HOME BANCSHARES INC, 10-Q filed on 5/6/2021
Quarterly Report
v3.21.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2021
May 05, 2021
Cover [Abstract]    
Document Type 10-Q  
Entity Interactive Data Current Yes  
Document Quarterly Report true  
Document Transition Report false  
Amendment Flag false  
Document Period End Date Mar. 31, 2021  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Entity Registrant Name HOME BANCSHARES, INC.  
Entity Central Index Key 0001331520  
Entity File Number 000-51904  
Entity Tax Identification Number 71-0682831  
Entity Incorporation, State or Country Code AR  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
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  
Trading Symbol HOMB  
Security Exchange Name NASDAQ  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Entity Common Stock, Shares Outstanding   164,842,385
v3.21.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Assets    
Cash and due from banks $ 218,814 $ 242,173
Interest-bearing deposits with other banks 2,259,734 1,021,615
Cash and cash equivalents 2,478,548 1,263,788
Investment securities – available-for-sale, net of allowance for credit losses 2,539,123 2,473,781
Loans receivable 10,778,493 11,220,721
Allowance for credit losses (242,932) (245,473)
Loans receivable, net 10,535,561 10,975,248
Bank premises and equipment, net 278,620 278,614
Foreclosed assets held for sale 3,004 4,420
Cash value of life insurance 103,599 103,519
Accrued interest receivable 55,495 60,528
Deferred tax asset, net 77,145 70,249
Goodwill 973,025 973,025
Core deposit and other intangibles 29,307 30,728
Other assets 166,814 164,904
Total assets 17,240,241 16,398,804
Deposits:    
Demand and non-interest-bearing 3,859,722 3,266,753
Savings and interest-bearing transaction accounts 8,477,208 8,212,240
Time deposits 1,175,664 1,246,797
Total deposits 13,512,594 12,725,790
Securities sold under agreements to repurchase 162,929 168,931
FHLB and other borrowed funds 400,000 400,000
Accrued interest payable and other liabilities 148,999 127,999
Subordinated debentures 370,515 370,326
Total liabilities 14,595,037 13,793,046
Stockholders’ equity:    
Common stock, par value $0.01; shares authorized 300,000,000 in 2021 and 2020; shares issued and outstanding 165,141,370 in 2021 and 165,095,252 in 2020 1,651 1,651
Capital surplus 1,516,286 1,520,617
Retained earnings 1,107,818 1,039,370
Accumulated other comprehensive income 19,449 44,120
Total stockholders’ equity 2,645,204 2,605,758
Total liabilities and stockholders’ equity $ 17,240,241 $ 16,398,804
v3.21.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2021
Dec. 31, 2020
Statement Of Financial Position [Abstract]    
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 300,000,000 300,000,000
Common stock, shares issued 165,141,370 165,095,252
Common stock, shares outstanding 165,141,370 165,095,252
v3.21.1
Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Interest income:    
Loans $ 150,917 $ 158,148
Investment securities    
Taxable 6,253 9,776
Tax-exempt 5,071 3,114
Deposits – other banks 410 1,116
Federal funds sold   21
Total interest income 162,651 172,175
Interest expense:    
Interest on deposits 7,705 24,198
Federal funds purchased   13
FHLB and other borrowed funds 1,875 2,698
Securities sold under agreements to repurchase 190 462
Subordinated debentures 4,793 5,079
Total interest expense 14,563 32,450
Net interest income 148,088 139,725
Provision for credit losses   94,598
Net interest income after provision for credit losses 148,088 45,127
Non-interest income:    
Trust fees 522 438
Mortgage lending income 8,167 2,621
Insurance commissions 492 678
Increase in cash value of life insurance 502 560
Dividends from FHLB, FRB, FNBB & other 8,609 7,842
Gain on sale of SBA loans   341
(Loss) gain on sale of branches, equipment and other assets, net (29) 82
Gain on OREO, net 401 277
Gain on securities, net 219  
Fair value adjustment for marketable securities (5,782) 5,818
Other income 8,001 3,219
Total non-interest income 45,276 22,927
Non-interest expense:    
Salaries and employee benefits 42,059 39,329
Occupancy and equipment 9,237 8,873
Data processing expense 5,870 4,326
Other operating expenses 15,700 17,946
Total non-interest expense 72,866 70,474
Income (loss) before income taxes 120,498 (2,420)
Income tax expense (benefit) 28,896 (2,927)
Net income $ 91,602 $ 507
Basic earnings per share $ 0.55 $ 0.00
Diluted earnings per share $ 0.55 $ 0.00
Service Charges on Deposit Accounts [Member]    
Non-interest income:    
Service charges $ 5,002 $ 6,631
Other Service Charges and Fees [Member]    
Non-interest income:    
Service charges $ 7,608 $ 6,056
v3.21.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]    
Net income $ 91,602 $ 507
Net unrealized (loss) gain on available-for-sale securities (33,400) 6,430
Other comprehensive (loss) income, before tax effect (33,400) 6,430
Tax effect on other comprehensive income (loss) 8,729 (1,680)
Other comprehensive (loss) income (24,671) 4,750
Comprehensive income $ 66,931 $ 5,257
v3.21.1
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Cumulative Effect Period of Adoption Adjustment [Member]
Cumulative Effect Period of Adoption Adjusted Balance [Member]
Common Stock [Member]
Common Stock [Member]
Cumulative Effect Period of Adoption Adjusted Balance [Member]
Capital Surplus [Member]
Capital Surplus [Member]
Cumulative Effect Period of Adoption Adjusted Balance [Member]
Retained Earnings [Member]
Retained Earnings [Member]
Cumulative Effect Period of Adoption Adjustment [Member]
Retained Earnings [Member]
Cumulative Effect Period of Adoption Adjusted Balance [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Cumulative Effect Period of Adoption Adjusted Balance [Member]
Beginning Balance at Dec. 31, 2019 $ 2,511,531   $ 2,467,575 $ 1,664 $ 1,664 $ 1,537,091 $ 1,537,091 $ 956,555   $ 912,599 $ 16,221 $ 16,221
Beginning Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019   $ (43,956)             $ (43,956)      
Comprehensive income:                        
Net income 507             507        
Other comprehensive income (loss) 4,750                   4,750  
Net issuance of shares of common stock from exercise of stock options 422         422            
Repurchase of shares of common stock (23,857)     (14)   (23,843)            
Share-based compensation net issuance of shares of restricted common stock 2,482     1   2,481            
Cash dividends - Common Stock (21,608)             (21,608)        
Ending balance at Mar. 31, 2020 2,430,271     1,651   1,516,151   891,498     20,971  
Beginning Balance at Dec. 31, 2020 2,605,758     1,651   1,520,617   1,039,370     44,120  
Comprehensive income:                        
Net income 91,602             91,602        
Other comprehensive income (loss) (24,671)                   (24,671)  
Net issuance of shares of common stock from exercise of stock options 2,322     1   2,321            
Repurchase of shares of common stock (8,770)     (3)   (8,767)            
Share-based compensation net issuance of shares of restricted common stock 2,117     2   2,115            
Cash dividends - Common Stock (23,154)             (23,154)        
Ending balance at Mar. 31, 2021 $ 2,645,204     $ 1,651   $ 1,516,286   $ 1,107,818     $ 19,449  
v3.21.1
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Net issuance of shares of common stock from exercise of stock options 161,434 22,864
Common stock shares repurchased 330,000 1,423,560
Issuance of restricted common stock 214,684 175,249
Common stock, cash dividends per share | $ / shares $ 0.14 $ 0.13
v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating Activities    
Net income $ 91,602 $ 507
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation & amortization 4,728 4,750
Fair value adjustment for marketable securities (5,782) 5,818
Amortization of securities, net 6,618 3,936
Accretion of purchased loans (5,485) (7,647)
Share-based compensation 2,117 2,482
Gain on assets (591) (700)
Provision for credit losses   94,598
Deferred income tax effect (13,078) (32,809)
Increase in cash value of life insurance (502) (560)
Originations of mortgage loans held for sale (202,455) (137,945)
Proceeds from sales of mortgage loans held for sale 203,936 139,915
Changes in assets and liabilities:    
Accrued interest receivable 5,033 (4,979)
Other assets 13,943 16,458
Accrued interest payable and other liabilities 21,000 28,294
Net cash provided by operating activities 121,084 112,118
Investing Activities    
Net decrease (increase) in loans, excluding purchased loans 441,905 (111,479)
Purchases of investment securities – available-for-sale (299,058) (157,808)
Proceeds from maturities of investment securities – available-for-sale 175,805 137,960
Proceeds from sales of investment securities – available-for-sale 18,112  
Purchases of equity securities (10,460) (15,015)
Proceeds from sales of equity securities 15,354  
Redemptions of other investments (50) (11,384)
Proceeds from foreclosed assets held for sale 3,603 2,471
Proceeds from sale of SBA loans   4,057
Purchases of premises and equipment, net (3,153) (4,545)
Return of investment on cash value of life insurance 418 46,028
Net cash paid – market acquisitions   (421,211)
Net cash provided by (used in) investing activities 342,476 (530,926)
Financing Activities    
Net increase in deposits 786,804 236,531
Net decrease in securities sold under agreements to repurchase (6,002) (16,843)
Net decrease in federal funds purchased   (5,000)
Net increase in FHLB and other borrowed funds   329,997
Proceeds from exercise of stock options 2,322 422
Repurchase of common stock (8,770) (23,857)
Dividends paid on common stock (23,154) (21,608)
Net cash provided by financing activities 751,200 499,642
Net change in cash and cash equivalents 1,214,760 80,834
Cash and cash equivalents – beginning of year 1,263,788 490,601
Cash and cash equivalents – end of period $ 2,478,548 $ 571,435
v3.21.1
Nature of Operations and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Nature of Operations and Summary of Significant Accounting Policies

1.  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 community bank subsidiary – Centennial Bank (sometimes referred to as “Centennial” or the “Bank”).  The Bank has branch locations in Arkansas, Florida, South Alabama 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.

Interim financial information

The accompanying unaudited consolidated financial statements as of March 31, 2021 and 2020 have been prepared in condensed format, and therefore do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

The information furnished in these interim statements reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter or for the full year. The interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2020 Form 10-K, filed with the Securities and Exchange Commission.

New Accounting Pronouncements

The Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), effective January 1, 2020. The guidance replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology.  The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credits, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. ASC 326 requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses as well as the credit quality and underwriting standards of a company’s portfolio.  In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell.

The Company adopted ASC 326 using the modified retrospective method for loans and off-balance-sheet (“OBS”) credit exposures.  Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP.  The Company recorded a one-time cumulative-effect adjustment to the allowance for credit losses of $44.0 million which was recognized through a $32.5 million adjustment to retained earnings, net of tax. This adjustment brought the beginning balance of the allowance for credit losses to $146.1 million  as of January 1, 2020.  In addition, the Company recorded a $15.5 million reserve on unfunded commitments which was recognized through an $11.5 million adjustment to retained earnings, net of tax.

The Company adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration (“PCD”) that were previously classified as purchased credit impaired (“PCI”) and accounted for under ASC 310-30.  In 2019, the Company reevaluated its loan pools of purchased loans with deteriorated credit quality. These loans pools related specifically to acquired loans from the Heritage, Liberty, Landmark, Bay Cities, Bank of Commerce, Premier Bank, Stonegate and Shore Premier Finance acquisitions. At acquisition, a portion of these loans was recorded as purchased credit impaired loans on a pool by pool basis. Through the reevaluation of these loan pools, management determined that estimated losses for purchase credit impaired loans should be processed against the credit mark of the applicable pools.  The remaining non-accretable mark was then moved to accretable mark to be recognized over the remaining weighted average life of the loan pools.  The projected losses for these loans were less than the total credit mark.  As such, the remaining $107.6 million of loans in these pools along with the $29.3 million in accretable yield was deemed to be immaterial and was reclassified out of the purchased credit impaired loans category.  As of December 31, 2019, the Company no longer held any purchased loans with deteriorated credit quality. Therefore, the Company did not have any PCI loans upon adoption on of ASC 326 as of January 1, 2020.

The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination.  PCD loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans. 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 noncredit 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 loss.

The Company adopted ASC 326 using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2020. As of December 31, 2019, the Company did not have any other-than-temporarily impaired investment securities. Therefore, upon adoption of ASC 326, the Company determined than an allowance for credit losses on available-for-sale securities was not deemed material. However, the Company evaluated the investment portfolio during the first quarter of 2020 and determined that an $842,000 provision for credit losses was necessary. No additional provision was deemed necessary during the remaining quarters of 2020 or the first quarter of 2021. See Note 3 for further discussion.

 


 

The following table illustrates the impact of the adoption of ASC 326 on the Company’s 2020 consolidated balance sheet.

 

 

 

January 1, 2020

 

 

 

As Reported Under ASC 326

 

 

Pre-ASC 326 Adoption

 

 

Impact of ASC 326 Adoption

 

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

    Allowance for credit losses on loans

 

$

146,110

 

 

$

102,122

 

 

$

43,988

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

    Allowance for credit losses on OBS

       credit exposures

       (included in other liabilities)

 

 

15,521

 

 

 

—

 

 

 

15,521

 

 

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.  

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 following periods:

 

 

 

Three Months Ended

March 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Net income

 

$

91,602

 

 

$

507

 

Average shares outstanding

 

 

165,257

 

 

 

166,014

 

Effect of common stock options

 

 

189

 

 

 

—

 

Average diluted shares outstanding

 

 

165,446

 

 

 

166,014

 

Basic earnings per share

 

$

0.55

 

 

$

0.00

 

Diluted earnings per share

 

$

0.55

 

 

$

0.00

 

 

As of March 31, 2020, options to purchase 3.3 million shares of common stock with a weighted average exercise price of $19.57 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.

v3.21.1
Business Combinations
 3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]  
Business Combinations

2.  Business Combinations

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 loan production office in Baltimore, Maryland.
v3.21.1
Investment Securities
 3 Months Ended
Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]  
Investment Securities

3.  Investment Securities

  The following table summarizes the amortized cost and fair value of securities available-for-sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss):

 

 

 

March 31, 2021

 

 

 

Available-for-Sale

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

(Losses)

 

 

Estimated

Fair Value

 

 

 

(In thousands)

 

U.S. government-sponsored enterprises

 

$

333,291

 

 

$

2,004

 

 

$

(2,321

)

 

$

332,974

 

Residential mortgage-backed securities

 

 

751,372

 

 

 

8,731

 

 

 

(8,093

)

 

 

752,010

 

Commercial mortgage-backed securities

 

 

435,269

 

 

 

13,610

 

 

 

(1,042

)

 

 

447,837

 

State and political subdivisions

 

 

951,293

 

 

 

19,677

 

 

 

(7,167

)

 

 

963,803

 

Other securities

 

 

42,407

 

 

 

449

 

 

 

(357

)

 

 

42,499

 

Total

 

$

2,513,632

 

 

$

44,471

 

 

$

(18,980

)

 

$

2,539,123

 

 

 

 

December 31, 2020

 

 

 

Available-for-Sale

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

(Losses)

 

 

Estimated

Fair Value

 

 

 

(In thousands)

 

U.S. government-sponsored enterprises

 

$

325,860

 

 

$

2,338

 

 

$

(1,207

)

 

$

326,991

 

Residential mortgage-backed securities

 

 

703,138

 

 

 

10,607

 

 

 

(688

)

 

 

713,057

 

Commercial mortgage-backed securities

 

 

446,964

 

 

 

18,048

 

 

 

(126

)

 

 

464,886

 

State and political subdivisions

 

 

898,174

 

 

 

31,173

 

 

 

(1,454

)

 

 

927,893

 

Other securities

 

 

40,755

 

 

 

434

 

 

 

(235

)

 

 

40,954

 

Total

 

$

2,414,891

 

 

$

62,600

 

 

$

(3,710

)

 

$

2,473,781

 

 

 


 

Assets, principally investment securities, having a carrying value of approximately $1.08 billion at March 31, 2021 and December 31, 2020, respectively, were pledged to secure public deposits, as collateral for repurchase agreements, and for other purposes required or permitted by law. Investment securities pledged as collateral for repurchase agreements totaled approximately $162.9 million and $168.9 million at March 31, 2021 and December 31, 2020, respectively.

The amortized cost and estimated fair value of securities classified as available-for-sale at March 31, 2021, 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-Sale

 

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

 

 

(In thousands)

 

Due in one year or less

 

$

8,651

 

 

$

8,690

 

Due after one year through five years

 

 

47,161

 

 

 

48,038

 

Due after five years through ten years

 

 

232,035

 

 

 

232,163

 

Due after ten years

 

 

1,037,144

 

 

 

1,048,385

 

Mortgage - backed securities: Residential

 

 

751,372

 

 

 

752,010

 

Mortgage - backed securities: Commercial

 

 

435,269

 

 

 

447,837

 

Other

 

 

2,000

 

 

 

2,000

 

Total

 

$

2,513,632

 

 

$

2,539,123

 

During the three months ended March 31, 2021, $17.9 million in available-for-sale securities were sold. The gross realized gains on the sales totaled $219,000 for the three months ended March 31, 2021.

During the three-month period ended March 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 March 31, 2021 and December 31, 2020.

 

 

 

March 31, 2021

 

 

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

 

(In thousands)

 

U.S. government-sponsored enterprises

 

$

60,870

 

 

$

(1,637

)

 

$

77,145

 

 

$

(684

)

 

$

138,015

 

 

$

(2,321

)

Residential mortgage-backed securities

 

 

338,020

 

 

 

(8,016

)

 

 

10,938

 

 

 

(77

)

 

 

348,958

 

 

 

(8,093

)

Commercial mortgage-backed securities

 

 

68,953

 

 

 

(1,042

)

 

 

—

 

 

 

—

 

 

 

68,953

 

 

 

(1,042

)

State and political subdivisions

 

 

377,950

 

 

 

(6,217

)

 

 

13,133

 

 

 

(950

)

 

 

391,083

 

 

 

(7,167

)

Other securities

 

 

9,302

 

 

 

(250

)

 

 

8,258

 

 

 

(107

)

 

 

17,560

 

 

 

(357

)

Total

 

$

855,095

 

 

$

(17,162

)

 

$

109,474

 

 

$

(1,818

)

 

$

964,569

 

 

$

(18,980

)

 

 

 

December 31, 2020

 

 

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

 

(In thousands)

 

U.S. government-sponsored enterprises

 

$

54,611

 

 

$

(383

)

 

$

95,249

 

 

$

(824

)

 

$

149,860

 

 

$

(1,207

)

Residential mortgage-backed securities

 

 

143,458

 

 

 

(643

)

 

 

4,900

 

 

 

(45

)

 

 

148,358

 

 

 

(688

)

Commercial mortgage-backed securities

 

 

26,886

 

 

 

(126

)

 

 

—

 

 

 

—

 

 

 

26,886

 

 

 

(126

)

State and political subdivisions

 

 

78,349

 

 

 

(1,454

)

 

 

—

 

 

 

—

 

 

 

78,349

 

 

 

(1,454

)

Other securities

 

 

5,434

 

 

 

(100

)

 

 

8,748

 

 

 

(135

)

 

 

14,182

 

 

 

(235

)

Total

 

$

308,738

 

 

$

(2,706

)

 

$

108,897

 

 

$

(1,004

)

 

$

417,635

 

 

$

(3,710

)

 


 

The Company evaluates all securities quarterly to determine if any debt 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 this 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, 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. 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. At March 31, 2021, the Company determined that the allowance for credit losses of $842,000, resulting from economic uncertainties related to the COVID-19 pandemic, was adequate for the investment portfolio. No additional provision for credit losses was considered necessary for the portfolio.

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

 

 

 

(In thousands)

 

Allowance for credit losses:

 

 

 

 

 

 

 

Beginning balance

$

842

 

 

$

—

 

Provision for credit loss - investment securities

 

—

 

 

 

842

 

Balance, March 31

$

842

 

 

$

842

 

Provision for credit loss - investment securities

 

 

 

 

 

—

 

Balance, December 31, 2020

 

 

 

 

$

842

 

 

For the three months ended March 31, 2021, the Company had investment securities with approximately $1.8 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 52.9% of the principal balance from the Company’s 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.

As of March 31, 2021, the Company's securities portfolio consisted of 1,296 investment securities, 321 of which were in an unrealized loss position. As noted in the table above, the total amount of the unrealized loss was $19.0 million. The U.S government-sponsored enterprises portfolio contained unrealized losses of $2.3 million on 51 securities. The residential mortgage-backed securities portfolio contained $8.1 million of unrealized losses on 110 securities, and the commercial mortgage-backed securities portfolio contained $1.0 million of unrealized losses on 27 securities. The state and political subdivisions portfolio contained $7.2 million of unrealized losses on 125 securities. In addition, the other securities portfolio contained $357,000 of unrealized losses on 8 securities. The unrealized losses on the Company's 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 does not consider an allowance for credit losses on the other portions of the investment portfolio necessary as of March 31, 2021.

Income earned on available-for sale securities for the three months ended March 31, 2021 and 2020, is as follows:

 

 

 

For the Three Months

Ended March 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

Taxable

 

$

6,253

 

 

$

9,776

 

Non-taxable

 

 

5,071

 

 

 

3,114

 

Total

 

$

11,324

 

 

$

12,890

 

 

 
v3.21.1
Loans Receivable
 3 Months Ended
Mar. 31, 2021
Receivables [Abstract]  
Loans Receivable

4.  Loans Receivable

The various categories of loans receivable are summarized as follows:

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

$

4,289,142

 

 

$

4,429,060

 

Construction/land development

 

 

1,612,973

 

 

 

1,562,298

 

Agricultural

 

 

113,382

 

 

 

114,431

 

Residential real estate loans

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

1,437,546

 

 

 

1,536,257

 

Multifamily residential

 

 

377,661

 

 

 

536,538

 

Total real estate

 

 

7,830,704

 

 

 

8,178,584

 

Consumer

 

 

839,819

 

 

 

864,690

 

Commercial and industrial

 

 

1,794,787

 

 

 

1,896,442

 

Agricultural

 

 

65,017

 

 

 

66,869

 

Other

 

 

248,166

 

 

 

214,136

 

Total loans receivable

 

 

10,778,493

 

 

 

11,220,721

 

Allowance for credit losses

 

 

(242,932

)

 

 

(245,473

)

Loans receivable, net

 

$

10,535,561

 

 

$

10,975,248

 

 

During the three months ended March 31, 2021, the Company did not sell any guaranteed portions of Small Business Administration (“SBA”) loans.  During the three months ended March 31, 2020, the Company sold $3.7  million of the guaranteed portion of certain SBA loans, which resulted in gains of approximately $341,000.

Mortgage loans held for sale of approximately $113.4 million and $114.8 million at March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020 were not material.

The Company adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration (“PCD”) that were previously classified as purchased credit impaired (“PCI”) and accounted for under ASC 310-30.  In 2019, the Company reevaluated its loan pools of purchased loans with deteriorated credit quality. These loans pools related specifically to acquired loans from the Heritage, Liberty, Landmark, Bay Cities, Bank of Commerce, Premier Bank, Stonegate and Shore Premier Finance acquisitions. At acquisition, a portion of these loans was recorded as purchased credit impaired loans on a pool by pool basis. Through the reevaluation of these loan pools, management determined that estimated losses for purchase credit impaired loans should be processed against the credit mark of the applicable pools.  The remaining non-accretable mark was then moved to accretable mark to be recognized over the remaining weighted average life of the loan pools.  The projected losses for these loans were less than the total credit mark.  As such, the remaining $107.6 million of loans in these pools along with the $29.3 million in accretable yield was deemed to be immaterial and was reclassified out of the purchased credit impaired loans category.  As of December 31, 2019, the Company no longer held any purchased loans with deteriorated credit quality. Therefore, the Company did not have any PCI loans upon adoption on of ASC 326 as of January 1, 2020.

The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination.  PCD loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans. 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 noncredit 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. As a result of the acquisition of LH-Finance in 2020, the Company held approximately $605,000 and $760,000 in PCD loans, as of March 31, 2021 and  December 31, 2020, respectively.

A description of our accounting policies for loans, impaired loans and non-accrual loans are set forth in our 2020 Form 10-K filed with the SEC on February 26, 2020. The Company adopted ASC 326 effective January 1, 2020. See Notes 1 and 5 for further discussion.
v3.21.1
Allowance for Credit Losses, Credit Quality and Other
 3 Months Ended
Mar. 31, 2021
Text Block [Abstract]  
Allowance for Credit Losses, Credit Quality and Other

5.  Allowance for Credit Losses, Credit Quality and Other

The Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, effective January 1, 2020. The guidance replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology.  The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance, including loan commitments, standby letters of credits, financial guarantees, and other similar instruments. The Company adopted ASC 326 using the modified retrospective method for loans and off-balance-sheet credit exposures.  Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP.  The Company recorded a one-time cumulative-effect adjustment to the allowance for credit losses of $44.0 million which was recognized through a $32.5 million adjustment to retained earnings, net of tax. This adjustment brought the beginning balance of the allowance for credit losses to $146.1 million  as of January 1, 2020.  In addition, the Company recorded a $15.5 million reserve on unfunded commitments as of January 1, 2020, which was recognized through an $11.5 million adjustment to retained earnings, net of tax.

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.

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 drives 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, 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 March 31, 2021 and December 31, 2020, respectively.

 

March 31, 2021

 

 

 

Loss Driver Segment

Call Report Segment(s)

Modeled Economic Factors

1-4 Family Construction

1a1

National Unemployment (%) & Housing Price Index (%)

All Other Construction

1a2

National Unemployment (%)  & Gross Domestic Product (%)

1-4 Family Revolving HELOC & Junior Liens

1c1

National Unemployment (%) & Housing Price Index – CoreLogic (%)

1-4 Family Revolving HELOC & Junior Liens

1c2b

National Unemployment (%)  & Gross Domestic Product (%)

1-4 Family Senior Liens

1c2a

National Unemployment (%) & Gross Domestic Product (%)

Multifamily

1d

Rental Vacancy Rate (%) & Housing Price Index – Case-Schiller (%)

Owner Occupied CRE

1e1

National Unemployment (%) & Gross Domestic Product (%)

Non-Owner Occupied CRE

1e2,1b,8

National Unemployment (%) & Gross Domestic Product (%)

Commercial & Industrial, Agricultural, Non-Depository Financial Institutions, Purchase/Carry Securities, Other

4a, 3, 9a, 9b1, 9b2, Other

National Unemployment (%) & National Retail Sales (%)

Consumer Auto

6c

National Unemployment (%) & National Retail Sales (%)

Other Consumer

6b, 6d

National Unemployment (%) & National Retail Sales (%)

Other Consumer - SPF

6d

National Unemployment (%)

 

December 31, 2020

 

 

 

 

Loss Driver Segment

Call Report Segment(s)

Modeled Economic Factors

1-4 Family Construction

1a1

National Unemployment (%) & Housing Price Index (%)

All Other Construction

1a2

National Unemployment (%)  & Commercial Real Estate Price Index (%)

1-4 Family Revolving HELOC & Junior Liens

1c1, 1c2b

National Unemployment (%) & Housing Price Index (%)

1-4 Family Senior Liens

1c2a

National Unemployment (%) & Housing Price Index (%)

Multifamily

1d

National Unemployment (%) & Housing Price Index (%)

Owner Occupied CRE

1e1

National Unemployment (%) & Commercial Real Estate Price Index (%)

Non-Owner Occupied CRE

1e2,1b,8

National Unemployment (%) & Commercial Real Estate Price Index (%)

Commercial & Industrial, Agricultural, Non-Depository Financial Institutions, Purchase/Carry Securities, Other

4a, 3, 9a, 9b1, 9b2, Other

National Unemployment (%) & National Retail Sales (%)

Consumer Auto

6c

National Unemployment (%) & National Retail Sales (%)

Other Consumer

6b, 6d

National Unemployment (%) & National Retail Sales (%)

Other Consumer - SPF

6d

National Unemployment (%)

For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts back 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 SPF 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.

As of March 31, 2021, the markets in which we operate have begun to experience economic recovery as unemployment rates have declined, COVID-19 vaccination rates have increased, and communities have begun to reopen for business activity.  However, there is still a significant amount of uncertainty related to the COVID-19 pandemic which may slow the anticipated economic recovery. The Company determined that an additional provision for credit losses on loans was not necessary as the current level of the allowance for credit losses was considered adequate as of March 31, 2021. In addition, the Company determined that the current level of  the unfunded commitment reserve was adequate and no additional unfunded commitments expense was necessary as of March 31, 2021.

ASC 326 requires that both a discount and an allowance for credit losses be recorded on loans during an acquisition.  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 tables present the activity in the allowance for credit losses for the three months ended March 31, 2021:

 

 

 

Three Months Ended March 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

 

 

—

 

 

 

(19

)

 

 

(226

)

 

 

(2,279

)

 

 

(523

)

 

 

(3,047

)

Recoveries of loans previously charged off

 

 

22

 

 

 

14

 

 

 

62

 

 

 

76

 

 

 

332

 

 

 

506

 

Net loans (charged off) recovered

 

 

22

 

 

 

(5

)

 

 

(164

)

 

 

(2,203

)

 

 

(191

)

 

 

(2,541

)

Provision for credit losses

 

 

(9,946

)

 

 

5,421

 

 

 

1,545

 

 

 

5,497

 

 

 

(2,517

)

 

 

—

 

Balance, March 31

 

$

22,937

 

 

$

93,869

 

 

$

54,597

 

 

$

49,824

 

 

$

21,705

 

 

$

242,932

 

 

The following tables present the balances in the allowance for loan losses for the three month period ended March 31, 2020 and the year ended December 31, 2020.

 

 

 

Three Months Ended March 31, 2020 and Year Ended December 31, 2020

 

 

 

Construction/

Land

Development

 

 

Other

Commercial

Real Estate

 

 

Residential

Real Estate

 

 

Commercial

& Industrial

 

 

Consumer

& Other

 

 

Total

 

 

 

(In thousands)

 

Allowance for credit losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

26,433

 

 

$

33,529

 

 

$

20,135

 

 

$

16,615

 

 

$

5,410

 

 

$

102,122

 

Impact of adoption ASC 326

 

 

(5,296

)

 

 

15,912

 

 

 

16,680

 

 

 

11,584

 

 

 

5,108

 

 

 

43,988

 

Allowance for credit losses on PCD loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

357

 

 

 

357

 

Loans charged off

 

 

(45

)

 

 

(519

)

 

 

(339

)

 

 

(2,804

)

 

 

(558

)

 

 

(4,265

)

Recoveries of loans previously charged off

 

 

10

 

 

 

250

 

 

 

160

 

 

 

65

 

 

 

255

 

 

 

740

 

Net loans charged off

 

 

(35

)

 

 

(269

)

 

 

(179

)

 

 

(2,739

)

 

 

(303

)

 

 

(3,525

)

Provision for credit loss - loans

 

 

13,309

 

 

 

23,483

 

 

 

6,144

 

 

 

28,940

 

 

 

4,796

 

 

 

76,672

 

Provision for credit loss - acquired loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9,309

 

 

 

9,309

 

Balance, March 31

 

 

34,411

 

 

 

72,655

 

 

 

42,780

 

 

 

54,400

 

 

 

24,677

 

 

 

228,923

 

Loans charged off

 

 

(1,173

)

 

 

(2,522

)

 

 

(146

)

 

 

(4,960

)

 

 

(1,420

)

 

 

(10,221

)

Recoveries of loans previously charged off

 

 

97

 

 

 

397

 

 

 

177

 

 

 

153

 

 

 

506

 

 

 

1,330

 

Net loans charged off

 

 

(1,076

)

 

 

(2,125

)

 

 

31

 

 

 

(4,807

)

 

 

(914

)

 

 

(8,891

)

Provision for credit loss - loans

 

 

(474

)

 

 

17,923

 

 

 

10,405

 

 

 

(3,063

)

 

 

650

 

 

 

25,441

 

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 March 31, 2021 and December 31, 2020:

 

 

 

March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

Loans Past Due

 

 

 

 

 

 

 

Nonaccrual

 

 

Over 90 Days

 

 

 

Nonaccrual

 

 

With Reserve

 

 

Still Accruing

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

$

19,945

 

 

$

9,085

 

 

$

2,718

 

Construction/land development

 

 

1,252

 

 

 

7,826

 

 

 

1

 

Agricultural

 

 

862

 

 

 

—

 

 

 

—

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

19,166

 

 

 

3,000

 

 

 

1,180

 

Multifamily residential

 

 

172

 

 

 

—

 

 

 

—

 

Total real estate

 

 

41,397

 

 

 

19,911

 

 

 

3,899

 

Consumer

 

 

1,902

 

 

 

—

 

 

 

230

 

Commercial and industrial

 

 

14,755

 

 

 

—

 

 

 

80

 

Agricultural & other

 

 

1,088

 

 

 

—

 

 

 

—

 

Total

 

$

59,142

 

 

$

19,911

 

 

$

4,209

 

 

 

 

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

Loans Past Due

 

 

 

 

 

 

 

Nonaccrual

 

 

Over 90 Days

 

 

 

Nonaccrual

 

 

With Reserve

 

 

Still Accruing

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

$

20,947

 

 

$

6,794

 

 

$

6,088

 

Construction/land development

 

 

1,381

 

 

 

2,089

 

 

 

1,296

 

Agricultural

 

 

879

 

 

 

—

 

 

 

—

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

19,334

 

 

 

3,000

 

 

 

1,821

 

Multifamily residential

 

 

173

 

 

 

—

 

 

 

—

 

Total real estate

 

 

42,714

 

 

 

11,883

 

 

 

9,205

 

Consumer

 

 

3,506

 

 

 

—

 

 

 

174

 

Commercial and industrial

 

 

17,251

 

 

 

—

 

 

 

231

 

Agricultural & other

 

 

1,057

 

 

 

—

 

 

 

—

 

Total

 

$

64,528

 

 

$

11,883

 

 

$

9,610

 

 

The Company had $59.1 million and $64.5 million in nonaccrual loans for the periods ended March 31, 2021 and December 31, 2020, respectively. In addition, the Company had $4.2 million and $9.6 million in loans past due 90 days or more and still accruing for the periods ended March 31, 2021 and December 31, 2020, respectively.  

The Company had $19.9 million and $11.9 million in nonaccrual loans with a specific reserve as of March 31, 2021 and December 31, 2020, respectively. The Company did not recognize any interest income on nonaccrual loans during the period ended March 31, 2021 or March 31, 2020.

