HOME BANCSHARES INC, 10-K filed on 2/24/2023
Annual Report
v3.22.4
Cover - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Feb. 22, 2023
Jun. 30, 2022
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2022    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-41093    
Entity Registrant Name HOME BANCSHARES, INC.    
Entity Incorporation, State or Country Code AR    
Entity Tax Identification Number 71-0682831    
Entity Address, Address Line One 719 Harkrider, Suite 100    
Entity Address, City or Town Conway    
Entity Address, State or Province AR    
Entity Address, Postal Zip Code 72032    
City Area Code 501    
Local Phone Number 339-2929    
Title of 12(g) Security Common Stock, par value $0.01 per share    
Trading Symbol HOMB    
Security Exchange Name NYSE    
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    
Entity Shell Company false    
Entity Public Float     $ 3,960
Entity Common Stock, Shares Outstanding   203,607,141  
Documents Incorporated by Reference Documents incorporated by reference: Portions of the registrant’s Proxy Statement relating to its 2023 Annual Meeting to be held on April 20, 2023, are incorporated by reference into Part III of this Form 10-K.    
Entity Central Index Key 0001331520    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Audit Information [Abstract]  
Auditor Firm ID 686
Auditor Location Little Rock, Arkansas
Auditor Name FORVIS, LLP(Formerly, BKD, LLP)
v3.22.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Assets    
Cash and due from banks $ 263,893 $ 119,908
Interest-bearing deposits with other banks 460,897 3,530,407
Cash and cash equivalents 724,790 3,650,315
Investment securities – available-for-sale, net of allowance for credit losses 4,041,590 3,119,807
Investment securities – held-to-maturity, net of allowance for credit losses 1,287,705 0
Total investment securities 5,329,295 3,119,807
Loans receivable 14,409,480 9,836,089
Allowance for credit losses (289,669) (236,714)
Loans receivable, net 14,119,811 9,599,375
Bank premises and equipment, net 405,073 275,760
Foreclosed assets held for sale 546 1,630
Cash value of life insurance 213,693 105,135
Accrued interest receivable 103,199 46,736
Deferred tax asset, net 209,321 78,290
Goodwill 1,398,253 973,025
Core deposit intangible 58,455 25,045
Other assets 321,152 177,020
Total assets 22,883,588 18,052,138
Deposits:    
Demand and non-interest-bearing 5,164,997 4,127,878
Savings and interest-bearing transaction accounts 11,730,552 9,251,805
Time deposits 1,043,234 880,887
Total deposits 17,938,783 14,260,570
Securities sold under agreements to repurchase 131,146 140,886
FHLB and other borrowed funds 650,000 400,000
Accrued interest payable and other liabilities 196,877 113,868
Subordinated debentures 440,420 371,093
Total liabilities 19,357,226 15,286,417
Stockholders’ equity:    
Common stock, par value $0.01; shares authorized 300,000,000 in 2022 and 2021; shares issued and outstanding 203,433,690 in 2022 and 163,699,282 in 2021 2,034 1,637
Capital surplus 2,386,699 1,487,373
Retained earnings 1,443,087 1,266,249
Accumulated other comprehensive (loss) income (305,458) 10,462
Total stockholders’ equity 3,526,362 2,765,721
Total liabilities and stockholders’ equity $ 22,883,588 $ 18,052,138
v3.22.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 300,000,000 300,000,000
Common stock, shares issued (in shares) 203,433,690 163,699,282
Common stock, shares outstanding (in shares) 203,433,690 163,699,282
v3.22.4
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Interest income:      
Loans $ 728,342 $ 571,960 $ 625,338
Investment securities      
Taxable 91,933 30,054 32,596
Tax-exempt 28,356 19,642 16,158
Deposits – other banks 29,110 3,515 1,849
Federal funds sold 25 0 21
Total interest income 877,766 625,171 675,962
Interest expense:      
Interest on deposits 85,989 24,936 63,110
Federal funds purchased 2 0 13
FHLB and other borrowed funds 11,076 7,604 9,506
Securities sold under agreements to repurchase 1,430 497 1,167
Subordinated debentures 20,593 19,163 19,611
Total interest expense 119,090 52,200 93,407
Net interest income 758,676 572,971 582,555
Provision for credit losses on loans 50,170 0 111,422
Provision for credit losses on unfunded commitments 11,410 (4,752) 16,989
Provision for credit losses on investment securities 2,005 0 842
Total credit loss expense 63,585 (4,752) 129,253
Net interest income after provision for credit losses 695,091 577,723 453,302
Non-interest income:      
Trust fees 12,855 1,960 1,633
Mortgage lending income 17,657 25,676 29,065
Insurance commissions 2,192 1,943 1,848
Increase in cash value of life insurance 3,800 2,049 2,200
Dividends from FHLB, FRB, FNBB & other 9,198 14,835 12,472
Gain on sale of SBA loans 183 2,380 645
Gain (loss) on branches, equipment and other assets, net 15 (105) 326
Gain on OREO, net 500 2,003 1,132
Gain on securities, net 0 219 0
Fair value adjustment for marketable securities (1,272) 7,178 (1,978)
Other income 48,281 20,704 12,376
Total non-interest income 175,111 137,569 111,786
Non-interest expense:      
Salaries and employee benefits 238,885 170,755 163,950
Occupancy and equipment 53,417 36,631 38,412
Data processing expense 34,942 24,280 19,032
Merger and acquisition expenses 49,594 1,886 711
Other operating expenses 98,789 64,965 65,280
Total non-interest expense 475,627 298,517 287,385
Income before income taxes 394,575 416,775 277,703
Income tax expense 89,313 97,754 63,255
Net income $ 305,262 $ 319,021 $ 214,448
Basic earnings per common share (in dollars per share) $ 1.57 $ 1.94 $ 1.30
Diluted earnings per common share (in dollars per share) $ 1.57 $ 1.94 $ 1.30
Other service charges and fees      
Non-interest income:      
Service charges $ 37,114 $ 22,276 $ 21,381
Trust fees      
Non-interest income:      
Service charges $ 44,588 $ 36,451 $ 30,686
v3.22.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Net income available to all stockholders $ 305,262 $ 319,021 $ 214,448
Net unrealized (loss) gain on available-for-sale securities (417,349) (45,567) 37,771
Other comprehensive (loss) income, before tax effect (417,349) (45,567) 37,771
Tax effect on other comprehensive (loss) income 101,429 11,909 (9,872)
Other comprehensive (loss) income (315,920) (33,658) 27,899
Comprehensive (loss) income $ (10,658) $ 285,363 $ 242,347
v3.22.4
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Cumulative Effect Period of Adoption Adjustment
Cumulative Effect Period of Adoption Adjusted Balance
Common Stock
Common Stock
Cumulative Effect Period of Adoption Adjusted Balance
Capital Surplus
Capital Surplus
Cumulative Effect Period of Adoption Adjusted Balance
Retained Earnings
Retained Earnings
Cumulative Effect Period of Adoption Adjustment
Retained Earnings
Cumulative Effect Period of Adoption Adjusted Balance
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect Period of Adoption Adjusted Balance
Beginning Balance at Dec. 31, 2019 $ 2,511,531 $ (43,956) $ 2,467,575 $ 1,664 $ 1,664 $ 1,537,091 $ 1,537,091 $ 956,555 $ (43,956) $ 912,599 $ 16,221 $ 16,221
Comprehensive income:                        
Net income 214,448             214,448        
Other comprehensive income (loss) 27,899                   27,899  
Net issuance of shares of common stock from exercise of stock options 595         595            
Repurchase of shares of common stock (25,690)     (15)   (25,675)            
Share-based compensation net issuance of shares of restricted common stock 8,608     2   8,606            
Cash dividends - Common Stock (87,677)             (87,677)        
Ending balance at Dec. 31, 2020 2,605,758     1,651   1,520,617   1,039,370     44,120  
Comprehensive income:                        
Net income 319,021             319,021        
Other comprehensive income (loss) (33,658)                   (33,658)  
Net issuance of shares of common stock from exercise of stock options 2,374     2   2,372            
Repurchase of shares of common stock (44,480)     (18)   (44,462)            
Share-based compensation net issuance of shares of restricted common stock 8,848     2   8,846            
Cash dividends - Common Stock (92,142)             (92,142)        
Ending balance at Dec. 31, 2021 2,765,721     1,637   1,487,373   1,266,249     10,462  
Comprehensive income:                        
Net income 305,262             305,262        
Other comprehensive income (loss) (315,920)                   (315,920)  
Net issuance of shares of common stock from exercise of stock options 156     2   154            
Issuance of common stock 961,290     424   960,866            
Repurchase of shares of common stock (70,856)     (31)   (70,825)            
Share-based compensation net issuance of shares of restricted common stock 9,133     2   9,131            
Cash dividends - Common Stock (128,424)             (128,424)        
Ending balance at Dec. 31, 2022 $ 3,526,362     $ 2,034   $ 2,386,699   $ 1,443,087     $ (305,458)  
v3.22.4
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounting standards update       Accounting Standards Update 2016-13
Net issuance of shares of common stock from exercise of stock options (in shares) 78,954 176,846 67,577  
Net issuance of shares of common stock 42,425,352      
Common stock shares repurchased (in shares) 3,098,531 1,753,000 1,533,560  
Issuance of restricted common stock (in shares) 328,633 180,184 187,889  
Common stock, cash dividends per share (in dollars per share) $ 0.66 $ 0.56 $ 0.53  
Happy Bancshares, Inc.        
Common stock issuance costs $ 2.5      
v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Net income $ 305,262 $ 319,021 $ 214,448
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation & amortization 31,856 19,481 20,082
Decrease (increase) in value of equity securities 1,272 (7,178) 1,978
Amortization of securities, net 20,335 28,516 20,607
Accretion of purchased loans (16,341) (20,151) (27,376)
Share-based compensation 9,133 8,848 8,608
Gain on assets (698) (4,497) (2,103)
Provision for credit losses on loans 50,170 0 111,422
Provision for credit losses on unfunded commitments 11,410 (4,752) 16,989
Provision for credit losses on investment securities 2,005 0 842
Deferred income taxes 2,213 3,868 (19,751)
Increase in cash value of life insurance (3,800) (2,049) (2,200)
Originations of mortgage loans held for sale (510,136) (783,293) (863,383)
Proceeds from sales of mortgage loans held for sale 503,020 825,397 831,604
Changes in assets and liabilities:      
Accrued interest receivable (24,473) 13,792 (15,212)
Other assets 9,342 1,756 (13,427)
Accrued interest payable and other liabilities 22,602 (9,379) 8,600
Net cash provided by operating activities 413,172 389,380 291,728
Investing Activities      
Net (increase) decrease in loans, excluding loans acquired (673,883) 1,328,378 92,650
Purchases of investment securities – available-for-sale (1,258,403) (1,390,405) (1,147,897)
Purchases of investment securities - held-to-maturity (674,178) 0 0
Proceeds from maturities of investment securities – available-for-sale 496,551 652,403 774,276
Proceeds from maturities of investment securities – held-to-maturity 501,529 0 0
Proceeds from sale of investment securities – available-for-sale 67,349 18,112 0
Purchases of equity securities (49,975) (13,276) (15,015)
Proceeds from sales of equity securities 13,778 16,381 0
(Purchases) redemptions of other investments (60,889) (9,784) 13,355
Proceeds from foreclosed assets held for sale 2,319 7,599 8,494
Proceeds from sale of SBA loans 4,304 25,116 7,696
Purchases of premises and equipment, net (9,016) (10,282) (11,547)
Return of investment on cash value of life insurance 277 418 47,258
Purchase of marine loan portfolio (242,617) 0 0
Net cash proceeds received (paid) – market acquisitions 858,584 0 (421,211)
Net cash (used in) provided by investing activities (1,024,270) 624,660 (651,941)
Financing Activities      
Net (decrease) increase in deposits, excluding deposits acquired (2,177,058) 1,534,780 1,447,407
Net (decrease) increase in securities sold under agreements to repurchase (9,740) (28,045) 25,204
Net decrease in federal funds purchased 0 0 (5,000)
Increase in FHLB and other borrowed funds 601,000 0 1,010,902
Decrease in FHLB and other borrowed funds (429,330) 0 (1,232,341)
Retirement of subordinated debentures (300,000) 0 0
Proceeds from issuance of subordinated debentures 296,324 0 0
Redemption of trust preferred securities (96,499) 0 0
Proceeds from exercise of stock options 156 2,374 595
Repurchase of common stock (70,856) (44,480) (25,690)
Dividends paid on common stock (128,424) (92,142) (87,677)
Net cash (used in) provided by financing activities (2,314,427) 1,372,487 1,133,400
Net change in cash and cash equivalents (2,925,525) 2,386,527 773,187
Cash and cash equivalents – beginning of year 3,650,315 1,263,788 490,601
Cash and cash equivalents – end of year $ 724,790 $ 3,650,315 $ 1,263,788
v3.22.4
Nature of Operations and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Summary of Significant Accounting Policies Nature of Operations and Summary of Significant Accounting Policies
Nature of Operations
Home BancShares, Inc. (the “Company” or “HBI”) is a bank holding company headquartered in Conway, Arkansas. The Company is primarily engaged in providing a full range of banking services to individual and corporate customers through its wholly-owned bank subsidiary – Centennial Bank (sometimes referred to as “Centennial” or the “Bank”). The Bank has branch locations in Arkansas, Florida, South Alabama, Texas and New York City. The Company is subject to competition from other financial institutions. The Company also is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities.
A summary of the significant accounting policies of the Company follows:
Operating Segments
Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Bank is the only significant subsidiary upon which management makes decisions regarding how to allocate resources and assess performance. Each of the branches of the Bank provide a group of similar banking services, including such products and services as commercial, real estate and consumer loans, time deposits, checking and savings accounts. The individual bank branches have similar operating and economic characteristics. While the chief decision maker monitors the revenue streams of the various products, services and branch locations, operations are managed, and financial performance is evaluated on a Company-wide basis. Accordingly, all of the banking services and branch locations are considered by management to be aggregated into one reportable operating segment.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, the valuation of investment securities, the valuation of foreclosed assets and the valuations of assets acquired and liabilities assumed in business combinations. In connection with the determination of the allowance for credit losses and the valuation of foreclosed assets, management obtains independent appraisals for significant properties.
Principles of Consolidation
The consolidated financial statements include the accounts of HBI and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation.
Reclassifications
Various items within the accompanying consolidated financial statements for previous years have been reclassified to provide more comparative information. These reclassifications had no effect on net earnings or stockholders’ equity.
Cash and Cash Equivalents
Cash and cash equivalents consist of cash on hand, cash held as demand deposits at various banks and the Federal Reserve Bank (“FRB”) and interest-bearing deposits with other banks. For many years, reserve requirements played a central role in the implementation of monetary policy by creating a stable demand for reserves. In January 2019, the Federal Open Market Committee announced its intention to implement monetary policy in an ample reserves regime. Reserve requirements do not play a significant role in this operating framework. In light of the shift to an ample reserves regime, the FRB reduced the reserve requirement ratios to zero percent effective on March 26, 2020. As a result, the Bank is no longer required to maintain required reserve balance with either the FRB or in the form of cash on hand.
Investment Securities
Interest on investment securities is recorded as income as earned. Amortization of premiums and accretion of discounts are recorded as interest income from securities. Realized gains and losses are recorded as net security gains (losses). Gains or losses on the sale of securities are determined using the specific identification method.
Management determines the classification of securities as available-for-sale, held-to-maturity, or trading at the time of purchase based on the intent and objective of the investment and the ability to hold to maturity. Fair values of securities are based on quoted market prices where available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable securities. The Company has no trading securities.
Debt securities available-for-sale ("AFS") are reported at fair value with unrealized holding gains and losses reported as a separate component of stockholders’ equity and other comprehensive income (loss), net of taxes. Securities that are held as available-for-sale are used as a part of our asset/liability management strategy. Securities that may be sold in response to interest rate changes, changes in prepayment risk, the need to increase regulatory capital, and other similar factors are classified as available-for-sale. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments. The Company first assesses whether it intends to sell or is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, and changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that 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 losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. 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 uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met.
Debt securities held-to-maturity ("HTM"), which include any security for which we have the positive intent and ability to hold until maturity, are reported at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized/accreted to the call date to interest income using the constant effective yield method over the estimated life of the security. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments. 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. 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 uncollectability of a security is confirmed.
Loans Receivable and Allowance for Credit Losses
Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balance adjusted for any charge-offs, deferred fees or costs on originated loans. Interest income on loans is accrued over the term of the loans based on the principal balance outstanding. Loan origination fees and direct origination costs are capitalized and recognized as adjustments to yield on the related loans.
The allowance for credit losses on loans receivable is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed and expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.
Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in the national unemployment rate, gross domestic product, national retail sales index, housing price indices and rental vacancy rate index.
The allowance for credit losses is measured based on call report segment as these types of loan exhibit similar risk characteristics. The identified loan segments are as follows:
•1-4 family construction
•All other construction
•1-4 family revolving home equity lines of credit (“HELOC”) & junior liens
•1-4 family senior liens
•Multifamily
•Owner occupied commercial real estate
•Non-owner occupied commercial real estate
•Commercial & industrial, agricultural, non-depository financial institutions, purchase/carry securities, other
•Consumer auto
•Other consumer
•Other consumer - SPF
The allowance for credit losses for each segment is measured through the use of the discounted cash flow method. Loans evaluated individually that are considered to be impaired are not included in the collective evaluation. For those loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. For loans for which a specific reserve is not recorded, an allowance is recorded based on the loss rate for the respective pool within the collective evaluation if a specific reserve is not recorded.
Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies:
•Management has a reasonable expectation at the reporting date that troubled debt restructuring will be executed with an individual borrower.
•The extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.
Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These qualitative factors ("Q-Factors") and other qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making Q-Factor and other qualitative adjustments include, among other things, the impact of (i) changes in lending policies, procedures and strategies; (ii) changes in nature and volume of the portfolio; (iii) staff experience; (iv) changes in volume and trends in classified loans, delinquencies and nonaccruals; (v) concentration risk; (vi) trends in underlying collateral values; (vii) external factors such as competition, legal and regulatory environment; (viii) changes in the quality of the loan review system and (ix) economic conditions.
Loans considered impaired, according to ASC 326, are loans for which, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. The aggregate amount of impairment of loans is utilized in evaluating the adequacy of the allowance for credit losses and amount of provisions thereto. Losses on impaired loans are charged against the allowance for credit losses when in the process of collection, it appears likely that such losses will be realized. The accrual of interest on impaired loans is discontinued when, in management’s opinion the collection of interest is doubtful or generally when loans are 90 days or more past due. When accrual of interest 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.
Loans are placed on non-accrual status when management believes that the borrower’s financial condition, after giving consideration to economic and business conditions and collection efforts, is such that collection of interest is doubtful, or generally when loans are 90 days or more past due. Loans are charged against the allowance for credit losses when management believes that the collectability of the principal is unlikely. Accrued interest related to non-accrual loans is generally charged against the allowance for credit losses when accrued in prior years and reversed from interest income if accrued in the current year. Interest income on non-accrual loans may be recognized to the extent cash payments are received, although the majority of payments received are usually applied to principal. Non-accrual loans are generally returned to accrual status when principal and interest payments are less than 90 days past due, the customer has made required payments for at least six months, and we reasonably expect to collect all principal and interest.
Acquisition Accounting and Acquired Loans
The Company accounts for its acquisitions under ASC Topic 805, Business Combinations, which requires the use of the purchase method of accounting. All identifiable assets acquired, including loans, and liabilities assumed are recorded at fair value. In accordance with ASC 326, the Company records both a discount or premium and an allowance for credit losses on acquired loans. All purchased loans are recorded at fair value in accordance with the fair value methodology prescribed in FASB ASC Topic 820, Fair Value Measurements. The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows.
Purchased loans that have experienced more than insignificant credit deterioration since origination are purchase credit deteriorated (“PCD”) loans. An allowance for credit losses is determined using the same methodology as other loans. For PCD loans not individually analyzed for impairment, the Company develops separate PCD models for each loan segment. These models utilize a peer group benchmark in order to determine the probability of default and loss given default to be used in the calculation. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a non-credit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit losses.
For further discussion of the Company’s acquisitions, see Note 2 to the Condensed Notes to Consolidated Financial Statements.
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures
The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.
Foreclosed Assets Held for Sale
Real estate and personal properties acquired through or in lieu of loan foreclosure are to be sold and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis.
Valuations are periodically performed by management, and the real estate and personal properties are carried at fair value less costs to sell. Gains and losses from the sale of other real estate and personal properties are recorded in non-interest income, and expenses used to maintain the properties are included in non-interest expense.
Bank Premises and Equipment
Bank premises and equipment are carried at cost or fair value at the date of acquisition less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are used for tax purposes. Leasehold improvements are capitalized and amortized using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements whichever is shorter. The assets’ estimated useful lives for book purposes are as follows:
Bank premises
15-40 years
Furniture, fixtures, and equipment
3-15 years
Cash value of life insurance
The Company has purchased life insurance policies on certain key employees. Life insurance owned by the Company is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement.
Intangible Assets
Intangible assets consist of goodwill and core deposit intangibles. Goodwill represents the excess purchase price over the fair value of net assets acquired in business acquisitions. The core deposit intangible represents the excess intangible value of acquired deposit customer relationships as determined by valuation specialists. The core deposit intangibles are being amortized over 120 months on a straight-line basis. Goodwill is not amortized, but rather, is evaluated for impairment on at least an annual basis or more frequently if changes or circumstances occur. The Company performed its annual impairment test of goodwill and core deposit intangibles during 2022, 2021 and 2020, as required by FASB ASC 350, Intangibles - Goodwill and Other. The 2022, 2021 and 2020 tests indicated no impairment of the Company’s goodwill or core deposit intangibles.
Securities Sold Under Agreements to Repurchase
Securities sold under agreements to repurchase consist of obligations of the Company to other parties. 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.
Derivative Financial Instruments
The Company may enter into derivative contracts for the purposes of managing exposure to interest rate risk. The Company records all derivatives on the consolidated balance sheet at fair value. Historically the Company’s policy has been not to invest in derivative type investments.
The Company has standalone derivative financial instruments acquired in a previous acquisition. These derivative financial instruments consist of interest rate swaps and are recognized as assets and liabilities in the consolidated statements of financial condition at fair value. The Bank’s derivative instruments have not been designated as hedging instruments. These undesignated derivative instruments are recognized on the consolidated balance sheet at fair value, with changes in fair value recorded in other non-interest income. In addition, as of December 31, 2022 and December 31, 2021, the Company had derivative contracts outstanding associated with the mortgage loans held for sale portfolio. As of December 31, 2022 and 2021, these derivative instruments are not considered to be material to the Company’s financial position and results of operations.
Stock Options
The Company accounts for stock options in accordance with FASB ASC 718, Compensation - Stock Compensation, and FASB ASC 505-50, Equity-Based Payments to Non-Employees, which establishes standards for the accounting for transactions in which an entity (i) exchanges its equity instruments for goods and services, or (ii) incurs liabilities in exchange for goods and services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of the equity instruments. FASB ASC 718 requires that such transactions be recognized as compensation cost in the income statement based on their fair values on the measurement date, which is generally the date of the grant.
For additional information on the stock-based compensation plan, see Note 13.
Income Taxes
The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 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 and its subsidiaries file consolidated tax returns. Its subsidiary provides for income taxes on a separate return basis, and remits to the Company amounts determined to be currently payable.
Revenue Recognition.
Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as our loans, letters of credit, investment securities and mortgage lending income, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our significant revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our income statements as components of non-interest income are as follows:
•Service charges on deposit accounts – These represent general service fees for monthly account maintenance and activity or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied.
•Other service charges and fees – These represent credit card interchange fees and Centennial Commercial Finance Group (“Centennial CFG”) loan fees. The interchange fees are recorded in the period the performance obligation is satisfied which is generally the cash basis based on agreed upon contracts. The Centennial CFG loan fees are based on loan or other negotiated agreements with customers and are accounted for under ASC Topic 310.
•Trust 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 fees are percentage based, flat, percentage of income or a fixed percentage calculated upon the average balance of assets depending upon account type. Fees are collected on a monthly or annual basis.
Earnings per Share
Basic earnings per share is computed based on the weighted-average number of shares outstanding during each year. Diluted earnings per share is computed using the weighted-average shares and all potential dilutive shares outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share (EPS) for the years ended December 31:
202220212020
(In thousands, except per share data)
Net income$305,262 $319,021 $214,448 
Average common shares outstanding194,694 164,501 165,373 
Effect of common stock options325 357 — 
Diluted common shares outstanding195,019 164,858 165,373 
Basic earnings per common share$1.57 $1.94 $1.30 
Diluted earnings per common share$1.57 $1.94 $1.30 
As of December 31, 2022 and 2021, the Company's stock options were dilutive to earnings per share. However, as of December 31, 2020, options to purchase 3.3 million shares of common stock with a weighted average exercise price of $19.77 were excluded from the computation of diluted earnings per share as the majority of the options had an exercise price which was greater than the average market price of the common stock.
v3.22.4
Business Combinations
 12 Months Ended
Dec. 31, 2022
Business Combinations [Abstract]  
Business Combinations Business Combinations
Acquisition of Happy Bancshares, Inc.
On April 1, 2022, the Company completed the acquisition of Happy Bancshares, Inc. (“Happy”), and merged Happy State Bank into Centennial Bank. The Company issued approximately 42.4 million shares of its common stock valued at approximately $958.8 million as of April 1, 2022. In addition, the holders of certain Happy stock-based awards received approximately $3.7 million in cash in cancellation of such awards, for a total transaction value of approximately $962.5 million. The acquisition added new markets for expansion and brought complementary businesses together to drive synergies and growth.
Including the effects of the known purchase accounting adjustments, as of the acquisition date, Happy had approximately $6.69 billion in total assets, $3.65 billion in loans and $5.86 billion in customer deposits. Happy formerly operated its banking business from 62 locations in Texas.
The purchase price allocation and certain fair value measurements remain preliminary due to the timing of the acquisition. The Company will continue to review the estimated fair values of loans, deposits, intangible assets and other assets, and to evaluate the assumed tax positions and contingencies.
The Company has determined that the acquisition of the net assets of Happy constitutes a business combination as defined by the ASC Topic 805. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of ASC Topic 820. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. The following schedule is a preliminary breakdown of the assets acquired and liabilities assumed as of the acquisition date as adjusted during the measurement period:
Happy Bancshares, Inc.
Acquired
from Happy		Fair Value AdjustmentsAs Recorded by HBI
(Dollars in thousands)
Assets
Cash and due from banks$112,999 $(446)$112,553 
Interest-bearing deposits with other banks746,031 — 746,031 
Cash and cash equivalents859,030 (446)858,584 
Investment securities - available-for-sale, net of allowance for credit losses1,773,540 8,485 1,782,025 
Total investment securities1,773,540 8,485 1,782,025 
Loans receivable3,657,009 (4,389)3,652,620 
Allowance for credit losses(42,224)25,408 (16,816)
Loans receivable, net3,614,785 21,019 3,635,804 
Bank premises and equipment, net153,642 (12,270)141,372 
Foreclosed assets held for sale193 (77)116 
Cash value of life insurance105,049 3 105,052 
Accrued interest receivable31,575 — 31,575 
Deferred tax asset, net32,908 (1,092)31,816 
Goodwill130,428 (130,428)— 
Core deposit intangible10,672 31,591 42,263 
Other assets43,330 15,567 58,897 
Total assets acquired$6,755,152 $(67,648)$6,687,504 
Liabilities
Deposits
Demand and non-interest-bearing$1,932,756 $67 $1,932,823 
Savings and interest-bearing transaction accounts3,519,652 — 3,519,652 
Time deposits401,899 903 402,802 
Total deposits5,854,307 970 5,855,277 
FHLB and other borrowed funds74,212 4,118 78,330 
Accrued interest payable and other liabilities50,889 (1,892)48,997 
Subordinated debentures159,965 7,625 167,590 
Total liabilities assumed6,139,373 10,821 6,150,194 
Equity
Total equity assumed615,779 (615,779)— 
Total liabilities and equity assumed$6,755,152 $(604,958)$6,150,194 
Net assets acquired537,310 
Purchase price962,538 
Goodwill$425,228 
The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above:
Cash and due from banks, interest-bearing deposits with other banks and federal funds sold – The carrying amount of these assets was deemed a reasonable estimate of fair value based on the short-term nature of these assets.
Investment securities – Investment securities were acquired from Happy with an approximately $8.5 million adjustment to fair value based upon quoted market prices. Otherwise the book value was deemed to approximate fair value.
Loans – 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, 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 to the Condensed Notes to Consolidated Financial Statements, for additional information related to purchased financial assets with credit deterioration.
Bank premises and equipment – Bank premises and equipment were acquired from Happy with a $12.3 million adjustment to fair value. This represents the difference between current appraisals completed in connection with the acquisition and book value acquired.
Foreclosed assets held for sale – These assets are presented at the estimated fair values that management expects to receive when the properties are sold, net of related costs of disposal.
Cash value of life insurance – Bank owned life insurance is carried at its current cash surrender value, which is the most reasonable estimate of fair value.
Accrued interest receivable – The carrying amount of these assets was deemed a reasonable estimate of the fair value.
Core deposit intangible – This core deposit intangible asset represents the value of the relationships that Happy had with its 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.
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 $903,000 fair value adjustment applied for time deposits was because the weighted-average interest rate of Happy’s certificates of deposits were estimated to be above the current market rates.
FHLB borrowed funds – The fair value of FHLB borrowed funds is estimated based on borrowing rates currently available to the Company for borrowings with similar terms and maturities.
Accrued interest payable and other liabilities – The fair value adjustment results from certain liabilities whose value was estimated to be more or less than book value, such as certain accounts payable and other miscellaneous liabilities. The carrying amount of accrued interest and the remainder of other liabilities was deemed to be a reasonable estimate of fair value.
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.
During the third and fourth quarters of 2022, we continued to analyze the valuations assigned to the acquired assets and assumed liabilities and received updated information resulting in the revised fair values displayed below. We updated our estimated fair values of these items within our Consolidated Balance Sheet with a corresponding adjustment to goodwill. The changes are gross of taxes and reflected in the following table:
Acquired Asset or LiabilityBalance Sheet Line ItemProvisional EstimateRevised EstimateIncrease (Decrease)
(In thousands)
Cash and due from banksCash and due from banks$112,867 $112,553 $(314)
Loans receivableLoans receivable3,652,706 3,652,620 (86)
Bank premises and equipment, netBank premises and equipment, net142,067 141,372 (695)
Deferred tax asset, netDeferred tax asset, net35,414 31,816 (3,598)
Equity method investments & Other assetsOther assets49,752 58,897 9,145 
GoodwillGoodwill425,375 425,228 (147)
Demand and non-interest bearing depositsDemand and non-interest bearing deposits1,932,756 1,932,823 67 
Accrued expense and other liabilitiesAccrued interest payable and other liabilities44,759 48,997 4,238 
The impact to the income statement resulting from the changes to the estimated fair values was insignificant. We continue to analyze the assumptions and related valuation results associated with the acquired assets and assumed liabilities, and accordingly, the valuations of these assets and liabilities are not final as of December 31, 2022. However, the valuations will be finalized no later than April 1, 2023. As the valuations remain provisional and subject to updates, the purchase accounting accretion/amortization are also subject to adjustments.
The unaudited pro-forma combined consolidated financial information presents how the combined financial information of HBI and Happy might have appeared had the businesses actually been combined. The following schedule represents the unaudited pro forma combined financial information as of the years ended December 31, 2022 and 2021, assuming the acquisition was completed as of January 1, 2022 and 2021, respectively:
December 31,
20222021
(In thousands, except per share data)
Total interest income$935,168 $839,407 
Total non-interest income188,012 190,550 
Net income available to all shareholders406,949 317,190 
Basic earnings per common share$1.98 $1.53 
Diluted earnings per common share1.98 1.53 
The unaudited pro-forma consolidated financial information is presented for illustrative purposes only and does not indicate the financial results of the combined company had the companies actually been combined at the beginning of the period presented and had the impact of possible significant revenue enhancements and expense efficiencies from in-market cost savings, among other factors, been considered and, accordingly, does not attempt to predict or suggest future results. Pro-forma results include Happy merger expenses of $49.6 million, provision for credit losses on acquired loans of $45.2 million, provision for credit losses on acquired unfunded commitments of $11.4 million and provision for credit losses on acquired investment securities of $2.0 million for the years ended December 31, 2022 and 2021, respectively. The pro-forma financial information also does not necessarily reflect what the historical results of the combined company would have been had the companies been combined during this period.
Purchased loans that reflect a more-than-insignificant deterioration of credit from origination are considered PCD. For PCD loans, the initial estimate of expected credit losses is recognized in the allowance for credit losses on the date of acquisition using the same methodology as other loans held-for-investment. The following table provides a summary of loans purchased as part of the Happy acquisition with credit deterioration at acquisition:
April 1, 2022
(In thousands)
Purchased Loans with Credit Deterioration:
Par value$165,028 
Allowance for credit losses at acquisition(16,816)
Premium on acquired loans684 
Purchase price$148,896 
Acquisition of LH-Finance
On February 29, 2020, the Company completed the acquisition of LH-Finance, the marine lending division of People’s United Bank, N.A. The Company paid a purchase price of approximately $421.2 million in cash. LH-Finance provides direct consumer financing for United States Coast Guard (“USCG”) registered high-end sail and power boats. Additionally, LH-Finance provides inventory floor plan lines of credit to marine dealers, primarily those selling USCG documented vessels.
Including the purchase accounting adjustments, as of the acquisition date, LH-Finance had approximately $409.1 million in total assets, including $407.4 million in total loans, which resulted in goodwill of $14.6 million being recorded.
The acquired portfolio of loans is now housed in the Shore Premier Finance (“SPF”) division. The SPF division of Centennial is responsible for servicing the acquired loan portfolio and originating new loan production. In connection with this acquisition, Centennial opened a new loan production office in Baltimore, Maryland.
The Company has determined that the acquisition of the net assets of LH-Finance constitutes a business combination as defined by the ASC Topic 805. Accordingly, the assets acquired are presented at their fair values as required. Fair values were determined based on the requirements of ASC Topic 820. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change.
v3.22.4
Investment Securities
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The amortized cost and estimated fair value of investment securities that are classified as available-for-sale and held-to-maturity are as follows:
December 31, 2022
Available-for-Sale
Amortized
Cost		Allowance for Credit LossesNet Carrying AmountGross
Unrealized
Gains		Gross
Unrealized
(Losses)		Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$682,316 $— $682,316 $2,713 $(23,209)$661,820 
Residential mortgage-backed securities1,759,025 — 1,759,025 71 (211,453)1,547,643 
Commercial mortgage-backed securities339,206 — 339,206 — (22,254)316,952 
State and political subdivisions1,021,188 (842)1,020,346 1,649 (115,698)906,297 
Other securities643,885 — 643,885 346 (35,353)608,878 
Total$4,445,620 $(842)$4,444,778 $4,779 $(407,967)$4,041,590 
December 31, 2022
Held-to-Maturity
Amortized
Cost		Allowance for Credit LossesNet Carrying AmountGross
Unrealized
Gains		Gross
Unrealized
(Losses)		Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$43,017 $— $43,017 $— $(3,349)$39,668 
Residential mortgage-backed securities49,088 — 49,088 24 (1,205)47,907 
Commercial mortgage-backed securities85,912 — 85,912 107 (2,551)83,468 
State and political subdivisions1,111,693 (2,005)1,109,688 65 (154,650)955,103 
Total$1,289,710 $(2,005)$1,287,705 $196 $(161,755)$1,126,146 
December 31, 2021
Available-for-Sale
Amortized
Cost		Allowance for Credit LossesNet Carrying AmountGross
Unrealized
Gains		Gross
Unrealized
(Losses)		Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$433,829 $— $433,829 $2,375 $(3,225)$432,979 
Residential mortgage-backed securities1,175,185 — 1,175,185 4,085 (18,551)1,160,719 
Commercial mortgage-backed securities372,702 — 372,702 6,521 (1,968)377,255 
State and political subdivisions973,318 (842)972,476 26,296 (1,794)996,978 
Other securities151,449 — 151,449 1,781 (1,354)151,876 
Total$3,106,483 $(842)$3,105,641 $41,058 $(26,892)$3,119,807 
On April 1, 2022, the Company completed the acquisition of Happy. Including the effects of the known purchase accounting adjustments, as of the acquisition date, Happy had approximately $1.78 billion in investments, net of purchase accounting adjustments. The Company classified approximately $1.12 billion of investments acquired from Happy as held-to-maturity at the acquisition date.
Assets, principally investment securities, having a fair value of approximately $2.35 billion and $1.15 billion at December 31, 2022 and 2021, respectively, were pledged to secure public deposits and for other purposes required or permitted by law. Also, investment securities pledged as collateral for repurchase agreements totaled approximately $131.1 million and $140.9 million at December 31, 2022 and 2021.
The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at December 31, 2022, by contractual maturity, are shown below. Expected maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
Available-for-SaleHeld-to-Maturity
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
(In thousands)
Due in one year or less$265,640 $265,487 $— $— 
Due after one year through five years176,377 164,127 4,782 4,479 
Due after five years through ten years476,305 434,906 216,182 190,992 
Due after ten years1,427,566 1,310,977 933,746 799,300 
Mortgage - backed securities: Residential1,759,025 1,547,643 49,088 47,907 
Mortgage - backed securities: Commercial339,206 316,952 85,912 83,468 
Other1,501 1,498 — — 
Total$4,445,620 $4,041,590 $1,289,710 $1,126,146 
During the year ended December 31, 2022, $67.3 million in available-for-sale securities were sold, and no gain or loss was recognized. During the year ended December 31, 2021, $17.9 million in available-for-sale securities were sold, and the gross realized gains on the sales totaled $219,000. The income tax expense/benefit to net security gains and losses was 25.740% of the gross amounts. During the year ended December 31, 2020, no available-for-sale securities were sold.
The following shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of December 31, 2022 and 2021:
December 31, 2022
Less Than 12 Months 12 Months or More Total
Fair
Value		Unrealized
Losses 		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
(In thousands)
Available-for-sale:
U.S. government-sponsored enterprises$315,531 $(3,056)$128,527 $(20,153)$444,058 $(23,209)
Residential mortgage-backed securities817,351 (54,025)717,587 (157,428)1,534,938 (211,453)
Commercial mortgage-backed securities212,050 (10,782)89,979 (11,472)302,029 (22,254)
State and political subdivisions485,817 (50,484)338,638 (65,214)824,455 (115,698)
Other securities424,700 (25,040)73,556 (10,313)498,256 (35,353)
Total$2,255,449 $(143,387)$1,348,287 $(264,580)$3,603,736 $(407,967)
Held-to-maturity:
U.S. government-sponsored enterprises$39,668 $(3,349)$— $— $39,668 $(3,349)
Residential mortgage-backed securities40,892 (1,205)— — 40,892 (1,205)
Commercial mortgage-backed securities65,948 (2,551)— — 65,948 (2,551)
State and political subdivisions955,563 (154,650)— — 955,563 (154,650)
Total$1,102,071 $(161,755)$— $— $1,102,071 $(161,755)
December 31, 2021
Less Than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
(In thousands)
U.S. government-sponsored enterprises$120,730 $(1,356)$78,124 $(1,869)$198,854 $(3,225)
Residential mortgage-backed securities854,807 (15,246)104,897 (3,305)959,704 (18,551)
Commercial mortgage-backed securities100,702 (1,251)28,711 (717)129,413 (1,968)
State and political subdivisions136,135 (1,282)18,647 (512)154,782 (1,794)
Other securities75,744 (1,316)2,703 (38)78,447 (1,354)
Total$1,288,118 $(20,451)$233,082 $(6,441)$1,521,200 $(26,892)
Debt securities available-for-sale are reported at fair value with unrealized holding gains and losses reported as a separate component of stockholders’ equity and other comprehensive income (loss), net of taxes. Securities that are held as available-for-sale are used as a part of our asset/liability management strategy. Securities that may be sold in response to interest rate changes, changes in prepayment risk, the need to increase regulatory capital, and other similar factors are classified as available-for-sale. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments. The Company first assesses whether it intends to sell or is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, and changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that 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 losses is
recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. 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 uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met.
Debt securities held-to-maturity, which include any security for which we have the positive intent and ability to hold until maturity, are reported at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized/accreted to the call date to interest income using the constant effective yield method over the estimated life of the security. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments. 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. 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 uncollectability of a security is confirmed.
