,790) (9,391) (11,314) Income before equity in undistributed net income of subsidiaries 133,282 183,634 194,857 Equity in undistributed net income (loss) of subsidiaries 41,775 72,778 76,299 NET INCOME 175,057 256,412 271,156 Preferred stock dividends — — 47 NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 175,057 $ 256,412 $ 271,109 Condensed Statements of Comprehensive Income Years Ended December 31, 2023 , 2022 and 2021 (In thousands) 2023 2022 2021 NET INCOME $ 175,057 $ 256,412 $ 271,156 OTHER COMPREHENSIVE INCOME (LOSS) Equity in other comprehensive income (loss) of subsidiaries 113,185 (507,015) (70,271) COMPREHENSIVE INCOME (LOSS) $ 288,242 $ (250,603) $ 200,885 Condensed Statements of Cash Flows Years Ended December 31, 2023 , 2022 and 2021 (In thousands) 2023 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 175,057 $ 256,412 $ 271,156 Items not requiring (providing) cash Stock-based compensation expense 12,189 15,317 15,868 Depreciation and amortization 1,637 1,981 1,805 Deferred income taxes (1,742) (652) 3,347 Equity in undistributed net income (loss) of bank subsidiaries (41,775) (72,778) (76,299) Changes in: Other assets 37,720 (26,775) (2,099) Other liabilities 2,293 (28,745) 11,109 Net cash provided by operating activities 185,379 144,760 224,887 CASH FLOWS FROM INVESTING ACTIVITIES Net collections (originations) of loans 1,310 1,198 (2,139) Net purchases of premises and equipment (52) (21) (83) Cash acquired (paid) in business combinations — 60,126 (6,818) Other, net 5,856 1,688 2 Net cash provided by (used in) investing activities 7,114 62,991 (9,038) CASH FLOWS FROM FINANCING ACTIVITIES Repayment of long-term debt, net (1,664) (57,436) (1,563) (Cancellation) issuance of common stock, net (2,021) (3,882) 1,460 Stock repurchases (40,322) (111,133) (132,459) Dividends paid on preferred stock — — (47) Dividends paid on common stock (100,962) (94,096) (78,845) Preferred stock retirement — — (767) Net cash used in financing activities (144,969) (266,547) (212,221) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 47,524 (58,796) 3,628 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 116,915 175,711 172,083 CASH AND CASH EQUIVALENTS, END OF YEAR $ 164,439 $ 116,915 $ 175,711 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income | $ 175,057 | $ 256,412 | $ 271,156 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation Simmons First National Corporation (“Company”) is a Mid-South financial holding company headquartered in Pine Bluff, Arkansas, and the parent company of Simmons Bank, an Arkansas state-chartered bank that has been in operation since 1903 (“Simmons Bank” or the “Bank”). Simmons First Insurance Services, Inc. and Simmons First Insurance Services of TN, LLC are wholly-owned subsidiaries of Simmons Bank and are insurance agencies that offer various lines of personal and corporate insurance coverage to individual and commercial customers. 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 234 financial centers as of December 31, 2023, located throughout market areas in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. 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 with community and commercial banking groups. Each of these groups provide one or more similar banking services, including such products and services as loans; time deposits, checking and savings accounts; treasury management; and credit cards. Loan products include consumer, real estate, commercial, agricultural, equipment, warehouse lending and SBA lending. The individual banking groups have similar operating and economic characteristics. While the chief operating decision maker monitors the revenue streams of the various products, services, branch locations, divisions and groups, operations are managed, financial performance is evaluated, and management makes decisions on how to allocate resources, on a Company-wide basis. Accordingly, the respective groups are considered by management to be aggregated into one reportable operating segment. 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 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 credit losses. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, the valuation of acquired loans, valuation of goodwill and subsequent impairment analysis, stock-based compensation plans and income taxes. Management obtains third party valuations to assist in valuing certain aspects of these material estimates, as appropriate, including independent appraisals for significant properties in connection with the determination of the allowance for credit losses and the fair value of acquired loans. Assumptions used in the goodwill impairment analysis involve internally projected forecasts, coupled with market and third-party data. These material estimates could change as a result of the uncertainty in current macroeconomic conditions and other factors that are beyond the Company’s control and could cause actual results to differ materially from those projected. |
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 |
Investment Securities and Allowance for Credit Losses - Investment Securities | Investment Securities Held-to-maturity securities (“HTM”), 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 effective yield method over the estimated life of the security. Prepayments are anticipated for mortgage-backed and SBA securities. Premiums on callable securities are amortized to their earliest call date. Available-for-sale securities (“AFS”), 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 effective yield method over the estimated life of the security. Prepayments are anticipated for mortgage-backed and SBA securities. Premiums on callable securities are amortized to their earliest call date. 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. Allowance for Credit Losses - Investment Securities Allowance for Credit Losses - HTM Securities - The Company measures expected credit losses on HTM securities on a collective basis by major security type, with each type sharing similar risk characteristics. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Company has made the election to exclude accrued interest receivable on HTM securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. Allowance for Credit Losses - AFS Securities - For AFS securities in an unrealized loss position, the Company first evaluates whether it intends to sell, or whether it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of these criteria regarding intent or requirement to sell is met, the AFS security amortized cost basis is written down to fair value through income. If the criteria is not met, the Company is required to assess whether the decline in fair value has resulted from credit losses or noncredit-related factors. If the assessment indicates a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists, and an allowance for credit loss is recorded through income as a component of provision for credit loss expense. If the assessment indicates that a credit loss does not exist, the Company records the decline in fair value through other comprehensive income, net of related income tax effects. The Company has made the election to exclude accrued interest receivable on AFS securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. |
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, 2023 and 2022 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 amortized cost basis, which is the unpaid principal balance outstanding, net of unearned income, deferred loan fees and costs, premiums and discounts associated with acquisition date fair value adjustments on acquired loans, and any direct principal charge-offs. The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans and report accrued interest separately from the related loan balance on the consolidated balance sheets. 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 non-accrual 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. Further information regarding accounting policies related to past due loans, non-accrual loans, and modifications to borrowers experiencing financial difficulty is presented in Note 5, Loans and Allowance for Credit Losses. Additionally, for discussion of the Company’s accounting for acquired loans, see Acquisition Accounting, Loans later in this section. |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses is a reserve established through a provision for credit losses charged to expense which represents management’s best estimate of lifetime expected losses based on reasonable and supportable forecasts, quantitative factors, and other qualitative considerations. Loans with similar risk characteristics such as loan type, collateral type, and internal risk ratings are aggregated for collective assessment. The Company uses statistically-based models that leverage assumptions about current and future economic conditions throughout the contractual life of the loan. Expected credit losses are estimated by either lifetime loss rates or expected loss cash flows based on three key parameters: probability-of-default (“PD”), exposure-at-default (“EAD”), and loss-given-default (“LGD”). Future economic conditions are incorporated to the extent that they are reasonable and supportable. Beyond the reasonable and supportable periods, the economic variables revert to a historical equilibrium at a pace dependent on the state of the economy reflected within the economic scenarios. The Company also includes qualitative adjustments to the allowance based on factors and considerations that have not otherwise been fully accounted for. Loans that have unique risk characteristics are evaluated on an individual basis. These evaluations are typically performed on loans with a deteriorated internal risk rating. For a collateral-dependent loan, our evaluation process includes a valuation by appraisal or other collateral analysis adjusted for selling costs, when appropriate. 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 credit losses as a specific allocation. |
Reserve for Unfunded Commitments | Reserve for Unfunded Commitments In addition to the allowance for credit losses, the Company has established a reserve for unfunded commitments, classified in other liabilities, representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a contractual obligation to extend credit. This reserve is maintained at a level management believes to be sufficient to absorb losses arising from unfunded loan commitments. The adequacy of the reserve for unfunded commitments is determined quarterly based on methodology similar to the methodology for determining the allowance for credit losses. The allowance for credit loss is reported as a component of accrued interest and other liabilities in the consolidated balance sheets. Adjustments to the allowance are reported in the income statement as a component of the provision for credit losses. |
Acquisition Accounting, Loans | Acquisition Accounting, Loans 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. The fair value for acquired loans at the time of acquisition is based on a variety of factors including discounted expected cash flows, adjusted for estimated prepayments and credit losses. In accordance with ASC 326, the fair value adjustment is recorded as premium or discount to the unpaid principal balance of each acquired loan. Loans that have been identified as having experienced a more-than-insignificant deterioration in credit quality since origination is a purchased credit deteriorated (“PCD”) loan. The net premium or discount on PCD loans is adjusted by the Company’s allowance for credit losses recorded at the time of acquisition. The remaining net premium or discount is accreted or amortized into interest income over the remaining life of the loan using a constant yield method. The net premium or discount on loans that are not classified as PCD (“non-PCD”), that includes credit and non-credit components, is accreted or amortized into interest income over the remaining life of the loan using a constant yield method. The Company then records the necessary allowance for credit losses on the non-PCD loans through provision for credit losses expense. For further discussion of the Company’s acquisition and loan accounting, see Note 2, Acquisitions, and Note 5, Loans and Allowance for Credit Losses. |
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. Right-of-use lease assets are operating leases with a term greater than one year and are included in premises and equipment. |
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 less estimated cost to sell as of the date of foreclosure. Management evaluates the value of foreclosed assets held for sale periodically and any decreases in the fair value are charged 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 noninterest 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 than annually 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, or 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 and mitigate the impact of changing interest rates on the fair value of AFS securities, the Company has entered into fair value hedges. Fair value hedges include interest rate swap agreements on fixed rate loans and fixed rate callable AFS securities. 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 Other Real Estate Owned (“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. Wealth Management Fees – 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. |
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 |
New Accounting Standards | Recently Adopted Accounting Standards Investment-Income Taxes - In March 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-02, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (“ASU 2023-02”), that introduced the option to apply the proportional amortization method to account for investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense (benefit). ASU 2023-02 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2023, with early adoption permitted. The Company elected to early adopt ASU 2023-02 and apply the proportional amortization method for all income tax credits during the first quarter of 2023 by utilizing the modified retrospective method. The adoption of ASU 2023-02 did not have a material impact on the Company’s results of operations, financial position or disclosures. Credit Losses on Financial Instruments - In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), which eliminates the accounting guidance on troubled debt restructurings (“TDRs”) for creditors in ASC 310-40 and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. The ASU also updates the requirements related to accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings made to borrowers experiencing financial difficulty. ASU 2022-02 was effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company adopted ASU 2022-02 effective January 1, 2023 on a prospective basis. As a result, comparative disclosures to prior periods will not be available until such time as both periods disclosed are subject to the new guidance. The adoption of ASU 2022-02 did not have a material impact on the Company’s results of operations or financial position. See Note 5, Loans and Allowance for Credit Losses, for additional information. Fair Value Hedging - In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method (“ASU 2022-01”), which clarifies the guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. This ASU amends the guidance in ASU 2017-12 that, among other things, established the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible. ASU 2022-01 renames that method the “portfolio layer” method and expands the scope of this guidance to allow entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. This scope expansion is consistent with the FASB’s efforts to simplify hedge accounting and allows entities to apply the same method to similar hedging strategies. ASU 2022-01 was effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The adoption of 2022-01 did not have a material impact on the Company’s results of operations, financial position or disclosures. Reference Rate Reform – In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides relief for companies preparing for discontinuation of interest rates such as LIBOR. LIBOR is a benchmark interest rate referenced in a variety of agreements that are used by numerous entities. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) announced that the majority of LIBOR rates will no longer be published after December 31, 2021. Effective January 1, 2022, the ICE Benchmark Administration Limited, the administrator of the LIBOR, ceased the publication of one-week and two-month USD LIBOR and as of June 30, 2023, ceased the publications of the remaining tenors of USD LIBOR (one, three, six and 12-month). Other interest rates used globally could also be discontinued for similar reasons. ASU 2020-04 provides optional expedients and exceptions to contracts, hedging relationships and other transactions affected by reference rate reform. The main provisions for contract modifications include optional relief by allowing the modification as a continuation of the existing contract without additional analysis and other optional expedients regarding embedded features. Optional expedients for hedge accounting permits changes to critical terms of hedging relationships and to the designated benchmark interest rate in a fair value hedge and also provides relief for assessing hedge effectiveness for cash flow hedges. Companies are able to apply ASU 2020-04 immediately; however, the guidance will only be available for a limited time (generally through December 31, 2022). The Company formed a LIBOR Transition Team in 2020, has created standard LIBOR replacement language for new and modified loan notes, and is monitoring the remaining loans with LIBOR rates monthly to ensure progress in updating these loans with acceptable LIBOR replacement language or converting them to other interest rates. During 2021, the Company did not offer LIBOR-indexed rates on loans which it originated, although it did participate in some shared credit agreements originated by other banks subject to the Company’s determination that the LIBOR replacement language in the loan documents met the Company’s standards. Pursuant to the Joint Regulatory Statement on LIBOR transition issued in October 2021, the Company’s policy, as of January 1, 2022, is not to enter into any new LIBOR-based credit agreements and not extend, renew, or modify prior LIBOR credit agreements without requiring conversion of the agreements to other interest rates. The adoption of ASU 2020-04 has not had a material impact on the Company’s financial position or results of operations. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the changes in the interest rates used for margining, discounting, or contract price alignment for derivative instruments that are being implemented as part of the market-wide transition to new reference rates (commonly referred to as the “discounting transition”). ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. ASU 2021-01 did not have a material impact on the Company’s financial position or results of operations. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Leases - In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments (“ASU 2021-05”), that amends lease classification requirements for lessors. In accordance with ASU 2021-05, lessors should classify and account for a lease that have variable lease payments that do not depend on a reference index rate as an operating lease if both of the following criteria are met: i) the lease would have been classified as a sales-type lease or a direct financing lease under the previous lease classification criteria and ii) sales-type or direct financing lease classification would result in a Day 1 loss. ASU 2021-05 was effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The adoption of ASU 2021-05 did not have a material impact on the Company’s results of operations, financial position or disclosures. 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. The adoption of ASU 2019-12 did not have a material impact on the Company’s operations, financial position or disclosures. Recently Issued Accounting Standards Income Taxes - In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), primarily focused on income tax disclosures regarding effective tax rates and cash income taxes paid. ASU 2023-09 requires public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate). ASU 2023-09 is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2024, with early adoption permitted. The Company will complete an evaluation of the impact this standard will have on its results of operations, financial position or disclosures. Segment Reporting - In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which expands reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. The amendments in this update introduce a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker, extend certain annual disclosures to interim periods, clarify that single reportable segment entities must apply Topic 280 in its entirety, permit more than one measure of segment profit or loss to be reported under certain conditions and require disclosure of the title and position of the chief operating decision maker. ASU 2023-07 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of ASU 2023-07 is not expected to have a material impact on the Company’s operations, financial position or disclosures. 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, 2023 | |