The following table presents the amortized cost basis of collateral-dependent impaired loans by class of loans as of March 31, 2021 and December 31, 2020:

 

 

 

March 31, 2021

 

 

 

Commercial

 

 

Residential

 

 

 

 

 

 

 

Real Estate

 

 

Real Estate

 

 

Other

 

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

$

307,946

 

 

$

—

 

 

$

—

 

Construction/land development

 

 

4,587

 

 

 

—

 

 

 

—

 

Agricultural

 

 

862

 

 

 

—

 

 

 

—

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

—

 

 

 

27,459

 

 

 

—

 

Multifamily residential

 

 

—

 

 

 

172

 

 

 

—

 

Total real estate

 

 

313,395

 

 

 

27,631

 

 

 

—

 

Consumer

 

 

—

 

 

 

—

 

 

 

2,146

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

19,077

 

Agricultural & other

 

 

—

 

 

 

—

 

 

 

1,088

 

Total

 

$

313,395

 

 

$

27,631

 

 

$

22,311

 

 

 

 

 

December 31, 2020

 

 

 

Commercial

 

 

Residential

 

 

 

 

 

 

 

Real Estate

 

 

Real Estate

 

 

Other

 

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

$

47,429

 

 

$

—

 

 

$

—

 

Construction/land development

 

 

6,012

 

 

 

—

 

 

 

—

 

Agricultural

 

 

879

 

 

 

—

 

 

 

—

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

—

 

 

 

32,413

 

 

 

—

 

Multifamily residential

 

 

—

 

 

 

173

 

 

 

—

 

Total real estate

 

 

54,320

 

 

 

32,586

 

 

 

—

 

Consumer

 

 

—

 

 

 

—

 

 

 

3,694

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

21,027

 

Agricultural & other

 

 

—

 

 

 

—

 

 

 

1,057

 

Total

 

$

54,320

 

 

$

32,586

 

 

$

25,778

 

The Company had $363.3 million and $112.7 million in collateral-dependent impaired loans for the periods ended March 31, 2021 and December 31, 2020, respectively. The increase in collateral-dependent impaired loans was due to the Company changing the valuation method for lodging and assisted living loans to a market price valuation methodology. This involved assigning a 15% discount of par for these impaired loans. The 15% figure was derived based on knowledge of current hotel and assisted living offerings in the loan sale market. In the event of default, liquidation would be achieved through a loan sale. The Company is continuing to monitor these impaired loans and will adjust the discount as necessary.

Loans that do not share risk characteristics are evaluated on an individual basis. For collateral-dependent impaired loans, excluding lodging and assisted living 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 March 31, 2021 and December 31, 2020:

 

 

 

March 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

 

$

4,540

 

 

$

3,038

 

 

$

22,663

 

 

$

30,241

 

 

$

4,258,901

 

 

$

4,289,142

 

 

$

2,718

 

Construction/land development

 

 

562

 

 

 

35

 

 

 

1,253

 

 

 

1,850

 

 

 

1,611,123

 

 

 

1,612,973

 

 

 

1

 

Agricultural

 

 

—

 

 

 

130

 

 

 

862

 

 

 

992

 

 

 

112,390

 

 

 

113,382

 

 

 

—

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—

 

Residential 1-4 family

 

 

6,022

 

 

 

1,477

 

 

 

20,346

 

 

 

27,845

 

 

 

1,409,701

 

 

 

1,437,546

 

 

 

1,180

 

Multifamily residential

 

 

—

 

 

 

—

 

 

 

172

 

 

 

172

 

 

 

377,489

 

 

 

377,661

 

 

 

—

 

Total real estate

 

 

11,124

 

 

 

4,680

 

 

 

45,296

 

 

 

61,100

 

 

 

7,769,604

 

 

 

7,830,704

 

 

 

3,899

 

Consumer

 

 

984

 

 

 

456

 

 

 

2,132

 

 

 

3,572

 

 

 

836,247

 

 

 

839,819

 

 

 

230

 

Commercial and industrial

 

 

1,132

 

 

 

351

 

 

 

14,835

 

 

 

16,318

 

 

 

1,778,469

 

 

 

1,794,787

 

 

 

80

 

Agricultural & other

 

 

691

 

 

 

86

 

 

 

1,088

 

 

 

1,865

 

 

 

311,318

 

 

 

313,183

 

 

 

—

 

Total

 

$

13,931

 

 

$

5,573

 

 

$

63,351

 

 

$

82,855

 

 

$

10,695,638

 

 

$

10,778,493

 

 

$

4,209

 

 

 

 

December 31, 2020

 

 

 

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

 

$

3,856

 

 

$

68

 

 

$

27,035

 

 

$

30,959

 

 

$

4,398,101

 

 

$

4,429,060

 

 

$

6,088

 

Construction/land development

 

 

178

 

 

 

44

 

 

 

2,677

 

 

$

2,899

 

 

 

1,559,399

 

 

 

1,562,298

 

 

 

1,296

 

Agricultural

 

 

522

 

 

 

—

 

 

 

879

 

 

 

1,401

 

 

 

113,030

 

 

 

114,431

 

 

 

—

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

4,833

 

 

 

7,787

 

 

 

21,155

 

 

 

33,775

 

 

 

1,502,482

 

 

 

1,536,257

 

 

 

1,821

 

Multifamily residential

 

 

111

 

 

 

—

 

 

 

173

 

 

 

284

 

 

 

536,254

 

 

 

536,538

 

 

 

—

 

Total real estate

 

 

9,500

 

 

 

7,899

 

 

 

51,919

 

 

 

69,318

 

 

 

8,109,266

 

 

 

8,178,584

 

 

 

9,205

 

Consumer

 

 

2,899

 

 

 

802

 

 

 

3,680

 

 

 

7,381

 

 

 

857,309

 

 

 

864,690

 

 

 

174

 

Commercial and industrial

 

 

960

 

 

 

515

 

 

 

17,482

 

 

 

18,957

 

 

 

1,877,485

 

 

 

1,896,442

 

 

 

231

 

Agricultural and other

 

 

1,125

 

 

 

3,713

 

 

 

1,057

 

 

 

5,895

 

 

 

275,110

 

 

 

281,005

 

 

 

—

 

Total

 

$

14,484

 

 

$

12,929

 

 

$

74,138

 

 

$

101,551

 

 

$

11,119,170

 

 

$

11,220,721

 

 

$

9,610

 

 

Non-accruing loans at March 31, 2021 and December 31, 2020 were $59.1 million and $64.5 million, respectively.

Interest recognized on impaired loans during the three months ended March 31, 2021 and 2020 was approximately $267,000 and $399,000, 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, 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 risk 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.

The Company’s classified loans include loans in risk ratings 6, 7 and 8. The following is a presentation of classified loans by class as of March 31, 2021 and December 31, 2020:

 

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 of loans as of March 31, 2021 and December 31, 2020 is as follows:

 

 

 

March 31, 2021

 

 

 

Term Loans Amortized Cost Basis by Origination Year

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

Prior

 

 

 

 

Revolving Loans Amortized Cost Basis

 

 

Total

 

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

25

 

 

 

25

 

    Risk rating 3

 

 

44,038

 

 

 

293,351

 

 

 

332,244

 

 

 

449,435

 

 

 

268,007

 

 

 

1,188,602

 

 

 

 

 

261,698

 

 

 

2,837,375

 

    Risk rating 4

 

 

1,034

 

 

 

26,988

 

 

 

151,064

 

 

 

202,071

 

 

 

192,571

 

 

 

393,141

 

 

 

 

 

40,386

 

 

 

1,007,255

 

    Risk rating 5

 

 

—

 

 

 

10,589

 

 

 

2,083

 

 

 

86,174

 

 

 

38,542

 

 

 

228,508

 

 

 

 

 

124

 

 

 

366,020

 

    Risk rating 6

 

 

—

 

 

 

—

 

 

 

15,629

 

 

 

1,763

 

 

 

14,048

 

 

 

46,292

 

 

 

 

 

84

 

 

 

77,816

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

557

 

 

 

 

 

—

 

 

 

557

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

94

 

 

 

 

 

—

 

 

 

94

 

Total non-farm/non-residential

 

 

45,072

 

 

 

330,928

 

 

 

501,020

 

 

 

739,443

 

 

 

513,168

 

 

 

1,857,194

 

 

 

 

 

302,317

 

 

 

4,289,142

 

Construction/land development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

243

 

 

 

 

 

—

 

 

 

243

 

    Risk rating 3

 

 

31,274

 

 

 

241,608

 

 

 

144,498

 

 

 

68,865

 

 

 

29,756

 

 

 

73,258

 

 

 

 

 

134,788

 

 

 

724,047

 

    Risk rating 4

 

 

10,728

 

 

 

174,120

 

 

 

452,731

 

 

 

73,793

 

 

 

41,076

 

 

 

46,437

 

 

 

 

 

54,926

 

 

 

853,811

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

457

 

 

 

388

 

 

 

21,902

 

 

 

1,224

 

 

 

 

 

1

 

 

 

23,972

 

    Risk rating 6

 

 

—

 

 

 

—

 

 

 

734

 

 

 

82

 

 

 

—

 

 

 

10,084

 

 

 

 

 

—

 

 

 

10,900

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total construction/land development

 

 

42,002

 

 

 

415,728

 

 

 

598,420

 

 

 

143,128

 

 

 

92,734

 

 

 

131,246

 

 

 

 

 

189,715

 

 

 

1,612,973

 

Agricultural

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 3

 

 

2,084

 

 

 

31,979

 

 

 

8,338

 

 

 

8,549

 

 

 

5,648

 

 

 

27,993

 

 

 

 

 

5,601

 

 

 

90,192

 

    Risk rating 4

 

 

66

 

 

 

2,142

 

 

 

520

 

 

 

1,192

 

 

 

876

 

 

 

16,066

 

 

 

 

 

848

 

 

 

21,710

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

116

 

 

 

 

 

—

 

 

 

116

 

    Risk rating 6

 

 

—

 

 

 

46

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,318

 

 

 

 

 

—

 

 

 

1,364

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total agricultural

 

 

2,150

 

 

 

34,167

 

 

 

8,858

 

 

 

9,741

 

 

 

6,524

 

 

 

45,493

 

 

 

 

 

6,449

 

 

 

113,382

 

Total commercial real estate loans

 

$

89,224

 

 

$

780,823

 

 

$

1,108,298

 

 

$

892,312

 

 

$

612,426

 

 

$

2,033,933

 

 

 

 

$

498,481

 

 

$

6,015,497

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

47

 

 

$

—

 

 

$

—

 

 

$

86

 

 

 

 

$

118

 

 

$

251

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

62

 

 

 

 

 

1

 

 

 

63

 

    Risk rating 3

 

 

86,245

 

 

 

175,228

 

 

 

175,063

 

 

 

141,871

 

 

 

125,404

 

 

 

411,607

 

 

 

 

 

106,087

 

 

 

1,221,505

 

    Risk rating 4

 

 

—

 

 

 

4,250

 

 

 

11,630

 

 

 

26,214

 

 

 

19,651

 

 

 

74,481

 

 

 

 

 

30,766

 

 

 

166,992

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

1,178

 

 

 

1,359

 

 

 

4,662

 

 

 

6,334

 

 

 

 

 

964

 

 

 

14,497

 

    Risk rating 6

 

 

290

 

 

 

1,976

 

 

 

2,681

 

 

 

1,339

 

 

 

1,466

 

 

 

19,512

 

 

 

 

 

6,950

 

 

 

34,214

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6

 

 

 

18

 

 

 

 

 

—

 

 

 

24

 

Total residential 1-4 family

 

 

86,535

 

 

 

181,454

 

 

 

190,599

 

 

 

170,783

 

 

 

151,189

 

 

 

512,100

 

 

 

 

 

144,886

 

 

 

1,437,546

 

Multifamily residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 3

 

 

161

 

 

 

19,461

 

 

 

23,518

 

 

 

55,875

 

 

 

10,815

 

 

 

59,652

 

 

 

 

 

6,467

 

 

 

175,949

 

    Risk rating 4

 

 

—

 

 

 

478

 

 

 

3,985

 

 

 

101,146

 

 

 

11,328

 

 

 

20,981

 

 

 

 

 

37,799

 

 

 

175,717

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24,928

 

 

 

 

 

—

 

 

 

24,928

 

    Risk rating 6

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

895

 

 

 

172

 

 

 

 

 

—

 

 

 

1,067

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total multifamily residential

 

 

161

 

 

 

19,939

 

 

 

27,503

 

 

 

157,021

 

 

 

23,038

 

 

 

105,733

 

 

 

 

 

44,266

 

 

 

377,661

 

Total real estate

 

$

175,920

 

 

$

982,216

 

 

$

1,326,400

 

 

$

1,220,116

 

 

$

786,653

 

 

$

2,651,766

 

 

 

 

$

687,633

 

 

$

7,830,704

 

 

 

 

 

March 31, 2021

 

 

 

Term Loans Amortized Cost Basis by Origination Year, Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

 

 

Prior

 

 

 

 

Revolving Loans Amortized Cost Basis

 

 

Total

 

 

 

(In thousands)

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

735

 

 

$

2,721

 

 

$

1,988

 

 

$

1,418

 

 

$

361

 

 

 

 

$

2,088

 

 

 

 

$

1,864

 

 

$

11,175

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

47

 

 

 

759

 

 

 

—

 

 

 

 

 

11

 

 

 

 

 

57

 

 

 

874

 

    Risk rating 3

 

 

53,370

 

 

 

218,205

 

 

 

174,945

 

 

 

142,314

 

 

 

86,467

 

 

 

 

 

125,075

 

 

 

 

 

12,315

 

 

 

812,691

 

    Risk rating 4

 

 

374

 

 

 

1,882

 

 

 

3,717

 

 

 

2,082

 

 

 

148

 

 

 

 

 

3,236

 

 

 

 

 

92

 

 

 

11,531

 

    Risk rating 5

 

 

—

 

 

 

120

 

 

 

—

 

 

 

105

 

 

 

198

 

 

 

 

 

788

 

 

 

 

 

—

 

 

 

1,211

 

    Risk rating 6

 

 

—

 

 

 

29

 

 

 

397

 

 

 

478

 

 

 

1

 

 

 

 

 

1,388

 

 

 

 

 

44

 

 

 

2,337

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total consumer

 

 

54,479

 

 

 

222,957

 

 

 

181,094

 

 

 

147,156

 

 

 

87,175

 

 

 

 

 

132,586

 

 

 

 

 

14,372

 

 

 

839,819

 

Commercial and industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

270,945

 

 

$

342,512

 

 

$

421

 

 

$

233

 

 

$

175

 

 

 

 

$

21,627

 

 

 

 

$

11,177

 

 

$

647,090

 

    Risk rating 2

 

 

30

 

 

 

25

 

 

 

180

 

 

 

—

 

 

 

93

 

 

 

 

 

579

 

 

 

 

 

297

 

 

 

1,204

 

    Risk rating 3

 

 

20,700

 

 

 

92,131

 

 

 

117,920

 

 

 

64,027

 

 

 

35,759

 

 

 

 

 

74,584

 

 

 

 

 

132,787

 

 

 

537,908

 

    Risk rating 4

 

 

33,864

 

 

 

35,042

 

 

 

119,236

 

 

 

143,526

 

 

 

37,659

 

 

 

 

 

45,436

 

 

 

 

 

81,276

 

 

 

496,039

 

    Risk rating 5

 

 

—

 

 

 

3,143

 

 

 

16,592

 

 

 

11,257

 

 

 

6,097

 

 

 

 

 

3,653

 

 

 

 

 

10,526

 

 

 

51,268

 

    Risk rating 6

 

 

—

 

 

 

15,502

 

 

 

4,767

 

 

 

28,608

 

 

 

3,207

 

 

 

 

 

6,221

 

 

 

 

 

2,955

 

 

 

61,260

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

2

 

    Risk rating 8

 

 

—

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

—

 

 

 

 

 

9

 

 

 

 

 

3

 

 

 

16

 

Total commercial and industrial

 

 

325,539

 

 

 

488,357

 

 

 

259,119

 

 

 

247,652

 

 

 

82,990

 

 

 

 

 

152,109

 

 

 

 

 

239,021

 

 

 

1,794,787

 

Agricultural and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

18,659

 

 

$

35,633

 

 

$

49

 

 

$

53

 

 

$

—

 

 

 

 

$

131

 

 

 

 

$

1,260

 

 

$

55,785

 

    Risk rating 2

 

 

—

 

 

 

15

 

 

 

4,571

 

 

 

—

 

 

 

—

 

 

 

 

 

2,118

 

 

 

 

 

1,106

 

 

 

7,810

 

    Risk rating 3

 

 

15,492

 

 

 

70,196

 

 

 

6,601

 

 

 

4,780

 

 

 

4,819

 

 

 

 

 

52,180

 

 

 

 

 

28,287

 

 

 

182,355

 

    Risk rating 4

 

 

2,382

 

 

 

442

 

 

 

4,525

 

 

 

1,560

 

 

 

1,081

 

 

 

 

 

2,597

 

 

 

 

 

52,147

 

 

 

64,734

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

605

 

 

 

 

 

—

 

 

 

605

 

    Risk rating 6

 

 

—

 

 

 

—

 

 

 

30

 

 

 

17

 

 

 

34

 

 

 

 

 

1,756

 

 

 

 

 

57

 

 

 

1,894

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total agricultural and other

 

 

36,533

 

 

 

106,286

 

 

 

15,776

 

 

 

6,410

 

 

 

5,934

 

 

 

 

 

59,387

 

 

 

 

 

82,857

 

 

 

313,183

 

Total

 

$

592,471

 

 

$

1,799,816

 

 

$

1,782,389

 

 

$

1,621,334

 

 

$

962,752

 

 

 

 

$

2,995,848

 

 

 

 

$

1,023,883

 

 

$

10,778,493

 

 

 

 

 

December 31, 2020

 

 

 

Term Loans Amortized Cost Basis by Origination Year

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

Prior

 

 

 

 

Revolving Loans Amortized Cost Basis

 

 

Total

 

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

25

 

 

 

25

 

    Risk rating 3

 

 

301,237

 

 

 

340,562

 

 

 

546,670

 

 

 

286,173

 

 

 

289,483

 

 

 

942,449

 

 

 

 

 

266,867

 

 

 

2,973,441

 

    Risk rating 4

 

 

27,239

 

 

 

139,354

 

 

 

161,461

 

 

 

265,684

 

 

 

197,979

 

 

 

300,055

 

 

 

 

 

17,305

 

 

 

1,109,077

 

    Risk rating 5

 

 

10,591

 

 

 

16,865

 

 

 

67,089

 

 

 

7,764

 

 

 

108,885

 

 

 

84,609

 

 

 

 

 

750

 

 

 

296,553

 

    Risk rating 6

 

 

—

 

 

 

859

 

 

 

2,289

 

 

 

987

 

 

 

4,577

 

 

 

40,600

 

 

 

 

 

86

 

 

 

49,398

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

552

 

 

 

 

 

—

 

 

 

552

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14

 

 

 

 

 

—

 

 

 

14

 

Total non-farm/non-residential

 

 

339,067

 

 

 

497,640

 

 

 

777,509

 

 

 

560,608

 

 

 

600,924

 

 

 

1,368,279

 

 

 

 

 

285,033

 

 

 

4,429,060

 

Construction/land development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

283

 

 

 

 

 

—

 

 

 

283

 

    Risk rating 3

 

 

211,567

 

 

 

181,257

 

 

 

91,323

 

 

 

33,986

 

 

 

25,600

 

 

 

54,245

 

 

 

 

 

115,120

 

 

 

713,098

 

    Risk rating 4

 

 

129,599

 

 

 

417,737

 

 

 

92,032

 

 

 

46,249

 

 

 

17,161

 

 

 

32,060

 

 

 

 

 

76,845

 

 

 

811,683

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

392

 

 

 

21,892

 

 

 

—

 

 

 

1,227

 

 

 

 

 

545

 

 

 

24,056

 

    Risk rating 6

 

 

—

 

 

 

763

 

 

 

98

 

 

 

63

 

 

 

157

 

 

 

12,065

 

 

 

 

 

—

 

 

 

13,146

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

31

 

 

 

 

 

—

 

 

 

32

 

Total construction/land development

 

 

341,166

 

 

 

599,757

 

 

 

183,845

 

 

 

102,191

 

 

 

42,918

 

 

 

99,911

 

 

 

 

 

192,510

 

 

 

1,562,298

 

Agricultural

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 3

 

 

33,428

 

 

 

8,885

 

 

 

9,119

 

 

 

5,397

 

 

 

3,935

 

 

 

25,159

 

 

 

 

 

5,538

 

 

 

91,461

 

    Risk rating 4

 

 

2,141

 

 

 

535

 

 

 

1,206

 

 

 

681

 

 

 

5,499

 

 

 

10,735

 

 

 

 

 

665

 

 

 

21,462

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

116

 

 

 

 

 

—

 

 

 

116

 

    Risk rating 6

 

 

47

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,345

 

 

 

 

 

—

 

 

 

1,392

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total agricultural

 

 

35,616

 

 

 

9,420

 

 

 

10,325

 

 

 

6,078

 

 

 

9,434

 

 

 

37,355

 

 

 

 

 

6,203

 

 

 

114,431

 

Total commercial real estate loans

 

$

715,849

 

 

$

1,106,817

 

 

$

971,679

 

 

$

668,877

 

 

$

653,276

 

 

$

1,505,545

 

 

 

 

$

483,746

 

 

$

6,105,789

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

47

 

 

$

—

 

 

$

—

 

 

$

76

 

 

$

12

 

 

 

 

$

120

 

 

$

255

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

423

 

 

 

 

 

1,540

 

 

 

1,963

 

    Risk rating 3

 

 

237,991

 

 

 

184,578

 

 

 

151,478

 

 

 

139,096

 

 

 

119,642

 

 

 

343,381

 

 

 

 

 

119,186

 

 

 

1,295,352

 

    Risk rating 4

 

 

4,626

 

 

 

12,716

 

 

 

32,594

 

 

 

20,687

 

 

 

16,148

 

 

 

68,328

 

 

 

 

 

30,137

 

 

 

185,236

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

1,363

 

 

 

4,700

 

 

 

383

 

 

 

5,344

 

 

 

 

 

516

 

 

 

12,306

 

    Risk rating 6

 

 

554

 

 

 

5,973

 

 

 

829

 

 

 

2,084

 

 

 

3,222

 

 

 

18,074

 

 

 

 

 

10,257

 

 

 

40,993

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8

 

 

 

 

 

144

 

 

 

152

 

Total residential 1-4 family

 

 

243,171

 

 

 

203,314

 

 

 

186,264

 

 

 

166,567

 

 

 

139,471

 

 

 

435,570

 

 

 

 

 

161,900

 

 

 

1,536,257

 

Multifamily residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 3

 

 

19,033

 

 

 

60,175

 

 

 

87,104

 

 

 

11,477

 

 

 

8,092

 

 

 

59,592

 

 

 

 

 

6,386

 

 

 

251,859

 

    Risk rating 4

 

 

477

 

 

 

6,358

 

 

 

101,364

 

 

 

93,475

 

 

 

1,924

 

 

 

17,672

 

 

 

 

 

37,286

 

 

 

258,556

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24,945

 

 

 

 

 

—

 

 

 

24,945

 

    Risk rating 6

 

 

—

 

 

 

—

 

 

 

—

 

 

 

894

 

 

 

—

 

 

 

284

 

 

 

 

 

—

 

 

 

1,178

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total multifamily residential

 

 

19,510

 

 

 

66,533

 

 

 

188,468

 

 

 

105,846

 

 

 

10,016

 

 

 

102,493

 

 

 

 

 

43,672

 

 

 

536,538

 

Total real estate

 

$

978,530

 

 

$

1,376,664

 

 

$

1,346,411

 

 

$

941,290

 

 

$

802,763

 

 

$

2,043,608

 

 

 

 

$

689,318

 

 

$

8,178,584

 

 

 

 

 

December 31, 2020

 

 

 

Term Loans Amortized Cost Basis by Origination Year, Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

 

 

Prior

 

 

 

 

Revolving Loans Amortized Cost Basis

 

 

Total

 

 

 

(In thousands)

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

3,389

 

 

$

2,375

 

 

$

1,596

 

 

$

485

 

 

$

828

 

 

 

 

$

1,428

 

 

 

 

$

1,957

 

 

$

12,058

 

    Risk rating 2

 

 

—

 

 

 

47

 

 

 

931

 

 

 

—

 

 

 

—

 

 

 

 

 

12

 

 

 

 

 

57

 

 

 

1,047

 

    Risk rating 3

 

 

229,189

 

 

 

192,054

 

 

 

152,646

 

 

 

97,812

 

 

 

68,585

 

 

 

 

 

68,871

 

 

 

 

 

20,094

 

 

 

829,251

 

    Risk rating 4

 

 

3,699

 

 

 

3,479

 

 

 

2,769

 

 

 

1,411

 

 

 

1,371

 

 

 

 

 

1,991

 

 

 

 

 

117

 

 

 

14,837

 

    Risk rating 5

 

 

144

 

 

 

737

 

 

 

22

 

 

 

198

 

 

 

568

 

 

 

 

 

321

 

 

 

 

 

—

 

 

 

1,990

 

    Risk rating 6

 

 

12

 

 

 

361

 

 

 

566

 

 

 

3

 

 

 

2,052

 

 

 

 

 

2,468

 

 

 

 

 

45

 

 

 

5,507

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total consumer

 

 

236,433

 

 

 

199,053

 

 

 

158,530

 

 

 

99,909

 

 

 

73,404

 

 

 

 

 

75,091

 

 

 

 

 

22,270

 

 

 

864,690

 

Commercial and industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

632,735

 

 

$

506

 

 

$

271

 

 

$

183

 

 

$

20,199

 

 

 

 

$

1,445

 

 

 

 

$

10,023

 

 

$

665,362

 

    Risk rating 2

 

 

29

 

 

 

187

 

 

 

2

 

 

 

96

 

 

 

67

 

 

 

 

 

623

 

 

 

 

 

268

 

 

 

1,272

 

    Risk rating 3

 

 

80,586

 

 

 

131,717

 

 

 

62,814

 

 

 

35,651

 

 

 

39,502

 

 

 

 

 

52,743

 

 

 

 

 

135,590

 

 

 

538,603

 

    Risk rating 4

 

 

68,032

 

 

 

144,867

 

 

 

149,445

 

 

 

42,416

 

 

 

15,138

 

 

 

 

 

43,065

 

 

 

 

 

115,341

 

 

 

578,304

 

    Risk rating 5

 

 

3,195

 

 

 

16,341

 

 

 

11,283

 

 

 

346

 

 

 

251

 

 

 

 

 

448

 

 

 

 

 

10,637

 

 

 

42,501

 

    Risk rating 6

 

 

1,261

 

 

 

4,086

 

 

 

30,834

 

 

 

22,992

 

 

 

2,615

 

 

 

 

 

5,198

 

 

 

 

 

3,405

 

 

 

70,391

 

    Risk rating 7

 

 

—

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

3

 

    Risk rating 8

 

 

1

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

4

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

6

 

Total commercial and industrial

 

 

785,839

 

 

 

297,707

 

 

 

254,650

 

 

 

101,684

 

 

 

77,776

 

 

 

 

 

103,522

 

 

 

 

 

275,264

 

 

 

1,896,442

 

Agricultural and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

59,248

 

 

$

51

 

 

$

53

 

 

$

—

 

 

$

110

 

 

 

 

$

27

 

 

 

 

$

1,036

 

 

$

60,525

 

    Risk rating 2

 

 

16

 

 

 

4,571

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

2,859

 

 

 

 

 

1,159

 

 

 

8,605

 

    Risk rating 3

 

 

78,305

 

 

 

7,045

 

 

 

5,050

 

 

 

5,045

 

 

 

18,445

 

 

 

 

 

36,925

 

 

 

 

 

42,401

 

 

 

193,216

 

    Risk rating 4

 

 

1,043

 

 

 

5,041

 

 

 

1,592

 

 

 

1,096

 

 

 

895

 

 

 

 

 

1,703

 

 

 

 

 

4,600

 

 

 

15,970

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

605

 

 

 

 

 

—

 

 

 

605

 

    Risk rating 6

 

 

—

 

 

 

219

 

 

 

18

 

 

 

—

 

 

 

223

 

 

 

 

 

1,624

 

 

 

 

 

—

 

 

 

2,084

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total agricultural and other

 

 

138,612

 

 

 

16,927

 

 

 

6,713

 

 

 

6,141

 

 

 

19,673

 

 

 

 

 

43,743

 

 

 

 

 

49,196

 

 

 

281,005

 

Total

 

$

2,139,414

 

 

$

1,890,351

 

 

$

1,766,304

 

 

$

1,149,024

 

 

$

973,616

 

 

 

 

$

2,265,964

 

 

 

 

$

1,036,048

 

 

$

11,220,721

 

 

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 March 31, 2021 and December 31, 2020.

 

 

 

March 31, 2021

 

 

 

Term Loans Amortized Cost Basis by Origination Year

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

Prior

 

 

Revolving Loans Amortized Cost Basis

 

 

Total

 

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Performing

 

$

45,072

 

 

$

320,787

 

 

$

486,244

 

 

$

714,285

 

 

$

476,750

 

 

$

1,635,825

 

 

$

302,233

 

 

$

3,981,196

 

    Non-performing

 

 

—

 

 

 

10,141

 

 

 

14,776

 

 

 

25,158

 

 

 

36,418

 

 

 

221,369

 

 

 

84

 

 

 

307,946

 

Total non-farm/

    non-residential

 

 

45,072

 

 

 

330,928

 

 

 

501,020

 

 

 

739,443

 

 

 

513,168

 

 

 

1,857,194

 

 

 

302,317

 

 

 

4,289,142

 

Construction/land

    development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Performing

 

$

42,002

 

 

$

415,728

 

 

$

597,686

 

 

$

143,105

 

 

$

92,672

 

 

$

127,478

 

 

$

189,715

 

 

$

1,608,386

 

    Non-performing

 

 

—

 

 

 

—

 

 

 

734

 

 

 

23

 

 

 

62

 

 

 

3,768

 

 

 

—

 

 

 

4,587

 

Total construction/

    land development

 

 

42,002

 

 

 

415,728

 

 

 

598,420

 

 

 

143,128

 

 

 

92,734

 

 

 

131,246

 

 

 

189,715

 

 

 

1,612,973

 

Agricultural

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Performing

 

$

2,150

 

 

$

34,167

 

 

$

8,858

 

 

$

9,741

 

 

$

6,524

 

 

$

44,631

 

 

$

6,449

 

 

$

112,520

 

    Non-performing

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

862

 

 

 

—

 

 

 

862

 

Total agricultural

 

 

2,150

 

 

 

34,167

 

 

 

8,858

 

 

 

9,741

 

 

 

6,524

 

 

 

45,493

 

 

 

6,449

 

 

 

113,382

 

Total commercial real estate

    loans

 

$

89,224

 

 

$

780,823

 

 

$

1,108,298

 

 

$

892,312

 

 

$

612,426

 

 

$

2,033,933

 

 

$

498,481

 

 

$

6,015,497

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Performing

 

$

86,535

 

 

$

179,180

 

 

$

188,053

 

 

$

170,012

 

 

$

146,071

 

 

$

501,478

 

 

$

138,758

 

 

$

1,410,087

 

    Non-performing

 

 

—

 

 

 

2,274

 

 

 

2,546

 

 

 

771

 

 

 

5,118

 

 

 

10,622

 

 

 

6,128

 

 

 

27,459

 

Total residential 1-4

    family

 

 

86,535

 

 

 

181,454

 

 

 

190,599

 

 

 

170,783

 

 

 

151,189

 

 

 

512,100

 

 

 

144,886

 

 

 

1,437,546

 

Multifamily residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Performing

 

$

161

 

 

$

19,939

 

 

$

27,503

 

 

$

157,021

 

 

$

23,038

 

 

$

105,561

 

 

$

44,266

 

 

$

377,489

 

    Non-performing

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

172

 

 

 

—

 

 

 

172

 

Total multifamily

    residential

 

 

161

 

 

 

19,939

 

 

 

27,503

 

 

 

157,021

 

 

 

23,038

 

 

 

105,733

 

 

 

44,266

 

 

 

377,661

 

Total real estate

 

$

175,920

 

 

$

982,216

 

 

$

1,326,400

 

 

$

1,220,116

 

 

$

786,653

 

 

$

2,651,766

 

 

$

687,633

 

 

$

7,830,704

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Performing

 

$

54,479

 

 

$

222,930

 

 

$

180,740

 

 

$

147,038

 

 

$

87,173

 

 

$

130,948

 

 

$

14,365

 

 

$

837,673

 

    Non-performing

 

 

—

 

 

 

27

 

 

 

354

 

 

 

118

 

 

 

2

 

 

 

1,638

 

 

 

7

 

 

 

2,146

 

Total consumer

 

 

54,479

 

 

 

222,957

 

 

 

181,094

 

 

 

147,156

 

 

 

87,175

 

 

 

132,586

 

 

 

14,372

 

 

 

839,819

 

Commercial and industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Performing

 

$

325,539

 

 

$

488,294

 

 

$

254,644

 

 

$

241,302

 

 

$

80,014

 

 

$

147,647

 

 

$

238,270

 

 

$

1,775,710

 

    Non-performing

 

 

—

 

 

 

63

 

 

 

4,475

 

 

 

6,350

 

 

 

2,976

 

 

 

4,462

 

 

 

751

 

 

 

19,077

 

Total commercial and industrial

 

 

325,539

 

 

 

488,357

 

 

 

259,119

 

 

 

247,652

 

 

 

82,990

 

 

 

152,109

 

 

 

239,021

 

 

 

1,794,787

 

Agricultural and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Performing

 

$

36,533

 

 

$

106,286

 

 

$

15,776

 

 

$

6,393

 

 

$

5,900

 

 

$

58,350

 

 

$

82,857

 

 

$

312,095

 

    Non-performing

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17

 

 

 

34

 

 

 

1,037

 

 

 

—

 

 

 

1,088

 

Total agricultural and other

 

 

36,533

 

 

 

106,286

 

 

 

15,776

 

 

 

6,410

 

 

 

5,934

 

 

 

59,387

 

 

 

82,857

 

 

 

313,183

 

Total

 

$

592,471

 

 

$

1,799,816

 

 

$

1,782,389

 

 

$

1,621,334

 

 

$

962,752

 

 

$

2,995,848

 

 

$

1,023,883

 

 

$

10,778,493

 

 

 

 

 

December 31, 2020

 

 

 

Term Loans Amortized Cost Basis by Origination Year

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

Prior

 

 

Revolving Loans Amortized Cost Basis

 

 

Total

 

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Performing

 

$

339,067

 

 

$

497,640

 

 

$

775,220

 

 

$

560,279

 

 

$

598,074

 

 

$

1,326,404

 

 

$

284,947

 

 

$

4,381,631

 

    Non-performing

 

 

—

 

 

 

—

 

 

 

2,289

 

 

 

329

 

 

 

2,850

 

 

 

41,875

 

 

 

86

 

 

 

47,429

 

Total non-farm/

    non-residential

 

 

339,067

 

 

 

497,640

 

 

 

777,509

 

 

 

560,608

 

 

 

600,924

 

 

 

1,368,279

 

 

 

285,033

 

 

 

4,429,060

 

Construction/land

    development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Performing

 

$

341,166

 

 

$

598,995

 

 

$

183,821

 

 

$

102,127

 

 

$

42,779

 

 

$

94,888

 

 

$

192,510

 

 

$

1,556,286

 

    Non-performing

 

 

—

 

 

 

762

 

 

 

24

 

 

 

64

 

 

 

139

 

 

 

5,023

 

 

 

—

 

 

 

6,012

 

Total construction/

    land development

 

 

341,166

 

 

 

599,757

 

 

 

183,845

 

 

 

102,191

 

 

 

42,918

 

 

 

99,911

 

 

 

192,510

 

 

 

1,562,298

 

Agricultural

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Performing

 

$

35,616

 

 

$

9,420

 

 

$

10,325

 

 

$

6,078

 

 

$

9,434

 

 

$

36,476

 

 

$

6,203

 

 

$

113,552

 

    Non-performing

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

879

 

 

 

—

 

 

 

879

 

Total agricultural

 

 

35,616

 

 

 

9,420

 

 

 

10,325

 

 

 

6,078

 

 

 

9,434

 

 

 

37,355

 

 

 

6,203

 

 

 

114,431

 

Total commercial real estate

    loans

 

$

715,849

 

 

$

1,106,817

 

 

$

971,679

 

 

$

668,877

 

 

$

653,276

 

 

$

1,505,545

 

 

$

483,746

 

 

$

6,105,789

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Performing

 

$

242,505

 

 

$

196,951

 

 

$

185,316

 

 

$

161,274

 

 

$

137,840

 

 

$

425,056

 

 

$

154,902

 

 

$

1,503,844

 

    Non-performing

 

 

666

 

 

 

6,363

 

 

 

948

 

 

 

5,293

 

 

 

1,631

 

 

 

10,514

 

 

 

6,998

 

 

 

32,413

 

Total residential 1-4

    family

 

 

243,171

 

 

 

203,314

 

 

 

186,264

 

 

 

166,567

 

 

 

139,471

 

 

 

435,570

 

 

 

161,900

 

 

 

1,536,257

 

Multifamily residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Performing

 

$

19,510

 

 

$

66,533

 

 

$

188,468

 

 

$

105,846

 

 

$

10,016

 

 

$

102,320

 

 

$

43,672

 

 

$

536,365

 

    Non-performing

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

173

 

 

 

—

 

 

 

173

 

Total multifamily

    residential

 

 

19,510

 

 

 

66,533

 

 

 

188,468

 

 

 

105,846

 

 

 

10,016

 

 

 

102,493

 

 

 

43,672

 

 

 

536,538

 

Total real estate

 

$

978,530

 

 

$

1,376,664

 

 

$

1,346,411

 

 

$

941,290

 

 

$

802,763

 

 

$

2,043,608

 

 

$

689,318

 

 

$

8,178,584

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Performing

 

$

236,395

 

 

$

198,737

 

 

$

158,324

 

 

$

99,905

 

 

$

71,924

 

 

$

73,448

 

 

$

22,263

 

 

$

860,996

 

    Non-performing

 

 

38

 

 

 

316

 

 

 

206

 

 

 

4

 

 

 

1,480

 

 

 

1,643

 

 

 

7

 

 

 

3,694

 

Total consumer

 

 

236,433

 

 

 

199,053

 

 

 

158,530

 

 

 

99,909

 

 

 

73,404

 

 

 

75,091

 

 

 

22,270

 

 

 

864,690

 

Commercial and industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Performing

 

$

785,776

 

 

$

293,938

 

 

$

246,177

 

 

$

98,664

 

 

$

76,427

 

 

$

100,050

 

 

$

274,383

 

 

$

1,875,415

 

    Non-performing

 

 

63

 

 

 

3,769

 

 

 

8,473

 

 

 

3,020

 

 

 

1,349

 

 

 

3,472

 

 

 

881

 

 

 

21,027

 

Total commercial and industrial

 

 

785,839

 

 

 

297,707

 

 

 

254,650

 

 

 

101,684

 

 

 

77,776

 

 

 

103,522

 

 

 

275,264

 

 

 

1,896,442

 

Agricultural and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Performing

 

$

138,612

 

 

$

16,927

 

 

$

6,695

 

 

$

6,141

 

 

$

19,450

 

 

$

42,927

 

 

$

49,196

 

 

$

279,948

 

    Non-performing

 

 

—

 

 

 

—

 

 

 

18

 

 

 

—

 

 

 

223

 

 

 

816

 

 

 

—

 

 

 

1,057

 

Total agricultural and other

 

 

138,612

 

 

 

16,927

 

 

 

6,713

 

 

 

6,141

 

 

 

19,673

 

 

 

43,743

 

 

 

49,196

 

 

 

281,005

 

Total

 

$

2,139,414

 

 

$

1,890,351

 

 

$

1,766,304

 

 

$

1,149,024

 

 

$

973,616

 

 

$

2,265,964

 

 

$

1,036,048

 

 

$

11,220,721

 

 

The Company had approximately $8.6 million or 72 total revolving loans convert to term loans for the three months ended March 31, 2021 compared to $50.8 million or 109 total revolving loans convert to term loans for the three months ended March 31, 2020.  These loans were considered immaterial for vintage disclosure inclusion.