The Company recorded a $2.0 million provision for credit losses on the held-to-maturity investment securities during the second quarter of 2022 as a result of the investment securities acquired as part of the Happy acquisition. Of the Company's held-to-maturity securities, $1.11 billion, or 86.2% are municipal securities. To estimate the necessary loss provision, the Company utilized historical default and recovery rates of the municipal bond sector and applied these rates using a pooling method. The remainder of investments classified as held-to-maturity are U.S. government-sponsored enterprises and mortgage-backed securities all of which are guaranteed by the U.S. government. Due to the inherent low risk in these U.S. government guaranteed securities, no provision for credit loss was established on this portion of the portfolio.
At December 31, 2022, the Company determined the allowance for credit losses of $842,000, resulting from economic uncertainty, was adequate for the available-for-sale investment portfolio. No additional provision for credit losses was considered necessary for the portfolio.
Available-for-Sale Investment Securities
Year Ended December 31, 2022Year Ended December 31, 2021
(In thousands)
Allowance for credit losses:
Beginning balance$842 $842 
Provision for credit loss— — 
Ending balance, December 31,$842 $842 
Held-to-Maturity Investment Securities
Year Ended Dec 31, 2022
State and Political SubdivisionsOther Securities
Allowance for credit losses:(In thousands)
Beginning balance$— $— 
Provision for credit loss - acquired securities(2,005)— 
Securities charged-off— — 
Recoveries— — 
Ending balance, December 31, $(2,005)$— 
For the year ended December 31, 2022, the Company had available-for-sale investment securities with approximately $264.6 million in unrealized losses, which have been in continuous loss positions for more than twelve months. The Company’s assessments indicated that the cause of the market depreciation was primarily due to the change in interest rates and not the issuer’s financial condition, or downgrades by rating agencies. In addition, approximately 33.0% of the Company’s available-for-sale investment portfolio will mature and be repaid to the Company within five years or less. As a result, the Company has the ability and intent to hold such securities until maturity.
For the year ended December 31, 2021, the Company had approximately $6.4 million in unrealized losses, which were in continuous loss positions for more than twelve months. The Company’s assessments indicated that the cause of the market depreciation was primarily the change in interest rates and not the issuer’s financial condition, or downgrades by rating agencies. In addition, approximately 55.7% of the Company’s investment portfolio was expected to mature and be repaid to the Company within five years or less. As a result, the Company had the ability and intent to hold such securities until maturity.
As of December 31, 2022, the Company's available-for-sale securities portfolio consisted of 1,642 investment securities, 1,408 of which were in an unrealized loss position. As noted in the table above, the total amount of the unrealized loss was $408.0 million. The U.S government-sponsored enterprises portfolio contained unrealized losses of $23.2 million on 65 securities. The residential mortgage-backed securities portfolio contained $211.5 million of unrealized losses on 591 securities, and the commercial mortgage-backed securities portfolio contained $22.3 million of unrealized losses on 145 securities. The state and political subdivisions portfolio contained $115.7 million of unrealized losses on 501 securities. In addition, the other securities portfolio contained $35.4 million of unrealized losses on 106 securities. The unrealized losses on the Company's available-for-sale investments were a result of interest rate changes. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value was attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company has determined that an additional provision for credit losses is not necessary as of December 31, 2022.
As of December 31, 2022, the Company's held-to-maturity securities portfolio consisted of 507 investment securities, 500 of which were in an unrealized loss position. As noted in the table above, the total amount of the unrealized loss was $161.8 million. The U.S. government-sponsored enterprises portfolio contained unrealized losses of $3.3 million on 5 securities. The state and political subdivisions portfolio contained $154.7 million of unrealized losses on 479 securities. The residential mortgage-backed securities portfolio contained $1.2 million of unrealized losses on 6 securities, and the commercial mortgage-backed securities portfolio contained $2.6 million of unrealized losses on 10 securities. The unrealized losses on the Company's held-to-maturity investments were a result of interest rate changes. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value was attributable to changes in interest rates and not credit quality, the Company has determined that an additional provision for credit losses is not necessary as of December 31, 2022.
The following table summarizes bond ratings for the Company's held-to-maturity portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of December 31, 2022:
State and Political SubdivisionsOther SecuritiesTotal
(In thousands)
Aaa/AAA$233,117 $43,017 $276,134 
Aa/AA849,386 — 849,386 
A27,593 — 27,593 
Not rated1,597 — 1,597 
Agency Backed— 135,000 135,000 
Total$1,111,693 $178,017 $1,289,710 
Income earned on securities for the years ended is as follows:
December 31,
202220212020
(In thousands)
Taxable:
Available-for-sale$71,352 $30,054 $32,596 
Held-to-maturity20,581 — — 
Tax-exempt:
Available-for-sale19,168 19,642 16,158 
Held-to-maturity9,188 — — 
Total$120,289 $49,696 $48,754 
v3.22.4
Loans Receivable
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Loans Receivable Loans Receivable
The various categories of loans receivable are summarized as follows:
December 31,
20222021
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$5,632,063 $3,889,284 
Construction/land development2,135,266 1,850,050 
Agricultural346,811 130,674 
Residential real estate loans
Residential 1-4 family1,748,551 1,274,953 
Multifamily residential578,052 280,837 
Total real estate10,440,743 7,425,798 
Consumer1,149,896 825,519 
Commercial and industrial2,349,263 1,386,747 
Agricultural285,235 43,920 
Other184,343 154,105 
Total Loans receivable$14,409,480 $9,836,089 
Allowance for credit losses(289,669)(236,714)
 Loans receivable, net$14,119,811 $9,599,375 
On April 1, 2022, the Company completed the acquisition of Happy. Including the effects of the known purchase accounting adjustments, as of the acquisition date, Happy had approximately $3.65 billion in loans.
During the year ended December 31, 2022, the Company sold $4.1 million of the guaranteed portion of certain SBA loans, which resulted in a gain of approximately $183,000. During the year ended December 31, 2021, the Company sold $22.7 million of the guaranteed portion of certain SBA loans, which resulted in a gain of $2.4 million. During the year ended December 31, 2020, the Company sold $7.0 million of the guaranteed portion of certain SBA loans, which resulted in a gain of $645,000.
Mortgage loans held for sale of approximately $79.9 million and $72.7 million at December 31, 2022 and 2021, respectively, are included in residential 1-4 family loans. Mortgage loans held for sale are carried at the lower of cost or fair value, determined using an aggregate basis. Gains and losses resulting from sales of mortgage loans are recognized when the respective loans are sold to investors. Gains and losses are determined by the difference between the selling price and the carrying amount of the loans sold, net of discounts collected or paid. The Company obtains forward commitments to sell mortgage loans to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale. The forward commitments acquired by the Company for mortgage loans in process of origination are considered mandatory forward commitments. Because these commitments are structured on a mandatory basis, the Company is required to substitute another loan or to buy back the commitment if the original loan does not fund. These commitments are derivative instruments and their fair values at December 31, 2022 and 2021 were not material.
Purchased loans that have experienced more than insignificant credit deterioration since origination are PCD loans. An allowance for credit losses is determined using the same methodology as other loans. For PCD loans not individually analyzed for impairment, the Company develops separate PCD models for each loan segment. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a non-credit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit losses. The Company held approximately $142.5 million and $448,000 in PCD loans, as of December 31, 2022 and 2021, respectively. This balance, as of December 31, 2022, consisted of $142.1 million resulting from the acquisition of Happy and $415,000 from the acquisition of LH-Finance.
v3.22.4
Allowance for Credit Losses, Credit Quality and Other
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Allowance for Credit Losses, Credit Quality and Other Allowance for Credit Losses, Credit Quality and Other
The Company uses the discounted cash flow (“DCF”) method to estimate expected losses for all of Company’s loan pools. These pools are as follows: construction & land development; other commercial real estate; residential real estate; commercial & industrial; and consumer & other. The loan portfolio pools were selected in order to generally align with the loan categories specified in the quarterly call reports required to be filed with the Federal Financial Institutions Examination Council. For each of these loan pools, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, probability of default, and loss given default. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical internal data. The Company uses regression analysis of historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers.
Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These Q-Factors and other qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making Q-Factor and other qualitative adjustments include, among other things, the impact of (i) changes in lending policies, procedures and strategies; (ii) changes in nature and volume of the portfolio; (iii) staff experience; (iv) changes in volume and trends in classified loans, delinquencies and nonaccruals; (v) concentration risk; (vi) trends in underlying collateral values; (vii) external factors such as competition, legal and regulatory environment; (viii) changes in the quality of the loan review system and (ix) economic conditions.
Each year management evaluates the performance of the selected models used in the CECL calculation through backtesting. Based on the results of the testing, management determines if the various models produced accurate results compared to the actual losses incurred for the current economic environment. Management then determines if changes to the input assumptions and economic factors would produce a stronger overall calculation that is more responsive to changes in economic conditions. The Company continues to use regression analysis to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default for the changes in the economic factors for the loss driver segments. Based on this analysis during the first quarter of 2021, management determined that changes to several of the economic factors for the various loss driver segments were necessary. The identified loss drivers by segment are included below as of both December 31, 2022 and 2021, respectively.
Loss Driver Segment
Call Report Segment(s)
Modeled Economic Factors
1-4 Family Construction1a1National Unemployment (%) & Housing Price Index (%)
All Other Construction1a2National Unemployment (%) & Gross Domestic Product (%)
1-4 Family Revolving HELOC & Junior Liens1c1National Unemployment (%) & Housing Price Index – CoreLogic (%)
1-4 Family Revolving HELOC & Junior Liens1c2bNational Unemployment (%) & Gross Domestic Product (%)
1-4 Family Senior Liens1c2aNational Unemployment (%) & Gross Domestic Product (%)
Multifamily1dRental Vacancy Rate (%) & Housing Price Index – Case-Schiller (%)
Owner Occupied CRE1e1National Unemployment (%) & Gross Domestic Product (%)
Non-Owner Occupied CRE1e2,1b,8National Unemployment (%) & Gross Domestic Product (%)
Commercial & Industrial, Agricultural, Non-Depository Financial Institutions, Purchase/Carry Securities, Other4a, 3, 9a, 9b1, 9b2, 10, OtherNational Unemployment (%) & National Retail Sales (%)
Consumer Auto6cNational Unemployment (%) & National Retail Sales (%)
Other Consumer6b, 6dNational Unemployment (%) & National Retail Sales (%)
Other Consumer - SPF6dNational Unemployment (%)
For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts to a historical loss rate over four quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. Other internal and external indicators of economic forecasts are also considered by management when developing the forecast metrics.
The combination of adjustments for credit expectations (default and loss) and time expectations prepayment, curtailment, and time to recovery produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value of expected cash flows (“NPV”). An allowance for credit loss is established for the difference between the instrument’s NPV and amortized cost basis.
Construction/Land Development and Other Commercial Real Estate Loans. We originate non-farm and non-residential loans (primarily secured by commercial real estate), construction/land development loans, and agricultural loans, which are generally secured by real estate located in our market areas. Our commercial mortgage loans are generally collateralized by first liens on real estate and amortized (where defined) over a 15 to 30-year period with balloon payments due at the end of one to five years. These loans are generally underwritten by assessing cash flow (debt service coverage), primary and secondary source of repayment, the financial strength of any guarantor, the strength of the tenant (if any), the borrower’s liquidity and leverage, management experience, ownership structure, economic conditions and industry specific trends and collateral. Generally, we will loan up to 85% of the value of improved property, 65% of the value of raw land and 75% of the value of land to be acquired and developed. A first lien on the property and assignment of lease is required if the collateral is rental property, with second lien positions considered on a case-by-case basis.
Residential Real Estate Loans. We originate one to four family, residential mortgage loans generally secured by property located in our primary market areas. Residential real estate loans generally have a loan-to-value ratio of up to 90%. These loans are underwritten by giving consideration to many factors including the borrower’s ability to pay, stability of employment or source of income, debt-to-income ratio, credit history and loan-to-value ratio.
Commercial and Industrial Loans. Commercial and industrial loans are made for a variety of business purposes, including working capital, inventory, equipment and capital expansion. The terms for commercial loans are generally one to seven years. Commercial loan applications must be supported by current financial information on the borrower and, where appropriate, by adequate collateral. Commercial loans are generally underwritten by addressing cash flow (debt service coverage), primary and secondary sources of repayment, the financial strength of any guarantor, the borrower’s liquidity and leverage, management experience, ownership structure, economic conditions and industry specific trends and collateral. The loan to value ratio depends on the type of collateral. Generally, accounts receivable are financed at between 50% and 80% of accounts receivable less than 60 days past due. Inventory financing will range between 50% and 80% (with no work in process) depending on the borrower and nature of inventory. We require a first lien position for those loans.
Consumer & Other Loans. Our consumer & other loans are primarily composed of loans to finance USCG registered high-end sail and power boats as a result of our acquisitions of Shore Premier Finance on June 30, 2018 and LH-Finance on February 29, 2020. The performance of consumer & other loans will be affected by the local and regional economies as well as the rates of personal bankruptcies, job loss, divorce and other individual-specific characteristics.
Off-Balance Sheet Credit Exposures. The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The allowance for credit loss on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The Company uses the DCF method to estimate expected losses for all of Company’s off-balance sheet credit exposures through the use of the existing DCF models for the Company’s loan portfolio pools. The off-balance sheet credit exposures exhibit similar risk characteristics as loans currently in the Company’s loan portfolio.
During the year ended December 31, 2022, the Company recorded a $5.0 million provision for credit losses on loans due to increased loan growth. However, the Company determined that no additional provision was necessary for unfunded commitments as the current levels of the reserve was considered adequate.
ASC 326 requires that both a discount and an allowance for credit losses be recorded on loans during an acquisition. The Company completed the acquisition of Happy on April 1, 2022. As a result, the Company recorded $4.4 million in net loan discounts and a $16.8 million increase in the allowance for credit losses related to PCD loans. In addition, the Company recorded a $45.2 million provision for credit losses on acquired loans for the CECL "double count" and an $11.4 million provision for credit losses on acquired unfunded commitments.
During the first quarter of 2020, we completed the acquisition of $406.2 million of loans from LH-Finance. As a result, the Company recorded a $6.6 million loan discount and a $9.3 million increase in the allowance for credit losses for this acquisition. A small portion of the loans acquired during the quarter were purchase credit deteriorated (“PCD”) loans, so the Company recorded a $357,000 allowance for credit losses on these loans.
The following table presents the activity in the allowance for credit losses for the year ended December 31, 2022.
Year Ended December 31, 2022
Construction/
Land Development		Other
Commercial
Real Estate		Residential
Real Estate		Commercial
& Industrial		Consumer
& Other		Total
(In thousands)
Allowance for credit losses:
Beginning balance$28,415 $87,218 $48,458 $53,062 $19,561 $236,714 
Allowance for credit losses on PCD loans - Happy acquisition950 9,283 980 5,596 7 16,816 
Loans charged off(1)— (446)(9,773)(7,047)(17,267)
Recoveries of loans previously charged off405 967 119 780 965 3,236 
Net loans recovered (charged off)404 967 (327)(8,993)(6,082)(14,031)
Provision for credit loss - acquired loans7,205 18,711 7,380 11,303 571 45,170 
Provision for credit loss - loans(4,731)(22,331)(5,528)28,386 9,204 5,000 
Balance, December 31
$32,243 $93,848 $50,963 $89,354 $23,261 $289,669 

The following table presents the balance in the allowance for credit losses for the year ended December 31, 2021.
Year Ended December 31, 2021
Construction/
Land Development		Other
Commercial
Real Estate		Residential
Real Estate		Commercial
& Industrial		Consumer
& Other		Total
(In thousands)
Allowance for credit losses:
Beginning balance$32,861 $88,453 $53,216 $46,530 $24,413 $245,473 
Loans charged off— (646)(545)(8,242)(2,228)(11,661)
Recoveries of loans previously charged off58 785 683 591 785 2,902 
Net loans recovered (charged off)58 139 138 (7,651)(1,443)(8,759)
Provision for credit loss - loans(4,504)(1,374)(4,896)14,183 (3,409)— 
Balance, December 31
$28,415 $87,218 $48,458 $53,062 $19,561 $236,714 
The following table presents the balance in the allowance for loan losses for the year ended December 31, 2020.
Year Ended December 31, 2020
Construction/
Land Development
Other
Commercial
Real Estate		Residential
Real Estate		Commercial
& Industrial		Consumer
& Other		Total
(In thousands)
Allowance for loan losses:
Beginning balance$26,433 $33,529 $20,135 $16,615 $5,410 $102,122 
Impact of adopting ASC 326(5,296)15,912 16,680 11,584 5,108 43,988 
Allowance for credit losses on PCD
loans - LH Finance acquisition		— — — — 357 357 
Loans charged off(1,218)(3,041)(485)(7,764)(1,978)(14,486)
Recoveries of loans previously
charged off		107 647 337 218 761 2,070 
Net loans recovered
(charged off)		(1,111)(2,394)(148)(7,546)(1,217)(12,416)
Provision for credit loss - loans12,835 41,406 16,549 25,877 5,446 102,113 
Provision for loan losses - acquired
loans		— — — — 9,309 9,309 
Balance December 31
$32,861 $88,453 $53,216 $46,530 $24,413 $245,473 
The following table presents the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing as of December 31, 2022 and 2021, respectively:
December 31, 2022
NonaccrualNonaccrual
With Reserve		Loans Past Due
Over 90 Days
Still Accruing
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$12,219 $8,383 $1,844 
Construction/land development1,977 — 31 
Agricultural278 — — 
Residential real estate loans
Residential 1-4 family18,083 — 1,374 
Multifamily residential— — — 
Total real estate32,557 8,383 3,249 
Consumer2,842 — 35 
Commercial and industrial14,920 — 6,300 
Agricultural & other692 — 261 
Total$51,011 $8,383 $9,845 
December 31, 2021
NonaccrualNonaccrual
With Reserve		Loans Past Due
Over 90 Days
Still Accruing
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$11,923 $2,212 $2,225 
Construction/land development1,445 — — 
Agricultural897 — — 
Residential real estate loans
Residential 1-4 family16,198 3,000 701 
Multifamily residential156 — — 
Total real estate30,619 5,212 2,926 
Consumer1,648 — 2 
Commercial and industrial13,875 4,018 107 
Agricultural & other1,016 — — 
Total$47,158 $9,230 $3,035 
The Company had $51.0 million and $47.2 million in nonaccrual loans for the periods ended December 31, 2022 and 2021, respectively. In addition, the Company had $9.8 million and $3.0 million in loans past due 90 days or more and still accruing for the periods ended December 31, 2022 and 2021, respectively.
The Company had $8.4 million and $9.2 million in nonaccrual loans with a specific reserve as of December 31, 2022 and 2021, respectively. The Company did not recognize any interest income on nonaccrual loans during the periods ended December 31, 2022 and 2021.
The following table presents the amortized cost basis of collateral-dependent impaired loans by class of loans as of December 31, 2022 and 2021, respectively:
December 31, 2022
Commercial
Real Estate		Residential
Real Estate		Other
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$162,268 $— $— 
Construction/land development2,008 — — 
Agricultural278 — — 
Residential real estate loans
Residential 1-4 family— 20,832 — 
Multifamily residential— 969 — 
Total real estate164,554 21,801 — 
Consumer— — 2,888 
Commercial and industrial— — 30,334 
Agricultural & other— — 1,527 
Total$164,554 $21,801 $34,749 
December 31, 2021
Commercial
Real Estate		Residential
Real Estate		Other
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$283,919 $— $— 
Construction/land development4,775 — — 
Agricultural897 — — 
Residential real estate loans
Residential 1-4 family— 19,775 — 
Multifamily residential— 1,300 — 
Total real estate289,591 21,075 — 
Consumer— — 1,663 
Commercial and industrial— — 18,193 
Agricultural & other— — 1,016 
Total$289,591 $21,075 $20,872 
The Company had $221.1 million and $331.5 million in collateral-dependent impaired loans for the periods ended December 31, 2022 and 2021, respectively.
Loans that do not share risk characteristics are evaluated on an individual basis. For collateral-dependent impaired loans where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the fair value of the underlying collateral less estimated costs to sell. The allowance for credit losses may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the loan.
The following is an aging analysis for loans receivable as of December 31, 2022 and 2021:
December 31, 2022
Loans
Past Due
30-59
Days
Loans
Past Due
60-89
Days
Loans
Past Due
90 Days
or More
Total
Past Due
Current
Loans
Total Loans
Receivable
Accruing
Loans
Past Due
90 Days
or More
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$4,242 $2,117 $14,063 $20,422 $5,611,641 $5,632,063 $1,844 
Construction/land development4,042 1,892 2,008 7,942 2,127,324 2,135,266 31 
Agricultural1,469 193 278 1,940 344,871 346,811 — 
Residential real estate loans
Residential 1-4 family6,715 605 19,457 26,777 1,721,774 1,748,551 1,374 
Multifamily residential— — — — 578,052 578,052 — 
Total real estate16,468 4,807 35,806 57,081 10,383,662 10,440,743 3,249 
Consumer950 539 2,877 4,366 1,145,530 1,149,896 35 
Commercial and industrial3,007 1,075 21,220 25,302 2,323,961 2,349,263 6,300 
Agricultural and other1,065 57 953 2,075 467,503 469,578 261 
Total$21,490 $6,478 $60,856 $88,824 $14,320,656 $14,409,480 $9,845 
December 31, 2021
Loans
Past Due
30-59
Days
Loans
Past Due
60-89
Days
Loans
Past Due
90 Days
or More
Total
Past Due
Current
Loans
Total Loans
Receivable
Accruing
Loans
Past Due
90 Days
or More
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$1,434 $576 $14,148 $16,158 $3,873,126 $3,889,284 $2,225 
Construction/land development92 22 1,445 1,559 1,848,491 1,850,050 — 
Agricultural— 472 897 1,369 129,305 130,674 — 
Residential real estate loans
Residential 1-4 family1,633 3,560 16,899 22,092 1,252,861 1,274,953 701 
Multifamily residential— — 156 156 280,681 280,837 — 
Total real estate3,159 4,630 33,545 41,334 7,384,464 7,425,798 2,926 
Consumer60 205 1,650 1,915 823,604 825,519 2 
Commercial and industrial958 316 13,982 15,256 1,371,491 1,386,747 107 
Agricultural and other587 2 1,016 1,605 196,420 198,025 — 
Total$4,764 $5,153 $50,193 $60,110 $9,775,979 $9,836,089 $3,035 
Non-accruing loans were $51.0 million and $47.2 million at December 31, 2022 and 2021, respectively.
Interest recognized on impaired loans, including those loans with a specific reserve, during the years ended December 31, 2022, 2021 and 2020 was approximately $9.6 million, $14.7 million and $3.4 million, respectively. The amount of interest recognized on impaired loans on the cash basis is not materially different than the accrual basis.
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 risk rating of loans, (ii) the level of classified loans, (iii) net charge-offs, (iv) non-performing loans and (v) the general economic conditions in Arkansas, Florida, Texas, Alabama and New York.
The Company utilizes a risk rating matrix to assign a risk rating to each of its loans. Loans are rated on a scale from 1 to 8. Descriptions of the general characteristics of the 8 risk ratings are as follows:
•Risk rating 1 – Excellent. Loans in this category are to persons or entities of unquestionable financial strength, a highly liquid financial position, with collateral that is liquid and well margined. These borrowers have performed without question on past obligations, and the Bank expects their performance to continue. Internally generated cash flow covers current maturities of long-term debt by a substantial margin. Loans secured by bank certificates of deposit and savings accounts, with appropriate holds placed on the accounts, are to be rated in this category.
•Risk rating 2 – Good. These are loans to persons or entities with strong financial condition and above-average liquidity that have previously satisfactorily handled their obligations with the Bank. Collateral securing the Bank’s debt is margined in accordance with policy guidelines. Internally generated cash flow covers current maturities of long-term debt more than adequately. Unsecured loans to individuals supported by strong financial statements and on which repayment is satisfactory may be included in this classification.
•Risk rating 3 – Satisfactory. Loans to persons or entities with an average financial condition, adequate collateral margins, adequate cash flow to service long-term debt, and net worth comprised mainly of fixed assets are included in this category. These entities are minimally profitable now, with projections indicating continued profitability into the foreseeable future. Closely held corporations or businesses where a majority of the profits are withdrawn by the owners or paid in dividends are included in this rating category. Overall, these loans are basically sound.
•Risk rating 4 – Watch. Borrowers who have marginal cash flow, marginal profitability or have experienced an unprofitable year and a declining financial condition characterize these loans. The borrower has in the past satisfactorily handled debts with the Bank, but in recent months has either been late, delinquent in making payments, or made sporadic payments. While the Bank continues to be adequately secured, margins have decreased or are decreasing, despite the borrower’s continued satisfactory condition. Other characteristics of borrowers in this class include inadequate credit information, weakness of financial statement and repayment capacity, but with collateral that appears to limit exposure.
•Risk rating 5 – Other Loans Especially Mentioned (“OLEM”). A loan criticized as OLEM 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. OLEM assets are not adversely classified and do not expose the institution to sufficient risks to warrant adverse classification.
•Risk rating 6 – Substandard. A loan classified as substandard is inadequately protected by the sound worth and paying capacity of the borrower or the collateral pledged. Loss potential, while existing in the aggregate amount of substandard loans, does not have to exist in individual assets.
•Risk rating 7 – Doubtful. A loan classified as doubtful has all the weaknesses inherent in a loan classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. These are poor quality loans in which neither the collateral, if any, nor the financial condition of the borrower presently ensure collectability in full in a reasonable period of time; in fact, there is permanent impairment in the collateral securing the loan.
•Risk rating 8 – Loss. Assets classified as loss are considered uncollectible and of such little value that the continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather, it is not practical or desirable to defer writing off this basically worthless asset, even though partial recovery may occur in the future. This classification is based upon current facts, not probabilities. Assets classified as loss should be charged-off in the period in which they became uncollectible.
Loans may be classified, but not considered impaired, due to one of the following reasons: (1) The Company has established minimum dollar amount thresholds for loan impairment testing. All loans over $2.0 million that are rated 5 – 8 are individually assessed for impairment on a quarterly basis. Loans rated 5 – 8 that fall under the threshold amount are not individually tested for impairment and therefore are not included in impaired loans; (2) of the loans that are above the threshold amount and tested for impairment, after testing, some are considered to not be impaired and are not included in impaired loans.
Based on the most recent analysis performed, the risk category of loans by class as of December 31, 2022 and 2021 is as follows:
December 31, 2022
Term Loans Amortized Cost Basis by Origination Year  
20222021202020192018PriorRevolving Loans Amortized Cost BasisTotal
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Risk rating 1$— $— $— $237 $— $132 $85 $454 
Risk rating 2— — — 118 — 3,992 — 4,110 
Risk rating 3616,809 509,269 263,188 279,157 322,278 852,727 374,371 3,217,799 
Risk rating 4438,565 341,047 235,669 161,421 321,188 482,437 139,203 2,119,530 
Risk rating 5— 757 1,145 14,417 35,273 37,561 95 89,248 
Risk rating 6876 196 14,247 26,649 4,720 153,909 194 200,791 
Risk rating 7131 — — — — — — 131 
Risk rating 8— — — — — — — — 
Total non-farm/non-residential1,056,381 851,269 514,249 481,999 683,459 1,530,758 513,948 5,632,063 
Construction/land development
Risk rating 1$— $11 $— $— $— $— $— $11 
Risk rating 2682 — — — — 210 — 892 
Risk rating 3421,774 283,546 83,631 48,350 19,340 34,910 75,797 967,348 
Risk rating 4354,852 512,541 58,368 79,924 11,520 43,634 65,960 1,126,799 
Risk rating 5— — 30,987 310 — 1,140 — 32,437 
Risk rating 6612 — 574 751 3 5,839 — 7,779 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total construction/land development777,920 796,098 173,560 129,335 30,863 85,733 141,757 2,135,266 
Agricultural
Risk rating 1$1,749 $— $— $— $— $— $— $1,749 
Risk rating 2— 2,048 — — — — — 2,048 
Risk rating 361,725 43,356 32,895 16,475 10,326 37,892 5,996 208,665 
Risk rating 418,870 25,252 20,532 8,706 3,154 42,886 4,755 124,155 
Risk rating 5— — — 326 — 603 — 929 
Risk rating 6— 1,630 1,623 4,972 — 1,040 — 9,265 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total agricultural82,344 72,286 55,050 30,479 13,480 82,421 10,751 346,811 
Total commercial real estate loans$1,916,645 $1,719,653 $742,859 $641,813 $727,802 $1,698,912 $666,456 $8,114,140 
Residential real estate loans
Residential 1-4 family
Risk rating 1$— $— $— $— $— $115 $40 $155 
Risk rating 2— — — — — 48 2 50 
Risk rating 3360,510 255,775 176,955 112,053 98,093 314,492 110,881 1,428,759 
Risk rating 437,471 35,875 61,418 11,871 15,577 61,034 65,674 288,920 
Risk rating 5— — — 3,049 226 328 — 3,603 
Risk rating 6849 2,423 3,564 3,521 2,536 12,662 1,508 27,063 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — 1 — 1 
Total residential 1-4 family398,830 294,073 241,937 130,494 116,432 388,680 178,105 1,748,551 
December 31, 2022
Term Loans Amortized Cost Basis by Origination Year  
20222021202020192018PriorRevolving Loans Amortized Cost BasisTotal
(In thousands)
Multifamily residential
Risk rating 1$— $— $— $— $— $— $— $— 
Risk rating 2— — — — — — — — 
Risk rating 338,830 37,566 14,127 33,813 13,098 60,117 6,534 204,085 
Risk rating 443,478 101,282 182,850 8,284 11,934 11,779 1,201 360,808 
Risk rating 5— — — — 3,142 7,897 — 11,039 
Risk rating 6— — — 302 — 1,818 — 2,120 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total multifamily residential82,308 138,848 196,977 42,399 28,174 81,611 7,735 578,052 
Total real estate$2,397,783 $2,152,574 $1,181,773 $814,706 $872,408 $2,169,203 $852,296 $10,440,743 
Consumer
Risk rating 1$5,332 $3,952 $1,134 $637 $552 $1,176 $1,467 $14,250 
Risk rating 2— — — 193 614 — — 807 
Risk rating 3284,828 276,044 146,256 132,763 118,244 135,266 16,093 1,109,494 
Risk rating 415,306 2,293 422 1,216 459 907 69 20,672 
Risk rating 5— 633 19 — 8 810 — 1,470 
Risk rating 6215 156 270 970 24 1,386 101 3,122 
Risk rating 7— — — — — — — — 
Risk rating 83 — 1 — — 77 — 81 
Total consumer305,684 283,078 148,102 135,779 119,901 139,622 17,730 1,149,896 
Commercial and industrial
Risk rating 13,450 $7,692 $268 $264 $16 $21,298 $8,832 $41,820 
Risk rating 21,590 305 27 198 — 226 781 3,127 
Risk rating 3301,063 126,312 80,636 73,360 71,964 112,017 253,111 1,018,463 
Risk rating 470,862 120,618 69,963 89,975 81,389 48,496 568,795 1,050,098 
Risk rating 583,272 14,762 159 1,408 6,815 185 75,891 182,492 
Risk rating 64,842 2,539 11,204 4,193 5,769 16,559 3,554 48,660 
Risk rating 7— — — — 4,316 202 85 4,603 
Risk rating 8— — — — — — — — 
Total commercial and industrial465,079 272,228 162,257 169,398 170,269 198,983 911,049 2,349,263 
Agricultural and other
Risk rating 1$297 $266 $115 $— $— $95 $722 $1,495 
Risk rating 2140 78 — 2,338 34 115 1,661 4,366 
Risk rating 385,707 36,004 30,546 4,725 7,986 46,748 131,760 343,476 
Risk rating 47,627 13,591 2,598 1,671 1,710 8,766 69,179 105,142 
Risk rating 5— 8 204 — — 593 745 1,550 
Risk rating 6— 58 157 11,137 304 949 944 13,549 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total agricultural and other93,771 50,005 33,620 19,871 10,034 57,266 205,011 469,578 
Total$3,262,317 $2,757,885 $1,525,752 $1,139,754 $1,172,612 $2,565,074 $1,986,086 $14,409,480 
December 31, 2021
Term Loans Amortized Cost Basis by Origination Year  
20212020201920182017PriorRevolving Loans Amortized Cost BasisTotal
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Risk rating 1$— $— $— $— $— $— $— $— 
Risk rating 2— — — — — — — — 
Risk rating 3284,127 281,982 266,990 341,642 195,301 891,035 194,640 2,455,717 
Risk rating 4111,697 32,788 115,989 301,520 90,747 345,254 90,028 1,088,023 
Risk rating 5— 10,930 2,239 23,117 49,926 189,038 — 275,250 
Risk rating 6— — 23,723 2,224 11,751 32,372 224 70,294 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total non-farm/non-residential395,824 325,700 408,941 668,503 347,725 1,457,699 284,892 3,889,284 
Construction/land development
Risk rating 1$— $— $— $— $— $— $— $— 
Risk rating 2— — — — — 231 — 231 
Risk rating 3301,719 183,715 108,491 23,574 13,760 41,860 149,433 822,552 
Risk rating 4226,230 217,267 448,899 33,617 45,679 38,122 7,297 1,017,111 
Risk rating 5— — 388 — — 1,174 176 1,738 
Risk rating 6— 134 825 3 — 7,456 — 8,418 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total construction/land development527,949 401,116 558,603 57,194 59,439 88,843 156,906 1,850,050 
Agricultural
Risk rating 1$— $— $— $— $— $— $— $— 
Risk rating 2— — — — — — — — 
Risk rating 321,480 27,931 7,768 6,564 5,103 21,689 7,026 97,561 
Risk rating 44,305 964 365 970 655 22,143 2,065 31,467 
Risk rating 5— 166 — — — — — 166 
Risk rating 6— 44 — — — 1,436 — 1,480 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total agricultural25,785 29,105 8,133 7,534 5,758 45,268 9,091 130,674 
Total commercial real estate loans$949,558 $755,921 $975,677 $733,231 $412,922 $1,591,810 $450,889 $5,870,008 
Residential real estate loans
Residential 1-4 family
Risk rating 1$— $— $— $— $— $76 $89 $165 
Risk rating 2— — — — — 29 — 29 
Risk rating 3210,970 147,523 119,861 94,848 82,474 296,687 85,836 1,038,199 
Risk rating 48,885 3,397 56,839 16,887 21,874 53,578 36,642 198,102 
Risk rating 5— — 3,065 1,220 582 1,366 193 6,426 
Risk rating 61,136 2,252 2,432 2,063 1,263 16,305 6,580 32,031 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — 1 — 1 
Total residential 1-4 family220,991 153,172 182,197 115,018 106,193 368,042 129,340 1,274,953 
December 31, 2021
Term Loans Amortized Cost Basis by Origination Year  
20212020201920182017PriorRevolving Loans Amortized Cost BasisTotal
(In thousands)
Multifamily residential
Risk rating 1$— $— $— $— $— $— $— $— 
Risk rating 2— — — — — — — — 
Risk rating 311,898 5,211 34,492 17,375 9,430 43,804 3,583 125,793 
Risk rating 43,755 44,294 30,060 3,412 2,981 18,805 33,723 137,030 
Risk rating 5— — — 7,591 8,105 — — 15,696 
Risk rating 6— — — — 890 1,428 — 2,318 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total multifamily residential15,653 49,505 64,552 28,378 21,406 64,037 37,306 280,837 
Total real estate$1,186,202 $958,598 $1,222,426 $876,627 $540,521 $2,023,889 $617,535 $7,425,798 
Consumer
Risk rating 1$4,441 $1,799 $1,237 $920 $226 $1,383 $1,893 $11,899 
Risk rating 2— — 45 639 — 8 — 692 
Risk rating 3221,986 173,511 132,148 109,810 67,992 92,076 1,098 798,621 
Risk rating 43,547 923 2,944 1,776 158 2,641 79 12,068 
Risk rating 5— 116 — 15 — 131 — 262 
Risk rating 669 34 39 117 — 1,711 7 1,977 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total consumer230,043 176,383 136,413 113,277 68,376 97,950 3,077 825,519 
Commercial and industrial
Risk rating 1$99,579 $12,752 $350 $118 $102 $21,436 $9,851 $144,188 
Risk rating 2175 16 — — 66 276 168 701 
Risk rating 3125,071 59,056 77,130 67,944 34,733 42,905 145,247 552,086 
Risk rating 4244,927 35,350 89,558 91,840 23,616 34,566 88,750 608,607 
Risk rating 56,185 609 480 8,258 5,712 2,851 582 24,677 
Risk rating 6492 15,377 5,913 24,941 5,477 2,233 342 54,775 
Risk rating 7— — — 1,696 — — — 1,696 
Risk rating 8— — — — — 16 1 17 
Total commercial and industrial476,429 123,160 173,431 194,797 69,706 104,283 244,941 1,386,747 
Agricultural and other
Risk rating 1$5,042 $— $40 $— $— $110 $552 $5,744 
Risk rating 2— — 3,467 — — 909 983 5,359 
Risk rating 354,534 44,030 5,158 7,092 2,009 46,570 8,750 168,143 
Risk rating 41,544 218 154 1,590 1,226 1,224 10,842 16,798 
Risk rating 5— — — — — 1,297 — 1,297 
Risk rating 653 — 23 13 33 562 — 684 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total agricultural and other61,173 44,248 8,842 8,695 3,268 50,672 21,127 198,025 
Total$1,953,847 $1,302,389 $1,541,112 $1,193,396 $681,871 $2,276,794 $886,680 $9,836,089 
The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses. The Company also evaluates credit quality based on the aging status of the loan, which was previously presented and by payment activity. The following tables present the amortized cost of performing and nonperforming loans as of December 31, 2022 and 2021.