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) 2023 2022 2021 Net income available to common stockholders $ 175,057 $ 256,412 $ 271,109 Average common shares outstanding 126,338 123,958 109,577 Average potential dilutive common shares 438 512 621 Average diluted common shares 126,776 124,470 110,198 Basic earnings per share $ 1.39 $ 2.07 $ 2.47 Diluted earnings per share $ 1.38 $ 2.06 $ 2.46 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | A summary, at fair value, of the assets acquired and liabilities assumed in the Spirit acquisition, as of the acquisition date, is as follows: (In thousands) Acquired from Spirit Fair Value Adjustments Fair Value Assets Acquired Cash and due from banks $ 277,790 $ — $ 277,790 Investment securities 362,088 (13,401) 348,687 Loans acquired 2,314,085 (19,925) 2,294,160 Allowance for credit losses on loans (17,005) 7,382 (9,623) Premises and equipment 84,135 (19,074) 65,061 Bank owned life insurance 36,890 — 36,890 Goodwill 77,681 (77,681) — Core deposit and other intangible assets 6,245 32,386 38,631 Other assets 58,403 (3,411) 54,992 Total assets acquired $ 3,200,312 $ (93,724) $ 3,106,588 Liabilities Assumed Deposits: Noninterest bearing transaction accounts $ 825,228 $ (534) $ 824,694 Interest bearing transaction accounts and savings deposits 1,383,663 — 1,383,663 Time deposits 509,209 1,081 510,290 Total deposits 2,718,100 547 2,718,647 Other borrowings 37,547 503 38,050 Subordinated debentures 36,491 879 37,370 Accrued interest and other liabilities 23,667 (3,311) 20,356 Total liabilities assumed 2,815,805 (1,382) 2,814,423 Equity 384,507 (384,507) — Total equity assumed 384,507 (384,507) — Total liabilities and equity assumed $ 3,200,312 $ (385,889) $ 2,814,423 Net assets acquired 292,165 Purchase price 466,311 Goodwill $ 174,146 A summary, at fair value, of the assets acquired and liabilities assumed in the Landmark acquisition, as of the acquisition date, is as follows: (In thousands) Acquired from Landmark Fair Value Adjustments Fair Value Assets Acquired Cash and due from banks $ 27,591 $ — $ 27,591 Due from banks - time 100 — 100 Investment securities 114,793 (125) 114,668 Loans acquired 785,551 3,953 789,504 Allowance for credit losses on loans (5,980) 3,621 (2,359) Premises and equipment 9,540 (4,099) 5,441 Bank owned life insurance 21,287 — 21,287 Core deposit intangible 88 4,071 4,159 Other assets 13,036 (4,605) 8,431 Total assets acquired $ 966,006 $ 2,816 $ 968,822 Liabilities Assumed Deposits: Noninterest bearing transaction accounts $ 110,393 $ — $ 110,393 Interest bearing transaction accounts and savings deposits 425,777 — 425,777 Time deposits 266,835 (334) 266,501 Total deposits 803,005 (334) 802,671 Other borrowings 47,023 — 47,023 Accrued interest and other liabilities 8,459 (3,122) 5,337 Total liabilities assumed 858,487 (3,456) 855,031 Equity 107,519 (107,519) — Total equity assumed 107,519 (107,519) — Total liabilities and equity assumed $ 966,006 $ (110,975) $ 855,031 Net assets acquired 113,791 Purchase price 145,195 Goodwill $ 31,404 A summary, at fair value, of the assets acquired and liabilities assumed in the Triumph acquisition, as of the acquisition date, is as follows: (In thousands) Acquired from Triumph Fair Value Adjustments Fair Value Assets Acquired Cash and due from banks $ 7,484 $ — $ 7,484 Due from banks - time 495 — 495 Investment securities 130,571 (1,116) 129,455 Loans acquired 702,460 (3,674) 698,786 Allowance for credit losses on loans (12,617) 1,525 (11,092) Premises and equipment 2,774 484 3,258 Goodwill 1,550 (1,550) — Core deposit intangible — 5,136 5,136 Other assets 12,806 897 13,703 Total assets acquired $ 845,523 $ 1,702 $ 847,225 Liabilities Assumed Deposits: Noninterest bearing transaction accounts $ 115,729 $ — $ 115,729 Interest bearing transaction accounts and savings deposits 383,434 — 383,434 Time deposits 219,477 1,094 220,571 Total deposits 718,640 1,094 719,734 Other borrowings 2,854 — 2,854 Subordinated debentures 30,700 — 30,700 Accrued interest and other liabilities 2,882 455 3,337 Total liabilities assumed 755,076 1,549 756,625 Equity 90,446 (90,446) — Total equity assumed 90,446 (90,446) — Total liabilities and equity assumed $ 845,522 $ (88,897) $ 756,625 Net assets acquired 90,600 Purchase price 130,544 Goodwill $ 39,944 |
Schedule of Business Acquisition, Pro Forma Information | The pro forma financial information is not necessarily indicative of the results of operations if the acquisition had been effective as of this date. (In thousands, except per share data) 2022 2021 Revenue (1) $ 912,631 $ 927,061 Net income $ 264,522 $ 307,752 Diluted earnings per share $ 2.04 $ 2.40 _________________________ (1) Net interest income plus non-interest income. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Held-to-maturity | The amortized cost, fair value and allowance for credit losses of investment securities that are classified as HTM are as follows: (In thousands) Amortized Cost Allowance Net Carrying Amount Gross Unrealized Gross Unrealized Estimated Fair Held-to-maturity December 31, 2023 U.S. Government agencies $ 453,121 $ — $ 453,121 $ — $ (89,203) $ 363,918 Mortgage-backed securities 1,161,694 — 1,161,694 354 (107,834) 1,054,214 State and political subdivisions 1,858,680 (2,006) 1,856,674 284 (369,509) 1,487,449 Other securities 256,007 (1,208) 254,799 — (25,010) 229,789 Total HTM $ 3,729,502 $ (3,214) $ 3,726,288 $ 638 $ (591,556) $ 3,135,370 December 31, 2022 U.S. Government agencies $ 448,012 $ — $ 448,012 $ — $ (102,558) $ 345,454 Mortgage-backed securities 1,190,781 — 1,190,781 227 (118,960) 1,072,048 State and political subdivisions 1,861,102 (110) 1,860,992 56 (446,198) 1,414,850 Other securities 261,199 (1,278) 259,921 — (29,040) 230,881 Total HTM $ 3,761,094 $ (1,388) $ 3,759,706 $ 283 $ (696,756) $ 3,063,233 |
Debt Securities, Available-for-sale | The amortized cost, fair value and allowance for credit losses of investment securities that are classified as AFS are as follows: (In thousands) Amortized Allowance for Credit Losses Gross Unrealized Gross Unrealized Estimated Fair Available-for-sale December 31, 2023 U.S. Treasury $ 2,285 $ — $ — $ (31) $ 2,254 U.S. Government agencies 74,460 — 35 (1,993) 72,502 Mortgage-backed securities 2,138,652 — 8 (198,353) 1,940,307 State and political subdivisions 1,035,147 — 187 (132,541) 902,793 Other securities 259,165 — — (24,868) 234,297 Total AFS $ 3,509,709 $ — $ 230 $ (357,786) $ 3,152,153 December 31, 2022 U.S. Treasury $ 2,257 $ — $ — $ (60) $ 2,197 U.S. Government agencies 191,498 — 103 (7,322) 184,279 Mortgage-backed securities 2,809,319 — 20 (266,437) 2,542,902 State and political subdivisions 1,056,124 — 250 (185,300) 871,074 Other securities 272,215 — — (19,813) 252,402 Total AFS $ 4,331,413 $ — $ 373 $ (478,932) $ 3,852,854 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table summarizes the Company’s AFS investments in an unrealized loss position for which an allowance for credit loss has not been recorded as of December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: Less Than 12 Months 12 Months or More Total (In thousands) Estimated Gross Estimated Gross Estimated Gross Available-for-sale U.S. Treasury $ — $ — $ 2,254 $ (31) $ 2,254 $ (31) U.S. Government agencies 8,614 (39) 59,732 (1,954) 68,346 (1,993) Mortgage-backed securities 9,182 (135) 1,930,105 (198,218) 1,939,287 (198,353) State and political subdivisions 3,050 (163) 869,379 (132,378) 872,429 (132,541) Other securities 11,016 (2,654) 223,025 (22,214) 234,041 (24,868) Total AFS $ 31,862 $ (2,991) $ 3,084,495 $ (354,795) $ 3,116,357 $ (357,786) |
Debt Securities, Allowance for Credit Loss | The following table details activity in the allowance for credit losses by investment security type for the years ended December 31, 2023 and 2022 on the Company’s HTM and AFS securities held. (In thousands) State and Political Subdivisions Other Securities Total December 31, 2023 Held-to-maturity Beginning balance, January 1, 2023 $ 110 $ 1,278 $ 1,388 Provision for credit loss expense 824 1,002 1,826 Net increase (decrease) in allowance on previously impaired securities 1,072 (1,072) — Ending balance, December 31, 2023 $ 2,006 $ 1,208 $ 3,214 Available-for-sale Beginning balance, January 1, 2023 $ — $ — $ — Provision for credit loss expense — 12,800 12,800 Reduction due to sales — (2,078) (2,078) Securities charged-off — (7,000) (7,000) Net decrease in allowance on previously impaired securities — (3,722) (3,722) Ending balance, December 31, 2023 $ — $ — $ — December 31, 2022 Held-to-maturity Beginning balance, January 1, 2022 $ 1,197 $ 82 $ 1,279 Provision for credit loss expense — — — Net increase (decrease) in allowance on previously impaired securities (1,180) 1,180 — Recoveries 93 16 109 Ending balance, December 31, 2022 $ 110 $ 1,278 $ 1,388 |
Debt Securities, Held-to-maturity, Credit Quality Indicator | The following table summarizes bond ratings for the Company’s HTM portfolio issued by state and political subdivisions and other securities as of December 31, 2023: State and Political Subdivisions (In thousands) Not Guaranteed or Pre-Refunded Other Credit Enhancement or Insurance Pre-Refunded Total Other Securities Aaa/AAA $ 179,585 $ 299,910 $ — $ 479,495 $ — Aa/AA 635,749 524,037 — 1,159,786 — A 46,932 161,189 — 208,121 102,393 Baa/BBB — 4,376 — 4,376 153,614 Not Rated 6,902 — — 6,902 — Total $ 869,168 $ 989,512 $ — $ 1,858,680 $ 256,007 |
Income Earned on Securities | Income earned on securities for the years ended December 31, 2023, 2022 and 2021, is as follows: (In thousands) 2023 2022 2021 Taxable: Held-to-maturity $ 44,093 $ 33,778 $ 4,208 Available-for-sale 99,085 60,659 54,768 Non-taxable: Held-to-maturity 40,612 36,516 16,047 Available-for-sale 23,128 27,250 36,670 Total $ 206,918 $ 158,203 $ 111,693 |
Amortized Cost and Estimated Fair Value by Maturity of Securities | The amortized cost and estimated fair value by maturity of securities are shown in the following table as of December 31, 2023. 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 Fair Amortized Fair One year or less $ 1,473 $ 1,412 $ 10,418 $ 10,115 After one through five years 9,159 8,877 115,387 114,069 After five through ten years 387,939 345,785 216,076 190,533 After ten years 2,169,237 1,725,082 1,028,920 896,873 Securities not due on a single maturity date 1,161,694 1,054,214 2,138,652 1,940,307 Other securities (no maturity) — — 256 256 Total $ 3,729,502 $ 3,135,370 $ 3,509,709 $ 3,152,153 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Categories of Loans | The various categories of loans are summarized as follows: (In thousands) 2023 2022 Consumer: Credit cards $ 191,204 $ 196,928 Other consumer 127,462 152,882 Total consumer 318,666 349,810 Real estate: Construction and development 3,144,220 2,566,649 Single family residential 2,641,556 2,546,115 Other commercial 7,552,410 7,468,498 Total real estate 13,338,186 12,581,262 Commercial: Commercial 2,490,176 2,632,290 Agricultural 232,710 205,623 Total commercial 2,722,886 2,837,913 Other 465,932 373,139 Total loans $ 16,845,670 $ 16,142,124 |
Schedule of Nonaccrual Loans, Excluding Loans Acquired | The amortized cost basis of nonaccrual loans segregated by class of loans are as follows: (In thousands) 2023 2022 Consumer: Credit cards $ 487 $ 349 Other consumer 589 433 Total consumer 1,076 782 Real estate: Construction and development 2,457 2,799 Single family residential 27,209 22,319 Other commercial 11,960 14,998 Total real estate 41,626 40,116 Commercial: Commercial 39,886 17,356 Agricultural 734 177 Total commercial 40,620 17,533 Other 3 3 Total $ 83,325 $ 58,434 |
Schedule of Aging Analysis of Past Due Loans, Excluding Loans Acquired | An age analysis of the amortized cost basis of past due loans, including nonaccrual loans, segregated by class of loans is as follows: (In thousands) Gross 90 Days Total Current Total 90 Days December 31, 2023 Consumer: Credit cards $ 1,734 $ 892 $ 2,626 $ 188,578 $ 191,204 $ 791 Other consumer 1,471 216 1,687 125,775 127,462 — Total consumer 3,205 1,108 4,313 314,353 318,666 791 Real estate: Construction and development 3,171 2,190 5,361 3,138,859 3,144,220 — Single family residential 30,697 12,522 43,219 2,598,337 2,641,556 7 Other commercial 4,702 3,612 8,314 7,544,096 7,552,410 — Total real estate 38,570 18,324 56,894 13,281,292 13,338,186 7 Commercial: Commercial 13,799 22,750 36,549 2,453,627 2,490,176 349 Agricultural 92 516 608 232,102 232,710 — Total commercial 13,891 23,266 37,157 2,685,729 2,722,886 349 Other — 3 3 465,929 465,932 — Total $ 55,666 $ 42,701 $ 98,367 $ 16,747,303 $ 16,845,670 $ 1,147 December 31, 2022 Consumer: Credit cards $ 1,297 $ 409 $ 1,706 $ 195,222 $ 196,928 $ 225 Other consumer 852 214 1,066 151,816 152,882 — Total consumer 2,149 623 2,772 347,038 349,810 225 Real estate: Construction and development 4,677 443 5,120 2,561,529 2,566,649 — Single family residential 23,625 11,075 34,700 2,511,415 2,546,115 106 Other commercial 2,759 7,100 9,859 7,458,639 7,468,498 — Total real estate 31,061 18,618 49,679 12,531,583 12,581,262 106 Commercial: Commercial 5,034 7,575 12,609 2,619,681 2,632,290 176 Agricultural 111 67 178 205,445 205,623 — Total commercial 5,145 7,642 12,787 2,825,126 2,837,913 176 Other 61 3 64 373,075 373,139 — Total $ 38,416 $ 26,886 $ 65,302 $ 16,076,822 $ 16,142,124 $ 507 |
Schedule of Troubled Debt Restructuring | The following table presents a summary of the amortized cost basis of loan modifications granted to borrowers experiencing financial difficulty, segregated by class of loans and type of loan modification, for the year ended December 31, 2023. Percent of Percent of Total Class Total Class (Dollars in thousands) Rate Reduction of Loans Term Extension of Loans Real estate: Single family residential $ 79 — % $ — — % Other commercial — — % 30,493 0.40 % Total real estate 79 30,493 Commercial: Commercial — — % 746 0.03 % Total commercial — 746 Total $ 79 $ 31,239 Accruing TDR Loans Nonaccrual TDR Loans Total TDR Loans (Dollars in thousands) Number Balance Number Balance Number Balance December 31, 2022 Real estate: Single-family residential 24 $ 1,849 12 $ 1,589 36 $ 3,438 Total real estate 24 1,849 12 1,589 36 3,438 Commercial: Commercial — — 1 33 1 33 Total commercial — — 1 33 1 33 Total 24 $ 1,849 13 $ 1,622 37 $ 3,471 The following table presents loans that were restructured as TDRs during the year ended December 31, 2022. Modification Type (Dollars in thousands) Number of Balance Prior Balance at December 31, Change in Change in Financial Impact Year Ended December 31, 2022 Real estate: Single-family residential 4 $ 760 $ 730 $ — $ 730 $ — Total real estate 4 $ 760 $ 730 $ — $ 730 $ — |
Summary of Loans by Credit Risk Rating | The following table presents a summary of loans by credit quality indicator, as of December 31, 2023, segregated by class of loans. Term Loans Amortized Cost Basis by Origination Year (In thousands) 2023 2022 2021 2020 2019 2018 and Prior Lines of Credit (“LOC”) Amortized Cost Basis LOC Converted to Term Loans Amortized Cost Basis Total Consumer - credit cards Delinquency: Current $ — $ — $ — $ — $ — $ — $ 188,578 $ — $ 188,578 30-89 days past due — — — — — — 1,734 — 1,734 90+ days past due — — — — — — 892 — 892 Total consumer - credit cards — — — — — — 191,204 — 191,204 Current-period consumer - credit cards gross charge-offs — — — — — — 5,303 — 5,303 Consumer - other Delinquency: Current 55,091 35,904 12,115 3,838 1,471 1,106 16,250 — 125,775 30-89 days past due 400 719 127 53 2 16 154 — 1,471 90+ days past due 35 127 46 — — — 8 — 216 Total consumer - other 55,526 36,750 12,288 3,891 1,473 1,122 16,412 — 127,462 Current-period consumer - other gross charge-offs 220 826 493 79 29 128 449 — 2,224 Real estate - C&D Risk rating: Pass 138,749 143,711 52,081 45,027 10,278 13,632 2,710,853 504 3,114,835 Special mention — 1,143 7,284 — — 396 16,682 — 25,505 Substandard — 101 48 — — 247 3,484 — 3,880 Doubtful and loss — — — — — — — — — Total real estate - C&D 138,749 144,955 59,413 45,027 10,278 14,275 2,731,019 504 3,144,220 Current-period real estate - C&D gross charge-offs — 1,148 — — — 8 349 — 1,505 Real estate - SF residential Delinquency: Current 371,326 620,933 352,589 238,128 121,416 504,675 388,705 565 2,598,337 30-89 days past due 5,222 5,061 3,667 2,283 1,741 9,759 2,964 — 30,697 90+ days past due 1,313 2,443 1,810 1,661 120 3,465 1,710 — 12,522 Total real estate - SF residential 377,861 628,437 358,066 242,072 123,277 517,899 393,379 565 2,641,556 Current-period real estate - SF residential gross charge-offs — 111 12 73 — 677 232 — 1,105 Real estate - other commercial Risk rating: Pass 729,602 1,651,010 1,237,810 621,595 171,230 417,122 2,333,637 — 7,162,006 Special mention 37,302 8,458 10,149 7,844 1,364 11,604 84,978 — 161,699 Substandard 40,664 10,290 4,495 16,646 6,293 9,861 140,454 — 228,703 Doubtful and loss — — — 2 — — — — 2 Total real estate - other commercial 807,568 1,669,758 1,252,454 646,087 178,887 438,587 2,559,069 — 7,552,410 Current-period real estate - other commercial gross charge-offs — — — 7 2 35 9,731 — 9,775 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2023 2022 2021 2020 2019 2018 and Prior Lines of Credit (“LOC”) Amortized Cost Basis LOC Converted to Term Loans Amortized Cost Basis Total Commercial Risk rating: Pass 440,872 354,016 200,941 67,320 27,374 42,953 1,271,826 — 2,405,302 Special mention 157 14,117 316 367 98 889 8,228 — 24,172 Substandard 1,998 11,874 6,272 2,934 1,722 3,392 32,510 — 60,702 Doubtful and loss — — — — — — — — — Total commercial 443,027 380,007 207,529 70,621 29,194 47,234 1,312,564 — 2,490,176 Current-period commercial - gross charge-offs 463 2,081 778 197 244 815 1,351 — 5,929 Commercial - agriculture Risk rating: Pass 39,680 30,075 13,940 6,280 2,071 303 134,180 — 226,529 Special mention 363 733 1,068 — — — 3,257 — 5,421 Substandard 518 37 71 104 26 — 4 — 760 Doubtful and loss — — — — — — — — — Total commercial - agriculture 40,561 30,845 15,079 6,384 2,097 303 137,441 — 232,710 Current-period commercial - agriculture gross charge-offs — 7 — — — 26 — — 33 Other Delinquency: Current 45,234 144,732 28,413 2,543 3,255 36,719 205,033 — 465,929 30-89 days past due — — — — — — — — — 90+ days past due — — — — — 3 — — 3 Total other 45,234 144,732 28,413 2,543 3,255 36,722 205,033 — 465,932 Current-period other - gross charge-offs — — — — — — 298 — 298 Total $ 1,908,526 $ 3,035,484 $ 1,933,242 $ 1,016,625 $ 348,461 $ 1,056,142 $ 7,546,121 $ 1,069 $ 16,845,670 The following table presents a summary of loans by credit quality indicator, as of December 31, 2022 segregated by class of loans. Term Loans Amortized Cost Basis by Origination Year (In thousands) 2022 2021 2020 2019 2018 2017 and Prior Lines of Credit (“LOC”) Amortized Cost Basis LOC Converted to Term Loans Amortized Cost Basis Total Consumer - credit cards Delinquency: Current $ — $ — $ — $ — $ — $ — $ 195,222 $ — $ 195,222 30-89 days past due — — — — — — 1,297 — 1,297 90+ days past due — — — — — — 409 — 409 Total consumer - credit cards — — — — — — 196,928 — 196,928 Consumer - other Delinquency: Current 86,303 26,339 10,071 3,804 2,671 2,275 20,350 3 $ 151,816 30-89 days past due 298 241 135 13 34 119 12 — 852 90+ days past due 121 47 2 1 2 41 — — 214 Total consumer - other 86,722 26,627 10,208 3,818 2,707 2,435 20,362 3 152,882 Real estate - C&D Risk rating: Pass 237,304 68,916 50,912 16,920 13,625 9,611 2,163,776 334 $ 2,561,398 Special mention — — — — — 41 1,342 — 1,383 Substandard 1,091 116 36 13 31 103 2,478 — 3,868 Doubtful and loss — — — — — — — — — Total real estate - C&D 238,395 69,032 50,948 16,933 13,656 9,755 2,167,596 334 2,566,649 Real estate - SF residential Delinquency: Current 700,976 411,885 295,365 141,608 192,176 440,931 324,282 4,192 $ 2,511,415 30-89 days past due 3,105 3,415 1,290 2,018 3,129 8,626 2,042 — 23,625 90+ days past due 586 871 885 968 1,017 6,312 436 — 11,075 Total real estate - SF residential 704,667 416,171 297,540 144,594 196,322 455,869 326,760 4,192 2,546,115 Real estate - other commercial Risk rating: Pass 1,917,352 1,482,049 768,630 254,986 179,729 428,027 2,093,379 19,469 7,143,621 Special mention 19,538 32,831 38,821 206 2,261 20,741 104,431 — 218,829 Substandard 24,639 3,399 27,399 2,544 2,026 15,217 30,824 — 106,048 Doubtful and loss — — — — — — — — — Total real estate - other commercial 1,961,529 1,518,279 834,850 257,736 184,016 463,985 2,228,634 19,469 7,468,498 Commercial Risk rating: Pass 595,256 300,650 168,539 41,924 31,329 35,447 1,401,402 24,940 2,599,487 Special mention 199 1,700 11 32 — 927 2,708 80 5,657 Substandard 5,257 2,435 3,328 802 891 1,290 11,337 1,805 27,145 Doubtful and loss — — — — — — — 1 1 Total commercial 600,712 304,785 171,878 42,758 32,220 37,664 1,415,447 26,826 2,632,290 Commercial - agriculture Risk rating: Pass 44,377 22,901 12,044 4,483 1,029 369 119,342 310 204,855 Special mention 8 — — — — — — — 8 Substandard 55 8 78 49 10 — 560 — 760 Doubtful and loss — — — — — — — — — Total commercial - agriculture 44,440 22,909 12,122 4,532 1,039 369 119,902 310 205,623 Other Delinquency: Current 152,086 29,362 8,181 4,742 20,018 25,349 132,384 953 373,075 30-89 days past due — — — — — 61 — — 61 90+ days past due — — — — — 3 — — 3 Total other 152,086 29,362 8,181 4,742 20,018 25,413 132,384 953 373,139 Total $ 3,788,551 $ 2,387,165 $ 1,385,727 $ 475,113 $ 449,978 $ 995,490 $ 6,608,013 $ 52,087 $ 16,142,124 |
Schedule of the Activity in the Allowance for Loan Losses | The collateral securing these loans consist of commercial real estate properties, residential properties, and other business assets. (In thousands) Real Estate Collateral Other Collateral Total December 31, 2023 Construction and development $ 43,826 $ — $ 43,826 Single family residential 3,870 — 3,870 Other commercial real estate 76,229 — 76,229 Commercial — 20,679 20,679 Total $ 123,925 $ 20,679 $ 144,604 December 31, 2022 Construction and development $ 2,156 $ — $ 2,156 Single family residential — — — Other commercial real estate 65,450 — 65,450 Commercial — 3,320 3,320 Total $ 67,606 $ 3,320 $ 70,926 The following table details activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2023, 2022 and 2021. 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 Credit Other Total December 31, 2023 Beginning balance, January 1, 2023 $ 34,406 $ 150,795 $ 5,140 $ 6,614 $ 196,955 Provision for credit loss expense 5,934 36,381 5,023 86 47,424 Charge-offs (5,962) (12,385) (5,303) (2,522) (26,172) Recoveries 2,092 2,386 1,008 1,538 7,024 Net charge-offs (3,870) (9,999) (4,295) (984) (19,148) Ending balance, December 31, 2023 $ 36,470 $ 177,177 $ 5,868 $ 5,716 $ 225,231 December 31, 2022 Beginning balance, January 1, 2022 $ 17,458 $ 179,270 $ 3,987 $ 4,617 $ 205,332 Acquisition adjustment for PCD loans 6,433 3,187 — 2 9,622 Provision for credit loss expense 22,412 (34,456) 3,991 2,674 (5,379) Charge-offs (14,270) (4,122) (3,862) (1,876) (24,130) Recoveries 2,373 6,916 1,024 1,197 11,510 Net charge-offs (11,897) 2,794 (2,838) (679) (12,620) Ending balance, December 31, 2022 $ 34,406 $ 150,795 $ 5,140 $ 6,614 $ 196,955 December 31, 2021 Beginning balance, January 1, 2021 $ 42,093 $ 182,868 $ 7,472 $ 5,617 $ 238,050 Acquisition adjustment for PCD loans 3,349 10,101 — 1 13,451 Provision for credit loss expense (22,031) (7,918) (908) (352) (31,209) Charge-offs (10,613) (10,691) (3,625) (2,053) (26,982) Recoveries 4,660 4,910 1,048 1,404 12,022 Net charge-offs (5,953) (5,781) (2,577) (649) (14,960) Ending balance, December 31, 2021 $ 17,458 $ 179,270 $ 3,987 $ 4,617 $ 205,332 The components of provision for credit losses for the years ended December 31 were as follows: (In thousands) 2023 2022 2021 Provision for credit losses related to: Loans $ 47,424 $ (5,379) $ (31,209) Unfunded commitments (16,300) 19,453 — Securities - HTM 1,826 — (1,183) Securities - AFS 9,078 — (312) Total $ 42,028 $ 14,074 $ (32,704) |
Schedule of Financing Receivable, Purchased With Credit Deterioration | The following table provides a summary of loans purchased as part of the Spirit acquisition with credit deterioration at acquisition: (In thousands) Commercial Real Credit Other Total Unpaid principal balance $ 8,258 $ 66,534 $ — $ 59 $ 74,851 PCD allowance for credit loss at acquisition (6,433) (3,187) — (2) (9,622) Non-credit related discount (378) (998) — (1) (1,377) Fair value of PCD loans $ 1,447 $ 62,349 $ — $ 56 $ 63,852 The following table provides a summary of loans purchased as part of the Landmark acquisition with credit deterioration at acquisition: (In thousands) Commercial Real Credit Other Total Unpaid principal balance $ 11,046 $ 55,549 $ — $ 67 $ 66,662 PCD allowance for credit loss at acquisition (350) (2,008) — (1) (2,359) Non-credit related discount (160) (2,415) — (2) (2,577) Fair value of PCD loans $ 10,536 $ 51,126 $ — $ 64 $ 61,726 The following table provides a summary of loans purchased as part of the Triumph acquisition with credit deterioration at acquisition: (In thousands) Commercial Real Credit Other Total Unpaid principal balance $ 40,466 $ 80,803 $ — $ 15 $ 121,284 PCD allowance for credit loss at acquisition (2,999) (8,093) — — (11,092) Non-credit related discount (279) (1,314) — (1) (1,594) Fair value of PCD loans $ 37,188 $ 71,396 $ — $ 14 $ 108,598 |
Right-Of-Use Lease Assets and_2
Right-Of-Use Lease Assets and Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Components of Lease Expense and Supplemental Information | The following table presents information as of December 31, 2023 and 2022 related to the Company’s right-of-use lease assets, included in premises and equipment, and lease liabilities, included in accrued interest and other liabilities. (Dollars in thousands) 2023 2022 Right-of-use lease assets $ 67,267 $ 46,845 Lease liabilities 68,788 47,850 Weighted average remaining lease term 8.81 years 6.69 years Weighted average discount rate 3.52 % 2.41 % |