 

 

The following is a presentation of troubled debt restructurings (“TDRs”) by class as of March 31, 2021 and December 31, 2020:

 

 

 

March 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-residential

 

$

14

 

 

$

11,396

 

 

$

4,069

 

 

$

616

 

 

$

4,353

 

 

$

9,038

 

Construction/land development

 

 

2

 

 

 

58

 

 

 

—

 

 

 

5

 

 

 

8

 

 

 

13

 

Agricultural

 

 

1

 

 

 

282

 

 

 

265

 

 

 

—

 

 

 

—

 

 

 

265

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

21

 

 

 

2,913

 

 

 

1,417

 

 

 

162

 

 

 

405

 

 

 

1,984

 

Total real estate

 

 

38

 

 

 

14,649

 

 

 

5,751

 

 

 

783

 

 

 

4,766

 

 

 

11,300

 

Consumer

 

 

1

 

 

 

17

 

 

 

14

 

 

 

—

 

 

 

—

 

 

 

14

 

Commercial and industrial

 

 

10

 

 

 

2,389

 

 

 

262

 

 

 

112

 

 

 

91

 

 

 

465

 

Total

 

$

49

 

 

$

17,055

 

 

$

6,027

 

 

$

895

 

 

$

4,857

 

 

$

11,779

 

 

 

 

December 31, 2020

 

 

 

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-residential

 

 

14

 

 

$

11,510

 

 

$

4,350

 

 

$

383

 

 

$

4,723

 

 

$

9,456

 

Construction/land development

 

 

2

 

 

 

58

 

 

 

—

 

 

 

7

 

 

 

9

 

 

 

16

 

Agricultural

 

 

1

 

 

 

282

 

 

 

267

 

 

 

—

 

 

 

—

 

 

 

267

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

21

 

 

 

2,913

 

 

 

1,441

 

 

 

165

 

 

 

431

 

 

 

2,037

 

Multifamily residential

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total real estate

 

 

38

 

 

 

14,763

 

 

 

6,058

 

 

 

555

 

 

 

5,163

 

 

 

11,776

 

Consumer

 

 

1

 

 

 

17

 

 

 

14

 

 

 

—

 

 

 

—

 

 

 

14

 

Commercial and industrial

 

 

12

 

 

 

2,470

 

 

 

308

 

 

 

127

 

 

 

91

 

 

 

526

 

Total

 

 

51

 

 

$

17,250

 

 

$

6,380

 

 

$

682

 

 

$

5,254

 

 

$

12,316

 

 

The following is a presentation of TDRs on non-accrual status as of March 31, 2021 and December 31, 2020 because they are not in compliance with the modified terms:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

Number of

Loans

 

 

Recorded

Balance

 

 

Number of

Loans

 

 

Recorded

Balance

 

 

 

(Dollars in thousands)

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

 

2

 

 

$

248

 

 

 

2

 

 

$

350

 

Construction/land development

 

 

1

 

 

 

8

 

 

 

1

 

 

 

9

 

Agricultural

 

 

1

 

 

 

265

 

 

 

1

 

 

 

267

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

7

 

 

 

524

 

 

 

7

 

 

 

547

 

Total real estate

 

 

11

 

 

 

1,045

 

 

 

11

 

 

 

1,173

 

Commercial and industrial

 

 

7

 

 

 

355

 

 

 

8

 

 

 

414

 

Total

 

 

18

 

 

$

1,400

 

 

 

19

 

 

$

1,587

 

 

 

The following is a presentation of total foreclosed assets as of March 31, 2021 and December 31, 2020:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

(In thousands)

 

Commercial real estate loans

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

$

953

 

 

$

438

 

Construction/land development

 

 

910

 

 

 

3,189

 

Residential real estate loans

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

1,141

 

 

 

793

 

Total foreclosed assets held for sale

 

$

3,004

 

 

$

4,420

 

 

The Company has purchased loans for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The purchase price of the loans at acquisition was $1.3 million, and a $357,000 allowance for credit losses was recorded on these loans at acquisition along with a $17,000 non-credit premium. The allowance and non-credit premium resulted in a par value of $1.0 million for these loans at acquisition. As of March 31, 2021 and December 31, 2020, the balance of purchase credit deteriorated loans was approximately $605,000 and $760,000, respectively.

v3.21.1
Goodwill and Core Deposits and Other Intangibles
 3 Months Ended
Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Core Deposits and Other Intangibles

6.  Goodwill and Core Deposits and Other Intangibles

Changes in the carrying amount and accumulated amortization of the Company’s goodwill and core deposits and other intangibles at March 31, 2021 and December 31, 2020, were as follows:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

(In thousands)

 

Goodwill

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

973,025

 

 

$

958,408

 

Acquisitions

 

 

—

 

 

 

14,617

 

Balance, end of period

 

$

973,025

 

 

$

973,025

 

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

(In thousands)

 

Core Deposit and Other Intangibles

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

30,728

 

 

$

36,572

 

Amortization expense

 

 

(1,421

)

 

 

(1,517

)

Balance, March 31

 

 

29,307

 

 

 

35,055

 

Amortization expense

 

 

 

 

 

 

(4,327

)

Balance, end of year

 

 

 

 

 

$

30,728

 

 

The carrying basis and accumulated amortization of core deposits and other intangibles at March 31, 2021 and December 31, 2020 were:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

(In thousands)

 

Gross carrying basis

 

$

86,625

 

 

$

86,625

 

Accumulated amortization

 

 

(57,318

)

 

 

(55,897

)

Net carrying amount

 

$

29,307

 

 

$

30,728

 

 

 Core deposit and other intangible amortization expense was approximately $1.4 million and $1.5 million for the three months ended March 31, 2021 and 2020, respectively. The Company’s estimated amortization expense of core deposits and other intangibles for each of the years 2021 through 2025 is approximately: 2021 – $5.7 million; 2022 – $5.7 million; 2023 – $5.5 million; 2024 – $4.3 million; 2025 - $3.9 million.


 

The carrying amount of the Company’s goodwill was $973.0 million at both March 31, 2021 and December 31, 2020.  Goodwill is tested annually for impairment during the fourth quarter or more often if events and circumstances indicate there may be an impairment.  If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated, and goodwill is written down to its implied fair value.  Subsequent increases in goodwill value are not recognized in the consolidated financial statements.
v3.21.1
Other Assets
 3 Months Ended
Mar. 31, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]  
Other Assets

7.  Other Assets

Other assets consist primarily of equity securities without a readily determinable fair value and other miscellaneous assets.  As of March 31, 2021 and December 31, 2020, other assets were $166.8 million and $164.9 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 $86.7 million at March 31, 2021 and December 31, 2020, and are accounted for at cost.

 

The Company 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 $28.2 million at March 31, 2021 and December 31, 2020.  There were no observable transactions during the period that would indicate a material change in fair value. Therefore, these investments were accounted for at cost, less impairment.
v3.21.1
Deposits
 3 Months Ended
Mar. 31, 2021
Deposits [Abstract]  
Deposits

8.  Deposits

The aggregate amount of time deposits with a minimum denomination of $250,000 was $558.0 million at March 31, 2021 and December 31, 2020.  The aggregate amount of time deposits with a minimum denomination of $100,000 was $809.6 million and $864.3 million at March 31, 2021 and December 31, 2020, respectively.  Interest expense applicable to certificates in excess of $100,000 totaled $2.4 million and $7.1 million for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021 and December 31, 2020, brokered deposits were $625.7 million and $635.7 million, respectively.

Deposits totaling approximately $1.97 billion and $1.98 billion at March 31, 2021 and December 31, 2020, respectively, were public funds obtained primarily from state and political subdivisions in the United States.
v3.21.1
Securities Sold Under Agreements to Repurchase
 3 Months Ended
Mar. 31, 2021
Brokers And Dealers [Abstract]  
Securities Sold Under Agreements to Repurchase

9.  Securities Sold Under Agreements to Repurchase

At March 31, 2021 and December 31, 2020, securities sold under agreements to repurchase totaled $162.9 million and $168.9 million, respectively. For the three-month periods ended March 31, 2021 and 2020, securities sold under agreements to repurchase daily weighted-average totaled $159.7 million and $138.2 million, respectively.

The remaining contractual maturity of securities sold under agreements to repurchase in the consolidated balance sheets as of March 31, 2021 and December 31, 2020 is presented in the following tables:

 

 

 

March 31, 2021

 

 

 

Overnight and

Continuous

 

 

Up to 30 Days

 

 

30-90

Days

 

 

Greater than

90 Days

 

 

Total

 

 

 

(In thousands)

 

Securities sold under agreements to repurchase:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government-sponsored enterprises

 

$

10,596

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

10,596

 

Mortgage-backed securities

 

 

14,005

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,005

 

State and political subdivisions

 

 

134,847

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

134,847

 

Other securities

 

 

3,481

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,481

 

Total borrowings

 

$

162,929

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

162,929

 

 

 

 

 

December 31, 2020

 

 

 

Overnight and

Continuous

 

 

Up to 30 Days

 

 

30-90

Days

 

 

Greater than

90 Days

 

 

Total

 

 

 

(In thousands)

 

Securities sold under agreements to repurchase:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government-sponsored enterprises

 

$

11,166

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

11,166

 

Mortgage-backed securities

 

 

18,830

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18,830

 

State and political subdivisions

 

 

135,308

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

135,308

 

Other securities

 

 

3,627

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,627

 

Total borrowings

 

$

168,931

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

168,931

 

 

 
v3.21.1
FHLB and Other Borrowed Funds
 3 Months Ended
Mar. 31, 2021
Advances From Federal Home Loan Banks [Abstract]  
FHLB and Other Borrowed Funds

10.  FHLB and Other Borrowed Funds

The Company’s FHLB borrowed funds, which are secured by our loan portfolio, were $400.0 million at both March 31, 2021 and December 31, 2020. The Company had no other borrowed funds as of March 31, 2021 or December 31, 2020. At March 31, 2021 and December 31, 2020, all of the outstanding balances were classified as long-term advances.  The FHLB advances mature in 2033 with fixed interest rates ranging from 1.76% to 2.26%.  Maturities of borrowings as of March 31, 2021 include: 2021 – zero; 2022 – zero; 2023 – zero; 2024 – zero; 2025 – zero; after 2025 – $400.0 million. Expected maturities could differ from contractual maturities because FHLB may have the right to call or HBI the right to prepay certain obligations.

Additionally, the Company had $1.15 billion and $1.11 billion at March 31, 2021 and December 31, 2020, in letters of credit under a FHLB blanket borrowing line of credit, which are used to collateralize public deposits at March 31, 2021 and December 31, 2020, respectively.

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 March 31, 2021 and December 31, 2020 was zero.  
v3.21.1
Subordinated Debentures
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Subordinated Debentures

11.  Subordinated Debentures

Subordinated debentures at March 31, 2021 and December 31, 2020 consisted of subordinated debt securities and guaranteed payments on trust preferred securities with the following components:

 

 

 

As of March 31,

 

 

As of

December 31,

 

 

 

2021

 

 

2020

 

 

 

(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

 

 

$

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

 

 

 

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

 

 

 

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

 

 

 

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

 

 

4,464

 

 

 

4,452

 

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

 

 

5,872

 

 

 

5,849

 

Subordinated debt securities

 

 

 

 

 

 

 

 

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

 

 

299,353

 

 

 

299,199

 

Total

 

$

370,515

 

 

$

370,326

 

 

Trust Preferred Securities. The Company holds trust preferred securities with a face amount of $73.3 million which are currently callable without penalty based on the terms of the specific agreements.  The trust preferred securities are tax-advantaged issues that qualify for Tier 1 capital treatment subject to certain limitations. Distributions on these securities are included in interest expense. Each of the trusts is a statutory business trust organized for the sole purpose of issuing trust securities and investing the proceeds in the Company’s subordinated debentures, the sole asset of each trust. The trust preferred securities of each trust represent preferred beneficial interests in the assets of the respective trusts and are subject to mandatory redemption upon payment of the subordinated debentures held by the trust. The Company wholly owns the common securities of each trust. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payment on the related subordinated debentures. The Company’s obligations under the subordinated securities and other relevant trust agreements, in aggregate, constitute a full and unconditional guarantee by the Company of each respective trust’s obligations under the trust securities issued by each respective trust.

The Bank acquired $12.5 million in trust preferred securities with a fair value of $9.8 million from the Stonegate acquisition. The difference between the fair value purchased of $9.8 million and the $12.5 million face amount, is being amortized into interest expense over the remaining life of the debentures.  The associated subordinated debentures are redeemable, in whole or in part, prior to maturity at our option on a quarterly basis when interest is due and payable and in whole at any time within 90 days following the occurrence and continuation of certain changes in the tax treatment or capital treatment of the debentures.

 

Subordinated Debt Securities.  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 are unsecured, subordinated debt obligations and mature on April 15, 2027.  From and including the date of issuance to, but excluding April 15, 2022, the Notes bear 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 will 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 shall be deemed to be zero.

 

 

The Company may, beginning with the interest payment date of April 15, 2022, and on any interest payment date thereafter, redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem the Notes at any time, including prior to April 15, 2022, at its option, in whole but not in part, if: (i) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the Notes for U.S. federal income tax purposes; (ii) a subsequent event occurs that could preclude the Notes from being recognized as Tier 2 capital for regulatory capital purposes; or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended; in each case, at a redemption price equal to 100% of the principal amount of the Notes plus any accrued and unpaid interest to but excluding the redemption date. The Notes provide the Company with additional Tier 2 regulatory capital to support expected future growth.
v3.21.1
Income Taxes
 3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes

12.  Income Taxes

The following is a summary of the components of the provision (benefit) for income taxes for the three months ended March 31, 2021 and 2020:

 

 

 

For the Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Current:

 

 

 

 

 

 

 

 

Federal

 

$

31,535

 

 

$

22,450

 

State

 

 

10,439

 

 

 

7,432

 

Total current

 

 

41,974

 

 

 

29,882

 

Deferred:

 

 

 

 

 

 

 

 

Federal

 

 

(9,825

)

 

 

(24,649

)

State

 

 

(3,253

)

 

 

(8,160

)

Total deferred

 

 

(13,078

)

 

 

(32,809

)

Income tax (benefit) expense

 

$

28,896

 

 

$

(2,927

)

 

The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the three months ended March 31, 2021 and 2020:

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

 

 

2021

 

 

2020

 

 

Statutory federal income tax rate

 

 

21.00

 

%

 

21.00

 

%

Effect of non-taxable interest income

 

 

(0.91

)

 

 

30.08

 

 

Stock compensation

 

 

0.33

 

 

 

6.78

 

 

State income taxes, net of federal benefit

 

 

4.26

 

 

 

55.74

 

 

Executive officer compensation & other

 

 

(0.70

)

 

 

7.35

 

 

Effective income tax rate

 

 

23.98

 

%

 

120.95

 

%

 

 

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:

 

 

 

March 31,

2021

 

 

December 31,

2020

 

 

 

(In thousands)

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Allowance for credit losses

 

$

71,483

 

 

$

72,445

 

Deferred compensation

 

 

2,701

 

 

 

4,741

 

Stock compensation

 

 

4,806

 

 

 

4,768

 

Non-accrual interest income

 

 

941

 

 

 

775

 

Real estate owned

 

 

131

 

 

 

620

 

Loan discounts

 

 

5,077

 

 

 

6,806

 

Tax basis premium/discount on acquisitions

 

 

4,639

 

 

 

5,101

 

Investments

 

 

320

 

 

 

502

 

Deposits

 

 

(41

)

 

 

(33

)

Other

 

 

5,424

 

 

 

5,855

 

Gross deferred tax assets

 

 

95,481

 

 

 

101,580

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Accelerated depreciation on premises and equipment

 

 

232

 

 

 

1,929

 

Unrealized gain on securities available-for-sale

 

 

3,841

 

 

 

15,072

 

Core deposit intangibles

 

 

6,726

 

 

 

7,056

 

FHLB dividends

 

 

2,783

 

 

 

2,711

 

Other

 

 

4,754

 

 

 

4,563

 

Gross deferred tax liabilities

 

 

18,336

 

 

 

31,331

 

Net deferred tax assets

 

$

77,145

 

 

$

70,249

 

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, Kentucky, Maryland, New York, Oklahoma, Missouri, Pennsylvania, 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.
v3.21.1
Common Stock, Compensation Plans and Other
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Common Stock, Compensation Plans and Other

13. Common Stock, Compensation Plans and Other

Common Stock

As of March 31, 2021, 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, as amended.

Stock Repurchases

During the first three months of 2021, the Company repurchased a total of 330,000 shares with a weighted-average stock price of $26.55 per share. Shares repurchased under the program as of March 31, 2021 since its inception total 16,238,335 shares. The remaining balance available for repurchase is 23,513,665 shares at March 31, 2021.

Stock Compensation Plans

The Company has a stock option and performance incentive plan known as the Amended and Restated 2006 Stock Option and Performance Incentive Plan (the “Plan”). The purpose of the Plan 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 March 31, 2021, the maximum total number of shares of the Company’s common stock available for issuance under the Plan was 13,288,000.  At March 31, 2021, the Company had approximately 1,515,000 shares of common stock remaining available for future grants and approximately 4,614,000 shares of common stock reserved for issuance pursuant to outstanding awards under the Plan.  


 

The intrinsic value of the stock options outstanding and stock options vested at March 31, 2021 was $21.7 million and $13.7 million. The intrinsic value of stock options exercised during the three months ended March 31, 2021 was approximately $1.6 million. Total unrecognized compensation cost, net of income tax benefit, related to non-vested stock option awards, which are expected to be recognized over the vesting periods, was approximately $6.7 million as of March 31, 2021.

The table below summarizes the stock option transactions under the Plan at March 31, 2021 and December 31, 2020 and changes during the three-month period and year then ended:

 

 

 

For the Three Months

Ended March 31, 2021

 

 

For the Year Ended

December 31, 2020

 

 

 

Shares (000)

 

 

Weighted-

Average

Exercisable

Price

 

 

Shares (000)

 

 

Weighted-

Average

Exercisable

Price

 

Outstanding, beginning of year

 

 

3,254

 

 

$

19.77

 

 

 

3,411

 

 

$

19.60

 

Granted

 

 

14

 

 

 

21.68

 

 

 

—

 

 

 

—

 

Forfeited/Expired

 

 

(1

)

 

 

23.51

 

 

 

(76

)

 

 

21.95

 

Exercised

 

 

(168

)

 

 

14.91

 

 

 

(81

)

 

 

10.61

 

Outstanding, end of period

 

 

3,099

 

 

 

20.04

 

 

 

3,254

 

 

 

19.77

 

Exercisable, end of period

 

 

1,368

 

 

$

17.04

 

 

 

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 three months ended March 31, 2021 was $11.11 per share. There were no options granted during the year ended December 31, 2020.  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 the 2021 and 2020 stock option grants were as follows:

 

 

 

For the Three Months Ended March 31, 2021

 

 

For the Year Ended December 31, 2020

 

Expected dividend yield

 

 

2.59

%

 

Not Applicable

 

Expected stock price volatility

 

 

70.13

%

 

Not Applicable

 

Risk-free interest rate

 

 

0.75

%

 

Not Applicable

 

Expected life of options

 

6.5 years

 

 

Not Applicable

 

The following is a summary of currently outstanding and exercisable options at March 31, 2021:

 

Options Outstanding

 

 

Options Exercisable

 

Exercise Prices

 

Options

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

 

 

164

 

 

 

1.65

 

 

$

8.32

 

 

 

164

 

 

$

8.32

 

$9.54 to $14.71

 

 

140

 

 

 

3.30

 

 

 

13.23

 

 

 

140

 

 

 

13.23

 

$16.77 to $16.86

 

 

130

 

 

 

3.39

 

 

 

16.80

 

 

 

130

 

 

 

16.80

 

$17.12 to $17.36

 

 

102

 

 

 

3.97

 

 

 

17.14

 

 

 

102

 

 

 

17.14

 

$17.40 to $18.46

 

 

870

 

 

 

4.38

 

 

 

18.45

 

 

 

605

 

 

 

18.45

 

$18.50 to $20.16

 

 

63

 

 

 

7.58

 

 

 

19.21

 

 

 

19

 

 

 

19.48

 

$20.58 to $21.25

 

 

163

 

 

 

5.01

 

 

 

21.08

 

 

 

125

 

 

 

21.10

 

$21.31 to $22.22

 

 

112

 

 

 

7.35

 

 

 

22.18

 

 

 

40

 

 

 

22.22

 

$22.70 to $23.32

 

 

1,274

 

 

 

7.31

 

 

 

23.32

 

 

 

1

 

 

 

22.70

 

$23.51 to $25.96

 

 

81

 

 

 

6.23

 

 

 

25.63

 

 

 

42

 

 

 

25.96

 

 

 

 

3,099

 

 

 

 

 

 

 

 

 

 

 

1,368

 

 

 

 

 

 

The table below summarized the activity for the Company’s restricted stock issued and outstanding at March 31, 2021 and December 31, 2020 and changes during the period and year then ended:

 

 

 

As of

March 31, 2021

 

 

As of

December 31, 2020

 

 

 

(In thousands)

 

Beginning of year

 

 

1,371

 

 

 

1,636

 

Issued

 

 

215

 

 

 

264

 

Vested

 

 

(235

)

 

 

(453

)

Forfeited

 

 

—

 

 

 

(76

)

End of period

 

 

1,351

 

 

 

1,371

 

Amount of expense for three months and twelve

    months ended, respectively

 

$

1,664

 

 

$

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 $20.9 million as of March 31, 2021.  
v3.21.1
Non-Interest Expense
 3 Months Ended
Mar. 31, 2021
Other Income And Expenses [Abstract]  
Non-Interest Expense

14.  Non-Interest Expense

The table below shows the components of non-interest expense for the three months ended March 31, 2021 and 2020:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Salaries and employee benefits

 

$

42,059

 

 

$

39,329

 

Occupancy and equipment

 

 

9,237

 

 

 

8,873

 

Data processing expense

 

 

5,870

 

 

 

4,326

 

Other operating expenses:

 

 

 

 

 

 

 

 

Advertising

 

 

1,046

 

 

 

1,226

 

Merger and acquisition expenses

 

 

—

 

 

 

711

 

Amortization of intangibles

 

 

1,421

 

 

 

1,517

 

Electronic banking expense

 

 

2,238

 

 

 

1,715

 

Directors’ fees

 

 

383

 

 

 

424

 

Due from bank service charges

 

 

249

 

 

 

223

 

FDIC and state assessment

 

 

1,363

 

 

 

1,548

 

Insurance

 

 

781

 

 

 

746

 

Legal and accounting

 

 

846

 

 

 

919

 

Other professional fees

 

 

1,613

 

 

 

3,226

 

Operating supplies

 

 

487

 

 

 

535

 

Postage

 

 

338

 

 

 

327

 

Telephone

 

 

346

 

 

 

324

 

Other expense

 

 

4,589

 

 

 

4,505

 

Total other operating expenses

 

 

15,700

 

 

 

17,946

 

Total non-interest expense

 

$

72,866

 

 

$

70,474

 

 
v3.21.1
Leases
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases

 


 

15. Leases

The Company leases land and office facilities under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2042 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. As part of the standard adoption, the Company elected the package of practical expedients whereby we did not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. In accordance with ASU 2018-11, the Company elected the practical expedient whereby we elected to not separate nonlease components from the associated lease component of our operating leases. As a result, we account 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 March 31, 2021, the balances of the right-of-use asset and lease liability was $39.6 million and $42.4 million, respectively. As of December 31, 2020, the balances of the right-of-use asset and lease liability was $40.2 million and $43.0 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 March 31, 2021 and December 31, 2020:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

2021

 

$

8,303

 

 

$

8,235

 

2022

 

 

6,776

 

 

 

6,486

 

2023

 

 

6,178

 

 

 

5,714

 

2024

 

 

5,601

 

 

 

5,262

 

2025

 

 

5,301

 

 

 

4,818

 

Thereafter

 

 

28,056

 

 

 

27,453

 

Total future minimum lease payments

 

$

60,215

 

 

$

57,968

 

    Discount effect of cash flows

 

 

(17,812

)

 

 

(14,922

)

Present value of net future minimum lease payments

 

$

42,403

 

 

$

43,046

 

 

 

Additional information (dollar amounts in thousands):

 

 

 

For the Three Months

Ended March 31,

 

 

For the Three Months

Ended March 31,

 

Lease expense:

 

2021

 

 

2020

 

Operating lease expense

 

$

2,009

 

 

$

2,014

 

Short-term lease expense

 

 

4

 

 

 

17

 

Variable lease expense

 

 

256

 

 

 

255

 

Total lease expense

 

$

2,269

 

 

$

2,286

 

Other information:

 

 

 

 

 

 

 

 

Cash paid for amounts included in the

   measurement of lease liabilities

 

$

1,994

 

 

$

1,974

 

Weighted-average remaining lease term

   (in years)

 

 

11.87

 

 

 

10.31

 

Weighted-average discount rate

 

 

3.52

%

 

 

3.61

%

 

The Company currently leases three properties from three related parties. Total rent expense from the leases was $35,000 or 1.54% of total lease expense and $35,000 or 1.55% of total lease expense for the three months ended March 31, 2021 and 2020, respectively.
v3.21.1
Significant Estimates and Concentrations of Credit Risks
 3 Months Ended
Mar. 31, 2021
Text Block [Abstract]  
Significant Estimates and Concentrations of Credit Risks

16. 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, 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 March 31, 2021 and December 31, 2020, commercial real estate loans represented 55.8% and 54.4% of total loans receivable, respectively, and 227.4% and 234.3% of total stockholders’ equity at March 31, 2021 and December 31, 2020, respectively.  Residential real estate loans represented 16.8% and 18.5% of total loans receivable and 68.6% and 79.6% of total stockholders’ equity at March 31, 2021 and December 31, 2020, respectively.

Approximately 73.0% of the Company’s total loans and 76.2% of the Company’s real estate loans as of March 31, 2021, are to borrowers whose collateral is located in Alabama, Arkansas, Florida and New York, the states in which the Company has its branch locations.  

 

Beginning in the first quarter of 2020, the COVID-19 pandemic negatively impacted the U.S. and global economy; disrupted U.S. and global supply chains; lowered equity market valuations; created significant volatility and disruption in financial markets; contributed to a decrease in the rates and yields on U.S. Treasury securities; resulted in ratings downgrades, credit deterioration, and defaults in many industries; increased demands on capital and liquidity; increased unemployment levels and decreased consumer confidence. In addition, the pandemic resulted in temporary closures of many businesses and the institution of social distancing and sheltering in place requirements in many states and communities, including those in our footprint. The pandemic has caused the Company, and could continue to cause the Company, to recognize credit losses in our loan portfolios and increases in our allowance for credit losses and could cause further volatility in the valuation of real estate and other collateral supporting loans. As of March 31, 2021, the markets in which we operate have begun to experience economic recovery as unemployment rates have declined, COVID-19 vaccination rates have increased, and communities have begun to reopen for business activity.  However, there is still a significant amount of uncertainty related to the COVID-19 pandemic which may slow the anticipated economic recovery.  The Company determined that an additional provision for credit losses on loans was not necessary as the current level of the allowance for credit losses was considered adequate as of March 31, 2021. In addition, the Company determined that the current level of  the unfunded commitment reserve was adequate, and no additional unfunded commitments expense was necessary as of March 31, 2021. The financial statements have been prepared using values and information currently available to the Company. The Company is continuing to closely monitor the situation.

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.
v3.21.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

17.  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 March 31, 2021 and December 31, 2020, commitments to extend credit of $2.78 billion and $2.82 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 March 31, 2021 and December 31, 2020, is $56.3 million and $56.1 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.
v3.21.1
Regulatory Matters
 3 Months Ended
Mar. 31, 2021
Regulatory Matters [Abstract]  
Regulatory Matters

18.  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 the first three months of 2021, the Company requested approximately $66.0 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 Tier 1 equity 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 March 31, 2021, the Company meets all capital adequacy requirements to which it is subject.

On December 21, 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 elected to adopt the interim final rule, which is reflected in the risk-based capital ratios presented below

 


 

In July 2013, the Federal Reserve Board and the other federal bank regulatory agencies issued a final rule to revise their risk-based and leverage capital requirements and their method for calculating risk-weighted assets to make them consistent with the agreements that were reached by the Basel Committee on Banking Supervision in “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems” and certain provisions of the Dodd-Frank Act (“Basel III”). Basel III applies to all depository institutions, bank holding companies with total consolidated assets of $500 million or more, and savings and loan holding companies. Basel III became effective for the Company and its bank subsidiary on January 1, 2015. Basel III limits a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a “capital conservation buffer” of 2.5% of common equity Tier 1 capital to risk-weighted assets, which is in addition to the amount necessary to meet its minimum risk-based capital requirements. The capital conservation buffer requirement began being phased in beginning January 1, 2016 at the 0.625% level and increased by 0.625% on each subsequent January 1, until it reached 2.5% on January 1, 2019 when the phase-in period ended, and the full capital conservation buffer requirement became effective.

Basel III permanently grandfathers trust preferred securities and other non-qualifying capital instruments that were issued and outstanding as of May 19, 2010 in the Tier 1 capital of bank holding companies with total consolidated assets of less than $15 billion as of December 31, 2009. The rule phases out of Tier 1 capital these non-qualifying capital instruments issued before May 19, 2010 by all other bank holding companies. Because our total consolidated assets were less than $15 billion as of December 31, 2009, our outstanding trust preferred securities continue to be treated as Tier 1 capital.  However, now that the Company has exceeded $15 billion in assets, if the Company acquires another financial institution in the future, then the Tier 1 treatment of the Company’s outstanding trust preferred securities will be phased out, but those securities will still be treated as Tier 2 capital.

 

Basel III also amended the prompt corrective action rules to incorporate a “common equity Tier 1 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 will be required to have at least a 4.5% “common equity Tier 1 risk-based capital” ratio, a 4% “Tier 1 leverage capital” 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% “common equity Tier 1 risk-based capital” ratio, a 5% “Tier 1 leverage capital” ratio, an 8% “Tier 1 risk-based capital” ratio, and a 10% “total risk-based capital” ratio.  As of March 31, 2021, the Bank met the capital standards for a well-capitalized institution.  The Company’s “common equity Tier 1 risk-based capital” ratio, “Tier 1 leverage capital” ratio, “Tier 1 risk-based capital” ratio, and “total risk-based capital” ratio were 14.34%, 11.13%, 14.95%, and 18.76%, respectively, as of March 31, 2021.
v3.21.1
Additional Cash Flow Information
 3 Months Ended
Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]  
Additional Cash Flow Information

19.  Additional Cash Flow Information

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 a summary of the Company’s additional cash flow information during the three-month periods ended:

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Interest paid

 

$

10,719

 

 

$

28,342

 

Income taxes paid

 

 

1,205

 

 

 

1,502

 

Assets acquired by foreclosure

 

 

1,786

 

 

 

1,255

 
v3.21.1
Financial Instruments
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Financial Instruments

20.  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. There is a hierarchy of three levels of inputs that may be used to measure fair values:

 

Level 1

Quoted prices in active markets for identical assets or liabilities

 

Level 2

Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities

 

Level 3

Unobservable 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.