December 31, 2022
Term Loans Amortized Cost Basis by Origination Year  
20222021202020192018PriorRevolving
Loans
Amortized
Cost Basis		Total
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Performing$1,056,381 $851,269 $509,258 $456,196 $679,187 $1,403,874 $513,630 $5,469,795 
Non-performing— — 4,991 25,803 4,272 126,884 318 162,268 
Total non-farm/ non-residential
1,056,381 851,269 514,249 481,999 683,459 1,530,758 513,948 5,632,063 
Construction/land development
Performing777,309 796,098 172,987 128,736 30,860 85,511 141,757 2,133,258 
Non-performing611 — 573 599 3 222 — 2,008 
Total construction/ land development
777,920 796,098 173,560 129,335 30,863 85,733 141,757 2,135,266 
Agricultural
Performing$82,344 $72,286 $55,050 $30,479 $13,480 $82,143 $10,751 $346,533 
Non-performing— — — — — 278 — 278 
Total agricultural82,344 72,286 55,050 30,479 13,480 82,421 10,751 346,811 
Total commercial real estate loans
$1,916,645 $1,719,653 $742,859 $641,813 $727,802 $1,698,912 $666,456 $8,114,140 
Residential real estate loans
Residential 1-4 family
Performing$397,464 $292,100 $239,047 $127,250 $114,337 $380,210 $177,311 $1,727,719 
Non-performing1,366 1,973 2,890 3,244 2,095 8,470 794 20,832 
Total residential 1-4 family
398,830 294,073 241,937 130,494 116,432 388,680 178,105 1,748,551 
Multifamily residential
Performing$82,308 $138,848 $196,977 $42,399 $28,174 $80,642 $7,735 $577,083 
Non-performing— — — — — 969 — 969 
Total multifamily residential
82,308 138,848 196,977 42,399 28,174 81,611 7,735 578,052 
Total real estate2,397,783 2,152,574 1,181,773 814,706 872,408 2,169,203 852,296 10,440,743 
Consumer
Performing$305,620 $282,944 $147,820 $134,831 $119,877 $138,288 $17,628 $1,147,008 
Non-performing64 134 282 948 24 1,334 102 2,888 
Total consumer305,684 283,078 148,102 135,779 119,901 139,622 17,730 1,149,896 
Commercial and industrial
Performing$464,285 $267,719 $159,152 $165,733 $160,267 $194,162 $907,611 $2,318,929 
Non-performing794 4,509 3,105 3,665 10,002 4,821 3,438 30,334 
Total commercial and industrial465,079 272,228 162,257 169,398 170,269 198,983 911,049 2,349,263 
Agricultural and other
Performing$93,771 $50,001 $33,416 $19,818 $10,034 $56,631 $204,380 $468,051 
Non-performing— 4 204 53 — 635 631 1,527 
Total agricultural and other93,771 50,005 33,620 19,871 10,034 57,266 205,011 469,578 
Total$3,262,317 $2,757,885 $1,525,752 $1,139,754 $1,172,612 $2,565,074 $1,986,086 $14,409,480 
December 31, 2021
Term Loans Amortized Cost Basis by Origination Year  
20212020201920182017PriorRevolving
Loans
Amortized
Cost Basis		Total
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Performing$395,824 $315,447 $394,061 $648,351 $298,086 $1,268,731 $284,865 $3,605,365 
Non-performing— 10,253 14,880 20,152 49,639 188,968 27 283,919 
Total non-farm/ non-residential
395,824 325,700 408,941 668,503 347,725 1,457,699 284,892 3,889,284 
Construction/land development
Performing527,949 400,982 557,778 57,024 59,439 85,197 156,906 1,845,275 
Non-performing— 134 825 170 — 3,646 — 4,775 
Total construction/ land development
527,949 401,116 558,603 57,194 59,439 88,843 156,906 1,850,050 
Agricultural
Performing$25,785 $28,939 $8,133 $7,534 $5,758 $44,537 $9,091 $129,777 
Non-performing— 166 — — — 731 — 897 
Total agricultural25,785 29,105 8,133 7,534 5,758 45,268 9,091 130,674 
Total commercial real estate loans
$949,558 $755,921 $975,677 $733,231 $412,922 $1,591,810 $450,889 $5,870,008 
Residential real estate loans
Residential 1-4 family
Performing$220,380 $151,459 $180,113 $113,845 $105,129 $360,700 $123,552 $1,255,178 
Non-performing611 1,713 2,084 1,173 1,064 7,342 5,788 19,775 
Total residential 1-4 family
220,991 153,172 182,197 115,018 106,193 368,042 129,340 1,274,953 
Multifamily residential
Performing$15,653 $49,505 $64,552 $28,378 $21,406 $62,737 $37,306 $279,537 
Non-performing— — — — — 1,300 — 1,300 
Total multifamily residential
15,653 49,505 64,552 28,378 21,406 64,037 37,306 280,837 
Total real estate1,186,202 958,598 1,222,426 876,627 540,521 2,023,889 617,535 7,425,798 
Consumer
Performing$229,986 $176,355 $136,403 $113,160 $68,376 $96,506 $3,070 $823,856 
Non-performing57 28 10 117 — 1,444 7 1,663 
Total consumer230,043 176,383 136,413 113,277 68,376 97,950 3,077 825,519 
Commercial and industrial
Performing$476,424 $122,999 $168,984 $185,569 $66,928 $103,391 $244,259 $1,368,554 
Non-performing5 161 4,447 9,228 2,778 892 682 18,193 
Total commercial and industrial476,429 123,160 173,431 194,797 69,706 104,283 244,941 1,386,747 
Agricultural and other
Performing$61,173 $44,248 $8,819 $8,682 $3,235 $49,725 $21,127 $197,009 
Non-performing— — 23 13 33 947 — 1,016 
Total agricultural and other61,173 44,248 8,842 8,695 3,268 50,672 21,127 198,025 
Total$1,953,847 $1,302,389 $1,541,112 $1,193,396 $681,871 $2,276,794 $886,680 $9,836,089 
The Company had approximately $28.3 million or 183 total revolving loans convert to term loans for the year ended December 31, 2022 compared to $58.7 million or 259 total revolving loans convert to term loans for the year ended December 31, 2021. These loans were considered immaterial for vintage disclosure inclusion.
The following is a presentation of troubled debt restructurings (“TDRs”) by class as of December 31, 2022 and 2021:
December 31, 2022
Number
of Loans
Pre-
Modification
Outstanding
Balance
Rate
Modification
Term
Modification
Rate
& Term
Modification
Post-
Modification
Outstanding
Balance
(Dollars in thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential11 $4,462 $1,395 $598 $436 $2,429 
Construction/land development1 216 177 — — 177 
Residential real estate loans
Residential 1-4 family14 2,115 772 145 290 1,207 
Multifamily residential1 1,130 969 — — 969 
Total real estate27 7,923 3,313 743 726 4,782 
Consumer2 18 11 — 1 12 
Commercial and industrial15 3,199 748 47 156 951 
Total44 $11,140 $4,072 $790 $883 $5,745 
December 31, 2021
Number
of Loans
Pre-
Modification
Outstanding
Balance
Rate
Modification
Term
Modification
Rate
& Term
Modification
Post-
Modification
Outstanding
Balance
(Dollars in thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential12 $6,119 $3,581 $623 $85 $4,289 
Construction/land development2 240 210 1 — 211 
Agricultural1 282 262 — — 262 
Residential real estate loans
Residential 1-4 family15 2,328 844 117 332 1,293 
Multifamily residential1 1,130 1,144 — — 1,144 
Total real estate31 10,099 6,041 741 417 7,199 
Consumer4 22 13 — 3 16 
Commercial and industrial9 2,353 172 65 74 311 
Total44 $12,474 $6,226 $806 $494 $7,526 
The following is a presentation of TDRs on non-accrual status as of December 31, 2022, and 2021 because they are not in compliance with the modified terms:
 December 31, 2022December 31, 2021
 
Number of Loans
Recorded Balance
Number of Loans
Recorded Balance
 (Dollars in thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential2 $262 2 $7 
Construction/land development1 177 1 210 
Agricultural— — 1 262 
Residential real estate loans
Residential 1-4 family4 218 5 388 
Total real estate7 657 9 867 
Consumer1 1 3 3 
Commercial and industrial13 931 6 206 
Total21 $1,589 18 $1,076 
The following is a presentation of total foreclosed assets as of December 31, 2022 and 2021:
December 31, 2022December 31, 2021
(In thousands)
Commercial real estate loans
Non-farm/non-residential$118 $536 
Construction/land development47 834 
Agricultural— — 
Residential real estate loans
Residential 1-4 family260 260 
Multifamily residential121 — 
Total foreclosed assets held for sale$546 $1,630 
The Company has purchased loans for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. As of December 31, 2022 and 2021, the balance of purchase credit deteriorated loans was approximately $142.5 million and $448,000, respectively. This balance, as of December 31, 2022, consisted of $142.1 million resulting from the acquisition of Happy and $415,000 from the acquisition of LH-Finance.
v3.22.4
Goodwill and Core Deposit Intangible
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Core Deposit Intangible Goodwill and Core Deposit Intangible
Changes in the carrying amount and accumulated amortization of the Company’s goodwill and core deposit intangible at December 31, 2022 and 2021, were as follows:
December 31, 2022December 31, 2021
Goodwill(In thousands)
Balance, beginning of period$973,025 $973,025 
Acquisitions425,228 — 
Balance, end of period$1,398,253 $973,025 
December 31, 2022December 31, 2021
Core Deposit Intangible(In thousands)
Balance, beginning of period$25,045 $30,728 
Acquisitions42,263 — 
Amortization expense(8,853)(5,683)
Balance, end of year$58,455 $25,045 
The carrying basis and accumulated amortization of core deposits intangibles at December 31, 2022 and 2021 were:
December 31, 2022December 31, 2021
(In thousands)
Gross carrying amount$128,888 $86,625 
Accumulated amortization(70,433)(61,580)
Net carrying amount$58,455 $25,045 
Core deposit intangible amortization expense for the years ended December 31, 2022, 2021 and 2020 was approximately $8.9 million, $5.7 million and $5.8 million, respectively. The core deposit intangible is tested annually for impairment during the fourth quarter. During the 2022 review, no impairment was found. Including all of the mergers completed as of December 31, 2022, HBI’s estimated amortization expense of the core deposit intangible for each of the years 2023 through 2027 is approximately: 2023 – $9.7 million; 2024 – $8.4 million; 2025 – $8.0 million; 2026 – $7.8 million and 2027 – $6.6 million.
The carrying amount of the Company’s goodwill was $1.40 billion and $973.0 million at December 31, 2022 and 2021, respectively. Goodwill is tested annually for impairment during the fourth quarter or more frequently if changes or circumstances occur. During the 2022 and 2021 reviews, no impairment was found. 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 consolidated financial statements.
v3.22.4
Other Assets
 12 Months Ended
Dec. 31, 2022
Other Assets [Abstract]  
Other Assets Other Assets
Other assets consist primarily of equity securities without a readily determinable fair value and other miscellaneous assets. As of December 31, 2022 and 2021, other assets were $321.2 million and $177.0 million, respectively.
The Company has equity securities without readily determinable fair values such as stock holdings in the Federal Home Loan Bank (“FHLB”) and the Federal Reserve Bank (“Federal Reserve”) which are outside the scope of ASC Topic 321, Investments – Equity Securities (“ASC Topic 321”). These equity securities without a readily determinable fair value were $135.3 million and $88.2 million at December 31, 2022 and December 31, 2021, respectively, and are accounted for at cost.
The Company also has equity securities such as stock holdings in First National Bankers’ Bank and other miscellaneous holdings which are accounted for under ASC Topic 321. These equity securities without a readily determinable fair value were $80.6 million and $36.4 million at December 31, 2022 and 2021, respectively. There were no transactions during the period that would indicate a material change in fair value.
v3.22.4
Deposits
 12 Months Ended
Dec. 31, 2022
Deposits [Abstract]  
Deposits DepositsThe aggregate amount of time deposits with a minimum denomination of $250,000 was $333.2 million and $321.6 million at December 31, 2022 and 2021, respectively. The aggregate amount of time deposits with a minimum denomination of $100,000 was $639.3 million and $537.4 million at December 31, 2022 and 2021, respectively. Interest expense applicable to certificates in excess of $100,000 totaled $3.4 million, $7.3 million and $22.8 million for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, brokered deposits were $476.6 million and $625.7 million, respectively.
The following is a summary of the scheduled maturities of all time deposits at December 31, 2022 (in thousands):
2023$862,018
2024129,470
202519,206
202615,111
202716,768
Thereafter661
Total time deposits$1,043,234
Deposits totaling approximately $2.65 billion and $1.91 billion at December 31, 2022 and 2021, respectively, were public funds obtained primarily from state and political subdivisions in the United States.
v3.22.4
Securities Sold Under Agreements to Repurchase
 12 Months Ended
Dec. 31, 2022
Securities Sold under Agreements to Repurchase [Abstract]  
Securities Sold Under Agreements to Repurchase Securities Sold Under Agreements to Repurchase
At December 31, 2022 and 2021, securities sold under agreements to repurchase totaled $131.1 million and $140.9 million, respectively. For the years ended December 31, 2022 and 2021, securities sold under agreements to repurchase daily weighted-average totaled $129.0 million and $151.2 million, respectively. The remaining contractual maturity of securities sold under agreements to repurchase in the consolidated balance sheets as of December 31, 2022 and 2021 is presented in the following table:
December 31, 2022December 31, 2021
Overnight and
Continuous		TotalOvernight and
Continuous		Total
(In thousands)
Securities sold under agreements to repurchase:
U.S. government-sponsored enterprises$5,322 $5,322 $8,433 $8,433 
Mortgage-backed securities5,153 5,153 7,920 7,920 
State and political subdivisions117,674 117,674 122,173 122,173 
Other securities2,997 2,997 2,360 2,360 
Total borrowings$131,146 $131,146 $140,886 $140,886 
v3.22.4
FHLB and Other Borrowed Funds
 12 Months Ended
Dec. 31, 2022
Advance from Federal Home Loan Bank [Abstract]  
FHLB and Other Borrowed Funds FHLB and Other Borrowed Funds
The Company’s FHLB borrowed funds, which are secured by our loan portfolio, were $650.0 million and $400.0 million at December 31, 2022 and 2021, respectively. The Company had no other borrowed funds as of December 31, 2022 or December 31, 2021. At December 31, 2022, $50.0 million and $600.0 million of the outstanding balance were classified as short-term and long-term advances, respectively. At December 31, 2021, the entire $400.0 million balance was classified as long term advances. The FHLB advances mature from 2023 to 2033 with fixed interest rates ranging from 2.26% to 4.84% and are secured by loans and investments securities. Expected maturities could differ from contractual maturities because the FHLB has have the right to call or the Company has the right to prepay certain obligations.
Additionally, the Company had $1.14 billion and $1.07 billion at December 31, 2022 and 2021, respectively, in letters of credit under a FHLB blanket borrowing line of credit, which are used to collateralize public deposits at December 31, 2022 and 2021, respectively.
Maturities of borrowings with original maturities exceeding one year at December 31, 2022, are as follows (in thousands):
By Contractual
Maturity		By
Call Date
2023$50,000 $50,000 
2024— 400,000 
2025100,000 100,000 
2026100,000 100,000 
2027— — 
Thereafter400,000 — 
$650,000 $650,000 
Additionally, the parent company took out a $20.0 million line of credit for general corporate purposes during 2015. The balance on this line of credit at December 31, 2022 and 2021 was zero.
v3.22.4
Subordinated Debentures
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Subordinated Debentures Subordinated Debentures
Subordinated debentures consist of subordinated debt securities and guaranteed payments on trust preferred securities. As of December 31, 2022 and 2021, subordinated debentures were $440.4 million and $371.1 million, respectively.
Subordinated debentures at December 31, 2022 and 2021 contained the following components:
As of
December 31, 2022
As of
December 31, 2021
(In thousands)
Trust preferred securities  
Subordinated debentures, issued in 2006, due 2036, fixed rate of 6.75% during the first five years and at a floating rate of 1.85% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty
$— $3,093 
Subordinated debentures, issued in 2004, due 2034, fixed rate of 6.00% during the first five years and at a floating rate of 2.00% above the three- month LIBOR rate, reset quarterly, thereafter, currently callable without penalty
— 15,464 
Subordinated debentures, issued in 2005, due 2035, fixed rate of 5.84% during the first five years and at a floating rate of 1.45% above the three- month LIBOR rate, reset quarterly, thereafter, currently callable without penalty
— 25,774 
Subordinated debentures, issued in 2004, due 2034, fixed rate of 4.29% during the first five years and at a floating rate of 2.50% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty
— 16,495 
Subordinated debentures, issued in 2005, due 2035, floating rate of 2.15% above the three-month LIBOR rate, reset quarterly, currently callable without penalty
— 4,501 
Subordinated debentures, issued in 2006, due 2036, fixed rate of 7.38% during the first five years and at a floating rate of 1.62% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty
— 5,942 
Subordinated debt securities
Subordinated notes issued in 2020, due 2030, fixed rate of 5.500% during the first five years and at a floating rate of 534.5 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2025 without penalty
143,400 — 
Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty
297,020 — 
Subordinated notes, net of issuance costs, issued in 2017, due 2027, fixed rate of 5.625% during the first five years and at a floating rate of 3.575% above the then three-month LIBOR rate, reset quarterly, thereafter, callable in 2022 without penalty
— 299,824 
Total$440,420 $371,093 
Trust Preferred Securities. On April 1, 2022, the Company acquired $23.2 million in trust preferred securities from Happy which were currently callable without penalty based on the terms of the specific agreements. During the second and third quarters of 2022, the Company redeemed, without penalty, the $23.2 million of the trust preferred securities acquired from Happy. In addition, during the second and third quarters, the Company also redeemed, without penalty, the $73.3 million of trust preferred securities held prior to the Happy acquisition. As a result, the Company no longer holds any trust preferred securities.
Subordinated Debt Securities. On April 1, 2022, the Company acquired $140.0 million in aggregate principal amount of 5.500% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “2030 Notes”) from Happy, and the Company recorded approximately $144.4 million which included fair value adjustments. The 2030 Notes are unsecured, subordinated debt obligations of the Company and will mature on July 31, 2030. From and including the date of issuance to, but excluding July 31, 2025 or the date of earlier redemption, the 2030 Notes will bear interest at an initial rate of 5.50% per annum, payable in arrears on January 31 and July 31 of each year. From and including July 31, 2025 to, but excluding, the maturity date or earlier redemption, the 2030 Notes will bear interest at a floating rate equal to the Benchmark rate (which is expected to be 3-month Secured Overnight Funding Rate (SOFR)), each as defined in and subject to the provisions of the applicable supplemental indenture for the 2030 Notes, plus 5.345%, payable quarterly in arrears on January 31, April 30, July 31, and October 31 of each year, commencing on October 31, 2025.
The Company may, beginning with the interest payment date of July 31, 2025, and on any interest payment date thereafter, redeem the 2030 Notes, in whole or in part, subject to prior approval of the Federal Reserve if then required, at a redemption price equal to 100% of the principal amount of the 2030 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem the 2030 Notes at any time, including prior to July 31, 2025, at the Company’s option, in whole but not in part, subject to prior approval of the Federal Reserve if then required, if certain events occur that could impact the Company’s ability to deduct interest payable on the 2030 Notes for U.S. federal income tax purposes or preclude the 2030 Notes from being recognized as Tier 2 capital for regulatory capital purposes, or if the Company is required to register as an investment company under the Investment Company Act of 1940, as amended. In each case, the redemption would be at a redemption price equal to 100% of the principal amount of the 2030 Notes plus any accrued and unpaid interest to, but excluding, the redemption date.
On January 18, 2022, the Company completed an underwritten public offering of $300.0 million in aggregate principal amount of its 3.125% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “2032 Notes”) for net proceeds, after underwriting discounts and issuance costs of approximately $296.4 million. The 2032 Notes are unsecured, subordinated debt obligations of the Company and will mature on January 30, 2032. From and including the date of issuance to, but excluding January 30, 2027 or the date of earlier redemption, the 2032 Notes will bear interest at an initial rate of 3.125% per annum, payable in arrears on January 30 and July 30 of each year. From and including January 30, 2027 to, but excluding, the maturity date or earlier redemption, the 2032 Notes will bear interest at a floating rate equal to the Benchmark rate (which is expected to be Three-Month Term SOFR)), each as defined in and subject to the provisions of the applicable supplemental indenture for the 2032 Notes, plus 182 basis points, payable quarterly in arrears on January 30, April 30, July 30, and October 30 of each year, commencing on April 30, 2027.
The Company may, beginning with the interest payment date of January 30, 2027, and on any interest payment date thereafter, redeem the 2032 Notes, in whole or in part, subject to prior approval of the Federal Reserve if then required, at a redemption price equal to 100% of the principal amount of the 2032 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem the 2032 Notes at any time, including prior to January 30, 2027, at the Company’s option, in whole but not in part, subject to prior approval of the Federal Reserve if then required, if certain events occur that could impact the Company’s ability to deduct interest payable on the 2032 Notes for U.S. federal income tax purposes or preclude the 2032 Notes from being recognized as Tier 2 capital for regulatory capital purposes, or if the Company is required to register as an investment company under the Investment Company Act of 1940, as amended. In each case, the redemption would be at a redemption price equal to 100% of the principal amount of the 2032 Notes plus any accrued and unpaid interest to, but excluding, the redemption date.
On April 3, 2017, the Company completed an underwritten public offering of $300.0 million in aggregate principal amount of its 5.625% Fixed-to-Floating Rate Subordinated Notes due 2027 (the “Notes”) for net proceeds, after underwriting discounts and issuance costs, of approximately $297.0 million . The Notes were unsecured, subordinated debt obligations and would have matured on April 15, 2027. From and including the date of issuance to, but excluding April 15, 2022, the Notes bore interest at an initial rate of 5.625% per annum. From and including April 15, 2022 to, but excluding the maturity date or earlier redemption, the Notes were to bear interest at a floating rate equal to three-month LIBOR as calculated on each applicable date of determination plus a spread of 3.575%; provided, however, that in the event three-month LIBOR is less than zero, then three-month LIBOR would have been deemed to be zero.
The Company, beginning with the interest payment date of April 15, 2022, and on any interest payment date thereafter, was permitted to redeem the 2027 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2027 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. On April 15, 2022, the Company completed the payoff of the 2027 Notes in aggregate principal amount of $300.0 million. Each 2027 Note was redeemed pursuant to the terms of the Subordinated Indenture, as supplemented by the First Supplemental Indenture, each dated as of April 3, 2017, between the Company and U.S. Bank Trust Company, National Association, the Trustee for the 2027 Notes, at the redemption price of 100% of its principal amount, plus accrued and unpaid interest to, but excluding, the redemption date.
v3.22.4
Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following is a summary of the components of the provision for income taxes for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
202220212020
(In thousands)
Current:   
Federal$72,367 $70,536 $62,362 
State14,733 23,350 20,644 
Total current87,100 93,886 83,006 
Deferred:
Federal1,839 2,906 (14,839)
State374 962 (4,912)
Total deferred2,213 3,868 (19,751)
Income tax expense$89,313 $97,754 $63,255 
The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
202220212020
Statutory federal income tax rate21.00 %21.00 %21.00 %
Effect of non-taxable interest income(1.89)(1.03)(1.29)
Stock compensation0.38 0.25 0.33 
State income taxes, net of federal benefit2.70 3.97 3.50 
Other0.45 (0.74)(0.76)
Effective income tax rate22.64 %23.45 %22.78 %
The types 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:
December 31, 2022December 31, 2021
(In thousands)
Deferred tax assets:
Allowance for credit losses$80,232 $68,644 
Deferred compensation7,817 5,342 
Stock compensation6,180 5,044 
Non-accrual interest income1,518 694 
Real estate owned103 109 
Unrealized loss on Securities AFS98,587 — 
Loan discounts7,007 4,169 
Tax basis premium/discount on acquisitions1,222 3,220 
Investments28,523 263 
Deposits— (65)
Other8,007 5,283 
Gross deferred tax assets239,196 92,703 
Deferred tax liabilities:
Accelerated depreciation on premises and equipment
4,252 761 
Unrealized gain on securities available-for-sale— 4,220 
Core deposit intangibles14,755 5,736 
FHLB dividends2,681 2,820 
Other8,187 876 
Gross deferred tax liabilities29,875 14,413 
Net deferred tax assets$209,321 $78,290 
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and the states of Alabama, Arizona, Arkansas, California, Florida, Georgia, Illinois, Kansas, Kentucky, Maryland, Mississippi, Missouri, New Hampshire, New Jersey, New York, New Mexico, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas and Wisconsin. The Company is no longer subject to U.S. federal and state tax examinations by tax authorities for years before 2018.
The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties in other non-interest expense. During the years ended December 31, 2022, 2021 and 2020, the Company did not recognize any significant interest or penalties.
v3.22.4
Common Stock, Compensation Plans and Other
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Common Stock, Compensation Plans and Other Common Stock, Compensation Plans and Other
Common Stock
The Company’s Restated Articles of Incorporation, as amended, authorize the issuance of up to 300,000,000 shares of common stock, par value $0.01 per share.
The Company also has the authority to issue up to 5,500,000 shares of preferred stock, par value $0.01 per share under the Company’s Restated Articles of Incorporation.
Stock Repurchases
On January 22, 2021, the Board of Directors of the Company authorized the repurchase of up to an additional 20,000,000 shares of the Company’s common stock under the previously approved stock repurchase program. During 2022, the Company utilized a portion of this stock repurchase program in order to repurchase a total of 3,098,531 shares with a weighted-average stock price of $22.84 per share. The 2022 earnings were used to fund the repurchases during the year. Shares repurchased under the program as of December 31, 2022 total 20,759,866 shares. The remaining balance available for repurchase was 18,992,134 shares at December 31, 2022.
Stock Compensation Plans
On January 21, 2022, the Company’s Board of Directors adopted, and on April 21, 2022, the Company's shareholders approved, the Home BancShares, Inc. 2022 Equity Incentive Plan (the “2022 Plan”). The 2022 Plan replaced the Company’s Amended and Restated 2006 Stock Option and Performance Incentive Plan (the “2006 Plan” and, together with the 2022 Plan, the “Plans”), which expired on February 27, 2022. The purpose of the Plans is to attract and retain highly qualified officers, directors, key employees, and other persons, and to motivate those persons to improve the Company’s business results. As of December 31, 2022, the maximum total number of shares of the Company’s common stock available for issuance under the 2022 Plan was 14,788,000 shares (representing 13,288,000 shares approved for issuance under the 2006 Plan plus 1,500,000 shares added upon adoption of the 2022 Plan). At December 31, 2022, the Company had 2,762,049 shares of common stock remaining available for future grants and 5,732,565 shares of common stock reserved for issuance pursuant the Plans.
The intrinsic value of the stock options outstanding at December 31, 2022, 2021, and 2020 was $7.8 million, $13.1 million and $5.0 million, respectively. The intrinsic value of the stock options vested at December 31, 2022, 2021 and 2020 was $7.5 million, $10.7 million and $4.7 million, respectively.
The intrinsic value of the stock options exercised during 2022, 2021 and 2020 was $1.8 million, $2.0 million, and $719,000, respectively.
Total unrecognized compensation cost, net of income tax benefit, related to non-vested awards, which are expected to be recognized over the vesting periods, was approximately $5.2 million as of December 31, 2022.
The table below summarized the stock option transactions under the Plan at December 31, 2022, 2021 and 2020 and changes during the years then ended:
202220212020
Shares
(000)		Weighted-
average
Exercisable
Price		Shares
(000)		Weighted-
average
Exercisable
Price		Shares
(000)		Weighted-
average
Exercisable
Price
Outstanding, beginning of year3,015 $20.06 3,254 $19.77 3,411 $19.60 
Granted183 21.13 15 21.68 — — 
Forfeited/Expired(96)21.89 (57)22.44 (76)21.95 
Exercised(131)11.30 (197)14.78 (81)10.61 
Outstanding, end of year2,971 20.45 3,015 20.06 3,254 19.77 
Exercisable, end of year1,837 18.89 1,543 17.46 1,537 16.82 
Stock-based compensation expense for stock-based compensation awards granted is based on the grant-date fair value. 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 weighted-average fair value of options granted during the year ended December 31, 2022 was $5.21, and the weighted-average fair value of options granted during the year ended December 31, 2021 was $11.11. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model based on the weighted-average assumptions for expected dividend yield, expected stock price volatility, risk-free interest rate, and expected life of options granted.
The assumptions used in determining the fair value of 2022, 2021 and 2020 stock option grants were as follows:
For the Years Ended December 31,
202220212020
Expected dividend yield3.14 %2.59 %Not Applicable
Expected stock price volatility31.18 %70.13 %Not Applicable
Risk-free interest rate2.82 %0.75 %Not Applicable
Expected life of options6.5 years6.5 yearsNot Applicable
The following is a summary of currently outstanding and exercisable options at December 31, 2022:
Options OutstandingOptions Exercisable
Exercise PricesOptions
Outstanding
Shares
(000)		Weighted-
Average
Remaining
Contractual
Life (in years)		Weighted-
Average
Exercise
Price		Options
Exercisable
Shares
(000)		Weighted-
Average
Exercise
Price
$6.56 to $8.62
100 0.05$8.62 100 $8.62 
$9.54 to $14.71
100 2.0414.71 100 14.71 
$16.77 to $16.86
110 1.7016.81 110 16.81 
$17.12 to $17.36
86 2.2917.12 86 17.12 
$17.40 to $18.46
866 2.6318.45 866 18.45 
$18.50 to $20.16
35 6.2719.04 21 19.04 
$20.46 to $21.25
258 5.6320.84 155 21.08 
$21.31 to $22.22
127 6.0522.18 82 22.21 
$22.70 to $23.32
1,185 5.5523.32 240 23.32 
$23.51 to $25.96
104 5.5225.34 77 25.74 
2,971 1,837 
The table below summarizes the activity for the Company’s restricted stock issued and outstanding at December 31, 2022, 2021 and 2020 and changes during the years then ended:
202220212020
(In thousands)
Beginning of year1,231 1,371 1,636 
Issued409 216 264 
Vested(178)(320)(453)
Forfeited(81)(36)(76)
End of year1,381 1,231 1,371 
Amount of expense for twelve months ended$7,646 $7,112 $6,824 
Total unrecognized compensation cost, net of income tax benefit, related to non-vested restricted stock awards, which are expected to be recognized over the vesting periods, was approximately $14.6 million as of December 31, 2022.
v3.22.4
Non-Interest Expense
 12 Months Ended
Dec. 31, 2022
Other Income and Expenses [Abstract]  
Non-Interest Expense Non-Interest Expense
The table below shows the components of non-interest expense for years ended December 31, 2022, 2021 and 2020:
202220212020
(In thousands)
Salaries and employee benefits$238,885 $170,755 $163,950 
Occupancy and equipment53,417 36,631 38,412 
Data processing expense34,942 24,280 19,032 
Merger expense49,594 1,886 711 
Other operating expenses:
Advertising7,974 4,855 3,999 
Amortization of intangibles8,853 5,683 5,844 
Electronic banking expense13,632 9,817 8,477 
Directors' fees1,491 1,614 1,624 
Due from bank service charges1,255 1,044 975 
FDIC and state assessment8,428 5,472 6,494 
Hurricane expense176 — — 
Insurance3,705 3,118 3,018 
Legal and accounting9,401 3,703 4,222 
Other professional fees8,881 6,950 8,150 
Operating supplies3,120 1,915 1,988 
Postage2,078 1,283 1,283 
Telephone1,890 1,425 1,302 
Other expense27,905 18,086 17,904 
Total other operating expenses98,789 64,965 65,280 
Total non-interest expense$475,627 $298,517 $287,385 
v3.22.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
401(k) and Employee Stock Ownership Plan
The Company has a combined 401(k) plan and employee stock ownership plan, named the Home BancShares, Inc. 401(k) and Employee Stock Ownership Plan, in which substantially all employees may participate. The Company matches employees’ contributions based on a percentage of salary contributed by participants. As of December 31, 2022, participants in the plan held approximately 1.3 million shares of the Company’s stock. These shares are allocated to the individual employees that have elected to own stock within the plan. While the plan also allows for discretionary employer contributions, no discretionary contributions were made for the years ended 2022, 2021 and 2020. The Company’s expense for the plan was approximately $3.1 million, $2.5 million and $2.3 million in 2022, 2021 and 2020, respectively, which is included in salaries and employee benefits expense.
Chairman’s Retirement Plan
On April 20, 2007, the Company’s Board of Directors approved a Chairman’s Retirement Plan for John W. Allison, the Company’s Chairman. The Chairman’s Retirement Plan provides a supplemental retirement benefit of $250,000 a year for 10 consecutive years or until Mr. Allison’s death, whichever occurs later. During 2011, Mr. Allison reached the age of 65 and became 100% vested in the plan. Therefore, he began receiving the supplemental retirement benefit due to him. He received $250,000 of this benefit during 2022, 2021 and 2020, respectively. An expense of $97,449, $109,140 and $119,935 was accrued for 2022, 2021 and 2020 for this plan, respectively.
v3.22.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
In the ordinary course of business, loans may be made to officers and directors and their affiliated companies at substantially the same terms as comparable transactions with other borrowers. At December 31, 2022 and 2021, related party loans were approximately $76.5 million and $60.7 million, respectively. New loans and advances on prior commitments made to the related parties were $24.8 million and $1.7 million for the years ended December 31, 2022 and 2021, respectively. Repayments of loans made by the related parties were $9.1 million and $6.1 million for the years ended December 31, 2022 and 2021, respectively.
At December 31, 2022 and 2021, directors, officers, and other related interest parties had demand, non-interest-bearing deposits of approximately $7.7 million and $1.8 million, respectively, savings and interest-bearing transaction accounts of approximately $10.9 million and $14.3 million, respectively, and time certificates of deposit of approximately $390,000 and $387,000, respectively.
During each of 2022, 2021 and 2020, rent expense totaling approximately $137,000, $143,000 and $115,000, respectively, was paid to related parties.
v3.22.4
Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases Leases
The Company leases land and office facilities under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2044 and do not include renewal options based on economic factors that would have implied that continuation of the lease was reasonably certain. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. The leases generally include real estate taxes and common area maintenance (“CAM”) charges in the rental payments. Short-term leases are leases having a term of twelve months or less. In accordance with ASU 2018-11, the Company does not separate nonlease components from the associated lease component of our operating leases. As a result, the Company accounts for these components as a single component under Topic 842 since (i) the timing and pattern of transfer of the nonlease components and the associated lease component are the same and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The Company recognizes short-term leases on a straight-line basis and does not record a related ROU asset and liability for such leases. In addition, equipment leases were determined to be immaterial and a related ROU asset and liability for such leases is not recorded.
As of December 31, 2022, the balances of the right-of-use asset and lease liability were $42.9 million and $46.0 million, respectively. As of December 31, 2021, the balances of the right-of-use asset and lease liability were $39.6 million and $42.4 million, respectively. The right-of-use asset is included in bank premises and equipment, net, and the lease liability is included in accrued interest payable and other liabilities.
The minimum rental commitments under these noncancelable operating leases are as follows (in thousands) as of December 31, 2022 and 2021:
December 31, 2022
2023$8,332 
20247,463 
20256,739 
20266,352 
20275,821 
Thereafter24,591 
Total future minimum lease payments$59,298 
Discount effect of cash flows(13,344)
Present value of net future minimum lease payments$45,954 
December 31, 2021
2022$7,714 
20236,574 
20246,001 
20255,510 
20265,389 
Thereafter24,999 
Total future minimum lease payments$56,187 
Discount effect of cash flows(13,778)
Present value of net future minimum lease payments$42,409 
Additional information (dollar amounts in thousands):
Year Ended
December 31, 2022
Year Ended
December 31, 2021
Year Ended
December 31, 2020
Lease expense:
Operating lease expense$7,995$7,857$8,138
Short-term lease expense3635
Variable lease expense8731,0281,056
Total lease expense$8,871$8,891$9,229
Other information:
Cash paid for amounts included in the measurement of lease liabilities
$8,128$7,881$8,030
Weighted-average remaining lease term9.289.7110.19
Weighted-average discount rate3.41 %3.48 %3.61 %
v3.22.4
Significant Estimates and Concentrations of Credit Risks
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Significant Estimates and Concentrations of Credit Risks Significant Estimates and Concentrations of Credit Risks
Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Estimates related to the allowance for credit losses and certain concentrations of credit risk are reflected in Note 5, while deposit concentrations are reflected in Note 8.
The Company’s primary market areas are in Arkansas, Florida, Texas, South Alabama and New York. The Company primarily grants loans to customers located within these markets unless the borrower has an established relationship with the Company.
The diversity of the Company’s economic base tends to provide a stable lending environment. Although the Company has a loan portfolio that is diversified in both industry and geographic area, a substantial portion of its debtors’ ability to honor their contracts is dependent upon real estate values, tourism demand and the economic conditions prevailing in its market areas.
Although the Company has a diversified loan portfolio, at December 31, 2022 and 2021, commercial real estate loans represented 56.3% and 59.7% of total loans receivable, respectively, and 230.1% and 212.2% of total stockholders’ equity, respectively. Residential real estate loans represented 16.1% and 15.8% of total loans receivable and 66.0% and 56.3% of total stockholders’ equity at December 31, 2022 and 2021, respectively.
Approximately 79.7% of the Company’s total loans and 84.6% of the Company’s real estate loans as of December 31, 2022, are to borrowers whose collateral is located in Alabama, Arkansas, Florida, Texas and New York, the states in which the Company has its branch locations.
Any future volatility in the economy could cause the values of assets and liabilities recorded in the financial statements to change rapidly, resulting in material future adjustments in asset values, the allowance for credit losses and capital that could negatively impact the Company’s ability to meet regulatory capital requirements and maintain sufficient liquidity.
v3.22.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
In the ordinary course of business, the Company makes various commitments and incurs certain contingent liabilities to fulfill the financing needs of their customers. These commitments and contingent liabilities include lines of credit and commitments to extend credit and issue standby letters of credit. The Company applies the same credit policies and standards as they do in the lending process when making these commitments. The collateral obtained is based on the assessed creditworthiness of the borrower.
At December 31, 2022 and 2021, commitments to extend credit of $4.83 billion and $3.05 billion, respectively, were outstanding. A percentage of these balances are participated out to other banks; therefore, the Company can call on the participating banks to fund future draws. Since some of these commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements.
Outstanding standby letters of credit are contingent commitments issued by the Company, generally to guarantee the performance of a customer in third-party borrowing arrangements. The term of the guarantee is dependent upon the creditworthiness of the borrower, some of which are long-term. 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. Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments. The maximum amount of future payments the Company could be required to make under these guarantees at December 31, 2022 and 2021, is $184.6 million and $110.8 million, respectively.
The Company and/or its bank subsidiary have various unrelated legal proceedings, most of which involve loan foreclosure activity pending, which, in the aggregate, are not expected to have a material adverse effect on the financial position or results of operations or cash flows of the Company and its subsidiary.
v3.22.4
Financial Instruments
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Financial Instruments Financial Instruments
Fair value is 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. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value:
Level 1Quoted prices in active markets for identical assets or liabilities
Level 2Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities
Level 3Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Transfers of financial instruments between levels within the fair value hierarchy are recognized on the date management determines that the underlying circumstances or assumptions have changed.
Available-for-sale securities - the Company's available-for-sale securities are considered to be Level 2 securities. The Level 2 securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. 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 bond’s terms and conditions, among other things.
The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio securities with complicated structures. Pricing for the Company’s investment securities is fairly generic and is easily obtained. The Company uses a third-party comparison pricing vendor in order to reflect consistency in the fair values of the investment securities sampled by the Company each quarter.
Held-to-maturity securities – the Company's held-to-maturity securities are considered to be Level 2 securities. The Level 2 securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. 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 bond’s terms and conditions, among other things.
Impaired loans - Impaired loans are carried at the net realizable value of the collateral if the loan is collateral dependent. A portion of the allowance for credit losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. If these allocations cause the allowance for credit losses to require an increase, such increase is reported as a component of the provision for credit losses. The fair value of loans with specific allocated losses was $168.6 million and $280.0 million as of December 31, 2022 and 2021, respectively. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed $1.1 million and $380,000 of accrued interest receivable when impaired loans were put on non-accrual status during the years ended December 31, 2022 and 2021, respectively.
Foreclosed assets held for sale - Foreclosed assets held for sale are held by the Company 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 held for sale is estimated using Level 3 inputs based on appraisals of underlying collateral. As of December 31, 2022 and 2021, the fair value of foreclosed assets held for sale, less estimated costs to sell, was $546,000 and $1.6 million, respectively.
No foreclosed assets held for sale were remeasured during the year ended December 31, 2022. No foreclosed assets held for sale were remeasured during the year ended December 31, 2021. Regulatory guidelines require the Company to reevaluate the fair value of foreclosed assets held for sale on at least an annual basis. The Company’s policy is to comply with the regulatory guidelines.
The significant unobservable (Level 3) inputs used in the fair value measurement of collateral for collateral-dependent impaired loans and foreclosed assets primarily relate to customized discounting criteria applied to the customer’s reported amount of collateral. The amount of the collateral discount depends upon the condition and marketability of the underlying collateral. As the Company’s primary objective in the event of default would be to monetize the collateral to settle the outstanding balance of the loan, less marketable collateral would receive a larger discount.
Fair Values of Financial Instruments
The following table presents the estimated fair values of the Company’s financial instruments. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
December 31, 2022
Carrying
Amount		Fair ValueLevel
(In thousands)
Financial assets:  
Cash and cash equivalents$724,790 $724,790 1
Investment securities - available for sale4,041,590 4,041,590 2
Investment securities - held-to-maturity1,287,705 1,126,146 2
Loans receivable, net of impaired loans and allowance13,929,892 14,240,833 3
Accrued interest receivable103,199 103,199 1
FHLB, FRB & FNBB stock; other equity investments215,952 215,952 3
Marketable equity securities52,034 52,034 1
Financial liabilities:
Deposits:
Demand and non-interest bearing$5,164,997 $5,164,997 1
Savings and interest-bearing transaction accounts11,730,552 11,730,552 1
Time deposits1,043,234 1,014,348 3
Securities sold under agreements to repurchase131,146 131,146 1
FHLB and other borrowed funds650,000 595,886 2
Accrued interest payable10,622 10,622 1
Subordinated debentures440,420 411,686 3
December 31, 2021
Carrying
Amount		Fair ValueLevel
(In thousands)
Financial assets:  
Cash and cash equivalents$3,650,315 $3,650,315 1
Investment securities - available for sale3,119,807 3,119,807 2
Loans receivable, net of impaired loans and allowance9,319,421 9,503,261 3
Accrued interest receivable46,736 46,736 1
FHLB, FRB & FNBB stock; other equity investments124,638 124,638 3
Marketable equity securities17,110 17,110 1
Financial liabilities:
Deposits:
Demand and non-interest bearing$4,127,878 $4,127,878 1
Savings and interest-bearing transaction accounts9,251,805 9,251,805 1
Time deposits880,887 901,280 3
Securities sold under agreements to repurchase140,886 140,886 1
FHLB and other borrowed funds400,000 401,362 2
Accrued interest payable4,798 4,798 1
Subordinated debentures371,093 374,894 3
v3.22.4
Regulatory Matters
 12 Months Ended
Dec. 31, 2022
Regulatory Matters [Abstract]  
Regulatory Matters Regulatory Matters
The Bank is subject to a legal limitation on dividends that can be paid to the parent company without prior approval of the applicable regulatory agencies. Arkansas bank regulators have specified that the maximum dividend limit state banks may pay to the parent company without prior approval is 75% of the current year earnings plus 75% of the retained net earnings of the preceding year. Since the Bank is also under supervision of the Federal Reserve, it is further limited if the total of all dividends declared in any calendar year by the Bank exceeds the Bank’s net profits to date for that year combined with its retained net profits for the preceding two years. During 2022, the Company requested approximately $214.7 million in regular dividends from its banking subsidiary.