Maturities of Operating Lease Liabilities | The Company’s remaining undiscounted minimum lease payments on operating leases as of December 31, 2023 are as follows: Year (In thousands) 2024 $ 13,064 2025 11,212 2026 10,147 2027 7,732 2028 6,792 Thereafter 33,044 Total undiscounted minimum lease payments 81,991 Less: Net present value adjustment 13,203 Lease liability included in other liabilities $ 68,788 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Total premises and equipment, net at December 31, 2023 and 2022 were as follows: (In thousands) 2023 2022 Right-of-use lease assets $ 67,267 $ 46,845 Premises and equipment: Land 122,093 122,841 Buildings and improvements 388,675 370,530 Furniture, fixtures and equipment 112,133 122,029 Software 61,242 70,984 Construction in progress 14,142 15,488 Accumulated depreciation and amortization (194,874) (199,976) Total premises and equipment, net $ 570,678 $ 548,741 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | Changes in the carrying amount and accumulated amortization of the Company’s core deposit premiums and other intangible assets at December 31, 2023 and 2022 were as follows: (In thousands) 2023 2022 Core deposit premiums: Balance, beginning of year $ 116,016 $ 93,862 Acquisitions (1) — 36,500 Amortization (14,672) (14,346) Balance, end of year 101,344 116,016 Books of business and other intangibles: Balance, beginning of year 12,935 12,373 Acquisitions (2) — 2,131 Amortization (1,634) (1,569) Balance, end of year 11,301 12,935 Total other intangible assets, net $ 112,645 $ 128,951 _________________________ (1) A core deposit premium of $36.5 million was recorded during 2022 as part of the Spirit acquisition. See Note 2, Acquisitions, for additional information on acquisitions. (2) The Company recorded $2.1 million during 2022 related to servicing assets acquired as part of the Spirit acquisition. See Note 2, Acquisitions, for additional information on acquisitions. The carrying basis and accumulated amortization of the Company’s other intangible assets at December 31, 2023 and 2022 were as follows: (In thousands) 2023 2022 Core deposit premiums: Gross carrying amount $ 187,467 $ 189,996 Accumulated amortization (86,123) (73,980) Core deposit premiums, net 101,344 116,016 Books of business and other intangibles: Gross carrying amount 22,068 22,068 Accumulated amortization (10,767) (9,133) Books of business and other intangibles, net 11,301 12,935 Total other intangible assets, net $ 112,645 $ 128,951 |
Estimated Remaining Amortization Expense | The Company’s estimated remaining amortization expense on other intangible assets as of December 31, 2023 is as follows: Year (In thousands) 2024 $ 15,403 2025 12,819 2026 12,346 2027 12,218 2028 11,312 Thereafter 48,547 Total $ 112,645 |
Time Deposits (Tables)
Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Time Deposit Maturities | Maturities of all time deposits at December 31, 2023 are as follows: Year (In thousands) 2024 $ 6,089,586 2025 287,651 2026 56,173 2027 6,705 2028 5,125 Thereafter 1,433 Total $ 6,446,673 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | The provision for income taxes for the years ended December 31 is comprised of the following components: (In thousands) 2023 2022 2021 Income taxes currently payable $ 28,006 $ 35,215 $ 50,369 Deferred income taxes (2,460) 14,933 10,937 Provision for income taxes $ 25,546 $ 50,148 $ 61,306 |
Schedule of Deferred 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, 2023 and 2022: (In thousands) 2023 2022 Deferred tax assets: Loans acquired $ 3,644 $ 5,846 Allowance for credit losses 53,445 47,145 Valuation of foreclosed assets 480 523 Tax NOLs from acquisition 9,643 10,962 Deferred compensation payable 3,355 3,867 Accrued equity and other compensation 8,048 8,153 Acquired securities 7,569 7,651 Right-of-use lease liability 16,501 11,641 Unrealized loss on AFS securities 143,624 177,839 Allowance for unfunded commitments 6,148 10,200 Other 7,627 4,173 Gross deferred tax assets 260,084 288,000 Deferred tax liabilities: Goodwill and other intangible amortization (41,174) (44,539) Accumulated depreciation (24,632) (24,288) Right-of-use lease asset (16,136) (11,396) Unrealized gain on swaps (25,371) (25,836) Other (10,995) (8,875) Gross deferred tax liabilities (118,308) (114,934) Net deferred tax asset $ 141,776 $ 173,066 |
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) 2023 2022 2021 Computed at the statutory rate $ 42,127 $ 64,378 $ 69,807 Increase (decrease) in taxes resulting from: State income taxes, net of federal tax benefit (983) 3,249 4,452 Discrete items related to share-based compensation 596 (74) (17) Tax exempt interest income (15,357) (14,484) (11,510) Tax exempt earnings on bank owned life insurance (2,607) (1,918) (1,212) Federal tax credits (218) (1,708) (2,260) Other differences, net 1,988 705 2,046 Actual tax provision $ 25,546 $ 50,148 $ 61,306 |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Repurchase Agreements [Abstract] | |
Contractual Maturity of Securities Sold Under Agreements to Repurchase | The remaining contractual maturity of the securities sold under agreements to repurchase in the consolidated balance sheets as of December 31, 2023 and 2022 is presented in the following tables. Remaining Contractual Maturity of the Agreements (In thousands) Overnight and Up to 30 Days 30-90 Days Greater than Total December 31, 2023 Repurchase agreements: U.S. Government agencies $ 67,569 $ — $ — $ — $ 67,569 December 31, 2022 Repurchase agreements: U.S. Government agencies $ 152,403 $ — $ — $ — $ 152,403 |
Other Borrowings and Subordin_2
Other Borrowings and Subordinated Notes and Debentures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt at December 31, 2023 and 2022 consisted of the following components: (In thousands) 2023 2022 Other Borrowings FHLB advances, net of discount, due 2024 to 2033, 4.56% to 5.68%, secured by real estate loans $ 953,222 $ 838,487 Other long-term debt 19,144 20,809 Total other borrowings 972,366 859,296 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) (1) 330,000 330,000 Subordinated notes payable, net of premium adjustments, due 7/31/2030, fixed-to-floating rate (fixed rate of 6.00% through 7/30/2025, floating rate of 5.92% above the three month SOFR rate, reset quarterly) 37,171 37,285 Unamortized debt issuance costs (1,030) (1,296) Total subordinated notes and debentures 366,141 365,989 Total other borrowings and subordinated debt $ 1,338,507 $ 1,225,285 _________________________ |
Schedule of Aggregate Annual Maturities of Long-term Debt | Aggregate annual maturities of long-term debt at December 31, 2023, are as follows: Year (In thousands) 2024 $ 1,822 2025 1,822 2026 1,824 2027 1,920 2028 332,210 Thereafter 48,909 Total $ 388,507 |
Transactions With Related Par_2
Transactions With Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | (In thousands) 2023 2022 Balance, beginning of year $ 3,672 $ 6,216 New extensions of credit 100 180 Repayments (565) (2,724) Balance, end of year $ 3,207 $ 3,672 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021, and changes during the years then ended: Stock Options Non-vested Stock Awards Outstanding Non-vested Stock Units Outstanding (1) (Shares in thousands) Number of Shares Weighted Number of Shares Weighted Average Grant-Date Fair Value Number of Shares Weighted Average Grant-Date Fair Value Balance, December 31, 2020 658 $ 22.48 5 $ 22.35 1,032 $ 24.53 Granted — — — — 674 28.94 Stock options exercised (185) 22.42 — — — — Stock awards/units vested (earned) — — (3) 22.48 (434) 25.61 Forfeited/expired — — — — (87) 25.86 Balance, December 31, 2021 473 22.50 2 22.20 1,185 26.51 Granted — — — — 719 26.42 Stock options exercised (3) 13.30 — — — — Stock awards/units vested (earned) — — (2) 22.20 (609) 26.30 Forfeited/expired — — — — (98) 25.68 Balance, December 31, 2022 470 22.56 — — 1,197 26.63 Granted — — — — 798 21.15 Stock options exercised (1) 10.65 — — — — Stock awards/units vested (earned) — — — — (490) 24.73 Forfeited/expired (22) 22.87 — — (232) 24.81 Balance, December 31, 2023 447 $ 22.56 — $ — 1,273 $ 24.23 Exercisable, December 31, 2023 447 $ 22.56 _________________________ (1) All stock units (including performance stock units). |
Information about Stock Options under Plans Outstanding | The following table summarizes information about stock options under the plans outstanding at December 31, 2023: Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Weighted Number Weighted $ 20.29 — $ 20.29 47 0.90 $20.29 47 $20.29 22.20 — 22.20 51 1.24 22.20 51 22.20 22.75 — 22.75 274 1.46 22.75 274 22.75 23.51 — 23.51 68 1.89 23.51 68 23.51 24.07 — 24.07 7 1.71 24.07 7 24.07 $ 20.29 — $ 24.07 447 1.45 $22.56 447 $22.56 |
Restricted Performance Stock Unit Activity | The table below summarizes the Company’s performance stock unit activity for the years ended December 31, 2023, 2022 and 2021: (In thousands) Performance Stock Units Non-vested, December 31, 2020 222 Granted 171 Vested (earned) (57) Forfeited (5) Non-vested, December 31, 2021 331 Granted 184 Vested (earned) (149) Forfeited (14) Non-vested, December 31, 2022 352 Granted 302 Vested (earned) (72) Forfeited (90) Non-vested, December 31, 2023 492 |
Additional Cash Flow Informat_2
Additional Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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) 2023 2022 2021 Interest paid $ 540,816 $ 134,980 $ 82,914 Income taxes paid 20,948 25,084 55,202 Transfers of loans to foreclosed assets held for sale 3,075 1,219 4,322 Transfer of premises held for sale to other real estate owned — — 4,368 Transfer of premises held for sale to premises — — 5,610 Transfers of assets held for sale to other assets — 100 — Transfers of available-for-sale to held-to-maturity securities — 1,992,542 500,809 |
Other Income and Other Operat_2
Other Income and Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Operating Expenses | Other operating expenses consisted of the following during the years ended December 31: (In thousands) 2023 2022 2021 Professional services $ 19,612 $ 19,138 $ 18,921 Postage 9,458 8,955 8,276 Telephone 6,965 6,394 6,234 Credit card expense 13,243 12,243 11,112 Marketing 24,008 28,870 22,234 Software and technology 42,530 40,906 40,608 Operating supplies 2,591 2,556 2,766 Amortization of intangibles 16,306 15,915 13,494 Branch right sizing expense 5,467 3,475 (537) Other expense 36,984 41,241 30,454 Total other operating expenses $ 177,164 $ 179,693 $ 153,562 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments 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, 2023 and 2022. Fair Value Measurements (In thousands) Fair Value Quoted Prices in Significant Other Significant December 31, 2023 Available-for-sale securities U.S. Treasury $ 2,254 $ 2,254 $ — $ — U.S. Government agencies 72,502 — 72,502 — Mortgage-backed securities 1,940,307 — 1,940,307 — State and political subdivisions 902,793 — 902,793 — Other securities 234,297 — 234,297 — Mortgage loans held for sale 9,373 — — 9,373 Derivative asset 130,271 — 130,271 — Derivative liability (27,584) — (27,584) — December 31, 2022 Available-for-sale securities U.S. Treasury $ 2,197 $ 2,197 $ — $ — U.S. Government agencies 184,279 — 184,279 — Mortgage-backed securities 2,542,902 — 2,542,902 — State and political subdivisions 871,074 — 871,074 — Other securities 252,402 — 252,402 — Mortgage loans held for sale 3,486 — — 3,486 Derivative asset 139,323 — 139,323 — Derivative liability (34,440) — (34,440) — |
Financial Assets Measure on Nonrecurring Basis | The following table sets forth the Company’s assets by level within the fair value hierarchy that were measured at fair value on a nonrecurring basis as of December 31, 2023 and 2022. Fair Value Measurements Using (In thousands) Fair Value Quoted Prices in Significant Other Significant December 31, 2023 Individually assessed loans (1) (2) (collateral-dependent) $ 144,604 $ — $ — $ 144,604 Foreclosed assets and other real estate owned (1) 3,646 — — 3,646 December 31, 2022 Individually assessed loans (1) (2) (collateral-dependent) $ 70,926 $ — $ — $ 70,926 Foreclosed assets and other real estate owned (1) 2,418 — — 2,418 ______________________ (1) These amounts represent the resulting carrying amounts on the consolidated balance sheets for collateral-dependent loans and foreclosed assets and other real estate owned for which fair value re-measurements took place during the period. (2) Identified reserves of $18.7 million and $5.2 million were related to collateral-dependent loans for which fair value re-measurements took place during the years ended December 31, 2023 and 2022, respectively. |
Estimated Fair Values and Related Carrying Amounts | 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, 2023 Financial assets: Cash and cash equivalents $ 614,092 $ 614,092 $ — $ — $ 614,092 Interest bearing balances due from banks - time 100 — 100 — 100 Held-to-maturity securities, net 3,726,288 — 3,135,370 — 3,135,370 Interest receivable 122,430 — 122,430 — 122,430 Loans, net 16,620,439 — — 15,734,766 15,734,766 Financial liabilities: Noninterest bearing transaction accounts 4,800,880 — 4,800,880 — 4,800,880 Interest bearing transaction accounts and savings deposits 10,997,425 — 10,997,425 — 10,997,425 Time deposits 6,446,673 — — 6,414,222 6,414,222 Federal funds purchased and securities sold under agreements to repurchase 67,969 — 67,969 — 67,969 Other borrowings 972,366 — 970,846 — 970,846 Subordinated notes and debentures 366,141 — 349,424 — 349,424 Interest payable 35,618 — 35,618 — 35,618 December 31, 2022 Financial assets: Cash and cash equivalents $ 682,122 $ 682,122 $ — $ — $ 682,122 Interest bearing balances due from banks - time 795 — 795 — 795 Held-to-maturity securities, net 3,759,706 — 3,063,233 — 3,063,233 Interest receivable 102,892 — 102,892 — 102,892 Loans, net 15,945,169 — — 15,573,555 15,573,555 Financial liabilities: Noninterest bearing transaction accounts 6,016,651 — 6,016,651 — 6,016,651 Interest bearing transaction accounts and savings deposits 11,762,885 — 11,762,885 — 11,762,885 Time deposits 4,768,558 — — 4,696,473 4,696,473 Federal funds purchased and securities sold under agreements to repurchase 160,403 — 160,403 — 160,403 Other borrowings 859,296 — 857,257 — 857,257 Subordinated notes and debentures 365,989 — 363,578 — 363,578 Interest payable 16,399 — 16,399 — 16,399 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the fair value hedges recorded in the accompanying consolidated balance sheets. December 31, 2023 December 31, 2022 (In thousands) Balance Sheet Location Weighted Average Pay Rate Receive Rate Notional Fair Value Notional Fair Value Derivative assets Other assets 1.21% Federal Funds $ 1,001,715 $ 102,644 $ 1,001,715 $ 104,833 The following amounts were recorded on the balance sheet related to carrying amounts and cumulative basis adjustments for fair value hedges. Carrying Amount of Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets Line Item on the Balance Sheet (In thousands) 2023 2022 2023 2022 Investment securities - Available-for-sale $ 940,010 $ 944,115 $ 104,408 $ 106,321 The following table summarizes the fair values of loan derivative contracts recorded in the accompanying consolidated balance sheets for the years ended December 31, 2023 and 2022. 2023 2022 (In thousands) Notional Fair Value Notional Fair Value Derivative assets $ 551,314 $ 27,627 $ 413,968 $ 34,490 Derivative liabilities 552,274 27,584 414,955 34,440 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Actual Capital Amounts and Ratios | The Company’s and the Bank’s actual capital amounts and ratios are presented in the following table. Actual Minimum To Be Well (In thousands) Amount Ratio (%) Amount Ratio (%) Amount Ratio (%) December 31, 2023 Total Risk-Based Capital Ratio Simmons First National Corporation $ 2,964,917 14.4 $ 1,647,176 8.0 N/A Simmons Bank 2,834,126 13.8 1,642,972 8.0 2,053,714 10.0 Tier 1 Risk-Based Capital Ratio Simmons First National Corporation 2,493,799 12.1 1,236,595 6.0 N/A Simmons Bank 2,663,153 13.0 1,229,148 6.0 1,638,863 8.0 Common Equity Tier 1 Capital Ratio Simmons First National Corporation 2,493,799 12.1 927,446 4.5 N/A Simmons Bank 2,663,153 13.0 921,861 4.5 1,331,577 6.5 Tier 1 Leverage Ratio Simmons First National Corporation 2,493,799 9.4 1,061,191 4.0 N/A Simmons Bank 2,663,153 10.0 1,065,261 4.0 1,331,577 5.0 December 31, 2022 Total Risk-Based Capital Ratio Simmons First National Corporation $ 2,948,490 14.2 $ 1,661,121 8.0 N/A Simmons Bank 2,743,625 13.3 1,650,301 8.0 2,062,876 10.0 Tier 1 Risk-Based Capital Ratio Simmons First National Corporation 2,466,874 11.9 1,243,802 6.0 N/A Simmons Bank 2,628,002 12.7 1,241,576 6.0 1,655,434 8.0 Common Equity Tier 1 Capital Ratio Simmons First National Corporation 2,466,874 11.9 932,852 4.5 N/A Simmons Bank 2,628,002 12.7 931,182 4.5 1,345,040 6.5 Tier 1 Leverage Ratio Simmons First National Corporation 2,466,874 9.3 1,061,021 4.0 N/A Simmons Bank 2,628,002 10.0 1,051,201 4.0 1,314,001 5.0 |
Condensed Financial Informati_2
Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | (In thousands) 2023 2022 ASSETS Cash and cash equivalents $ 164,439 $ 116,915 Investments in wholly-owned subsidiaries 3,603,066 3,453,961 Loans 102 1,412 Intangible assets, net 133 133 Premises and equipment 20,498 22,083 Other assets 50,642 86,622 TOTAL ASSETS $ 3,838,880 $ 3,681,126 LIABILITIES Long-term debt $ 385,285 $ 386,798 Other liabilities 27,107 24,966 Total liabilities 412,392 411,764 STOCKHOLDERS’ EQUITY Common stock 1,252 1,270 Surplus 2,499,930 2,530,066 Undivided profits 1,329,681 1,255,586 Accumulated other comprehensive loss: Unrealized depreciation on available-for-sale securities, net of income taxes of $(143,076) and $(183,124) at December 31, 2023 and 2022, respectively (404,375) (517,560) Total stockholders’ equity 3,426,488 3,269,362 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 3,838,880 $ 3,681,126 |
Condensed Income Statement | (In thousands) 2023 2022 2021 INCOME Dividends from subsidiaries $ 166,874 $ 219,868 $ 227,310 Other income 303 508 1,080 Income 167,177 220,376 228,390 EXPENSE 44,685 46,133 44,847 Income before income taxes and equity in undistributed net income of subsidiaries 122,492 174,243 183,543 Provision for income taxes (10,790) (9,391) (11,314) Income before equity in undistributed net income of subsidiaries 133,282 183,634 194,857 Equity in undistributed net income (loss) of subsidiaries 41,775 72,778 76,299 NET INCOME 175,057 256,412 271,156 Preferred stock dividends — — 47 NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 175,057 $ 256,412 $ 271,109 |
Condensed Statement of Comprehensive Income | (In thousands) 2023 2022 2021 NET INCOME $ 175,057 $ 256,412 $ 271,156 OTHER COMPREHENSIVE INCOME (LOSS) Equity in other comprehensive income (loss) of subsidiaries 113,185 (507,015) (70,271) COMPREHENSIVE INCOME (LOSS) $ 288,242 $ (250,603) $ 200,885 |
Condensed Cash Flow Statement | (In thousands) 2023 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 175,057 $ 256,412 $ 271,156 Items not requiring (providing) cash Stock-based compensation expense 12,189 15,317 15,868 Depreciation and amortization 1,637 1,981 1,805 Deferred income taxes (1,742) (652) 3,347 Equity in undistributed net income (loss) of bank subsidiaries (41,775) (72,778) (76,299) Changes in: Other assets 37,720 (26,775) (2,099) Other liabilities 2,293 (28,745) 11,109 Net cash provided by operating activities 185,379 144,760 224,887 CASH FLOWS FROM INVESTING ACTIVITIES Net collections (originations) of loans 1,310 1,198 (2,139) Net purchases of premises and equipment (52) (21) (83) Cash acquired (paid) in business combinations — 60,126 (6,818) Other, net 5,856 1,688 2 Net cash provided by (used in) investing activities 7,114 62,991 (9,038) CASH FLOWS FROM FINANCING ACTIVITIES Repayment of long-term debt, net (1,664) (57,436) (1,563) (Cancellation) issuance of common stock, net (2,021) (3,882) 1,460 Stock repurchases (40,322) (111,133) (132,459) Dividends paid on preferred stock — — (47) Dividends paid on common stock (100,962) (94,096) (78,845) Preferred stock retirement — — (767) Net cash used in financing activities (144,969) (266,547) (212,221) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 47,524 (58,796) 3,628 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 116,915 175,711 172,083 CASH AND CASH EQUIVALENTS, END OF YEAR $ 164,439 $ 116,915 $ 175,711 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2023 center segment shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of financial centers | center | 234 | ||
Number of reportable segments | segment | 1 | ||
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 | 410,490 | 0 | 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Net income available to common stockholders | $ 175,057 | $ 256,412 | $ 271,109 |
Average common shares outstanding (in shares) | 126,338 | 123,958 | 109,577 |
Average potential dilutive common shares (in shares) | 438 | 512 | 621 |
Average diluted common shares (in shares) | 126,776 | 124,470 | 110,198 |
Basic earnings per share (in dollars per share) | $ 1.39 | $ 2.07 | $ 2.47 |
Diluted earnings per share (in dollars per share) | $ 1.38 | $ 2.06 | $ 2.46 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) | 12 Months Ended | ||||||
Apr. 08, 2022 USD ($) shares | Nov. 20, 2021 USD ($) | Oct. 08, 2021 USD ($) branch shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 19, 2021 USD ($) branch | |
Spirit of Texas Bancshares, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Shares issued (in shares) | shares | 18,275,074 | ||||||
Stock issued for acquisition | $ 464,900,000 | $ 464,918,000 | |||||
Payments to acquire businesses, gross | $ 1,393,508.9 | ||||||
Number of bank branches acquired | branch | 35 | ||||||
Assets acquired, after acquisition method adjustments | $ 3,110,000,000 | ||||||
Loans acquired, after acquisition method adjustments | 35,200,000 | 2,290,000,000 | |||||
Customer deposits acquired, after acquisition method adjustments | $ 2,720,000,000 | ||||||
Goodwill | $ 174,146,000 | ||||||
Acquisition-related costs | 18,700,000 | ||||||
Landmark Community Bank | |||||||
Business Acquisition [Line Items] | |||||||
Shares issued (in shares) | shares | 4,499,872 | ||||||
Stock issued for acquisition | $ 138,200,000 | ||||||
Payments to acquire businesses, gross | $ 6,451,727.43 | ||||||
Number of bank branches acquired | branch | 8 | ||||||
Assets acquired, after acquisition method adjustments | $ 968,800,000 | ||||||
Loans acquired, after acquisition method adjustments | 789,500,000 | ||||||
Customer deposits acquired, after acquisition method adjustments | 802,700,000 | ||||||
Goodwill | $ 31,404,000 | ||||||
Triumph Bancshares, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Shares issued (in shares) | shares | 4,164,712 | ||||||
Stock issued for acquisition | $ 127,900,000 | ||||||
Payments to acquire businesses, gross | $ 1,693,402.93 | ||||||
Number of bank branches acquired | branch | 6 | ||||||
Assets acquired, after acquisition method adjustments | $ 847,200,000 | ||||||
Loans acquired, after acquisition method adjustments | 698,800,000 | ||||||
Customer deposits acquired, after acquisition method adjustments | 719,700,000 | ||||||
Goodwill | $ 39,944,000 | ||||||
Acquisition-related costs | $ 1,400,000 | $ 22,500,000 | $ 15,900,000 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Nov. 20, 2021 | Oct. 08, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 19, 2021 | Oct. 07, 2021 |
Assets Acquired | ||||||