Financial Assets and Liabilities Measured on a Recurring Basis

Available-for-sale securities are the only material instruments valued on a recurring basis which are held by the Company at fair value.  The Company does not have any Level 1 securities.  Primarily all of the Company's securities are considered to be Level 2 securities.  These 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.  As of March 31, 2021 and December 31, 2020, Level 3 securities were immaterial. In addition, there were no material transfers between hierarchy levels during 2021 and 2020. See Note 3 for additional detail related to investment securities.

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.

Financial Assets and Liabilities Measured on a Nonrecurring Basis

Impaired loans that are collateral dependent are the only material financial assets valued on a non-recurring basis which are held by the Company at fair value.  Loan impairment is reported when full payment under the loan terms is not expected.  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 $307.2 million  and $102.1 million as of March 31, 2021 and December 31, 2020, respectively.  The increase in collateral-dependent impaired loans was due to the Company changing the valuation for lodging and assisted living loans to a market price valuation methodology. This involved assigning a 15% discount of par for these impaired loans. The 15% figure was derived based on knowledge of current hotel and assisted living offerings in the loan sale market. In the event of default, liquidation would be achieved through a loan sale. The Company is continuing to monitor these impaired loans and will adjust the discount as necessary. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed approximately $58,000 and $242,000 of accrued interest receivable when impaired loans were put on non-accrual status during the three months ended March 31, 2021 and 2020, respectively.

Nonfinancial Assets and Liabilities Measured on a Nonrecurring Basis

Foreclosed assets held for sale are the only material non-financial assets valued on a non-recurring basis which 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 March 31, 2021 and December 31, 2020, the fair value of foreclosed assets held for sale, less estimated costs to sell, was $3.0 million and $4.4 million, respectively.

No foreclosed assets held for sale were remeasured during the three months ended March 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. During the reported periods, collateral discounts ranged from 20% to 80% for commercial and residential real estate collateral.

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.  

 

 

 

March 31, 2021

 

 

Carrying

 

 

 

 

 

 

 

 

 

Amount

 

 

Fair Value

 

 

Level

 

 

(In thousands)

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,478,548

 

 

$

2,478,548

 

 

1

Loans receivable, net of impaired loans and allowance

 

 

10,228,319

 

 

 

10,568,244

 

 

3

Accrued interest receivable

 

 

55,495

 

 

 

55,495

 

 

1

FHLB, Federal Reserve & First National Bankers Bank

   stock; other equity investments

 

 

114,915

 

 

 

114,915

 

 

3

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

Demand and non-interest bearing

 

$

3,859,722

 

 

$

3,859,722

 

 

1

Savings and interest-bearing transaction accounts

 

 

8,477,208

 

 

 

8,477,208

 

 

1

Time deposits

 

 

1,175,664

 

 

 

1,196,743

 

 

3

Securities sold under agreements to repurchase

 

 

162,929

 

 

 

162,929

 

 

1

FHLB and other borrowed funds

 

 

400,000

 

 

 

402,342

 

 

2

Accrued interest payable

 

 

9,769

 

 

 

9,769

 

 

1

Subordinated debentures

 

 

370,515

 

 

 

377,889

 

 

3

 

 

 

December 31, 2020

 

 

Carrying

 

 

 

 

 

 

 

 

 

Amount

 

 

Fair Value

 

 

Level

 

 

(In thousands)

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,263,788

 

 

$

1,263,788

 

 

1

Loans receivable, net of impaired loans and allowance

 

 

10,873,120

 

 

 

11,292,004

 

 

3

Accrued interest receivable

 

 

60,528

 

 

 

60,528

 

 

1

FHLB, Federal Reserve & First National Bankers Bank

   stock; other equity investments

 

 

114,854

 

 

 

114,854

 

 

3

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

Demand and non-interest bearing

 

$

3,266,753

 

 

$

3,266,753

 

 

1

Savings and interest-bearing transaction accounts

 

 

8,212,240

 

 

 

8,212,240

 

 

1

Time deposits

 

 

1,246,797

 

 

 

1,266,430

 

 

3

Securities sold under agreements to repurchase

 

 

168,931

 

 

 

168,931

 

 

1

FHLB and other borrowed funds

 

 

400,000

 

 

 

414,207

 

 

2

Accrued interest payable

 

 

5,925

 

 

 

5,925

 

 

1

Subordinated debentures

 

 

370,326

 

 

 

378,981

 

 

3

 

 
v3.21.1
Recent Accounting Pronouncements
 9 Months Ended
Sep. 30, 2020
Accounting Changes And Error Corrections [Abstract]  
Recent Accounting Pronouncements

21.  Recent Accounting Pronouncements

In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment.  Under the amendments in the new ASU, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss should not exceed the total amount of goodwill allocated to that reporting unit.  The new standard is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and should be applied on a prospective basis. Early adoption was permitted for annual or interim goodwill impairment testing performed after January 1, 2017.  The Company has goodwill from prior business combinations and performs an annual impairment test or more frequently if changes or circumstances occur that would more-likely-than-not reduce the fair value of the reporting unit below its carrying value.  During 2020, the Company performed its impairment assessment and determined the fair value of the aggregated reporting units exceed the carrying value, such that the Company’s goodwill was not considered impaired.  The Company adopted the guidance effective January 1, 2020, and its adoption did not have a significant impact on our financial position or financial statement disclosures. The current accounting policies and processes have not changed, except for the elimination of the Step 2 analysis.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.  The new guidance modifies disclosure requirements related to fair value measurement.  The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019.  Implementation on a prospective or retrospective basis varies by specific disclosure requirement. The Company adopted the guidance effective January 1, 2020, and its adoption did not have a significant impact on our financial position or financial statement disclosures.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, that amends the definition of a hosting arrangement and requires a customer in a hosting arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project. The internal-use software guidance states that only qualifying costs incurred during the application development stage can be capitalized. The effective date is for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Entities have the option to apply the guidance prospectively to all implementation costs incurred after the date of adoption or retrospectively in accordance with the applicable guidance. The Company adopted the guidance effective January 1, 2020, and its adoption did not have a significant impact on our financial position or financial statement disclosures.

In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses. The amendment clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The effective date and transition requirements for the amendments in this update are the same as the effective dates and transition requirements in ASU 2016-13.

In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842) Codification Improvements. The amendments in this Update reinstate the exception in Topic 842 for lessors that are not manufacturers or dealers. Specifically, those lessors will use their cost, reflecting any volume or trade discounts that may apply, as the fair value of the underlying asset. However, if significant time lapses between the acquisition of the underlying asset and lease commencement, those lessors will be required to apply the definition of fair value (exit price) in Topic 820. In addition, the amendments in this Update address the concerns of lessors within the scope of Topic 942 about where “principal payments received under leases” should be presented. Specifically, lessors that are depository and lending institutions within the scope of Topic 942 will present all “principal payments received under leases” within investing activities. Finally, the amendments in this Update clarify the FASB’s original intent by explicitly providing an exception to the paragraph 250-10-50-3 interim disclosure requirements in the Topic 842 transition disclosure requirements. The effective date for the amendments in this update is for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company adopted the guidance effective January 1, 2020, and its adoption did not have a significant impact on our financial position or financial statement disclosures.

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendments clarify certain aspects of the accounting for credit losses, hedging activities, and financial instruments (addressed by ASUs 2016-13, 2017-12 and 2016-01, respectively). The amendments made to the provisions of ASU 2016-13 are related to accrued interest, transfers between classifications or categories for loans and debt securities, recoveries, reinsurance recoverables, projections of interest rate environments for variable-rate financial instruments, cost to sell financial assets when foreclosure is probable, consideration of expected prepayments when determining the effective interest rate,  amortized cost basis of line of credit arrangements that are converted to term loans and extension and renewal options that are not unconditionally cancelable by the entity. The effective date and transition requirements for the amendments in this update are the same as the effective dates and transition requirements in ASU 2016-13. The significant amendments made to the provisions of ASU 2017-12 are related to partial-term fair value hedges of interest rate risk, amortization of fair value hedge basis adjustments, disclosure of fair value hedge basis adjustments, consideration of the hedged contractually specified interest rate under the hypothetical derivative method, application of a first-payments-received cash flow hedging technique to overall cash flows on a group of variable interest payments and transition guidance for reclassifying prepayable debt securities from HTM to available-for-sale. The amendments to ASU 2017-12 are effective as of the beginning of the first annual reporting period beginning after the date of issuance of ASU 2019-04. The amendments made to the provisions of ASU 2016-01 indicate that the measurement alternative for equity securities without readily determinable fair values represent a nonrecurring fair value measurement under ASC 820, and therefore, such securities should be remeasured at fair value when an entity identifies an orderly transaction “for an identical or similar investment of the same issuer.” The amendments related to ASU 2016-01 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted the guidance effective January 1, 2020, and its adoption did not have a significant impact on our financial position or financial statement disclosures.

In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief. The amendments provide transition relief for entities adopting the Board’s credit losses standard, ASU 2016-13. Specifically, ASU 2019-05 amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that were previously recorded at amortized cost and are within the scope of the credit losses guidance in ASC 326-20, are eligible for the fair value option under ASC 825-10, and are not held-to-maturity debt securities. The amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted the standard guidance effective January 1, 2020, and its adoption did not have a significant impact on our financial position or financial statement disclosures.

 

In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. The amendments clarify that the allowance for credit losses for purchased financial assets with credit deterioration should include expected recoveries of amounts previously written off and expected to be written off by the entity and should not exceed the aggregate of amounts of the amortized cost basis previously written off and expected to be written off by an entity. The amendments also clarify that when a method other than a discounted cash flow method is used to estimate expected credit losses, the expected recoveries should not include any amounts that result in an acceleration of the noncredit discount. An entity may include increases in expected cash flows after acquisition. Also, the amendments provide transition relief by permitting entities an accounting policy election to adjust the effective interest rate on existing TDRs using prepayment assumptions on the date of adoption of Topic 326 rather than the prepayment assumption in effect immediately before the restructuring. The amendments extend the disclosure relief for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis. In addition, the amendments clarify that an entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing financial asset to apply the practical expedient. The entity applying the practical expedient should estimate the expected credit losses for any difference between the amount of the amortized cost basis that is greater than the fair value of the collateral that is greater than the fair value of the collateral securing the financial asset. An entity may determine that the expectation of nonpayment for the amount of the amortized cost basis equal to the fair value of the collateral securing the financial asset is zero. The amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted the standard guidance effective January 1, 2020, and its adoption did not have a significant impact on our financial position or financial statement disclosures.

In 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.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. Section 4013 of the CARES Act provides financial institutions the temporary option to not apply ASC Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, to certain loan modifications related to COVID-19 made between March 1, 2020 and the earlier of December 31, 2020 or 60 days after termination of the President’s national emergency declaration for COVID-19. On December 28, 2020, an extension of section 4013 of the CARES Act, provided institutions with an extension of the temporary option to not apply ASC Subtopic 310-40 until January 1, 2022. Further, financial institutions do not need to determine impairment associated with certain loan concessions that would otherwise have been required for TDRs (e.g., interest rate concessions, payment deferrals, or loan extensions). The Company has relied on Section 4013 of the CARES Act in accounting for loan modifications since the 4th quarter 2020. The Company has granted loan modification to 49 outstanding loans for a total of $326.1 million as of March 31, 2021.  All of the customers currently on deferment chose principal deferment only and now have returned to paying interest monthly. 

v3.21.1
Nature of Operations and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2021
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.
Interim financial information

Interim financial information

The accompanying unaudited consolidated financial statements as of March 31, 2021 and 2020 have been prepared in condensed format, and therefore do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

The information furnished in these interim statements reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter or for the full year. The interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2020 Form 10-K, filed with the Securities and Exchange Commission.
New Accounting Pronouncements

New Accounting Pronouncements

The Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), effective January 1, 2020. The guidance replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology.  The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credits, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. ASC 326 requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses as well as the credit quality and underwriting standards of a company’s portfolio.  In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell.

The Company adopted ASC 326 using the modified retrospective method for loans and off-balance-sheet (“OBS”) credit exposures.  Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP.  The Company recorded a one-time cumulative-effect adjustment to the allowance for credit losses of $44.0 million which was recognized through a $32.5 million adjustment to retained earnings, net of tax. This adjustment brought the beginning balance of the allowance for credit losses to $146.1 million  as of January 1, 2020.  In addition, the Company recorded a $15.5 million reserve on unfunded commitments which was recognized through an $11.5 million adjustment to retained earnings, net of tax.

The Company adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration (“PCD”) that were previously classified as purchased credit impaired (“PCI”) and accounted for under ASC 310-30.  In 2019, the Company reevaluated its loan pools of purchased loans with deteriorated credit quality. These loans pools related specifically to acquired loans from the Heritage, Liberty, Landmark, Bay Cities, Bank of Commerce, Premier Bank, Stonegate and Shore Premier Finance acquisitions. At acquisition, a portion of these loans was recorded as purchased credit impaired loans on a pool by pool basis. Through the reevaluation of these loan pools, management determined that estimated losses for purchase credit impaired loans should be processed against the credit mark of the applicable pools.  The remaining non-accretable mark was then moved to accretable mark to be recognized over the remaining weighted average life of the loan pools.  The projected losses for these loans were less than the total credit mark.  As such, the remaining $107.6 million of loans in these pools along with the $29.3 million in accretable yield was deemed to be immaterial and was reclassified out of the purchased credit impaired loans category.  As of December 31, 2019, the Company no longer held any purchased loans with deteriorated credit quality. Therefore, the Company did not have any PCI loans upon adoption on of ASC 326 as of January 1, 2020.

The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination.  PCD loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans. 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 noncredit 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 loss.

The Company adopted ASC 326 using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2020. As of December 31, 2019, the Company did not have any other-than-temporarily impaired investment securities. Therefore, upon adoption of ASC 326, the Company determined than an allowance for credit losses on available-for-sale securities was not deemed material. However, the Company evaluated the investment portfolio during the first quarter of 2020 and determined that an $842,000 provision for credit losses was necessary. No additional provision was deemed necessary during the remaining quarters of 2020 or the first quarter of 2021. See Note 3 for further discussion.

 


 

The following table illustrates the impact of the adoption of ASC 326 on the Company’s 2020 consolidated balance sheet.

 

 

 

January 1, 2020

 

 

 

As Reported Under ASC 326

 

 

Pre-ASC 326 Adoption

 

 

Impact of ASC 326 Adoption

 

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

    Allowance for credit losses on loans

 

$

146,110

 

 

$

102,122

 

 

$

43,988

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

    Allowance for credit losses on OBS

       credit exposures

       (included in other liabilities)

 

 

15,521

 

 

 

—

 

 

 

15,521

 

 
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.  
Earnings per Share

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 following periods:

 

 

 

Three Months Ended

March 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Net income

 

$

91,602

 

 

$

507

 

Average shares outstanding

 

 

165,257

 

 

 

166,014

 

Effect of common stock options

 

 

189

 

 

 

—

 

Average diluted shares outstanding

 

 

165,446

 

 

 

166,014

 

Basic earnings per share

 

$

0.55

 

 

$

0.00

 

Diluted earnings per share

 

$

0.55

 

 

$

0.00

 

 

As of March 31, 2020, options to purchase 3.3 million shares of common stock with a weighted average exercise price of $19.57 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.

v3.21.1
Nature of Operations and Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Summary of Impact of Adoption of ASC 326 in Consolidated Balance Sheet

 


 

The following table illustrates the impact of the adoption of ASC 326 on the Company’s 2020 consolidated balance sheet.

 

 

 

January 1, 2020

 

 

 

As Reported Under ASC 326

 

 

Pre-ASC 326 Adoption

 

 

Impact of ASC 326 Adoption

 

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

    Allowance for credit losses on loans

 

$

146,110

 

 

$

102,122

 

 

$

43,988

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

    Allowance for credit losses on OBS

       credit exposures

       (included in other liabilities)

 

 

15,521

 

 

 

—

 

 

 

15,521

 
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 following periods:

 

 

 

Three Months Ended

March 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Net income

 

$

91,602

 

 

$

507

 

Average shares outstanding

 

 

165,257

 

 

 

166,014

 

Effect of common stock options

 

 

189

 

 

 

—

 

Average diluted shares outstanding

 

 

165,446

 

 

 

166,014

 

Basic earnings per share

 

$

0.55

 

 

$

0.00

 

Diluted earnings per share

 

$

0.55

 

 

$

0.00

 

 
v3.21.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]  
Amortized Cost and Fair Value of Securities Available-for-Sale The following table summarizes the amortized cost and fair value of securities available-for-sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss):

 

 

 

March 31, 2021

 

 

 

Available-for-Sale

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

(Losses)

 

 

Estimated

Fair Value

 

 

 

(In thousands)

 

U.S. government-sponsored enterprises

 

$

333,291

 

 

$

2,004

 

 

$

(2,321

)

 

$

332,974

 

Residential mortgage-backed securities

 

 

751,372

 

 

 

8,731

 

 

 

(8,093

)

 

 

752,010

 

Commercial mortgage-backed securities

 

 

435,269

 

 

 

13,610

 

 

 

(1,042

)

 

 

447,837

 

State and political subdivisions

 

 

951,293

 

 

 

19,677

 

 

 

(7,167

)

 

 

963,803

 

Other securities

 

 

42,407

 

 

 

449

 

 

 

(357

)

 

 

42,499

 

Total

 

$

2,513,632

 

 

$

44,471

 

 

$

(18,980

)

 

$

2,539,123

 

 

 

 

December 31, 2020

 

 

 

Available-for-Sale

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

(Losses)

 

 

Estimated

Fair Value

 

 

 

(In thousands)

 

U.S. government-sponsored enterprises

 

$

325,860

 

 

$

2,338

 

 

$

(1,207

)

 

$

326,991

 

Residential mortgage-backed securities

 

 

703,138

 

 

 

10,607

 

 

 

(688

)

 

 

713,057

 

Commercial mortgage-backed securities

 

 

446,964

 

 

 

18,048

 

 

 

(126

)

 

 

464,886

 

State and political subdivisions

 

 

898,174

 

 

 

31,173

 

 

 

(1,454

)

 

 

927,893

 

Other securities

 

 

40,755

 

 

 

434

 

 

 

(235

)

 

 

40,954

 

Total

 

$

2,414,891

 

 

$

62,600

 

 

$

(3,710

)

 

$

2,473,781

 
Amortized Cost and Estimated Fair Value of Securities Contractual Maturity

The amortized cost and estimated fair value of securities classified as available-for-sale at March 31, 2021, 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-Sale

 

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

 

 

(In thousands)

 

Due in one year or less

 

$

8,651

 

 

$

8,690

 

Due after one year through five years

 

 

47,161

 

 

 

48,038

 

Due after five years through ten years

 

 

232,035

 

 

 

232,163

 

Due after ten years

 

 

1,037,144

 

 

 

1,048,385

 

Mortgage - backed securities: Residential

 

 

751,372

 

 

 

752,010

 

Mortgage - backed securities: Commercial

 

 

435,269

 

 

 

447,837

 

Other

 

 

2,000

 

 

 

2,000

 

Total

 

$

2,513,632

 

 

$

2,539,123

 
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 March 31, 2021 and December 31, 2020.

 

 

 

March 31, 2021

 

 

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

 

(In thousands)

 

U.S. government-sponsored enterprises

 

$

60,870

 

 

$

(1,637

)

 

$

77,145

 

 

$

(684

)

 

$

138,015

 

 

$

(2,321

)

Residential mortgage-backed securities

 

 

338,020

 

 

 

(8,016

)

 

 

10,938

 

 

 

(77

)

 

 

348,958

 

 

 

(8,093

)

Commercial mortgage-backed securities

 

 

68,953

 

 

 

(1,042

)

 

 

—

 

 

 

—

 

 

 

68,953

 

 

 

(1,042

)

State and political subdivisions

 

 

377,950

 

 

 

(6,217

)

 

 

13,133

 

 

 

(950

)

 

 

391,083

 

 

 

(7,167

)

Other securities

 

 

9,302

 

 

 

(250

)

 

 

8,258

 

 

 

(107

)

 

 

17,560

 

 

 

(357

)

Total

 

$

855,095

 

 

$

(17,162

)

 

$

109,474

 

 

$

(1,818

)

 

$

964,569

 

 

$

(18,980

)

 

 

 

December 31, 2020

 

 

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

Fair

Value

 

 

Unrealized

Losses

 

 

 

(In thousands)

 

U.S. government-sponsored enterprises

 

$

54,611

 

 

$

(383

)

 

$

95,249

 

 

$

(824

)

 

$

149,860

 

 

$

(1,207

)

Residential mortgage-backed securities

 

 

143,458

 

 

 

(643

)

 

 

4,900

 

 

 

(45

)

 

 

148,358

 

 

 

(688

)

Commercial mortgage-backed securities

 

 

26,886

 

 

 

(126

)

 

 

—

 

 

 

—

 

 

 

26,886

 

 

 

(126

)

State and political subdivisions

 

 

78,349

 

 

 

(1,454

)

 

 

—

 

 

 

—

 

 

 

78,349

 

 

 

(1,454

)

Other securities

 

 

5,434

 

 

 

(100

)

 

 

8,748

 

 

 

(135

)

 

 

14,182

 

 

 

(235

)

Total

 

$

308,738

 

 

$

(2,706

)

 

$

108,897

 

 

$

(1,004

)

 

$

417,635

 

 

$

(3,710

)

 
Schedule of Allowance for Credit Losses on Investment Securities

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

 

 

 

(In thousands)

 

Allowance for credit losses:

 

 

 

 

 

 

 

Beginning balance

$

842

 

 

$

—

 

Provision for credit loss - investment securities

 

—

 

 

 

842

 

Balance, March 31

$

842

 

 

$

842

 

Provision for credit loss - investment securities

 

 

 

 

 

—

 

Balance, December 31, 2020

 

 

 

 

$

842

 

 
Schedule of Income Earned on Available-for Sale Securities

Income earned on available-for sale securities for the three months ended March 31, 2021 and 2020, is as follows:

 

 

 

For the Three Months

Ended March 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

Taxable

 

$

6,253

 

 

$

9,776

 

Non-taxable

 

 

5,071

 

 

 

3,114

 

Total

 

$

11,324

 

 

$

12,890

 

 

 
v3.21.1
Loans Receivable (Tables)
 3 Months Ended
Mar. 31, 2021
Receivables [Abstract]  
Summary of Various Categories of Loans Receivable

The various categories of loans receivable are summarized as follows:

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

$

4,289,142

 

 

$

4,429,060

 

Construction/land development

 

 

1,612,973

 

 

 

1,562,298

 

Agricultural

 

 

113,382

 

 

 

114,431

 

Residential real estate loans

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

1,437,546

 

 

 

1,536,257

 

Multifamily residential

 

 

377,661

 

 

 

536,538

 

Total real estate

 

 

7,830,704

 

 

 

8,178,584

 

Consumer

 

 

839,819

 

 

 

864,690

 

Commercial and industrial

 

 

1,794,787

 

 

 

1,896,442

 

Agricultural

 

 

65,017

 

 

 

66,869

 

Other

 

 

248,166

 

 

 

214,136

 

Total loans receivable

 

 

10,778,493

 

 

 

11,220,721

 

Allowance for credit losses

 

 

(242,932

)

 

 

(245,473

)

Loans receivable, net

 

$

10,535,561

 

 

$

10,975,248

 
v3.21.1
Allowance for Credit Losses, Credit Quality and Other (Tables)
 3 Months Ended
Mar. 31, 2021
Text Block [Abstract]  
Balance of Allowance for Loan Losses The following tables present the activity in the allowance for credit losses for the three months ended March 31, 2021:

 

 

 

Three Months Ended March 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

 

 

—

 

 

 

(19

)

 

 

(226

)

 

 

(2,279

)

 

 

(523

)

 

 

(3,047

)

Recoveries of loans previously charged off

 

 

22

 

 

 

14

 

 

 

62

 

 

 

76

 

 

 

332

 

 

 

506

 

Net loans (charged off) recovered

 

 

22

 

 

 

(5

)

 

 

(164

)

 

 

(2,203

)

 

 

(191

)

 

 

(2,541

)

Provision for credit losses

 

 

(9,946

)

 

 

5,421

 

 

 

1,545

 

 

 

5,497

 

 

 

(2,517

)

 

 

—

 

Balance, March 31

 

$

22,937

 

 

$

93,869

 

 

$

54,597

 

 

$

49,824

 

 

$

21,705

 

 

$

242,932

 

 

The following tables present the balances in the allowance for loan losses for the three month period ended March 31, 2020 and the year ended December 31, 2020.

 

 

 

Three Months Ended March 31, 2020 and Year Ended December 31, 2020

 

 

 

Construction/

Land

Development

 

 

Other

Commercial

Real Estate

 

 

Residential

Real Estate

 

 

Commercial

& Industrial

 

 

Consumer

& Other

 

 

Total

 

 

 

(In thousands)

 

Allowance for credit losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

26,433

 

 

$

33,529

 

 

$

20,135

 

 

$

16,615

 

 

$

5,410

 

 

$

102,122

 

Impact of adoption ASC 326

 

 

(5,296

)

 

 

15,912

 

 

 

16,680

 

 

 

11,584

 

 

 

5,108

 

 

 

43,988

 

Allowance for credit losses on PCD loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

357

 

 

 

357

 

Loans charged off

 

 

(45

)

 

 

(519

)

 

 

(339

)

 

 

(2,804

)

 

 

(558

)

 

 

(4,265

)

Recoveries of loans previously charged off

 

 

10

 

 

 

250

 

 

 

160

 

 

 

65

 

 

 

255

 

 

 

740

 

Net loans charged off

 

 

(35

)

 

 

(269

)

 

 

(179

)

 

 

(2,739

)

 

 

(303

)

 

 

(3,525

)

Provision for credit loss - loans

 

 

13,309

 

 

 

23,483

 

 

 

6,144

 

 

 

28,940

 

 

 

4,796

 

 

 

76,672

 

Provision for credit loss - acquired loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9,309

 

 

 

9,309

 

Balance, March 31

 

 

34,411

 

 

 

72,655

 

 

 

42,780

 

 

 

54,400

 

 

 

24,677

 

 

 

228,923

 

Loans charged off

 

 

(1,173

)

 

 

(2,522

)

 

 

(146

)

 

 

(4,960

)

 

 

(1,420

)

 

 

(10,221

)

Recoveries of loans previously charged off

 

 

97

 

 

 

397

 

 

 

177

 

 

 

153

 

 

 

506

 

 

 

1,330

 

Net loans charged off

 

 

(1,076

)

 

 

(2,125

)

 

 

31

 

 

 

(4,807

)

 

 

(914

)

 

 

(8,891

)

Provision for credit loss - loans

 

 

(474

)

 

 

17,923

 

 

 

10,405

 

 

 

(3,063

)

 

 

650

 

 

 

25,441

 

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 March 31, 2021 and December 31, 2020:

 

 

 

March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

Loans Past Due

 

 

 

 

 

 

 

Nonaccrual

 

 

Over 90 Days

 

 

 

Nonaccrual

 

 

With Reserve

 

 

Still Accruing

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

$

19,945

 

 

$

9,085

 

 

$

2,718

 

Construction/land development

 

 

1,252

 

 

 

7,826

 

 

 

1

 

Agricultural

 

 

862

 

 

 

—

 

 

 

—

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

19,166

 

 

 

3,000

 

 

 

1,180

 

Multifamily residential

 

 

172

 

 

 

—

 

 

 

—

 

Total real estate

 

 

41,397

 

 

 

19,911

 

 

 

3,899

 

Consumer

 

 

1,902

 

 

 

—

 

 

 

230

 

Commercial and industrial

 

 

14,755

 

 

 

—

 

 

 

80

 

Agricultural & other

 

 

1,088

 

 

 

—

 

 

 

—

 

Total

 

$

59,142

 

 

$

19,911

 

 

$

4,209

 

 

 

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

Loans Past Due

 

 

 

 

 

 

 

Nonaccrual

 

 

Over 90 Days

 

 

 

Nonaccrual

 

 

With Reserve

 

 

Still Accruing

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

$

20,947

 

 

$

6,794

 

 

$

6,088

 

Construction/land development

 

 

1,381

 

 

 

2,089

 

 

 

1,296

 

Agricultural

 

 

879

 

 

 

—

 

 

 

—

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

19,334

 

 

 

3,000

 

 

 

1,821

 

Multifamily residential

 

 

173

 

 

 

—

 

 

 

—

 

Total real estate

 

 

42,714

 

 

 

11,883

 

 

 

9,205

 

Consumer

 

 

3,506

 

 

 

—

 

 

 

174

 

Commercial and industrial

 

 

17,251

 

 

 

—

 

 

 

231

 

Agricultural & other

 

 

1,057

 

 

 

—

 

 

 

—

 

Total

 

$

64,528

 

 

$

11,883

 

 

$

9,610

 
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 March 31, 2021 and December 31, 2020:

 

 

 

March 31, 2021

 

 

 

Commercial

 

 

Residential

 

 

 

 

 

 

 

Real Estate

 

 

Real Estate

 

 

Other

 

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

$

307,946

 

 

$

—

 

 

$

—

 

Construction/land development

 

 

4,587

 

 

 

—

 

 

 

—

 

Agricultural

 

 

862

 

 

 

—

 

 

 

—

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

—

 

 

 

27,459

 

 

 

—

 

Multifamily residential

 

 

—

 

 

 

172

 

 

 

—

 

Total real estate

 

 

313,395

 

 

 

27,631

 

 

 

—

 

Consumer

 

 

—

 

 

 

—

 

 

 

2,146

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

19,077

 

Agricultural & other

 

 

—

 

 

 

—

 

 

 

1,088

 

Total

 

$

313,395

 

 

$

27,631

 

 

$

22,311

 

 

 

 

December 31, 2020

 

 

 

Commercial

 

 

Residential

 

 

 

 

 

 

 

Real Estate

 

 

Real Estate

 

 

Other

 

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

$

47,429

 

 

$

—

 

 

$

—

 

Construction/land development

 

 

6,012

 

 

 

—

 

 

 

—

 

Agricultural

 

 

879

 

 

 

—

 

 

 

—

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

—

 

 

 

32,413

 

 

 

—

 

Multifamily residential

 

 

—

 

 

 

173

 

 

 

—

 

Total real estate

 

 

54,320

 

 

 

32,586

 

 

 

—

 

Consumer

 

 

—

 

 

 

—

 

 

 

3,694

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

21,027

 

Agricultural & other

 

 

—

 

 

 

—

 

 

 

1,057

 

Total

 

$

54,320

 

 

$

32,586

 

 

$

25,778

 
Summary of Aging Analysis for Loans Receivable

 


 

The following is an aging analysis for loans receivable as of March 31, 2021 and December 31, 2020:

 

 

 

March 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

 

$

4,540

 

 

$

3,038

 

 

$

22,663

 

 

$

30,241

 

 

$

4,258,901

 

 

$

4,289,142

 

 

$

2,718

 

Construction/land development

 

 

562

 

 

 

35

 

 

 

1,253

 

 

 

1,850

 

 

 

1,611,123

 

 

 

1,612,973

 

 

 

1

 

Agricultural

 

 

—

 

 

 

130

 

 

 

862

 

 

 

992

 

 

 

112,390

 

 

 

113,382

 

 

 

—

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—

 

Residential 1-4 family

 

 

6,022

 

 

 

1,477

 

 

 

20,346

 

 

 

27,845

 

 

 

1,409,701

 

 

 

1,437,546

 

 

 

1,180

 

Multifamily residential

 

 

—

 

 

 

—

 

 

 

172

 

 

 

172

 

 

 

377,489

 

 

 

377,661

 

 

 

—

 

Total real estate

 

 

11,124

 

 

 

4,680

 

 

 

45,296

 

 

 

61,100

 

 

 

7,769,604

 

 

 

7,830,704

 

 

 

3,899

 

Consumer

 

 

984

 

 

 

456

 

 

 

2,132

 

 

 

3,572

 

 

 

836,247

 

 

 

839,819

 

 

 

230

 

Commercial and industrial

 

 

1,132

 

 

 

351

 

 

 

14,835

 

 

 

16,318

 

 

 

1,778,469

 

 

 

1,794,787

 

 

 

80

 

Agricultural & other

 

 

691

 

 

 

86

 

 

 

1,088

 

 

 

1,865

 

 

 

311,318

 

 

 

313,183

 

 

 

—

 

Total

 

$

13,931

 

 

$

5,573

 

 

$

63,351

 

 

$

82,855

 

 

$

10,695,638

 

 

$

10,778,493

 

 

$

4,209

 

 

 

 

December 31, 2020

 

 

 

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

 

$

3,856

 

 

$

68

 

 

$

27,035

 

 

$

30,959

 

 

$

4,398,101

 

 

$

4,429,060

 

 

$

6,088

 

Construction/land development

 

 

178

 

 

 

44

 

 

 

2,677

 

 

$

2,899

 

 

 

1,559,399

 

 

 

1,562,298

 

 

 

1,296

 

Agricultural

 

 

522

 

 

 

—

 

 

 

879

 

 

 

1,401

 

 

 

113,030

 

 

 

114,431

 

 

 

—

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

4,833

 

 

 

7,787

 

 

 

21,155

 

 

 

33,775

 

 

 

1,502,482

 

 

 

1,536,257

 

 

 

1,821

 

Multifamily residential

 

 

111

 

 

 

—

 

 

 

173

 

 

 

284

 

 

 

536,254

 

 

 

536,538

 

 

 

—

 

Total real estate

 

 

9,500

 

 

 

7,899

 

 

 

51,919

 

 

 

69,318

 

 

 

8,109,266

 

 

 

8,178,584

 

 

 

9,205

 

Consumer

 

 

2,899

 

 

 

802

 

 

 

3,680

 

 

 

7,381

 

 

 

857,309

 

 

 

864,690

 

 

 

174

 

Commercial and industrial

 

 

960

 

 

 

515

 

 

 

17,482

 

 

 

18,957

 

 

 

1,877,485

 

 

 

1,896,442

 

 

 

231

 

Agricultural and other

 

 

1,125

 

 

 

3,713

 

 

 

1,057

 

 

 

5,895

 

 

 

275,110

 

 

 

281,005

 

 

 

—

 

Total

 

$

14,484

 

 

$

12,929

 

 

$

74,138

 

 

$

101,551

 

 

$

11,119,170

 

 

$

11,220,721

 

 

$

9,610

 
Presentation of Classified Loans by Class and Risk Rating

Based on the most recent analysis performed, the risk category of loans by class of loans as of March 31, 2021 and December 31, 2020 is as follows:

 

 

 

March 31, 2021

 

 

 

Term Loans Amortized Cost Basis by Origination Year

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

Prior

 

 

 

 

Revolving Loans Amortized Cost Basis

 

 

Total

 

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

25

 

 

 

25

 

    Risk rating 3

 

 

44,038

 

 

 

293,351

 

 

 

332,244

 

 

 

449,435

 

 

 

268,007

 

 

 

1,188,602

 

 

 

 

 

261,698

 

 

 

2,837,375

 

    Risk rating 4

 

 

1,034

 

 

 

26,988

 

 

 

151,064

 

 

 

202,071

 

 

 

192,571

 

 

 

393,141

 

 

 

 

 

40,386

 

 

 

1,007,255

 

    Risk rating 5

 

 

—

 

 

 

10,589

 

 

 

2,083

 

 

 

86,174

 

 

 

38,542

 

 

 

228,508

 

 

 

 

 

124

 

 

 

366,020

 