The Company’s banking 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 consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company’s regulators could require adjustments to regulatory capital not reflected in the consolidated financial statements.
Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios of total, common equity Tier 1 ("CET1") and 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). Management believes that, as of December 31, 2022, the Company meets all capital adequacy requirements to which it is subject.
On December 31, 2018, the federal banking agencies issued a joint final rule to revise their regulatory capital rules to permit bank holding companies and banks to phase-in, for regulatory capital purposes, the day-one impact of the new CECL accounting rule on retained earnings over a period of three years. As part of its response to the impact of COVID-19, on March 27, 2020, the federal banking regulatory agencies issued an interim final rule that provided the option to temporarily delay certain effects of CECL on regulatory capital for two years, followed by a three-year transition period. The interim final rule allows bank holding companies and banks to delay for two years 100% of the day-one impact of adopting CECL and 25% of the cumulative change in the reported allowance for credit losses since adopting CECL. The Company has elected to adopt the interim final rule, which is reflected in the risk-based capital ratios presented below.
Basel III became effective for the Company and its bank subsidiary on January 1, 2015. Basel III amended the prompt corrective action rules to incorporate a CET1 capital requirement and to raise the capital requirements for certain capital categories. In order to be adequately capitalized for purposes of the prompt corrective action rules, a banking organization is required to have at least a 4.5% CET1 risk-based capital ratio, a 4% Tier 1 leverage ratio, a 6% Tier 1 risk-based capital ratio and an 8% total risk-based capital ratio.
The Federal Reserve Board’s risk-based capital guidelines include the definitions for (1) a well-capitalized institution, (2) an adequately-capitalized institution, and (3) an undercapitalized institution. Under Basel III, the criteria for a well-capitalized institution are now: a 6.5% CET1 risk-based capital ratio, a 5% Tier 1 leverage ratio, an 8% Tier 1 risk-based capital ratio, and a 10% total risk-based capital ratio. As of December 31, 2022, the Bank met the capital standards for a well-capitalized institution. The Company’s CET1 risk-based capital ratio, Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratio were 12.91%, 10.86%, 12.91%, and 16.54%, respectively, as of December 31, 2022.
The Company’s actual capital amounts and ratios along with the Company’s bank subsidiary are presented in the following table.
ActualMinimum Capital Requirement –Basel IIIMinimum To Be Well-Capitalized Under Prompt Corrective Action Provision
AmountRatioAmountRatioAmountRatio
(Dollars in thousands)
As of December 31, 2022
    
Common equity Tier 1 capital ratios:    
Home BancShares$2,399,919 12.91 %$1,300,831 7.00 %N/AN/A
Centennial Bank2,408,756 13.00 1,297,352 7.00 1,204,684 6.50 
Leverage ratios:
Home BancShares$2,399,919 10.86 %$883,664 4.00 %N/AN/A
Centennial Bank2,408,756 10.93 881,464 4.00 1,101,831 5.00 
Tier 1 capital ratios:
Home BancShares$2,399,919 12.91 %$1,579,580 8.50 %N/AN/A
Centennial Bank2,408,756 13.00 1,575,356 8.50 1,482,688 8.00 
Total risk-based capital ratios:
Home BancShares$3,073,455 16.54 %$1,951,246 10.50 %N/AN/A
Centennial Bank2,640,992 14.25 1,946,021 10.50 1,853,354 10.00 
 
As of December 31, 2021
Common equity Tier 1 capital ratios:
Home BancShares$1,812,797 15.37 %$825,548 7.00 %N/AN/A
Centennial Bank1,859,093 15.82 822,608 7.00 763,850 6.50 
Leverage ratios:
Home BancShares$1,884,067 11.11 %$678,427 4.00 %N/AN/A
Centennial Bank1,859,093 10.97 677,883 4.00 847,353 5.00 
Tier 1 capital ratios:
Home BancShares$1,884,067 15.98 %$1,002,451 8.50 %N/AN/A
Centennial Bank1,859,093 15.82 998,881 8.50 940,123 8.00 
Total risk-based capital ratios:
Home BancShares$2,331,948 19.77 %$1,238,322 10.50 %N/AN/A
Centennial Bank2,006,814 17.08 1,233,697 10.50 1,174,950 10.00 
v3.22.4
Additional Cash Flow Information
 12 Months Ended
Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]  
Additional Cash Flow Information Additional Cash Flow Information
In connection with the Happy acquisition, accounted for under ASC Topic 805, the Company acquired approximately $6.69 billion in assets, including $858.6 million in cash and cash equivalents, assumed $6.15 billion in liabilities, and issued approximately 42.4 million shares of its common stock valued at approximately $958.8 million as of April 1, 2022. In addition, the holders of certain Happy stock-based awards received approximately $3.7 million in cash in cancellation of such awards, for a total transaction value of approximately $962.5 million.
In connection with the LH-Finance acquisition, accounted for using the purchase method, the Company acquired approximately $409.1 million in assets, including $407.4 million in loans as of February 29, 2020, and paid $421.2 million in cash.
The following is summary of the Company’s additional cash flow information during the years ended December 31:
202220212020
(In thousands)
Interest paid$115,046 $53,327 $95,483 
Income taxes paid86,583 98,320 77,838 
Assets acquired by foreclosure619 2,623 2,639 
v3.22.4
Condensed Financial Information (Parent Company Only)
 12 Months Ended
Dec. 31, 2022
Offsetting [Abstract]  
Condensed Financial Information (Parent Company Only) Condensed Financial Information (Parent Company Only)
Condensed Balance Sheets
December 31,
(In thousands)20222021
Assets  
Cash and cash equivalents$359,570 $291,585 
Investment securities57,912 18,254 
Investments in wholly-owned subsidiaries3,538,344 2,815,345 
Investments in unconsolidated subsidiaries— 2,201 
Other assets19,422 14,591 
Total assets$3,975,248 $3,141,976 
Liabilities
Subordinated debentures$440,420 $371,093 
Other liabilities8,466 5,162 
Total liabilities448,886 376,255 
Stockholders' Equity
Common stock2,034 1,637 
Capital surplus2,386,699 1,487,373 
Retained earnings1,443,087 1,266,249 
Accumulated other comprehensive income(305,458)10,462 
Total stockholders' equity3,526,362 2,765,721 
Total liabilities and stockholders' equity$3,975,248 $3,141,976 
Condensed Statements of Income
Years Ended December 31,
(In thousands)202220212020
Income   
Dividends from equity securities$2,088 $646 $385 
Dividends from banking subsidiary216,086 286,712 183,711 
Other (loss) income(1,297)7,234 (1,588)
Total income216,877 294,592 182,508 
Expenses38,933 34,194 33,346 
Income before income taxes and equity in undistributed net income of subsidiaries
177,944 260,398 149,162 
Tax benefit for income taxes10,752 7,161 8,589 
Income before equity in undistributed net income of subsidiaries
188,696 267,559 157,751 
Equity in undistributed net income of subsidiaries116,566 51,462 56,697 
Net income$305,262 $319,021 $214,448 
Condensed Statements of Cash Flows
 
Years Ended December 31,
(In thousands)202220212020
Cash flows from operating activities   
Net income$305,262 $319,021 $214,448 
Items not requiring (providing) cash
Depreciation— — 216 
Amortization1,912 767 769 
Share-based compensation9,133 8,848 8,607 
Decrease (increase) in value of equity securities1,272 (7,178)1,978 
Gain on assets— — (320)
Equity in undistributed income of subsidiaries(116,566)(51,462)(56,697)
Changes in other assets(4,149)90 (628)
Changes in other liabilities2,290 (76)(307)
Net cash provided by operating activities199,154 270,010 168,066 
Cash flows from investing activities
Proceeds from sale of premises and equipment, net— — 1,841 
Net cash proceeds from Happy Bancshares, Inc.201,428 — — 
Purchases of equity securities(49,975)(13,276)(15,015)
Proceeds from sale of equity securities13,778 16,381 — 
Redemptions of other investments2,899 — — 
Net cash provided by (used in) investing activities168,130 3,105 (13,174)
Cash flows from financing activities
Retirement of subordinated debentures(300,000)— — 
Proceeds from the issuance of subordinated debentures296,324 — — 
Redemption of trust preferred securities(96,499)— — 
Proceeds from exercise of stock options156 2,374 595 
Repurchase of common stock(70,856)(44,480)(25,689)
Dividends paid(128,424)(92,142)(87,677)
Net cash used in financing activities(299,299)(134,248)(112,771)
Increase in cash and cash equivalents67,985 138,867 42,121 
Cash and cash equivalents, beginning of year291,585 152,718 110,597 
Cash and cash equivalents, end of year$359,570 $291,585 $152,718 
v3.22.4
Recent Accounting Pronouncements
 12 Months Ended
Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements Recent Accounting PronouncementsIn December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in the update simplify the accounting for income taxes by removing the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items and the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in the update also simplify the accounting for income taxes by requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction, specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements; however, an entity may elect to do so on an entity-by-entity basis for a legal entity that is both not subject to tax and disregarded by the taxing authority. The amendments require that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted the guidance effective January 1, 2021, and its adoption did not have a significant impact on our financial position or financial statement disclosures.
In March 2020, the FASB issued ASU 2020-04,“Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions for accounting related to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-04 was effective upon issuance and generally can be applied through December 31, 2022. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, 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.
In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope.” The amendments in the update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in the update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in this Update do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, 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.
In March 2022, the FASB issued ASU 2022-02, "Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." The amendments eliminate the TDR recognition and measurement guidance and, instead, require that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The amendments require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases within the scope of Subtopic 326-20. Gross write-off information must be included in the vintage disclosures required for public business entities in accordance with Subtopic 326-20, which requires that an entity disclose the amortized cost basis of financing receivables by credit quality indicator and class of financing receivable by year of origination. ASU 2022-02 is effective for entities that have adopted ASU No. 2016-13 for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. These amendments should be applied prospectively. However, for the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. Early adoption is permitted if an entity has adopted ASU 2016-13. If an entity elects to early adopt ASU 2022-02 in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The Company is currently evaluating the potential impacts related to the adoption of the ASU.
In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848." These amendments extend the period of time preparers can utilize the reference rate reform relief guidance in Topic 848. The objective of the guidance in Topic 848 is to provide relief during the temporary transition period, so the FASB included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published. In 2021, the UK Financial Conduct Authority (FCA) delayed the intended cessation date of certain tenors of USD LIBOR to June 30, 2023. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, the ASU 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. ASU 2022-06 was effective upon issuance.
v3.22.4
Nature of Operations and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Operating Segments
Operating Segments
Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Bank is the only significant subsidiary upon which management makes decisions regarding how to allocate resources and assess performance. Each of the branches of the Bank provide a group of similar banking services, including such products and services as commercial, real estate and consumer loans, time deposits, checking and savings accounts. The individual bank branches have similar operating and economic characteristics. While the chief decision maker monitors the revenue streams of the various products, services and branch locations, operations are managed, and financial performance is evaluated on a Company-wide basis. Accordingly, all of the banking services and branch locations are considered by management to be aggregated into one reportable operating segment.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, the valuation of investment securities, the valuation of foreclosed assets and the valuations of assets acquired and liabilities assumed in business combinations. In connection with the determination of the allowance for credit losses and the valuation of foreclosed assets, management obtains independent appraisals for significant properties.
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts of HBI and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation.
Reclassifications
Reclassifications
Various items within the accompanying consolidated financial statements for previous years have been reclassified to provide more comparative information. These reclassifications had no effect on net earnings or stockholders’ equity.
Cash and Cash Equivalents Cash and Cash EquivalentsCash and cash equivalents consist of cash on hand, cash held as demand deposits at various banks and the Federal Reserve Bank (“FRB”) and interest-bearing deposits with other banks. For many years, reserve requirements played a central role in the implementation of monetary policy by creating a stable demand for reserves. In January 2019, the Federal Open Market Committee announced its intention to implement monetary policy in an ample reserves regime. Reserve requirements do not play a significant role in this operating framework. In light of the shift to an ample reserves regime, the FRB reduced the reserve requirement ratios to zero percent effective on March 26, 2020. As a result, the Bank is no longer required to maintain required reserve balance with either the FRB or in the form of cash on hand.
Investment Securities
Investment Securities
Interest on investment securities is recorded as income as earned. Amortization of premiums and accretion of discounts are recorded as interest income from securities. Realized gains and losses are recorded as net security gains (losses). Gains or losses on the sale of securities are determined using the specific identification method.
Management determines the classification of securities as available-for-sale, held-to-maturity, or trading at the time of purchase based on the intent and objective of the investment and the ability to hold to maturity. Fair values of securities are based on quoted market prices where available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable securities. The Company has no trading securities.
Debt securities available-for-sale ("AFS") are reported at fair value with unrealized holding gains and losses reported as a separate component of stockholders’ equity and other comprehensive income (loss), net of taxes. Securities that are held as available-for-sale are used as a part of our asset/liability management strategy. Securities that may be sold in response to interest rate changes, changes in prepayment risk, the need to increase regulatory capital, and other similar factors are classified as available-for-sale. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments. The Company first assesses whether it intends to sell or is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, and changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that 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 losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. 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 uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met.
Debt securities held-to-maturity ("HTM"), which include any security for which we have the positive intent and ability to hold until maturity, are reported at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized/accreted to the call date to interest income using the constant effective yield method over the estimated life of the security. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments. 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. 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 uncollectability of a security is confirmed.
Loans Receivable and Allowance for Credit Losses
Loans Receivable and Allowance for Credit Losses
Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balance adjusted for any charge-offs, deferred fees or costs on originated loans. Interest income on loans is accrued over the term of the loans based on the principal balance outstanding. Loan origination fees and direct origination costs are capitalized and recognized as adjustments to yield on the related loans.
The allowance for credit losses on loans receivable is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed and expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.
Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in the national unemployment rate, gross domestic product, national retail sales index, housing price indices and rental vacancy rate index.
The allowance for credit losses is measured based on call report segment as these types of loan exhibit similar risk characteristics. The identified loan segments are as follows:
•1-4 family construction
•All other construction
•1-4 family revolving home equity lines of credit (“HELOC”) & junior liens
•1-4 family senior liens
•Multifamily
•Owner occupied commercial real estate
•Non-owner occupied commercial real estate
•Commercial & industrial, agricultural, non-depository financial institutions, purchase/carry securities, other
•Consumer auto
•Other consumer
•Other consumer - SPF
The allowance for credit losses for each segment is measured through the use of the discounted cash flow method. Loans evaluated individually that are considered to be impaired are not included in the collective evaluation. For those loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. For loans for which a specific reserve is not recorded, an allowance is recorded based on the loss rate for the respective pool within the collective evaluation if a specific reserve is not recorded.
Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies:
•Management has a reasonable expectation at the reporting date that troubled debt restructuring will be executed with an individual borrower.
•The extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.
Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These qualitative factors ("Q-Factors") and other qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making Q-Factor and other qualitative adjustments include, among other things, the impact of (i) changes in lending policies, procedures and strategies; (ii) changes in nature and volume of the portfolio; (iii) staff experience; (iv) changes in volume and trends in classified loans, delinquencies and nonaccruals; (v) concentration risk; (vi) trends in underlying collateral values; (vii) external factors such as competition, legal and regulatory environment; (viii) changes in the quality of the loan review system and (ix) economic conditions.
Loans considered impaired, according to ASC 326, are loans for which, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. The aggregate amount of impairment of loans is utilized in evaluating the adequacy of the allowance for credit losses and amount of provisions thereto. Losses on impaired loans are charged against the allowance for credit losses when in the process of collection, it appears likely that such losses will be realized. The accrual of interest on impaired loans is discontinued when, in management’s opinion the collection of interest is doubtful or generally when loans are 90 days or more past due. When accrual of interest 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.
Loans are placed on non-accrual status when management believes that the borrower’s financial condition, after giving consideration to economic and business conditions and collection efforts, is such that collection of interest is doubtful, or generally when loans are 90 days or more past due. Loans are charged against the allowance for credit losses when management believes that the collectability of the principal is unlikely. Accrued interest related to non-accrual loans is generally charged against the allowance for credit losses when accrued in prior years and reversed from interest income if accrued in the current year. Interest income on non-accrual loans may be recognized to the extent cash payments are received, although the majority of payments received are usually applied to principal. Non-accrual loans are generally returned to accrual status when principal and interest payments are less than 90 days past due, the customer has made required payments for at least six months, and we reasonably expect to collect all principal and interest.
Acquisition Accounting and Acquired Loans Acquisition Accounting and Acquired Loans
The Company accounts for its acquisitions under ASC Topic 805, Business Combinations, which requires the use of the purchase method of accounting. All identifiable assets acquired, including loans, and liabilities assumed are recorded at fair value. In accordance with ASC 326, the Company records both a discount or premium and an allowance for credit losses on acquired loans. All purchased loans are recorded at fair value in accordance with the fair value methodology prescribed in FASB ASC Topic 820, Fair Value Measurements. The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows.
Purchased loans that have experienced more than insignificant credit deterioration since origination are purchase credit deteriorated (“PCD”) loans. An allowance for credit losses is determined using the same methodology as other loans. For PCD loans not individually analyzed for impairment, the Company develops separate PCD models for each loan segment. These models utilize a peer group benchmark in order to determine the probability of default and loss given default to be used in the calculation. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a non-credit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit losses.
For further discussion of the Company’s acquisitions, see Note 2 to the Condensed Notes to Consolidated Financial Statements.
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures
The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.
Foreclosed Assets Held for Sale
Foreclosed Assets Held for Sale
Real estate and personal properties acquired through or in lieu of loan foreclosure are to be sold and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis.
Valuations are periodically performed by management, and the real estate and personal properties are carried at fair value less costs to sell. Gains and losses from the sale of other real estate and personal properties are recorded in non-interest income, and expenses used to maintain the properties are included in non-interest expense.
Bank Premises and Equipment Bank Premises and EquipmentBank premises and equipment are carried at cost or fair value at the date of acquisition less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are used for tax purposes. Leasehold improvements are capitalized and amortized using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements whichever is shorter.
Cash value of life insurance
Cash value of life insurance
The Company has purchased life insurance policies on certain key employees. Life insurance owned by the Company is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement.
Intangible Assets Intangible AssetsIntangible assets consist of goodwill and core deposit intangibles. Goodwill represents the excess purchase price over the fair value of net assets acquired in business acquisitions. The core deposit intangible represents the excess intangible value of acquired deposit customer relationships as determined by valuation specialists. The core deposit intangibles are being amortized over 120 months on a straight-line basis. Goodwill is not amortized, but rather, is evaluated for impairment on at least an annual basis or more frequently if changes or circumstances occur. The Company performed its annual impairment test of goodwill and core deposit intangibles during 2022, 2021 and 2020, as required by FASB ASC 350, Intangibles - Goodwill and Other. The 2022, 2021 and 2020 tests indicated no impairment of the Company’s goodwill or core deposit intangibles.
Securities Sold Under Agreements to Repurchase Securities Sold Under Agreements to RepurchaseSecurities sold under agreements to repurchase consist of obligations of the Company to other parties. 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.
Derivative Financial Instruments
Derivative Financial Instruments
The Company may enter into derivative contracts for the purposes of managing exposure to interest rate risk. The Company records all derivatives on the consolidated balance sheet at fair value. Historically the Company’s policy has been not to invest in derivative type investments.
The Company has standalone derivative financial instruments acquired in a previous acquisition. These derivative financial instruments consist of interest rate swaps and are recognized as assets and liabilities in the consolidated statements of financial condition at fair value. The Bank’s derivative instruments have not been designated as hedging instruments. These undesignated derivative instruments are recognized on the consolidated balance sheet at fair value, with changes in fair value recorded in other non-interest income. In addition, as of December 31, 2022 and December 31, 2021, the Company had derivative contracts outstanding associated with the mortgage loans held for sale portfolio. As of December 31, 2022 and 2021, these derivative instruments are not considered to be material to the Company’s financial position and results of operations.
Stock Options
Stock Options
The Company accounts for stock options in accordance with FASB ASC 718, Compensation - Stock Compensation, and FASB ASC 505-50, Equity-Based Payments to Non-Employees, which establishes standards for the accounting for transactions in which an entity (i) exchanges its equity instruments for goods and services, or (ii) incurs liabilities in exchange for goods and services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of the equity instruments. FASB ASC 718 requires that such transactions be recognized as compensation cost in the income statement based on their fair values on the measurement date, which is generally the date of the grant.
For additional information on the stock-based compensation plan, see Note 13.
Income Taxes
Income Taxes
The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 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 and its subsidiaries file consolidated tax returns. Its subsidiary provides for income taxes on a separate return basis, and remits to the Company amounts determined to be currently payable.
Revenue Recognition
Revenue Recognition.
Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as our loans, letters of credit, investment securities and mortgage lending income, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our significant revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our income statements as components of non-interest income are as follows:
•Service charges on deposit accounts – These represent general service fees for monthly account maintenance and activity or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied.
•Other service charges and fees – These represent credit card interchange fees and Centennial Commercial Finance Group (“Centennial CFG”) loan fees. The interchange fees are recorded in the period the performance obligation is satisfied which is generally the cash basis based on agreed upon contracts. The Centennial CFG loan fees are based on loan or other negotiated agreements with customers and are accounted for under ASC Topic 310.
•Trust 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 fees are percentage based, flat, percentage of income or a fixed percentage calculated upon the average balance of assets depending upon account type. Fees are collected on a monthly or annual basis.
Earnings per Share Earnings per ShareBasic earnings per share is computed based on the weighted-average number of shares outstanding during each year. Diluted earnings per share is computed using the weighted-average shares and all potential dilutive shares outstanding during the period.
Fair Value Measurement
Fair value is 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. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value:
Level 1Quoted prices in active markets for identical assets or liabilities
Level 2Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities
Level 3Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Transfers of financial instruments between levels within the fair value hierarchy are recognized on the date management determines that the underlying circumstances or assumptions have changed.
Available-for-sale securities - the Company's available-for-sale securities are considered to be Level 2 securities. The Level 2 securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. 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 bond’s terms and conditions, among other things.
The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio securities with complicated structures. Pricing for the Company’s investment securities is fairly generic and is easily obtained. The Company uses a third-party comparison pricing vendor in order to reflect consistency in the fair values of the investment securities sampled by the Company each quarter.
Held-to-maturity securities – the Company's held-to-maturity securities are considered to be Level 2 securities. The Level 2 securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. 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 bond’s terms and conditions, among other things.
Impaired loans - Impaired loans are carried at the net realizable value of the collateral if the loan is collateral dependent. A portion of the allowance for credit losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. If these allocations cause the allowance for credit losses to require an increase, such increase is reported as a component of the provision for credit losses. The fair value of loans with specific allocated losses was $168.6 million and $280.0 million as of December 31, 2022 and 2021, respectively. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed $1.1 million and $380,000 of accrued interest receivable when impaired loans were put on non-accrual status during the years ended December 31, 2022 and 2021, respectively.
Foreclosed assets held for sale - Foreclosed assets held for sale are held by the Company 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 held for sale is estimated using Level 3 inputs based on appraisals of underlying collateral. As of December 31, 2022 and 2021, the fair value of foreclosed assets held for sale, less estimated costs to sell, was $546,000 and $1.6 million, respectively.
No foreclosed assets held for sale were remeasured during the year ended December 31, 2022. No foreclosed assets held for sale were remeasured during the year ended December 31, 2021. Regulatory guidelines require the Company to reevaluate the fair value of foreclosed assets held for sale on at least an annual basis. The Company’s policy is to comply with the regulatory guidelines.
The significant unobservable (Level 3) inputs used in the fair value measurement of collateral for collateral-dependent impaired loans and foreclosed assets primarily relate to customized discounting criteria applied to the customer’s reported amount of collateral. The amount of the collateral discount depends upon the condition and marketability of the underlying collateral. As the Company’s primary objective in the event of default would be to monetize the collateral to settle the outstanding balance of the loan, less marketable collateral would receive a larger discount.
v3.22.4
Nature of Operations and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Estimated Useful Lives for Book Purposes The assets’ estimated useful lives for book purposes are as follows:
Bank premises
15-40 years
Furniture, fixtures, and equipment
3-15 years
Computation of Basic and Diluted Earnings per Common Share (EPS) The following table sets forth the computation of basic and diluted earnings per share (EPS) for the years ended December 31:
202220212020
(In thousands, except per share data)
Net income$305,262 $319,021 $214,448 
Average common shares outstanding194,694 164,501 165,373 
Effect of common stock options325 357 — 
Diluted common shares outstanding195,019 164,858 165,373 
Basic earnings per common share$1.57 $1.94 $1.30 
Diluted earnings per common share$1.57 $1.94 $1.30 
v3.22.4
Business Combinations and Asset Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following schedule is a preliminary breakdown of the assets acquired and liabilities assumed as of the acquisition date as adjusted during the measurement period:
Happy Bancshares, Inc.
Acquired
from Happy		Fair Value AdjustmentsAs Recorded by HBI
(Dollars in thousands)
Assets
Cash and due from banks$112,999 $(446)$112,553 
Interest-bearing deposits with other banks746,031 — 746,031 
Cash and cash equivalents859,030 (446)858,584 
Investment securities - available-for-sale, net of allowance for credit losses1,773,540 8,485 1,782,025 
Total investment securities1,773,540 8,485 1,782,025 
Loans receivable3,657,009 (4,389)3,652,620 
Allowance for credit losses(42,224)25,408 (16,816)
Loans receivable, net3,614,785 21,019 3,635,804 
Bank premises and equipment, net153,642 (12,270)141,372 
Foreclosed assets held for sale193 (77)116 
Cash value of life insurance105,049 3 105,052 
Accrued interest receivable31,575 — 31,575 
Deferred tax asset, net32,908 (1,092)31,816 
Goodwill130,428 (130,428)— 
Core deposit intangible10,672 31,591 42,263 
Other assets43,330 15,567 58,897 
Total assets acquired$6,755,152 $(67,648)$6,687,504 
Liabilities
Deposits
Demand and non-interest-bearing$1,932,756 $67 $1,932,823 
Savings and interest-bearing transaction accounts3,519,652 — 3,519,652 
Time deposits401,899 903 402,802 
Total deposits5,854,307 970 5,855,277 
FHLB and other borrowed funds74,212 4,118 78,330 
Accrued interest payable and other liabilities50,889 (1,892)48,997 
Subordinated debentures159,965 7,625 167,590 
Total liabilities assumed6,139,373 10,821 6,150,194 
Equity
Total equity assumed615,779 (615,779)— 
Total liabilities and equity assumed$6,755,152 $(604,958)$6,150,194 
Net assets acquired537,310 
Purchase price962,538 
Goodwill$425,228 
The changes are gross of taxes and reflected in the following table:
Acquired Asset or LiabilityBalance Sheet Line ItemProvisional EstimateRevised EstimateIncrease (Decrease)
(In thousands)
Cash and due from banksCash and due from banks$112,867 $112,553 $(314)
Loans receivableLoans receivable3,652,706 3,652,620 (86)
Bank premises and equipment, netBank premises and equipment, net142,067 141,372 (695)
Deferred tax asset, netDeferred tax asset, net35,414 31,816 (3,598)
Equity method investments & Other assetsOther assets49,752 58,897 9,145 
GoodwillGoodwill425,375 425,228 (147)
Demand and non-interest bearing depositsDemand and non-interest bearing deposits1,932,756 1,932,823 67 
Accrued expense and other liabilitiesAccrued interest payable and other liabilities44,759 48,997 4,238 
Business Acquisition, Pro Forma Information The following schedule represents the unaudited pro forma combined financial information as of the years ended December 31, 2022 and 2021, assuming the acquisition was completed as of January 1, 2022 and 2021, respectively:
December 31,
20222021
(In thousands, except per share data)
Total interest income$935,168 $839,407 
Total non-interest income188,012 190,550 
Net income available to all shareholders406,949 317,190 
Basic earnings per common share$1.98 $1.53 
Diluted earnings per common share1.98 1.53 
Purchased Financial Assets with Credit Deterioration The following table provides a summary of loans purchased as part of the Happy acquisition with credit deterioration at acquisition:
April 1, 2022
(In thousands)
Purchased Loans with Credit Deterioration:
Par value$165,028 
Allowance for credit losses at acquisition(16,816)
Premium on acquired loans684 
Purchase price$148,896 
v3.22.4
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value of Investment Securities Classified as Available-for-Sale
The amortized cost and estimated fair value of investment securities that are classified as available-for-sale and held-to-maturity are as follows:
December 31, 2022
Available-for-Sale
Amortized
Cost		Allowance for Credit LossesNet Carrying AmountGross
Unrealized
Gains		Gross
Unrealized
(Losses)		Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$682,316 $— $682,316 $2,713 $(23,209)$661,820 
Residential mortgage-backed securities1,759,025 — 1,759,025 71 (211,453)1,547,643 
Commercial mortgage-backed securities339,206 — 339,206 — (22,254)316,952 
State and political subdivisions1,021,188 (842)1,020,346 1,649 (115,698)906,297 
Other securities643,885 — 643,885 346 (35,353)608,878 
Total$4,445,620 $(842)$4,444,778 $4,779 $(407,967)$4,041,590 
December 31, 2022
Held-to-Maturity
Amortized
Cost		Allowance for Credit LossesNet Carrying AmountGross
Unrealized
Gains		Gross
Unrealized
(Losses)		Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$43,017 $— $43,017 $— $(3,349)$39,668 
Residential mortgage-backed securities49,088 — 49,088 24 (1,205)47,907 
Commercial mortgage-backed securities85,912 — 85,912 107 (2,551)83,468 
State and political subdivisions1,111,693 (2,005)1,109,688 65 (154,650)955,103 
Total$1,289,710 $(2,005)$1,287,705 $196 $(161,755)$1,126,146 
December 31, 2021
Available-for-Sale
Amortized
Cost		Allowance for Credit LossesNet Carrying AmountGross
Unrealized
Gains		Gross
Unrealized
(Losses)		Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$433,829 $— $433,829 $2,375 $(3,225)$432,979 
Residential mortgage-backed securities1,175,185 — 1,175,185 4,085 (18,551)1,160,719 
Commercial mortgage-backed securities372,702 — 372,702 6,521 (1,968)377,255 
State and political subdivisions973,318 (842)972,476 26,296 (1,794)996,978 
Other securities151,449 — 151,449 1,781 (1,354)151,876 
Total$3,106,483 $(842)$3,105,641 $41,058 $(26,892)$3,119,807 
Amortized Cost and Estimated Fair Value of Securities Contractual Maturity
The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at December 31, 2022, by contractual maturity, are shown below. Expected maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
Available-for-SaleHeld-to-Maturity
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
(In thousands)
Due in one year or less$265,640 $265,487 $— $— 
Due after one year through five years176,377 164,127 4,782 4,479 
Due after five years through ten years476,305 434,906 216,182 190,992 
Due after ten years1,427,566 1,310,977 933,746 799,300 
Mortgage - backed securities: Residential1,759,025 1,547,643 49,088 47,907 
Mortgage - backed securities: Commercial339,206 316,952 85,912 83,468 
Other1,501 1,498 — — 
Total$4,445,620 $4,041,590 $1,289,710 $1,126,146 
Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale
The following shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of December 31, 2022 and 2021:
December 31, 2022
Less Than 12 Months 12 Months or More Total
Fair
Value		Unrealized
Losses 		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
(In thousands)
Available-for-sale:
U.S. government-sponsored enterprises$315,531 $(3,056)$128,527 $(20,153)$444,058 $(23,209)
Residential mortgage-backed securities817,351 (54,025)717,587 (157,428)1,534,938 (211,453)
Commercial mortgage-backed securities212,050 (10,782)89,979 (11,472)302,029 (22,254)
State and political subdivisions485,817 (50,484)338,638 (65,214)824,455 (115,698)
Other securities424,700 (25,040)73,556 (10,313)498,256 (35,353)
Total$2,255,449 $(143,387)$1,348,287 $(264,580)$3,603,736 $(407,967)
Held-to-maturity:
U.S. government-sponsored enterprises$39,668 $(3,349)$— $— $39,668 $(3,349)
Residential mortgage-backed securities40,892 (1,205)— — 40,892 (1,205)
Commercial mortgage-backed securities65,948 (2,551)— — 65,948 (2,551)
State and political subdivisions955,563 (154,650)— — 955,563 (154,650)
Total$1,102,071 $(161,755)$— $— $1,102,071 $(161,755)
December 31, 2021
Less Than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
(In thousands)
U.S. government-sponsored enterprises$120,730 $(1,356)$78,124 $(1,869)$198,854 $(3,225)
Residential mortgage-backed securities854,807 (15,246)104,897 (3,305)959,704 (18,551)
Commercial mortgage-backed securities100,702 (1,251)28,711 (717)129,413 (1,968)
State and political subdivisions136,135 (1,282)18,647 (512)154,782 (1,794)
Other securities75,744 (1,316)2,703 (38)78,447 (1,354)
Total$1,288,118 $(20,451)$233,082 $(6,441)$1,521,200 $(26,892)
Schedule of Allowance for Credit Losses on Investment Securities
Available-for-Sale Investment Securities
Year Ended December 31, 2022Year Ended December 31, 2021
(In thousands)
Allowance for credit losses:
Beginning balance$842 $842 
Provision for credit loss— — 
Ending balance, December 31,$842 $842 
Held-to-Maturity Investment Securities
Year Ended Dec 31, 2022
State and Political SubdivisionsOther Securities
Allowance for credit losses:(In thousands)
Beginning balance$— $— 
Provision for credit loss - acquired securities(2,005)— 
Securities charged-off— — 
Recoveries— — 
Ending balance, December 31, $(2,005)$— 
Held-to-Maturity Securities Credit Quality Indicators
The following table summarizes bond ratings for the Company's held-to-maturity portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of December 31, 2022:
State and Political SubdivisionsOther SecuritiesTotal
(In thousands)
Aaa/AAA$233,117 $43,017 $276,134 
Aa/AA849,386 — 849,386 
A27,593 — 27,593 
Not rated1,597 — 1,597 
Agency Backed— 135,000 135,000 
Total$1,111,693 $178,017 $1,289,710 
Schedule of Income Earned on Securities
Income earned on securities for the years ended is as follows:
December 31,
202220212020
(In thousands)
Taxable:
Available-for-sale$71,352 $30,054 $32,596 
Held-to-maturity20,581 — — 
Tax-exempt:
Available-for-sale19,168 19,642 16,158 
Held-to-maturity9,188 — — 
Total$120,289 $49,696 $48,754 
v3.22.4
Loans Receivable (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Summary of Various Categories of Loans Receivable
The various categories of loans receivable are summarized as follows:
December 31,
20222021
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$5,632,063 $3,889,284 
Construction/land development2,135,266 1,850,050 
Agricultural346,811 130,674 
Residential real estate loans
Residential 1-4 family1,748,551 1,274,953 
Multifamily residential578,052 280,837 
Total real estate10,440,743 7,425,798 
Consumer1,149,896 825,519 
Commercial and industrial2,349,263 1,386,747 
Agricultural285,235 43,920 
Other184,343 154,105 
Total Loans receivable$14,409,480 $9,836,089 
Allowance for credit losses(289,669)(236,714)
 Loans receivable, net$14,119,811 $9,599,375 
v3.22.4
Allowance for Credit Losses, Credit Quality and Other (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Balance of Allowance for Loan Losses
The following table presents the activity in the allowance for credit losses for the year ended December 31, 2022.
Year Ended December 31, 2022
Construction/
Land Development		Other
Commercial
Real Estate		Residential
Real Estate		Commercial
& Industrial		Consumer
& Other		Total
(In thousands)
Allowance for credit losses:
Beginning balance$28,415 $87,218 $48,458 $53,062 $19,561 $236,714 
Allowance for credit losses on PCD loans - Happy acquisition950 9,283 980 5,596 7 16,816 
Loans charged off(1)— (446)(9,773)(7,047)(17,267)
Recoveries of loans previously charged off405 967 119 780 965 3,236 
Net loans recovered (charged off)404 967 (327)(8,993)(6,082)(14,031)
Provision for credit loss - acquired loans7,205 18,711 7,380 11,303 571 45,170 
Provision for credit loss - loans(4,731)(22,331)(5,528)28,386 9,204 5,000 
Balance, December 31
$32,243 $93,848 $50,963 $89,354 $23,261 $289,669 

The following table presents the balance in the allowance for credit losses for the year ended December 31, 2021.
Year Ended December 31, 2021
Construction/
Land Development		Other
Commercial
Real Estate		Residential
Real Estate		Commercial
& Industrial		Consumer
& Other		Total
(In thousands)
Allowance for credit losses:
Beginning balance$32,861 $88,453 $53,216 $46,530 $24,413 $245,473 
Loans charged off— (646)(545)(8,242)(2,228)(11,661)
Recoveries of loans previously charged off58 785 683 591 785 2,902 
Net loans recovered (charged off)58 139 138 (7,651)(1,443)(8,759)
Provision for credit loss - loans(4,504)(1,374)(4,896)14,183 (3,409)— 
Balance, December 31
$28,415 $87,218 $48,458 $53,062 $19,561 $236,714 
The following table presents the balance in the allowance for loan losses for the year ended December 31, 2020.