Goodwill | $ 1,320,799 | $ 1,319,598 | ||||
Spirit of Texas Bancshares, Inc. | ||||||
Assets Acquired | ||||||
Cash and due from banks | $ 277,790 | $ 277,790 | ||||
Investment securities | 348,687 | 362,088 | ||||
Loans acquired | 2,294,160 | 2,314,085 | ||||
Allowance for credit losses on loans | (9,623) | (17,005) | ||||
Premises and equipment | 65,061 | 84,135 | ||||
Bank owned life insurance | 36,890 | 36,890 | ||||
Goodwill | 0 | 77,681 | ||||
Other assets | 54,992 | 58,403 | ||||
Total assets acquired | 3,106,588 | 3,200,312 | ||||
Deposits: | ||||||
Noninterest bearing transaction accounts | 824,694 | 825,228 | ||||
Interest bearing transaction accounts and savings deposits | 1,383,663 | 1,383,663 | ||||
Time deposits | 510,290 | 509,209 | ||||
Total deposits | 2,718,647 | 2,718,100 | ||||
Other borrowings | 38,050 | 37,547 | ||||
Subordinated debentures | 37,370 | 36,491 | ||||
Accrued interest and other liabilities | 20,356 | 23,667 | ||||
Total liabilities assumed | 2,814,423 | 2,815,805 | ||||
Equity | 0 | 384,507 | ||||
Total liabilities and equity assumed | 2,814,423 | 3,200,312 | ||||
Net assets acquired | 292,165 | |||||
Purchase price | 466,311 | |||||
Goodwill | 174,146 | |||||
Spirit of Texas Bancshares, Inc. | Fair Value Adjustments | ||||||
Assets Acquired | ||||||
Cash and due from banks | 0 | |||||
Investment securities | (13,401) | |||||
Loans acquired | (19,925) | |||||
Allowance for credit losses on loans | 7,382 | |||||
Premises and equipment | (19,074) | |||||
Bank owned life insurance | 0 | |||||
Goodwill | (77,681) | |||||
Other assets | (3,411) | |||||
Total assets acquired | (93,724) | |||||
Deposits: | ||||||
Noninterest bearing transaction accounts | (534) | |||||
Interest bearing transaction accounts and savings deposits | 0 | |||||
Time deposits | 1,081 | |||||
Total deposits | 547 | |||||
Other borrowings | 503 | |||||
Subordinated debentures | 879 | |||||
Accrued interest and other liabilities | (3,311) | |||||
Total liabilities assumed | (1,382) | |||||
Equity | (384,507) | |||||
Total liabilities and equity assumed | (385,889) | |||||
Landmark Community Bank | ||||||
Assets Acquired | ||||||
Cash and due from banks | $ 27,591 | $ 27,591 | ||||
Due from banks - time | 100 | 100 | ||||
Investment securities | 114,668 | 114,793 | ||||
Loans acquired | 789,504 | 785,551 | ||||
Allowance for credit losses on loans | (2,359) | (5,980) | ||||
Premises and equipment | 5,441 | 9,540 | ||||
Bank owned life insurance | 21,287 | 21,287 | ||||
Other assets | 8,431 | 13,036 | ||||
Total assets acquired | 968,822 | 966,006 | ||||
Deposits: | ||||||
Noninterest bearing transaction accounts | 110,393 | 110,393 | ||||
Interest bearing transaction accounts and savings deposits | 425,777 | 425,777 | ||||
Time deposits | 266,501 | 266,835 | ||||
Total deposits | 802,671 | 803,005 | ||||
Other borrowings | 47,023 | 47,023 | ||||
Accrued interest and other liabilities | 5,337 | 8,459 | ||||
Total liabilities assumed | 855,031 | 858,487 | ||||
Equity | 0 | 107,519 | ||||
Total liabilities and equity assumed | 855,031 | 966,006 | ||||
Net assets acquired | 113,791 | |||||
Purchase price | 145,195 | |||||
Goodwill | 31,404 | |||||
Landmark Community Bank | Fair Value Adjustments | ||||||
Assets Acquired | ||||||
Cash and due from banks | 0 | |||||
Due from banks - time | 0 | |||||
Investment securities | (125) | |||||
Loans acquired | 3,953 | |||||
Allowance for credit losses on loans | 3,621 | |||||
Premises and equipment | (4,099) | |||||
Bank owned life insurance | 0 | |||||
Other assets | (4,605) | |||||
Total assets acquired | 2,816 | |||||
Deposits: | ||||||
Noninterest bearing transaction accounts | 0 | |||||
Interest bearing transaction accounts and savings deposits | 0 | |||||
Time deposits | (334) | |||||
Total deposits | (334) | |||||
Other borrowings | 0 | |||||
Accrued interest and other liabilities | (3,122) | |||||
Total liabilities assumed | (3,456) | |||||
Equity | (107,519) | |||||
Total liabilities and equity assumed | (110,975) | |||||
Triumph Bancshares, Inc. | ||||||
Assets Acquired | ||||||
Cash and due from banks | 7,484 | 7,484 | ||||
Due from banks - time | 495 | 495 | ||||
Investment securities | 129,455 | 130,571 | ||||
Loans acquired | 698,786 | 702,460 | ||||
Allowance for credit losses on loans | (11,092) | (12,617) | ||||
Premises and equipment | 3,258 | 2,774 | ||||
Goodwill | 0 | 1,550 | ||||
Other assets | 13,703 | 12,806 | ||||
Total assets acquired | 847,225 | 845,523 | ||||
Deposits: | ||||||
Noninterest bearing transaction accounts | 115,729 | 115,729 | ||||
Interest bearing transaction accounts and savings deposits | 383,434 | 383,434 | ||||
Time deposits | 220,571 | 219,477 | ||||
Total deposits | 719,734 | 718,640 | ||||
Other borrowings | 2,854 | 2,854 | ||||
Subordinated debentures | 30,700 | 30,700 | ||||
Accrued interest and other liabilities | 3,337 | 2,882 | ||||
Total liabilities assumed | 756,625 | 755,076 | ||||
Equity | 0 | 90,446 | ||||
Total liabilities and equity assumed | 756,625 | 845,522 | ||||
Net assets acquired | 90,600 | |||||
Purchase price | 130,544 | |||||
Goodwill | 39,944 | |||||
Triumph Bancshares, Inc. | Fair Value Adjustments | ||||||
Assets Acquired | ||||||
Cash and due from banks | 0 | |||||
Due from banks - time | 0 | |||||
Investment securities | (1,116) | |||||
Loans acquired | (3,674) | |||||
Allowance for credit losses on loans | 1,525 | |||||
Premises and equipment | 484 | |||||
Goodwill | (1,550) | |||||
Other assets | 897 | |||||
Total assets acquired | 1,702 | |||||
Deposits: | ||||||
Noninterest bearing transaction accounts | 0 | |||||
Interest bearing transaction accounts and savings deposits | 0 | |||||
Time deposits | 1,094 | |||||
Total deposits | 1,094 | |||||
Other borrowings | 0 | |||||
Subordinated debentures | 0 | |||||
Accrued interest and other liabilities | 455 | |||||
Total liabilities assumed | 1,549 | |||||
Equity | (90,446) | |||||
Total liabilities and equity assumed | (88,897) | |||||
Core Deposit Premium | Spirit of Texas Bancshares, Inc. | ||||||
Assets Acquired | ||||||
Core deposit and other intangible assets | 38,631 | $ 6,245 | ||||
Core Deposit Premium | Spirit of Texas Bancshares, Inc. | Fair Value Adjustments | ||||||
Assets Acquired | ||||||
Core deposit and other intangible assets | $ 32,386 | |||||
Core Deposit Premium | Landmark Community Bank | ||||||
Assets Acquired | ||||||
Core deposit and other intangible assets | 4,159 | 88 | ||||
Core Deposit Premium | Landmark Community Bank | Fair Value Adjustments | ||||||
Assets Acquired | ||||||
Core deposit and other intangible assets | 4,071 | |||||
Core Deposit Premium | Triumph Bancshares, Inc. | ||||||
Assets Acquired | ||||||
Core deposit and other intangible assets | 5,136 | $ 0 | ||||
Core Deposit Premium | Triumph Bancshares, Inc. | Fair Value Adjustments | ||||||
Assets Acquired | ||||||
Core deposit and other intangible assets | $ 5,136 |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Information (Details) - Spirit of Texas Bancshares, Inc. - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||
Revenue | $ 912,631 | $ 927,061 |
Net income | $ 264,522 | $ 307,752 |
Diluted earnings per share (in dollars per share) | $ 2.04 | $ 2.40 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) bond | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities, available-for-sale, transfer to held-to-maturity | $ 1,990,000,000 | $ 500,800,000 | |||
Debt securities, held-to-maturity transfer, unrealized gain | $ 126,400,000 | ||||
Available-for-sale, transfer to held-to-maturity, gain (loss) | 0 | ||||
Held to maturity mortgage backed securities | 3,729,502,000 | $ 3,761,094,000 | |||
Available for sale mortgage backed securities | 3,509,709,000 | 4,331,413,000 | |||
Held-to-maturity, interest receivable | 20,600,000 | ||||
Available-for-sale, interest receivable | 24,700,000 | ||||
Available-for-sale securities | 3,152,153,000 | 3,852,854,000 | |||
Securities valued at less than historical cost, amount | $ 3,116,357,000 | ||||
Securities valued at less than historical cost (as percent) | 98.90% | ||||
Provision for credit losses, AFS | $ 9,100,000 | 0 | |||
Securities pledged as collateral | 3,320,000,000 | 3,960,000,000 | |||
Realized losses | $ 20,600,000 | 324,000 | $ 422,000 | ||
Realized gains | $ 46,000 | $ 15,900,000 | |||
Income tax benefit related to security gains (losses) (as percent) | 26.135% | 26.135% | 26.135% | ||
Commercial Mortgage Backed Securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Held to maturity mortgage backed securities | $ 141,600,000 | $ 149,200,000 | |||
Available for sale mortgage backed securities | 710,100,000 | 1,070,000,000 | |||
Residential Mortgage Backed Securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Held to maturity mortgage backed securities | 1,020,000,000 | 1,040,000,000 | |||
Available for sale mortgage backed securities | 1,230,000,000 | 1,470,000,000 | |||
Bonds | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Provision for credit losses, AFS | $ 7,000,000 | ||||
Number of corporate bond | bond | 1 | ||||
Investments sold, amount | $ 247,900,000 | $ 0 | $ 342,600,000 |
Investment Securities - Summary
Investment Securities - Summary of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Held-to-maturity | |||
Amortized Cost | $ 3,729,502 | $ 3,761,094 | |
Allowance for Credit Losses | (3,214) | (1,388) | $ (1,279) |
Net Carrying Amount | 3,726,288 | 3,759,706 | |
Gross Unrealized Gains | 638 | 283 | |
Gross Unrealized (Losses) | (591,556) | (696,756) | |
Estimated Fair Value | 3,135,370 | 3,063,233 | |
Available-for-sale | |||
Amortized Cost | 3,509,709 | 4,331,413 | |
Allowance for Credit Losses | 0 | 0 | |
Gross Unrealized Gains | 230 | 373 | |
Gross Unrealized (Losses) | (357,786) | (478,932) | |
Estimated Fair Value | 3,152,153 | 3,852,854 | |
U.S. Treasury | |||
Available-for-sale | |||
Amortized Cost | 2,285 | 2,257 | |
Allowance for Credit Losses | 0 | 0 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized (Losses) | (31) | (60) | |
Estimated Fair Value | 2,254 | 2,197 | |
U.S. Government agencies | |||
Held-to-maturity | |||
Amortized Cost | 453,121 | 448,012 | |
Allowance for Credit Losses | 0 | 0 | |
Net Carrying Amount | 453,121 | 448,012 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized (Losses) | (89,203) | (102,558) | |
Estimated Fair Value | 363,918 | 345,454 | |
Available-for-sale | |||
Amortized Cost | 74,460 | 191,498 | |
Allowance for Credit Losses | 0 | 0 | |
Gross Unrealized Gains | 35 | 103 | |
Gross Unrealized (Losses) | (1,993) | (7,322) | |
Estimated Fair Value | 72,502 | 184,279 | |
Mortgage-backed securities | |||
Held-to-maturity | |||
Amortized Cost | 1,161,694 | 1,190,781 | |
Allowance for Credit Losses | 0 | 0 | |
Net Carrying Amount | 1,161,694 | 1,190,781 | |
Gross Unrealized Gains | 354 | 227 | |
Gross Unrealized (Losses) | (107,834) | (118,960) | |
Estimated Fair Value | 1,054,214 | 1,072,048 | |
Available-for-sale | |||
Amortized Cost | 2,138,652 | 2,809,319 | |
Allowance for Credit Losses | 0 | 0 | |
Gross Unrealized Gains | 8 | 20 | |
Gross Unrealized (Losses) | (198,353) | (266,437) | |
Estimated Fair Value | 1,940,307 | 2,542,902 | |
State and political subdivisions | |||
Held-to-maturity | |||
Amortized Cost | 1,858,680 | 1,861,102 | |
Allowance for Credit Losses | (2,006) | (110) | (1,197) |
Net Carrying Amount | 1,856,674 | 1,860,992 | |
Gross Unrealized Gains | 284 | 56 | |
Gross Unrealized (Losses) | (369,509) | (446,198) | |
Estimated Fair Value | 1,487,449 | 1,414,850 | |
Available-for-sale | |||
Amortized Cost | 1,035,147 | 1,056,124 | |
Allowance for Credit Losses | 0 | 0 | |
Gross Unrealized Gains | 187 | 250 | |
Gross Unrealized (Losses) | (132,541) | (185,300) | |
Estimated Fair Value | 902,793 | 871,074 | |
Other securities | |||
Held-to-maturity | |||
Amortized Cost | 256,007 | 261,199 | |
Allowance for Credit Losses | (1,208) | (1,278) | $ (82) |
Net Carrying Amount | 254,799 | 259,921 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized (Losses) | (25,010) | (29,040) | |
Estimated Fair Value | 229,789 | 230,881 | |
Available-for-sale | |||
Amortized Cost | 259,165 | 272,215 | |
Allowance for Credit Losses | 0 | 0 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized (Losses) | (24,868) | (19,813) | |
Estimated Fair Value | $ 234,297 | $ 252,402 |
Investment Securities - Securit
Investment Securities - Securities With Unrealized Losses (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Available-for-sale | |
Available-for-sale, less than 12 months, estimated fair value | $ 31,862 |
Available-for-sale, less than 12 months, gross unrealized losses | (2,991) |
Available-for-sale, 12 months or more, estimated fair value | 3,084,495 |
Available-for-sale, 12 months or more, gross unrealized losses | (354,795) |
Available-for-sale, total, estimated fair value | 3,116,357 |
Available-for-sale, total, gross unrealized losses | (357,786) |
U.S. Treasury | |
Available-for-sale | |
Available-for-sale, less than 12 months, estimated fair value | 0 |
Available-for-sale, less than 12 months, gross unrealized losses | 0 |
Available-for-sale, 12 months or more, estimated fair value | 2,254 |
Available-for-sale, 12 months or more, gross unrealized losses | (31) |
Available-for-sale, total, estimated fair value | 2,254 |
Available-for-sale, total, gross unrealized losses | (31) |
U.S. Government agencies | |
Available-for-sale | |
Available-for-sale, less than 12 months, estimated fair value | 8,614 |
Available-for-sale, less than 12 months, gross unrealized losses | (39) |
Available-for-sale, 12 months or more, estimated fair value | 59,732 |
Available-for-sale, 12 months or more, gross unrealized losses | (1,954) |
Available-for-sale, total, estimated fair value | 68,346 |
Available-for-sale, total, gross unrealized losses | (1,993) |
Mortgage-backed securities | |
Available-for-sale | |
Available-for-sale, less than 12 months, estimated fair value | 9,182 |
Available-for-sale, less than 12 months, gross unrealized losses | (135) |
Available-for-sale, 12 months or more, estimated fair value | 1,930,105 |
Available-for-sale, 12 months or more, gross unrealized losses | (198,218) |
Available-for-sale, total, estimated fair value | 1,939,287 |
Available-for-sale, total, gross unrealized losses | (198,353) |
State and political subdivisions | |
Available-for-sale | |
Available-for-sale, less than 12 months, estimated fair value | 3,050 |
Available-for-sale, less than 12 months, gross unrealized losses | (163) |
Available-for-sale, 12 months or more, estimated fair value | 869,379 |
Available-for-sale, 12 months or more, gross unrealized losses | (132,378) |
Available-for-sale, total, estimated fair value | 872,429 |
Available-for-sale, total, gross unrealized losses | (132,541) |
Other securities | |
Available-for-sale | |
Available-for-sale, less than 12 months, estimated fair value | 11,016 |
Available-for-sale, less than 12 months, gross unrealized losses | (2,654) |
Available-for-sale, 12 months or more, estimated fair value | 223,025 |
Available-for-sale, 12 months or more, gross unrealized losses | (22,214) |
Available-for-sale, total, estimated fair value | 234,041 |
Available-for-sale, total, gross unrealized losses | $ (24,868) |
Investment Securities - Allowan
Investment Securities - Allowance for Credit Losses HTM (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 1,388 | $ 1,279 | |
Provision for credit loss expense | 1,826 | 0 | $ (1,183) |
Net increase (decrease) in allowance on previously impaired securities | 0 | 0 | |
Recoveries | 109 | ||
Ending balance | 3,214 | 1,388 | 1,279 |
State and political subdivisions | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 110 | 1,197 | |
Provision for credit loss expense | 824 | 0 | |
Net increase (decrease) in allowance on previously impaired securities | 1,072 | (1,180) | |
Recoveries | 93 | ||
Ending balance | 2,006 | 110 | 1,197 |
Other securities | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,278 | 82 | |
Provision for credit loss expense | 1,002 | 0 | |
Net increase (decrease) in allowance on previously impaired securities | (1,072) | 1,180 | |
Recoveries | 16 | ||
Ending balance | $ 1,208 | $ 1,278 | $ 82 |
Investment Securities - Allow_2
Investment Securities - Allowance for Credit Losses AFS (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 0 |
Provision for credit loss expense | 12,800 |
Reduction due to sales | (2,078) |
Securities charged-off | (7,000) |
Net decrease in allowance on previously impaired securities | (3,722) |
Ending balance | 0 |
State and political subdivisions | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | 0 |
Provision for credit loss expense | 0 |
Reduction due to sales | 0 |
Securities charged-off | 0 |
Net decrease in allowance on previously impaired securities | 0 |
Ending balance | 0 |
Other securities | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | 0 |
Provision for credit loss expense | 12,800 |
Reduction due to sales | (2,078) |
Securities charged-off | (7,000) |
Net decrease in allowance on previously impaired securities | (3,722) |
Ending balance | $ 0 |
Investment Securities - Credit
Investment Securities - Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | $ 3,729,502 | $ 3,761,094 |
State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 1,858,680 | 1,861,102 |
Other securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 256,007 | $ 261,199 |
Aaa/AAA | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 479,495 | |
Aaa/AAA | Other securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Aa/AA | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 1,159,786 | |
Aa/AA | Other securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
A | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 208,121 | |
A | Other securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 102,393 | |
Bond, Baa/BBB Rating | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 4,376 | |
Bond, Baa/BBB Rating | Other securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 153,614 | |
Not Rated | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 6,902 | |
Not Rated | Other securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Not Guaranteed or Pre-Refunded | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 869,168 | |
Not Guaranteed or Pre-Refunded | Aaa/AAA | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 179,585 | |
Not Guaranteed or Pre-Refunded | Aa/AA | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 635,749 | |
Not Guaranteed or Pre-Refunded | A | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 46,932 | |
Not Guaranteed or Pre-Refunded | Bond, Baa/BBB Rating | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Not Guaranteed or Pre-Refunded | Not Rated | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 6,902 | |
Other Credit Enhancement or Insurance | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 989,512 | |
Other Credit Enhancement or Insurance | Aaa/AAA | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 299,910 | |
Other Credit Enhancement or Insurance | Aa/AA | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 524,037 | |
Other Credit Enhancement or Insurance | A | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 161,189 | |
Other Credit Enhancement or Insurance | Bond, Baa/BBB Rating | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 4,376 | |
Other Credit Enhancement or Insurance | Not Rated | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Pre-Refunded | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Pre-Refunded | Aaa/AAA | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Pre-Refunded | Aa/AA | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Pre-Refunded | A | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Pre-Refunded | Bond, Baa/BBB Rating | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | 0 | |
Pre-Refunded | Not Rated | State and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized Cost | $ 0 |
Investment Securities - Income
Investment Securities - Income Earned on Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Non-taxable: | |||
Total | $ 206,918 | $ 158,203 | $ 111,693 |
Held-to-Maturity Securities1 | |||
Taxable: | |||
Taxable | 44,093 | 33,778 | 4,208 |
Non-taxable: | |||
Non-taxable | 40,612 | 36,516 | 16,047 |
Available-for-Sale Securities1 | |||
Taxable: | |||
Taxable | 99,085 | 60,659 | 54,768 |
Non-taxable: | |||
Non-taxable | $ 23,128 | $ 27,250 | $ 36,670 |
Investment Securities - Maturit
Investment Securities - Maturities of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity, amortized cost, one year or less | $ 1,473 | |
Held-to-maturity, amortized cost, after one through five years | 9,159 | |
Held-to-maturity, amortized cost, after five through ten years | 387,939 | |
Held-to-maturity, amortized cost, after ten years | 2,169,237 | |
Held-to-maturity, amortized cost, securities not due on a single maturity date | 1,161,694 | |
Amortized Cost | 3,729,502 | $ 3,761,094 |
Held-to-maturity, fair value, one year or less | 1,412 | |
Held-to-maturity, fair value, after one through five years | 8,877 | |
Held-to-maturity, fair value, after five through ten years | 345,785 | |
Held-to-maturity, fair value, after ten years | 1,725,082 | |
Held-to-maturity, fair value, securities not due on a single maturity date | 1,054,214 | |
Held-to-maturity, fair value, total | 3,135,370 | 3,063,233 |
Available-for-sale, amortized cost, one year or less | 10,418 | |
Available-for-sale, amortized cost, after one through five years | 115,387 | |
Available-for-sale, amortized cost, after five through ten years | 216,076 | |
Available-for-sale, amortized cost, after ten years | 1,028,920 | |
Available-for-sale, amortized cost, securities not due on a single maturity date | 2,138,652 | |
Available-for-sale, amortized cost, other securities (no maturity) | 256 | |
Amortized Cost | 3,509,709 | 4,331,413 |
Available-for-sale, fair value, one year or less | 10,115 | |
Available-for-sale, fair value, after one through five years | 114,069 | |
Available-for-sale, fair value, after five through ten years | 190,533 | |
Available-for-sale, fair value, after ten years | 896,873 | |
Available-for-sale, fair value, securities not due on a single maturity date | 1,940,307 | |
Available-for-sale, fair value, other securities (no maturity) | 256 | |
Available-for-sale, fair value, total | $ 3,152,153 | $ 3,852,854 |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities Held for Sale (Details) | 12 Months Ended | ||||
Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Nov. 19, 2021 USD ($) | Mar. 12, 2021 USD ($) branch | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sale of business | $ 5,300,000 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Outstanding other assets and other liabilities held for sale | $ 0 | ||||
Illinois Branch | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of branches sold | branch | 4 | ||||
Illinois Branch | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loans held for sale | $ 354,000 | ||||
Deposit held for sale | $ 137,900,000 | ||||
Gain on sale of business | $ 5,300,000 | ||||
Spirit Acquisition | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loans acquired, after acquisition method adjustments | $ 35,200,000 | $ 2,290,000,000 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Narrative (Details) | 12 Months Ended | |||
Apr. 08, 2022 USD ($) | Dec. 31, 2023 USD ($) loan payment | Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 16,845,670,000 | $ 16,142,124,000 | ||
Deferred origination fees, net | 6,700,000 | 26,400,000 | ||
Financing receivable, accrued interest excluded from amortized costs | 77,100,000 | 65,400,000 | ||