    Risk rating 6

 

 

—

 

 

 

—

 

 

 

15,629

 

 

 

1,763

 

 

 

14,048

 

 

 

46,292

 

 

 

 

 

84

 

 

 

77,816

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

557

 

 

 

 

 

—

 

 

 

557

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

94

 

 

 

 

 

—

 

 

 

94

 

Total non-farm/non-residential

 

 

45,072

 

 

 

330,928

 

 

 

501,020

 

 

 

739,443

 

 

 

513,168

 

 

 

1,857,194

 

 

 

 

 

302,317

 

 

 

4,289,142

 

Construction/land development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

243

 

 

 

 

 

—

 

 

 

243

 

    Risk rating 3

 

 

31,274

 

 

 

241,608

 

 

 

144,498

 

 

 

68,865

 

 

 

29,756

 

 

 

73,258

 

 

 

 

 

134,788

 

 

 

724,047

 

    Risk rating 4

 

 

10,728

 

 

 

174,120

 

 

 

452,731

 

 

 

73,793

 

 

 

41,076

 

 

 

46,437

 

 

 

 

 

54,926

 

 

 

853,811

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

457

 

 

 

388

 

 

 

21,902

 

 

 

1,224

 

 

 

 

 

1

 

 

 

23,972

 

    Risk rating 6

 

 

—

 

 

 

—

 

 

 

734

 

 

 

82

 

 

 

—

 

 

 

10,084

 

 

 

 

 

—

 

 

 

10,900

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total construction/land development

 

 

42,002

 

 

 

415,728

 

 

 

598,420

 

 

 

143,128

 

 

 

92,734

 

 

 

131,246

 

 

 

 

 

189,715

 

 

 

1,612,973

 

Agricultural

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 3

 

 

2,084

 

 

 

31,979

 

 

 

8,338

 

 

 

8,549

 

 

 

5,648

 

 

 

27,993

 

 

 

 

 

5,601

 

 

 

90,192

 

    Risk rating 4

 

 

66

 

 

 

2,142

 

 

 

520

 

 

 

1,192

 

 

 

876

 

 

 

16,066

 

 

 

 

 

848

 

 

 

21,710

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

116

 

 

 

 

 

—

 

 

 

116

 

    Risk rating 6

 

 

—

 

 

 

46

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,318

 

 

 

 

 

—

 

 

 

1,364

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total agricultural

 

 

2,150

 

 

 

34,167

 

 

 

8,858

 

 

 

9,741

 

 

 

6,524

 

 

 

45,493

 

 

 

 

 

6,449

 

 

 

113,382

 

Total commercial real estate loans

 

$

89,224

 

 

$

780,823

 

 

$

1,108,298

 

 

$

892,312

 

 

$

612,426

 

 

$

2,033,933

 

 

 

 

$

498,481

 

 

$

6,015,497

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

47

 

 

$

—

 

 

$

—

 

 

$

86

 

 

 

 

$

118

 

 

$

251

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

62

 

 

 

 

 

1

 

 

 

63

 

    Risk rating 3

 

 

86,245

 

 

 

175,228

 

 

 

175,063

 

 

 

141,871

 

 

 

125,404

 

 

 

411,607

 

 

 

 

 

106,087

 

 

 

1,221,505

 

    Risk rating 4

 

 

—

 

 

 

4,250

 

 

 

11,630

 

 

 

26,214

 

 

 

19,651

 

 

 

74,481

 

 

 

 

 

30,766

 

 

 

166,992

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

1,178

 

 

 

1,359

 

 

 

4,662

 

 

 

6,334

 

 

 

 

 

964

 

 

 

14,497

 

    Risk rating 6

 

 

290

 

 

 

1,976

 

 

 

2,681

 

 

 

1,339

 

 

 

1,466

 

 

 

19,512

 

 

 

 

 

6,950

 

 

 

34,214

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6

 

 

 

18

 

 

 

 

 

—

 

 

 

24

 

Total residential 1-4 family

 

 

86,535

 

 

 

181,454

 

 

 

190,599

 

 

 

170,783

 

 

 

151,189

 

 

 

512,100

 

 

 

 

 

144,886

 

 

 

1,437,546

 

Multifamily residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 3

 

 

161

 

 

 

19,461

 

 

 

23,518

 

 

 

55,875

 

 

 

10,815

 

 

 

59,652

 

 

 

 

 

6,467

 

 

 

175,949

 

    Risk rating 4

 

 

—

 

 

 

478

 

 

 

3,985

 

 

 

101,146

 

 

 

11,328

 

 

 

20,981

 

 

 

 

 

37,799

 

 

 

175,717

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24,928

 

 

 

 

 

—

 

 

 

24,928

 

    Risk rating 6

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

895

 

 

 

172

 

 

 

 

 

—

 

 

 

1,067

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total multifamily residential

 

 

161

 

 

 

19,939

 

 

 

27,503

 

 

 

157,021

 

 

 

23,038

 

 

 

105,733

 

 

 

 

 

44,266

 

 

 

377,661

 

Total real estate

 

$

175,920

 

 

$

982,216

 

 

$

1,326,400

 

 

$

1,220,116

 

 

$

786,653

 

 

$

2,651,766

 

 

 

 

$

687,633

 

 

$

7,830,704

 

 

 

 

 

March 31, 2021

 

 

 

Term Loans Amortized Cost Basis by Origination Year, Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

 

 

Prior

 

 

 

 

Revolving Loans Amortized Cost Basis

 

 

Total

 

 

 

(In thousands)

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

735

 

 

$

2,721

 

 

$

1,988

 

 

$

1,418

 

 

$

361

 

 

 

 

$

2,088

 

 

 

 

$

1,864

 

 

$

11,175

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

47

 

 

 

759

 

 

 

—

 

 

 

 

 

11

 

 

 

 

 

57

 

 

 

874

 

    Risk rating 3

 

 

53,370

 

 

 

218,205

 

 

 

174,945

 

 

 

142,314

 

 

 

86,467

 

 

 

 

 

125,075

 

 

 

 

 

12,315

 

 

 

812,691

 

    Risk rating 4

 

 

374

 

 

 

1,882

 

 

 

3,717

 

 

 

2,082

 

 

 

148

 

 

 

 

 

3,236

 

 

 

 

 

92

 

 

 

11,531

 

    Risk rating 5

 

 

—

 

 

 

120

 

 

 

—

 

 

 

105

 

 

 

198

 

 

 

 

 

788

 

 

 

 

 

—

 

 

 

1,211

 

    Risk rating 6

 

 

—

 

 

 

29

 

 

 

397

 

 

 

478

 

 

 

1

 

 

 

 

 

1,388

 

 

 

 

 

44

 

 

 

2,337

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total consumer

 

 

54,479

 

 

 

222,957

 

 

 

181,094

 

 

 

147,156

 

 

 

87,175

 

 

 

 

 

132,586

 

 

 

 

 

14,372

 

 

 

839,819

 

Commercial and industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

270,945

 

 

$

342,512

 

 

$

421

 

 

$

233

 

 

$

175

 

 

 

 

$

21,627

 

 

 

 

$

11,177

 

 

$

647,090

 

    Risk rating 2

 

 

30

 

 

 

25

 

 

 

180

 

 

 

—

 

 

 

93

 

 

 

 

 

579

 

 

 

 

 

297

 

 

 

1,204

 

    Risk rating 3

 

 

20,700

 

 

 

92,131

 

 

 

117,920

 

 

 

64,027

 

 

 

35,759

 

 

 

 

 

74,584

 

 

 

 

 

132,787

 

 

 

537,908

 

    Risk rating 4

 

 

33,864

 

 

 

35,042

 

 

 

119,236

 

 

 

143,526

 

 

 

37,659

 

 

 

 

 

45,436

 

 

 

 

 

81,276

 

 

 

496,039

 

    Risk rating 5

 

 

—

 

 

 

3,143

 

 

 

16,592

 

 

 

11,257

 

 

 

6,097

 

 

 

 

 

3,653

 

 

 

 

 

10,526

 

 

 

51,268

 

    Risk rating 6

 

 

—

 

 

 

15,502

 

 

 

4,767

 

 

 

28,608

 

 

 

3,207

 

 

 

 

 

6,221

 

 

 

 

 

2,955

 

 

 

61,260

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

2

 

    Risk rating 8

 

 

—

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

—

 

 

 

 

 

9

 

 

 

 

 

3

 

 

 

16

 

Total commercial and industrial

 

 

325,539

 

 

 

488,357

 

 

 

259,119

 

 

 

247,652

 

 

 

82,990

 

 

 

 

 

152,109

 

 

 

 

 

239,021

 

 

 

1,794,787

 

Agricultural and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

18,659

 

 

$

35,633

 

 

$

49

 

 

$

53

 

 

$

—

 

 

 

 

$

131

 

 

 

 

$

1,260

 

 

$

55,785

 

    Risk rating 2

 

 

—

 

 

 

15

 

 

 

4,571

 

 

 

—

 

 

 

—

 

 

 

 

 

2,118

 

 

 

 

 

1,106

 

 

 

7,810

 

    Risk rating 3

 

 

15,492

 

 

 

70,196

 

 

 

6,601

 

 

 

4,780

 

 

 

4,819

 

 

 

 

 

52,180

 

 

 

 

 

28,287

 

 

 

182,355

 

    Risk rating 4

 

 

2,382

 

 

 

442

 

 

 

4,525

 

 

 

1,560

 

 

 

1,081

 

 

 

 

 

2,597

 

 

 

 

 

52,147

 

 

 

64,734

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

605

 

 

 

 

 

—

 

 

 

605

 

    Risk rating 6

 

 

—

 

 

 

—

 

 

 

30

 

 

 

17

 

 

 

34

 

 

 

 

 

1,756

 

 

 

 

 

57

 

 

 

1,894

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total agricultural and other

 

 

36,533

 

 

 

106,286

 

 

 

15,776

 

 

 

6,410

 

 

 

5,934

 

 

 

 

 

59,387

 

 

 

 

 

82,857

 

 

 

313,183

 

Total

 

$

592,471

 

 

$

1,799,816

 

 

$

1,782,389

 

 

$

1,621,334

 

 

$

962,752

 

 

 

 

$

2,995,848

 

 

 

 

$

1,023,883

 

 

$

10,778,493

 

 

 

 

December 31, 2020

 

 

 

Term Loans Amortized Cost Basis by Origination Year

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

Prior

 

 

 

 

Revolving Loans Amortized Cost Basis

 

 

Total

 

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

25

 

 

 

25

 

    Risk rating 3

 

 

301,237

 

 

 

340,562

 

 

 

546,670

 

 

 

286,173

 

 

 

289,483

 

 

 

942,449

 

 

 

 

 

266,867

 

 

 

2,973,441

 

    Risk rating 4

 

 

27,239

 

 

 

139,354

 

 

 

161,461

 

 

 

265,684

 

 

 

197,979

 

 

 

300,055

 

 

 

 

 

17,305

 

 

 

1,109,077

 

    Risk rating 5

 

 

10,591

 

 

 

16,865

 

 

 

67,089

 

 

 

7,764

 

 

 

108,885

 

 

 

84,609

 

 

 

 

 

750

 

 

 

296,553

 

    Risk rating 6

 

 

—

 

 

 

859

 

 

 

2,289

 

 

 

987

 

 

 

4,577

 

 

 

40,600

 

 

 

 

 

86

 

 

 

49,398

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

552

 

 

 

 

 

—

 

 

 

552

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14

 

 

 

 

 

—

 

 

 

14

 

Total non-farm/non-residential

 

 

339,067

 

 

 

497,640

 

 

 

777,509

 

 

 

560,608

 

 

 

600,924

 

 

 

1,368,279

 

 

 

 

 

285,033

 

 

 

4,429,060

 

Construction/land development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

283

 

 

 

 

 

—

 

 

 

283

 

    Risk rating 3

 

 

211,567

 

 

 

181,257

 

 

 

91,323

 

 

 

33,986

 

 

 

25,600

 

 

 

54,245

 

 

 

 

 

115,120

 

 

 

713,098

 

    Risk rating 4

 

 

129,599

 

 

 

417,737

 

 

 

92,032

 

 

 

46,249

 

 

 

17,161

 

 

 

32,060

 

 

 

 

 

76,845

 

 

 

811,683

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

392

 

 

 

21,892

 

 

 

—

 

 

 

1,227

 

 

 

 

 

545

 

 

 

24,056

 

    Risk rating 6

 

 

—

 

 

 

763

 

 

 

98

 

 

 

63

 

 

 

157

 

 

 

12,065

 

 

 

 

 

—

 

 

 

13,146

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

31

 

 

 

 

 

—

 

 

 

32

 

Total construction/land development

 

 

341,166

 

 

 

599,757

 

 

 

183,845

 

 

 

102,191

 

 

 

42,918

 

 

 

99,911

 

 

 

 

 

192,510

 

 

 

1,562,298

 

Agricultural

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 3

 

 

33,428

 

 

 

8,885

 

 

 

9,119

 

 

 

5,397

 

 

 

3,935

 

 

 

25,159

 

 

 

 

 

5,538

 

 

 

91,461

 

    Risk rating 4

 

 

2,141

 

 

 

535

 

 

 

1,206

 

 

 

681

 

 

 

5,499

 

 

 

10,735

 

 

 

 

 

665

 

 

 

21,462

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

116

 

 

 

 

 

—

 

 

 

116

 

    Risk rating 6

 

 

47

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,345

 

 

 

 

 

—

 

 

 

1,392

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total agricultural

 

 

35,616

 

 

 

9,420

 

 

 

10,325

 

 

 

6,078

 

 

 

9,434

 

 

 

37,355

 

 

 

 

 

6,203

 

 

 

114,431

 

Total commercial real estate loans

 

$

715,849

 

 

$

1,106,817

 

 

$

971,679

 

 

$

668,877

 

 

$

653,276

 

 

$

1,505,545

 

 

 

 

$

483,746

 

 

$

6,105,789

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

47

 

 

$

—

 

 

$

—

 

 

$

76

 

 

$

12

 

 

 

 

$

120

 

 

$

255

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

423

 

 

 

 

 

1,540

 

 

 

1,963

 

    Risk rating 3

 

 

237,991

 

 

 

184,578

 

 

 

151,478

 

 

 

139,096

 

 

 

119,642

 

 

 

343,381

 

 

 

 

 

119,186

 

 

 

1,295,352

 

    Risk rating 4

 

 

4,626

 

 

 

12,716

 

 

 

32,594

 

 

 

20,687

 

 

 

16,148

 

 

 

68,328

 

 

 

 

 

30,137

 

 

 

185,236

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

1,363

 

 

 

4,700

 

 

 

383

 

 

 

5,344

 

 

 

 

 

516

 

 

 

12,306

 

    Risk rating 6

 

 

554

 

 

 

5,973

 

 

 

829

 

 

 

2,084

 

 

 

3,222

 

 

 

18,074

 

 

 

 

 

10,257

 

 

 

40,993

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8

 

 

 

 

 

144

 

 

 

152

 

Total residential 1-4 family

 

 

243,171

 

 

 

203,314

 

 

 

186,264

 

 

 

166,567

 

 

 

139,471

 

 

 

435,570

 

 

 

 

 

161,900

 

 

 

1,536,257

 

Multifamily residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

$

—

 

 

$

—

 

    Risk rating 2

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 3

 

 

19,033

 

 

 

60,175

 

 

 

87,104

 

 

 

11,477

 

 

 

8,092

 

 

 

59,592

 

 

 

 

 

6,386

 

 

 

251,859

 

    Risk rating 4

 

 

477

 

 

 

6,358

 

 

 

101,364

 

 

 

93,475

 

 

 

1,924

 

 

 

17,672

 

 

 

 

 

37,286

 

 

 

258,556

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24,945

 

 

 

 

 

—

 

 

 

24,945

 

    Risk rating 6

 

 

—

 

 

 

—

 

 

 

—

 

 

 

894

 

 

 

—

 

 

 

284

 

 

 

 

 

—

 

 

 

1,178

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total multifamily residential

 

 

19,510

 

 

 

66,533

 

 

 

188,468

 

 

 

105,846

 

 

 

10,016

 

 

 

102,493

 

 

 

 

 

43,672

 

 

 

536,538

 

Total real estate

 

$

978,530

 

 

$

1,376,664

 

 

$

1,346,411

 

 

$

941,290

 

 

$

802,763

 

 

$

2,043,608

 

 

 

 

$

689,318

 

 

$

8,178,584

 

 

 

 

 

December 31, 2020

 

 

 

Term Loans Amortized Cost Basis by Origination Year, Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

 

 

Prior

 

 

 

 

Revolving Loans Amortized Cost Basis

 

 

Total

 

 

 

(In thousands)

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

3,389

 

 

$

2,375

 

 

$

1,596

 

 

$

485

 

 

$

828

 

 

 

 

$

1,428

 

 

 

 

$

1,957

 

 

$

12,058

 

    Risk rating 2

 

 

—

 

 

 

47

 

 

 

931

 

 

 

—

 

 

 

—

 

 

 

 

 

12

 

 

 

 

 

57

 

 

 

1,047

 

    Risk rating 3

 

 

229,189

 

 

 

192,054

 

 

 

152,646

 

 

 

97,812

 

 

 

68,585

 

 

 

 

 

68,871

 

 

 

 

 

20,094

 

 

 

829,251

 

    Risk rating 4

 

 

3,699

 

 

 

3,479

 

 

 

2,769

 

 

 

1,411

 

 

 

1,371

 

 

 

 

 

1,991

 

 

 

 

 

117

 

 

 

14,837

 

    Risk rating 5

 

 

144

 

 

 

737

 

 

 

22

 

 

 

198

 

 

 

568

 

 

 

 

 

321

 

 

 

 

 

—

 

 

 

1,990

 

    Risk rating 6

 

 

12

 

 

 

361

 

 

 

566

 

 

 

3

 

 

 

2,052

 

 

 

 

 

2,468

 

 

 

 

 

45

 

 

 

5,507

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total consumer

 

 

236,433

 

 

 

199,053

 

 

 

158,530

 

 

 

99,909

 

 

 

73,404

 

 

 

 

 

75,091

 

 

 

 

 

22,270

 

 

 

864,690

 

Commercial and industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

632,735

 

 

$

506

 

 

$

271

 

 

$

183

 

 

$

20,199

 

 

 

 

$

1,445

 

 

 

 

$

10,023

 

 

$

665,362

 

    Risk rating 2

 

 

29

 

 

 

187

 

 

 

2

 

 

 

96

 

 

 

67

 

 

 

 

 

623

 

 

 

 

 

268

 

 

 

1,272

 

    Risk rating 3

 

 

80,586

 

 

 

131,717

 

 

 

62,814

 

 

 

35,651

 

 

 

39,502

 

 

 

 

 

52,743

 

 

 

 

 

135,590

 

 

 

538,603

 

    Risk rating 4

 

 

68,032

 

 

 

144,867

 

 

 

149,445

 

 

 

42,416

 

 

 

15,138

 

 

 

 

 

43,065

 

 

 

 

 

115,341

 

 

 

578,304

 

    Risk rating 5

 

 

3,195

 

 

 

16,341

 

 

 

11,283

 

 

 

346

 

 

 

251

 

 

 

 

 

448

 

 

 

 

 

10,637

 

 

 

42,501

 

    Risk rating 6

 

 

1,261

 

 

 

4,086

 

 

 

30,834

 

 

 

22,992

 

 

 

2,615

 

 

 

 

 

5,198

 

 

 

 

 

3,405

 

 

 

70,391

 

    Risk rating 7

 

 

—

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

3

 

    Risk rating 8

 

 

1

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

4

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

6

 

Total commercial and industrial

 

 

785,839

 

 

 

297,707

 

 

 

254,650

 

 

 

101,684

 

 

 

77,776

 

 

 

 

 

103,522

 

 

 

 

 

275,264

 

 

 

1,896,442

 

Agricultural and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Risk rating 1

 

$

59,248

 

 

$

51

 

 

$

53

 

 

$

—

 

 

$

110

 

 

 

 

$

27

 

 

 

 

$

1,036

 

 

$

60,525

 

    Risk rating 2

 

 

16

 

 

 

4,571

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

2,859

 

 

 

 

 

1,159

 

 

 

8,605

 

    Risk rating 3

 

 

78,305

 

 

 

7,045

 

 

 

5,050

 

 

 

5,045

 

 

 

18,445

 

 

 

 

 

36,925

 

 

 

 

 

42,401

 

 

 

193,216

 

    Risk rating 4

 

 

1,043

 

 

 

5,041

 

 

 

1,592

 

 

 

1,096

 

 

 

895

 

 

 

 

 

1,703

 

 

 

 

 

4,600

 

 

 

15,970

 

    Risk rating 5

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

605

 

 

 

 

 

—

 

 

 

605

 

    Risk rating 6

 

 

—

 

 

 

219

 

 

 

18

 

 

 

—

 

 

 

223

 

 

 

 

 

1,624

 

 

 

 

 

—

 

 

 

2,084

 

    Risk rating 7

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

    Risk rating 8

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

—

 

Total agricultural and other

 

 

138,612

 

 

 

16,927

 

 

 

6,713

 

 

 

6,141

 

 

 

19,673

 

 

 

 

 

43,743

 

 

 

 

 

49,196

 

 

 

281,005

 

Total

 

$

2,139,414

 

 

$

1,890,351

 

 

$

1,766,304

 

 

$

1,149,024

 

 

$

973,616

 

 

 

 

$

2,265,964

 

 

 

 

$

1,036,048

 

 

$

11,220,721

 
Presentation of Troubled Debt Restructurings ("TDRs") by Class

The following is a presentation of troubled debt restructurings (“TDRs”) by class as of March 31, 2021 and December 31, 2020:

 

 

 

March 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-residential

 

$

14

 

 

$

11,396

 

 

$

4,069

 

 

$

616

 

 

$

4,353

 

 

$

9,038

 

Construction/land development

 

 

2

 

 

 

58

 

 

 

—

 

 

 

5

 

 

 

8

 

 

 

13

 

Agricultural

 

 

1

 

 

 

282

 

 

 

265

 

 

 

—

 

 

 

—

 

 

 

265

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

21

 

 

 

2,913

 

 

 

1,417

 

 

 

162

 

 

 

405

 

 

 

1,984

 

Total real estate

 

 

38

 

 

 

14,649

 

 

 

5,751

 

 

 

783

 

 

 

4,766

 

 

 

11,300

 

Consumer

 

 

1

 

 

 

17

 

 

 

14

 

 

 

—

 

 

 

—

 

 

 

14

 

Commercial and industrial

 

 

10

 

 

 

2,389

 

 

 

262

 

 

 

112

 

 

 

91

 

 

 

465

 

Total

 

$

49

 

 

$

17,055

 

 

$

6,027

 

 

$

895

 

 

$

4,857

 

 

$

11,779

 

 

 

 

December 31, 2020

 

 

 

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-residential

 

 

14

 

 

$

11,510

 

 

$

4,350

 

 

$

383

 

 

$

4,723

 

 

$

9,456

 

Construction/land development

 

 

2

 

 

 

58

 

 

 

—

 

 

 

7

 

 

 

9

 

 

 

16

 

Agricultural

 

 

1

 

 

 

282

 

 

 

267

 

 

 

—

 

 

 

—

 

 

 

267

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

21

 

 

 

2,913

 

 

 

1,441

 

 

 

165

 

 

 

431

 

 

 

2,037

 

Multifamily residential

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total real estate

 

 

38

 

 

 

14,763

 

 

 

6,058

 

 

 

555

 

 

 

5,163

 

 

 

11,776

 

Consumer

 

 

1

 

 

 

17

 

 

 

14

 

 

 

—

 

 

 

—

 

 

 

14

 

Commercial and industrial

 

 

12

 

 

 

2,470

 

 

 

308

 

 

 

127

 

 

 

91

 

 

 

526

 

Total

 

 

51

 

 

$

17,250

 

 

$

6,380

 

 

$

682

 

 

$

5,254

 

 

$

12,316

 
Presentation of TDR's on Non-Accrual Status

The following is a presentation of TDRs on non-accrual status as of March 31, 2021 and December 31, 2020 because they are not in compliance with the modified terms:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

Number of

Loans

 

 

Recorded

Balance

 

 

Number of

Loans

 

 

Recorded

Balance

 

 

 

(Dollars in thousands)

 

Real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

 

2

 

 

$

248

 

 

 

2

 

 

$

350

 

Construction/land development

 

 

1

 

 

 

8

 

 

 

1

 

 

 

9

 

Agricultural

 

 

1

 

 

 

265

 

 

 

1

 

 

 

267

 

Residential real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

7

 

 

 

524

 

 

 

7

 

 

 

547

 

Total real estate

 

 

11

 

 

 

1,045

 

 

 

11

 

 

 

1,173

 

Commercial and industrial

 

 

7

 

 

 

355

 

 

 

8

 

 

 

414

 

Total

 

 

18

 

 

$

1,400

 

 

 

19

 

 

$

1,587

 
Summary of Total Foreclosed Assets

The following is a presentation of total foreclosed assets as of March 31, 2021 and December 31, 2020:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

(In thousands)

 

Commercial real estate loans

 

 

 

 

 

 

 

 

Non-farm/non-residential

 

$

953

 

 

$

438

 

Construction/land development

 

 

910

 

 

 

3,189

 

Residential real estate loans

 

 

 

 

 

 

 

 

Residential 1-4 family

 

 

1,141

 

 

 

793

 

Total foreclosed assets held for sale

 

$

3,004

 

 

$

4,420

 
v3.21.1
Goodwill and Core Deposits and Other Intangibles (Tables)
 3 Months Ended
Mar. 31, 2021
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 deposits and other intangibles at March 31, 2021 and December 31, 2020, were as follows:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

(In thousands)

 

Goodwill

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

973,025

 

 

$

958,408

 

Acquisitions

 

 

—

 

 

 

14,617

 

Balance, end of period

 

$

973,025

 

 

$

973,025

 

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

(In thousands)

 

Core Deposit and Other Intangibles

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

30,728

 

 

$

36,572

 

Amortization expense

 

 

(1,421

)

 

 

(1,517

)

Balance, March 31

 

 

29,307

 

 

 

35,055

 

Amortization expense

 

 

 

 

 

 

(4,327

)

Balance, end of year

 

 

 

 

 

$

30,728

 
Summary of Carrying Amount and Accumulated Amortization of Core Deposits and Other Intangibles

The carrying basis and accumulated amortization of core deposits and other intangibles at March 31, 2021 and December 31, 2020 were:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

(In thousands)

 

Gross carrying basis

 

$

86,625

 

 

$

86,625

 

Accumulated amortization

 

 

(57,318

)

 

 

(55,897

)

Net carrying amount

 

$

29,307

 

 

$

30,728

 
v3.21.1
Securities Sold Under Agreements to Repurchase (Tables)
 3 Months Ended
Mar. 31, 2021
Brokers And Dealers [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 March 31, 2021 and December 31, 2020 is presented in the following tables:

 

 

 

March 31, 2021

 

 

 

Overnight and

Continuous

 

 

Up to 30 Days

 

 

30-90

Days

 

 

Greater than

90 Days

 

 

Total

 

 

 

(In thousands)

 

Securities sold under agreements to repurchase:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government-sponsored enterprises

 

$

10,596

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

10,596

 

Mortgage-backed securities

 

 

14,005

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,005

 

State and political subdivisions

 

 

134,847

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

134,847

 

Other securities

 

 

3,481

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,481

 

Total borrowings

 

$

162,929

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

162,929

 

 

 

 

 

December 31, 2020

 

 

 

Overnight and

Continuous

 

 

Up to 30 Days

 

 

30-90

Days

 

 

Greater than

90 Days

 

 

Total

 

 

 

(In thousands)

 

Securities sold under agreements to repurchase:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government-sponsored enterprises

 

$

11,166

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

11,166

 

Mortgage-backed securities

 

 

18,830

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18,830

 

State and political subdivisions

 

 

135,308

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

135,308

 

Other securities

 

 

3,627

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,627

 

Total borrowings

 

$

168,931

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

168,931

 
v3.21.1
Subordinated Debentures (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Preferred Trust Securities and Subordinated Debentures

Subordinated debentures at March 31, 2021 and December 31, 2020 consisted of subordinated debt securities and guaranteed payments on trust preferred securities with the following components:

 

 

 

As of March 31,

 

 

As of

December 31,

 

 

 

2021

 

 

2020

 

 

 

(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

 

 

$

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

 

 

 

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

 

 

 

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

 

 

 

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

 

 

4,464

 

 

 

4,452

 

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

 

 

5,872

 

 

 

5,849

 

Subordinated debt securities

 

 

 

 

 

 

 

 

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

 

 

299,353

 

 

 

299,199

 

Total

 

$

370,515

 

 

$

370,326

 
v3.21.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Summary of Components of Provision (Benefit) for Income Taxes

The following is a summary of the components of the provision (benefit) for income taxes for the three months ended March 31, 2021 and 2020:

 

 

 

For the Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Current:

 

 

 

 

 

 

 

 

Federal

 

$

31,535

 

 

$

22,450

 

State

 

 

10,439

 

 

 

7,432

 

Total current

 

 

41,974

 

 

 

29,882

 

Deferred:

 

 

 

 

 

 

 

 

Federal

 

 

(9,825

)

 

 

(24,649

)

State

 

 

(3,253

)

 

 

(8,160

)

Total deferred

 

 

(13,078

)

 

 

(32,809

)

Income tax (benefit) expense

 

$

28,896

 

 

$

(2,927

)
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 three months ended March 31, 2021 and 2020:

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

 

 

2021

 

 

2020

 

 

Statutory federal income tax rate

 

 

21.00

 

%

 

21.00

 

%

Effect of non-taxable interest income

 

 

(0.91

)

 

 

30.08

 

 

Stock compensation

 

 

0.33

 

 

 

6.78

 

 

State income taxes, net of federal benefit

 

 

4.26

 

 

 

55.74

 

 

Executive officer compensation & other

 

 

(0.70

)

 

 

7.35

 

 

Effective income tax rate

 

 

23.98

 

%

 

120.95

 

%
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:

 

 

 

March 31,

2021

 

 

December 31,

2020

 

 

 

(In thousands)

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Allowance for credit losses

 

$

71,483

 

 

$

72,445

 

Deferred compensation

 

 

2,701

 

 

 

4,741

 

Stock compensation

 

 

4,806

 

 

 

4,768

 

Non-accrual interest income

 

 

941

 

 

 

775

 

Real estate owned

 

 

131

 

 

 

620

 

Loan discounts

 

 

5,077

 

 

 

6,806

 

Tax basis premium/discount on acquisitions

 

 

4,639

 

 

 

5,101

 

Investments

 

 

320

 

 

 

502

 

Deposits

 

 

(41

)

 

 

(33

)

Other

 

 

5,424

 

 

 

5,855

 

Gross deferred tax assets

 

 

95,481

 

 

 

101,580

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Accelerated depreciation on premises and equipment

 

 

232

 

 

 

1,929

 

Unrealized gain on securities available-for-sale

 

 

3,841

 

 

 

15,072

 

Core deposit intangibles

 

 

6,726

 

 

 

7,056

 

FHLB dividends

 

 

2,783

 

 

 

2,711

 

Other

 

 

4,754

 

 

 

4,563

 

Gross deferred tax liabilities

 

 

18,336

 

 

 

31,331

 

Net deferred tax assets

 

$

77,145

 

 

$

70,249

 
v3.21.1
Common Stock, Compensation Plans and Other (Tables)
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Summary of Stock Option Transactions under Plan

The table below summarizes the stock option transactions under the Plan at March 31, 2021 and December 31, 2020 and changes during the three-month period and year then ended:

 

 

 

For the Three Months

Ended March 31, 2021

 

 

For the Year Ended

December 31, 2020

 

 

 

Shares (000)

 

 

Weighted-

Average

Exercisable

Price

 

 

Shares (000)

 

 

Weighted-

Average

Exercisable

Price

 

Outstanding, beginning of year

 

 

3,254

 

 

$

19.77

 

 

 

3,411

 

 

$

19.60

 

Granted

 

 

14

 

 

 

21.68

 

 

 

—

 

 

 

—

 

Forfeited/Expired

 

 

(1

)

 

 

23.51

 

 

 

(76

)

 

 

21.95

 

Exercised

 

 

(168

)

 

 

14.91

 

 

 

(81

)

 

 

10.61

 

Outstanding, end of period

 

 

3,099

 

 

 

20.04

 

 

 

3,254

 

 

 

19.77

 

Exercisable, end of period

 

 

1,368

 

 

$

17.04

 

 

 

1,537

 

 

$

16.82

 

 
Summary of Stock Options on Valuation Assumptions

 

The assumptions used in determining the fair value of the 2021 and 2020 stock option grants were as follows:

 

 

 

For the Three Months Ended March 31, 2021

 

 

For the Year Ended December 31, 2020

 

Expected dividend yield

 

 

2.59

%

 

Not Applicable

 

Expected stock price volatility

 

 

70.13

%

 

Not Applicable

 

Risk-free interest rate

 

 

0.75

%

 

Not Applicable

 

Expected life of options

 

6.5 years

 

 

Not Applicable

 
Summary of Currently Outstanding and Exercisable Options

The following is a summary of currently outstanding and exercisable options at March 31, 2021:

 

Options Outstanding

 

 

Options Exercisable

 

Exercise Prices

 

Options

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

 

 

164

 

 

 

1.65

 

 

$

8.32

 

 

 

164

 

 

$

8.32

 

$9.54 to $14.71

 

 

140

 

 

 

3.30

 

 

 

13.23

 

 

 

140

 

 

 

13.23

 

$16.77 to $16.86

 

 

130

 

 

 

3.39

 

 

 

16.80

 

 

 

130

 

 

 

16.80

 

$17.12 to $17.36

 

 

102

 

 

 

3.97

 

 

 

17.14

 

 

 

102

 

 

 

17.14

 

$17.40 to $18.46

 

 

870

 

 

 

4.38

 

 

 

18.45

 

 

 

605

 

 

 

18.45

 

$18.50 to $20.16

 

 

63

 

 

 

7.58

 

 

 

19.21

 

 

 

19

 

 

 

19.48

 

$20.58 to $21.25

 

 

163

 

 

 

5.01

 

 

 

21.08

 

 

 

125

 

 

 

21.10

 

$21.31 to $22.22

 

 

112

 

 

 

7.35

 

 

 

22.18

 

 

 

40

 

 

 

22.22

 

$22.70 to $23.32

 

 

1,274

 

 

 

7.31

 

 

 

23.32

 

 

 

1

 

 

 

22.70

 

$23.51 to $25.96

 

 

81

 

 

 

6.23

 

 

 

25.63

 

 

 

42

 

 

 

25.96

 

 

 

 

3,099

 

 

 

 

 

 

 

 

 

 

 

1,368

 

 

 

 

 
Summary of Company's Restricted Stock Issued and Outstanding

The table below summarized the activity for the Company’s restricted stock issued and outstanding at March 31, 2021 and December 31, 2020 and changes during the period and year then ended:

 

 

 

As of

March 31, 2021

 

 

As of

December 31, 2020

 

 

 

(In thousands)

 

Beginning of year

 

 

1,371

 

 

 

1,636

 

Issued

 

 

215

 

 

 

264

 

Vested

 

 

(235

)

 

 

(453

)

Forfeited

 

 

—

 

 

 

(76

)

End of period

 

 

1,351

 

 

 

1,371

 

Amount of expense for three months and twelve

    months ended, respectively

 

$

1,664

 

 

$

6,824

 

 
v3.21.1
Non-Interest Expense (Tables)
 3 Months Ended
Mar. 31, 2021
Other Income And Expenses [Abstract]  
Components of Non-Interest Expense

The table below shows the components of non-interest expense for the three months ended March 31, 2021 and 2020:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Salaries and employee benefits

 

$

42,059

 

 

$

39,329

 

Occupancy and equipment

 

 

9,237

 

 

 

8,873

 

Data processing expense

 

 

5,870

 

 

 

4,326

 

Other operating expenses:

 

 

 

 

 

 

 

 

Advertising

 

 

1,046

 

 

 

1,226

 

Merger and acquisition expenses

 

 

—

 

 

 

711

 

Amortization of intangibles

 

 

1,421

 

 

 

1,517

 

Electronic banking expense

 

 

2,238

 

 

 

1,715

 

Directors’ fees

 

 

383

 

 

 

424

 

Due from bank service charges

 

 

249

 

 

 

223

 

FDIC and state assessment

 

 

1,363

 

 

 

1,548

 

Insurance

 

 

781

 

 

 

746

 

Legal and accounting

 

 

846

 

 

 

919

 

Other professional fees

 

 

1,613

 

 

 

3,226

 

Operating supplies

 

 

487

 

 

 

535

 

Postage

 

 

338

 

 

 

327

 

Telephone

 

 

346

 

 

 

324

 

Other expense

 

 

4,589

 

 

 

4,505

 

Total other operating expenses

 

 

15,700

 

 

 

17,946

 

Total non-interest expense

 

$

72,866

 

 

$

70,474

 
v3.21.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Minimum Rental Commitments under Operating Leases

The minimum rental commitments under these noncancelable operating leases are as follows (in thousands) as of March 31, 2021 and December 31, 2020:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

2021

 

$

8,303

 

 

$

8,235

 

2022

 

 

6,776

 

 

 

6,486

 

2023

 

 

6,178

 

 

 

5,714

 

2024

 

 

5,601

 

 

 

5,262

 

2025

 

 

5,301

 

 

 

4,818

 

Thereafter

 

 

28,056

 

 

 

27,453

 

Total future minimum lease payments

 

$

60,215

 

 

$

57,968

 

    Discount effect of cash flows

 

 

(17,812

)

 

 

(14,922

)

Present value of net future minimum lease payments

 

$

42,403

 

 

$

43,046

 
Additional Information of Lease Expense

 

Additional information (dollar amounts in thousands):

 

 

 

For the Three Months

Ended March 31,

 

 

For the Three Months

Ended March 31,

 

Lease expense:

 

2021

 

 

2020

 

Operating lease expense

 

$

2,009

 

 

$

2,014

 

Short-term lease expense

 

 

4

 

 

 

17

 

Variable lease expense

 

 

256

 

 

 

255

 

Total lease expense

 

$

2,269

 

 

$

2,286

 

Other information:

 

 

 

 

 

 

 

 

Cash paid for amounts included in the

   measurement of lease liabilities

 

$

1,994

 

 

$

1,974

 

Weighted-average remaining lease term

   (in years)

 

 

11.87

 

 

 

10.31

 

Weighted-average discount rate

 

 

3.52

%

 

 

3.61

%
v3.21.1
Additional Cash Flow Information (Tables)
 3 Months Ended
Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]  
Summary of Additional Cash Flow Information

The following is a summary of the Company’s additional cash flow information during the three-month periods ended:

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Interest paid

 

$

10,719

 

 

$

28,342

 

Income taxes paid

 

 

1,205

 

 

 

1,502

 

Assets acquired by foreclosure

 

 

1,786

 

 

 

1,255

 
v3.21.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2021
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.  