Year Ended December 31, 2020
Construction/
Land Development
Other
Commercial
Real Estate		Residential
Real Estate		Commercial
& Industrial		Consumer
& Other		Total
(In thousands)
Allowance for loan losses:
Beginning balance$26,433 $33,529 $20,135 $16,615 $5,410 $102,122 
Impact of adopting ASC 326(5,296)15,912 16,680 11,584 5,108 43,988 
Allowance for credit losses on PCD
loans - LH Finance acquisition		— — — — 357 357 
Loans charged off(1,218)(3,041)(485)(7,764)(1,978)(14,486)
Recoveries of loans previously
charged off		107 647 337 218 761 2,070 
Net loans recovered
(charged off)		(1,111)(2,394)(148)(7,546)(1,217)(12,416)
Provision for credit loss - loans12,835 41,406 16,549 25,877 5,446 102,113 
Provision for loan losses - acquired
loans		— — — — 9,309 9,309 
Balance December 31
$32,861 $88,453 $53,216 $46,530 $24,413 $245,473 
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due Over 90 Days Still Accruing
The following table presents the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing as of December 31, 2022 and 2021, respectively:
December 31, 2022
NonaccrualNonaccrual
With Reserve		Loans Past Due
Over 90 Days
Still Accruing
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$12,219 $8,383 $1,844 
Construction/land development1,977 — 31 
Agricultural278 — — 
Residential real estate loans
Residential 1-4 family18,083 — 1,374 
Multifamily residential— — — 
Total real estate32,557 8,383 3,249 
Consumer2,842 — 35 
Commercial and industrial14,920 — 6,300 
Agricultural & other692 — 261 
Total$51,011 $8,383 $9,845 
December 31, 2021
NonaccrualNonaccrual
With Reserve		Loans Past Due
Over 90 Days
Still Accruing
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$11,923 $2,212 $2,225 
Construction/land development1,445 — — 
Agricultural897 — — 
Residential real estate loans
Residential 1-4 family16,198 3,000 701 
Multifamily residential156 — — 
Total real estate30,619 5,212 2,926 
Consumer1,648 — 2 
Commercial and industrial13,875 4,018 107 
Agricultural & other1,016 — — 
Total$47,158 $9,230 $3,035 
Amortized Cost Basis of Collateral-dependent Impaired Loans
The following table presents the amortized cost basis of collateral-dependent impaired loans by class of loans as of December 31, 2022 and 2021, respectively:
December 31, 2022
Commercial
Real Estate		Residential
Real Estate		Other
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$162,268 $— $— 
Construction/land development2,008 — — 
Agricultural278 — — 
Residential real estate loans
Residential 1-4 family— 20,832 — 
Multifamily residential— 969 — 
Total real estate164,554 21,801 — 
Consumer— — 2,888 
Commercial and industrial— — 30,334 
Agricultural & other— — 1,527 
Total$164,554 $21,801 $34,749 
December 31, 2021
Commercial
Real Estate		Residential
Real Estate		Other
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$283,919 $— $— 
Construction/land development4,775 — — 
Agricultural897 — — 
Residential real estate loans
Residential 1-4 family— 19,775 — 
Multifamily residential— 1,300 — 
Total real estate289,591 21,075 — 
Consumer— — 1,663 
Commercial and industrial— — 18,193 
Agricultural & other— — 1,016 
Total$289,591 $21,075 $20,872 
Summary of Aging Analysis for Loans Receivable
The following is an aging analysis for loans receivable as of December 31, 2022 and 2021:
December 31, 2022
Loans
Past Due
30-59
Days
Loans
Past Due
60-89
Days
Loans
Past Due
90 Days
or More
Total
Past Due
Current
Loans
Total Loans
Receivable
Accruing
Loans
Past Due
90 Days
or More
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$4,242 $2,117 $14,063 $20,422 $5,611,641 $5,632,063 $1,844 
Construction/land development4,042 1,892 2,008 7,942 2,127,324 2,135,266 31 
Agricultural1,469 193 278 1,940 344,871 346,811 — 
Residential real estate loans
Residential 1-4 family6,715 605 19,457 26,777 1,721,774 1,748,551 1,374 
Multifamily residential— — — — 578,052 578,052 — 
Total real estate16,468 4,807 35,806 57,081 10,383,662 10,440,743 3,249 
Consumer950 539 2,877 4,366 1,145,530 1,149,896 35 
Commercial and industrial3,007 1,075 21,220 25,302 2,323,961 2,349,263 6,300 
Agricultural and other1,065 57 953 2,075 467,503 469,578 261 
Total$21,490 $6,478 $60,856 $88,824 $14,320,656 $14,409,480 $9,845 
December 31, 2021
Loans
Past Due
30-59
Days
Loans
Past Due
60-89
Days
Loans
Past Due
90 Days
or More
Total
Past Due
Current
Loans
Total Loans
Receivable
Accruing
Loans
Past Due
90 Days
or More
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$1,434 $576 $14,148 $16,158 $3,873,126 $3,889,284 $2,225 
Construction/land development92 22 1,445 1,559 1,848,491 1,850,050 — 
Agricultural— 472 897 1,369 129,305 130,674 — 
Residential real estate loans
Residential 1-4 family1,633 3,560 16,899 22,092 1,252,861 1,274,953 701 
Multifamily residential— — 156 156 280,681 280,837 — 
Total real estate3,159 4,630 33,545 41,334 7,384,464 7,425,798 2,926 
Consumer60 205 1,650 1,915 823,604 825,519 2 
Commercial and industrial958 316 13,982 15,256 1,371,491 1,386,747 107 
Agricultural and other587 2 1,016 1,605 196,420 198,025 — 
Total$4,764 $5,153 $50,193 $60,110 $9,775,979 $9,836,089 $3,035 
Presentation of Classified Loans by Class and Risk Rating
Based on the most recent analysis performed, the risk category of loans by class as of December 31, 2022 and 2021 is as follows:
December 31, 2022
Term Loans Amortized Cost Basis by Origination Year  
20222021202020192018PriorRevolving Loans Amortized Cost BasisTotal
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Risk rating 1$— $— $— $237 $— $132 $85 $454 
Risk rating 2— — — 118 — 3,992 — 4,110 
Risk rating 3616,809 509,269 263,188 279,157 322,278 852,727 374,371 3,217,799 
Risk rating 4438,565 341,047 235,669 161,421 321,188 482,437 139,203 2,119,530 
Risk rating 5— 757 1,145 14,417 35,273 37,561 95 89,248 
Risk rating 6876 196 14,247 26,649 4,720 153,909 194 200,791 
Risk rating 7131 — — — — — — 131 
Risk rating 8— — — — — — — — 
Total non-farm/non-residential1,056,381 851,269 514,249 481,999 683,459 1,530,758 513,948 5,632,063 
Construction/land development
Risk rating 1$— $11 $— $— $— $— $— $11 
Risk rating 2682 — — — — 210 — 892 
Risk rating 3421,774 283,546 83,631 48,350 19,340 34,910 75,797 967,348 
Risk rating 4354,852 512,541 58,368 79,924 11,520 43,634 65,960 1,126,799 
Risk rating 5— — 30,987 310 — 1,140 — 32,437 
Risk rating 6612 — 574 751 3 5,839 — 7,779 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total construction/land development777,920 796,098 173,560 129,335 30,863 85,733 141,757 2,135,266 
Agricultural
Risk rating 1$1,749 $— $— $— $— $— $— $1,749 
Risk rating 2— 2,048 — — — — — 2,048 
Risk rating 361,725 43,356 32,895 16,475 10,326 37,892 5,996 208,665 
Risk rating 418,870 25,252 20,532 8,706 3,154 42,886 4,755 124,155 
Risk rating 5— — — 326 — 603 — 929 
Risk rating 6— 1,630 1,623 4,972 — 1,040 — 9,265 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total agricultural82,344 72,286 55,050 30,479 13,480 82,421 10,751 346,811 
Total commercial real estate loans$1,916,645 $1,719,653 $742,859 $641,813 $727,802 $1,698,912 $666,456 $8,114,140 
Residential real estate loans
Residential 1-4 family
Risk rating 1$— $— $— $— $— $115 $40 $155 
Risk rating 2— — — — — 48 2 50 
Risk rating 3360,510 255,775 176,955 112,053 98,093 314,492 110,881 1,428,759 
Risk rating 437,471 35,875 61,418 11,871 15,577 61,034 65,674 288,920 
Risk rating 5— — — 3,049 226 328 — 3,603 
Risk rating 6849 2,423 3,564 3,521 2,536 12,662 1,508 27,063 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — 1 — 1 
Total residential 1-4 family398,830 294,073 241,937 130,494 116,432 388,680 178,105 1,748,551 
December 31, 2022
Term Loans Amortized Cost Basis by Origination Year  
20222021202020192018PriorRevolving Loans Amortized Cost BasisTotal
(In thousands)
Multifamily residential
Risk rating 1$— $— $— $— $— $— $— $— 
Risk rating 2— — — — — — — — 
Risk rating 338,830 37,566 14,127 33,813 13,098 60,117 6,534 204,085 
Risk rating 443,478 101,282 182,850 8,284 11,934 11,779 1,201 360,808 
Risk rating 5— — — — 3,142 7,897 — 11,039 
Risk rating 6— — — 302 — 1,818 — 2,120 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total multifamily residential82,308 138,848 196,977 42,399 28,174 81,611 7,735 578,052 
Total real estate$2,397,783 $2,152,574 $1,181,773 $814,706 $872,408 $2,169,203 $852,296 $10,440,743 
Consumer
Risk rating 1$5,332 $3,952 $1,134 $637 $552 $1,176 $1,467 $14,250 
Risk rating 2— — — 193 614 — — 807 
Risk rating 3284,828 276,044 146,256 132,763 118,244 135,266 16,093 1,109,494 
Risk rating 415,306 2,293 422 1,216 459 907 69 20,672 
Risk rating 5— 633 19 — 8 810 — 1,470 
Risk rating 6215 156 270 970 24 1,386 101 3,122 
Risk rating 7— — — — — — — — 
Risk rating 83 — 1 — — 77 — 81 
Total consumer305,684 283,078 148,102 135,779 119,901 139,622 17,730 1,149,896 
Commercial and industrial
Risk rating 13,450 $7,692 $268 $264 $16 $21,298 $8,832 $41,820 
Risk rating 21,590 305 27 198 — 226 781 3,127 
Risk rating 3301,063 126,312 80,636 73,360 71,964 112,017 253,111 1,018,463 
Risk rating 470,862 120,618 69,963 89,975 81,389 48,496 568,795 1,050,098 
Risk rating 583,272 14,762 159 1,408 6,815 185 75,891 182,492 
Risk rating 64,842 2,539 11,204 4,193 5,769 16,559 3,554 48,660 
Risk rating 7— — — — 4,316 202 85 4,603 
Risk rating 8— — — — — — — — 
Total commercial and industrial465,079 272,228 162,257 169,398 170,269 198,983 911,049 2,349,263 
Agricultural and other
Risk rating 1$297 $266 $115 $— $— $95 $722 $1,495 
Risk rating 2140 78 — 2,338 34 115 1,661 4,366 
Risk rating 385,707 36,004 30,546 4,725 7,986 46,748 131,760 343,476 
Risk rating 47,627 13,591 2,598 1,671 1,710 8,766 69,179 105,142 
Risk rating 5— 8 204 — — 593 745 1,550 
Risk rating 6— 58 157 11,137 304 949 944 13,549 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total agricultural and other93,771 50,005 33,620 19,871 10,034 57,266 205,011 469,578 
Total$3,262,317 $2,757,885 $1,525,752 $1,139,754 $1,172,612 $2,565,074 $1,986,086 $14,409,480 
December 31, 2021
Term Loans Amortized Cost Basis by Origination Year  
20212020201920182017PriorRevolving Loans Amortized Cost BasisTotal
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Risk rating 1$— $— $— $— $— $— $— $— 
Risk rating 2— — — — — — — — 
Risk rating 3284,127 281,982 266,990 341,642 195,301 891,035 194,640 2,455,717 
Risk rating 4111,697 32,788 115,989 301,520 90,747 345,254 90,028 1,088,023 
Risk rating 5— 10,930 2,239 23,117 49,926 189,038 — 275,250 
Risk rating 6— — 23,723 2,224 11,751 32,372 224 70,294 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total non-farm/non-residential395,824 325,700 408,941 668,503 347,725 1,457,699 284,892 3,889,284 
Construction/land development
Risk rating 1$— $— $— $— $— $— $— $— 
Risk rating 2— — — — — 231 — 231 
Risk rating 3301,719 183,715 108,491 23,574 13,760 41,860 149,433 822,552 
Risk rating 4226,230 217,267 448,899 33,617 45,679 38,122 7,297 1,017,111 
Risk rating 5— — 388 — — 1,174 176 1,738 
Risk rating 6— 134 825 3 — 7,456 — 8,418 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total construction/land development527,949 401,116 558,603 57,194 59,439 88,843 156,906 1,850,050 
Agricultural
Risk rating 1$— $— $— $— $— $— $— $— 
Risk rating 2— — — — — — — — 
Risk rating 321,480 27,931 7,768 6,564 5,103 21,689 7,026 97,561 
Risk rating 44,305 964 365 970 655 22,143 2,065 31,467 
Risk rating 5— 166 — — — — — 166 
Risk rating 6— 44 — — — 1,436 — 1,480 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total agricultural25,785 29,105 8,133 7,534 5,758 45,268 9,091 130,674 
Total commercial real estate loans$949,558 $755,921 $975,677 $733,231 $412,922 $1,591,810 $450,889 $5,870,008 
Residential real estate loans
Residential 1-4 family
Risk rating 1$— $— $— $— $— $76 $89 $165 
Risk rating 2— — — — — 29 — 29 
Risk rating 3210,970 147,523 119,861 94,848 82,474 296,687 85,836 1,038,199 
Risk rating 48,885 3,397 56,839 16,887 21,874 53,578 36,642 198,102 
Risk rating 5— — 3,065 1,220 582 1,366 193 6,426 
Risk rating 61,136 2,252 2,432 2,063 1,263 16,305 6,580 32,031 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — 1 — 1 
Total residential 1-4 family220,991 153,172 182,197 115,018 106,193 368,042 129,340 1,274,953 
December 31, 2021
Term Loans Amortized Cost Basis by Origination Year  
20212020201920182017PriorRevolving Loans Amortized Cost BasisTotal
(In thousands)
Multifamily residential
Risk rating 1$— $— $— $— $— $— $— $— 
Risk rating 2— — — — — — — — 
Risk rating 311,898 5,211 34,492 17,375 9,430 43,804 3,583 125,793 
Risk rating 43,755 44,294 30,060 3,412 2,981 18,805 33,723 137,030 
Risk rating 5— — — 7,591 8,105 — — 15,696 
Risk rating 6— — — — 890 1,428 — 2,318 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total multifamily residential15,653 49,505 64,552 28,378 21,406 64,037 37,306 280,837 
Total real estate$1,186,202 $958,598 $1,222,426 $876,627 $540,521 $2,023,889 $617,535 $7,425,798 
Consumer
Risk rating 1$4,441 $1,799 $1,237 $920 $226 $1,383 $1,893 $11,899 
Risk rating 2— — 45 639 — 8 — 692 
Risk rating 3221,986 173,511 132,148 109,810 67,992 92,076 1,098 798,621 
Risk rating 43,547 923 2,944 1,776 158 2,641 79 12,068 
Risk rating 5— 116 — 15 — 131 — 262 
Risk rating 669 34 39 117 — 1,711 7 1,977 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total consumer230,043 176,383 136,413 113,277 68,376 97,950 3,077 825,519 
Commercial and industrial
Risk rating 1$99,579 $12,752 $350 $118 $102 $21,436 $9,851 $144,188 
Risk rating 2175 16 — — 66 276 168 701 
Risk rating 3125,071 59,056 77,130 67,944 34,733 42,905 145,247 552,086 
Risk rating 4244,927 35,350 89,558 91,840 23,616 34,566 88,750 608,607 
Risk rating 56,185 609 480 8,258 5,712 2,851 582 24,677 
Risk rating 6492 15,377 5,913 24,941 5,477 2,233 342 54,775 
Risk rating 7— — — 1,696 — — — 1,696 
Risk rating 8— — — — — 16 1 17 
Total commercial and industrial476,429 123,160 173,431 194,797 69,706 104,283 244,941 1,386,747 
Agricultural and other
Risk rating 1$5,042 $— $40 $— $— $110 $552 $5,744 
Risk rating 2— — 3,467 — — 909 983 5,359 
Risk rating 354,534 44,030 5,158 7,092 2,009 46,570 8,750 168,143 
Risk rating 41,544 218 154 1,590 1,226 1,224 10,842 16,798 
Risk rating 5— — — — — 1,297 — 1,297 
Risk rating 653 — 23 13 33 562 — 684 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total agricultural and other61,173 44,248 8,842 8,695 3,268 50,672 21,127 198,025 
Total$1,953,847 $1,302,389 $1,541,112 $1,193,396 $681,871 $2,276,794 $886,680 $9,836,089 
The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses. The Company also evaluates credit quality based on the aging status of the loan, which was previously presented and by payment activity. The following tables present the amortized cost of performing and nonperforming loans as of December 31, 2022 and 2021.
December 31, 2022
Term Loans Amortized Cost Basis by Origination Year  
20222021202020192018PriorRevolving
Loans
Amortized
Cost Basis		Total
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Performing$1,056,381 $851,269 $509,258 $456,196 $679,187 $1,403,874 $513,630 $5,469,795 
Non-performing— — 4,991 25,803 4,272 126,884 318 162,268 
Total non-farm/ non-residential
1,056,381 851,269 514,249 481,999 683,459 1,530,758 513,948 5,632,063 
Construction/land development
Performing777,309 796,098 172,987 128,736 30,860 85,511 141,757 2,133,258 
Non-performing611 — 573 599 3 222 — 2,008 
Total construction/ land development
777,920 796,098 173,560 129,335 30,863 85,733 141,757 2,135,266 
Agricultural
Performing$82,344 $72,286 $55,050 $30,479 $13,480 $82,143 $10,751 $346,533 
Non-performing— — — — — 278 — 278 
Total agricultural82,344 72,286 55,050 30,479 13,480 82,421 10,751 346,811 
Total commercial real estate loans
$1,916,645 $1,719,653 $742,859 $641,813 $727,802 $1,698,912 $666,456 $8,114,140 
Residential real estate loans
Residential 1-4 family
Performing$397,464 $292,100 $239,047 $127,250 $114,337 $380,210 $177,311 $1,727,719 
Non-performing1,366 1,973 2,890 3,244 2,095 8,470 794 20,832 
Total residential 1-4 family
398,830 294,073 241,937 130,494 116,432 388,680 178,105 1,748,551 
Multifamily residential
Performing$82,308 $138,848 $196,977 $42,399 $28,174 $80,642 $7,735 $577,083 
Non-performing— — — — — 969 — 969 
Total multifamily residential
82,308 138,848 196,977 42,399 28,174 81,611 7,735 578,052 
Total real estate2,397,783 2,152,574 1,181,773 814,706 872,408 2,169,203 852,296 10,440,743 
Consumer
Performing$305,620 $282,944 $147,820 $134,831 $119,877 $138,288 $17,628 $1,147,008 
Non-performing64 134 282 948 24 1,334 102 2,888 
Total consumer305,684 283,078 148,102 135,779 119,901 139,622 17,730 1,149,896 
Commercial and industrial
Performing$464,285 $267,719 $159,152 $165,733 $160,267 $194,162 $907,611 $2,318,929 
Non-performing794 4,509 3,105 3,665 10,002 4,821 3,438 30,334 
Total commercial and industrial465,079 272,228 162,257 169,398 170,269 198,983 911,049 2,349,263 
Agricultural and other
Performing$93,771 $50,001 $33,416 $19,818 $10,034 $56,631 $204,380 $468,051 
Non-performing— 4 204 53 — 635 631 1,527 
Total agricultural and other93,771 50,005 33,620 19,871 10,034 57,266 205,011 469,578 
Total$3,262,317 $2,757,885 $1,525,752 $1,139,754 $1,172,612 $2,565,074 $1,986,086 $14,409,480 
December 31, 2021
Term Loans Amortized Cost Basis by Origination Year  
20212020201920182017PriorRevolving
Loans
Amortized
Cost Basis		Total
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Performing$395,824 $315,447 $394,061 $648,351 $298,086 $1,268,731 $284,865 $3,605,365 
Non-performing— 10,253 14,880 20,152 49,639 188,968 27 283,919 
Total non-farm/ non-residential
395,824 325,700 408,941 668,503 347,725 1,457,699 284,892 3,889,284 
Construction/land development
Performing527,949 400,982 557,778 57,024 59,439 85,197 156,906 1,845,275 
Non-performing— 134 825 170 — 3,646 — 4,775 
Total construction/ land development
527,949 401,116 558,603 57,194 59,439 88,843 156,906 1,850,050 
Agricultural
Performing$25,785 $28,939 $8,133 $7,534 $5,758 $44,537 $9,091 $129,777 
Non-performing— 166 — — — 731 — 897 
Total agricultural25,785 29,105 8,133 7,534 5,758 45,268 9,091 130,674 
Total commercial real estate loans
$949,558 $755,921 $975,677 $733,231 $412,922 $1,591,810 $450,889 $5,870,008 
Residential real estate loans
Residential 1-4 family
Performing$220,380 $151,459 $180,113 $113,845 $105,129 $360,700 $123,552 $1,255,178 
Non-performing611 1,713 2,084 1,173 1,064 7,342 5,788 19,775 
Total residential 1-4 family
220,991 153,172 182,197 115,018 106,193 368,042 129,340 1,274,953 
Multifamily residential
Performing$15,653 $49,505 $64,552 $28,378 $21,406 $62,737 $37,306 $279,537 
Non-performing— — — — — 1,300 — 1,300 
Total multifamily residential
15,653 49,505 64,552 28,378 21,406 64,037 37,306 280,837 
Total real estate1,186,202 958,598 1,222,426 876,627 540,521 2,023,889 617,535 7,425,798 
Consumer
Performing$229,986 $176,355 $136,403 $113,160 $68,376 $96,506 $3,070 $823,856 
Non-performing57 28 10 117 — 1,444 7 1,663 
Total consumer230,043 176,383 136,413 113,277 68,376 97,950 3,077 825,519 
Commercial and industrial
Performing$476,424 $122,999 $168,984 $185,569 $66,928 $103,391 $244,259 $1,368,554 
Non-performing5 161 4,447 9,228 2,778 892 682 18,193 
Total commercial and industrial476,429 123,160 173,431 194,797 69,706 104,283 244,941 1,386,747 
Agricultural and other
Performing$61,173 $44,248 $8,819 $8,682 $3,235 $49,725 $21,127 $197,009 
Non-performing— — 23 13 33 947 — 1,016 
Total agricultural and other61,173 44,248 8,842 8,695 3,268 50,672 21,127 198,025 
Total$1,953,847 $1,302,389 $1,541,112 $1,193,396 $681,871 $2,276,794 $886,680 $9,836,089 
Presentation of Troubled Debt Restructurings ("TDRs") by Class
The following is a presentation of troubled debt restructurings (“TDRs”) by class as of December 31, 2022 and 2021:
December 31, 2022
Number
of Loans
Pre-
Modification
Outstanding
Balance
Rate
Modification
Term
Modification
Rate
& Term
Modification
Post-
Modification
Outstanding
Balance
(Dollars in thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential11 $4,462 $1,395 $598 $436 $2,429 
Construction/land development1 216 177 — — 177 
Residential real estate loans
Residential 1-4 family14 2,115 772 145 290 1,207 
Multifamily residential1 1,130 969 — — 969 
Total real estate27 7,923 3,313 743 726 4,782 
Consumer2 18 11 — 1 12 
Commercial and industrial15 3,199 748 47 156 951 
Total44 $11,140 $4,072 $790 $883 $5,745 
December 31, 2021
Number
of Loans
Pre-
Modification
Outstanding
Balance
Rate
Modification
Term
Modification
Rate
& Term
Modification
Post-
Modification
Outstanding
Balance
(Dollars in thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential12 $6,119 $3,581 $623 $85 $4,289 
Construction/land development2 240 210 1 — 211 
Agricultural1 282 262 — — 262 
Residential real estate loans
Residential 1-4 family15 2,328 844 117 332 1,293 
Multifamily residential1 1,130 1,144 — — 1,144 
Total real estate31 10,099 6,041 741 417 7,199 
Consumer4 22 13 — 3 16 
Commercial and industrial9 2,353 172 65 74 311 
Total44 $12,474 $6,226 $806 $494 $7,526 
Presentation of TDR's on Non-Accrual Status
The following is a presentation of TDRs on non-accrual status as of December 31, 2022, and 2021 because they are not in compliance with the modified terms:
 December 31, 2022December 31, 2021
 
Number of Loans
Recorded Balance
Number of Loans
Recorded Balance
 (Dollars in thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential2 $262 2 $7 
Construction/land development1 177 1 210 
Agricultural— — 1 262 
Residential real estate loans
Residential 1-4 family4 218 5 388 
Total real estate7 657 9 867 
Consumer1 1 3 3 
Commercial and industrial13 931 6 206 
Total21 $1,589 18 $1,076 
Summary of Total Foreclosed Assets
The following is a presentation of total foreclosed assets as of December 31, 2022 and 2021:
December 31, 2022December 31, 2021
(In thousands)
Commercial real estate loans
Non-farm/non-residential$118 $536 
Construction/land development47 834 
Agricultural— — 
Residential real estate loans
Residential 1-4 family260 260 
Multifamily residential121 — 
Total foreclosed assets held for sale$546 $1,630 
v3.22.4
Goodwill and Core Deposit Intangible (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Changes in Carrying Amount and Accumulated Amortization of Company's Goodwill and Core Deposits and Other Intangibles
Changes in the carrying amount and accumulated amortization of the Company’s goodwill and core deposit intangible at December 31, 2022 and 2021, were as follows:
December 31, 2022December 31, 2021
Goodwill(In thousands)
Balance, beginning of period$973,025 $973,025 
Acquisitions425,228 — 
Balance, end of period$1,398,253 $973,025 
December 31, 2022December 31, 2021
Core Deposit Intangible(In thousands)
Balance, beginning of period$25,045 $30,728 
Acquisitions42,263 — 
Amortization expense(8,853)(5,683)
Balance, end of year$58,455 $25,045 
Summary of Carrying Amount and Accumulated Amortization of Core Deposits and Other Intangibles
The carrying basis and accumulated amortization of core deposits intangibles at December 31, 2022 and 2021 were:
December 31, 2022December 31, 2021
(In thousands)
Gross carrying amount$128,888 $86,625 
Accumulated amortization(70,433)(61,580)
Net carrying amount$58,455 $25,045 
v3.22.4
Deposits (Tables)
 12 Months Ended
Dec. 31, 2022
Deposits [Abstract]  
Summary of Scheduled Maturities of Time Deposits
The following is a summary of the scheduled maturities of all time deposits at December 31, 2022 (in thousands):
2023$862,018
2024129,470
202519,206
202615,111
202716,768
Thereafter661
Total time deposits$1,043,234
v3.22.4
Securities Sold Under Agreements to Repurchase (Tables)
 12 Months Ended
Dec. 31, 2022
Securities Sold under Agreements to Repurchase [Abstract]  
Summary of Remaining Contractual Maturity of Securities Sold Under Agreements to Repurchase The remaining contractual maturity of securities sold under agreements to repurchase in the consolidated balance sheets as of December 31, 2022 and 2021 is presented in the following table:
December 31, 2022December 31, 2021
Overnight and
Continuous		TotalOvernight and
Continuous		Total
(In thousands)
Securities sold under agreements to repurchase:
U.S. government-sponsored enterprises$5,322 $5,322 $8,433 $8,433 
Mortgage-backed securities5,153 5,153 7,920 7,920 
State and political subdivisions117,674 117,674 122,173 122,173 
Other securities2,997 2,997 2,360 2,360 
Total borrowings$131,146 $131,146 $140,886 $140,886 
v3.22.4
FHLB and Other Borrowed Funds (Tables)
 12 Months Ended
Dec. 31, 2022
Advance from Federal Home Loan Bank [Abstract]  
Maturities of Borrowings with Original Maturities
Maturities of borrowings with original maturities exceeding one year at December 31, 2022, are as follows (in thousands):
By Contractual
Maturity		By
Call Date
2023$50,000 $50,000 
2024— 400,000 
2025100,000 100,000 
2026100,000 100,000 
2027— — 
Thereafter400,000 — 
$650,000 $650,000 
v3.22.4
Subordinated Debentures (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Preferred Trust Securities and Subordinated Debentures
Subordinated debentures at December 31, 2022 and 2021 contained the following components:
As of
December 31, 2022
As of
December 31, 2021
(In thousands)
Trust preferred securities  
Subordinated debentures, issued in 2006, due 2036, fixed rate of 6.75% during the first five years and at a floating rate of 1.85% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty
$— $3,093 
Subordinated debentures, issued in 2004, due 2034, fixed rate of 6.00% during the first five years and at a floating rate of 2.00% above the three- month LIBOR rate, reset quarterly, thereafter, currently callable without penalty
— 15,464 
Subordinated debentures, issued in 2005, due 2035, fixed rate of 5.84% during the first five years and at a floating rate of 1.45% above the three- month LIBOR rate, reset quarterly, thereafter, currently callable without penalty
— 25,774 
Subordinated debentures, issued in 2004, due 2034, fixed rate of 4.29% during the first five years and at a floating rate of 2.50% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty
— 16,495 
Subordinated debentures, issued in 2005, due 2035, floating rate of 2.15% above the three-month LIBOR rate, reset quarterly, currently callable without penalty
— 4,501 
Subordinated debentures, issued in 2006, due 2036, fixed rate of 7.38% during the first five years and at a floating rate of 1.62% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty
— 5,942 
Subordinated debt securities
Subordinated notes issued in 2020, due 2030, fixed rate of 5.500% during the first five years and at a floating rate of 534.5 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2025 without penalty
143,400 — 
Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty
297,020 — 
Subordinated notes, net of issuance costs, issued in 2017, due 2027, fixed rate of 5.625% during the first five years and at a floating rate of 3.575% above the then three-month LIBOR rate, reset quarterly, thereafter, callable in 2022 without penalty
— 299,824 
Total$440,420 $371,093 
v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Summary of Components of Provision for Income Taxes
The following is a summary of the components of the provision for income taxes for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
202220212020
(In thousands)
Current:   
Federal$72,367 $70,536 $62,362 
State14,733 23,350 20,644 
Total current87,100 93,886 83,006 
Deferred:
Federal1,839 2,906 (14,839)
State374 962 (4,912)
Total deferred2,213 3,868 (19,751)
Income tax expense$89,313 $97,754 $63,255 
Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate
The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
202220212020
Statutory federal income tax rate21.00 %21.00 %21.00 %
Effect of non-taxable interest income(1.89)(1.03)(1.29)
Stock compensation0.38 0.25 0.33 
State income taxes, net of federal benefit2.70 3.97 3.50 
Other0.45 (0.74)(0.76)
Effective income tax rate22.64 %23.45 %22.78 %
Differences between Tax Basis of Assets and Liabilities
The types 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:
December 31, 2022December 31, 2021
(In thousands)
Deferred tax assets:
Allowance for credit losses$80,232 $68,644 
Deferred compensation7,817 5,342 
Stock compensation6,180 5,044 
Non-accrual interest income1,518 694 
Real estate owned103 109 
Unrealized loss on Securities AFS98,587 — 
Loan discounts7,007 4,169 
Tax basis premium/discount on acquisitions1,222 3,220 
Investments28,523 263 
Deposits— (65)
Other8,007 5,283 
Gross deferred tax assets239,196 92,703 
Deferred tax liabilities:
Accelerated depreciation on premises and equipment
4,252 761 
Unrealized gain on securities available-for-sale— 4,220 
Core deposit intangibles14,755 5,736 
FHLB dividends2,681 2,820 
Other8,187 876 
Gross deferred tax liabilities29,875 14,413 
Net deferred tax assets$209,321 $78,290 
v3.22.4
Common Stock, Compensation Plans and Other (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Transactions under Plan
The table below summarized the stock option transactions under the Plan at December 31, 2022, 2021 and 2020 and changes during the years then ended:
202220212020
Shares
(000)		Weighted-
average
Exercisable
Price		Shares
(000)		Weighted-
average
Exercisable
Price		Shares
(000)		Weighted-
average
Exercisable
Price
Outstanding, beginning of year3,015 $20.06 3,254 $19.77 3,411 $19.60 
Granted183 21.13 15 21.68 — — 
Forfeited/Expired(96)21.89 (57)22.44 (76)21.95 
Exercised(131)11.30 (197)14.78 (81)10.61 
Outstanding, end of year2,971 20.45 3,015 20.06 3,254 19.77 
Exercisable, end of year1,837 18.89 1,543 17.46 1,537 16.82 
Summary of Stock Options on Valuation Assumptions The assumptions used in determining the fair value of 2022, 2021 and 2020 stock option grants were as follows:
For the Years Ended December 31,
202220212020
Expected dividend yield3.14 %2.59 %Not Applicable
Expected stock price volatility31.18 %70.13 %Not Applicable
Risk-free interest rate2.82 %0.75 %Not Applicable
Expected life of options6.5 years6.5 yearsNot Applicable
Summary of Currently Outstanding and Exercisable Options
The following is a summary of currently outstanding and exercisable options at December 31, 2022:
Options OutstandingOptions Exercisable
Exercise PricesOptions
Outstanding
Shares
(000)		Weighted-
Average
Remaining
Contractual
Life (in years)		Weighted-
Average
Exercise
Price		Options
Exercisable
Shares
(000)		Weighted-
Average
Exercise
Price
$6.56 to $8.62
100 0.05$8.62 100 $8.62 
$9.54 to $14.71
100 2.0414.71 100 14.71 
$16.77 to $16.86
110 1.7016.81 110 16.81 
$17.12 to $17.36
86 2.2917.12 86 17.12 
$17.40 to $18.46
866 2.6318.45 866 18.45 
$18.50 to $20.16
35 6.2719.04 21 19.04 
$20.46 to $21.25
258 5.6320.84 155 21.08 
$21.31 to $22.22
127 6.0522.18 82 22.21 
$22.70 to $23.32
1,185 5.5523.32 240 23.32 
$23.51 to $25.96
104 5.5225.34 77 25.74 
2,971 1,837 
Summary of Company's Restricted Stock Issued and Outstanding
The table below summarizes the activity for the Company’s restricted stock issued and outstanding at December 31, 2022, 2021 and 2020 and changes during the years then ended:
202220212020
(In thousands)
Beginning of year1,231 1,371 1,636 
Issued409 216 264 
Vested(178)(320)(453)
Forfeited(81)(36)(76)
End of year1,381 1,231 1,371 
Amount of expense for twelve months ended$7,646 $7,112 $6,824 
v3.22.4
Non-Interest Expense (Tables)
 12 Months Ended
Dec. 31, 2022
Other Income and Expenses [Abstract]  
Components of Non-Interest Expense
The table below shows the components of non-interest expense for years ended December 31, 2022, 2021 and 2020:
202220212020
(In thousands)
Salaries and employee benefits$238,885 $170,755 $163,950 
Occupancy and equipment53,417 36,631 38,412 
Data processing expense34,942 24,280 19,032 
Merger expense49,594 1,886 711 
Other operating expenses:
Advertising7,974 4,855 3,999 
Amortization of intangibles8,853 5,683 5,844 
Electronic banking expense13,632 9,817 8,477 
Directors' fees1,491 1,614 1,624 
Due from bank service charges1,255 1,044 975 
FDIC and state assessment8,428 5,472 6,494 
Hurricane expense176 — — 
Insurance3,705 3,118 3,018 
Legal and accounting9,401 3,703 4,222 
Other professional fees8,881 6,950 8,150 
Operating supplies3,120 1,915 1,988 
Postage2,078 1,283 1,283 
Telephone1,890 1,425 1,302 
Other expense27,905 18,086 17,904 
Total other operating expenses98,789 64,965 65,280 
Total non-interest expense$475,627 $298,517 $287,385 
v3.22.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Minimum Rental Commitments under Operating Leases
The minimum rental commitments under these noncancelable operating leases are as follows (in thousands) as of December 31, 2022 and 2021:
December 31, 2022
2023$8,332 
20247,463 
20256,739 
20266,352 
20275,821 
Thereafter24,591 
Total future minimum lease payments$59,298 
Discount effect of cash flows(13,344)
Present value of net future minimum lease payments$45,954 
December 31, 2021
2022$7,714 
20236,574 
20246,001 
20255,510 
20265,389 
Thereafter24,999 
Total future minimum lease payments$56,187 
Discount effect of cash flows(13,778)
Present value of net future minimum lease payments$42,409 
Additional Information of Lease Expense
Additional information (dollar amounts in thousands):
Year Ended
December 31, 2022
Year Ended
December 31, 2021
Year Ended
December 31, 2020
Lease expense:
Operating lease expense$7,995$7,857$8,138
Short-term lease expense3635
Variable lease expense8731,0281,056
Total lease expense$8,871$8,891$9,229
Other information:
Cash paid for amounts included in the measurement of lease liabilities
$8,128$7,881$8,030
Weighted-average remaining lease term9.289.7110.19
Weighted-average discount rate3.41 %3.48 %3.61 %
v3.22.4
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Estimated Fair Values of Financial Instruments The following table presents the estimated fair values of the Company’s financial instruments. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
December 31, 2022
Carrying
Amount		Fair ValueLevel
(In thousands)
Financial assets:  
Cash and cash equivalents$724,790 $724,790 1
Investment securities - available for sale4,041,590 4,041,590 2
Investment securities - held-to-maturity1,287,705 1,126,146 2
Loans receivable, net of impaired loans and allowance13,929,892 14,240,833 3
Accrued interest receivable103,199 103,199 1
FHLB, FRB & FNBB stock; other equity investments215,952 215,952 3
Marketable equity securities52,034 52,034 1
Financial liabilities:
Deposits:
Demand and non-interest bearing$5,164,997 $5,164,997 1
Savings and interest-bearing transaction accounts11,730,552 11,730,552 1
Time deposits1,043,234 1,014,348 3
Securities sold under agreements to repurchase131,146 131,146 1
FHLB and other borrowed funds650,000 595,886 2
Accrued interest payable10,622 10,622 1
Subordinated debentures440,420 411,686 3
December 31, 2021
Carrying
Amount		Fair ValueLevel
(In thousands)
Financial assets:  
Cash and cash equivalents$3,650,315 $3,650,315 1
Investment securities - available for sale3,119,807 3,119,807 2
Loans receivable, net of impaired loans and allowance9,319,421 9,503,261 3
Accrued interest receivable46,736 46,736 1
FHLB, FRB & FNBB stock; other equity investments124,638 124,638 3
Marketable equity securities17,110 17,110 1
Financial liabilities:
Deposits:
Demand and non-interest bearing$4,127,878 $4,127,878 1
Savings and interest-bearing transaction accounts9,251,805 9,251,805 1
Time deposits880,887 901,280 3
Securities sold under agreements to repurchase140,886 140,886 1
FHLB and other borrowed funds400,000 401,362 2
Accrued interest payable4,798 4,798 1
Subordinated debentures371,093 374,894 3
v3.22.4
Regulatory Matters (Tables)
 12 Months Ended
Dec. 31, 2022
Regulatory Matters [Abstract]  
Summary of Company's Actual Capital Amount and Ratios
The Company’s actual capital amounts and ratios along with the Company’s bank subsidiary are presented in the following table.