Nonaccrual loans with no allowance for credit loss | $ 3,200,000 | $ 16,900,000 | ||
Number of loan modifications | loan | 4 | |||
Number of loan modifications with payment default | loan | 0 | |||
Foreclosed assets and other real estate owned | $ 4,073,000 | $ 2,887,000 | ||
Financing receivable, troubled debt restructuring, premodification | 760,000 | |||
Financial impact on date of restructure | $ 0 | |||
Number of loans with subsequent default | loan | 1 | |||
TDR loan, payment default | $ 7,800 | |||
Financing receivable, collateral dependent, amount | 144,604,000 | 70,926,000 | ||
Unfunded commitments | (16,300,000) | 19,453,000 | $ 0 | |
Provision for credit loss expense | (47,424,000) | 5,379,000 | 31,209,000 | |
Spirit of Texas Bancshares, Inc. | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Deferred origination fees, net | $ 1,377,000 | |||
Off-balance sheet, credit loss, liability, credit loss expense (reversal) | 30,300,000 | |||
Minimum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, term of loan | 1 year | |||
Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, term of loan | 3 years | |||
Residential Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans in process of foreclosure, amount | $ 2,500,000 | 3,000,000 | ||
OREO Received in Full or Partial Satisfaction of Loans | Residential Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Foreclosed assets and other real estate owned | 506,000 | $ 853,000 | ||
Loans, Excluding Acquired Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loan modifications | loan | 37 | |||
Provision for credit loss expense | (47,424,000) | $ 5,379,000 | 31,209,000 | |
Loans, Excluding Acquired Loans | Restaurant, hospitality, student housing and office space | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for credit loss expense | 16,000,000 | |||
Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 13,338,186,000 | $ 12,581,262,000 | ||
Number of loan modifications | loan | 4 | |||
Financing receivable, troubled debt restructuring, premodification | $ 760,000 | |||
Financial impact on date of restructure | 0 | |||
Real Estate | Spirit of Texas Bancshares, Inc. | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Deferred origination fees, net | 998,000 | |||
Real Estate | OREO Received in Full or Partial Satisfaction of Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, troubled debt restructuring, premodification | $ 0 | |||
Real Estate | Loans, Excluding Acquired Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loan modifications | loan | 36 | |||
Provision for credit loss expense | (36,381,000) | $ 34,456,000 | 7,918,000 | |
Unfunded commitments | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Off-balance sheet, credit loss, liability, credit loss expense (reversal) | 16,300,000 | 16,000,000 | 0 | |
Unfunded commitments, allowance for credit loss | 25,600,000 | 41,900,000 | ||
Unfunded commitments | Spirit of Texas Bancshares, Inc. | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Off-balance sheet, credit loss, liability, credit loss expense (reversal) | $ 3,500,000 | |||
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 2,722,886,000 | $ 2,837,913,000 | ||
Number of loan modifications | loan | 1 | |||
Number of interest only loan payments | payment | 2 | |||
Commercial | Spirit of Texas Bancshares, Inc. | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Deferred origination fees, net | $ 378,000 | |||
Commercial | Loans, Excluding Acquired Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loan modifications | loan | 1 | |||
Provision for credit loss expense | (5,934,000) | $ (22,412,000) | $ 22,031,000 | |
Paycheck Protection Program Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 4,800,000 | 8,900,000 | ||
Other commercial | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 7,552,410,000 | 7,468,498,000 | ||
Charge-off | 9,600,000 | |||
Financing receivable, collateral dependent, amount | $ 76,229,000 | $ 65,450,000 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Loan Portfolio by Categories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 16,845,670 | $ 16,142,124 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 318,666 | 349,810 |
Consumer | Credit cards | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 191,204 | 196,928 |
Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 127,462 | 152,882 |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 13,338,186 | 12,581,262 |
Real Estate | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,144,220 | 2,566,649 |
Real Estate | Single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,641,556 | 2,546,115 |
Real Estate | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 7,552,410 | 7,468,498 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,722,886 | 2,837,913 |
Commercial | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,490,176 | 2,632,290 |
Commercial | Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 232,710 | 205,623 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 465,932 | $ 373,139 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Nonaccrual Loans, Excluding Loans Acquired, Segregated by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | $ 83,325 | $ 58,434 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 1,076 | 782 |
Consumer | Credit cards | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 487 | 349 |
Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 589 | 433 |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 41,626 | 40,116 |
Real Estate | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 2,457 | 2,799 |
Real Estate | Single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 27,209 | 22,319 |
Real Estate | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 11,960 | 14,998 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 40,620 | 17,533 |
Commercial | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 39,886 | 17,356 |
Commercial | Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 734 | 177 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | $ 3 | $ 3 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Age Analysis of Past Due Loans, Excluding Loans Acquired, Segregated by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 16,845,670 | $ 16,142,124 |
90 Days Past Due & Accruing | 1,147 | 507 |
Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 55,666 | 38,416 |
90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 42,701 | 26,886 |
Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 98,367 | 65,302 |
Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 16,747,303 | 16,076,822 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 318,666 | 349,810 |
90 Days Past Due & Accruing | 791 | 225 |
Consumer | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,205 | 2,149 |
Consumer | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,108 | 623 |
Consumer | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 4,313 | 2,772 |
Consumer | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 314,353 | 347,038 |
Consumer | Credit cards | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 191,204 | 196,928 |
90 Days Past Due & Accruing | 791 | 225 |
Consumer | Credit cards | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,734 | 1,297 |
Consumer | Credit cards | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 892 | 409 |
Consumer | Credit cards | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,626 | 1,706 |
Consumer | Credit cards | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 188,578 | 195,222 |
Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 127,462 | 152,882 |
90 Days Past Due & Accruing | 0 | 0 |
Consumer | Other consumer | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,471 | 852 |
Consumer | Other consumer | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 216 | 214 |
Consumer | Other consumer | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,687 | 1,066 |
Consumer | Other consumer | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 125,775 | 151,816 |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 13,338,186 | 12,581,262 |
90 Days Past Due & Accruing | 7 | 106 |
Real Estate | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 38,570 | 31,061 |
Real Estate | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 18,324 | 18,618 |
Real Estate | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 56,894 | 49,679 |
Real Estate | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 13,281,292 | 12,531,583 |
Real Estate | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,144,220 | 2,566,649 |
90 Days Past Due & Accruing | 0 | 0 |
Real Estate | Construction and development | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,171 | 4,677 |
Real Estate | Construction and development | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,190 | 443 |
Real Estate | Construction and development | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 5,361 | 5,120 |
Real Estate | Construction and development | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,138,859 | 2,561,529 |
Real Estate | Single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,641,556 | 2,546,115 |
90 Days Past Due & Accruing | 7 | 106 |
Real Estate | Single family residential | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 30,697 | 23,625 |
Real Estate | Single family residential | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 12,522 | 11,075 |
Real Estate | Single family residential | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 43,219 | 34,700 |
Real Estate | Single family residential | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,598,337 | 2,511,415 |
Real Estate | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 7,552,410 | 7,468,498 |
90 Days Past Due & Accruing | 0 | 0 |
Real Estate | Other commercial | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 4,702 | 2,759 |
Real Estate | Other commercial | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,612 | 7,100 |
Real Estate | Other commercial | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 8,314 | 9,859 |
Real Estate | Other commercial | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 7,544,096 | 7,458,639 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,722,886 | 2,837,913 |
90 Days Past Due & Accruing | 349 | 176 |
Commercial | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 13,891 | 5,145 |
Commercial | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 23,266 | 7,642 |
Commercial | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 37,157 | 12,787 |
Commercial | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,685,729 | 2,825,126 |
Commercial | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,490,176 | 2,632,290 |
90 Days Past Due & Accruing | 349 | 176 |
Commercial | Commercial | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 13,799 | 5,034 |
Commercial | Commercial | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 22,750 | 7,575 |
Commercial | Commercial | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 36,549 | 12,609 |
Commercial | Commercial | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,453,627 | 2,619,681 |
Commercial | Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 232,710 | 205,623 |
90 Days Past Due & Accruing | 0 | 0 |
Commercial | Agricultural | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 92 | 111 |
Commercial | Agricultural | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 516 | 67 |
Commercial | Agricultural | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 608 | 178 |
Commercial | Agricultural | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 232,102 | 205,445 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 465,932 | 373,139 |
90 Days Past Due & Accruing | 0 | 0 |
Other | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 0 | 61 |
Other | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3 | 3 |
Other | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3 | 64 |
Other | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 465,929 | $ 373,075 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Amortized Cost Basis of Loan Modifications Granted (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Rate Reduction | $ 79 |
Term Extension | 31,239 |
Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Rate Reduction | 79 |
Term Extension | 30,493 |
Real Estate | Single family residential | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Rate Reduction | $ 79 |
Percent of Total Class of Loans | 0% |
Term Extension | $ 0 |
Percent of total class of loans | 0% |
Real Estate | Other commercial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Rate Reduction | $ 0 |
Percent of Total Class of Loans | 0% |
Term Extension | $ 30,493 |
Percent of total class of loans | 0.40% |
Commercial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Rate Reduction | $ 0 |
Term Extension | 746 |
Commercial | Commercial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Rate Reduction | $ 0 |
Percent of Total Class of Loans | 0% |
Term Extension | $ 746 |
Percent of total class of loans | 0.03% |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Troubled Debt Restructurings, Excluding Loans Acquired, Segregated by Class of Loans (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 loan | Dec. 31, 2022 USD ($) loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 4 | |
Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 37 | |
Troubled debt, balance | $ | $ 3,471 | |
Loans, Excluding Acquired Loans | Accruing TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 24 | |
Troubled debt, balance | $ | $ 1,849 | |
Loans, Excluding Acquired Loans | Nonaccrual TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 13 | |
Troubled debt, balance | $ | $ 1,622 | |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 4 | |
Real Estate | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 36 | |
Troubled debt, balance | $ | $ 3,438 | |
Real Estate | Loans, Excluding Acquired Loans | Accruing TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 24 | |
Troubled debt, balance | $ | $ 1,849 | |
Real Estate | Loans, Excluding Acquired Loans | Nonaccrual TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 12 | |
Troubled debt, balance | $ | $ 1,589 | |
Real Estate | Single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 4 | |
Real Estate | Single family residential | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 36 | |
Troubled debt, balance | $ | $ 3,438 | |
Real Estate | Single family residential | Loans, Excluding Acquired Loans | Accruing TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 24 | |
Troubled debt, balance | $ | $ 1,849 | |
Real Estate | Single family residential | Loans, Excluding Acquired Loans | Nonaccrual TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 12 | |
Troubled debt, balance | $ | $ 1,589 | |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 1 | |
Commercial | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 1 | |
Troubled debt, balance | $ | $ 33 | |
Commercial | Loans, Excluding Acquired Loans | Accruing TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 0 | |
Troubled debt, balance | $ | $ 0 | |
Commercial | Loans, Excluding Acquired Loans | Nonaccrual TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 1 | |
Troubled debt, balance | $ | $ 33 | |
Commercial | Commercial | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 1 | |
Troubled debt, balance | $ | $ 33 | |
Commercial | Commercial | Loans, Excluding Acquired Loans | Accruing TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 0 | |
Troubled debt, balance | $ | $ 0 | |
Commercial | Commercial | Loans, Excluding Acquired Loans | Nonaccrual TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 1 | |
Troubled debt, balance | $ | $ 33 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Loans Restructured as TDRs, Excluding Loans Acquired, Segregated by Class of Loans (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of loan modifications | loan | 4 |
Balance Prior to TDR | $ 760,000 |
Financial Impact on Date of Restructure | $ 0 |
Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of loan modifications | loan | 4 |
Balance Prior to TDR | $ 760,000 |
Balance | 730,000 |
Financial Impact on Date of Restructure | 0 |
Real Estate | Change in Maturity Date | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Balance | 0 |
Real Estate | Change in Rate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Balance | $ 730,000 |
Real Estate | Single family residential | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of loan modifications | loan | 4 |
Balance Prior to TDR | $ 760,000 |
Balance | 730,000 |
Financial Impact on Date of Restructure | 0 |
Real Estate | Single family residential | Change in Maturity Date | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Balance | 0 |
Real Estate | Single family residential | Change in Rate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Balance | $ 730,000 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Loans by Credit Risk Rating, Segregated by Class of Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 16,845,670 | $ 16,142,124 |
Loans other than pass or current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,908,526 | 3,788,551 |
Fiscal year before current fiscal year | 3,035,484 | 2,387,165 |
Two years before current fiscal year | 1,933,242 | 1,385,727 |
Three years before current fiscal year | 1,016,625 | 475,113 |
Four years before current fiscal year | 348,461 | 449,978 |
Five years before current fiscal year | 1,056,142 | 995,490 |
Lines of Credit (“LOC”) Amortized Cost Basis | 7,546,121 | 6,608,013 |
LOC Converted to Term Loans Amortized Cost Basis | 1,069 | 52,087 |
Total | 16,845,670 | 16,142,124 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 318,666 | 349,810 |
Consumer | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 191,204 | 196,928 |
Current-period consumer - credit cards gross charge-offs , Year 1 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 2 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 3 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 4 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 5 | 0 | |
Current-period consumer - credit cards gross charge-offs , After Year 5 | 0 | |
Lines of Credit (“LOC”) Amortized Cost Basis | 5,303 | |
LOC Converted to Term Loans Amortized Cost Basis | 0 | |
Total | 5,303 | |
Consumer | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 127,462 | 152,882 |
Current-period consumer - credit cards gross charge-offs , Year 1 | 220 | |
Current-period consumer - credit cards gross charge-offs , Year 2 | 826 | |
Current-period consumer - credit cards gross charge-offs , Year 3 | 493 | |
Current-period consumer - credit cards gross charge-offs , Year 4 | 79 | |
Current-period consumer - credit cards gross charge-offs , Year 5 | 29 | |
Current-period consumer - credit cards gross charge-offs , After Year 5 | 128 | |
Lines of Credit (“LOC”) Amortized Cost Basis | 449 | |
LOC Converted to Term Loans Amortized Cost Basis | 0 | |
Total | 2,224 | |
Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 13,338,186 | 12,581,262 |
Real Estate | Construction and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,144,220 | 2,566,649 |
Real Estate | Construction and development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 138,749 | 237,304 |
Fiscal year before current fiscal year | 143,711 | 68,916 |
Two years before current fiscal year | 52,081 | 50,912 |
Three years before current fiscal year | 45,027 | 16,920 |
Four years before current fiscal year | 10,278 | 13,625 |
Five years before current fiscal year | 13,632 | 9,611 |
Lines of Credit (“LOC”) Amortized Cost Basis | 2,710,853 | 2,163,776 |
LOC Converted to Term Loans Amortized Cost Basis | 504 | 334 |
Total | 3,114,835 | 2,561,398 |
Real Estate | Construction and development | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 1,143 | 0 |
Two years before current fiscal year | 7,284 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 396 | 41 |
Lines of Credit (“LOC”) Amortized Cost Basis | 16,682 | 1,342 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 25,505 | 1,383 |
Real Estate | Construction and development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 1,091 |
Fiscal year before current fiscal year | 101 | 116 |
Two years before current fiscal year | 48 | 36 |
Three years before current fiscal year | 0 | 13 |
Four years before current fiscal year | 0 | 31 |
Five years before current fiscal year | 247 | 103 |
Lines of Credit (“LOC”) Amortized Cost Basis | 3,484 | 2,478 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 3,880 | 3,868 |
Real Estate | Construction and development | Doubtful and loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 0 | 0 |
Lines of Credit (“LOC”) Amortized Cost Basis | 0 | 0 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real Estate | Construction and development | Risk rate 5, 6, and 7 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 138,749 | 238,395 |
Fiscal year before current fiscal year | 144,955 | 69,032 |
Two years before current fiscal year | 59,413 | 50,948 |
Three years before current fiscal year | 45,027 | 16,933 |
Four years before current fiscal year | 10,278 | 13,656 |
Five years before current fiscal year | 14,275 | 9,755 |
Lines of Credit (“LOC”) Amortized Cost Basis | 2,731,019 | 2,167,596 |
LOC Converted to Term Loans Amortized Cost Basis | 504 | 334 |
Total | 3,144,220 | 2,566,649 |
Current-period consumer - credit cards gross charge-offs , Year 1 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 2 | 1,148 | |
Current-period consumer - credit cards gross charge-offs , Year 3 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 4 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 5 | 0 | |
Current-period consumer - credit cards gross charge-offs , After Year 5 | 8 | |
Lines of Credit (“LOC”) Amortized Cost Basis | 349 | |
LOC Converted to Term Loans Amortized Cost Basis | 0 | |
Total | 1,505 | |
Real Estate | Single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,641,556 | 2,546,115 |
Real Estate | Other commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 7,552,410 | 7,468,498 |
Real Estate | Other commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 729,602 | 1,917,352 |
Fiscal year before current fiscal year | 1,651,010 | 1,482,049 |
Two years before current fiscal year | 1,237,810 | 768,630 |
Three years before current fiscal year | 621,595 | 254,986 |
Four years before current fiscal year | 171,230 | 179,729 |
Five years before current fiscal year | 417,122 | 428,027 |
Lines of Credit (“LOC”) Amortized Cost Basis | 2,333,637 | 2,093,379 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 19,469 |
Total | 7,162,006 | 7,143,621 |
Real Estate | Other commercial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 37,302 | 19,538 |
Fiscal year before current fiscal year | 8,458 | 32,831 |
Two years before current fiscal year | 10,149 | 38,821 |
Three years before current fiscal year | 7,844 | 206 |
Four years before current fiscal year | 1,364 | 2,261 |
Five years before current fiscal year | 11,604 | 20,741 |
Lines of Credit (“LOC”) Amortized Cost Basis | 84,978 | 104,431 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 161,699 | 218,829 |
Real Estate | Other commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 40,664 | 24,639 |
Fiscal year before current fiscal year | 10,290 | 3,399 |
Two years before current fiscal year | 4,495 | 27,399 |
Three years before current fiscal year | 16,646 | 2,544 |