 

 

 

March 31, 2021

 

 

Carrying

 

 

 

 

 

 

 

 

 

Amount

 

 

Fair Value

 

 

Level

 

 

(In thousands)

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,478,548

 

 

$

2,478,548

 

 

1

Loans receivable, net of impaired loans and allowance

 

 

10,228,319

 

 

 

10,568,244

 

 

3

Accrued interest receivable

 

 

55,495

 

 

 

55,495

 

 

1

FHLB, Federal Reserve & First National Bankers Bank

   stock; other equity investments

 

 

114,915

 

 

 

114,915

 

 

3

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

Demand and non-interest bearing

 

$

3,859,722

 

 

$

3,859,722

 

 

1

Savings and interest-bearing transaction accounts

 

 

8,477,208

 

 

 

8,477,208

 

 

1

Time deposits

 

 

1,175,664

 

 

 

1,196,743

 

 

3

Securities sold under agreements to repurchase

 

 

162,929

 

 

 

162,929

 

 

1

FHLB and other borrowed funds

 

 

400,000

 

 

 

402,342

 

 

2

Accrued interest payable

 

 

9,769

 

 

 

9,769

 

 

1

Subordinated debentures

 

 

370,515

 

 

 

377,889

 

 

3

 

 

 

December 31, 2020

 

 

Carrying

 

 

 

 

 

 

 

 

 

Amount

 

 

Fair Value

 

 

Level

 

 

(In thousands)

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,263,788

 

 

$

1,263,788

 

 

1

Loans receivable, net of impaired loans and allowance

 

 

10,873,120

 

 

 

11,292,004

 

 

3

Accrued interest receivable

 

 

60,528

 

 

 

60,528

 

 

1

FHLB, Federal Reserve & First National Bankers Bank

   stock; other equity investments

 

 

114,854

 

 

 

114,854

 

 

3

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

Demand and non-interest bearing

 

$

3,266,753

 

 

$

3,266,753

 

 

1

Savings and interest-bearing transaction accounts

 

 

8,212,240

 

 

 

8,212,240

 

 

1

Time deposits

 

 

1,246,797

 

 

 

1,266,430

 

 

3

Securities sold under agreements to repurchase

 

 

168,931

 

 

 

168,931

 

 

1

FHLB and other borrowed funds

 

 

400,000

 

 

 

414,207

 

 

2

Accrued interest payable

 

 

5,925

 

 

 

5,925

 

 

1

Subordinated debentures

 

 

370,326

 

 

 

378,981

 

 

3

 