ActualMinimum Capital Requirement –Basel IIIMinimum To Be Well-Capitalized Under Prompt Corrective Action Provision
AmountRatioAmountRatioAmountRatio
(Dollars in thousands)
As of December 31, 2022
    
Common equity Tier 1 capital ratios:    
Home BancShares$2,399,919 12.91 %$1,300,831 7.00 %N/AN/A
Centennial Bank2,408,756 13.00 1,297,352 7.00 1,204,684 6.50 
Leverage ratios:
Home BancShares$2,399,919 10.86 %$883,664 4.00 %N/AN/A
Centennial Bank2,408,756 10.93 881,464 4.00 1,101,831 5.00 
Tier 1 capital ratios:
Home BancShares$2,399,919 12.91 %$1,579,580 8.50 %N/AN/A
Centennial Bank2,408,756 13.00 1,575,356 8.50 1,482,688 8.00 
Total risk-based capital ratios:
Home BancShares$3,073,455 16.54 %$1,951,246 10.50 %N/AN/A
Centennial Bank2,640,992 14.25 1,946,021 10.50 1,853,354 10.00 
 
As of December 31, 2021
Common equity Tier 1 capital ratios:
Home BancShares$1,812,797 15.37 %$825,548 7.00 %N/AN/A
Centennial Bank1,859,093 15.82 822,608 7.00 763,850 6.50 
Leverage ratios:
Home BancShares$1,884,067 11.11 %$678,427 4.00 %N/AN/A
Centennial Bank1,859,093 10.97 677,883 4.00 847,353 5.00 
Tier 1 capital ratios:
Home BancShares$1,884,067 15.98 %$1,002,451 8.50 %N/AN/A
Centennial Bank1,859,093 15.82 998,881 8.50 940,123 8.00 
Total risk-based capital ratios:
Home BancShares$2,331,948 19.77 %$1,238,322 10.50 %N/AN/A
Centennial Bank2,006,814 17.08 1,233,697 10.50 1,174,950 10.00 
v3.22.4
Additional Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]  
Summary of Additional Cash Flow Information
The following is summary of the Company’s additional cash flow information during the years ended December 31:
202220212020
(In thousands)
Interest paid$115,046 $53,327 $95,483 
Income taxes paid86,583 98,320 77,838 
Assets acquired by foreclosure619 2,623 2,639 
v3.22.4
Condensed Financial Information (Parent Company Only) (Tables)
 12 Months Ended
Dec. 31, 2022
Offsetting [Abstract]  
Schedule of Condensed Balance Sheets
Condensed Balance Sheets
December 31,
(In thousands)20222021
Assets  
Cash and cash equivalents$359,570 $291,585 
Investment securities57,912 18,254 
Investments in wholly-owned subsidiaries3,538,344 2,815,345 
Investments in unconsolidated subsidiaries— 2,201 
Other assets19,422 14,591 
Total assets$3,975,248 $3,141,976 
Liabilities
Subordinated debentures$440,420 $371,093 
Other liabilities8,466 5,162 
Total liabilities448,886 376,255 
Stockholders' Equity
Common stock2,034 1,637 
Capital surplus2,386,699 1,487,373 
Retained earnings1,443,087 1,266,249 
Accumulated other comprehensive income(305,458)10,462 
Total stockholders' equity3,526,362 2,765,721 
Total liabilities and stockholders' equity$3,975,248 $3,141,976 
Schedule of Condensed Statements of Income
Condensed Statements of Income
Years Ended December 31,
(In thousands)202220212020
Income   
Dividends from equity securities$2,088 $646 $385 
Dividends from banking subsidiary216,086 286,712 183,711 
Other (loss) income(1,297)7,234 (1,588)
Total income216,877 294,592 182,508 
Expenses38,933 34,194 33,346 
Income before income taxes and equity in undistributed net income of subsidiaries
177,944 260,398 149,162 
Tax benefit for income taxes10,752 7,161 8,589 
Income before equity in undistributed net income of subsidiaries
188,696 267,559 157,751 
Equity in undistributed net income of subsidiaries116,566 51,462 56,697 
Net income$305,262 $319,021 $214,448 
Schedule of Condensed Statements of Cash Flows
Condensed Statements of Cash Flows
 
Years Ended December 31,
(In thousands)202220212020
Cash flows from operating activities   
Net income$305,262 $319,021 $214,448 
Items not requiring (providing) cash
Depreciation— — 216 
Amortization1,912 767 769 
Share-based compensation9,133 8,848 8,607 
Decrease (increase) in value of equity securities1,272 (7,178)1,978 
Gain on assets— — (320)
Equity in undistributed income of subsidiaries(116,566)(51,462)(56,697)
Changes in other assets(4,149)90 (628)
Changes in other liabilities2,290 (76)(307)
Net cash provided by operating activities199,154 270,010 168,066 
Cash flows from investing activities
Proceeds from sale of premises and equipment, net— — 1,841 
Net cash proceeds from Happy Bancshares, Inc.201,428 — — 
Purchases of equity securities(49,975)(13,276)(15,015)
Proceeds from sale of equity securities13,778 16,381 — 
Redemptions of other investments2,899 — — 
Net cash provided by (used in) investing activities168,130 3,105 (13,174)
Cash flows from financing activities
Retirement of subordinated debentures(300,000)— — 
Proceeds from the issuance of subordinated debentures296,324 — — 
Redemption of trust preferred securities(96,499)— — 
Proceeds from exercise of stock options156 2,374 595 
Repurchase of common stock(70,856)(44,480)(25,689)
Dividends paid(128,424)(92,142)(87,677)
Net cash used in financing activities(299,299)(134,248)(112,771)
Increase in cash and cash equivalents67,985 138,867 42,121 
Cash and cash equivalents, beginning of year291,585 152,718 110,597 
Cash and cash equivalents, end of year$359,570 $291,585 $152,718 
v3.22.4
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail)
 12 Months Ended
Mar. 26, 2020
Dec. 31, 2022
USD ($)
segment
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
$ / shares
shares
Accounting Policy [Line Items]        
Number of reportable segments | segment   1    
Number of operating segments | segment   1    
Intangible assets amortization period   120 months    
Impairment of goodwill | $   $ 0 $ 0 $ 0
Impairment of core deposit and other intangibles | $   $ 0 $ 0 $ 0
Antidilutive securities excluded from computation of earnings per share, amount | shares       3,300,000
Antidilutive securities excluded from computation of earnings per share weighted average exercise price (in dollars per share) | $ / shares       $ 19.77
Federal Reserve Bank        
Accounting Policy [Line Items]        
Cash reserve requirement ratio reduced to 0.00%      
v3.22.4
Nature of Operations and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives for Book Purposes (Detail)
 12 Months Ended
Dec. 31, 2022
Bank premises | Minimum  
Property Plant And Equipment Estimated Useful Lives [Line Items]  
Useful lives 15 years
Bank premises | Maximum  
Property Plant And Equipment Estimated Useful Lives [Line Items]  
Useful lives 40 years
Furniture, fixtures, and equipment | Minimum  
Property Plant And Equipment Estimated Useful Lives [Line Items]  
Useful lives 3 years
Furniture, fixtures, and equipment | Maximum  
Property Plant And Equipment Estimated Useful Lives [Line Items]  
Useful lives 15 years
v3.22.4
Nature of Operations and Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings per Common Share (EPS) (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Net income $ 305,262 $ 319,021 $ 214,448
Average common shares outstanding (in shares) 194,694 164,501 165,373
Effect of common stock options (in shares) 325 357 0
Diluted common shares outstanding (in shares) 195,019 164,858 165,373
Basic earnings per common share (in dollars per share) $ 1.57 $ 1.94 $ 1.30
Diluted earnings per common share (in dollars per share) $ 1.57 $ 1.94 $ 1.30
v3.22.4
Business Combinations - Acquisition of Happy Bancshares (Detail) - Happy Bancshares, Inc. - USD ($)
$ in Thousands, shares in Millions
 3 Months Ended 12 Months Ended
Apr. 01, 2022
Dec. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Sep. 30, 2022
Jun. 30, 2022
Business Acquisition [Line Items]            
Business combination consideration paid $ 962,538          
Business combination, recognized identifiable assets acquired 6,755,152         $ 6,687,504
Loans receivable 3,657,009 $ 3,652,706 $ 3,652,706   $ 3,652,620 3,652,620
Total deposits 5,854,307         $ 5,855,277
Adjustment to market value - investment securities 8,485          
Adjustment to market value - bank premises and equipment (12,270) $ (695)        
Measurement Period Adjustments, Time deposits $ 903          
Pro forma merger expenses     49,600 $ 49,600    
Pro forma credit losses on acquired loans     45,200 45,200    
Pro forma credit losses on acquired unfunded commitments     11,400 11,400    
Pro forma credit losses on acquired investment securities     $ 2,000 $ 2,000    
Common Stock            
Business Acquisition [Line Items]            
Business acquisition, equity interest issuable, number of shares (in shares) 42.4          
Business acquisition, equity interest issuable, value $ 958,800          
Business combination consideration paid 962,500          
Stock-based Awards            
Business Acquisition [Line Items]            
Business acquisition, equity interest issuable, value $ 3,700          
v3.22.4
Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 01, 2022
Dec. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Sep. 30, 2022
Jun. 30, 2022
Dec. 31, 2020
Business Acquisition [Line Items]              
Carrying amount of Company's goodwill   $ 1,398,253 $ 1,398,253 $ 973,025     $ 973,025
Goodwill     425,228 $ 0      
Happy Bancshares, Inc.              
Business Acquisition [Line Items]              
Cash and due from banks $ 112,999 112,867 112,867   $ 112,553 $ 112,553  
Measurement Period Adjustments, Cash and due from banks (446) (314)          
Interest-bearing deposits with other banks 746,031         746,031  
Measurement Period Adjustments, Interest-bearing deposits with other banks 0            
Cash and cash equivalents 859,030         858,584  
Measurement Period Adjustments, Cash and cash equivalents (446)            
Investment securities - available-for-sale, net of allowance for credit losses 1,773,540         1,782,025  
Measurement Period Adjustments, Investment securities - available-for-sale, net of allowance for credit losses 8,485            
Total investment securities 1,773,540         1,782,025  
Measurement Period Adjustments, Total investment securities 8,485            
Loans receivable 3,657,009 3,652,706 3,652,706   3,652,620 3,652,620  
Measurement Period Adjustments, Loans receivable (4,389) (86)          
Allowance for credit losses (42,224)         (16,816)  
Measurement Period Adjustments, Allowance for credit losses 25,408            
Loans receivable, net 3,614,785         3,635,804  
Measurement Period Adjustments, Loans receivable, net 21,019            
Bank premises and equipment, net 153,642 142,067 142,067   141,372 141,372  
Measurement Period Adjustments, Bank premises and equipment, net 12,270 695          
Foreclosed assets held for sale 193         116  
Measurement Period Adjustments, Foreclosed assets held for sale (77)            
Cash value of life insurance 105,049         105,052  
Measurement Period Adjustments, Cash value of life insurance 3            
Accrued interest receivable 31,575         31,575  
Measurement Period Adjustments, Accrued interest receivable 0            
Deferred tax asset, net 32,908 35,414 35,414   31,816 31,816  
Measurement Period Adjustments, Deferred tax asset, net (1,092) (3,598)          
Carrying amount of Company's goodwill 130,428         0  
Measurement Period Adjustments, Goodwill (130,428) (147)          
Core deposit and other intangibles 10,672         42,263  
Measurement Period Adjustments, Core deposit and other intangibles 31,591            
Other assets 43,330 49,752 49,752   58,897 58,897  
Measurement Period Adjustments, Other assets 15,567 9,145          
Total assets acquired 6,755,152         6,687,504  
Measurement Period Adjustments, Total assets acquired (67,648)            
Demand and non-interest-bearing 1,932,756 1,932,756 1,932,756   1,932,823 1,932,823  
Measurement Period Adjustments, Demand and non-interest-bearing 67 67          
Savings and interest-bearing transaction accounts 3,519,652         3,519,652  
Measurement Period Adjustments, Savings and interest-bearing transaction accounts 0            
Time deposits 401,899         402,802  
Adjustment to market value - time deposits 903            
Total deposits 5,854,307         5,855,277  
Measurement Period Adjustments, Total deposits 970            
FHLB and other borrowed funds 74,212         78,330  
Measurement Period Adjustments, FHLB and other borrowed funds 4,118            
Accrued interest payable and other liabilities 50,889 44,759 $ 44,759   $ 48,997 48,997  
Measurement Period Adjustments, Accrued interest payable and other liabilities (1,892) 4,238          
Subordinated debentures 159,965         167,590  
Measurement Period Adjustments, Subordinated Debt 7,625            
Total liabilities assumed 6,139,373         6,150,194  
Measurement Period Adjustments, Total liabilities assumed 10,821            
Total equity assumed 615,779         0  
Measurement Period Adjustments, Total equity assumed (615,779)            
Total liabilities and equity assumed 6,755,152         6,150,194  
Measurement Period Adjustments, Total liabilities and equity assumed (604,958)            
Net assets acquired           $ 537,310  
Purchase price 962,538            
Goodwill $ 425,228 $ 425,375          
v3.22.4
Business Combinations - Pro Forma Information (Details) - Happy Bancshares, Inc. - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Business Acquisition [Line Items]    
Total interest income $ 935,168 $ 839,407
Total non-interest income 188,012 190,550
Net income available to all shareholders $ 406,949 $ 317,190
Basic earnings per common share (in dollars per share) $ 1.98 $ 1.53
Diluted earnings per common share (in dollars per share) $ 1.98 $ 1.53
v3.22.4
Business Combinations - PCD Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 01, 2022
Dec. 31, 2022
Dec. 31, 2020
Business Acquisition [Line Items]      
Allowance for credit losses at acquisition   $ (45,170) $ (9,309)
Happy Bancshares, Inc.      
Business Acquisition [Line Items]      
Par value of acquired loans at acquisition $ 165,028    
Allowance for credit losses at acquisition (16,816)    
Premium on acquired loans 684    
Purchase price of loans at acquisition $ 148,896    
v3.22.4
Business Combinations - Acquisition of LH-Finance - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2020
Dec. 31, 2022
Dec. 31, 2021
Business Acquisition [Line Items]      
Goodwill   $ 425,228 $ 0
LH-Finance      
Business Acquisition [Line Items]      
Business combination consideration paid $ 421,200    
Business combination, recognized identifiable assets acquired 409,100    
Business combination, recognized identifiable liabilities assumed, loans 407,400    
Goodwill $ 14,600    
v3.22.4
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities Classified as Available-for-Sale (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]      
Amortized Cost $ 4,445,620 $ 3,106,483  
Allowance for Credit Losses (842) (842) $ (842)
Net Carrying Amount 4,444,778 3,105,641  
Gross Unrealized Gains 4,779 41,058  
Gross Unrealized (Losses) (407,967) (26,892)  
Estimated Fair Value 4,041,590 3,119,807  
U.S. government-sponsored enterprises      
Schedule of Available-for-sale Securities [Line Items]      
Amortized Cost 682,316 433,829  
Allowance for Credit Losses 0 0  
Net Carrying Amount 682,316 433,829  
Gross Unrealized Gains 2,713 2,375  
Gross Unrealized (Losses) (23,209) (3,225)  
Estimated Fair Value 661,820 432,979  
Residential mortgage-backed securities      
Schedule of Available-for-sale Securities [Line Items]      
Amortized Cost 1,759,025 1,175,185  
Allowance for Credit Losses 0 0  
Net Carrying Amount 1,759,025 1,175,185  
Gross Unrealized Gains 71 4,085  
Gross Unrealized (Losses) (211,453) (18,551)  
Estimated Fair Value 1,547,643 1,160,719  
Commercial mortgage-backed securities      
Schedule of Available-for-sale Securities [Line Items]      
Amortized Cost 339,206 372,702  
Allowance for Credit Losses 0 0  
Net Carrying Amount 339,206 372,702  
Gross Unrealized Gains 0 6,521  
Gross Unrealized (Losses) (22,254) (1,968)  
Estimated Fair Value 316,952 377,255  
State and political subdivisions      
Schedule of Available-for-sale Securities [Line Items]      
Amortized Cost 1,021,188 973,318  
Allowance for Credit Losses (842) (842)  
Net Carrying Amount 1,020,346 972,476  
Gross Unrealized Gains 1,649 26,296  
Gross Unrealized (Losses) (115,698) (1,794)  
Estimated Fair Value 906,297 996,978  
Other securities      
Schedule of Available-for-sale Securities [Line Items]      
Amortized Cost 643,885 151,449  
Allowance for Credit Losses 0 0  
Net Carrying Amount 643,885 151,449  
Gross Unrealized Gains 346 1,781  
Gross Unrealized (Losses) (35,353) (1,354)  
Estimated Fair Value $ 608,878 $ 151,876  
v3.22.4
Investment Securities - Amortized Cost and Fair Value of Securities Held-to-Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]      
Amortized Cost $ 1,289,710    
Allowance for Credit Losses (2,005) $ (2,000)  
Net Carrying Amount 1,287,705   $ 0
Gross Unrealized Gains 196    
Gross Unrealized (Losses) (161,755)    
Estimated Fair Value 1,126,146    
U.S. government-sponsored enterprises      
Schedule of Held-to-maturity Securities [Line Items]      
Amortized Cost 43,017    
Allowance for Credit Losses 0    
Net Carrying Amount 43,017    
Gross Unrealized Gains 0    
Gross Unrealized (Losses) (3,349)    
Estimated Fair Value 39,668    
Residential mortgage-backed securities      
Schedule of Held-to-maturity Securities [Line Items]      
Amortized Cost 49,088    
Allowance for Credit Losses 0    
Net Carrying Amount 49,088    
Gross Unrealized Gains 24    
Gross Unrealized (Losses) (1,205)    
Estimated Fair Value 47,907    
Commercial mortgage-backed securities      
Schedule of Held-to-maturity Securities [Line Items]      
Amortized Cost 85,912    
Allowance for Credit Losses 0    
Net Carrying Amount 85,912    
Gross Unrealized Gains 107    
Gross Unrealized (Losses) (2,551)    
Estimated Fair Value 83,468    
State and political subdivisions      
Schedule of Held-to-maturity Securities [Line Items]      
Amortized Cost 1,111,693    
Allowance for Credit Losses (2,005)   $ 0
Net Carrying Amount 1,109,688    
Gross Unrealized Gains 65    
Gross Unrealized (Losses) (154,650)    
Estimated Fair Value $ 955,103    
v3.22.4
Investment Securities - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2022
USD ($)
security
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Jun. 30, 2022
USD ($)
Apr. 01, 2022
USD ($)
Schedule of Available-for-sale Securities [Line Items]          
Carrying value of investment securities $ 2,350,000,000 $ 1,150,000,000      
Investment securities pledged as collateral 131,100,000 140,900,000      
Available for sale securities sold 67,300,000 17,900,000 $ 0    
Realized gains (losses) on available for sale securities 0 $ 219,000      
Income tax expense benefit to net security gains and losses, percentage   25.74%      
Allowance for credit loss, held-to-maturity 2,005,000     $ 2,000,000  
Investment securities – held-to-maturity, net of allowance for credit losses 1,287,705,000 $ 0      
Investment securities, provision for credit losses 842,000 842,000 $ 842,000    
Investment securities, provision for credit losses 0        
Fair value of unrealized losses $ 264,580,000 $ 6,441,000      
Percentage of Company's investment portfolio 33.00% 55.70%      
Number of investment securities available for sale | security 1,642        
Number of investment in debt securities unrealized loss position | security 1,408        
Debt securities available for sale unrealized loss position $ 407,967,000 $ 26,892,000      
Number of investment securities held to maturity | security 507        
Number of investments in debt securities held-to-maturity unrealized loss position | security 500        
Unrealized losses $ 161,755,000        
Happy Bancshares, Inc.          
Schedule of Available-for-sale Securities [Line Items]          
Investment securities - available-for-sale, net of allowance for credit losses       $ 1,782,025,000 $ 1,773,540,000
Investments reclassified from available-for-sale to held-to-maturity 1,120,000,000        
U.S. government-sponsored enterprises          
Schedule of Available-for-sale Securities [Line Items]          
Allowance for credit loss, held-to-maturity 0        
Investment securities – held-to-maturity, net of allowance for credit losses 43,017,000        
Investment securities, provision for credit losses 0 0      
Fair value of unrealized losses $ 20,153,000 1,869,000      
Number of investment in debt securities unrealized loss position | security 65        
Debt securities available for sale unrealized loss position $ 23,209,000 3,225,000      
Number of investments in debt securities held-to-maturity unrealized loss position | security 5        
Unrealized losses $ 3,349,000        
Residential mortgage-backed securities          
Schedule of Available-for-sale Securities [Line Items]          
Allowance for credit loss, held-to-maturity 0        
Investment securities – held-to-maturity, net of allowance for credit losses 49,088,000        
Investment securities, provision for credit losses 0 0      
Fair value of unrealized losses $ 157,428,000 3,305,000      
Number of investment in debt securities unrealized loss position | security 591        
Debt securities available for sale unrealized loss position $ 211,453,000 18,551,000      
Number of investments in debt securities held-to-maturity unrealized loss position | security 6        
Unrealized losses $ 1,205,000        
Commercial mortgage-backed securities          
Schedule of Available-for-sale Securities [Line Items]          
Allowance for credit loss, held-to-maturity 0        
Investment securities – held-to-maturity, net of allowance for credit losses 85,912,000        
Investment securities, provision for credit losses 0 0      
Fair value of unrealized losses $ 11,472,000 717,000      
Number of investment in debt securities unrealized loss position | security 145        
Debt securities available for sale unrealized loss position $ 22,254,000 1,968,000      
Number of investments in debt securities held-to-maturity unrealized loss position | security 10        
Unrealized losses $ 2,551,000        
State and political subdivisions          
Schedule of Available-for-sale Securities [Line Items]          
Allowance for credit loss, held-to-maturity 2,005,000 0      
Investment securities – held-to-maturity, net of allowance for credit losses $ 1,109,688,000        
Percentage of investment securities - held-to-maturity 86200.00%        
Investment securities, provision for credit losses $ 842,000 842,000      
Fair value of unrealized losses $ 65,214,000 512,000      
Number of investment in debt securities unrealized loss position | security 501        
Debt securities available for sale unrealized loss position $ 115,698,000 1,794,000      
Number of investments in debt securities held-to-maturity unrealized loss position | security 479        
Unrealized losses $ 154,650,000        
Other securities          
Schedule of Available-for-sale Securities [Line Items]          
Investment securities, provision for credit losses 0 0      
Fair value of unrealized losses $ 10,313,000 38,000      
Number of investment in debt securities unrealized loss position | security 106        
Debt securities available for sale unrealized loss position $ 35,353,000 $ 1,354,000      
v3.22.4
Investment Securities - Amortized Cost and Estimated Fair Value of Securities Contractual Maturity (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Amortized Cost    
Due in one year or less, Amortized Cost $ 265,640  
Due in one year or less, Amortized Cost 0  
Due after one year through five years, Amortized Cost 176,377  
Due after one year through five years, Amortized Cost 4,782  
Due after five years through ten years, Amortized Cost 476,305  
Due after five years through ten years, Amortized Cost 216,182  
Due after ten years, Amortized Cost 1,427,566  
Due after ten years, Amortized Cost 933,746  
Amortized Cost 4,445,620 $ 3,106,483
Amortized Cost 1,289,710  
Estimated Fair Value    
Due in one year or less, Estimated Fair Value 265,487  
Due in one year or less, Estimated Fair Value 0  
Due after one year through five years, Estimated Fair Value 164,127  
Due after one year through five years, Estimated Fair Value 4,479  
Due after five years through ten years, Estimated Fair Value 434,906  
Due after five years through ten years, Estimated Fair Value 190,992  
Due after ten years, Estimated Fair Value 1,310,977  
Due after ten years, Estimated Fair Value 799,300  
Total, Estimated Fair Value 4,041,590 3,119,807
Estimated Fair Value 1,126,146  
Residential mortgage-backed securities    
Amortized Cost    
Securities not due at a single maturity date, Amortized Cost 1,759,025  
Securities not due at a single maturity date, Amortized Cost 49,088  
Amortized Cost 1,759,025 1,175,185
Amortized Cost 49,088  
Estimated Fair Value    
Securities not due at a single maturity date, Estimated Fair Value 1,547,643  
Securities not due at a single maturity date, Estimated Fair Value 47,907  
Total, Estimated Fair Value 1,547,643 1,160,719
Estimated Fair Value 47,907  
Commercial mortgage-backed securities    
Amortized Cost    
Securities not due at a single maturity date, Amortized Cost 339,206  
Securities not due at a single maturity date, Amortized Cost 85,912  
Amortized Cost 339,206 372,702
Amortized Cost 85,912  
Estimated Fair Value    
Securities not due at a single maturity date, Estimated Fair Value 316,952  
Securities not due at a single maturity date, Estimated Fair Value 83,468  
Total, Estimated Fair Value 316,952 377,255
Estimated Fair Value 83,468  
Other    
Amortized Cost    
Securities not due at a single maturity date, Amortized Cost 1,501  
Securities not due at a single maturity date, Amortized Cost 0  
Amortized Cost 643,885 151,449
Estimated Fair Value    
Securities not due at a single maturity date, Estimated Fair Value 1,498  
Securities not due at a single maturity date, Estimated Fair Value 0  
Total, Estimated Fair Value $ 608,878 $ 151,876
v3.22.4
Investment Securities - Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Available-for-sale:    
Fair Value of Available-for-Sale Securities, Less Than 12 Months $ 2,255,449 $ 1,288,118
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months (143,387) (20,451)
Fair Value of Available-for-Sale Securities, 12 Months or More 1,348,287 233,082
Unrealized Losses of Available-for-Sale Securities, 12 Months or More (264,580) (6,441)
Fair Value of Available-for-Sale Securities, Total 3,603,736 1,521,200
Unrealized Losses of Available-for-Sale Securities, Total (407,967) (26,892)
Held-to-maturity:    
Fair Value of Held-to-Maturity Securities, Less Than 12 Months 1,102,071  
Unrealized Losses of Held-to-Maturity Securities, Less Than 12 Months (161,755)  
Fair Value of Held-to-Maturity Securities, 12 Months or More 0  
Unrealized Losses of Held-to-Maturity Securities, 12 Months or More 0  
Fair Value of Held-to-Matuirty Securities, Total 1,102,071  
Unrealized Losses of Held-to-Maturity Securities (161,755)  
U.S. government-sponsored enterprises    
Available-for-sale:    
Fair Value of Available-for-Sale Securities, Less Than 12 Months 315,531 120,730
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months (3,056) (1,356)
Fair Value of Available-for-Sale Securities, 12 Months or More 128,527 78,124
Unrealized Losses of Available-for-Sale Securities, 12 Months or More (20,153) (1,869)
Fair Value of Available-for-Sale Securities, Total 444,058 198,854
Unrealized Losses of Available-for-Sale Securities, Total (23,209) (3,225)
Held-to-maturity:    
Fair Value of Held-to-Maturity Securities, Less Than 12 Months 39,668  
Unrealized Losses of Held-to-Maturity Securities, Less Than 12 Months (3,349)  
Fair Value of Held-to-Maturity Securities, 12 Months or More 0  
Unrealized Losses of Held-to-Maturity Securities, 12 Months or More 0  
Fair Value of Held-to-Matuirty Securities, Total 39,668  
Unrealized Losses of Held-to-Maturity Securities (3,349)  
Residential mortgage-backed securities    
Available-for-sale:    
Fair Value of Available-for-Sale Securities, Less Than 12 Months 817,351 854,807
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months (54,025) (15,246)
Fair Value of Available-for-Sale Securities, 12 Months or More 717,587 104,897
Unrealized Losses of Available-for-Sale Securities, 12 Months or More (157,428) (3,305)
Fair Value of Available-for-Sale Securities, Total 1,534,938 959,704
Unrealized Losses of Available-for-Sale Securities, Total (211,453) (18,551)
Held-to-maturity:    
Fair Value of Held-to-Maturity Securities, Less Than 12 Months 40,892  
Unrealized Losses of Held-to-Maturity Securities, Less Than 12 Months (1,205)  
Fair Value of Held-to-Maturity Securities, 12 Months or More 0  
Unrealized Losses of Held-to-Maturity Securities, 12 Months or More 0  
Fair Value of Held-to-Matuirty Securities, Total 40,892  
Unrealized Losses of Held-to-Maturity Securities (1,205)  
Commercial mortgage-backed securities    
Available-for-sale:    
Fair Value of Available-for-Sale Securities, Less Than 12 Months 212,050 100,702
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months (10,782) (1,251)
Fair Value of Available-for-Sale Securities, 12 Months or More 89,979 28,711
Unrealized Losses of Available-for-Sale Securities, 12 Months or More (11,472) (717)
Fair Value of Available-for-Sale Securities, Total 302,029 129,413
Unrealized Losses of Available-for-Sale Securities, Total (22,254) (1,968)
Held-to-maturity:    
Fair Value of Held-to-Maturity Securities, Less Than 12 Months 65,948  
Unrealized Losses of Held-to-Maturity Securities, Less Than 12 Months (2,551)  
Fair Value of Held-to-Maturity Securities, 12 Months or More 0  
Unrealized Losses of Held-to-Maturity Securities, 12 Months or More 0  
Fair Value of Held-to-Matuirty Securities, Total 65,948  
Unrealized Losses of Held-to-Maturity Securities (2,551)  
State and political subdivisions    
Available-for-sale:    
Fair Value of Available-for-Sale Securities, Less Than 12 Months 485,817 136,135
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months (50,484) (1,282)
Fair Value of Available-for-Sale Securities, 12 Months or More 338,638 18,647
Unrealized Losses of Available-for-Sale Securities, 12 Months or More (65,214) (512)
Fair Value of Available-for-Sale Securities, Total 824,455 154,782
Unrealized Losses of Available-for-Sale Securities, Total (115,698) (1,794)
Held-to-maturity:    
Fair Value of Held-to-Maturity Securities, Less Than 12 Months 955,563  
Unrealized Losses of Held-to-Maturity Securities, Less Than 12 Months (154,650)  
Fair Value of Held-to-Maturity Securities, 12 Months or More 0  
Unrealized Losses of Held-to-Maturity Securities, 12 Months or More 0  
Fair Value of Held-to-Matuirty Securities, Total 955,563  
Unrealized Losses of Held-to-Maturity Securities (154,650)  
Other securities    
Available-for-sale:    
Fair Value of Available-for-Sale Securities, Less Than 12 Months 424,700 75,744
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months (25,040) (1,316)
Fair Value of Available-for-Sale Securities, 12 Months or More 73,556 2,703
Unrealized Losses of Available-for-Sale Securities, 12 Months or More (10,313) (38)
Fair Value of Available-for-Sale Securities, Total 498,256 78,447
Unrealized Losses of Available-for-Sale Securities, Total $ (35,353) $ (1,354)
v3.22.4
Investment Securities - Schedule of Allowance for Credit Losses on Investment Securities (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Allowance for credit losses:      
Beginning balance $ 842 $ 842  
Provision for credit loss 0 0  
Ending balance 842 842 $ 842
Allowance for credit losses:      
Provision for credit loss - acquired securities (2,005) 0 $ (842)
Ending balance 2,005    
State and political subdivisions      
Allowance for credit losses:      
Beginning balance 842    
Ending balance 842 842  
Allowance for credit losses:      
Beginning balance 0    
Provision for credit loss - acquired securities (2,005)    
Securities charged-off 0    
Recoveries 0    
Ending balance 2,005 0  
Other Securities      
Allowance for credit losses:      
Beginning balance 0    
Provision for credit loss - acquired securities 0    
Securities charged-off 0    
Recoveries 0    
Ending balance $ 0 $ 0  
v3.22.4
Investment Securities - Bond Ratings (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost $ 1,289,710
Aaa/AAA  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost 276,134
Aa/AA  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost 849,386
A  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost 27,593
Not rated  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost 1,597
Agency Backed  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost 135,000
State and political subdivisions  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost 1,111,693
State and political subdivisions | Aaa/AAA  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost 233,117
State and political subdivisions | Aa/AA  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost 849,386
State and political subdivisions | A  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost 27,593
State and political subdivisions | Not rated  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost 1,597
State and political subdivisions | Agency Backed  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost 0
Other Securities  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost 178,017
Other Securities | Aaa/AAA  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost 43,017
Other Securities | Aa/AA  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost 0
Other Securities | A  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost 0
Other Securities | Not rated  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost 0
Other Securities | Agency Backed  
Schedule of Held-to-maturity Securities [Line Items]  
Amortized Cost $ 135,000
v3.22.4
Investment Securities - Schedule of Income Earned on Securities (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Investment Income [Line Items]      
Income earned on securities, taxable $ 91,933 $ 30,054 $ 32,596
Income earned on securities, tax-exempt 28,356 19,642 16,158
Total 120,289 49,696 48,754
Debt Securities      
Investment Income [Line Items]      
Income earned on securities, taxable 71,352 30,054 32,596
Income earned on securities, tax-exempt 19,168 19,642 16,158
Held-to-maturity      
Investment Income [Line Items]      
Income earned on securities, taxable 20,581 0 0
Income earned on securities, tax-exempt $ 9,188 $ 0 $ 0
v3.22.4
Loans Receivable - Summary of Various Categories of Loans Receivable (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable $ 14,409,480 $ 9,836,089    
Allowance for credit losses (289,669) (236,714) $ (245,473) $ (102,122)
Loans receivable, net 14,119,811 9,599,375    
Commercial real estate loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 8,114,140 5,870,008    
Commercial real estate loans | Non-farm/non-residential        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 5,632,063 3,889,284    
Commercial real estate loans | Construction/ Land Development        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 2,135,266 1,850,050    
Allowance for credit losses (32,243) (28,415) (32,861) (26,433)
Commercial real estate loans | Agricultural        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 346,811 130,674    
Residential Real Estate        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Allowance for credit losses (50,963) (48,458) (53,216) (20,135)
Residential Real Estate | Residential 1-4 family        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 1,748,551 1,274,953    
Residential Real Estate | Multifamily residential        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 578,052 280,837    
Total real estate        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 10,440,743 7,425,798    
Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 1,149,896 825,519    
Commercial & Industrial        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 2,349,263 1,386,747    
Allowance for credit losses (89,354) (53,062) $ (46,530) $ (16,615)
Agricultural        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 285,235 43,920    
Other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable $ 184,343 $ 154,105    
v3.22.4
Loans Receivable - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Sep. 30, 2022
Jun. 30, 2022
Apr. 01, 2022
Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest $ 289,669 $ 236,714 $ 245,473       $ 102,122
Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest             $ 43,988
Happy Bancshares, Inc.              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Loans receivable 3,652,706     $ 3,652,620 $ 3,652,620 $ 3,657,009  
Deteriorated Credit Quality              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest 142,500 448          
Deteriorated Credit Quality | Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest 142,500 448          
Deteriorated Credit Quality | Happy Bancshares, Inc.              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest 142,100            
Deteriorated Credit Quality | Happy Bancshares, Inc. | Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest 142,100            
Deteriorated Credit Quality | LH-Finance              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest 415            
Deteriorated Credit Quality | LH-Finance | Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest 415            
Mortgage Loans              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Mortgage loans held for sale 79,900 72,700          
SBA Loans              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Loans sold during period 4,100 22,700 7,000        
Gain on sale of guaranteed portion of loans $ 183 $ 2,400 $ 645        
v3.22.4
Allowance for Credit Losses, Credit Quality and Other - Additional Information (Detail)
 3 Months Ended 12 Months Ended
Jun. 30, 2022
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2022
USD ($)
loan
Dec. 31, 2021
USD ($)
loan
Dec. 31, 2020
USD ($)
Apr. 01, 2022
USD ($)
Dec. 31, 2019
USD ($)
Financing Receivable Allowance For Credit Losses [Line Items]              
Provision for credit losses on loans     $ 50,170,000 $ 0 $ 111,422,000    
Allowance for credit losses on PCD loans     16,816,000   357,000    
Non-accrual loans     51,011,000 47,158,000      
Loans past due over 90 days still accruing     9,845,000 3,035,000      
Nonaccrual loans with specific reserve     8,400,000 9,200,000      
Interest income on nonaccrual loans     0 0      
Collateral-dependent impaired loans     221,100,000 331,500,000      
Interest recognized on impaired loans     9,600,000 14,700,000 3,400,000    
Amount of loan assessed for impairment on a quarterly basis     2,000,000        
Revolver loans converted to term loans     $ 28,300,000 $ 58,700,000      
Number of revolving loans convert to term loans | loan     183 259      
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest     $ 289,669,000 $ 236,714,000 245,473,000   $ 102,122,000
Deteriorated Credit Quality              
Financing Receivable Allowance For Credit Losses [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest     142,500,000 448,000      
Happy Bancshares, Inc.              