Four years before current fiscal year | 6,293 | 2,026 |
Five years before current fiscal year | 9,861 | 15,217 |
Lines of Credit (“LOC”) Amortized Cost Basis | 140,454 | 30,824 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 228,703 | 106,048 |
Real Estate | Other commercial | Doubtful and loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 2 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 0 | 0 |
Lines of Credit (“LOC”) Amortized Cost Basis | 0 | 0 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 2 | 0 |
Real Estate | Other commercial | Risk rate 5, 6, and 7 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 807,568 | 1,961,529 |
Fiscal year before current fiscal year | 1,669,758 | 1,518,279 |
Two years before current fiscal year | 1,252,454 | 834,850 |
Three years before current fiscal year | 646,087 | 257,736 |
Four years before current fiscal year | 178,887 | 184,016 |
Five years before current fiscal year | 438,587 | 463,985 |
Lines of Credit (“LOC”) Amortized Cost Basis | 2,559,069 | 2,228,634 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 19,469 |
Total | 7,552,410 | 7,468,498 |
Current-period consumer - credit cards gross charge-offs , Year 1 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 2 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 3 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 4 | 7 | |
Current-period consumer - credit cards gross charge-offs , Year 5 | 2 | |
Current-period consumer - credit cards gross charge-offs , After Year 5 | 35 | |
Lines of Credit (“LOC”) Amortized Cost Basis | 9,731 | |
LOC Converted to Term Loans Amortized Cost Basis | 0 | |
Total | 9,775 | |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,722,886 | 2,837,913 |
Commercial | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,490,176 | 2,632,290 |
Commercial | Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 440,872 | 595,256 |
Fiscal year before current fiscal year | 354,016 | 300,650 |
Two years before current fiscal year | 200,941 | 168,539 |
Three years before current fiscal year | 67,320 | 41,924 |
Four years before current fiscal year | 27,374 | 31,329 |
Five years before current fiscal year | 42,953 | 35,447 |
Lines of Credit (“LOC”) Amortized Cost Basis | 1,271,826 | 1,401,402 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 24,940 |
Total | 2,405,302 | 2,599,487 |
Commercial | Commercial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 157 | 199 |
Fiscal year before current fiscal year | 14,117 | 1,700 |
Two years before current fiscal year | 316 | 11 |
Three years before current fiscal year | 367 | 32 |
Four years before current fiscal year | 98 | 0 |
Five years before current fiscal year | 889 | 927 |
Lines of Credit (“LOC”) Amortized Cost Basis | 8,228 | 2,708 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 80 |
Total | 24,172 | 5,657 |
Commercial | Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,998 | 5,257 |
Fiscal year before current fiscal year | 11,874 | 2,435 |
Two years before current fiscal year | 6,272 | 3,328 |
Three years before current fiscal year | 2,934 | 802 |
Four years before current fiscal year | 1,722 | 891 |
Five years before current fiscal year | 3,392 | 1,290 |
Lines of Credit (“LOC”) Amortized Cost Basis | 32,510 | 11,337 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 1,805 |
Total | 60,702 | 27,145 |
Commercial | Commercial | Doubtful and loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 0 | 0 |
Lines of Credit (“LOC”) Amortized Cost Basis | 0 | 0 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 1 |
Total | 0 | 1 |
Commercial | Commercial | Risk rate 5, 6, and 7 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 443,027 | 600,712 |
Fiscal year before current fiscal year | 380,007 | 304,785 |
Two years before current fiscal year | 207,529 | 171,878 |
Three years before current fiscal year | 70,621 | 42,758 |
Four years before current fiscal year | 29,194 | 32,220 |
Five years before current fiscal year | 47,234 | 37,664 |
Lines of Credit (“LOC”) Amortized Cost Basis | 1,312,564 | 1,415,447 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 26,826 |
Total | 2,490,176 | 2,632,290 |
Current-period consumer - credit cards gross charge-offs , Year 1 | 463 | |
Current-period consumer - credit cards gross charge-offs , Year 2 | 2,081 | |
Current-period consumer - credit cards gross charge-offs , Year 3 | 778 | |
Current-period consumer - credit cards gross charge-offs , Year 4 | 197 | |
Current-period consumer - credit cards gross charge-offs , Year 5 | 244 | |
Current-period consumer - credit cards gross charge-offs , After Year 5 | 815 | |
Lines of Credit (“LOC”) Amortized Cost Basis | 1,351 | |
LOC Converted to Term Loans Amortized Cost Basis | 0 | |
Total | 5,929 | |
Commercial | Agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 232,710 | 205,623 |
Commercial | Agricultural | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 39,680 | 44,377 |
Fiscal year before current fiscal year | 30,075 | 22,901 |
Two years before current fiscal year | 13,940 | 12,044 |
Three years before current fiscal year | 6,280 | 4,483 |
Four years before current fiscal year | 2,071 | 1,029 |
Five years before current fiscal year | 303 | 369 |
Lines of Credit (“LOC”) Amortized Cost Basis | 134,180 | 119,342 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 310 |
Total | 226,529 | 204,855 |
Commercial | Agricultural | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 363 | 8 |
Fiscal year before current fiscal year | 733 | 0 |
Two years before current fiscal year | 1,068 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 0 | 0 |
Lines of Credit (“LOC”) Amortized Cost Basis | 3,257 | 0 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 5,421 | 8 |
Commercial | Agricultural | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 518 | 55 |
Fiscal year before current fiscal year | 37 | 8 |
Two years before current fiscal year | 71 | 78 |
Three years before current fiscal year | 104 | 49 |
Four years before current fiscal year | 26 | 10 |
Five years before current fiscal year | 0 | 0 |
Lines of Credit (“LOC”) Amortized Cost Basis | 4 | 560 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 760 | 760 |
Commercial | Agricultural | Doubtful and loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 0 | 0 |
Lines of Credit (“LOC”) Amortized Cost Basis | 0 | 0 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Commercial | Agricultural | Risk rate 5, 6, and 7 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 40,561 | 44,440 |
Fiscal year before current fiscal year | 30,845 | 22,909 |
Two years before current fiscal year | 15,079 | 12,122 |
Three years before current fiscal year | 6,384 | 4,532 |
Four years before current fiscal year | 2,097 | 1,039 |
Five years before current fiscal year | 303 | 369 |
Lines of Credit (“LOC”) Amortized Cost Basis | 137,441 | 119,902 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 310 |
Total | 232,710 | 205,623 |
Current-period consumer - credit cards gross charge-offs , Year 1 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 2 | 7 | |
Current-period consumer - credit cards gross charge-offs , Year 3 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 4 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 5 | 0 | |
Current-period consumer - credit cards gross charge-offs , After Year 5 | 26 | |
Lines of Credit (“LOC”) Amortized Cost Basis | 0 | |
LOC Converted to Term Loans Amortized Cost Basis | 0 | |
Total | 33 | |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 465,932 | 373,139 |
Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 16,747,303 | 16,076,822 |
Current | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 314,353 | 347,038 |
Current | Consumer | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 0 | 0 |
Lines of Credit (“LOC”) Amortized Cost Basis | 188,578 | 195,222 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 188,578 | 195,222 |
Current | Consumer | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 55,091 | 86,303 |
Fiscal year before current fiscal year | 35,904 | 26,339 |
Two years before current fiscal year | 12,115 | 10,071 |
Three years before current fiscal year | 3,838 | 3,804 |
Four years before current fiscal year | 1,471 | 2,671 |
Five years before current fiscal year | 1,106 | 2,275 |
Lines of Credit (“LOC”) Amortized Cost Basis | 16,250 | 20,350 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 3 |
Total | 125,775 | 151,816 |
Current | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 13,281,292 | 12,531,583 |
Current | Real Estate | Construction and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,138,859 | 2,561,529 |
Current | Real Estate | Single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 371,326 | 700,976 |
Fiscal year before current fiscal year | 620,933 | 411,885 |
Two years before current fiscal year | 352,589 | 295,365 |
Three years before current fiscal year | 238,128 | 141,608 |
Four years before current fiscal year | 121,416 | 192,176 |
Five years before current fiscal year | 504,675 | 440,931 |
Lines of Credit (“LOC”) Amortized Cost Basis | 388,705 | 324,282 |
LOC Converted to Term Loans Amortized Cost Basis | 565 | 4,192 |
Total | 2,598,337 | 2,511,415 |
Current | Real Estate | Other commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 7,544,096 | 7,458,639 |
Current | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,685,729 | 2,825,126 |
Current | Commercial | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,453,627 | 2,619,681 |
Current | Commercial | Agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 232,102 | 205,445 |
Current | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 45,234 | 152,086 |
Fiscal year before current fiscal year | 144,732 | 29,362 |
Two years before current fiscal year | 28,413 | 8,181 |
Three years before current fiscal year | 2,543 | 4,742 |
Four years before current fiscal year | 3,255 | 20,018 |
Five years before current fiscal year | 36,719 | 25,349 |
Lines of Credit (“LOC”) Amortized Cost Basis | 205,033 | 132,384 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 953 |
Total | 465,929 | 373,075 |
30-89 days past due | Consumer | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 0 | 0 |
Lines of Credit (“LOC”) Amortized Cost Basis | 1,734 | 1,297 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 1,734 | 1,297 |
30-89 days past due | Consumer | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 400 | 298 |
Fiscal year before current fiscal year | 719 | 241 |
Two years before current fiscal year | 127 | 135 |
Three years before current fiscal year | 53 | 13 |
Four years before current fiscal year | 2 | 34 |
Five years before current fiscal year | 16 | 119 |
Lines of Credit (“LOC”) Amortized Cost Basis | 154 | 12 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 1,471 | 852 |
30-89 days past due | Real Estate | Single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 5,222 | 3,105 |
Fiscal year before current fiscal year | 5,061 | 3,415 |
Two years before current fiscal year | 3,667 | 1,290 |
Three years before current fiscal year | 2,283 | 2,018 |
Four years before current fiscal year | 1,741 | 3,129 |
Five years before current fiscal year | 9,759 | 8,626 |
Lines of Credit (“LOC”) Amortized Cost Basis | 2,964 | 2,042 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 30,697 | 23,625 |
30-89 days past due | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 0 | 61 |
Lines of Credit (“LOC”) Amortized Cost Basis | 0 | 0 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 61 |
90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 42,701 | 26,886 |
90+ days past due | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,108 | 623 |
90+ days past due | Consumer | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 0 | 0 |
Lines of Credit (“LOC”) Amortized Cost Basis | 892 | 409 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 892 | 409 |
90+ days past due | Consumer | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 35 | 121 |
Fiscal year before current fiscal year | 127 | 47 |
Two years before current fiscal year | 46 | 2 |
Three years before current fiscal year | 0 | 1 |
Four years before current fiscal year | 0 | 2 |
Five years before current fiscal year | 0 | 41 |
Lines of Credit (“LOC”) Amortized Cost Basis | 8 | 0 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 216 | 214 |
90+ days past due | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 18,324 | 18,618 |
90+ days past due | Real Estate | Construction and development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,190 | 443 |
90+ days past due | Real Estate | Single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,313 | 586 |
Fiscal year before current fiscal year | 2,443 | 871 |
Two years before current fiscal year | 1,810 | 885 |
Three years before current fiscal year | 1,661 | 968 |
Four years before current fiscal year | 120 | 1,017 |
Five years before current fiscal year | 3,465 | 6,312 |
Lines of Credit (“LOC”) Amortized Cost Basis | 1,710 | 436 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 12,522 | 11,075 |
90+ days past due | Real Estate | Other commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,612 | 7,100 |
90+ days past due | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 23,266 | 7,642 |
90+ days past due | Commercial | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 22,750 | 7,575 |
90+ days past due | Commercial | Agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 516 | 67 |
90+ days past due | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 3 | 3 |
Lines of Credit (“LOC”) Amortized Cost Basis | 0 | 0 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 3 | 3 |
30 + days past due | Consumer | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 0 | 0 |
Lines of Credit (“LOC”) Amortized Cost Basis | 191,204 | 196,928 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 191,204 | 196,928 |
30 + days past due | Consumer | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 55,526 | 86,722 |
Fiscal year before current fiscal year | 36,750 | 26,627 |
Two years before current fiscal year | 12,288 | 10,208 |
Three years before current fiscal year | 3,891 | 3,818 |
Four years before current fiscal year | 1,473 | 2,707 |
Five years before current fiscal year | 1,122 | 2,435 |
Lines of Credit (“LOC”) Amortized Cost Basis | 16,412 | 20,362 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 3 |
Total | 127,462 | 152,882 |
30 + days past due | Real Estate | Single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 377,861 | 704,667 |
Fiscal year before current fiscal year | 628,437 | 416,171 |
Two years before current fiscal year | 358,066 | 297,540 |
Three years before current fiscal year | 242,072 | 144,594 |
Four years before current fiscal year | 123,277 | 196,322 |
Five years before current fiscal year | 517,899 | 455,869 |
Lines of Credit (“LOC”) Amortized Cost Basis | 393,379 | 326,760 |
LOC Converted to Term Loans Amortized Cost Basis | 565 | 4,192 |
Total | 2,641,556 | 2,546,115 |
Current-period consumer - credit cards gross charge-offs , Year 1 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 2 | 111 | |
Current-period consumer - credit cards gross charge-offs , Year 3 | 12 | |
Current-period consumer - credit cards gross charge-offs , Year 4 | 73 | |
Current-period consumer - credit cards gross charge-offs , Year 5 | 0 | |
Current-period consumer - credit cards gross charge-offs , After Year 5 | 677 | |
Lines of Credit (“LOC”) Amortized Cost Basis | 232 | |
LOC Converted to Term Loans Amortized Cost Basis | 0 | |
Total | 1,105 | |
30 + days past due | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 45,234 | 152,086 |
Fiscal year before current fiscal year | 144,732 | 29,362 |
Two years before current fiscal year | 28,413 | 8,181 |
Three years before current fiscal year | 2,543 | 4,742 |
Four years before current fiscal year | 3,255 | 20,018 |
Five years before current fiscal year | 36,722 | 25,413 |
Lines of Credit (“LOC”) Amortized Cost Basis | 205,033 | 132,384 |
LOC Converted to Term Loans Amortized Cost Basis | 0 | 953 |
Total | 465,932 | $ 373,139 |
Current-period consumer - credit cards gross charge-offs , Year 1 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 2 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 3 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 4 | 0 | |
Current-period consumer - credit cards gross charge-offs , Year 5 | 0 | |
Current-period consumer - credit cards gross charge-offs , After Year 5 | 0 | |
Lines of Credit (“LOC”) Amortized Cost Basis | 298 | |
LOC Converted to Term Loans Amortized Cost Basis | 0 | |
Total | $ 298 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, collateral dependent, amount | $ 144,604 | $ 70,926 |
Real Estate Collateral | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, collateral dependent, amount | 123,925 | 67,606 |
Other Collateral | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, collateral dependent, amount | 20,679 | 3,320 |
Real Estate | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, collateral dependent, amount | 43,826 | 2,156 |
Real Estate | Construction and development | Real Estate Collateral | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, collateral dependent, amount | 43,826 | 2,156 |
Real Estate | Construction and development | Other Collateral | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, collateral dependent, amount | 0 | 0 |
Real Estate | Single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, collateral dependent, amount | 3,870 | 0 |
Real Estate | Single family residential | Real Estate Collateral | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, collateral dependent, amount | 3,870 | 0 |
Real Estate | Single family residential | Other Collateral | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, collateral dependent, amount | 0 | 0 |
Real Estate | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, collateral dependent, amount | 76,229 | 65,450 |
Real Estate | Other commercial | Real Estate Collateral | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, collateral dependent, amount | 76,229 | 65,450 |
Real Estate | Other commercial | Other Collateral | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, collateral dependent, amount | 0 | 0 |
Commercial | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, collateral dependent, amount | 20,679 | 3,320 |
Commercial | Commercial | Real Estate Collateral | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, collateral dependent, amount | 0 | 0 |
Commercial | Commercial | Other Collateral | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, collateral dependent, amount | $ 20,679 | $ 3,320 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Activity in the Allowance for Loan Losses, by Portfolio Segment, for the Current Year (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | $ 196,955 | ||
Provision for credit loss expense | 47,424 | $ (5,379) | $ (31,209) |
Balance, end of period | 225,231 | 196,955 | |
Loans, Excluding Acquired Loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | 196,955 | 205,332 | 238,050 |
Acquisition adjustment for PCD loans | 9,622 | 13,451 | |
Provision for credit loss expense | 47,424 | (5,379) | (31,209) |
Charge-offs | (26,172) | (24,130) | (26,982) |
Recoveries | 7,024 | 11,510 | 12,022 |
Net charge-offs | (19,148) | (12,620) | (14,960) |
Balance, end of period | 225,231 | 196,955 | 205,332 |
Loans, Excluding Acquired Loans | Other Consumer and Other | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | 6,614 | 4,617 | 5,617 |
Acquisition adjustment for PCD loans | 2 | 1 | |
Provision for credit loss expense | 86 | 2,674 | (352) |
Charge-offs | (2,522) | (1,876) | (2,053) |
Recoveries | 1,538 | 1,197 | 1,404 |
Net charge-offs | (984) | (679) | (649) |
Balance, end of period | 5,716 | 6,614 | 4,617 |
Loans, Excluding Acquired Loans | Commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | 34,406 | 17,458 | 42,093 |
Acquisition adjustment for PCD loans | 6,433 | 3,349 | |
Provision for credit loss expense | 5,934 | 22,412 | (22,031) |
Charge-offs | (5,962) | (14,270) | (10,613) |
Recoveries | 2,092 | 2,373 | 4,660 |
Net charge-offs | (3,870) | (11,897) | (5,953) |
Balance, end of period | 36,470 | 34,406 | 17,458 |
Loans, Excluding Acquired Loans | Real Estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | 150,795 | 179,270 | 182,868 |
Acquisition adjustment for PCD loans | 3,187 | 10,101 | |
Provision for credit loss expense | 36,381 | (34,456) | (7,918) |
Charge-offs | (12,385) | (4,122) | (10,691) |
Recoveries | 2,386 | 6,916 | 4,910 |
Net charge-offs | (9,999) | 2,794 | (5,781) |
Balance, end of period | 177,177 | 150,795 | 179,270 |
Loans, Excluding Acquired Loans | Consumer | Credit Card | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | 5,140 | 3,987 | 7,472 |
Acquisition adjustment for PCD loans | 0 | 0 | |
Provision for credit loss expense | 5,023 | 3,991 | (908) |
Charge-offs | (5,303) | (3,862) | (3,625) |
Recoveries | 1,008 | 1,024 | 1,048 |
Net charge-offs | (4,295) | (2,838) | (2,577) |
Balance, end of period | $ 5,868 | $ 5,140 | $ 3,987 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Provision for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | |||
Loans | $ 47,424 | $ (5,379) | $ (31,209) |
Unfunded commitments | (16,300) | 19,453 | 0 |
Securities - HTM | 1,826 | 0 | (1,183) |
Securities - AFS | 9,078 | 0 | (312) |
Total | $ 42,028 | $ 14,074 | $ (32,704) |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - PCD Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Non-credit related discount | $ (6,700) | $ (26,400) |
Spirit of Texas Bancshares, Inc. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Unpaid principal balance | 74,851 | |
PCD allowance for credit loss at acquisition | (9,622) | |
Non-credit related discount | (1,377) | |
Fair value of PCD loans | 63,852 | |
Spirit of Texas Bancshares, Inc. | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Unpaid principal balance | 8,258 | |
PCD allowance for credit loss at acquisition | (6,433) | |
Non-credit related discount | (378) | |
Fair value of PCD loans | 1,447 | |
Spirit of Texas Bancshares, Inc. | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Unpaid principal balance | 66,534 | |
PCD allowance for credit loss at acquisition | (3,187) | |
Non-credit related discount | (998) | |
Fair value of PCD loans | 62,349 | |
Spirit of Texas Bancshares, Inc. | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Unpaid principal balance | 0 | |
PCD allowance for credit loss at acquisition | 0 | |
Non-credit related discount | 0 | |
Fair value of PCD loans | 0 | |
Spirit of Texas Bancshares, Inc. | Other Consumer and Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Unpaid principal balance | 59 | |
PCD allowance for credit loss at acquisition | (2) | |
Non-credit related discount | (1) | |
Fair value of PCD loans | 56 | |
Landmark Bank | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Unpaid principal balance | 66,662 | |
PCD allowance for credit loss at acquisition | (2,359) | |
Non-credit related discount | (2,577) | |
Fair value of PCD loans | 61,726 | |
Landmark Bank | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Unpaid principal balance | 11,046 | |
PCD allowance for credit loss at acquisition | (350) | |
Non-credit related discount | (160) | |
Fair value of PCD loans | 10,536 | |
Landmark Bank | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Unpaid principal balance | 55,549 | |
PCD allowance for credit loss at acquisition | (2,008) | |
Non-credit related discount | (2,415) | |
Fair value of PCD loans | 51,126 | |