 
v3.21.1
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail)
$ / shares in Units, shares in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Mar. 31, 2021
USD ($)
Segment
$ / shares
shares
Dec. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Jun. 30, 2020
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Jan. 01, 2020
USD ($)
Accounting Policy [Line Items]                
Number of reportable operating segment | Segment 1              
Allowance for loan losses $ 242,932,000 $ 245,473,000   $ 228,923,000   $ 245,473,000 $ 102,122,000  
Adjustment to retained earnings, net of tax 1,107,818,000 1,039,370,000       1,039,370,000    
Remaining purchased loans reclassified into purchase credit impaired loans 107,600,000           107,600,000  
Accretable yield reclassified out of purchased credit impaired loans 29,300,000           29,300,000  
Provision for credit loss - investment securities $ 842,000         $ 842,000    
Antidilutive securities excluded from computation of earnings per share, amount | shares 3.3              
Antidilutive securities excluded from computation of earnings per share weighted average exercise price | $ / shares $ 19.57              
Accounting Standards Update 2016-13 [Member]                
Accounting Policy [Line Items]                
Allowance for loan losses               $ 146,100,000
Adjustment to retained earnings, net of tax               32,500,000
Reserve for unfunded commitments recognized               15,500,000
Provision for credit loss - investment securities $ 0 $ 0 $ 0 $ 842,000 $ 0      
Accounting Standards Update 2016-13 [Member] | Unfunded Commitments [Member]                
Accounting Policy [Line Items]                
Adjustment to retained earnings, net of tax               11,500,000
Reserve for unfunded commitments recognized               15,500,000
Accounting Standards Update 2016-13 [Member] | Cumulative Effect Period of Adoption Adjustment [Member]                
Accounting Policy [Line Items]                
Allowance for loan losses             $ 43,988,000 $ 43,988,000
v3.21.1
Nature of Operations and Summary of Significant Accounting Policies - Summary of Impact of Adoption of ASC 326 in Consolidated Balance Sheet (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Jan. 01, 2020
Dec. 31, 2019
Assets          
Allowance for loan losses $ 242,932 $ 245,473 $ 228,923   $ 102,122
Accounting Standards Update 2016-13 [Member]          
Assets          
Allowance for loan losses       $ 146,100  
Accounting Standards Update 2016-13 [Member] | Cumulative Effect Period of Adoption Adjusted Balance [Member]          
Assets          
Allowance for loan losses       146,110  
Accounting Standards Update 2016-13 [Member] | Pre-ASC 326 Adoption [Member]          
Assets          
Allowance for loan losses       102,122  
Accounting Standards Update 2016-13 [Member] | Impact of ASC 326 Adoption [Member]          
Assets          
Allowance for loan losses       43,988 $ 43,988
Accounting Standards Update 2016-13 [Member] | Other Liabilities [Member] | Cumulative Effect Period of Adoption Adjusted Balance [Member]          
Liabilities:          
Allowance for credit losses on OBS credit exposures (included in other liabilities)       15,521  
Accounting Standards Update 2016-13 [Member] | Other Liabilities [Member] | Impact of ASC 326 Adoption [Member]          
Liabilities:          
Allowance for credit losses on OBS credit exposures (included in other liabilities)       $ 15,521  
v3.21.1
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
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Earnings Per Share [Abstract]    
Net income $ 91,602 $ 507
Average shares outstanding 165,257 166,014
Effect of common stock options 189  
Average diluted shares outstanding 165,446 166,014
Basic earnings per share $ 0.55 $ 0.00
Diluted earnings per share $ 0.55 $ 0.00
v3.21.1
Business Combinations - Acquisition of LH-Finance - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2020
Dec. 31, 2020
Business Acquisition [Line Items]    
Goodwill   $ 14,617
LH-Finance [Member]    
Business Acquisition [Line Items]    
Business acquisition date Feb. 29, 2020  
Business combination consideration paid $ 421,200  
Business combination, recognized identifiable assets acquired, Total Assets 409,100  
Business combination, recognized identifiable liabilities assumed, Loans 407,400  
Goodwill $ 14,600  
v3.21.1
Investment Securities - Amortized Cost and Fair Value of Securities Available-for-Sale (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]    
Total, Amortized Cost $ 2,513,632 $ 2,414,891
Gross Unrealized Gains 44,471 62,600
Gross Unrealized (Losses) (18,980) (3,710)
Estimated Fair Value 2,539,123 2,473,781
U.S. Government-Sponsored Enterprises [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Total, Amortized Cost 333,291 325,860
Gross Unrealized Gains 2,004 2,338
Gross Unrealized (Losses) (2,321) (1,207)
Estimated Fair Value 332,974 326,991
Residential Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Total, Amortized Cost 751,372 703,138
Gross Unrealized Gains 8,731 10,607
Gross Unrealized (Losses) (8,093) (688)
Estimated Fair Value 752,010 713,057
Commercial Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Total, Amortized Cost 435,269 446,964
Gross Unrealized Gains 13,610 18,048
Gross Unrealized (Losses) (1,042) (126)
Estimated Fair Value 447,837 464,886
State and Political Subdivisions [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Total, Amortized Cost 951,293 898,174
Gross Unrealized Gains 19,677 31,173
Gross Unrealized (Losses) (7,167) (1,454)
Estimated Fair Value 963,803 927,893
Other Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Total, Amortized Cost 42,407 40,755
Gross Unrealized Gains 449 434
Gross Unrealized (Losses) (357) (235)
Estimated Fair Value $ 42,499 $ 40,954
v3.21.1
Investment Securities - Additional Information (Detail)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
USD ($)
Security
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
Carrying value of investment securities $ 1,080,000,000.00   $ 1,080,000,000.00
Investment securities pledged as collateral 162,900,000   168,900,000
Available for sale securities sold 17,900,000 $ 0  
Realized gains (losses) on available for sale securities 219,000    
Investment securities, provision for credit losses 842,000   842,000
Fair value of unrealized losses $ 1,818,000   1,004,000
Percentage of Company's investment portfolio 52.90%    
Maturity description of investment portfolio five years or less    
Number of investment securities available for sale | Security 1,296    
Number of investment in debt securities unrealized loss position | Security 321    
Debt securities available for sale unrealized loss position $ 18,980,000   3,710,000
U.S. Government-Sponsored Enterprises [Member]      
Fair value of unrealized losses $ 684,000   824,000
Number of investment in debt securities unrealized loss position | Security 51    
Debt securities available for sale unrealized loss position $ 2,321,000   1,207,000
Residential Mortgage-Backed Securities [Member]      
Fair value of unrealized losses $ 77,000   45,000
Number of investment in debt securities unrealized loss position | Security 110    
Debt securities available for sale unrealized loss position $ 8,093,000   688,000
Commercial Mortgage-Backed Securities [Member]      
Number of investment in debt securities unrealized loss position | Security 27    
Debt securities available for sale unrealized loss position $ 1,042,000   126,000
State and Political Subdivisions [Member]      
Fair value of unrealized losses $ 950,000    
Number of investment in debt securities unrealized loss position | Security 125    
Debt securities available for sale unrealized loss position $ 7,167,000   1,454,000
Other Securities [Member]      
Fair value of unrealized losses $ 107,000   135,000
Number of investment in debt securities unrealized loss position | Security 8    
Debt securities available for sale unrealized loss position $ 357,000   $ 235,000
v3.21.1
Investment Securities - Amortized Cost and Estimated Fair Value of Securities Contractual Maturity (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Available-for-Sale Securities, Amortized Cost    
Due in one year or less, Amortized Cost $ 8,651  
Due after one year through five years, Amortized Cost 47,161  
Due after five years through ten years, Amortized Cost 232,035  
Due after ten years, Amortized Cost 1,037,144  
Total, Amortized Cost 2,513,632 $ 2,414,891
Available-for-Sale Securities, Estimated Fair Value    
Due in one year or less, Estimated Fair Value 8,690  
Due after one year through five years, Estimated Fair Value 48,038  
Due after five years through ten years, Estimated Fair Value 232,163  
Due after ten years, Estimated Fair Value 1,048,385  
Total, Estimated Fair Value 2,539,123 2,473,781
Residential Mortgage-Backed Securities [Member]    
Available-for-Sale Securities, Amortized Cost    
Securities not due at a single maturity date, Amortized Cost 751,372  
Total, Amortized Cost 751,372 703,138
Available-for-Sale Securities, Estimated Fair Value    
Securities not due at a single maturity date, Estimated Fair Value 752,010  
Total, Estimated Fair Value 752,010 713,057
Commercial Mortgage-Backed Securities [Member]    
Available-for-Sale Securities, Amortized Cost    
Securities not due at a single maturity date, Amortized Cost 435,269  
Total, Amortized Cost 435,269 446,964
Available-for-Sale Securities, Estimated Fair Value    
Securities not due at a single maturity date, Estimated Fair Value 447,837  
Total, Estimated Fair Value 447,837 464,886
Other [Member]    
Available-for-Sale Securities, Amortized Cost    
Securities not due at a single maturity date, Amortized Cost 2,000  
Total, Amortized Cost 42,407 40,755
Available-for-Sale Securities, Estimated Fair Value    
Securities not due at a single maturity date, Estimated Fair Value 2,000  
Total, Estimated Fair Value $ 42,499 $ 40,954
v3.21.1
Investment Securities - Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale (Detail) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]    
Fair Value of Available-for-Sale Securities, Less Than 12 Months $ 855,095,000 $ 308,738,000
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months (17,162,000) (2,706,000)
Fair Value of Available-for-Sale Securities, 12 Months or More 109,474,000 108,897,000
Unrealized Losses of Available-for-Sale Securities, 12 Months or More (1,818,000) (1,004,000)
Fair Value of Available-for-Sale Securities, Total 964,569,000 417,635,000
Unrealized Losses of Available-for-Sale Securities, Total (18,980,000) (3,710,000)
U.S. Government-Sponsored Enterprises [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Fair Value of Available-for-Sale Securities, Less Than 12 Months 60,870,000 54,611,000
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months (1,637,000) (383,000)
Fair Value of Available-for-Sale Securities, 12 Months or More 77,145,000 95,249,000
Unrealized Losses of Available-for-Sale Securities, 12 Months or More (684,000) (824,000)
Fair Value of Available-for-Sale Securities, Total 138,015,000 149,860,000
Unrealized Losses of Available-for-Sale Securities, Total (2,321,000) (1,207,000)
Residential Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Fair Value of Available-for-Sale Securities, Less Than 12 Months 338,020,000 143,458,000
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months (8,016,000) (643,000)
Fair Value of Available-for-Sale Securities, 12 Months or More 10,938,000 4,900,000
Unrealized Losses of Available-for-Sale Securities, 12 Months or More (77,000) (45,000)
Fair Value of Available-for-Sale Securities, Total 348,958,000 148,358,000
Unrealized Losses of Available-for-Sale Securities, Total (8,093,000) (688,000)
Commercial Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Fair Value of Available-for-Sale Securities, Less Than 12 Months 68,953,000 26,886,000
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months (1,042,000) (126,000)
Fair Value of Available-for-Sale Securities, Total 68,953,000 26,886,000
Unrealized Losses of Available-for-Sale Securities, Total (1,042,000) (126,000)
State and Political Subdivisions [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Fair Value of Available-for-Sale Securities, Less Than 12 Months 377,950,000 78,349,000
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months (6,217,000) (1,454,000)
Fair Value of Available-for-Sale Securities, 12 Months or More 13,133,000  
Unrealized Losses of Available-for-Sale Securities, 12 Months or More (950,000)  
Fair Value of Available-for-Sale Securities, Total 391,083,000 78,349,000
Unrealized Losses of Available-for-Sale Securities, Total (7,167,000) (1,454,000)
Other Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Fair Value of Available-for-Sale Securities, Less Than 12 Months 9,302,000 5,434,000
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months (250,000) (100,000)
Fair Value of Available-for-Sale Securities, 12 Months or More 8,258,000 8,748,000
Unrealized Losses of Available-for-Sale Securities, 12 Months or More (107,000) (135,000)
Fair Value of Available-for-Sale Securities, Total 17,560,000 14,182,000
Unrealized Losses of Available-for-Sale Securities, Total $ (357,000) $ (235,000)
v3.21.1
Investment Securities - Schedule of Allowance for Credit Losses on Investment Securities (Detail) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Allowance for credit losses:    
Beginning balance $ 842,000  
Provision for credit loss - investment securities 842,000 $ 842,000
Balance, March 31 $ 842,000 $ 842,000
v3.21.1
Investment Securities - Schedule of Income Earned on Available-for Sale Securities (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Investment Income [Line Items]    
Income earned on securities, taxable $ 6,253 $ 9,776
Income earned on securities, non-taxable 5,071 3,114
Available-for-sale [Member]    
Investment Income [Line Items]    
Income earned on securities, taxable 6,253 9,776
Income earned on securities, non-taxable 5,071 3,114
Income earned on securities, total $ 11,324 $ 12,890
v3.21.1
Loans Receivable - Summary of Various Categories of Loans Receivable (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable $ 10,778,493 $ 11,220,721    
Allowance for credit losses (242,932) (245,473) $ (228,923) $ (102,122)
Loans receivable, net 10,535,561 10,975,248    
Construction/Land Development Loan [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Allowance for credit losses (22,937) (32,861) (34,411) (26,433)
Commercial Real Estate Loans [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 6,015,497 6,105,789    
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 4,289,142 4,429,060    
Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 1,612,973 1,562,298    
Commercial Real Estate Loans [Member] | Agricultural [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 113,382 114,431    
Residential Real Estate Loans [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 377,661 536,538    
Allowance for credit losses (54,597) (53,216) (42,780) (20,135)
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 1,437,546 1,536,257    
Residential Real Estate Loans [Member] | Multifamily Residential [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 377,661 536,538    
Total Real Estate [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 7,830,704 8,178,584    
Consumer [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 839,819 864,690    
Commercial and Industrial [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 1,794,787 1,896,442    
Allowance for credit losses (49,824) (46,530) $ (54,400) $ (16,615)
Agricultural [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable 65,017 66,869    
Other [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable $ 248,166 $ 214,136    
v3.21.1
Loans Receivable - Additional Information (Detail) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2019
Dec. 31, 2020
Jan. 01, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Remaining purchased loans reclassified into purchase credit impaired loans $ 107,600,000   $ 107,600,000    
Accretable yield reclassified out of purchased credit impaired loans 29,300,000   29,300,000    
Allowance for loan losses 242,932,000 $ 228,923,000 102,122,000 $ 245,473,000  
Accounting Standards Update 2016-13 [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses         $ 146,100,000
Accounting Standards Update 2016-13 [Member] | Cumulative Effect Period of Adoption Adjustment [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses     43,988,000   $ 43,988,000
Deteriorated Credit Quality [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Purchased loans     $ 0    
Allowance for loan losses 605,000     760,000  
Deteriorated Credit Quality [Member] | LH-Finance [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect Period of Adoption Adjustment [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses 605,000     760,000  
Mortgage Loans [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Mortgage loans held for sale 113,400,000     $ 114,800,000  
SBA Loans [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans sold during period $ 0 3,700,000      
Gain on sale of guaranteed portion of loans   $ 341,000      
v3.21.1
Allowance for Credit Losses, Credit Quality and Other - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2021
USD ($)
Rating
Loan
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
Jan. 01, 2020
USD ($)
Dec. 31, 2019
USD ($)
Financing Receivable Allowance For Credit Losses [Line Items]          
Allowance for loan losses $ 242,932,000 $ 228,923,000 $ 245,473,000   $ 102,122,000
Retained earnings net of tax 1,107,818,000   1,039,370,000    
Unfunded commitments expense 0        
Allowance for credit losses on PCD loans 357,000 357,000      
Non-accrual loans 59,142,000   64,528,000    
Loans past due 90 days or more and still accruing 4,209,000   9,610,000    
Nonaccrual loans with specific reserve 19,900,000        
Interest income on nonaccrual loans 0        
Collateral-dependent impaired loans $ 363,300,000   112,700,000    
Percentage of discount of par for impaired loans 15.00%        
Interest recognized on impaired loans $ 267,000 399,000      
Risk rating scale of loan Loans are rated on a scale from 1 to 8.        
Amount of loan assessed for impairment on a quarterly basis $ 2,000,000.0        
Over $2,000,000 assessed minimum rated | Rating 5        
Over $2,000,000 assessed maximum rated | Rating 8        
Revolver loans converted to term loans $ 8,600,000        
Number of revolving loans convert to term loans | Loan 72        
Purchase price of loans at acquisition $ 1,300,000        
Non-credit premium at acquisition 17,000        
Par value of acquired loans at acquisition 1,000,000.0        
Deteriorated Credit Quality [Member]          
Financing Receivable Allowance For Credit Losses [Line Items]          
Allowance for loan losses $ 605,000   760,000    
LH-Finance [Member]          
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 for acquisition   9,300,000      
Allowance for credit losses on PCD loans   357,000      
Construction / Land Development and Other Commercial Real Estate Loans [Member] | Minimum [Member]          
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 [Member] | Maximum [Member]          
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 Loans [Member]          
Financing Receivable Allowance For Credit Losses [Line Items]          
Allowance for loan losses $ 54,597,000 42,780,000 53,216,000   20,135,000
Residential Real Estate Loans [Member] | Maximum [Member]          
Financing Receivable Allowance For Credit Losses [Line Items]          
Loan-to-value ratio 90.00%        
Commercial and Industrial Loans [Member]          
Financing Receivable Allowance For Credit Losses [Line Items]          
Allowance for loan losses $ 49,824,000 $ 54,400,000 46,530,000   16,615,000
Non-accrual loans 14,755,000   17,251,000    
Loans past due 90 days or more and still accruing $ 80,000   231,000    
Commercial and Industrial Loans [Member] | Minimum [Member]          
Financing Receivable Allowance For Credit Losses [Line Items]          
Commercial loans terms 1 year        
Inventory financing percentage 50.00%        
Commercial and Industrial Loans [Member] | Minimum [Member] | Accounts Receivable Less than 60 Days Past Due [Member]          
Financing Receivable Allowance For Credit Losses [Line Items]          
Accounts receivable financed percentage 50.00%        
Commercial and Industrial Loans [Member] | Maximum [Member]          
Financing Receivable Allowance For Credit Losses [Line Items]          
Commercial loans terms 7 years        
Inventory financing percentage 80.00%        
Commercial and Industrial Loans [Member] | Maximum [Member] | Accounts Receivable Less than 60 Days Past Due [Member]          
Financing Receivable Allowance For Credit Losses [Line Items]          
Accounts receivable financed percentage 80.00%        
Accounting Standards Update 2016-13 [Member]          
Financing Receivable Allowance For Credit Losses [Line Items]          
Allowance for loan losses       $ 146,100,000  
Retained earnings net of tax       32,500,000  
Reserve for unfunded commitments recognized       15,500,000  
Accounting Standards Update 2016-13 [Member] | Cumulative Effect Period of Adoption Adjustment [Member]          
Financing Receivable Allowance For Credit Losses [Line Items]          
Allowance for loan losses       43,988,000 43,988,000
Accounting Standards Update 2016-13 [Member] | Cumulative Effect Period of Adoption Adjustment [Member] | LH-Finance [Member] | Deteriorated Credit Quality [Member]          
Financing Receivable Allowance For Credit Losses [Line Items]          
Allowance for loan losses $ 605,000   $ 760,000    
Accounting Standards Update 2016-13 [Member] | Cumulative Effect Period of Adoption Adjustment [Member] | Residential Real Estate Loans [Member]          
Financing Receivable Allowance For Credit Losses [Line Items]          
Allowance for loan losses         16,680,000
Accounting Standards Update 2016-13 [Member] | Cumulative Effect Period of Adoption Adjustment [Member] | Commercial and Industrial Loans [Member]          
Financing Receivable Allowance For Credit Losses [Line Items]          
Allowance for loan losses         $ 11,584,000
Accounting Standards Update 2016-13 [Member] | Unfunded Commitments [Member]          
Financing Receivable Allowance For Credit Losses [Line Items]          
Retained earnings net of tax       11,500,000  
Reserve for unfunded commitments recognized       $ 15,500,000  
v3.21.1
Allowance for Credit Losses, Credit Quality and Other - Schedule of Allowance for Credit Losses (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance $ 245,473,000 $ 102,122,000 $ 228,923,000
Allowance for credit losses on PCD loans 357,000 357,000  
Loans charged off (3,047,000) (4,265,000) (10,221,000)
Recoveries of loans previously charged off 506,000 740,000 1,330,000
Net loans (charged off) recovered (2,541,000) (3,525,000) (8,891,000)
Provision for credit losses   94,598,000  
Provision for credit loss - loans   76,672,000 25,441,000
Provision for credit loss - acquired loans   9,309,000  
Ending balance 242,932,000 228,923,000 245,473,000
Accounting Standards Update 2016-13 [Member] | Cumulative Effect Period of Adoption Adjustment [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance   43,988,000  
Residential Real Estate Loans [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance 53,216,000 20,135,000 42,780,000
Loans charged off (226,000) (339,000) (146,000)
Recoveries of loans previously charged off 62,000 160,000 177,000
Net loans (charged off) recovered (164,000) (179,000) 31,000
Provision for credit losses 1,545,000    
Provision for credit loss - loans   6,144,000 10,405,000
Ending balance 54,597,000 42,780,000 53,216,000
Residential Real Estate Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect Period of Adoption Adjustment [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance   16,680,000  
Commercial and Industrial [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance 46,530,000 16,615,000 54,400,000
Loans charged off (2,279,000) (2,804,000) (4,960,000)
Recoveries of loans previously charged off 76,000 65,000 153,000
Net loans (charged off) recovered (2,203,000) (2,739,000) (4,807,000)
Provision for credit losses 5,497,000    
Provision for credit loss - loans   28,940,000 (3,063,000)
Ending balance 49,824,000 54,400,000 46,530,000
Commercial and Industrial [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect Period of Adoption Adjustment [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance   11,584,000  
Construction/Land Development Loan [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance 32,861,000 26,433,000 34,411,000
Loans charged off   (45,000) (1,173,000)
Recoveries of loans previously charged off 22,000 10,000 97,000
Net loans (charged off) recovered 22,000 (35,000) (1,076,000)
Provision for credit losses (9,946,000)    
Provision for credit loss - loans   13,309,000 (474,000)
Ending balance 22,937,000 34,411,000 32,861,000
Construction/Land Development Loan [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect Period of Adoption Adjustment [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance   (5,296,000)  
Other Commercial Real Estate [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance 88,453,000 33,529,000 72,655,000
Loans charged off (19,000) (519,000) (2,522,000)
Recoveries of loans previously charged off 14,000 250,000 397,000
Net loans (charged off) recovered (5,000) (269,000) (2,125,000)
Provision for credit losses 5,421,000    
Provision for credit loss - loans   23,483,000 17,923,000
Ending balance 93,869,000 72,655,000 88,453,000
Other Commercial Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect Period of Adoption Adjustment [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance   15,912,000  
Consumer & Other [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance 24,413,000 5,410,000 24,677,000
Allowance for credit losses on PCD loans   357,000  
Loans charged off (523,000) (558,000) (1,420,000)
Recoveries of loans previously charged off 332,000 255,000 506,000
Net loans (charged off) recovered (191,000) (303,000) (914,000)
Provision for credit losses (2,517,000)    
Provision for credit loss - loans   4,796,000 650,000
Provision for credit loss - acquired loans   9,309,000  
Ending balance $ 21,705,000 24,677,000 $ 24,413,000
Consumer & Other [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect Period of Adoption Adjustment [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance   $ 5,108,000  
v3.21.1
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
Mar. 31, 2021
Dec. 31, 2020
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual $ 59,142 $ 64,528
Nonaccrual with reserve 19,911 11,883
Loans Past Due Over 90 Days Still Accruing 4,209 9,610
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member]    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 19,945 20,947
Nonaccrual with reserve 9,085 6,794
Loans Past Due Over 90 Days Still Accruing 2,718 6,088
Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member]    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 1,252 1,381
Nonaccrual with reserve 7,826 2,089
Loans Past Due Over 90 Days Still Accruing 1 1,296
Commercial Real Estate Loans [Member] | Agricultural [Member]    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 862 879
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member]    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 19,166 19,334
Nonaccrual with reserve 3,000 3,000
Loans Past Due Over 90 Days Still Accruing 1,180 1,821
Residential Real Estate Loans [Member] | Multifamily Residential [Member]    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 172 173
Total Real Estate [Member]    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 41,397 42,714
Nonaccrual with reserve 19,911 11,883
Loans Past Due Over 90 Days Still Accruing 3,899 9,205
Consumer [Member]    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 1,902 3,506
Loans Past Due Over 90 Days Still Accruing 230 174
Commercial and Industrial [Member]    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual 14,755 17,251
Loans Past Due Over 90 Days Still Accruing 80 231
Agricultural and Other [Member]    
Financing Receivable Nonaccrual Status [Line Items]    
Nonaccrual $ 1,088 $ 1,057
v3.21.1
Allowance for Credit Losses, Credit Quality and Other - Amortized Cost Basis of Collateral-dependent Impaired Loans (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost $ 363,300 $ 112,700
Commercial Real Estate [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 313,395 54,320
Residential Real Estate [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 27,631 32,586
Other [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 22,311 25,778
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member] | Commercial Real Estate [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 307,946 47,429
Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member] | Commercial Real Estate [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 4,587 6,012
Commercial Real Estate Loans [Member] | Agricultural [Member] | Commercial Real Estate [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 862 879
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member] | Residential Real Estate [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 27,459 32,413
Residential Real Estate Loans [Member] | Multifamily Residential [Member] | Residential Real Estate [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 172 173
Total Real Estate [Member] | Commercial Real Estate [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 313,395 54,320
Total Real Estate [Member] | Residential Real Estate [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 27,631 32,586
Consumer [Member] | Other [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 2,146 3,694
Commercial and Industrial [Member] | Other [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost 19,077 21,027
Agricultural and Other [Member] | Other [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Amortized cost $ 1,088 $ 1,057
v3.21.1
Allowance for Credit Losses, Credit Quality and Other - Summary of Aging Analysis for Loans Receivable (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due $ 82,855 $ 101,551
Current Loans 10,695,638 11,119,170
Total Loans Receivable 10,778,493 11,220,721
Accruing Loans Past Due 90 Days or More 4,209 9,610
Loans Past Due 30-59 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 13,931 14,484
Loans Past Due 60-89 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 5,573 12,929
Loans Past Due 90 Days or More [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 63,351 74,138
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 30,241 30,959
Current Loans 4,258,901 4,398,101
Total Loans Receivable 4,289,142 4,429,060
Accruing Loans Past Due 90 Days or More 2,718 6,088
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member] | Loans Past Due 30-59 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 4,540 3,856
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member] | Loans Past Due 60-89 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 3,038 68
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member] | Loans Past Due 90 Days or More [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 22,663 27,035
Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 1,850 2,899
Current Loans 1,611,123 1,559,399
Total Loans Receivable 1,612,973 1,562,298
Accruing Loans Past Due 90 Days or More 1 1,296
Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member] | Loans Past Due 30-59 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 562 178
Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member] | Loans Past Due 60-89 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 35 44
Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member] | Loans Past Due 90 Days or More [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 1,253 2,677
Commercial Real Estate Loans [Member] | Agricultural [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 992 1,401
Current Loans 112,390 113,030
Total Loans Receivable 113,382 114,431
Commercial Real Estate Loans [Member] | Agricultural [Member] | Loans Past Due 30-59 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due   522
Commercial Real Estate Loans [Member] | Agricultural [Member] | Loans Past Due 60-89 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 130  
Commercial Real Estate Loans [Member] | Agricultural [Member] | Loans Past Due 90 Days or More [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 862 879
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 27,845 33,775
Current Loans 1,409,701 1,502,482
Total Loans Receivable 1,437,546 1,536,257
Accruing Loans Past Due 90 Days or More 1,180 1,821
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member] | Loans Past Due 30-59 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 6,022 4,833
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member] | Loans Past Due 60-89 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 1,477 7,787
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member] | Loans Past Due 90 Days or More [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 20,346 21,155
Residential Real Estate Loans [Member] | Multifamily Residential [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 172 284
Current Loans 377,489 536,254
Total Loans Receivable 377,661 536,538
Residential Real Estate Loans [Member] | Multifamily Residential [Member] | Loans Past Due 30-59 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due   111
Residential Real Estate Loans [Member] | Multifamily Residential [Member] | Loans Past Due 90 Days or More [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 172 173
Total Real Estate [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 61,100 69,318
Current Loans 7,769,604 8,109,266
Total Loans Receivable 7,830,704 8,178,584
Accruing Loans Past Due 90 Days or More 3,899 9,205
Total Real Estate [Member] | Loans Past Due 30-59 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 11,124 9,500
Total Real Estate [Member] | Loans Past Due 60-89 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 4,680 7,899
Total Real Estate [Member] | Loans Past Due 90 Days or More [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 45,296 51,919
Consumer [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 3,572 7,381
Current Loans 836,247 857,309
Total Loans Receivable 839,819 864,690
Accruing Loans Past Due 90 Days or More 230 174
Consumer [Member] | Loans Past Due 30-59 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 984 2,899
Consumer [Member] | Loans Past Due 60-89 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 456 802
Consumer [Member] | Loans Past Due 90 Days or More [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 2,132 3,680
Commercial and Industrial [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 16,318 18,957
Current Loans 1,778,469 1,877,485
Total Loans Receivable 1,794,787 1,896,442
Accruing Loans Past Due 90 Days or More 80 231
Commercial and Industrial [Member] | Loans Past Due 30-59 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 1,132 960
Commercial and Industrial [Member] | Loans Past Due 60-89 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 351 515
Commercial and Industrial [Member] | Loans Past Due 90 Days or More [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 14,835 17,482
Agricultural and Other [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 1,865 5,895
Current Loans 311,318 275,110
Total Loans Receivable 313,183 281,005
Agricultural and Other [Member] | Loans Past Due 30-59 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 691 1,125
Agricultural and Other [Member] | Loans Past Due 60-89 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due 86 3,713
Agricultural and Other [Member] | Loans Past Due 90 Days or More [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total Past Due $ 1,088 $ 1,057
v3.21.1
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
Mar. 31, 2021
Dec. 31, 2020
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 $ 592,471 $ 2,139,414
Term Loans Amortized Cost Basis by Origination Year 2020 1,799,816 1,890,351
Term Loans Amortized Cost Basis by Origination Year 2019 1,782,389 1,766,304
Term Loans Amortized Cost Basis by Origination Year 2018 1,621,334 1,149,024
Term Loans Amortized Cost Basis by Origination Year 2017 962,752 973,616
Term Loans Amortized Cost Basis by Origination Year, Prior 2,995,848 2,265,964
Revolving Loans Amortized Cost Basis 1,023,883 1,036,048
Total 10,778,493 11,220,721
Commercial Real Estate Loans [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 89,224 715,849
Term Loans Amortized Cost Basis by Origination Year 2020 780,823 1,106,817
Term Loans Amortized Cost Basis by Origination Year 2019 1,108,298 971,679
Term Loans Amortized Cost Basis by Origination Year 2018 892,312 668,877
Term Loans Amortized Cost Basis by Origination Year 2017 612,426 653,276
Term Loans Amortized Cost Basis by Origination Year, Prior 2,033,933 1,505,545
Revolving Loans Amortized Cost Basis 498,481 483,746
Total 6,015,497 6,105,789
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 45,072 339,067
Term Loans Amortized Cost Basis by Origination Year 2020 330,928 497,640
Term Loans Amortized Cost Basis by Origination Year 2019 501,020 777,509
Term Loans Amortized Cost Basis by Origination Year 2018 739,443 560,608
Term Loans Amortized Cost Basis by Origination Year 2017 513,168 600,924
Term Loans Amortized Cost Basis by Origination Year, Prior 1,857,194 1,368,279
Revolving Loans Amortized Cost Basis 302,317 285,033
Total 4,289,142 4,429,060
Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 42,002 341,166
Term Loans Amortized Cost Basis by Origination Year 2020 415,728 599,757
Term Loans Amortized Cost Basis by Origination Year 2019 598,420 183,845
Term Loans Amortized Cost Basis by Origination Year 2018 143,128 102,191
Term Loans Amortized Cost Basis by Origination Year 2017 92,734 42,918
Term Loans Amortized Cost Basis by Origination Year, Prior 131,246 99,911
Revolving Loans Amortized Cost Basis 189,715 192,510
Total 1,612,973 1,562,298
Commercial Real Estate Loans [Member] | Agricultural [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 2,150 35,616
Term Loans Amortized Cost Basis by Origination Year 2020 34,167 9,420
Term Loans Amortized Cost Basis by Origination Year 2019 8,858 10,325
Term Loans Amortized Cost Basis by Origination Year 2018 9,741 6,078
Term Loans Amortized Cost Basis by Origination Year 2017 6,524 9,434
Term Loans Amortized Cost Basis by Origination Year, Prior 45,493 37,355
Revolving Loans Amortized Cost Basis 6,449 6,203
Total 113,382 114,431
Residential Real Estate Loans [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 161 19,510
Term Loans Amortized Cost Basis by Origination Year 2020 19,939 66,533
Term Loans Amortized Cost Basis by Origination Year 2019 27,503 188,468
Term Loans Amortized Cost Basis by Origination Year 2018 157,021 105,846
Term Loans Amortized Cost Basis by Origination Year 2017 23,038 10,016
Term Loans Amortized Cost Basis by Origination Year, Prior 105,733 102,493
Revolving Loans Amortized Cost Basis 44,266 43,672
Total 377,661 536,538
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 86,535 243,171
Term Loans Amortized Cost Basis by Origination Year 2020 181,454 203,314
Term Loans Amortized Cost Basis by Origination Year 2019 190,599 186,264
Term Loans Amortized Cost Basis by Origination Year 2018 170,783 166,567
Term Loans Amortized Cost Basis by Origination Year 2017 151,189 139,471
Term Loans Amortized Cost Basis by Origination Year, Prior 512,100 435,570
Revolving Loans Amortized Cost Basis 144,886 161,900
Total 1,437,546 1,536,257
Residential Real Estate Loans [Member] | Multifamily Residential [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 161 19,510
Term Loans Amortized Cost Basis by Origination Year 2020 19,939 66,533
Term Loans Amortized Cost Basis by Origination Year 2019 27,503 188,468
Term Loans Amortized Cost Basis by Origination Year 2018 157,021 105,846
Term Loans Amortized Cost Basis by Origination Year 2017 23,038 10,016
Term Loans Amortized Cost Basis by Origination Year, Prior 105,733 102,493
Revolving Loans Amortized Cost Basis 44,266 43,672
Total 377,661 536,538
Total Real Estate [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 175,920 978,530
Term Loans Amortized Cost Basis by Origination Year 2020 982,216 1,376,664
Term Loans Amortized Cost Basis by Origination Year 2019 1,326,400 1,346,411
Term Loans Amortized Cost Basis by Origination Year 2018 1,220,116 941,290
Term Loans Amortized Cost Basis by Origination Year 2017 786,653 802,763
Term Loans Amortized Cost Basis by Origination Year, Prior 2,651,766 2,043,608
Revolving Loans Amortized Cost Basis 687,633 689,318
Total 7,830,704 8,178,584
Consumer [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 54,479 236,433
Term Loans Amortized Cost Basis by Origination Year 2020 222,957 199,053
Term Loans Amortized Cost Basis by Origination Year 2019 181,094 158,530
Term Loans Amortized Cost Basis by Origination Year 2018 147,156 99,909
Term Loans Amortized Cost Basis by Origination Year 2017 87,175 73,404
Term Loans Amortized Cost Basis by Origination Year, Prior 132,586 75,091
Revolving Loans Amortized Cost Basis 14,372 22,270
Total 839,819 864,690
Commercial and Industrial [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 325,539 785,839
Term Loans Amortized Cost Basis by Origination Year 2020 488,357 297,707
Term Loans Amortized Cost Basis by Origination Year 2019 259,119 254,650
Term Loans Amortized Cost Basis by Origination Year 2018 247,652 101,684
Term Loans Amortized Cost Basis by Origination Year 2017 82,990 77,776
Term Loans Amortized Cost Basis by Origination Year, Prior 152,109 103,522
Revolving Loans Amortized Cost Basis 239,021 275,264
Total 1,794,787 1,896,442
Agricultural and Other [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 36,533 138,612
Term Loans Amortized Cost Basis by Origination Year 2020 106,286 16,927
Term Loans Amortized Cost Basis by Origination Year 2019 15,776 6,713
Term Loans Amortized Cost Basis by Origination Year 2018 6,410 6,141
Term Loans Amortized Cost Basis by Origination Year 2017 5,934 19,673
Term Loans Amortized Cost Basis by Origination Year, Prior 59,387 43,743
Revolving Loans Amortized Cost Basis 82,857 49,196
Total 313,183 281,005
Risk Rated 1 [Member] | Residential Real Estate Loans [Member] | Residential 1-4 Family [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2020   47
Term Loans Amortized Cost Basis by Origination Year 2019 47  
Term Loans Amortized Cost Basis by Origination Year 2017   76
Term Loans Amortized Cost Basis by Origination Year, Prior 86 12
Revolving Loans Amortized Cost Basis 118 120
Total 251 255
Risk Rated 1 [Member] | Consumer [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 735 3,389
Term Loans Amortized Cost Basis by Origination Year 2020 2,721 2,375
Term Loans Amortized Cost Basis by Origination Year 2019 1,988 1,596
Term Loans Amortized Cost Basis by Origination Year 2018 1,418 485
Term Loans Amortized Cost Basis by Origination Year 2017 361 828
Term Loans Amortized Cost Basis by Origination Year, Prior 2,088 1,428
Revolving Loans Amortized Cost Basis 1,864 1,957
Total 11,175 12,058
Risk Rated 1 [Member] | Commercial and Industrial [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 270,945 632,735
Term Loans Amortized Cost Basis by Origination Year 2020 342,512 506
Term Loans Amortized Cost Basis by Origination Year 2019 421 271
Term Loans Amortized Cost Basis by Origination Year 2018 233 183
Term Loans Amortized Cost Basis by Origination Year 2017 175 20,199
Term Loans Amortized Cost Basis by Origination Year, Prior 21,627 1,445
Revolving Loans Amortized Cost Basis 11,177 10,023
Total 647,090 665,362
Risk Rated 1 [Member] | Agricultural and Other [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 18,659 59,248
Term Loans Amortized Cost Basis by Origination Year 2020 35,633 51
Term Loans Amortized Cost Basis by Origination Year 2019 49 53
Term Loans Amortized Cost Basis by Origination Year 2018 53  
Term Loans Amortized Cost Basis by Origination Year 2017   110
Term Loans Amortized Cost Basis by Origination Year, Prior 131 27
Revolving Loans Amortized Cost Basis 1,260 1,036
Total 55,785 60,525
Risk Rated 2 [Member] | Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Revolving Loans Amortized Cost Basis 25 25
Total 25 25
Risk Rated 2 [Member] | Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, Prior 243 283
Total 243 283
Risk Rated 2 [Member] | Residential Real Estate Loans [Member] | Residential 1-4 Family [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, Prior 62 423
Revolving Loans Amortized Cost Basis 1 1,540
Total 63 1,963
Risk Rated 2 [Member] | Consumer [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2020   47
Term Loans Amortized Cost Basis by Origination Year 2019 47 931
Term Loans Amortized Cost Basis by Origination Year 2018 759  
Term Loans Amortized Cost Basis by Origination Year, Prior 11 12
Revolving Loans Amortized Cost Basis 57 57
Total 874 1,047
Risk Rated 2 [Member] | Commercial and Industrial [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 30 29
Term Loans Amortized Cost Basis by Origination Year 2020 25 187
Term Loans Amortized Cost Basis by Origination Year 2019 180 2
Term Loans Amortized Cost Basis by Origination Year 2018   96
Term Loans Amortized Cost Basis by Origination Year 2017 93 67
Term Loans Amortized Cost Basis by Origination Year, Prior 579 623
Revolving Loans Amortized Cost Basis 297 268
Total 1,204 1,272
Risk Rated 2 [Member] | Agricultural and Other [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021   16
Term Loans Amortized Cost Basis by Origination Year 2020 15 4,571
Term Loans Amortized Cost Basis by Origination Year 2019 4,571  
Term Loans Amortized Cost Basis by Origination Year, Prior 2,118 2,859
Revolving Loans Amortized Cost Basis 1,106 1,159
Total 7,810 8,605
Risk Rated 3 [Member] | Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 44,038 301,237
Term Loans Amortized Cost Basis by Origination Year 2020 293,351 340,562
Term Loans Amortized Cost Basis by Origination Year 2019 332,244 546,670
Term Loans Amortized Cost Basis by Origination Year 2018 449,435 286,173
Term Loans Amortized Cost Basis by Origination Year 2017 268,007 289,483
Term Loans Amortized Cost Basis by Origination Year, Prior 1,188,602 942,449
Revolving Loans Amortized Cost Basis 261,698 266,867
Total 2,837,375 2,973,441
Risk Rated 3 [Member] | Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 31,274 211,567
Term Loans Amortized Cost Basis by Origination Year 2020 241,608 181,257
Term Loans Amortized Cost Basis by Origination Year 2019 144,498 91,323
Term Loans Amortized Cost Basis by Origination Year 2018 68,865 33,986
Term Loans Amortized Cost Basis by Origination Year 2017 29,756 25,600
Term Loans Amortized Cost Basis by Origination Year, Prior 73,258 54,245
Revolving Loans Amortized Cost Basis 134,788 115,120
Total 724,047 713,098
Risk Rated 3 [Member] | Commercial Real Estate Loans [Member] | Agricultural [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 2,084 33,428
Term Loans Amortized Cost Basis by Origination Year 2020 31,979 8,885
Term Loans Amortized Cost Basis by Origination Year 2019 8,338 9,119
Term Loans Amortized Cost Basis by Origination Year 2018 8,549 5,397
Term Loans Amortized Cost Basis by Origination Year 2017 5,648 3,935
Term Loans Amortized Cost Basis by Origination Year, Prior 27,993 25,159
Revolving Loans Amortized Cost Basis 5,601 5,538
Total 90,192 91,461
Risk Rated 3 [Member] | Residential Real Estate Loans [Member] | Residential 1-4 Family [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 86,245 237,991
Term Loans Amortized Cost Basis by Origination Year 2020 175,228 184,578
Term Loans Amortized Cost Basis by Origination Year 2019 175,063 151,478
Term Loans Amortized Cost Basis by Origination Year 2018 141,871 139,096
Term Loans Amortized Cost Basis by Origination Year 2017 125,404 119,642
Term Loans Amortized Cost Basis by Origination Year, Prior 411,607 343,381
Revolving Loans Amortized Cost Basis 106,087 119,186
Total 1,221,505 1,295,352
Risk Rated 3 [Member] | Residential Real Estate Loans [Member] | Multifamily Residential [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 161 19,033
Term Loans Amortized Cost Basis by Origination Year 2020 19,461 60,175
Term Loans Amortized Cost Basis by Origination Year 2019 23,518 87,104
Term Loans Amortized Cost Basis by Origination Year 2018 55,875 11,477
Term Loans Amortized Cost Basis by Origination Year 2017 10,815 8,092
Term Loans Amortized Cost Basis by Origination Year, Prior 59,652 59,592
Revolving Loans Amortized Cost Basis 6,467 6,386
Total 175,949 251,859
Risk Rated 3 [Member] | Consumer [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 53,370 229,189
Term Loans Amortized Cost Basis by Origination Year 2020 218,205 192,054
Term Loans Amortized Cost Basis by Origination Year 2019 174,945 152,646
Term Loans Amortized Cost Basis by Origination Year 2018 142,314 97,812
Term Loans Amortized Cost Basis by Origination Year 2017 86,467 68,585
Term Loans Amortized Cost Basis by Origination Year, Prior 125,075 68,871
Revolving Loans Amortized Cost Basis 12,315 20,094
Total 812,691 829,251
Risk Rated 3 [Member] | Commercial and Industrial [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 20,700 80,586
Term Loans Amortized Cost Basis by Origination Year 2020 92,131 131,717
Term Loans Amortized Cost Basis by Origination Year 2019 117,920 62,814
Term Loans Amortized Cost Basis by Origination Year 2018 64,027 35,651
Term Loans Amortized Cost Basis by Origination Year 2017 35,759 39,502
Term Loans Amortized Cost Basis by Origination Year, Prior 74,584 52,743
Revolving Loans Amortized Cost Basis 132,787 135,590
Total 537,908 538,603
Risk Rated 3 [Member] | Agricultural and Other [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 15,492 78,305
Term Loans Amortized Cost Basis by Origination Year 2020 70,196 7,045
Term Loans Amortized Cost Basis by Origination Year 2019 6,601 5,050
Term Loans Amortized Cost Basis by Origination Year 2018 4,780 5,045
Term Loans Amortized Cost Basis by Origination Year 2017 4,819 18,445
Term Loans Amortized Cost Basis by Origination Year, Prior 52,180 36,925
Revolving Loans Amortized Cost Basis 28,287 42,401
Total 182,355 193,216
Risk Rated 4 [Member] | Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 1,034 27,239
Term Loans Amortized Cost Basis by Origination Year 2020 26,988 139,354
Term Loans Amortized Cost Basis by Origination Year 2019 151,064 161,461
Term Loans Amortized Cost Basis by Origination Year 2018 202,071 265,684
Term Loans Amortized Cost Basis by Origination Year 2017 192,571 197,979
Term Loans Amortized Cost Basis by Origination Year, Prior 393,141 300,055
Revolving Loans Amortized Cost Basis 40,386 17,305
Total 1,007,255 1,109,077
Risk Rated 4 [Member] | Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 10,728 129,599
Term Loans Amortized Cost Basis by Origination Year 2020 174,120 417,737
Term Loans Amortized Cost Basis by Origination Year 2019 452,731 92,032
Term Loans Amortized Cost Basis by Origination Year 2018 73,793 46,249
Term Loans Amortized Cost Basis by Origination Year 2017 41,076 17,161
Term Loans Amortized Cost Basis by Origination Year, Prior 46,437 32,060
Revolving Loans Amortized Cost Basis 54,926 76,845
Total 853,811 811,683
Risk Rated 4 [Member] | Commercial Real Estate Loans [Member] | Agricultural [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 66 2,141
Term Loans Amortized Cost Basis by Origination Year 2020 2,142 535
Term Loans Amortized Cost Basis by Origination Year 2019 520 1,206
Term Loans Amortized Cost Basis by Origination Year 2018 1,192 681
Term Loans Amortized Cost Basis by Origination Year 2017 876 5,499
Term Loans Amortized Cost Basis by Origination Year, Prior 16,066 10,735
Revolving Loans Amortized Cost Basis 848 665
Total 21,710 21,462
Risk Rated 4 [Member] | Residential Real Estate Loans [Member] | Residential 1-4 Family [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021   4,626
Term Loans Amortized Cost Basis by Origination Year 2020 4,250 12,716
Term Loans Amortized Cost Basis by Origination Year 2019 11,630 32,594
Term Loans Amortized Cost Basis by Origination Year 2018 26,214 20,687
Term Loans Amortized Cost Basis by Origination Year 2017 19,651 16,148
Term Loans Amortized Cost Basis by Origination Year, Prior 74,481 68,328
Revolving Loans Amortized Cost Basis 30,766 30,137
Total 166,992 185,236
Risk Rated 4 [Member] | Residential Real Estate Loans [Member] | Multifamily Residential [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021   477
Term Loans Amortized Cost Basis by Origination Year 2020 478 6,358
Term Loans Amortized Cost Basis by Origination Year 2019 3,985 101,364
Term Loans Amortized Cost Basis by Origination Year 2018 101,146 93,475
Term Loans Amortized Cost Basis by Origination Year 2017 11,328 1,924
Term Loans Amortized Cost Basis by Origination Year, Prior 20,981 17,672
Revolving Loans Amortized Cost Basis 37,799 37,286
Total 175,717 258,556