Financing Receivable Allowance For Credit Losses [Line Items]              
Provision for credit losses on loans $ 11,400,000   5,000,000        
Net loan discounts (4,400,000)            
Allowance for credit losses 16,816,000         $ 42,224,000  
Provision for credit losses $ 45,200,000            
Happy Bancshares, Inc. | Deteriorated Credit Quality              
Financing Receivable Allowance For Credit Losses [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest     142,100,000        
LH-Finance              
Financing Receivable Allowance For Credit Losses [Line Items]              
Acquisition of loans   $ 406,200,000          
Loan discount   6,600,000          
Increase in allowance for credit losses   9,300,000          
Allowance for credit losses on PCD loans   $ 357,000          
LH-Finance | Deteriorated Credit Quality              
Financing Receivable Allowance For Credit Losses [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest     $ 415,000        
Construction / Land Development and Other Commercial Real Estate Loans | Minimum              
Financing Receivable Allowance For Credit Losses [Line Items]              
Loans collateralized by first liens on real estate amortized period     15 years        
Loans collateralized by first liens on real estate balloon payments due period     1 year        
Construction / Land Development and Other Commercial Real Estate Loans | Maximum              
Financing Receivable Allowance For Credit Losses [Line Items]              
Loans collateralized by first liens on real estate amortized period     30 years        
Loans collateralized by first liens on real estate balloon payments due period     5 years        
Percentage of loan value of improved property     85.00%        
Percentage of loan value of raw land     65.00%        
Percentage of loan value of land to be acquired and developed     75.00%        
Residential Real Estate              
Financing Receivable Allowance For Credit Losses [Line Items]              
Allowance for credit losses on PCD loans     $ 980,000   0    
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest     $ 50,963,000 48,458,000 53,216,000   20,135,000
Residential Real Estate | Maximum              
Financing Receivable Allowance For Credit Losses [Line Items]              
Loan-to-value ratio     90.00%        
Commercial and Industrial Loans              
Financing Receivable Allowance For Credit Losses [Line Items]              
Allowance for credit losses on PCD loans     $ 5,596,000   0    
Non-accrual loans     14,920,000 13,875,000      
Loans past due over 90 days still accruing     6,300,000 107,000      
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest     $ 89,354,000 53,062,000 $ 46,530,000   16,615,000
Commercial and Industrial Loans | Minimum              
Financing Receivable Allowance For Credit Losses [Line Items]              
Commercial loans terms     1 year        
Inventory financing percentage     50.00%        
Commercial and Industrial Loans | Minimum | Accounts Receivable Less than 60 Days Past Due              
Financing Receivable Allowance For Credit Losses [Line Items]              
Accounts receivable financed percentage     50.00%        
Commercial and Industrial Loans | Maximum              
Financing Receivable Allowance For Credit Losses [Line Items]              
Commercial loans terms     7 years        
Inventory financing percentage     80.00%        
Commercial and Industrial Loans | Maximum | Accounts Receivable Less than 60 Days Past Due              
Financing Receivable Allowance For Credit Losses [Line Items]              
Accounts receivable financed percentage     80.00%        
Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment              
Financing Receivable Allowance For Credit Losses [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest             43,988,000
Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | Deteriorated Credit Quality              
Financing Receivable Allowance For Credit Losses [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest     $ 142,500,000 $ 448,000      
Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | Happy Bancshares, Inc. | Deteriorated Credit Quality              
Financing Receivable Allowance For Credit Losses [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest     142,100,000        
Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | LH-Finance | Deteriorated Credit Quality              
Financing Receivable Allowance For Credit Losses [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest     $ 415,000        
Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | Residential Real Estate              
Financing Receivable Allowance For Credit Losses [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest             16,680,000
Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | Commercial and Industrial Loans              
Financing Receivable Allowance For Credit Losses [Line Items]              
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest             $ 11,584,000
v3.22.4
Allowance for Credit Losses, Credit Quality and Other - Schedule of Allowance for Credit Losses (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance $ 236,714 $ 245,473 $ 102,122
Allowance for credit losses on PCD loans 16,816   357
Loans charged off (17,267) (11,661) (14,486)
Recoveries of loans previously charged off 3,236 2,902 2,070
Net loans recovered (charged off) (14,031) (8,759) (12,416)
Provision for credit loss - acquired loans 45,170   9,309
Provision for credit loss - loans 5,000 0 102,113
Ending balance 289,669 236,714 245,473
Residential Real Estate      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance 48,458 53,216 20,135
Allowance for credit losses on PCD loans 980   0
Loans charged off (446) (545) (485)
Recoveries of loans previously charged off 119 683 337
Net loans recovered (charged off) (327) 138 (148)
Provision for credit loss - acquired loans 7,380   0
Provision for credit loss - loans (5,528) (4,896) 16,549
Ending balance 50,963 48,458 53,216
Commercial & Industrial      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance 53,062 46,530 16,615
Allowance for credit losses on PCD loans 5,596   0
Loans charged off (9,773) (8,242) (7,764)
Recoveries of loans previously charged off 780 591 218
Net loans recovered (charged off) (8,993) (7,651) (7,546)
Provision for credit loss - acquired loans 11,303   0
Provision for credit loss - loans 28,386 14,183 25,877
Ending balance 89,354 53,062 46,530
Consumer & Other      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance 19,561 24,413 5,410
Allowance for credit losses on PCD loans 7   357
Loans charged off (7,047) (2,228) (1,978)
Recoveries of loans previously charged off 965 785 761
Net loans recovered (charged off) (6,082) (1,443) (1,217)
Provision for credit loss - acquired loans 571   9,309
Provision for credit loss - loans 9,204 (3,409) 5,446
Ending balance 23,261 19,561 24,413
Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance     43,988
Accounting Standards Update 2016-13 | Residential Real Estate | Cumulative Effect Period of Adoption Adjustment      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance     16,680
Accounting Standards Update 2016-13 | Commercial & Industrial | Cumulative Effect Period of Adoption Adjustment      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance     11,584
Accounting Standards Update 2016-13 | Consumer & Other | Cumulative Effect Period of Adoption Adjustment      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance     5,108
Construction/ Land Development | Commercial real estate loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance 28,415 32,861 26,433
Allowance for credit losses on PCD loans 950   0
Loans charged off (1) 0 (1,218)
Recoveries of loans previously charged off 405 58 107
Net loans recovered (charged off) 404 58 (1,111)
Provision for credit loss - acquired loans 7,205   0
Provision for credit loss - loans (4,731) (4,504) 12,835
Ending balance 32,243 28,415 32,861
Construction/ Land Development | Accounting Standards Update 2016-13 | Commercial real estate loans | Cumulative Effect Period of Adoption Adjustment      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance     (5,296)
Other Commercial Real Estate | Commercial real estate loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance 87,218 88,453 33,529
Allowance for credit losses on PCD loans 9,283   0
Loans charged off 0 (646) (3,041)
Recoveries of loans previously charged off 967 785 647
Net loans recovered (charged off) 967 139 (2,394)
Provision for credit loss - acquired loans 18,711   0
Provision for credit loss - loans (22,331) (1,374) 41,406
Ending balance $ 93,848 $ 87,218 88,453
Other Commercial Real Estate | Accounting Standards Update 2016-13 | Commercial real estate loans | Cumulative Effect Period of Adoption Adjustment      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance     $ 15,912
v3.22.4
Allowance for Credit Losses, Credit Quality and Other - Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due Over 90 Days Still Accruing (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual $ 51,011 $ 47,158
Nonaccrual With Reserve 8,383 9,230
Loans Past Due Over 90 Days Still Accruing 9,845 3,035
Commercial real estate loans | Non-farm/non-residential    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 12,219 11,923
Nonaccrual With Reserve 8,383 2,212
Loans Past Due Over 90 Days Still Accruing 1,844 2,225
Commercial real estate loans | Construction/ Land Development    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 1,977 1,445
Nonaccrual With Reserve 0 0
Loans Past Due Over 90 Days Still Accruing 31 0
Commercial real estate loans | Agricultural    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 278 897
Nonaccrual With Reserve 0 0
Loans Past Due Over 90 Days Still Accruing 0 0
Residential Real Estate | Residential 1-4 family    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 18,083 16,198
Nonaccrual With Reserve 0 3,000
Loans Past Due Over 90 Days Still Accruing 1,374 701
Residential Real Estate | Multifamily residential    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 0 156
Nonaccrual With Reserve 0 0
Loans Past Due Over 90 Days Still Accruing 0 0
Total real estate    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 32,557 30,619
Nonaccrual With Reserve 8,383 5,212
Loans Past Due Over 90 Days Still Accruing 3,249 2,926
Consumer    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 2,842 1,648
Nonaccrual With Reserve 0 0
Loans Past Due Over 90 Days Still Accruing 35 2
Commercial & Industrial    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 14,920 13,875
Nonaccrual With Reserve 0 4,018
Loans Past Due Over 90 Days Still Accruing 6,300 107
Agricultural & other    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 692 1,016
Nonaccrual With Reserve 0 0
Loans Past Due Over 90 Days Still Accruing $ 261 $ 0
v3.22.4
Allowance for Credit Losses, Credit Quality and Other - Amortized Cost Basis of Collateral-dependent Impaired Loans (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost $ 221,100 $ 331,500
Commercial Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 164,554 289,591
Residential Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 21,801 21,075
Other    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 34,749 20,872
Commercial real estate loans | Non-farm/non-residential | Commercial Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 162,268 283,919
Commercial real estate loans | Non-farm/non-residential | Residential Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Commercial real estate loans | Non-farm/non-residential | Other    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Commercial real estate loans | Construction/ Land Development | Commercial Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 2,008 4,775
Commercial real estate loans | Construction/ Land Development | Residential Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Commercial real estate loans | Construction/ Land Development | Other    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Commercial real estate loans | Agricultural | Commercial Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 278 897
Commercial real estate loans | Agricultural | Residential Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Commercial real estate loans | Agricultural | Other    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Residential Real Estate | Residential 1-4 family | Commercial Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Residential Real Estate | Residential 1-4 family | Residential Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 20,832 19,775
Residential Real Estate | Residential 1-4 family | Other    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Residential Real Estate | Multifamily residential | Commercial Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Residential Real Estate | Multifamily residential | Residential Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 969 1,300
Residential Real Estate | Multifamily residential | Other    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Total real estate | Commercial Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 164,554 289,591
Total real estate | Residential Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 21,801 21,075
Total real estate | Other    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Consumer | Commercial Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Consumer | Residential Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Consumer | Other    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 2,888 1,663
Commercial & Industrial | Commercial Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Commercial & Industrial | Residential Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Commercial & Industrial | Other    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 30,334 18,193
Agricultural & other | Commercial Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Agricultural & other | Residential Real Estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 0 0
Agricultural & other | Other    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost $ 1,527 $ 1,016
v3.22.4
Allowance for Credit Losses, Credit Quality and Other - Summary of Aging Analysis for Loans Receivable (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable $ 14,409,480 $ 9,836,089
Accruing Loans Past Due 90 Days or More 9,845 3,035
Loans Past Due 30-59 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 21,490 4,764
Loans Past Due 60-89 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 6,478 5,153
Loans Past Due 90 Days or More    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 60,856 50,193
Total Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 88,824 60,110
Current Loans    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 14,320,656 9,775,979
Commercial real estate loans    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 8,114,140 5,870,008
Commercial real estate loans | Non-farm/non-residential    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 5,632,063 3,889,284
Accruing Loans Past Due 90 Days or More 1,844 2,225
Commercial real estate loans | Non-farm/non-residential | Loans Past Due 30-59 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 4,242 1,434
Commercial real estate loans | Non-farm/non-residential | Loans Past Due 60-89 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 2,117 576
Commercial real estate loans | Non-farm/non-residential | Loans Past Due 90 Days or More    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 14,063 14,148
Commercial real estate loans | Non-farm/non-residential | Total Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 20,422 16,158
Commercial real estate loans | Non-farm/non-residential | Current Loans    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 5,611,641 3,873,126
Commercial real estate loans | Construction/ Land Development    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 2,135,266 1,850,050
Accruing Loans Past Due 90 Days or More 31 0
Commercial real estate loans | Construction/ Land Development | Loans Past Due 30-59 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 4,042 92
Commercial real estate loans | Construction/ Land Development | Loans Past Due 60-89 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 1,892 22
Commercial real estate loans | Construction/ Land Development | Loans Past Due 90 Days or More    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 2,008 1,445
Commercial real estate loans | Construction/ Land Development | Total Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 7,942 1,559
Commercial real estate loans | Construction/ Land Development | Current Loans    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 2,127,324 1,848,491
Commercial real estate loans | Agricultural    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 346,811 130,674
Accruing Loans Past Due 90 Days or More 0 0
Commercial real estate loans | Agricultural | Loans Past Due 30-59 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 1,469 0
Commercial real estate loans | Agricultural | Loans Past Due 60-89 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 193 472
Commercial real estate loans | Agricultural | Loans Past Due 90 Days or More    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 278 897
Commercial real estate loans | Agricultural | Total Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 1,940 1,369
Commercial real estate loans | Agricultural | Current Loans    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 344,871 129,305
Residential Real Estate | Residential 1-4 family    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 1,748,551 1,274,953
Accruing Loans Past Due 90 Days or More 1,374 701
Residential Real Estate | Residential 1-4 family | Loans Past Due 30-59 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 6,715 1,633
Residential Real Estate | Residential 1-4 family | Loans Past Due 60-89 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 605 3,560
Residential Real Estate | Residential 1-4 family | Loans Past Due 90 Days or More    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 19,457 16,899
Residential Real Estate | Residential 1-4 family | Total Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 26,777 22,092
Residential Real Estate | Residential 1-4 family | Current Loans    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 1,721,774 1,252,861
Residential Real Estate | Multifamily residential    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 578,052 280,837
Accruing Loans Past Due 90 Days or More 0 0
Residential Real Estate | Multifamily residential | Loans Past Due 30-59 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 0 0
Residential Real Estate | Multifamily residential | Loans Past Due 60-89 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 0 0
Residential Real Estate | Multifamily residential | Loans Past Due 90 Days or More    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 0 156
Residential Real Estate | Multifamily residential | Total Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 0 156
Residential Real Estate | Multifamily residential | Current Loans    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 578,052 280,681
Total real estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 10,440,743 7,425,798
Accruing Loans Past Due 90 Days or More 3,249 2,926
Total real estate | Loans Past Due 30-59 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 16,468 3,159
Total real estate | Loans Past Due 60-89 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 4,807 4,630
Total real estate | Loans Past Due 90 Days or More    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 35,806 33,545
Total real estate | Total Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 57,081 41,334
Total real estate | Current Loans    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 10,383,662 7,384,464
Consumer    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 1,149,896 825,519
Accruing Loans Past Due 90 Days or More 35 2
Consumer | Loans Past Due 30-59 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 950 60
Consumer | Loans Past Due 60-89 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 539 205
Consumer | Loans Past Due 90 Days or More    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 2,877 1,650
Consumer | Total Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 4,366 1,915
Consumer | Current Loans    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 1,145,530 823,604
Commercial & Industrial    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 2,349,263 1,386,747
Accruing Loans Past Due 90 Days or More 6,300 107
Commercial & Industrial | Loans Past Due 30-59 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 3,007 958
Commercial & Industrial | Loans Past Due 60-89 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 1,075 316
Commercial & Industrial | Loans Past Due 90 Days or More    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 21,220 13,982
Commercial & Industrial | Total Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 25,302 15,256
Commercial & Industrial | Current Loans    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 2,323,961 1,371,491
Agricultural & other    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 469,578 198,025
Accruing Loans Past Due 90 Days or More 261 0
Agricultural & other | Loans Past Due 30-59 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 1,065 587
Agricultural & other | Loans Past Due 60-89 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 57 2
Agricultural & other | Loans Past Due 90 Days or More    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 953 1,016
Agricultural & other | Total Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable 2,075 1,605
Agricultural & other | Current Loans    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans receivable $ 467,503 $ 196,420
v3.22.4
Allowance for Credit Losses, Credit Quality and Other - Summary of Most Recent Analysis Performed, Risk Category of Loans by Class of Loans (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 $ 3,262,317 $ 1,953,847
2021 2,757,885 1,302,389
2020 1,525,752 1,541,112
2019 1,139,754 1,193,396
2018 1,172,612 681,871
Prior 2,565,074 2,276,794
Revolving Loans Amortized Cost Basis 1,986,086 886,680
Total 14,409,480 9,836,089
Commercial real estate loans    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 1,916,645 949,558
2021 1,719,653 755,921
2020 742,859 975,677
2019 641,813 733,231
2018 727,802 412,922
Prior 1,698,912 1,591,810
Revolving Loans Amortized Cost Basis 666,456 450,889
Total 8,114,140 5,870,008
Commercial real estate loans | Non-farm/non-residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 1,056,381 395,824
2021 851,269 325,700
2020 514,249 408,941
2019 481,999 668,503
2018 683,459 347,725
Prior 1,530,758 1,457,699
Revolving Loans Amortized Cost Basis 513,948 284,892
Total 5,632,063 3,889,284
Commercial real estate loans | Construction/ Land Development    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 777,920 527,949
2021 796,098 401,116
2020 173,560 558,603
2019 129,335 57,194
2018 30,863 59,439
Prior 85,733 88,843
Revolving Loans Amortized Cost Basis 141,757 156,906
Total 2,135,266 1,850,050
Commercial real estate loans | Agricultural    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 82,344 25,785
2021 72,286 29,105
2020 55,050 8,133
2019 30,479 7,534
2018 13,480 5,758
Prior 82,421 45,268
Revolving Loans Amortized Cost Basis 10,751 9,091
Total 346,811 130,674
Residential Real Estate | Residential 1-4 family    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 398,830 220,991
2021 294,073 153,172
2020 241,937 182,197
2019 130,494 115,018
2018 116,432 106,193
Prior 388,680 368,042
Revolving Loans Amortized Cost Basis 178,105 129,340
Total 1,748,551 1,274,953
Residential Real Estate | Multifamily residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 82,308 15,653
2021 138,848 49,505
2020 196,977 64,552
2019 42,399 28,378
2018 28,174 21,406
Prior 81,611 64,037
Revolving Loans Amortized Cost Basis 7,735 37,306
Total 578,052 280,837
Total real estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 2,397,783 1,186,202
2021 2,152,574 958,598
2020 1,181,773 1,222,426
2019 814,706 876,627
2018 872,408 540,521
Prior 2,169,203 2,023,889
Revolving Loans Amortized Cost Basis 852,296 617,535
Total 10,440,743 7,425,798
Consumer    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 305,684 230,043
2021 283,078 176,383
2020 148,102 136,413
2019 135,779 113,277
2018 119,901 68,376
Prior 139,622 97,950
Revolving Loans Amortized Cost Basis 17,730 3,077
Total 1,149,896 825,519
Commercial & Industrial    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 465,079 476,429
2021 272,228 123,160
2020 162,257 173,431
2019 169,398 194,797
2018 170,269 69,706
Prior 198,983 104,283
Revolving Loans Amortized Cost Basis 911,049 244,941
Total 2,349,263 1,386,747
Agricultural & other    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 93,771 61,173
2021 50,005 44,248
2020 33,620 8,842
2019 19,871 8,695
2018 10,034 3,268
Prior 57,266 50,672
Revolving Loans Amortized Cost Basis 205,011 21,127
Total 469,578 198,025
Risk rating 1 | Commercial real estate loans | Non-farm/non-residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 237 0
2018 0 0
Prior 132 0
Revolving Loans Amortized Cost Basis 85 0
Total 454 0
Risk rating 1 | Commercial real estate loans | Construction/ Land Development    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 11 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total 11 0
Risk rating 1 | Commercial real estate loans | Agricultural    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 1,749 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total 1,749 0
Risk rating 1 | Residential Real Estate | Residential 1-4 family    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 115 76
Revolving Loans Amortized Cost Basis 40 89
Total 155 165
Risk rating 1 | Residential Real Estate | Multifamily residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total 0 0
Risk rating 1 | Total real estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022   1,186,202
2021   958,598
2020   1,222,426
2019   876,627
2018   540,521
Prior   2,023,889
Revolving Loans Amortized Cost Basis   617,535
Total   7,425,798
Risk rating 1 | Consumer    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 5,332 4,441
2021 3,952 1,799
2020 1,134 1,237
2019 637 920
2018 552 226
Prior 1,176 1,383
Revolving Loans Amortized Cost Basis 1,467 1,893
Total 14,250 11,899
Risk rating 1 | Commercial & Industrial    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 3,450 99,579
2021 7,692 12,752
2020 268 350
2019 264 118
2018 16 102
Prior 21,298 21,436
Revolving Loans Amortized Cost Basis 8,832 9,851
Total 41,820 144,188
Risk rating 1 | Agricultural & other    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 297 5,042
2021 266 0
2020 115 40
2019 0 0
2018 0 0
Prior 95 110
Revolving Loans Amortized Cost Basis 722 552
Total 1,495 5,744
Risk rating 2 | Commercial real estate loans | Non-farm/non-residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 118 0
2018 0 0
Prior 3,992 0
Revolving Loans Amortized Cost Basis 0 0
Total 4,110 0
Risk rating 2 | Commercial real estate loans | Construction/ Land Development    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 682 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 210 231
Revolving Loans Amortized Cost Basis 0 0
Total 892 231
Risk rating 2 | Commercial real estate loans | Agricultural    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 2,048 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total 2,048 0
Risk rating 2 | Residential Real Estate | Residential 1-4 family    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 48 29
Revolving Loans Amortized Cost Basis 2 0
Total 50 29
Risk rating 2 | Residential Real Estate | Multifamily residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total 0 0
Risk rating 2 | Consumer    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 45
2019 193 639
2018 614 0
Prior 0 8
Revolving Loans Amortized Cost Basis 0 0
Total 807 692
Risk rating 2 | Commercial & Industrial    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 1,590 175
2021 305 16
2020 27 0
2019 198 0
2018 0 66
Prior 226 276
Revolving Loans Amortized Cost Basis 781 168
Total 3,127 701
Risk rating 2 | Agricultural & other    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 140 0
2021 78 0
2020 0 3,467
2019 2,338 0
2018 34 0
Prior 115 909
Revolving Loans Amortized Cost Basis 1,661 983
Total 4,366 5,359
Risk rating 3 | Commercial real estate loans | Non-farm/non-residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 616,809 284,127
2021 509,269 281,982
2020 263,188 266,990
2019 279,157 341,642
2018 322,278 195,301
Prior 852,727 891,035
Revolving Loans Amortized Cost Basis 374,371 194,640
Total 3,217,799 2,455,717
Risk rating 3 | Commercial real estate loans | Construction/ Land Development    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 421,774 301,719
2021 283,546 183,715
2020 83,631 108,491
2019 48,350 23,574
2018 19,340 13,760
Prior 34,910 41,860
Revolving Loans Amortized Cost Basis 75,797 149,433
Total 967,348 822,552
Risk rating 3 | Commercial real estate loans | Agricultural    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 61,725 21,480
2021 43,356 27,931
2020 32,895 7,768
2019 16,475 6,564
2018 10,326 5,103
Prior 37,892 21,689
Revolving Loans Amortized Cost Basis 5,996 7,026
Total 208,665 97,561
Risk rating 3 | Residential Real Estate | Residential 1-4 family    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 360,510 210,970
2021 255,775 147,523
2020 176,955 119,861
2019 112,053 94,848
2018 98,093 82,474
Prior 314,492 296,687
Revolving Loans Amortized Cost Basis 110,881 85,836
Total 1,428,759 1,038,199
Risk rating 3 | Residential Real Estate | Multifamily residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 38,830 11,898
2021 37,566 5,211
2020 14,127 34,492
2019 33,813 17,375
2018 13,098 9,430
Prior 60,117 43,804
Revolving Loans Amortized Cost Basis 6,534 3,583
Total 204,085 125,793
Risk rating 3 | Consumer    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 284,828 221,986
2021 276,044 173,511
2020 146,256 132,148
2019 132,763 109,810
2018 118,244 67,992
Prior 135,266 92,076
Revolving Loans Amortized Cost Basis 16,093 1,098
Total 1,109,494 798,621
Risk rating 3 | Commercial & Industrial    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 301,063 125,071
2021 126,312 59,056
2020 80,636 77,130
2019 73,360 67,944
2018 71,964 34,733
Prior 112,017 42,905
Revolving Loans Amortized Cost Basis 253,111 145,247
Total 1,018,463 552,086
Risk rating 3 | Agricultural & other    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 85,707 54,534
2021 36,004 44,030
2020 30,546 5,158
2019 4,725 7,092
2018 7,986 2,009
Prior 46,748 46,570
Revolving Loans Amortized Cost Basis 131,760 8,750
Total 343,476 168,143
Risk rating 4 | Commercial real estate loans | Non-farm/non-residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 438,565 111,697
2021 341,047 32,788
2020 235,669 115,989
2019 161,421 301,520
2018 321,188 90,747
Prior 482,437 345,254
Revolving Loans Amortized Cost Basis 139,203 90,028
Total 2,119,530 1,088,023
Risk rating 4 | Commercial real estate loans | Construction/ Land Development    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 354,852 226,230
2021 512,541 217,267
2020 58,368 448,899
2019 79,924 33,617
2018 11,520 45,679
Prior 43,634 38,122
Revolving Loans Amortized Cost Basis 65,960 7,297
Total 1,126,799 1,017,111
Risk rating 4 | Commercial real estate loans | Agricultural    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 18,870 4,305
2021 25,252 964
2020 20,532 365
2019 8,706 970
2018 3,154 655
Prior 42,886 22,143
Revolving Loans Amortized Cost Basis 4,755 2,065
Total 124,155 31,467
Risk rating 4 | Residential Real Estate | Residential 1-4 family    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 37,471 8,885
2021 35,875 3,397
2020 61,418 56,839
2019 11,871 16,887
2018 15,577 21,874
Prior 61,034 53,578
Revolving Loans Amortized Cost Basis 65,674 36,642
Total 288,920 198,102
Risk rating 4 | Residential Real Estate | Multifamily residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 43,478 3,755
2021 101,282 44,294
2020 182,850 30,060
2019 8,284 3,412
2018 11,934 2,981
Prior 11,779 18,805
Revolving Loans Amortized Cost Basis 1,201 33,723
Total 360,808 137,030
Risk rating 4 | Consumer    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 15,306 3,547
2021 2,293 923
2020 422 2,944
2019 1,216 1,776
2018 459 158
Prior 907 2,641
Revolving Loans Amortized Cost Basis 69 79
Total 20,672 12,068
Risk rating 4 | Commercial & Industrial    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 70,862 244,927
2021 120,618 35,350
2020 69,963 89,558
2019 89,975 91,840
2018 81,389 23,616
Prior 48,496 34,566
Revolving Loans Amortized Cost Basis 568,795 88,750
Total 1,050,098 608,607
Risk rating 4 | Agricultural & other    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 7,627 1,544
2021 13,591 218
2020 2,598 154
2019 1,671 1,590
2018 1,710 1,226
Prior 8,766 1,224
Revolving Loans Amortized Cost Basis 69,179 10,842
Total 105,142 16,798
Risk rating 5 | Commercial real estate loans | Non-farm/non-residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 757 10,930
2020 1,145 2,239
2019 14,417 23,117
2018 35,273 49,926
Prior 37,561 189,038
Revolving Loans Amortized Cost Basis 95 0
Total 89,248 275,250
Risk rating 5 | Commercial real estate loans | Construction/ Land Development    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 30,987 388
2019 310 0
2018 0 0
Prior 1,140 1,174
Revolving Loans Amortized Cost Basis 0 176
Total 32,437 1,738
Risk rating 5 | Commercial real estate loans | Agricultural    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 166
2020 0 0
2019 326 0
2018 0 0
Prior 603 0
Revolving Loans Amortized Cost Basis 0 0
Total 929 166
Risk rating 5 | Residential Real Estate | Residential 1-4 family    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 3,065
2019 3,049 1,220
2018 226 582
Prior 328 1,366
Revolving Loans Amortized Cost Basis 0 193
Total 3,603 6,426
Risk rating 5 | Residential Real Estate | Multifamily residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 7,591
2018 3,142 8,105
Prior 7,897 0
Revolving Loans Amortized Cost Basis 0 0
Total 11,039 15,696
Risk rating 5 | Consumer    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 633 116
2020 19 0
2019 0 15
2018 8 0
Prior 810 131
Revolving Loans Amortized Cost Basis 0 0
Total 1,470 262
Risk rating 5 | Commercial & Industrial    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 83,272 6,185
2021 14,762 609
2020 159 480
2019 1,408 8,258
2018 6,815 5,712
Prior 185 2,851
Revolving Loans Amortized Cost Basis 75,891 582
Total 182,492 24,677
Risk rating 5 | Agricultural & other    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 8 0
2020 204 0
2019 0 0
2018 0 0
Prior 593 1,297
Revolving Loans Amortized Cost Basis 745 0
Total 1,550 1,297
Risk rating 6 | Commercial real estate loans | Non-farm/non-residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 876 0
2021 196 0
2020 14,247 23,723
2019 26,649 2,224
2018 4,720 11,751
Prior 153,909 32,372
Revolving Loans Amortized Cost Basis 194 224
Total 200,791 70,294
Risk rating 6 | Commercial real estate loans | Construction/ Land Development    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 612 0
2021 0 134
2020 574 825
2019 751 3
2018 3 0
Prior 5,839 7,456
Revolving Loans Amortized Cost Basis 0 0
Total 7,779 8,418
Risk rating 6 | Commercial real estate loans | Agricultural    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 1,630 44
2020 1,623 0
2019 4,972 0
2018 0 0
Prior 1,040 1,436
Revolving Loans Amortized Cost Basis 0 0
Total 9,265 1,480
Risk rating 6 | Residential Real Estate | Residential 1-4 family    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 849 1,136
2021 2,423 2,252
2020 3,564 2,432
2019 3,521 2,063
2018 2,536 1,263
Prior 12,662 16,305
Revolving Loans Amortized Cost Basis 1,508 6,580
Total 27,063 32,031
Risk rating 6 | Residential Real Estate | Multifamily residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 302 0
2018 0 890
Prior 1,818 1,428
Revolving Loans Amortized Cost Basis 0 0
Total 2,120 2,318
Risk rating 6 | Consumer    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 215 69
2021 156 34
2020 270 39
2019 970 117
2018 24 0
Prior 1,386 1,711
Revolving Loans Amortized Cost Basis 101 7
Total 3,122 1,977
Risk rating 6 | Commercial & Industrial    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 4,842 492
2021 2,539 15,377
2020 11,204 5,913
2019 4,193 24,941
2018 5,769 5,477
Prior 16,559 2,233
Revolving Loans Amortized Cost Basis 3,554 342
Total 48,660 54,775
Risk rating 6 | Agricultural & other    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 53
2021 58 0
2020 157 23
2019 11,137 13
2018 304 33
Prior 949 562
Revolving Loans Amortized Cost Basis 944 0
Total 13,549 684
Risk rating 7 | Commercial real estate loans | Non-farm/non-residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 131 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total 131 0
Risk rating 7 | Commercial real estate loans | Construction/ Land Development    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total 0 0
Risk rating 7 | Commercial real estate loans | Agricultural    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total 0 0
Risk rating 7 | Residential Real Estate | Residential 1-4 family    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total 0 0
Risk rating 7 | Residential Real Estate | Multifamily residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total 0 0
Risk rating 7 | Consumer    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total 0 0
Risk rating 7 | Commercial & Industrial    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 1,696
2018 4,316 0
Prior 202 0
Revolving Loans Amortized Cost Basis 85 0
Total 4,603 1,696
Risk rating 7 | Agricultural & other    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total 0 0
Risk rating 8 | Commercial real estate loans | Non-farm/non-residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total 0 0
Risk rating 8 | Commercial real estate loans | Construction/ Land Development    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total 0 0
Risk rating 8 | Commercial real estate loans | Agricultural    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total 0 0
Risk rating 8 | Residential Real Estate | Residential 1-4 family    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 1 1
Revolving Loans Amortized Cost Basis 0 0
Total 1 1
Risk rating 8 | Residential Real Estate | Multifamily residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total 0 0
Risk rating 8 | Consumer    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 3 0
2021 0 0
2020 1 0
2019 0 0
2018 0 0
Prior 77 0
Revolving Loans Amortized Cost Basis 0 0
Total 81 0
Risk rating 8 | Commercial & Industrial    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 16
Revolving Loans Amortized Cost Basis 0 1
Total 0 17
Risk rating 8 | Agricultural & other    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Total $ 0 $ 0
v3.22.4
Allowance for Credit Losses, Credit Quality and Other - Summary of Amortized Cost of Performing and Nonperforming Loans (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 $ 3,262,317 $ 1,953,847
2021 2,757,885 1,302,389
2020 1,525,752 1,541,112
2019 1,139,754 1,193,396
2018 1,172,612 681,871
Prior 2,565,074 2,276,794
Revolving Loans Amortized Cost Basis 1,986,086 886,680
Total 14,409,480 9,836,089
Commercial real estate loans    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 1,916,645 949,558
2021 1,719,653 755,921
2020 742,859 975,677
2019 641,813 733,231
2018 727,802 412,922
Prior 1,698,912 1,591,810
Revolving Loans Amortized Cost Basis 666,456 450,889
Total 8,114,140 5,870,008
Commercial real estate loans | Non-farm/non-residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 1,056,381 395,824
2021 851,269 325,700
2020 514,249 408,941
2019 481,999 668,503
2018 683,459 347,725
Prior 1,530,758 1,457,699
Revolving Loans Amortized Cost Basis 513,948 284,892
Total 5,632,063 3,889,284
Commercial real estate loans | Non-farm/non-residential | Performing    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 1,056,381 395,824
2021 851,269 315,447
2020 509,258 394,061
2019 456,196 648,351
2018 679,187 298,086
Prior 1,403,874 1,268,731
Revolving Loans Amortized Cost Basis 513,630 284,865
Total 5,469,795 3,605,365
Commercial real estate loans | Non-farm/non-residential | Non-performing    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 10,253
2020 4,991 14,880
2019 25,803 20,152
2018 4,272 49,639
Prior 126,884 188,968
Revolving Loans Amortized Cost Basis 318 27
Total 162,268 283,919
Commercial real estate loans | Construction/ Land Development    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 777,920 527,949
2021 796,098 401,116
2020 173,560 558,603
2019 129,335 57,194
2018 30,863 59,439
Prior 85,733 88,843
Revolving Loans Amortized Cost Basis 141,757 156,906
Total 2,135,266 1,850,050
Commercial real estate loans | Construction/ Land Development | Performing    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 777,309 527,949
2021 796,098 400,982
2020 172,987 557,778
2019 128,736 57,024
2018 30,860 59,439
Prior 85,511 85,197
Revolving Loans Amortized Cost Basis 141,757 156,906
Total 2,133,258 1,845,275
Commercial real estate loans | Construction/ Land Development | Non-performing    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 611 0
2021 0 134
2020 573 825
2019 599 170
2018 3 0
Prior 222 3,646
Revolving Loans Amortized Cost Basis 0 0
Total 2,008 4,775
Commercial real estate loans | Agricultural    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 82,344 25,785
2021 72,286 29,105
2020 55,050 8,133
2019 30,479 7,534
2018 13,480 5,758
Prior 82,421 45,268
Revolving Loans Amortized Cost Basis 10,751 9,091
Total 346,811 130,674
Commercial real estate loans | Agricultural | Performing    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 82,344 25,785
2021 72,286 28,939
2020 55,050 8,133
2019 30,479 7,534
2018 13,480 5,758
Prior 82,143 44,537
Revolving Loans Amortized Cost Basis 10,751 9,091
Total 346,533 129,777
Commercial real estate loans | Agricultural | Non-performing    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 166
2020 0 0
2019 0 0
2018 0 0
Prior 278 731
Revolving Loans Amortized Cost Basis 0 0
Total 278 897
Residential Real Estate | Residential 1-4 family    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 398,830 220,991
2021 294,073 153,172
2020 241,937 182,197
2019 130,494 115,018
2018 116,432 106,193
Prior 388,680 368,042
Revolving Loans Amortized Cost Basis 178,105 129,340
Total 1,748,551 1,274,953
Residential Real Estate | Residential 1-4 family | Performing    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 397,464 220,380
2021 292,100 151,459
2020 239,047 180,113
2019 127,250 113,845
2018 114,337 105,129
Prior 380,210 360,700
Revolving Loans Amortized Cost Basis 177,311 123,552
Total 1,727,719 1,255,178
Residential Real Estate | Residential 1-4 family | Non-performing    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 1,366 611
2021 1,973 1,713
2020 2,890 2,084
2019 3,244 1,173
2018 2,095 1,064
Prior 8,470 7,342
Revolving Loans Amortized Cost Basis 794 5,788
Total 20,832 19,775
Residential Real Estate | Multifamily residential    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 82,308 15,653
2021 138,848 49,505
2020 196,977 64,552
2019 42,399 28,378
2018 28,174 21,406
Prior 81,611 64,037
Revolving Loans Amortized Cost Basis 7,735 37,306
Total 578,052 280,837
Residential Real Estate | Multifamily residential | Performing    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 82,308 15,653
2021 138,848 49,505
2020 196,977 64,552
2019 42,399 28,378
2018 28,174 21,406
Prior 80,642 62,737
Revolving Loans Amortized Cost Basis 7,735 37,306
Total 577,083 279,537
Residential Real Estate | Multifamily residential | Non-performing    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 969 1,300
Revolving Loans Amortized Cost Basis 0 0
Total 969 1,300
Total real estate    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 2,397,783 1,186,202
2021 2,152,574 958,598
2020 1,181,773 1,222,426
2019 814,706 876,627
2018 872,408 540,521
Prior 2,169,203 2,023,889
Revolving Loans Amortized Cost Basis 852,296 617,535
Total 10,440,743 7,425,798
Consumer    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 305,684 230,043
2021 283,078 176,383
2020 148,102 136,413
2019 135,779 113,277
2018 119,901 68,376
Prior 139,622 97,950
Revolving Loans Amortized Cost Basis 17,730 3,077
Total 1,149,896 825,519
Consumer | Performing    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 305,620 229,986
2021 282,944 176,355
2020 147,820 136,403
2019 134,831 113,160
2018 119,877 68,376
Prior 138,288 96,506
Revolving Loans Amortized Cost Basis 17,628 3,070
Total 1,147,008 823,856
Consumer | Non-performing    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 64 57
2021 134 28
2020 282 10
2019 948 117
2018 24 0
Prior 1,334 1,444
Revolving Loans Amortized Cost Basis 102 7
Total 2,888 1,663
Commercial & Industrial    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 465,079 476,429
2021 272,228 123,160
2020 162,257 173,431
2019 169,398 194,797
2018 170,269 69,706
Prior 198,983 104,283
Revolving Loans Amortized Cost Basis 911,049 244,941
Total 2,349,263 1,386,747
Commercial & Industrial | Performing    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 464,285 476,424
2021 267,719 122,999
2020 159,152 168,984
2019 165,733 185,569
2018 160,267 66,928
Prior 194,162 103,391
Revolving Loans Amortized Cost Basis 907,611 244,259
Total 2,318,929 1,368,554
Commercial & Industrial | Non-performing    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 794 5
2021 4,509 161
2020 3,105 4,447
2019 3,665 9,228
2018 10,002 2,778
Prior 4,821 892
Revolving Loans Amortized Cost Basis 3,438 682
Total 30,334 18,193
Agricultural & other    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 93,771 61,173
2021 50,005 44,248
2020 33,620 8,842
2019 19,871 8,695
2018 10,034 3,268
Prior 57,266 50,672
Revolving Loans Amortized Cost Basis 205,011 21,127
Total 469,578 198,025
Agricultural & other | Performing    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 93,771 61,173
2021 50,001 44,248
2020 33,416 8,819
2019 19,818 8,682
2018 10,034 3,235
Prior 56,631 49,725
Revolving Loans Amortized Cost Basis 204,380 21,127
Total 468,051 197,009
Agricultural & other | Non-performing    
Financing Receivable Allowance For Credit Losses [Line Items]    
2022 0 0
2021 4 0
2020 204 23
2019 53 13
2018 0 33
Prior 635 947
Revolving Loans Amortized Cost Basis 631 0
Total $ 1,527 $ 1,016
v3.22.4
Allowance for Credit Losses, Credit Quality and Other - Presentation of Troubled Debt Restructurings ("TDRs") by Class (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
contract
Dec. 31, 2021
USD ($)
contract
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract 44 44
Pre-Modification Outstanding Balance $ 11,140 $ 12,474
Post-Modification Outstanding Balance 5,745 7,526
Rate Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 4,072 6,226
Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 790 806
Rate and Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance $ 883 $ 494
Commercial real estate loans | Non-farm/non-residential    
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract 11 12
Pre-Modification Outstanding Balance $ 4,462 $ 6,119
Post-Modification Outstanding Balance 2,429 4,289
Commercial real estate loans | Non-farm/non-residential | Rate Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 1,395 3,581
Commercial real estate loans | Non-farm/non-residential | Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 598 623
Commercial real estate loans | Non-farm/non-residential | Rate and Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance $ 436 $ 85
Commercial real estate loans | Construction/ Land Development    
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract 1 2
Pre-Modification Outstanding Balance $ 216 $ 240
Post-Modification Outstanding Balance 177 211
Commercial real estate loans | Construction/ Land Development | Rate Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 177 210
Commercial real estate loans | Construction/ Land Development | Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 0 1
Commercial real estate loans | Construction/ Land Development | Rate and Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance $ 0 $ 0
Commercial real estate loans | Agricultural    
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract   1
Pre-Modification Outstanding Balance   $ 282
Post-Modification Outstanding Balance   262
Commercial real estate loans | Agricultural | Rate Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance   262
Commercial real estate loans | Agricultural | Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance   0
Commercial real estate loans | Agricultural | Rate and Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance   $ 0
Residential Real Estate | Residential 1-4 family    
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract 14 15
Pre-Modification Outstanding Balance $ 2,115 $ 2,328
Post-Modification Outstanding Balance 1,207 1,293
Residential Real Estate | Residential 1-4 family | Rate Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 772 844
Residential Real Estate | Residential 1-4 family | Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 145 117
Residential Real Estate | Residential 1-4 family | Rate and Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance $ 290 $ 332
Residential Real Estate | Multifamily residential    
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract 1 1
Pre-Modification Outstanding Balance $ 1,130 $ 1,130
Post-Modification Outstanding Balance 969 1,144
Residential Real Estate | Multifamily residential | Rate Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 969 1,144
Residential Real Estate | Multifamily residential | Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 0 0
Residential Real Estate | Multifamily residential | Rate and Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance $ 0 $ 0
Total real estate    
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract 27 31
Pre-Modification Outstanding Balance $ 7,923 $ 10,099
Post-Modification Outstanding Balance 4,782 7,199
Total real estate | Rate Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 3,313 6,041
Total real estate | Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 743 741
Total real estate | Rate and Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance $ 726 $ 417
Consumer    
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract 2 4
Pre-Modification Outstanding Balance $ 18 $ 22
Post-Modification Outstanding Balance 12 16
Consumer | Rate Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 11 13
Consumer | Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 0 0
Consumer | Rate and Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance $ 1 $ 3
Commercial & Industrial    
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract 15 9
Pre-Modification Outstanding Balance $ 3,199 $ 2,353
Post-Modification Outstanding Balance 951 311
Commercial & Industrial | Rate Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 748 172
Commercial & Industrial | Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 47 65
Commercial & Industrial | Rate and Term Modification    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance $ 156 $ 74
v3.22.4
Allowance for Credit Losses, Credit Quality and Other - Presentation of TDR's on Non-Accrual Status (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
contract
Dec. 31, 2021
USD ($)
contract
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract 21 18
Recorded Balance | $ $ 1,589 $ 1,076
Commercial real estate loans | Non-farm/non-residential    
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract 2 2
Recorded Balance | $ $ 262 $ 7
Commercial real estate loans | Construction/ Land Development    
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract 1 1
Recorded Balance | $ $ 177 $ 210
Commercial real estate loans | Agricultural    
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract 0 1
Recorded Balance | $ $ 0 $ 262
Residential Real Estate | Residential 1-4 family    
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract 4 5
Recorded Balance | $ $ 218 $ 388
Total real estate    
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract 7 9
Recorded Balance | $ $ 657 $ 867
Consumer    
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract 1 3
Recorded Balance | $ $ 1 $ 3
Commercial & Industrial    
Financing Receivable, Modifications [Line Items]    
Number of Loans | contract 13 6
Recorded Balance | $ $ 931 $ 206
v3.22.4
Allowance for Credit Losses, Credit Quality and Other - Summary of Total Foreclosed Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Commercial real estate loans | Non-farm/non-residential    
Schedule Of Foreclosed Assets Activity [Line Items]    
Total foreclosed assets held for sale $ 118 $ 536
Commercial real estate loans | Construction/ Land Development    
Schedule Of Foreclosed Assets Activity [Line Items]    
Total foreclosed assets held for sale 47 834
Commercial real estate loans | Agricultural    
Schedule Of Foreclosed Assets Activity [Line Items]    
Total foreclosed assets held for sale 0 0
Residential Real Estate | Residential 1-4 family    
Schedule Of Foreclosed Assets Activity [Line Items]    
Total foreclosed assets held for sale 260 260
Residential Real Estate | Multifamily residential    
Schedule Of Foreclosed Assets Activity [Line Items]    
Total foreclosed assets held for sale 121 0
Total real estate    
Schedule Of Foreclosed Assets Activity [Line Items]    
Total foreclosed assets held for sale $ 546 $ 1,630
v3.22.4
Goodwill and Core Deposit Intangible - Summary of Changes in Carrying Amount and Accumulated Amortization of Company's Goodwill and Core Deposits and Other Intangibles (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Goodwill      
Balance, beginning of period $ 973,025 $ 973,025  
Acquisitions 425,228 0  
Balance, end of period 1,398,253 973,025 $ 973,025
Core Deposit Intangible      
Balance, beginning of period 25,045 30,728  
Acquisitions 42,263 0  
Amortization expense (8,853) (5,683) (5,844)
Balance, end of year $ 58,455 $ 25,045 $ 30,728
v3.22.4
Goodwill and Core Deposit Intangible - Summary of Carrying Amount and Accumulated Amortization of Core Deposits and Other Intangibles (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]      
Gross carrying amount $ 128,888 $ 86,625  
Accumulated amortization (70,433) (61,580)  
Net carrying amount $ 58,455 $ 25,045 $ 30,728
v3.22.4
Goodwill and Core Deposit Intangible - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization of intangibles $ 8,853,000 $ 5,683,000 $ 5,844,000
Impairment of core deposit and other intangibles 0 0 0
Amortization expense for year 2023 9,700,000    
Amortization expense for year 2024 8,400,000    
Amortization expense for year 2025 8,000,000    
Amortization expense for year 2026 7,800,000    
Amortization expense for year 2027 6,600,000    
Carrying amount of Company's goodwill 1,398,253,000 973,025,000 973,025,000
Impairment of goodwill $ 0 $ 0 $ 0
v3.22.4
Other Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Schedule Of Other Assets [Line Items]    
Other assets $ 321,152 $ 177,020
Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("Federal Reserve")    
Schedule Of Other Assets [Line Items]    
Fair value of equity securities 135,300 88,200
First National Bankers' Bank and Other Miscellaneous Holdings    
Schedule Of Other Assets [Line Items]    
Fair value of equity securities $ 80,600 $ 36,400
v3.22.4
Deposits - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Deposits [Line Items]      
Time deposits with a minimum denomination of $250,000 $ 333,200 $ 321,600  
Time deposits with a minimum denomination of $100,000 639,300 537,400  
Interest expense applicable to certificate 3,400 7,300 $ 22,800
Brokered deposits 476,600 625,700  
Total deposits 17,938,783 14,260,570  
State and political subdivisions      
Deposits [Line Items]      
Total deposits $ 2,650,000 $ 1,910,000  
v3.22.4
Deposits - Summary of Scheduled Maturities of Time Deposits (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Deposits [Abstract]    
2023 $ 862,018  
2024 129,470  
2025 19,206  
2026 15,111  
2027 16,768  
Thereafter 661  
Total time deposits $ 1,043,234 $ 880,887
v3.22.4
Securities Sold Under Agreements to Repurchase - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Securities Sold under Agreements to Repurchase [Abstract]    
Securities sold under agreements to repurchase $ 131,146 $ 140,886
Securities sold under agreements to repurchase daily weighted average $ 129,000 $ 151,200
v3.22.4
Securities Sold Under Agreements to Repurchase - Summary of Remaining Contractual Maturity of Securities Sold Under Agreements to Repurchase (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings $ 131,146 $ 140,886
Overnight and Continuous    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings 131,146 140,886
U.S. government-sponsored enterprises    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings 5,322 8,433
U.S. government-sponsored enterprises | Overnight and Continuous    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings 5,322 8,433
Mortgage-backed securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings 5,153 7,920
Mortgage-backed securities | Overnight and Continuous    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings 5,153 7,920
State and political subdivisions    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings 117,674 122,173
State and political subdivisions | Overnight and Continuous    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings 117,674 122,173
Other securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings 2,997 2,360
Other securities | Overnight and Continuous    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings $ 2,997 $ 2,360
v3.22.4
FHLB and Other Borrowed Funds - Additional Information (Detail) - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Borrowed Funds [Line Items]    
FHLB borrowed funds $ 650,000,000 $ 400,000,000
Other short term borrowings 0 0
Short-term advances 50,000,000  
Long-term advances 600,000,000 400,000,000
Line of credit 1,140,000,000 1,070,000,000.00
Line of Credit    
Borrowed Funds [Line Items]    
Line of credit 0 $ 0
Credit facility, maximum borrowing capacity $ 20,000,000  
Minimum    
Borrowed Funds [Line Items]    
FHLB interest rate 2.26%  
Maximum    
Borrowed Funds [Line Items]    
FHLB interest rate 4.84%  
v3.22.4
FHLB and Other Borrowed Funds - Maturities of Borrowings with Original Maturities (Detail)
$ in Thousands
Dec. 31, 2022
USD ($)
By Contractual Maturity  
Borrowed Funds [Line Items]  
2023 $ 50,000
2024 0
2025 100,000
2026 100,000
2027 0
Thereafter 400,000
Total 650,000
By Call Date  
Borrowed Funds [Line Items]  
2023 50,000
2024 400,000
2025 100,000
2026 100,000
2027 0
Thereafter 0
Total $ 650,000
v3.22.4
Subordinated Debentures - Additional Information (Detail) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jan. 18, 2022
Apr. 03, 2017
Sep. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Jun. 30, 2022
Apr. 01, 2022
Debt Instrument [Line Items]                
Subordinated debentures       $ 440,420 $ 371,093      
Retirement of subordinated debentures       300,000 0 $ 0    
Trust preferred securities, face amount $ 300,000              
Subordinated notes, interest rate 3.125%              
Net proceeds $ 296,400     296,324 0 $ 0    
Happy Bancshares, Inc.                