Landmark Bank | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Unpaid principal balance | 0 | |
PCD allowance for credit loss at acquisition | 0 | |
Non-credit related discount | 0 | |
Fair value of PCD loans | 0 | |
Landmark Bank | Other Consumer and Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Unpaid principal balance | 67 | |
PCD allowance for credit loss at acquisition | (1) | |
Non-credit related discount | (2) | |
Fair value of PCD loans | 64 | |
Triumph | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Unpaid principal balance | 121,284 | |
PCD allowance for credit loss at acquisition | (11,092) | |
Non-credit related discount | (1,594) | |
Fair value of PCD loans | 108,598 | |
Triumph | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Unpaid principal balance | 40,466 | |
PCD allowance for credit loss at acquisition | (2,999) | |
Non-credit related discount | (279) | |
Fair value of PCD loans | 37,188 | |
Triumph | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Unpaid principal balance | 80,803 | |
PCD allowance for credit loss at acquisition | (8,093) | |
Non-credit related discount | (1,314) | |
Fair value of PCD loans | 71,396 | |
Triumph | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Unpaid principal balance | 0 | |
PCD allowance for credit loss at acquisition | 0 | |
Non-credit related discount | 0 | |
Fair value of PCD loans | 0 | |
Triumph | Other Consumer and Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Unpaid principal balance | 15 | |
PCD allowance for credit loss at acquisition | 0 | |
Non-credit related discount | (1) | |
Fair value of PCD loans | $ 14 |
Right-Of-Use Lease Assets and_3
Right-Of-Use Lease Assets and Lease Liabilities - Lease Expense and Supplemental Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Right-of-use lease assets | $ 67,267 | $ 46,845 |
Lease liabilities | $ 68,788 | $ 47,850 |
Weighted average remaining lease term | 8 years 9 months 21 days | 6 years 8 months 8 days |
Weighted average discount rate | 3.52% | 2.41% |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, Plant, and Equipment and Right-of-Use Asset, after Accumulated Depreciation and Amortization | Property, Plant, and Equipment and Right-of-Use Asset, after Accumulated Depreciation and Amortization |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued interest and other liabilities | Accrued interest and other liabilities |
Right-Of-Use Lease Assets and_4
Right-Of-Use Lease Assets and Lease Liabilities - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 15.7 | $ 14.2 | $ 11.5 |
Right-Of-Use Lease Assets and_5
Right-Of-Use Lease Assets and Lease Liabilities - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 13,064 | |
2025 | 11,212 | |
2026 | 10,147 | |
2027 | 7,732 | |
2028 | 6,792 | |
Thereafter | 33,044 | |
Total undiscounted minimum lease payments | 81,991 | |
Less: Net present value adjustment | 13,203 | |
Lease liability included in other liabilities | $ 68,788 | $ 47,850 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Right-of-use lease assets | $ 67,267 | $ 46,845 |
Accumulated depreciation and amortization | (194,874) | (199,976) |
Total premises and equipment, net | 570,678 | 548,741 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 122,093 | 122,841 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 388,675 | 370,530 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 112,133 | 122,029 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 61,242 | 70,984 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | $ 14,142 | $ 15,488 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | ||||||||
Goodwill | $ 1,320,799,000 | $ 1,319,598,000 | $ 1,320,799,000 | $ 1,319,598,000 | ||||
Goodwill increase | 1,200,000 | |||||||
Goodwill impairment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | $ 0 |
Amortization of intangibles | $ 16,306,000 | 15,915,000 | 13,494,000 | |||||
Minimum | ||||||||
Goodwill [Line Items] | ||||||||
Useful life (in years) | 8 years | 8 years | ||||||
Maximum | ||||||||
Goodwill [Line Items] | ||||||||
Useful life (in years) | 15 years | 15 years | ||||||
Core Deposit Premium | ||||||||
Goodwill [Line Items] | ||||||||
Amortization of intangibles | $ 14,672,000 | 14,346,000 | 12,100,000 | |||||
Core Deposit Premium | Minimum | ||||||||
Goodwill [Line Items] | ||||||||
Useful life (in years) | 10 years | 10 years | ||||||
Core Deposit Premium | Maximum | ||||||||
Goodwill [Line Items] | ||||||||
Useful life (in years) | 15 years | 15 years | ||||||
Books of Business Intangible | ||||||||
Goodwill [Line Items] | ||||||||
Amortization of intangibles | $ 1,634,000 | $ 1,569,000 | $ 1,400,000 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Core deposit premiums, beginning of period | $ 128,951 | ||
Amortization of intangibles | (16,306) | $ (15,915) | $ (13,494) |
Core deposit premiums, end of period | 112,645 | 128,951 | |
Spirit of Texas Bancshares, Inc. | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Core deposit premiums, beginning of period | 36,500 | ||
Core deposit premiums, end of period | 36,500 | ||
Core Deposit Premium | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Core deposit premiums, beginning of period | 116,016 | 93,862 | |
Acquisitions | 0 | 36,500 | |
Amortization of intangibles | (14,672) | (14,346) | (12,100) |
Core deposit premiums, end of period | 101,344 | 116,016 | 93,862 |
Books of Business Intangible | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Core deposit premiums, beginning of period | 12,935 | 12,373 | |
Acquisitions | 0 | 2,131 | |
Amortization of intangibles | (1,634) | (1,569) | (1,400) |
Core deposit premiums, end of period | $ 11,301 | $ 12,935 | $ 12,373 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net, Total | $ 112,645 | $ 128,951 | |
Core Deposit Premium | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 187,467 | 189,996 | |
Accumulated amortization | (86,123) | (73,980) | |
Finite-Lived Intangible Assets, Net, Total | 101,344 | 116,016 | $ 93,862 |
Books of Business Intangible | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 22,068 | 22,068 | |
Accumulated amortization | (10,767) | (9,133) | |
Finite-Lived Intangible Assets, Net, Total | $ 11,301 | $ 12,935 | $ 12,373 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 15,403 | |
2025 | 12,819 | |
2026 | 12,346 | |
2027 | 12,218 | |
2028 | 11,312 | |
Thereafter | 48,547 | |
Finite-Lived Intangible Assets, Net, Total | $ 112,645 | $ 128,951 |
Time Deposits (Details)
Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Banking and Thrift, Other Disclosure [Abstract] | ||
Time deposits certificates over $250,000 | $ 1,730,000 | $ 1,080,000 |
Interest-bearing domestic deposit, brokered | 2,900,000 | 2,750,000 |
2024 | 6,089,586 | |
2025 | 287,651 | |
2026 | 56,173 | |
2027 | 6,705 | |
2028 | 5,125 | |
Thereafter | 1,433 | |
Total | $ 6,446,673 | $ 4,768,558 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income taxes currently payable | $ 28,006 | $ 35,215 | $ 50,369 |
Deferred income taxes | (2,460) | 14,933 | 10,937 |
Provision for income taxes | $ 25,546 | $ 50,148 | $ 61,306 |
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, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Loans acquired | $ 3,644 | $ 5,846 |
Allowance for credit losses | 53,445 | 47,145 |
Valuation of foreclosed assets | 480 | 523 |
Tax NOLs from acquisition | 9,643 | 10,962 |
Deferred compensation payable | 3,355 | 3,867 |
Accrued equity and other compensation | 8,048 | 8,153 |
Acquired securities | 7,569 | 7,651 |
Right-of-use lease liability | 16,501 | 11,641 |
Unrealized loss on AFS securities | 143,624 | 177,839 |
Allowance for unfunded commitments | 6,148 | 10,200 |
Other | 7,627 | 4,173 |
Gross deferred tax assets | 260,084 | 288,000 |
Deferred tax liabilities: | ||
Goodwill and other intangible amortization | (41,174) | (44,539) |
Accumulated depreciation | (24,632) | (24,288) |
Right-of-use lease asset | (16,136) | (11,396) |
Unrealized gain on swaps | (25,371) | (25,836) |
Other | (10,995) | (8,875) |
Gross deferred tax liabilities | (118,308) | (114,934) |
Net deferred tax asset | $ 141,776 | $ 173,066 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Computed at the statutory rate | $ 42,127 | $ 64,378 | $ 69,807 |
State income taxes, net of federal tax benefit | (983) | 3,249 | 4,452 |
Discrete items related to share-based compensation | 596 | (74) | (17) |
Tax exempt interest income | (15,357) | (14,484) | (11,510) |
Tax exempt earnings on bank owned life insurance | (2,607) | (1,918) | (1,212) |
Federal tax credits | (218) | (1,708) | (2,260) |
Other differences, net | 1,988 | 705 | 2,046 |
Provision for income taxes | $ 25,546 | $ 50,148 | $ 61,306 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) tax-freeReorganization | |
Income Taxes [Line Items] | |
Number of tax-free reorganization transactions | tax-freeReorganization | 4 |
Earliest Tax Year | U.S. Federal | |
Income Taxes [Line Items] | |
Open tax year | 2020 |
Earliest Tax Year | State | |
Income Taxes [Line Items] | |
Open tax year | 2020 |
Metropolitan | |
Income Taxes [Line Items] | |
Net operating losses | $ | $ 39.4 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of Repurchase Agreements [Abstract] | ||
Repurchase agreements | $ 67.6 | $ 152.4 |
Securities Sold Under Agreeme_4
Securities Sold Under Agreements to Repurchase - Contractual Maturity of the Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 67,600 | $ 152,400 |
U.S. Government agencies | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 67,569 | 152,403 |
U.S. Government agencies | Overnight and Continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 67,569 | 152,403 |
U.S. Government agencies | Up to 30 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
U.S. Government agencies | 30-90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
U.S. Government agencies | Greater than 90 Days | ||
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 Notes and Debentures - Debt Components (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Total other borrowings and subordinated debt | $ 1,338,507 | $ 1,225,285 | |
FHLB advances, net of discount, due 2024 to 2033, 4.56% to 5.68%, secured by real estate loans | |||
Debt Instrument [Line Items] | |||
Total other borrowings and subordinated debt | $ 953,222 | 838,487 | |
FHLB advances, net of discount, due 2024 to 2033, 4.56% to 5.68%, secured by real estate loans | Minimum | |||
Debt Instrument [Line Items] | |||
Fixed rate (as percent) | 4.56% | ||
FHLB advances, net of discount, due 2024 to 2033, 4.56% to 5.68%, secured by real estate loans | Maximum | |||
Debt Instrument [Line Items] | |||
Fixed rate (as percent) | 5.68% | ||
Other long-term debt | |||
Debt Instrument [Line Items] | |||
Total other borrowings and subordinated debt | $ 19,144 | 20,809 | |
Total other borrowings | |||
Debt Instrument [Line Items] | |||
Total other borrowings and subordinated debt | $ 972,366 | 859,296 | |
Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Fixed rate (as percent) | 5% | 5% | |
Subordinated Debt | LIBOR | |||
Debt Instrument [Line Items] | |||
Floating rate (as percent) | 2.15% | ||
Subordinated Debt | SOFR | |||
Debt Instrument [Line Items] | |||
Floating rate (as percent) | 0.2616% | ||
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)(1) | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 330,000 | 330,000 | |
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)(1) | LIBOR | |||
Debt Instrument [Line Items] | |||
Floating rate (as percent) | 2.15% | ||
Subordinated Debt | Subordinated notes payable, net of premium adjustments, due 7/31/2030, fixed-to-floating rate (fixed rate of 6.00% through 7/30/2025, floating rate of 5.92% above the three month SOFR rate, reset quarterly) | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 37,171 | 37,285 | |
Fixed rate (as percent) | 6% | ||
Subordinated Debt | Subordinated notes payable, net of premium adjustments, due 7/31/2030, fixed-to-floating rate (fixed rate of 6.00% through 7/30/2025, floating rate of 5.92% above the three month SOFR rate, reset quarterly) | SOFR | |||
Debt Instrument [Line Items] | |||
Floating rate (as percent) | 5.92% | ||
Total subordinated notes and debentures | |||
Debt Instrument [Line Items] | |||
Total other borrowings and subordinated debt | $ 366,141 | 365,989 | |
Unamortized debt issuance costs | $ (1,030) | $ (1,296) |
Other Borrowings and Subordin_4
Other Borrowings and Subordinated Notes and Debentures - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 USD ($) | Sep. 30, 2022 USD ($) issuance | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||
Advances from Federal Home Loan Banks | $ 953,200,000 | $ 838,500,000 | |||
Mortgage loans and investment securities securing FHLB advances | 6,940,000,000 | ||||
Additional advances from Federal Home Loan Bank | 5,400,000,000 | ||||
Early retirement of debt | $ 0 | (365,000) | $ 0 | ||
Subordinated Debt | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt | $ 330,000,000 | ||||
Debt instrument, interest rate | 5% | 5% | |||
Offering price, percent | 100% | ||||
Debt issuance costs | $ 3,600,000 | ||||
Subordinated Debt | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Floating rate (as percent) | 2.15% | ||||
Subordinated Debt | SOFR | |||||
Debt Instrument [Line Items] | |||||
Floating rate (as percent) | 0.2616% | ||||
Subordinated Debt | Subordinated notes payable, net of premium adjustments, due 7/31/2030, fixed-to-floating rate (fixed rate of 6.00% through 7/30/2025, floating rate of 5.92% above the three month SOFR rate, reset quarterly) | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate | 6% | ||||
Long-term debt, gross | $ 37,171,000 | $ 37,285,000 | |||
Subordinated Debt | Subordinated notes payable, net of premium adjustments, due 7/31/2030, fixed-to-floating rate (fixed rate of 6.00% through 7/30/2025, floating rate of 5.92% above the three month SOFR rate, reset quarterly) | Spirit of Texas Bancshares, Inc. | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate | 6% | ||||
Long-term debt, gross | $ 37,400,000 | ||||
Subordinated Debt | Subordinated notes payable, net of premium adjustments, due 7/31/2030, fixed-to-floating rate (fixed rate of 6.00% through 7/30/2025, floating rate of 5.92% above the three month SOFR rate, reset quarterly) | SOFR | |||||
Debt Instrument [Line Items] | |||||
Floating rate (as percent) | 5.92% | ||||
Subordinated Debt | Subordinated notes payable, net of premium adjustments, due 7/31/2030, fixed-to-floating rate (fixed rate of 6.00% through 7/30/2025, floating rate of 5.92% above the three month SOFR rate, reset quarterly) | SOFR | Spirit of Texas Bancshares, Inc. | |||||
Debt Instrument [Line Items] | |||||
Floating rate (as percent) | 5.92% | ||||
Trust Preferred Securities | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt | $ 56,200,000 | ||||
Number of issuances of trust | issuance | 5 | ||||
Early retirement of debt | $ 365,000 |
Other Borrowings and Subordin_5
Other Borrowings and Subordinated Notes and Debentures - Aggregate Annual Maturities of Long-term Debt (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 1,822 |
2025 | 1,822 |
2026 | 1,824 |
2027 | 1,920 |
2028 | 332,210 |
Thereafter | 48,909 |
Total | $ 388,507 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 27, 2022 | Apr. 26, 2022 | Jan. 31, 2022 | Jul. 23, 2021 | Jul. 22, 2021 | Oct. 29, 2019 | Feb. 27, 2009 | |
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Preferred stock, shares authorized (in shares) | 40,040,000 | |||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | |||||||||
Preferred stock, aggregate liquidation preference (cap removed) | $ 80 | |||||||||
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 | ||||||||
Stock repurchases (in shares) | 2,257,049 | 4,432,762 | 4,562,469 | |||||||
Share Repurchase Program, 2019 | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Stock repurchases (in shares) | 513,725 | |||||||||
Stock repurchases, average price (in dollars per share) | $ 31.25 | |||||||||
Share Repurchase Program, 2022 | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Stock repurchases (in shares) | 2,257,049 | 3,919,037 | ||||||||
Stock repurchases, average price (in dollars per share) | $ 17.72 | $ 24.26 | ||||||||
Common Class A | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Common stock, shares authorized (in shares) | 350,000,000 | 175,000,000 | ||||||||
Number of shares authorized to be repurchased (in shares) | 175,000,000 | 276,500,000 | 180,000,000 | |||||||
Reliance Bancshares, Inc. | Series D Preferred Stock | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 |
Transactions With Related Par_3
Transactions With Related Parties - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Executive Officers and Directors | |||
Related Party Transaction [Line Items] | |||
Extensions of credit | $ 3,207 | $ 3,672 | $ 6,216 |
Transactions With Related Par_4
Transactions With Related Parties - Related Party Transactions, Extensions of Credit (Details) - Executive Officers and Directors - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Balance, beginning of year | $ 3,672 | $ 6,216 |
New extensions of credit | 100 | 180 |
Repayments | (565) | (2,724) |
Balance, end of year | $ 3,207 | $ 3,672 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Employer matching contribution, percent of match for first 3% of compensation | 100% | ||
Employer matching contribution, percent of employees' gross pay, first 3% | 3% | ||
Employer matching contribution, percent of match for the next 2% of compensation | 50% | ||
Employer matching contribution, percent of employees' gross pay, next 2% | 2% | ||
Employer matching contribution, percent of match total | 4% | ||
Employer matching contribution, percent of employees' gross pay total | 5% | ||
Employee stock ownership plan, contribution expense | $ 11,900,000 | $ 13,000,000 | $ 13,900,000 |
Deferred compensation expense | $ 316,000 | 2,200,000 | 2,700,000 |
Defined Contribution Plan Disclosure [Line Items] | |||
Purchase price of common stock (as percent) | 95% | ||
Options exercisable, intrinsic value | $ 0 | ||
Options outstanding, intrinsic value | 0 | ||
Allocated stock-based compensation expense | 12,200,000 | $ 15,300,000 | $ 15,900,000 |
Compensation not yet recognized, stock options | 0 | ||
Compensation not yet recognized, share-based awards other than options | $ 14,500,000 | ||
Compensation cost not yet recognized, period for recognition | 1 year 4 months 24 days | ||
Options outstanding, intrinsic value | $ 0 | ||
Share price (in dollars per share) | $ 19.84 | ||
Options, exercises in period (in shares) | 900 | 2,750 | 184,888 |
Options, exercises in period, intrinsic value | $ 8,000 | $ 0 | $ 1,300,000 |
Options, grants in period, gross (in 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% |
Employee Benefit Plans - Stock
Employee Benefit Plans - Stock Compensation Plans (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Stock options outstanding number of shares, balance (in shares) | 470,000 | 473,000 | 658,000 |
Stock options outstanding number of shares, granted (in shares) | 0 | 0 | 0 |
Stock options outstanding number of shares, stock options exercised (in shares) | (900) | (2,750) | (184,888) |
Stock options outstanding number of shares, forfeited/expired (in shares) | (22,000) | 0 | 0 |
Stock options outstanding number of shares, balance (in shares) | 447,000 | 470,000 | 473,000 |
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) | $ 22.56 | $ 22.50 | $ 22.48 |
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) | 10.65 | 13.30 | 22.42 |
Stock options outstanding weighted average exercise price, forfeited/expired (in dollars per share) | 22.87 | 0 | 0 |
Stock options outstanding weighted average exercise price, balance (in dollars per share) | $ 22.56 | $ 22.56 | $ 22.50 |
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) | 447,000 | ||
Stock options outstanding weighted average exercise price, exercisable (in dollars per share) | $ 22.56 | ||
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) | 0 | 2,000 | 5,000 |
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) | 0 | (2,000) | (3,000) |
Stock awards/units outstanding number of shares, forfeited/expired (in shares) | 0 | ||
Stock awards/units outstanding number of shares, balance (in shares) | 0 | 0 | 2,000 |
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) | $ 0 | $ 0 | $ 22.20 |
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) | 0 | 22.20 | 22.48 |
Stock awards/units outstanding weighted average grant-date fair-value, forfeited/expired (in dollars per share) | 0 | ||
Stock awards/units outstanding weighted average grant-date fair-value, balance (in dollars per share) | $ 0 | $ 22.20 | $ 22.35 |
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) | 1,197,000 | 1,185,000 | 1,032,000 |
Stock awards/units outstanding number of shares, granted (in shares) | 798,000 | 719,000 | 674,000 |
Stock options outstanding number of shares, stock awards/units vested (in shares) | (490,000) | (609,000) | (434,000) |
Stock awards/units outstanding number of shares, forfeited/expired (in shares) | (232,000) | (98,000) | (87,000) |
Stock awards/units outstanding number of shares, balance (in shares) | 1,273,000 | 1,197,000 | 1,185,000 |
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) | $ 24.23 | $ 26.63 | $ 26.51 |
Stock awards/units outstanding weighted average grant-date fair-value, granted (in dollars per share) | 21.15 | 26.42 | 28.94 |
Stock awards/units outstanding weighted average grant-date fair-value, vested (in dollars per share) | 24.73 | 26.30 | 25.61 |
Stock awards/units outstanding weighted average grant-date fair-value, forfeited/expired (in dollars per share) | 24.81 | 25.68 | 25.86 |
Stock awards/units outstanding weighted average grant-date fair-value, balance (in dollars per share) | $ 26.63 | $ 26.51 | $ 24.53 |
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) | 352,000 | 331,000 | 222,000 |
Stock awards/units outstanding number of shares, granted (in shares) | 302,000 | 184,000 | 171,000 |
Stock options outstanding number of shares, stock awards/units vested (in shares) | (72,000) | (149,000) | (57,000) |
Stock awards/units outstanding number of shares, forfeited/expired (in shares) | (90,000) | (14,000) | (5,000) |
Stock awards/units outstanding number of shares, balance (in shares) | 492,000 | 352,000 | 331,000 |
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, 2023 $ / shares shares | |
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) | $ 24.07 |
Number of outstanding options (in shares) | shares | 447 |
Outstanding options, weighted average remaining contractual term | 1 year 5 months 12 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 22.56 |
Number of exercisable options (in shares) | shares | 447 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 22.56 |
Range 01 | |
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 | 47 |
Outstanding options, weighted average remaining contractual term | 10 months 24 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 20.29 |
Number of exercisable options (in shares) | shares | 47 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 20.29 |
Range 02 | |
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 | 51 |
Outstanding options, weighted average remaining contractual term | 1 year 2 months 26 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 22.20 |
Number of exercisable options (in shares) | shares | 51 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 22.20 |
Range 03 | |
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 | 274 |