Debt Instrument [Line Items]                
Subordinated debentures             $ 167,590 $ 159,965
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty                
Debt Instrument [Line Items]                
Floating rate above three-month LIBOR rate 1.82%              
Trust preferred securities                
Debt Instrument [Line Items]                
Face value of company held trust preferred securities       23,200        
Retirement of subordinated debentures     $ 73,300          
Subordinated debt securities | Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty                
Debt Instrument [Line Items]                
Subordinated debentures       $ 297,020 $ 0      
Fixed rate for first five years       3.125%        
Subordinated debt securities | Happy Bancshares, Inc.                
Debt Instrument [Line Items]                
Subordinated debentures       $ 144,400       $ 140,000
Fixed rate for first five years               5.50%
Subordinated debt securities | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty                
Debt Instrument [Line Items]                
Floating rate above three-month LIBOR rate       1.82%        
Subordinated debt securities | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Happy Bancshares, Inc.                
Debt Instrument [Line Items]                
Floating rate above three-month LIBOR rate     5.345%          
5.500% Subordinated Notes due 2030                
Debt Instrument [Line Items]                
Percentage of redemption price on principal       100.00%        
Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty                
Debt Instrument [Line Items]                
Percentage of redemption price on principal       100.00%        
5.625% Subordinated Notes due 2027                
Debt Instrument [Line Items]                
Percentage of redemption price on principal       100.00%        
Trust preferred securities, face amount   $ 300,000            
Subordinated notes, interest rate   5.625%            
Net proceeds   $ 297,000            
5.625% Subordinated Notes due 2027 | LIBOR                
Debt Instrument [Line Items]                
Floating rate above three-month LIBOR rate   3.575%            
v3.22.4
Subordinated Debentures - Preferred Trust Securities and Subordinated Debentures (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 18, 2022
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]      
Subordinated debentures, issued   $ 440,420 $ 371,093
Subordinated debentures, issued in 2006, due 2036, fixed rate of 6.75% during the first five years and at a floating rate of 1.85% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | Trust preferred securities      
Debt Instrument [Line Items]      
Fixed rate for first five years   6.75% 6.75%
Subordinated debentures, issued   $ 0 $ 3,093
Subordinated debentures, issued in 2006, due 2036, fixed rate of 6.75% during the first five years and at a floating rate of 1.85% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | LIBOR | Trust preferred securities      
Debt Instrument [Line Items]      
Floating rate above three-month LIBOR rate   1.85% 1.85%
Subordinated debentures, issued in 2004, due 2034, fixed rate of 6.00% during the first five years and at a floating rate of 2.00% above the three- month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | Trust preferred securities      
Debt Instrument [Line Items]      
Fixed rate for first five years   6.00% 6.00%
Subordinated debentures, issued   $ 0 $ 15,464
Subordinated debentures, issued in 2004, due 2034, fixed rate of 6.00% during the first five years and at a floating rate of 2.00% above the three- month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | LIBOR | Trust preferred securities      
Debt Instrument [Line Items]      
Floating rate above three-month LIBOR rate   2.00% 2.00%
Subordinated debentures, issued in 2005, due 2035, fixed rate of 5.84% during the first five years and at a floating rate of 1.45% above the three- month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | Trust preferred securities      
Debt Instrument [Line Items]      
Fixed rate for first five years   5.84% 5.84%
Subordinated debentures, issued   $ 0 $ 25,774
Subordinated debentures, issued in 2005, due 2035, fixed rate of 5.84% during the first five years and at a floating rate of 1.45% above the three- month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | LIBOR | Trust preferred securities      
Debt Instrument [Line Items]      
Floating rate above three-month LIBOR rate   1.45% 1.45%
Subordinated debentures, issued in 2004, due 2034, fixed rate of 4.29% during the first five years and at a floating rate of 2.50% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | Trust preferred securities      
Debt Instrument [Line Items]      
Fixed rate for first five years   4.29% 4.29%
Subordinated debentures, issued   $ 0 $ 16,495
Subordinated debentures, issued in 2004, due 2034, fixed rate of 4.29% during the first five years and at a floating rate of 2.50% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | LIBOR | Trust preferred securities      
Debt Instrument [Line Items]      
Floating rate above three-month LIBOR rate   2.50% 2.50%
Subordinated debentures, issued in 2005, due 2035, floating rate of 2.15% above the three-month LIBOR rate, reset quarterly, currently callable without penalty | Trust preferred securities      
Debt Instrument [Line Items]      
Subordinated debentures, issued   $ 0 $ 4,501
Subordinated debentures, issued in 2005, due 2035, floating rate of 2.15% above the three-month LIBOR rate, reset quarterly, currently callable without penalty | LIBOR | Trust preferred securities      
Debt Instrument [Line Items]      
Floating rate above three-month LIBOR rate   2.15% 2.15%
Subordinated debentures, issued in 2006, due 2036, fixed rate of 7.38% during the first five years and at a floating rate of 1.62% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | Trust preferred securities      
Debt Instrument [Line Items]      
Fixed rate for first five years   7.38% 7.38%
Subordinated debentures, issued   $ 0 $ 5,942
Subordinated debentures, issued in 2006, due 2036, fixed rate of 7.38% during the first five years and at a floating rate of 1.62% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | LIBOR | Trust preferred securities      
Debt Instrument [Line Items]      
Floating rate above three-month LIBOR rate   1.62% 1.62%
Subordinated notes issued in 2020, due 2030, fixed rate of 5.500% during the first five years and at a floating rate of 534.5 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2025 without penalty | Subordinated debt securities      
Debt Instrument [Line Items]      
Fixed rate for first five years   5.50%  
Subordinated debentures, issued   $ 143,400 $ 0
Subordinated notes issued in 2020, due 2030, fixed rate of 5.500% during the first five years and at a floating rate of 534.5 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2025 without penalty | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subordinated debt securities      
Debt Instrument [Line Items]      
Floating rate above three-month LIBOR rate   5.345%  
Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty | Subordinated debt securities      
Debt Instrument [Line Items]      
Fixed rate for first five years   3.125%  
Subordinated debentures, issued   $ 297,020 $ 0
Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate      
Debt Instrument [Line Items]      
Floating rate above three-month LIBOR rate 1.82%    
Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subordinated debt securities      
Debt Instrument [Line Items]      
Floating rate above three-month LIBOR rate   1.82%  
Subordinated notes, net of issuance costs, issued in 2017, due 2027, fixed rate of 5.625% during the first five years and at a floating rate of 3.575% above the then three-month LIBOR rate, reset quarterly, thereafter, callable in 2022 without penalty | Subordinated debt securities      
Debt Instrument [Line Items]      
Fixed rate for first five years   5.625% 5.625%
Subordinated debentures, issued   $ 0 $ 299,824
Subordinated notes, net of issuance costs, issued in 2017, due 2027, fixed rate of 5.625% during the first five years and at a floating rate of 3.575% above the then three-month LIBOR rate, reset quarterly, thereafter, callable in 2022 without penalty | LIBOR | Subordinated debt securities      
Debt Instrument [Line Items]      
Floating rate above three-month LIBOR rate   3.575% 3.575%
v3.22.4
Income Taxes - Summary of Components of Provision for Income Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current:      
Federal $ 72,367 $ 70,536 $ 62,362
State 14,733 23,350 20,644
Total current 87,100 93,886 83,006
Deferred:      
Federal 1,839 2,906 (14,839)
State 374 962 (4,912)
Total deferred 2,213 3,868 (19,751)
Income tax expense $ 89,313 $ 97,754 $ 63,255
v3.22.4
Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory federal income tax rate 21.00% 21.00% 21.00%
Effect of non-taxable interest income (1.89%) (1.03%) (1.29%)
Stock compensation 0.38% 0.25% 0.33%
State income taxes, net of federal benefit 2.70% 3.97% 3.50%
Other 0.45% (0.74%) (0.76%)
Effective income tax rate 22.64% 23.45% 22.78%
v3.22.4
Income Taxes - Differences Between Tax Basis of Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets:    
Allowance for credit losses $ 80,232 $ 68,644
Deferred compensation 7,817 5,342
Stock compensation 6,180 5,044
Non-accrual interest income 1,518 694
Real estate owned 103 109
Unrealized loss on Securities AFS 98,587 0
Loan discounts 7,007 4,169
Tax basis premium/discount on acquisitions 1,222 3,220
Investments 28,523 263
Deposits 0 (65)
Other 8,007 5,283
Gross deferred tax assets 239,196 92,703
Deferred tax liabilities:    
Accelerated depreciation on premises and equipment 4,252 761
Unrealized gain on securities available-for-sale 0 4,220
Core deposit intangibles 14,755 5,736
FHLB dividends 2,681 2,820
Other 8,187 876
Gross deferred tax liabilities 29,875 14,413
Net deferred tax assets $ 209,321 $ 78,290
v3.22.4
Common Stock, Compensation Plans and Other - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 22, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock, shares authorized (in shares)   300,000,000 300,000,000  
Common stock, par value (in dollars per share)   $ 0.01 $ 0.01  
Preferred stock, shares authorized (in shares)   5,500,000    
Preferred stock, par value (in dollars per share)   $ 0.01    
Number of additional shares authorized to repurchase (in shares) 20,000,000      
Number of shares repurchased during period (in shares)   3,098,531 1,753,000 1,533,560
Weighted average stock price (in dollars per share)   $ 22.84    
Repurchase of combining of all the shares (in shares)   20,759,866    
Remaining balance available for repurchase (in shares)   18,992,134    
Maximum number of shares available for grants under the plan (in shares)   14,788,000    
Remaining shares of common stock available for future grants (in shares)   2,762,049    
Shares of common stock reserved for issuance (in shares)   5,732,565    
Intrinsic value of stock options outstanding   $ 7,800 $ 13,100 $ 5,000
Intrinsic value of stock options vested   7,500 10,700 4,700
Intrinsic value of stock options exercised   1,800 $ 2,000 $ 719
Unrecognized compensation cost net of income tax benefit, related to non-vested awards   $ 5,200    
Weighted average fair value of options granted (in dollars per share)   $ 5.21 $ 11.11  
2006 Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Maximum number of shares available for grants under the plan (in shares)   13,288,000    
2022 Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Maximum number of shares available for grants under the plan (in shares)   1,500,000    
Restricted Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options granted (in shares)   409,000 216,000 264,000
Unrecognized compensation cost net of income tax benefit, related to non-vested stock option awards   $ 14,600    
v3.22.4
Common Stock, Compensation Plans and Other - Summary of Stock Option Transactions under Plan (Detail) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Shares      
Outstanding, beginning of year (in shares) 3,015 3,254 3,411
Granted (in shares) 183 15 0
Forfeited/Expired (in shares) (96) (57) (76)
Exercised (in shares) (131) (197) (81)
Outstanding, end of year (in shares) 2,971 3,015 3,254
Exercisable, end of year (in shares) 1,837 1,543 1,537
Weighted- average Exercisable Price      
Outstanding, beginning of year (in dollars per share) $ 20.06 $ 19.77 $ 19.60
Granted (in dollars per share) 21.13 21.68 0
Forfeited/Expired (in dollars per share) 21.89 22.44 21.95
Exercised (in dollars per share) 11.30 14.78 10.61
Outstanding, end of year (in dollars per share) 20.45 20.06 19.77
Exercisable, end of year (in dollars per share) $ 18.89 $ 17.46 $ 16.82
v3.22.4
Common Stock, Compensation Plans and Other - Summary of Stock Options on Valuation Assumptions (Detail)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]    
Expected dividend yield 3.14% 2.59%
Expected stock price volatility 31.18% 70.13%
Risk-free interest rate 2.82% 0.75%
Expected life of options 6 years 6 months 6 years 6 months
v3.22.4
Common Stock, Compensation Plans and Other - Summary of Currently Outstanding and Exercisable Options (Detail)
shares in Thousands
 12 Months Ended
Dec. 31, 2022
$ / shares
shares
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Options Outstanding Shares (in shares) | shares 2,971
Options Exercisable Shares (in shares) | shares 1,837
$6.56 to $8.62  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Options Outstanding Shares (in shares) | shares 100
Weighted- Average Remaining Contractual Life (in years) 18 days
Weighted-Average Exercise Price (in dollars per share) $ 8.62
Options Exercisable Shares (in shares) | shares 100
Weighted-Average Exercise Price (in dollars per share) $ 8.62
Exercise prices, lower range limit (in dollars per share) 6.56
Exercise prices, upper range limit (in dollars per share) $ 8.62
$9.54 to $14.71  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Options Outstanding Shares (in shares) | shares 100
Weighted- Average Remaining Contractual Life (in years) 2 years 14 days
Weighted-Average Exercise Price (in dollars per share) $ 14.71
Options Exercisable Shares (in shares) | shares 100
Weighted-Average Exercise Price (in dollars per share) $ 14.71
Exercise prices, lower range limit (in dollars per share) 9.54
Exercise prices, upper range limit (in dollars per share) $ 14.71
$16.77 to $16.86  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Options Outstanding Shares (in shares) | shares 110
Weighted- Average Remaining Contractual Life (in years) 1 year 8 months 12 days
Weighted-Average Exercise Price (in dollars per share) $ 16.81
Options Exercisable Shares (in shares) | shares 110
Weighted-Average Exercise Price (in dollars per share) $ 16.81
Exercise prices, lower range limit (in dollars per share) 16.77
Exercise prices, upper range limit (in dollars per share) $ 16.86
$17.12 to $17.36  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Options Outstanding Shares (in shares) | shares 86
Weighted- Average Remaining Contractual Life (in years) 2 years 3 months 14 days
Weighted-Average Exercise Price (in dollars per share) $ 17.12
Options Exercisable Shares (in shares) | shares 86
Weighted-Average Exercise Price (in dollars per share) $ 17.12
Exercise prices, lower range limit (in dollars per share) 17.12
Exercise prices, upper range limit (in dollars per share) $ 17.36
$17.40 to $18.46  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Options Outstanding Shares (in shares) | shares 866
Weighted- Average Remaining Contractual Life (in years) 2 years 7 months 17 days
Weighted-Average Exercise Price (in dollars per share) $ 18.45
Options Exercisable Shares (in shares) | shares 866
Weighted-Average Exercise Price (in dollars per share) $ 18.45
Exercise prices, lower range limit (in dollars per share) 17.40
Exercise prices, upper range limit (in dollars per share) $ 18.46
$17.40 to $18.46  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Options Outstanding Shares (in shares) | shares 35
Weighted- Average Remaining Contractual Life (in years) 6 years 3 months 7 days
Weighted-Average Exercise Price (in dollars per share) $ 19.04
Options Exercisable Shares (in shares) | shares 21
Weighted-Average Exercise Price (in dollars per share) $ 19.04
Exercise prices, lower range limit (in dollars per share) 18.50
Exercise prices, upper range limit (in dollars per share) $ 20.16
$20.46 to $21.25  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Options Outstanding Shares (in shares) | shares 258
Weighted- Average Remaining Contractual Life (in years) 5 years 7 months 17 days
Weighted-Average Exercise Price (in dollars per share) $ 20.84
Options Exercisable Shares (in shares) | shares 155
Weighted-Average Exercise Price (in dollars per share) $ 21.08
Exercise prices, lower range limit (in dollars per share) 20.46
Exercise prices, upper range limit (in dollars per share) $ 21.25
$21.31 to $22.22  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Options Outstanding Shares (in shares) | shares 127
Weighted- Average Remaining Contractual Life (in years) 6 years 18 days
Weighted-Average Exercise Price (in dollars per share) $ 22.18
Options Exercisable Shares (in shares) | shares 82
Weighted-Average Exercise Price (in dollars per share) $ 22.21
Exercise prices, lower range limit (in dollars per share) 21.31
Exercise prices, upper range limit (in dollars per share) $ 22.22
$22.70 to $23.32  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Options Outstanding Shares (in shares) | shares 1,185
Weighted- Average Remaining Contractual Life (in years) 5 years 6 months 18 days
Weighted-Average Exercise Price (in dollars per share) $ 23.32
Options Exercisable Shares (in shares) | shares 240
Weighted-Average Exercise Price (in dollars per share) $ 23.32
Exercise prices, lower range limit (in dollars per share) 22.70
Exercise prices, upper range limit (in dollars per share) $ 23.32
$23.51 to $25.96  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Options Outstanding Shares (in shares) | shares 104
Weighted- Average Remaining Contractual Life (in years) 5 years 6 months 7 days
Weighted-Average Exercise Price (in dollars per share) $ 25.34
Options Exercisable Shares (in shares) | shares 77
Weighted-Average Exercise Price (in dollars per share) $ 25.74
Exercise prices, lower range limit (in dollars per share) 23.51
Exercise prices, upper range limit (in dollars per share) $ 25.96
v3.22.4
Common Stock, Compensation Plans and Other - Summary of Company's Restricted Stock Issued and Outstanding (Detail) - Restricted Shares - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Beginning of year (in shares) 1,231 1,371 1,636
Issued (in shares) 409 216 264
Vested (in shares) (178) (320) (453)
Forfeited (in shares) (81) (36) (76)
End of year (in shares) 1,381 1,231 1,371
Amount of expense for twelve months ended $ 7,646 $ 7,112 $ 6,824
v3.22.4
Non-Interest Expense (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Changes in Noncontrolling Interest [Line Items]      
Salaries and employee benefits $ 238,885 $ 170,755 $ 163,950
Occupancy and equipment 53,417 36,631 38,412
Data processing expense 34,942 24,280 19,032
Merger and acquisition expenses 49,594 1,886 711
Other operating expenses:      
Advertising 7,974 4,855 3,999
Amortization of intangibles 8,853 5,683 5,844
Electronic banking expense 13,632 9,817 8,477
Directors' fees 1,491 1,614 1,624
Due from bank service charges 1,255 1,044 975
FDIC and state assessment 8,428 5,472 6,494
Other expense 27,905 18,086 17,904
Insurance 3,705 3,118 3,018
Legal and accounting 9,401 3,703 4,222
Other professional fees 8,881 6,950 8,150
Operating supplies 3,120 1,915 1,988
Postage 2,078 1,283 1,283
Telephone 1,890 1,425 1,302
Total other operating expenses 98,789 64,965 65,280
Total non-interest expense 475,627 298,517 287,385
Hurricane expense      
Other operating expenses:      
Other expense $ 176 $ 0 $ 0
v3.22.4
Employee Benefit Plans (Detail) - USD ($)
shares in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2011
Apr. 20, 2007
Chairman's Retirement Plan          
Employee Benefit Plans [Line Items]          
Employee benefits plan expense $ 97,449 $ 109,140 $ 119,935    
Supplemental retirement benefit         $ 250,000
Employee benefits plan vested percentage       100.00%  
Supplemental retirement benefit plan during year $ 250,000 250,000 250,000    
Home BancShares, Inc. 401(k) and Employee Stock Ownership Plan          
Employee Benefit Plans [Line Items]          
Shares of company common stock held by employee (in shares) 1.3        
Discretionary contributions amount $ 0 0 0    
Employee benefits plan expense $ 3,100,000 $ 2,500,000 $ 2,300,000    
v3.22.4
Related Party Transactions (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Related Party Transactions [Abstract]      
Related party loans $ 76,500 $ 60,700  
Related parties new loans and advances 24,800 1,700  
Repayments of loans by related parties 9,100 6,100  
Non interest-bearing deposits 7,700 1,800  
Savings and interest-bearing transaction accounts 10,900 14,300  
Certificates of time deposit 390 387  
Rent expense totaling paid to related parties $ 137 $ 143 $ 115
v3.22.4
Leases - Additional Information (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
Right of use asset $ 42,900 $ 39,600
Lease liability $ 45,954 $ 42,409
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Bank premises and equipment, net Bank premises and equipment, net
Operating Lease, Liability, Statement of Financial Position [Extensible List] Accrued interest payable and other liabilities Accrued interest payable and other liabilities
v3.22.4
Leases - Minimum Rental Commitment under Operating Leases (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
2023 $ 8,332 $ 7,714
2024 7,463 6,574
2025 6,739 6,001
2026 6,352 5,510
2027 5,821 5,389
Thereafter 24,591 24,999
Total future minimum lease payments 59,298 56,187
Discount effect of cash flows (13,344) (13,778)
Present value of net future minimum lease payments $ 45,954 $ 42,409
v3.22.4
Leases - Additional Information of Lease Expense (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Lease expense:      
Operating lease expense $ 7,995 $ 7,857 $ 8,138
Short-term lease expense 3 6 35
Variable lease expense 873 1,028 1,056
Total lease expense 8,871 8,891 9,229
Other information:      
Cash paid for amounts included in the measurement of lease liabilities $ 8,128 $ 7,881 $ 8,030
Weighted-average remaining lease term 9 years 3 months 10 days 9 years 8 months 15 days 10 years 2 months 8 days
Weighted-average discount rate 3.41% 3.48% 3.61%
v3.22.4
Significant Estimates and Concentrations of Credit Risks (Detail)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Loans Receivable | Geographic Concentration | Alabama Arkansas Florida Texas And New York    
Commitment And Contingencies [Line Items]    
Concentration percentage 79.70%  
Loans Receivable | Commercial Real Estate | Credit Concentration    
Commitment And Contingencies [Line Items]    
Concentration percentage 56.30% 59.70%
Loans Receivable | Residential Real Estate | Credit Concentration    
Commitment And Contingencies [Line Items]    
Concentration percentage 16.10% 15.80%
Total Stockholders' Equity | Commercial Real Estate | Credit Concentration    
Commitment And Contingencies [Line Items]    
Concentration percentage 230.10% 212.20%
Total Stockholders' Equity | Residential Real Estate | Credit Concentration    
Commitment And Contingencies [Line Items]    
Concentration percentage 66.00% 56.30%
Residential Real Estate Loans | Geographic Concentration | Alabama Arkansas Florida Texas And New York    
Commitment And Contingencies [Line Items]    
Concentration percentage 84.60%  
v3.22.4
Commitments and Contingencies (Detail) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]    
Commitments to extend credit outstanding $ 4,830.0 $ 3,050.0
Maximum amount of future payments by the company $ 184.6 $ 110.8
v3.22.4
Financial Instruments - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value of foreclosed assets held for sale $ 0  
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of loans with specific allocated losses 168,600,000 $ 280,000,000
Accrued interest receivable reversed 1,100,000 380,000
Fair value of foreclosed assets held for sale $ 546,000 $ 1,600,000
v3.22.4
Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Financial assets:    
Investment securities - available for sale $ 4,041,590 $ 3,119,807
Investment securities - held-to-maturity 1,126,146  
Level 1 | Carrying Amount    
Financial assets:    
Cash and cash equivalents 724,790 3,650,315
Accrued interest receivable 103,199 46,736
Marketable equity securities 52,034 17,110
Financial liabilities:    
Demand and non-interest bearing 5,164,997 4,127,878
Savings and interest-bearing transaction accounts 11,730,552 9,251,805
Securities sold under agreements to repurchase 131,146 140,886
Accrued interest payable 10,622 4,798
Level 1 | Fair Value    
Financial assets:    
Cash and cash equivalents 724,790 3,650,315
Accrued interest receivable 103,199 46,736
Marketable equity securities 52,034 17,110
Financial liabilities:    
Demand and non-interest bearing 5,164,997 4,127,878
Savings and interest-bearing transaction accounts 11,730,552 9,251,805
Securities sold under agreements to repurchase 131,146 140,886
Accrued interest payable 10,622 4,798
Level 2 | Carrying Amount    
Financial assets:    
Investment securities - available for sale 4,041,590 3,119,807
Investment securities - held-to-maturity 1,287,705  
Financial liabilities:    
FHLB and other borrowed funds 650,000 400,000
Level 2 | Fair Value    
Financial assets:    
Investment securities - available for sale 4,041,590 3,119,807
Investment securities - held-to-maturity 1,126,146  
Financial liabilities:    
FHLB and other borrowed funds 595,886 401,362
Level 3 | Carrying Amount    
Financial assets:    
Loans receivable, net of impaired loans and allowance 13,929,892 9,319,421
FHLB, FRB & FNBB stock; other equity investments 215,952 124,638
Financial liabilities:    
Time deposits 1,043,234 880,887
Subordinated debentures 440,420 371,093
Level 3 | Fair Value    
Financial assets:    
Loans receivable, net of impaired loans and allowance 14,240,833 9,503,261
FHLB, FRB & FNBB stock; other equity investments 215,952 124,638
Financial liabilities:    
Time deposits 1,014,348 901,280
Subordinated debentures $ 411,686 $ 374,894
v3.22.4
Regulatory Matters - Additional Information (Detail)
$ in Millions
 12 Months Ended
Mar. 27, 2020
Dec. 31, 2022
USD ($)
Regulatory Matters [Line Items]    
Percentage of retained earnings plus current year earnings to be paid as maximum dividend   75.00%
Requested dividend by the company from its subsidiary   $ 214.7
Basel III | Criteria 1    
Regulatory Matters [Line Items]    
Tier 1 risk-based capital ratio   0.045
Tier 1 leverage capital ratio   0.04
Risk-based capital ratio   0.06
Risk-based capital ratio   0.08
Basel III | Criteria 2    
Regulatory Matters [Line Items]    
Risk-based capital ratio   0.1654
Common equity Tier 1 risk-based capital ratio   0.065
Tier 1 leverage capital ratio   0.05
Tier 1 risk-based capital ratio   0.08
Total risk-based capital ratio   0.10
Common equity Tier 1 risk-based capital ratio   0.1291
Tier 1 leverage capital ratio   0.1086
Tier 1 risk-based capital ratio   0.1291
CECL | COVID-19    
Regulatory Matters [Line Items]    
Allowable percentage of bank holding companies impact 100.00%  
Percentage of allowance for credit losses 25.00%  
v3.22.4
Regulatory Matters - Summary of Company's Actual Capital Amount and Ratios (Detail)
$ in Thousands
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Home BancShares    
Common equity Tier 1 capital ratios:    
Common equity Tier 1 capital ratios, Actual, Amount $ 2,399,919 $ 1,812,797
Common equity Tier 1 capital ratios, Actual, Ratio 0.1291 0.1537
Leverage ratios:    
Leverage ratios, Actual, Amount $ 2,399,919 $ 1,884,067
Leverage ratios, Actual, Ratio 0.1086 0.1111
Tier 1 capital ratios:    
Tier 1 capital ratios, Actual, Amount $ 2,399,919 $ 1,884,067
Tier 1 capital ratios, Actual, Ratio 0.1291 0.1598
Total risk-based capital ratios:    
Total risk-based capital ratios, Actual, Amount $ 3,073,455 $ 2,331,948
Total risk-based capital ratios, Actual, Ratio 0.1654 0.1977
Centennial Bank    
Common equity Tier 1 capital ratios:    
Common equity Tier 1 capital ratios, Actual, Amount $ 2,408,756 $ 1,859,093
Common equity Tier 1 capital ratios, Actual, Ratio 0.1300 0.1582
Common equity Tier 1 capital ratios, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provision, Amount $ 1,204,684 $ 763,850
Common equity Tier 1 capital ratios, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provision, Ratio 6.50% 6.50%
Leverage ratios:    
Leverage ratios, Actual, Amount $ 2,408,756 $ 1,859,093
Leverage ratios, Actual, Ratio 0.1093 0.1097
Leverage ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount $ 1,101,831 $ 847,353
Leverage ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio 0.0500 0.0500
Tier 1 capital ratios:    
Tier 1 capital ratios, Actual, Amount $ 2,408,756 $ 1,859,093
Tier 1 capital ratios, Actual, Ratio 0.1300 0.1582
Tier 1 capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount $ 1,482,688 $ 940,123
Tier 1 capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio 0.0800 0.0800
Total risk-based capital ratios:    
Total risk-based capital ratios, Actual, Amount $ 2,640,992 $ 2,006,814
Total risk-based capital ratios, Actual, Ratio 0.1425 0.1708
Total risk-based capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount $ 1,853,354 $ 1,174,950
Total risk-based capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio 0.1000 0.1000
Basel III | Home BancShares    
Common equity Tier 1 capital ratios:    
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Amount $ 1,300,831 $ 825,548
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Ratio 7.00% 7.00%
Leverage ratios:    
Leverage ratios, Minimum Capital Requirement - Basel III, Amount $ 883,664 $ 678,427
Leverage ratios, Minimum Capital Requirement - Basel III, Ratio 0.0400 0.0400
Tier 1 capital ratios:    
Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Amount $ 1,579,580 $ 1,002,451
Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Ratio 0.0850 0.0850
Total risk-based capital ratios:    
Total risk-based capital ratios, Minimum Capital Requirement - Basel III, Amount $ 1,951,246 $ 1,238,322
Total risk-based capital ratios, Minimum Capital Requirement - Basel III, Ratio 0.1050 0.1050
Basel III | Centennial Bank    
Common equity Tier 1 capital ratios:    
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Amount $ 1,297,352 $ 822,608
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Ratio 7.00% 7.00%
Leverage ratios:    
Leverage ratios, Minimum Capital Requirement - Basel III, Amount $ 881,464 $ 677,883
Leverage ratios, Minimum Capital Requirement - Basel III, Ratio 0.0400 0.0400
Tier 1 capital ratios:    
Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Amount $ 1,575,356 $ 998,881
Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Ratio 0.0850 0.0850
Total risk-based capital ratios:    
Total risk-based capital ratios, Minimum Capital Requirement - Basel III, Amount $ 1,946,021 $ 1,233,697
Total risk-based capital ratios, Minimum Capital Requirement - Basel III, Ratio 0.1050 0.1050
v3.22.4
Additional Cash Flow Information - Additional Information (Detail) - USD ($)
$ in Thousands, shares in Millions
Apr. 01, 2022
Feb. 29, 2020
Jun. 30, 2022
Happy Bancshares, Inc.      
Supplemental Cash Flow Information [Line Items]      
Business combination, recognized identifiable assets acquired $ 6,755,152   $ 6,687,504
Business combination, Cash and cash equivalents 859,030   858,584
Business combination, liabilities 6,139,373   $ 6,150,194
Business combination consideration paid $ 962,538    
Happy Bancshares, Inc. | Common Stock      
Supplemental Cash Flow Information [Line Items]      
Business acquisition, equity interest issuable, number of shares (in shares) 42.4    
Business acquisition, equity interest issuable, value $ 958,800    
Business combination consideration paid 962,500    
Happy Bancshares, Inc. | Stock-based Awards      
Supplemental Cash Flow Information [Line Items]      
Business acquisition, equity interest issuable, value $ 3,700    
LH-Finance      
Supplemental Cash Flow Information [Line Items]      
Business combination, recognized identifiable assets acquired   $ 409,100  
Business combination consideration paid   421,200  
Business combination, recognized identifiable liabilities assumed, loans   $ 407,400  
v3.22.4
Additional Cash Flow Information - Summary of Additional Cash Flow Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]      
Interest paid $ 115,046 $ 53,327 $ 95,483
Income taxes paid 86,583 98,320 77,838
Assets acquired by foreclosure $ 619 $ 2,623 $ 2,639
v3.22.4
Condensed Financial Information (Parent Company Only) - Schedule of Condensed Balance Sheets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Assets        
Cash and cash equivalents $ 724,790 $ 3,650,315    
Other assets 321,152 177,020    
Total assets 22,883,588 18,052,138    
Liabilities        
Subordinated debentures 440,420 371,093    
Total liabilities 19,357,226 15,286,417    
Stockholders’ equity:        
Common stock 2,034 1,637    
Capital surplus 2,386,699 1,487,373    
Retained earnings 1,443,087 1,266,249    
Accumulated other comprehensive income (305,458) 10,462    
Total stockholders’ equity 3,526,362 2,765,721 $ 2,605,758 $ 2,511,531
Total liabilities and stockholders’ equity 22,883,588 18,052,138    
Home BancShares        
Assets        
Cash and cash equivalents 359,570 291,585    
Investment securities 57,912 18,254    
Investments in wholly-owned subsidiaries 3,538,344 2,815,345    
Investments in unconsolidated subsidiaries 0 2,201    
Other assets 19,422 14,591    
Total assets 3,975,248 3,141,976    
Liabilities        
Subordinated debentures 440,420 371,093    
Other liabilities 8,466 5,162    
Total liabilities 448,886 376,255    
Stockholders’ equity:        
Common stock 2,034 1,637    
Capital surplus 2,386,699 1,487,373    
Retained earnings 1,443,087 1,266,249    
Accumulated other comprehensive income (305,458) 10,462    
Total stockholders’ equity 3,526,362 2,765,721    
Total liabilities and stockholders’ equity $ 3,975,248 $ 3,141,976    
v3.22.4
Condensed Financial Information (Parent Company Only) - Schedule of Condensed Statements of Income (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income      
Dividends from equity securities $ 9,198 $ 14,835 $ 12,472
Net income 305,262 319,021 214,448
Home BancShares      
Income      
Dividends from equity securities 2,088 646 385
Dividends from banking subsidiary 216,086 286,712 183,711
Other (loss) income (1,297) 7,234 (1,588)
Total income 216,877 294,592 182,508
Expenses 38,933 34,194 33,346
Income before income taxes and equity in undistributed net income of subsidiaries 177,944 260,398 149,162
Tax benefit for income taxes 10,752 7,161 8,589
Income before equity in undistributed net income of subsidiaries 188,696 267,559 157,751
Equity in undistributed net income of subsidiaries 116,566 51,462 56,697
Net income $ 305,262 $ 319,021 $ 214,448
v3.22.4
Condensed Financial Information (Parent Company Only) - Schedule of Condensed Statements of Cash Flows (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 18, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities        
Net income   $ 305,262 $ 319,021 $ 214,448
Items not requiring (providing) cash        
Depreciation   31,856 19,481 20,082
Amortization   20,335 28,516 20,607
Share-based compensation   9,133 8,848 8,608
Decrease (increase) in value of equity securities   1,272 (7,178) 1,978
Gain on assets   (698) (4,497) (2,103)
Changes in other assets   9,342 1,756 (13,427)
Changes in other liabilities   22,602 (9,379) 8,600
Net cash provided by operating activities   413,172 389,380 291,728
Cash flows from investing activities        
Purchases of equity securities   (49,975) (13,276) (15,015)
Net cash (used in) provided by investing activities   (1,024,270) 624,660 (651,941)
Cash flows from financing activities        
Retirement of subordinated debentures   (300,000) 0 0
Proceeds from issuance of subordinated debentures $ 296,400 296,324 0 0
Redemption of trust preferred securities   (96,499) 0 0
Proceeds from exercise of stock options   156 2,374 595
Repurchase of common stock   (70,856) (44,480) (25,690)
Dividends paid   (128,424) (92,142) (87,677)
Net cash (used in) provided by financing activities   (2,314,427) 1,372,487 1,133,400
Net change in cash and cash equivalents   (2,925,525) 2,386,527 773,187
Cash and cash equivalents – beginning of year   3,650,315 1,263,788 490,601
Cash and cash equivalents – end of year   724,790 3,650,315 1,263,788
Home BancShares        
Cash flows from operating activities        
Net income   305,262 319,021 214,448
Items not requiring (providing) cash        
Depreciation   0 0 216
Amortization   1,912 767 769
Share-based compensation   9,133 8,848 8,607
Decrease (increase) in value of equity securities   1,272 (7,178) 1,978
Gain on assets   0 0 (320)
Equity in undistributed income of subsidiaries   (116,566) (51,462) (56,697)
Changes in other assets   (4,149) 90 (628)
Changes in other liabilities   2,290 (76) (307)
Net cash provided by operating activities   199,154 270,010 168,066
Cash flows from investing activities        
Proceeds from sale of premises and equipment, net   0 0 1,841
Net cash proceeds received (paid) – market acquisitions   201,428 0 0
Purchases of equity securities   (49,975) (13,276) (15,015)
Proceeds from sale of equity securities   13,778 16,381 0
Redemptions of other investments   2,899 0 0
Net cash (used in) provided by investing activities   168,130 3,105 (13,174)
Cash flows from financing activities        
Retirement of subordinated debentures   (300,000) 0 0
Proceeds from issuance of subordinated debentures   296,324 0 0
Redemption of trust preferred securities   (96,499) 0 0
Proceeds from exercise of stock options   156 2,374 595
Repurchase of common stock   (70,856) (44,480) (25,689)
Dividends paid   (128,424) (92,142) (87,677)
Net cash (used in) provided by financing activities   (299,299) (134,248) (112,771)
Net change in cash and cash equivalents   67,985 138,867 42,121
Cash and cash equivalents – beginning of year   291,585 152,718 110,597
Cash and cash equivalents – end of year   $ 359,570 $ 291,585 $ 152,718