Outstanding options, weighted average remaining contractual term | 1 year 5 months 15 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 22.75 |
Number of exercisable options (in shares) | shares | 274 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 22.75 |
Range 04 | |
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 | 68 |
Outstanding options, weighted average remaining contractual term | 1 year 10 months 20 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 23.51 |
Number of exercisable options (in shares) | shares | 68 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 23.51 |
Range 05 | |
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 | 1 year 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 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Significant Noncash Transactions [Line Items] | |||
Interest paid | $ 540,816 | $ 134,980 | $ 82,914 |
Income taxes paid | 20,948 | 25,084 | 55,202 |
Transfer of premises held for sale to other real estate owned | 0 | 0 | 4,368 |
Transfer of premises held for sale to premises | 0 | 0 | 5,610 |
Transfers of available-for-sale to held-to-maturity securities | 0 | 1,992,542 | 500,809 |
Transfers of loans to foreclosed assets held for sale | |||
Other Significant Noncash Transactions [Line Items] | |||
Transfers of loans and premises | 3,075 | 1,219 | 4,322 |
Transfers of assets held for sale to other assets | |||
Other Significant Noncash Transactions [Line Items] | |||
Transfers of loans and premises | $ 0 | $ 100 | $ 0 |
Other Income and Other Operat_3
Other Income and Other Operating Expenses - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
Other income | $ 35,398 | $ 27,361 | $ 35,273 |
Other income, legal reserve recapture | $ 4,000 | ||
Gain on sale of business | $ 5,300 |
Other Income and Other Operat_4
Other Income and Other Operating Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
Professional services | $ 19,612 | $ 19,138 | $ 18,921 |
Postage | 9,458 | 8,955 | 8,276 |
Telephone | 6,965 | 6,394 | 6,234 |
Credit card expense | 13,243 | 12,243 | 11,112 |
Marketing | 24,008 | 28,870 | 22,234 |
Software and technology | 42,530 | 40,906 | 40,608 |
Operating supplies | 2,591 | 2,556 | 2,766 |
Amortization of intangibles | 16,306 | 15,915 | 13,494 |
Branch right sizing expense | 5,467 | 3,475 | (537) |
Other expense | 36,984 | 41,241 | 30,454 |
Total other operating expenses | $ 177,164 | $ 179,693 | $ 153,562 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets Measure on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 3,152,153 | $ 3,852,854 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 2,254 | $ 2,197 |
U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 72,502 | 184,279 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,940,307 | 2,542,902 |
State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 902,793 | 871,074 |
Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 234,297 | 252,402 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale | 9,373 | 3,486 |
Derivative asset | 130,271 | 139,323 |
Derivative liability | (27,584) | (34,440) |
Fair Value, Measurements, Recurring | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,254 | 2,197 |
Fair Value, Measurements, Recurring | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 72,502 | 184,279 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,940,307 | 2,542,902 |
Fair Value, Measurements, Recurring | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 902,793 | 871,074 |
Fair Value, Measurements, Recurring | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 234,297 | 252,402 |
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] | ||
Mortgage loans held for sale | 0 | 0 |
Derivative asset | 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 securities | 2,254 | 2,197 |
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 securities | 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 securities | 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 securities | 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 securities | 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] | ||
Mortgage loans held for sale | 0 | 0 |
Derivative asset | 130,271 | 139,323 |
Derivative liability | (27,584) | (34,440) |
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 securities | 0 | 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 securities | 72,502 | 184,279 |
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 securities | 1,940,307 | 2,542,902 |
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 securities | 902,793 | 871,074 |
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 securities | 234,297 | 252,402 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale | 9,373 | 3,486 |
Derivative asset | 0 | 0 |
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 securities | 0 | 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 securities | 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 securities | 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 securities | 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 securities | $ 0 | $ 0 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value of Financial Assets Measured on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Collateral Pledged | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loan, related allowance | $ 18,700 | $ 5,200 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually assessed loans (collateral-dependent) | 144,604 | 70,926 |
Foreclosed assets and other real estate owned | 3,646 | 2,418 |
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] | ||
Individually assessed 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] | ||
Individually assessed 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] | ||
Individually assessed loans (collateral-dependent) | 144,604 | 70,926 |
Foreclosed assets and other real estate owned | $ 3,646 | $ 2,418 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Values and Related Carrying Amounts of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities, net | $ 3,135,370 | $ 3,063,233 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 614,092 | 682,122 |
Interest bearing balances due from banks - time | 100 | 795 |
Held-to-maturity securities, net | 3,726,288 | 3,759,706 |
Interest receivable | 122,430 | 102,892 |
Federal funds purchased and securities sold under agreements to repurchase | 67,969 | 160,403 |
Other borrowings | 972,366 | 859,296 |
Subordinated notes and debentures | 366,141 | 365,989 |
Interest payable | 35,618 | 16,399 |
Carrying Amount | Noninterest bearing transaction accounts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 4,800,880 | 6,016,651 |
Carrying Amount | Interest bearing transaction accounts and savings deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 10,997,425 | 11,762,885 |
Carrying Amount | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 6,446,673 | 4,768,558 |
Carrying Amount | Legacy Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 16,620,439 | 15,945,169 |
Fair Value Measurements | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 614,092 | 682,122 |
Interest bearing balances due from banks - time | 100 | 795 |
Held-to-maturity securities, net | 3,135,370 | 3,063,233 |
Interest receivable | 122,430 | 102,892 |
Federal funds purchased and securities sold under agreements to repurchase | 67,969 | 160,403 |
Other borrowings | 970,846 | 857,257 |
Subordinated notes and debentures | 349,424 | 363,578 |
Interest payable | 35,618 | 16,399 |
Fair Value Measurements | Noninterest bearing transaction accounts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 4,800,880 | 6,016,651 |
Fair Value Measurements | Interest bearing transaction accounts and savings deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 10,997,425 | 11,762,885 |
Fair Value Measurements | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 6,414,222 | 4,696,473 |
Fair Value Measurements | Legacy Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 15,734,766 | 15,573,555 |
Fair Value Measurements | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 614,092 | 682,122 |
Interest bearing balances due from banks - time | 0 | 0 |
Held-to-maturity securities, net | 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 | Level 1 | Noninterest bearing transaction accounts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 0 | 0 |
Fair Value Measurements | 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 | Level 1 | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 0 | 0 |
Fair Value Measurements | Level 1 | Legacy Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 0 | 0 |
Fair Value Measurements | 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 | 100 | 795 |
Held-to-maturity securities, net | 3,135,370 | 3,063,233 |
Interest receivable | 122,430 | 102,892 |
Federal funds purchased and securities sold under agreements to repurchase | 67,969 | 160,403 |
Other borrowings | 970,846 | 857,257 |
Subordinated notes and debentures | 349,424 | 363,578 |
Interest payable | 35,618 | 16,399 |
Fair Value Measurements | Level 2 | Noninterest bearing transaction accounts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 4,800,880 | 6,016,651 |
Fair Value Measurements | Level 2 | Interest bearing transaction accounts and savings deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 10,997,425 | 11,762,885 |
Fair Value Measurements | Level 2 | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 0 | 0 |
Fair Value Measurements | Level 2 | Legacy Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 0 | 0 |
Fair Value Measurements | 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, net | 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 | Level 3 | Noninterest bearing transaction accounts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 0 | 0 |
Fair Value Measurements | 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 | Level 3 | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 6,414,222 | 4,696,473 |
Fair Value Measurements | Level 3 | Legacy Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | $ 15,734,766 | $ 15,573,555 |
Commitments and Credit Risk (De
Commitments and Credit Risk (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Commitments [Line Items] | ||
Commitments to originate fixed-rate mortgage loans, term | 30 days | |
Outstanding letters of credit | $ 580,800,000 | $ 265,700,000 |
Investment, Type [Extensible Enumeration] | Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] |
Term of letter of credit | 1 year | 1 year |
Standby Letters of Credit | ||
Other Commitments [Line Items] | ||
Outstanding letters of credit | $ 54,200,000 | $ 44,400,000 |
Deferred revenue | $ 0 | $ 0 |
Minimum | Standby Letters of Credit | ||
Other Commitments [Line Items] | ||
Term of letter of credit | 9 months | 9 months |
Maximum | Standby Letters of Credit | ||
Other Commitments [Line Items] | ||
Term of letter of credit | 15 years | 15 years |
Credit Card Commitments | ||
Other Commitments [Line Items] | ||
Outstanding commitments | $ 738,200,000 | $ 696,700,000 |
Other Loan Commitments | ||
Other Commitments [Line Items] | ||
Outstanding commitments | 4,170,000,000 | 5,640,000,000 |
Fixed Rate Mortgage Loans | ||
Other Commitments [Line Items] | ||
Outstanding commitments | $ 16,600,000 | $ 21,100,000 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivatives, Fair Value [Line Items] | |||
Maximum notional contract amount as percent of total assets | 10% | ||
Interest income, investment securities | $ 206,918 | $ 158,203 | $ 111,693 |
Risk Participation Agreements | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, notional amount | 19,700 | ||
Energy Related Derivative | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, notional amount | 0 | 2,600 | |
Derivative liability, notional amount | $ 0 | 2,600 | |
Derivative, net fair value | 49 | ||
Fair Value Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets, weighted average pay rate | 1.21% | ||
Interest income, investment securities | $ 11,900 | ||
Derivative assets, notional amount | $ 1,001,715 | $ 1,001,715 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments - Notional and Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Assets | $ 940,010 | $ 944,115 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets | $ 104,408 | $ 106,321 |
Hedged Asset Statement Of Financial Position Extensible Enumeration Not Disclosed Flag | Investment securities - Available-for-sale | Investment securities - Available-for-sale |
Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, weighted average pay rate | 1.21% | |
Derivative assets, notional amount | $ 1,001,715 | $ 1,001,715 |
Derivative assets, fair value | 102,644 | 104,833 |
Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, notional amount | 551,314 | 413,968 |
Derivative assets, fair value | 27,627 | 34,490 |
Derivative liability, notional amount | 552,274 | 414,955 |
Derivative liabilities, fair value | $ 27,584 | $ 34,440 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Equity [Abstract] | |
Threshold percentage of net profits exceeded by dividends declared, any calendar year (as percent) | 75% |
Threshold percentage of net profits exceeded by dividends declared, combined with preceding year (as percent) | 75% |
Statutory amount available for dividend payments without regulatory approval | $ 54.4 |
Tier 1 leverage capital required to be well capitalized to average assets (as percent) | 0.05 |
Tier 1 risk-based capital required to be well capitalized to risk weighted assets (as percent) | 0.08 |
Capital required to be well-capitalized to risk weighted assets (as percent) | 0.10 |
Common equity Tier 1 ratio required to be well capitalized (as percent) | 6.50% |
Capital conservation buffer (as percent) | 2.50% |
Stockholders' Equity - Company'
Stockholders' Equity - Company's Significant Subsidiaries (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Class of Stock [Line Items] | ||
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.10 | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.08 | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.05 | |
Simmons First National Corporation | ||
Class of Stock [Line Items] | ||
Capital | $ 2,964,917 | $ 2,948,490 |
Capital to Risk Weighted Assets | 0.144 | 0.142 |
Capital Required for Capital Adequacy | $ 1,647,176 | $ 1,661,121 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.080 | 0.080 |
Tier One Risk Based Capital | $ 2,493,799 | $ 2,466,874 |
Tier One Risk Based Capital to Risk Weighted Assets | 0.121 | 0.119 |
Tier One Risk Based Capital Required for Capital Adequacy | $ 1,236,595 | $ 1,243,802 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.060 | 0.060 |
Common Equity Tier One Capital | $ 2,493,799 | $ 2,466,874 |
Common Equity Tier One Capital Ratio | 0.121 | 0.119 |
Common Equity Tier One Capital Required for Capital Adequacy | $ 927,446 | $ 932,852 |
Common Equity Tier One Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Tier One Leverage Capital | $ 2,493,799 | $ 2,466,874 |
Tier One Leverage Capital to Average Assets | 0.094 | 0.093 |
Tier One Leverage Capital Required for Capital Adequacy | $ 1,061,191 | $ 1,061,021 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.040 | 0.040 |
Simmons Bank | ||
Class of Stock [Line Items] | ||
Capital | $ 2,834,126 | $ 2,743,625 |
Capital to Risk Weighted Assets | 0.138 | 0.133 |
Capital Required for Capital Adequacy | $ 1,642,972 | $ 1,650,301 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.080 | 0.080 |
Capital Required to be Well Capitalized | $ 2,053,714 | $ 2,062,876 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.100 | 0.100 |
Tier One Risk Based Capital | $ 2,663,153 | $ 2,628,002 |
Tier One Risk Based Capital to Risk Weighted Assets | 0.130 | 0.127 |
Tier One Risk Based Capital Required for Capital Adequacy | $ 1,229,148 | $ 1,241,576 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.060 | 0.060 |
Tier One Risk Based Capital Required to be Well Capitalized | $ 1,638,863 | $ 1,655,434 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.080 | 0.080 |
Common Equity Tier One Capital | $ 2,663,153 | $ 2,628,002 |
Common Equity Tier One Capital Ratio | 0.130 | 0.127 |
Common Equity Tier One Capital Required for Capital Adequacy | $ 921,861 | $ 931,182 |
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 | $ 1,331,577 | $ 1,345,040 |
Common Equity Tier One Capital Required to Be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Tier One Leverage Capital | $ 2,663,153 | $ 2,628,002 |
Tier One Leverage Capital to Average Assets | 0.100 | 0.100 |
Tier One Leverage Capital Required for Capital Adequacy | $ 1,065,261 | $ 1,051,201 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.040 | 0.040 |
Tier One Leverage Capital Required to be Well Capitalized | $ 1,331,577 | $ 1,314,001 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.050 | 0.050 |
Condensed Financial Informati_3
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||||
Cash and cash equivalents | $ 614,092 | $ 682,122 | ||
Loans | 16,845,670 | 16,142,124 | ||
Other assets | 592,045 | 622,520 | ||
Total assets | 27,345,674 | 27,461,061 | ||
LIABILITIES | ||||
Long-term debt | 388,507 | |||
Total liabilities | 23,919,186 | 24,191,699 | ||
Stockholders’ equity: | ||||
Common stock | 1,252 | 1,270 | ||
Surplus | 2,499,930 | 2,530,066 | ||
Undivided profits | 1,329,681 | 1,255,586 | ||
Accumulated other comprehensive loss: | ||||
Total stockholders’ equity | 3,426,488 | 3,269,362 | $ 3,248,841 | $ 2,976,656 |
Total liabilities and stockholders’ equity | 27,345,674 | 27,461,061 | ||
Parent Company | ||||
ASSETS | ||||
Cash and cash equivalents | 164,439 | 116,915 | ||
Investments in wholly-owned subsidiaries | 3,603,066 | 3,453,961 | ||
Loans | 102 | 1,412 | ||
Intangible assets, net | 133 | 133 | ||
Premises and equipment | 20,498 | 22,083 | ||
Other assets | 50,642 | 86,622 | ||
Total assets | 3,838,880 | 3,681,126 | ||
LIABILITIES | ||||
Long-term debt | 385,285 | 386,798 | ||
Other liabilities | 27,107 | 24,966 | ||
Total liabilities | 412,392 | 411,764 | ||
Stockholders’ equity: | ||||
Common stock | 1,252 | 1,270 | ||
Surplus | 2,499,930 | 2,530,066 | ||
Undivided profits | 1,329,681 | 1,255,586 | ||
Accumulated other comprehensive loss: | ||||
Unrealized depreciation on available-for-sale securities, net of income taxes of $(143,076) and $(183,124) at December 31, 2023 and 2022, respectively | (404,375) | (517,560) | ||
Total stockholders’ equity | 3,426,488 | 3,269,362 | ||
Total liabilities and stockholders’ equity | $ 3,838,880 | $ 3,681,126 |
Condensed Financial Informati_4
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Parent Company | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Unrealized depreciation on available-for-sale securities, net of income taxes | $ (143,076) | $ (183,124) |
Condensed Financial Informati_5
Condensed Financial Information (Parent Company Only) - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Provision for income taxes | $ 25,546 | $ 50,148 | $ 61,306 |
NET INCOME | 175,057 | 256,412 | 271,156 |
Preferred stock dividends | 0 | 0 | 47 |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | 175,057 | 256,412 | 271,109 |
Parent Company | |||
Income Statement [Abstract] | |||
Dividends from subsidiaries | 166,874 | 219,868 | 227,310 |
Other income | 303 | 508 | 1,080 |
Income | 167,177 | 220,376 | 228,390 |
EXPENSE | 44,685 | 46,133 | 44,847 |
Income before income taxes and equity in undistributed net income of subsidiaries | 122,492 | 174,243 | 183,543 |
Provision for income taxes | (10,790) | (9,391) | (11,314) |
Income before equity in undistributed net income of subsidiaries | 133,282 | 183,634 | 194,857 |
Equity in undistributed net income (loss) of subsidiaries | 41,775 | 72,778 | 76,299 |
NET INCOME | 175,057 | 256,412 | 271,156 |
Preferred stock dividends | 0 | 0 | 47 |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ 175,057 | $ 256,412 | $ 271,109 |
Condensed Financial Informati_6
Condensed Financial Information (Parent Company Only) - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Statement of Income Captions [Line Items] | |||
NET INCOME | $ 175,057 | $ 256,412 | $ 271,156 |
OTHER COMPREHENSIVE INCOME (LOSS) | |||
COMPREHENSIVE INCOME (LOSS) | 288,242 | (250,603) | 200,885 |
Parent Company | |||
Condensed Statement of Income Captions [Line Items] | |||
NET INCOME | 175,057 | 256,412 | 271,156 |
OTHER COMPREHENSIVE INCOME (LOSS) | |||
Equity in other comprehensive income (loss) of subsidiaries | 113,185 | (507,015) | (70,271) |
COMPREHENSIVE INCOME (LOSS) | $ 288,242 | $ (250,603) | $ 200,885 |
Condensed Financial Informati_7
Condensed Financial Information (Parent Company Only) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | |||
Net income | $ 175,057 | $ 256,412 | $ 271,156 |
Items not requiring (providing) cash | |||
Stock-based compensation expense | 12,189 | 15,317 | 15,868 |
Deferred income taxes | (2,460) | 14,933 | 10,937 |
Changes in: | |||
Other assets | 263,969 | (7,214) | (33,495) |
Net cash provided by operating activities | 540,979 | 322,198 | 277,780 |
INVESTING ACTIVITIES | |||
Net collections (originations) of loans | 2,333,893 | ||
Net collections (originations) of loans | (786,775) | (1,900,325) | |
Net cash used in investing activities | (183,593) | (946,233) | (2,537,736) |
FINANCING ACTIVITIES | |||
Stock repurchases | (40,322) | (111,133) | (132,459) |
Dividends paid on preferred stock | 0 | 0 | (47) |
Dividends paid on common stock | (100,962) | (94,096) | (78,845) |
Retirement of preferred stock | 0 | 0 | (767) |
Net cash (used in) provided by financing activities | (425,416) | (344,496) | 438,457 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (68,030) | (968,531) | (1,821,499) |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 682,122 | 1,650,653 | 3,472,152 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 614,092 | 682,122 | 1,650,653 |
Parent Company | |||
OPERATING ACTIVITIES | |||
Net income | 175,057 | 256,412 | 271,156 |
Items not requiring (providing) cash | |||
Stock-based compensation expense | 12,189 | 15,317 | 15,868 |
Depreciation and amortization | 1,637 | 1,981 | 1,805 |
Deferred income taxes | (1,742) | (652) | 3,347 |
Equity in undistributed net income (loss) of bank subsidiaries | (41,775) | (72,778) | (76,299) |
Changes in: | |||
Other assets | 37,720 | (26,775) | (2,099) |
Other liabilities | 2,293 | (28,745) | 11,109 |
Net cash provided by operating activities | 185,379 | 144,760 | 224,887 |
INVESTING ACTIVITIES | |||
Net collections (originations) of loans | 1,310 | 1,198 | |
Net collections (originations) of loans | (2,139) | ||
Net purchases of premises and equipment | (52) | (21) | (83) |
Cash acquired (paid) in business combinations | 0 | 60,126 | (6,818) |
Other, net | 5,856 | 1,688 | 2 |
Net cash used in investing activities | 7,114 | 62,991 | (9,038) |
FINANCING ACTIVITIES | |||
Repayment of long-term debt, net | (1,664) | (57,436) | (1,563) |
Cancellation of common stock, net | (2,021) | (3,882) | |
Issuance of common stock, net | 1,460 | ||
Stock repurchases | (40,322) | (111,133) | (132,459) |
Dividends paid on preferred stock | 0 | 0 | (47) |
Dividends paid on common stock | (100,962) | (94,096) | (78,845) |
Retirement of preferred stock | 0 | 0 | (767) |
Net cash (used in) provided by financing activities | (144,969) | (266,547) | (212,221) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 47,524 | (58,796) | 3,628 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 116,915 | 175,711 | 172,083 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 164,439 | $ 116,915 | $ 175,711 |