Risk Rated 4 [Member] | Consumer [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 374 3,699
Term Loans Amortized Cost Basis by Origination Year 2020 1,882 3,479
Term Loans Amortized Cost Basis by Origination Year 2019 3,717 2,769
Term Loans Amortized Cost Basis by Origination Year 2018 2,082 1,411
Term Loans Amortized Cost Basis by Origination Year 2017 148 1,371
Term Loans Amortized Cost Basis by Origination Year, Prior 3,236 1,991
Revolving Loans Amortized Cost Basis 92 117
Total 11,531 14,837
Risk Rated 4 [Member] | Commercial and Industrial [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 33,864 68,032
Term Loans Amortized Cost Basis by Origination Year 2020 35,042 144,867
Term Loans Amortized Cost Basis by Origination Year 2019 119,236 149,445
Term Loans Amortized Cost Basis by Origination Year 2018 143,526 42,416
Term Loans Amortized Cost Basis by Origination Year 2017 37,659 15,138
Term Loans Amortized Cost Basis by Origination Year, Prior 45,436 43,065
Revolving Loans Amortized Cost Basis 81,276 115,341
Total 496,039 578,304
Risk Rated 4 [Member] | Agricultural and Other [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 2,382 1,043
Term Loans Amortized Cost Basis by Origination Year 2020 442 5,041
Term Loans Amortized Cost Basis by Origination Year 2019 4,525 1,592
Term Loans Amortized Cost Basis by Origination Year 2018 1,560 1,096
Term Loans Amortized Cost Basis by Origination Year 2017 1,081 895
Term Loans Amortized Cost Basis by Origination Year, Prior 2,597 1,703
Revolving Loans Amortized Cost Basis 52,147 4,600
Total 64,734 15,970
Risk Rated 5 [Member] | Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021   10,591
Term Loans Amortized Cost Basis by Origination Year 2020 10,589 16,865
Term Loans Amortized Cost Basis by Origination Year 2019 2,083 67,089
Term Loans Amortized Cost Basis by Origination Year 2018 86,174 7,764
Term Loans Amortized Cost Basis by Origination Year 2017 38,542 108,885
Term Loans Amortized Cost Basis by Origination Year, Prior 228,508 84,609
Revolving Loans Amortized Cost Basis 124 750
Total 366,020 296,553
Risk Rated 5 [Member] | Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2019 457 392
Term Loans Amortized Cost Basis by Origination Year 2018 388 21,892
Term Loans Amortized Cost Basis by Origination Year 2017 21,902  
Term Loans Amortized Cost Basis by Origination Year, Prior 1,224 1,227
Revolving Loans Amortized Cost Basis 1 545
Total 23,972 24,056
Risk Rated 5 [Member] | Commercial Real Estate Loans [Member] | Agricultural [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, Prior 116 116
Total 116 116
Risk Rated 5 [Member] | Residential Real Estate Loans [Member] | Residential 1-4 Family [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2019 1,178 1,363
Term Loans Amortized Cost Basis by Origination Year 2018 1,359 4,700
Term Loans Amortized Cost Basis by Origination Year 2017 4,662 383
Term Loans Amortized Cost Basis by Origination Year, Prior 6,334 5,344
Revolving Loans Amortized Cost Basis 964 516
Total 14,497 12,306
Risk Rated 5 [Member] | Residential Real Estate Loans [Member] | Multifamily Residential [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, Prior 24,928 24,945
Total 24,928 24,945
Risk Rated 5 [Member] | Consumer [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021   144
Term Loans Amortized Cost Basis by Origination Year 2020 120 737
Term Loans Amortized Cost Basis by Origination Year 2019   22
Term Loans Amortized Cost Basis by Origination Year 2018 105 198
Term Loans Amortized Cost Basis by Origination Year 2017 198 568
Term Loans Amortized Cost Basis by Origination Year, Prior 788 321
Total 1,211 1,990
Risk Rated 5 [Member] | Commercial and Industrial [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021   3,195
Term Loans Amortized Cost Basis by Origination Year 2020 3,143 16,341
Term Loans Amortized Cost Basis by Origination Year 2019 16,592 11,283
Term Loans Amortized Cost Basis by Origination Year 2018 11,257 346
Term Loans Amortized Cost Basis by Origination Year 2017 6,097 251
Term Loans Amortized Cost Basis by Origination Year, Prior 3,653 448
Revolving Loans Amortized Cost Basis 10,526 10,637
Total 51,268 42,501
Risk Rated 5 [Member] | Agricultural and Other [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, Prior 605 605
Total 605 605
Risk Rated 6 [Member] | Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2020   859
Term Loans Amortized Cost Basis by Origination Year 2019 15,629 2,289
Term Loans Amortized Cost Basis by Origination Year 2018 1,763 987
Term Loans Amortized Cost Basis by Origination Year 2017 14,048 4,577
Term Loans Amortized Cost Basis by Origination Year, Prior 46,292 40,600
Revolving Loans Amortized Cost Basis 84 86
Total 77,816 49,398
Risk Rated 6 [Member] | Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2020   763
Term Loans Amortized Cost Basis by Origination Year 2019 734 98
Term Loans Amortized Cost Basis by Origination Year 2018 82 63
Term Loans Amortized Cost Basis by Origination Year 2017   157
Term Loans Amortized Cost Basis by Origination Year, Prior 10,084 12,065
Total 10,900 13,146
Risk Rated 6 [Member] | Commercial Real Estate Loans [Member] | Agricultural [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021   47
Term Loans Amortized Cost Basis by Origination Year 2020 46  
Term Loans Amortized Cost Basis by Origination Year, Prior 1,318 1,345
Total 1,364 1,392
Risk Rated 6 [Member] | Residential Real Estate Loans [Member] | Residential 1-4 Family [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 290 554
Term Loans Amortized Cost Basis by Origination Year 2020 1,976 5,973
Term Loans Amortized Cost Basis by Origination Year 2019 2,681 829
Term Loans Amortized Cost Basis by Origination Year 2018 1,339 2,084
Term Loans Amortized Cost Basis by Origination Year 2017 1,466 3,222
Term Loans Amortized Cost Basis by Origination Year, Prior 19,512 18,074
Revolving Loans Amortized Cost Basis 6,950 10,257
Total 34,214 40,993
Risk Rated 6 [Member] | Residential Real Estate Loans [Member] | Multifamily Residential [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2018   894
Term Loans Amortized Cost Basis by Origination Year 2017 895  
Term Loans Amortized Cost Basis by Origination Year, Prior 172 284
Total 1,067 1,178
Risk Rated 6 [Member] | Consumer [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021   12
Term Loans Amortized Cost Basis by Origination Year 2020 29 361
Term Loans Amortized Cost Basis by Origination Year 2019 397 566
Term Loans Amortized Cost Basis by Origination Year 2018 478 3
Term Loans Amortized Cost Basis by Origination Year 2017 1 2,052
Term Loans Amortized Cost Basis by Origination Year, Prior 1,388 2,468
Revolving Loans Amortized Cost Basis 44 45
Total 2,337 5,507
Risk Rated 6 [Member] | Commercial and Industrial [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021   1,261
Term Loans Amortized Cost Basis by Origination Year 2020 15,502 4,086
Term Loans Amortized Cost Basis by Origination Year 2019 4,767 30,834
Term Loans Amortized Cost Basis by Origination Year 2018 28,608 22,992
Term Loans Amortized Cost Basis by Origination Year 2017 3,207 2,615
Term Loans Amortized Cost Basis by Origination Year, Prior 6,221 5,198
Revolving Loans Amortized Cost Basis 2,955 3,405
Total 61,260 70,391
Risk Rated 6 [Member] | Agricultural and Other [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2020   219
Term Loans Amortized Cost Basis by Origination Year 2019 30 18
Term Loans Amortized Cost Basis by Origination Year 2018 17  
Term Loans Amortized Cost Basis by Origination Year 2017 34 223
Term Loans Amortized Cost Basis by Origination Year, Prior 1,756 1,624
Revolving Loans Amortized Cost Basis 57  
Total 1,894 2,084
Risk Rated 7 [Member] | Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, Prior 557 552
Total 557 552
Risk Rated 7 [Member] | Commercial and Industrial [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2020   3
Term Loans Amortized Cost Basis by Origination Year 2019 2  
Total 2 3
Risk Rated 8 [Member] | Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, Prior 94 14
Total 94 14
Risk Rated 8 [Member] | Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2018   1
Term Loans Amortized Cost Basis by Origination Year, Prior   31
Total   32
Risk Rated 8 [Member] | Residential Real Estate Loans [Member] | Residential 1-4 Family [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2017 6  
Term Loans Amortized Cost Basis by Origination Year, Prior 18 8
Revolving Loans Amortized Cost Basis   144
Total 24 152
Risk Rated 8 [Member] | Commercial and Industrial [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021   1
Term Loans Amortized Cost Basis by Origination Year 2020 2  
Term Loans Amortized Cost Basis by Origination Year 2019 1 1
Term Loans Amortized Cost Basis by Origination Year 2018 1  
Term Loans Amortized Cost Basis by Origination Year 2017   4
Term Loans Amortized Cost Basis by Origination Year, Prior 9  
Revolving Loans Amortized Cost Basis 3  
Total $ 16 $ 6
v3.21.1
Allowance for Credit Losses, Credit Quality and Other - Summary of Amortized Cost of Performing and Nonperforming Loans (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 $ 592,471 $ 2,139,414
Term Loans Amortized Cost Basis by Origination Year 2020 1,799,816 1,890,351
Term Loans Amortized Cost Basis by Origination Year 2019 1,782,389 1,766,304
Term Loans Amortized Cost Basis by Origination Year 2018 1,621,334 1,149,024
Term Loans Amortized Cost Basis by Origination Year 2017 962,752 973,616
Term Loans Amortized Cost Basis by Origination Year, Prior 2,995,848 2,265,964
Revolving Loans Amortized Cost Basis 1,023,883 1,036,048
Total 10,778,493 11,220,721
Commercial Real Estate Loans [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 89,224 715,849
Term Loans Amortized Cost Basis by Origination Year 2020 780,823 1,106,817
Term Loans Amortized Cost Basis by Origination Year 2019 1,108,298 971,679
Term Loans Amortized Cost Basis by Origination Year 2018 892,312 668,877
Term Loans Amortized Cost Basis by Origination Year 2017 612,426 653,276
Term Loans Amortized Cost Basis by Origination Year, Prior 2,033,933 1,505,545
Revolving Loans Amortized Cost Basis 498,481 483,746
Total 6,015,497 6,105,789
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 45,072 339,067
Term Loans Amortized Cost Basis by Origination Year 2020 330,928 497,640
Term Loans Amortized Cost Basis by Origination Year 2019 501,020 777,509
Term Loans Amortized Cost Basis by Origination Year 2018 739,443 560,608
Term Loans Amortized Cost Basis by Origination Year 2017 513,168 600,924
Term Loans Amortized Cost Basis by Origination Year, Prior 1,857,194 1,368,279
Revolving Loans Amortized Cost Basis 302,317 285,033
Total 4,289,142 4,429,060
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member] | Performing [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 45,072 339,067
Term Loans Amortized Cost Basis by Origination Year 2020 320,787 497,640
Term Loans Amortized Cost Basis by Origination Year 2019 486,244 775,220
Term Loans Amortized Cost Basis by Origination Year 2018 714,285 560,279
Term Loans Amortized Cost Basis by Origination Year 2017 476,750 598,074
Term Loans Amortized Cost Basis by Origination Year, Prior 1,635,825 1,326,404
Revolving Loans Amortized Cost Basis 302,233 284,947
Total 3,981,196 4,381,631
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member] | Non-performing [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2020 10,141  
Term Loans Amortized Cost Basis by Origination Year 2019 14,776 2,289
Term Loans Amortized Cost Basis by Origination Year 2018 25,158 329
Term Loans Amortized Cost Basis by Origination Year 2017 36,418 2,850
Term Loans Amortized Cost Basis by Origination Year, Prior 221,369 41,875
Revolving Loans Amortized Cost Basis 84 86
Total 307,946 47,429
Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 42,002 341,166
Term Loans Amortized Cost Basis by Origination Year 2020 415,728 599,757
Term Loans Amortized Cost Basis by Origination Year 2019 598,420 183,845
Term Loans Amortized Cost Basis by Origination Year 2018 143,128 102,191
Term Loans Amortized Cost Basis by Origination Year 2017 92,734 42,918
Term Loans Amortized Cost Basis by Origination Year, Prior 131,246 99,911
Revolving Loans Amortized Cost Basis 189,715 192,510
Total 1,612,973 1,562,298
Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member] | Performing [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 42,002 341,166
Term Loans Amortized Cost Basis by Origination Year 2020 415,728 598,995
Term Loans Amortized Cost Basis by Origination Year 2019 597,686 183,821
Term Loans Amortized Cost Basis by Origination Year 2018 143,105 102,127
Term Loans Amortized Cost Basis by Origination Year 2017 92,672 42,779
Term Loans Amortized Cost Basis by Origination Year, Prior 127,478 94,888
Revolving Loans Amortized Cost Basis 189,715 192,510
Total 1,608,386 1,556,286
Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member] | Non-performing [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2020   762
Term Loans Amortized Cost Basis by Origination Year 2019 734 24
Term Loans Amortized Cost Basis by Origination Year 2018 23 64
Term Loans Amortized Cost Basis by Origination Year 2017 62 139
Term Loans Amortized Cost Basis by Origination Year, Prior 3,768 5,023
Total 4,587 6,012
Commercial Real Estate Loans [Member] | Agricultural [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 2,150 35,616
Term Loans Amortized Cost Basis by Origination Year 2020 34,167 9,420
Term Loans Amortized Cost Basis by Origination Year 2019 8,858 10,325
Term Loans Amortized Cost Basis by Origination Year 2018 9,741 6,078
Term Loans Amortized Cost Basis by Origination Year 2017 6,524 9,434
Term Loans Amortized Cost Basis by Origination Year, Prior 45,493 37,355
Revolving Loans Amortized Cost Basis 6,449 6,203
Total 113,382 114,431
Commercial Real Estate Loans [Member] | Agricultural [Member] | Performing [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 2,150 35,616
Term Loans Amortized Cost Basis by Origination Year 2020 34,167 9,420
Term Loans Amortized Cost Basis by Origination Year 2019 8,858 10,325
Term Loans Amortized Cost Basis by Origination Year 2018 9,741 6,078
Term Loans Amortized Cost Basis by Origination Year 2017 6,524 9,434
Term Loans Amortized Cost Basis by Origination Year, Prior 44,631 36,476
Revolving Loans Amortized Cost Basis 6,449 6,203
Total 112,520 113,552
Commercial Real Estate Loans [Member] | Agricultural [Member] | Non-performing [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, Prior 862 879
Total 862 879
Residential Real Estate Loans [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 161 19,510
Term Loans Amortized Cost Basis by Origination Year 2020 19,939 66,533
Term Loans Amortized Cost Basis by Origination Year 2019 27,503 188,468
Term Loans Amortized Cost Basis by Origination Year 2018 157,021 105,846
Term Loans Amortized Cost Basis by Origination Year 2017 23,038 10,016
Term Loans Amortized Cost Basis by Origination Year, Prior 105,733 102,493
Revolving Loans Amortized Cost Basis 44,266 43,672
Total 377,661 536,538
Residential Real Estate Loans [Member] | Performing [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 161 19,510
Term Loans Amortized Cost Basis by Origination Year 2020 19,939 66,533
Term Loans Amortized Cost Basis by Origination Year 2019 27,503 188,468
Term Loans Amortized Cost Basis by Origination Year 2018 157,021 105,846
Term Loans Amortized Cost Basis by Origination Year 2017 23,038 10,016
Term Loans Amortized Cost Basis by Origination Year, Prior 105,561 102,320
Revolving Loans Amortized Cost Basis 44,266 43,672
Total 377,489 536,365
Residential Real Estate Loans [Member] | Non-performing [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year, Prior 172 173
Total 172 173
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 86,535 243,171
Term Loans Amortized Cost Basis by Origination Year 2020 181,454 203,314
Term Loans Amortized Cost Basis by Origination Year 2019 190,599 186,264
Term Loans Amortized Cost Basis by Origination Year 2018 170,783 166,567
Term Loans Amortized Cost Basis by Origination Year 2017 151,189 139,471
Term Loans Amortized Cost Basis by Origination Year, Prior 512,100 435,570
Revolving Loans Amortized Cost Basis 144,886 161,900
Total 1,437,546 1,536,257
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member] | Performing [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 86,535 242,505
Term Loans Amortized Cost Basis by Origination Year 2020 179,180 196,951
Term Loans Amortized Cost Basis by Origination Year 2019 188,053 185,316
Term Loans Amortized Cost Basis by Origination Year 2018 170,012 161,274
Term Loans Amortized Cost Basis by Origination Year 2017 146,071 137,840
Term Loans Amortized Cost Basis by Origination Year, Prior 501,478 425,056
Revolving Loans Amortized Cost Basis 138,758 154,902
Total 1,410,087 1,503,844
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member] | Non-performing [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021   666
Term Loans Amortized Cost Basis by Origination Year 2020 2,274 6,363
Term Loans Amortized Cost Basis by Origination Year 2019 2,546 948
Term Loans Amortized Cost Basis by Origination Year 2018 771 5,293
Term Loans Amortized Cost Basis by Origination Year 2017 5,118 1,631
Term Loans Amortized Cost Basis by Origination Year, Prior 10,622 10,514
Revolving Loans Amortized Cost Basis 6,128 6,998
Total 27,459 32,413
Total Real Estate [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 175,920 978,530
Term Loans Amortized Cost Basis by Origination Year 2020 982,216 1,376,664
Term Loans Amortized Cost Basis by Origination Year 2019 1,326,400 1,346,411
Term Loans Amortized Cost Basis by Origination Year 2018 1,220,116 941,290
Term Loans Amortized Cost Basis by Origination Year 2017 786,653 802,763
Term Loans Amortized Cost Basis by Origination Year, Prior 2,651,766 2,043,608
Revolving Loans Amortized Cost Basis 687,633 689,318
Total 7,830,704 8,178,584
Consumer [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 54,479 236,433
Term Loans Amortized Cost Basis by Origination Year 2020 222,957 199,053
Term Loans Amortized Cost Basis by Origination Year 2019 181,094 158,530
Term Loans Amortized Cost Basis by Origination Year 2018 147,156 99,909
Term Loans Amortized Cost Basis by Origination Year 2017 87,175 73,404
Term Loans Amortized Cost Basis by Origination Year, Prior 132,586 75,091
Revolving Loans Amortized Cost Basis 14,372 22,270
Total 839,819 864,690
Consumer [Member] | Performing [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 54,479 236,395
Term Loans Amortized Cost Basis by Origination Year 2020 222,930 198,737
Term Loans Amortized Cost Basis by Origination Year 2019 180,740 158,324
Term Loans Amortized Cost Basis by Origination Year 2018 147,038 99,905
Term Loans Amortized Cost Basis by Origination Year 2017 87,173 71,924
Term Loans Amortized Cost Basis by Origination Year, Prior 130,948 73,448
Revolving Loans Amortized Cost Basis 14,365 22,263
Total 837,673 860,996
Consumer [Member] | Non-performing [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021   38
Term Loans Amortized Cost Basis by Origination Year 2020 27 316
Term Loans Amortized Cost Basis by Origination Year 2019 354 206
Term Loans Amortized Cost Basis by Origination Year 2018 118 4
Term Loans Amortized Cost Basis by Origination Year 2017 2 1,480
Term Loans Amortized Cost Basis by Origination Year, Prior 1,638 1,643
Revolving Loans Amortized Cost Basis 7 7
Total 2,146 3,694
Commercial and Industrial [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 325,539 785,839
Term Loans Amortized Cost Basis by Origination Year 2020 488,357 297,707
Term Loans Amortized Cost Basis by Origination Year 2019 259,119 254,650
Term Loans Amortized Cost Basis by Origination Year 2018 247,652 101,684
Term Loans Amortized Cost Basis by Origination Year 2017 82,990 77,776
Term Loans Amortized Cost Basis by Origination Year, Prior 152,109 103,522
Revolving Loans Amortized Cost Basis 239,021 275,264
Total 1,794,787 1,896,442
Commercial and Industrial [Member] | Performing [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 325,539 785,776
Term Loans Amortized Cost Basis by Origination Year 2020 488,294 293,938
Term Loans Amortized Cost Basis by Origination Year 2019 254,644 246,177
Term Loans Amortized Cost Basis by Origination Year 2018 241,302 98,664
Term Loans Amortized Cost Basis by Origination Year 2017 80,014 76,427
Term Loans Amortized Cost Basis by Origination Year, Prior 147,647 100,050
Revolving Loans Amortized Cost Basis 238,270 274,383
Total 1,775,710 1,875,415
Commercial and Industrial [Member] | Non-performing [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021   63
Term Loans Amortized Cost Basis by Origination Year 2020 63 3,769
Term Loans Amortized Cost Basis by Origination Year 2019 4,475 8,473
Term Loans Amortized Cost Basis by Origination Year 2018 6,350 3,020
Term Loans Amortized Cost Basis by Origination Year 2017 2,976 1,349
Term Loans Amortized Cost Basis by Origination Year, Prior 4,462 3,472
Revolving Loans Amortized Cost Basis 751 881
Total 19,077 21,027
Agricultural and Other [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 36,533 138,612
Term Loans Amortized Cost Basis by Origination Year 2020 106,286 16,927
Term Loans Amortized Cost Basis by Origination Year 2019 15,776 6,713
Term Loans Amortized Cost Basis by Origination Year 2018 6,410 6,141
Term Loans Amortized Cost Basis by Origination Year 2017 5,934 19,673
Term Loans Amortized Cost Basis by Origination Year, Prior 59,387 43,743
Revolving Loans Amortized Cost Basis 82,857 49,196
Total 313,183 281,005
Agricultural and Other [Member] | Performing [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2021 36,533 138,612
Term Loans Amortized Cost Basis by Origination Year 2020 106,286 16,927
Term Loans Amortized Cost Basis by Origination Year 2019 15,776 6,695
Term Loans Amortized Cost Basis by Origination Year 2018 6,393 6,141
Term Loans Amortized Cost Basis by Origination Year 2017 5,900 19,450
Term Loans Amortized Cost Basis by Origination Year, Prior 58,350 42,927
Revolving Loans Amortized Cost Basis 82,857 49,196
Total 312,095 279,948
Agricultural and Other [Member] | Non-performing [Member]    
Financing Receivable Allowance For Credit Losses [Line Items]    
Term Loans Amortized Cost Basis by Origination Year 2019   18
Term Loans Amortized Cost Basis by Origination Year 2018 17  
Term Loans Amortized Cost Basis by Origination Year 2017 34 223
Term Loans Amortized Cost Basis by Origination Year, Prior 1,037 816
Total $ 1,088 $ 1,057
v3.21.1
Allowance for Credit Losses, Credit Quality and Other - Presentation of Troubled Debt Restructurings ("TDRs") by Class (Detail)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2021
USD ($)
Contract
Dec. 31, 2020
USD ($)
Contract
Financing Receivable, Modifications [Line Items]    
Number of Loans | Contract 49 51
Pre-Modification Outstanding Balance $ 17,055 $ 17,250
Post-Modification Outstanding Balance 11,779 12,316
Rate Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 6,027 6,380
Term Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 895 682
Rate and Term Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance $ 4,857 $ 5,254
Consumer [Member]    
Financing Receivable, Modifications [Line Items]    
Number of Loans | Contract 1 1
Pre-Modification Outstanding Balance $ 17 $ 17
Post-Modification Outstanding Balance 14 14
Consumer [Member] | Rate Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance $ 14 $ 14
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member]    
Financing Receivable, Modifications [Line Items]    
Number of Loans | Contract 14 14
Pre-Modification Outstanding Balance $ 11,396 $ 11,510
Post-Modification Outstanding Balance 9,038 9,456
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member] | Rate Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 4,069 4,350
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member] | Term Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 616 383
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member] | Rate and Term Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance $ 4,353 $ 4,723
Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member]    
Financing Receivable, Modifications [Line Items]    
Number of Loans | Contract 2 2
Pre-Modification Outstanding Balance $ 58 $ 58
Post-Modification Outstanding Balance 13 16
Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member] | Term Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 5 7
Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member] | Rate and Term Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance $ 8 $ 9
Commercial Real Estate Loans [Member] | Agricultural [Member]    
Financing Receivable, Modifications [Line Items]    
Number of Loans | Contract 1 1
Pre-Modification Outstanding Balance $ 282 $ 282
Post-Modification Outstanding Balance 265 267
Commercial Real Estate Loans [Member] | Agricultural [Member] | Rate Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance $ 265 $ 267
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member]    
Financing Receivable, Modifications [Line Items]    
Number of Loans | Contract 21 21
Pre-Modification Outstanding Balance $ 2,913 $ 2,913
Post-Modification Outstanding Balance 1,984 2,037
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member] | Rate Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 1,417 1,441
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member] | Term Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 162 165
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member] | Rate and Term Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance $ 405 $ 431
Total Real Estate [Member]    
Financing Receivable, Modifications [Line Items]    
Number of Loans | Contract 38 38
Pre-Modification Outstanding Balance $ 14,649 $ 14,763
Post-Modification Outstanding Balance 11,300 11,776
Total Real Estate [Member] | Rate Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 5,751 6,058
Total Real Estate [Member] | Term Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 783 555
Total Real Estate [Member] | Rate and Term Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance $ 4,766 $ 5,163
Commercial and Industrial [Member]    
Financing Receivable, Modifications [Line Items]    
Number of Loans | Contract 10 12
Pre-Modification Outstanding Balance $ 2,389 $ 2,470
Post-Modification Outstanding Balance 465 526
Commercial and Industrial [Member] | Rate Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 262 308
Commercial and Industrial [Member] | Term Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance 112 127
Commercial and Industrial [Member] | Rate and Term Modification [Member]    
Financing Receivable, Modifications [Line Items]    
Post-Modification Outstanding Balance $ 91 $ 91
v3.21.1
Allowance for Credit Losses, Credit Quality and Other - Presentation of TDR's on Non-Accrual Status (Detail)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2021
USD ($)
Contract
Dec. 31, 2020
USD ($)
Contract
Financing Receivable, Modifications [Line Items]    
Number of Loans | Contract 18 19
Recorded Balance | $ $ 1,400 $ 1,587
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member]    
Financing Receivable, Modifications [Line Items]    
Number of Loans | Contract 2 2
Recorded Balance | $ $ 248 $ 350
Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member]    
Financing Receivable, Modifications [Line Items]    
Number of Loans | Contract 1 1
Recorded Balance | $ $ 8 $ 9
Commercial Real Estate Loans [Member] | Agricultural [Member]    
Financing Receivable, Modifications [Line Items]    
Number of Loans | Contract 1 1
Recorded Balance | $ $ 265 $ 267
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member]    
Financing Receivable, Modifications [Line Items]    
Number of Loans | Contract 7 7
Recorded Balance | $ $ 524 $ 547
Total Real Estate [Member]    
Financing Receivable, Modifications [Line Items]    
Number of Loans | Contract 11 11
Recorded Balance | $ $ 1,045 $ 1,173
Commercial and Industrial [Member]    
Financing Receivable, Modifications [Line Items]    
Number of Loans | Contract 7 8
Recorded Balance | $ $ 355 $ 414
v3.21.1
Allowance for Credit Losses, Credit Quality and Other - Summary of Total Foreclosed Assets (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Commercial Real Estate Loans [Member] | Non-Farm/Non-residential [Member]    
Schedule Of Foreclosed Assets Activity [Line Items]    
Total foreclosed assets held for sale $ 953 $ 438
Commercial Real Estate Loans [Member] | Construction/Land Development Loan [Member]    
Schedule Of Foreclosed Assets Activity [Line Items]    
Total foreclosed assets held for sale 910 3,189
Residential Real Estate Loans [Member] | Residential 1-4 Family [Member]    
Schedule Of Foreclosed Assets Activity [Line Items]    
Total foreclosed assets held for sale 1,141 793
Total Real Estate [Member]    
Schedule Of Foreclosed Assets Activity [Line Items]    
Total foreclosed assets held for sale $ 3,004 $ 4,420
v3.21.1
Goodwill and Core Deposits and Other Intangibles - Summary of Changes in Carrying Amount and Accumulated Amortization of Company's Goodwill and Core Deposits and Other Intangibles (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Dec. 31, 2020
Goodwill        
Balance, beginning of period $ 973,025 $ 958,408   $ 958,408
Acquisitions       14,617
Balance, end of period 973,025   $ 973,025 973,025
Core Deposit and Other Intangibles        
Balance, beginning of period 30,728 36,572 35,055 36,572
Amortization expense (1,421) (1,517) (4,327)  
Balance, end of year $ 29,307 $ 35,055 $ 30,728 $ 30,728
v3.21.1
Goodwill and Core Deposits and Other Intangibles - Summary of Carrying Amount and Accumulated Amortization of Core Deposits and Other Intangibles (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]        
Gross carrying basis $ 86,625 $ 86,625    
Accumulated amortization (57,318) (55,897)    
Net carrying amount $ 29,307 $ 30,728 $ 35,055 $ 36,572
v3.21.1
Goodwill and Core Deposits and Other Intangibles - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]        
Core deposit and other intangible amortization $ 1,421 $ 1,517 $ 4,327  
Amortization expense for year 2021 5,700      
Amortization expense for year 2022 5,700      
Amortization expense for year 2023 5,500      
Amortization expense for year 2024 4,300      
Amortization expense for year 2025 3,900      
Carrying amount of Company's goodwill $ 973,025   $ 973,025 $ 958,408
v3.21.1
Other Assets - Additional Information (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Schedule Of Other Assets [Line Items]    
Other assets $ 166,814 $ 164,904
Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("Federal Reserve") [Member]    
Schedule Of Other Assets [Line Items]    
Fair value of equity securities 86,700 86,700
First National Bankers' Bank and Other Miscellaneous Holdings [Member]    
Schedule Of Other Assets [Line Items]    
Fair value of equity securities $ 28,200 $ 28,200
v3.21.1
Deposits - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Deposits [Line Items]      
Time deposits with a minimum denomination of $250,000 $ 558,000   $ 558,000
Time deposits with a minimum denomination of $100,000 809,600   864,300
Interest expense applicable to certificate 2,400 $ 7,100  
Brokered deposits 625,700   635,700
Total deposits 13,512,594   12,725,790
State and Political Subdivisions [Member]      
Deposits [Line Items]      
Total deposits $ 1,970,000   $ 1,980,000
v3.21.1
Securities Sold Under Agreements to Repurchase - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Securities Sold Under Agreements To Repurchase [Abstract]      
Securities sold under agreements to repurchase $ 162,929   $ 168,931
Securities sold under agreements to repurchase daily weighted average $ 159,700 $ 138,200  
v3.21.1
Securities Sold Under Agreements to Repurchase - Summary of Remaining Contractual Maturity of Securities Sold Under Agreements to Repurchase (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings $ 162,929 $ 168,931
Overnight and Continuous [Member]    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings 162,929 168,931
U.S. Government-Sponsored Enterprises [Member]    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings 10,596 11,166
U.S. Government-Sponsored Enterprises [Member] | Overnight and Continuous [Member]    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings 10,596 11,166
Mortgage-Backed Securities [Member]    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings 14,005 18,830
Mortgage-Backed Securities [Member] | Overnight and Continuous [Member]    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings 14,005 18,830
State and Political Subdivisions [Member]    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings 134,847 135,308
State and Political Subdivisions [Member] | Overnight and Continuous [Member]    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings 134,847 135,308
Other Securities [Member]    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings 3,481 3,627
Other Securities [Member] | Overnight and Continuous [Member]    
Assets Sold under Agreements to Repurchase [Line Items]    
Total borrowings $ 3,481 $ 3,627
v3.21.1
FHLB and Other Borrowed Funds - Additional Information (Detail) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Borrowed Funds [Line Items]    
FHLB borrowed funds $ 400,000,000.0 $ 400,000,000.0
Maturity of FHLB advances 2033  
Other short term borrowings $ 0 0
Maturities of Borrowings, Reminder of 2021 0  
Maturities of Borrowings, 2022 0  
Maturities of Borrowings, 2023 0  
Maturities of Borrowings, 2024 0  
Maturities of Borrowings, 2025 0  
Maturities of Borrowings, after 2025 400,000,000.0  
Line of credit 1,150,000,000 1,110,000,000
Line of Credit [Member]    
Borrowed Funds [Line Items]    
Line of credit 0 $ 0
Credit facility, maximum borrowing capacity $ 20,000,000.0  
Minimum [Member]    
Borrowed Funds [Line Items]    
FHLB interest rate 1.76%  
Maximum [Member]    
Borrowed Funds [Line Items]    
FHLB interest rate 2.26%  
v3.21.1
Subordinated Debentures - Preferred Trust Securities and Subordinated Debt Securities (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Subordinated debentures, issued $ 370,515 $ 370,326
Due 2036, fixed rate of 6.75% during the first five years and at a floating rate of 1.85% [Member] | Trust Preferred Securities [Member]    
Debt Instrument [Line Items]    
Subordinated debentures, issued 3,093 3,093
Due 2034, fixed rate of 6.00% during the first five years and at a floating rate of 2.00% [Member] | Trust Preferred Securities [Member]    
Debt Instrument [Line Items]    
Subordinated debentures, issued 15,464 15,464
Due 2035, fixed rate of 5.84% during the first five years and at a floating rate of 1.45% [Member] | Trust Preferred Securities [Member]    
Debt Instrument [Line Items]    
Subordinated debentures, issued 25,774 25,774
Due 2034, fixed rate of 4.29% during the first five years and at a floating rate of 2.50% [Member] | Trust Preferred Securities [Member]    
Debt Instrument [Line Items]    
Subordinated debentures, issued 16,495 16,495
Due 2035, floating rate 2.15% [Member] | Trust Preferred Securities [Member]    
Debt Instrument [Line Items]    
Subordinated debentures, issued 4,464 4,452
Due 2036, fixed Rate 7.38% during the first five years and at a floating rate of 1.62% [Member] | Trust Preferred Securities [Member]    
Debt Instrument [Line Items]    
Subordinated debentures, issued 5,872 5,849
Due 2027, Fixed Rate of 5.625% During the First Five Years and at a Floating Rate of 3.575% [Member] | Subordinated Debt [Member]    
Debt Instrument [Line Items]    
Subordinated debentures, issued $ 299,353 $ 299,199
v3.21.1
Subordinated Debentures - Preferred Trust Securities and Subordinated Debt Securities (Parenthetical) (Detail)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Due 2036, fixed rate of 6.75% during the first five years and at a floating rate of 1.85% [Member] | Trust Preferred Securities [Member]    
Debt Instrument [Line Items]    
Subordinated debentures, issued date Dec. 31, 2006 Dec. 31, 2006
Subordinated debentures, due date Dec. 31, 2036 Dec. 31, 2036
Fixed rate for first five years 6.75% 6.75%
Due 2036, fixed rate of 6.75% during the first five years and at a floating rate of 1.85% [Member] | Trust Preferred Securities [Member] | LIBOR [Member]    
Debt Instrument [Line Items]    
Floating rate above three-month LIBOR rate 1.85% 1.85%
Due 2034, fixed rate of 6.00% during the first five years and at a floating rate of 2.00% [Member] | Trust Preferred Securities [Member]    
Debt Instrument [Line Items]    
Subordinated debentures, issued date Dec. 31, 2004 Dec. 31, 2004
Subordinated debentures, due date Dec. 31, 2034 Dec. 31, 2034
Fixed rate for first five years 6.00% 6.00%
Due 2034, fixed rate of 6.00% during the first five years and at a floating rate of 2.00% [Member] | Trust Preferred Securities [Member] | LIBOR [Member]    
Debt Instrument [Line Items]    
Floating rate above three-month LIBOR rate 2.00% 2.00%
Due 2035, fixed rate of 5.84% during the first five years and at a floating rate of 1.45% [Member] | Trust Preferred Securities [Member]    
Debt Instrument [Line Items]    
Subordinated debentures, issued date Dec. 31, 2005 Dec. 31, 2005
Subordinated debentures, due date Dec. 31, 2035 Dec. 31, 2035
Fixed rate for first five years 5.84% 5.84%
Due 2035, fixed rate of 5.84% during the first five years and at a floating rate of 1.45% [Member] | Trust Preferred Securities [Member] | LIBOR [Member]    
Debt Instrument [Line Items]    
Floating rate above three-month LIBOR rate 1.45% 1.45%
Due 2034, fixed rate of 4.29% during the first five years and at a floating rate of 2.50% [Member] | Trust Preferred Securities [Member]    
Debt Instrument [Line Items]    
Subordinated debentures, issued date Dec. 31, 2004 Dec. 31, 2004
Subordinated debentures, due date Dec. 31, 2034 Dec. 31, 2034
Fixed rate for first five years 4.29% 4.29%
Due 2034, fixed rate of 4.29% during the first five years and at a floating rate of 2.50% [Member] | Trust Preferred Securities [Member] | LIBOR [Member]    
Debt Instrument [Line Items]    
Floating rate above three-month LIBOR rate 2.50% 2.50%
Due 2035, floating rate 2.15% [Member] | Trust Preferred Securities [Member]    
Debt Instrument [Line Items]    
Subordinated debentures, issued date Dec. 31, 2005 Dec. 31, 2005
Subordinated debentures, due date Dec. 31, 2035 Dec. 31, 2035
Due 2035, floating rate 2.15% [Member] | Trust Preferred Securities [Member] | LIBOR [Member]    
Debt Instrument [Line Items]    
Floating rate above three-month LIBOR rate 2.15% 2.15%
Due 2036, fixed Rate 7.38% during the first five years and at a floating rate of 1.62% [Member] | Trust Preferred Securities [Member]    
Debt Instrument [Line Items]    
Subordinated debentures, issued date Dec. 31, 2006 Dec. 31, 2006
Subordinated debentures, due date Dec. 31, 2036 Dec. 31, 2036
Fixed rate for first five years 7.38% 7.38%
Due 2036, fixed Rate 7.38% during the first five years and at a floating rate of 1.62% [Member] | Trust Preferred Securities [Member] | LIBOR [Member]    
Debt Instrument [Line Items]    
Floating rate above three-month LIBOR rate 1.62% 1.62%
Due 2027, Fixed Rate of 5.625% During the First Five Years and at a Floating Rate of 3.575% [Member] | Subordinated Debt [Member]    
Debt Instrument [Line Items]    
Subordinated debentures, issued date Dec. 31, 2017 Dec. 31, 2017
Subordinated debentures, due date Dec. 31, 2027 Dec. 31, 2027
Fixed rate for first five years 5.625% 5.625%
Due 2027, Fixed Rate of 5.625% During the First Five Years and at a Floating Rate of 3.575% [Member] | Subordinated Debt [Member] | LIBOR [Member]    
Debt Instrument [Line Items]    
Floating rate above three-month LIBOR rate 3.575% 3.575%
Subordinated debentures, callable year 2022 2022
v3.21.1
Subordinated Debentures - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Apr. 03, 2017
Mar. 31, 2021
Trust Preferred Securities [Member]    
Debt Instrument [Line Items]    
Face value of company held trust preferred securities   $ 73.3
Trust Preferred Securities [Member] | Stonegate Bank [Member]    
Debt Instrument [Line Items]    
Trust preferred securities, face amount   12.5
Trust preferred securities, fair value   $ 9.8
Debt instrument, redemption description   The associated subordinated debentures are redeemable, in whole or in part, prior to maturity at our option on a quarterly basis when interest is due and payable and in whole at any time within 90 days following the occurrence and continuation of certain changes in the tax treatment or capital treatment of the debentures.
5.625% Fixed-to-Floating Rate Subordinated Notes due 2027 [Member]    
Debt Instrument [Line Items]    
Trust preferred securities, face amount $ 300.0  
Subordinated debt issuance date   Apr. 03, 2017
Subordinated notes, Interest rate 5.625%  
Net proceeds from subordinated debt issuance, after underwriting discounts $ 297.0  
Subordinated notes, Maturity date Apr. 15, 2027  
Notes issued, Interest rate terms   From and including April 15, 2022 to, but excluding the maturity date or earlier redemption, the Notes will 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 shall be deemed to be zero
Percentage of redemption price on principal   100.00%
5.625% Fixed-to-Floating Rate Subordinated Notes due 2027 [Member] | LIBOR [Member]    
Debt Instrument [Line Items]    
LIBOR plus rate, Percentage 3.575%  
v3.21.1
Income Taxes - Summary of Components of Provision (Benefit) for Income Taxes (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Current:    
Federal $ 31,535 $ 22,450
State 10,439 7,432
Total current 41,974 29,882
Deferred:    
Federal (9,825) (24,649)
State (3,253) (8,160)
Total deferred (13,078) (32,809)
Income tax (benefit) expense $ 28,896 $ (2,927)
v3.21.1
Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract]    
Statutory federal income tax rate 21.00% 21.00%
Effect of non-taxable interest income (0.91%) 30.08%
Stock compensation 0.33% 6.78%
State income taxes, net of federal benefit 4.26% 55.74%
Executive officer compensation & other (0.70%) 7.35%
Effective income tax rate 23.98% 120.95%
v3.21.1
Income Taxes - Differences Between Tax Basis of Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Deferred tax assets:    
Allowance for credit losses $ 71,483 $ 72,445
Deferred compensation 2,701 4,741
Stock compensation 4,806 4,768
Non-accrual interest income 941 775
Real estate owned 131 620
Loan discounts 5,077 6,806
Tax basis premium/discount on acquisitions 4,639 5,101
Investments 320 502
Deposits (41) (33)
Other 5,424 5,855
Gross deferred tax assets 95,481 101,580
Deferred tax liabilities:    
Accelerated depreciation on premises and equipment 232 1,929
Unrealized gain on securities available-for-sale 3,841 15,072
Core deposit intangibles 6,726 7,056
FHLB dividends 2,783 2,711
Other 4,754 4,563
Gross deferred tax liabilities 18,336 31,331
Net deferred tax assets $ 77,145 $ 70,249
v3.21.1
Common Stock, Compensation Plans and Other - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock, shares authorized 300,000,000   300,000,000
Common stock, par value $ 0.01   $ 0.01
Preferred stock, shares authorized 5,500,000    
Preferred stock, par value $ 0.01    
Number of shares repurchased during period 330,000 1,423,560  
Weighted average stock price $ 26.55    
Remaining balance available for repurchase 23,513,665    
Repurchase of combining of all the shares 16,238,335    
Maximum number of shares available for grants under the plan 13,288,000    
Remaining shares of common stock available for future grants 1,515,000    
Shares of common stock reserved for issuance 4,614,000    
Intrinsic value of stock options outstanding $ 21.7    
Intrinsic value of stock options vested 13.7    
Intrinsic value of stock options exercised 1.6    
Unrecognized compensation cost net of income tax benefit, related to non-vested awards $ 6.7    
Weighted average fair value of options granted (split adjusted) $ 11.11    
Restricted Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation cost net of income tax benefit, related to non-vested stock option awards $ 20.9    
v3.21.1
Common Stock, Compensation Plans and Other - Summary of Stock Option Transactions under Plan (Detail) - $ / shares
shares in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]    
Outstanding, beginning of year 3,254 3,411
Granted Shares 14  
Forfeited/Expired Shares (1) (76)
Exercised Shares (168) (81)
Outstanding, end of year 3,099 3,254
Exercisable, end of year 1,368 1,537
Outstanding Weighted Average Exercisable Price, beginning of year $ 19.77 $ 19.60
Weighted Average Exercisable Price, Granted 21.68  
Weighted Average Exercisable Price, Forfeited/Expired 23.51 21.95
Weighted Average Exercisable Price, Exercised 14.91 10.61
Outstanding Weighted Average Exercisable Price, end of year 20.04 19.77
Exercisable Weighted Average Exercisable Price, end of year $ 17.04 $ 16.82
v3.21.1
Common Stock, Compensation Plans and Other - Summary of Stock Options on Valuation Assumptions (Detail)
 3 Months Ended
Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]  
Expected dividend yield 2.59%
Expected stock price volatility 70.13%
Risk-free interest rate 0.75%
Expected life of options 6 years 6 months
v3.21.1
Common Stock, Compensation Plans and Other - Summary of Currently Outstanding and Exercisable Options (Detail)
shares in Thousands
 3 Months Ended
Mar. 31, 2021
$ / shares
shares
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Options Outstanding Shares | shares 3,099
Options Exercisable Shares | shares 1,368
Exercise Prices Range $6.56 to $8.62 [Member]  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Exercise Prices, Lower Range Limit $ 6.56
Exercise Prices, Upper Range Limit $ 8.62
Options Outstanding Shares | shares 164
Options Outstanding Weighted- Average Remaining Contractual Life (in years) 1 year 7 months 24 days
Options outstanding Weighted- Average Exercise Price $ 8.32
Options Exercisable Shares | shares 164
Options Exercisable Weighted- Average Exercise Price $ 8.32
Exercise Prices Range $9.54 to $14.71 [Member]  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Exercise Prices, Lower Range Limit 9.54
Exercise Prices, Upper Range Limit $ 14.71
Options Outstanding Shares | shares 140
Options Outstanding Weighted- Average Remaining Contractual Life (in years) 3 years 3 months 18 days
Options outstanding Weighted- Average Exercise Price $ 13.23
Options Exercisable Shares | shares 140
Options Exercisable Weighted- Average Exercise Price $ 13.23
Exercise Prices Range $16.77 to $16.86 [Member]  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Exercise Prices, Lower Range Limit 16.77
Exercise Prices, Upper Range Limit $ 16.86
Options Outstanding Shares | shares 130
Options Outstanding Weighted- Average Remaining Contractual Life (in years) 3 years 4 months 20 days
Options outstanding Weighted- Average Exercise Price $ 16.80
Options Exercisable Shares | shares 130
Options Exercisable Weighted- Average Exercise Price $ 16.80
Exercise Prices Range $17.12 to $17.36 [Member]  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Exercise Prices, Lower Range Limit 17.12
Exercise Prices, Upper Range Limit $ 17.36
Options Outstanding Shares | shares 102
Options Outstanding Weighted- Average Remaining Contractual Life (in years) 3 years 11 months 19 days
Options outstanding Weighted- Average Exercise Price $ 17.14
Options Exercisable Shares | shares 102
Options Exercisable Weighted- Average Exercise Price $ 17.14
Exercise Prices Range $17.40 to $18.46 [Member]  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Exercise Prices, Lower Range Limit 17.40
Exercise Prices, Upper Range Limit $ 18.46
Options Outstanding Shares | shares 870
Options Outstanding Weighted- Average Remaining Contractual Life (in years) 4 years 4 months 17 days
Options outstanding Weighted- Average Exercise Price $ 18.45
Options Exercisable Shares | shares 605
Options Exercisable Weighted- Average Exercise Price $ 18.45
Exercise Prices Range $18.50 to $20.16 [Member]  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Exercise Prices, Lower Range Limit 18.50
Exercise Prices, Upper Range Limit $ 20.16
Options Outstanding Shares | shares 63
Options Outstanding Weighted- Average Remaining Contractual Life (in years) 7 years 6 months 29 days
Options outstanding Weighted- Average Exercise Price $ 19.21
Options Exercisable Shares | shares 19
Options Exercisable Weighted- Average Exercise Price $ 19.48
Exercise Prices Range $20.58 to $21.25 [Member]  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Exercise Prices, Lower Range Limit 20.58
Exercise Prices, Upper Range Limit $ 21.25
Options Outstanding Shares | shares 163
Options Outstanding Weighted- Average Remaining Contractual Life (in years) 5 years 3 days
Options outstanding Weighted- Average Exercise Price $ 21.08
Options Exercisable Shares | shares 125
Options Exercisable Weighted- Average Exercise Price $ 21.10
Exercise Prices Range $21.31 to $22.22 [Member]  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Exercise Prices, Lower Range Limit 21.31
Exercise Prices, Upper Range Limit $ 22.22
Options Outstanding Shares | shares 112
Options Outstanding Weighted- Average Remaining Contractual Life (in years) 7 years 4 months 6 days
Options outstanding Weighted- Average Exercise Price $ 22.18
Options Exercisable Shares | shares 40
Options Exercisable Weighted- Average Exercise Price $ 22.22
Exercise Prices Range $22.70 to $23.32 [Member]  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Exercise Prices, Lower Range Limit 22.70
Exercise Prices, Upper Range Limit $ 23.32
Options Outstanding Shares | shares 1,274
Options Outstanding Weighted- Average Remaining Contractual Life (in years) 7 years 3 months 21 days
Options outstanding Weighted- Average Exercise Price $ 23.32
Options Exercisable Shares | shares 1
Options Exercisable Weighted- Average Exercise Price $ 22.70
Exercise Prices Range $23.51 to $25.96 [Member]  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Exercise Prices, Lower Range Limit 23.51
Exercise Prices, Upper Range Limit $ 25.96
Options Outstanding Shares | shares 81
Options Outstanding Weighted- Average Remaining Contractual Life (in years) 6 years 2 months 23 days
Options outstanding Weighted- Average Exercise Price $ 25.63
Options Exercisable Shares | shares 42
Options Exercisable Weighted- Average Exercise Price $ 25.96
v3.21.1
Common Stock, Compensation Plans and Other - Summary of Company's Restricted Stock Issued and Outstanding (Detail) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]    
Beginning of year 1,371 1,636
Issued 215 264
Vested (235) (453)
Forfeited   (76)
End of year 1,351 1,371
Amount of expense for three months and twelve months ended, respectively $ 1,664 $ 6,824
v3.21.1
Non-Interest Expense - Components of Non-Interest Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Noninterest Expense [Abstract]      
Salaries and employee benefits $ 42,059 $ 39,329  
Occupancy and equipment 9,237 8,873  
Data processing expense 5,870 4,326  
Other operating expenses:      
Advertising 1,046 1,226  
Merger and acquisition expenses   711  
Amortization of intangibles 1,421 1,517 $ 4,327
Electronic banking expense 2,238 1,715  
Directors’ fees 383 424  
Due from bank service charges 249 223  
FDIC and state assessment 1,363 1,548  
Insurance 781 746  
Legal and accounting 846 919  
Other professional fees 1,613 3,226  
Operating supplies 487 535  
Postage 338 327  
Telephone 346 324  
Other expense 4,589 4,505  
Total other operating expenses 15,700 17,946  
Total non-interest expense $ 72,866 $ 70,474  
v3.21.1
Leases - Additional Information (Detail) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Leases [Abstract]      
Right of use asset $ 39,600,000   $ 40,200,000
Lease liability 42,403,000   $ 43,046,000
Lease rent expense $ 35,000 $ 35,000  
Lease expense rate 1.54% 1.55%  
v3.21.1
Leases - Minimum Rental Commitment under Operating Leases (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Remainder of fiscal year $ 8,303  
Year 1 6,776 $ 8,235
Year 2 6,178 6,486
Year 3 5,601 5,714
Year 4 5,301 5,262
After Year 4 28,056  
Year 5   4,818
Thereafter   27,453
Total future minimum lease payments 60,215 57,968
Discount effect of cash flows (17,812) (14,922)
Present value of net future minimum lease payments $ 42,403 $ 43,046
Operating Lease, Liability, Statement of Financial Position [Extensible List] Accrued interest payable and other liabilities Accrued interest payable and other liabilities
v3.21.1
Leases - Additional Information of Lease Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Lease expense:    
Operating lease expense $ 2,009 $ 2,014
Short-term lease expense 4 17
Variable lease expense 256 255
Total lease expense 2,269 2,286
Other information:    
Cash paid for amounts included in the measurement of lease liabilities $ 1,994 $ 1,974
Weighted-average remaining lease term (in years) 11 years 10 months 13 days 10 years 3 months 21 days
Weighted-average discount rate 3.52% 3.61%
v3.21.1
Significant Estimates and Concentrations of Credit Risks - Additional Information (Detail) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Commitment And Contingencies [Line Items]    
Unfunded commitments expense $ 0  
Loans Receivable [Member] | Geographic Concentration [Member] | South Alabama, Arkansas, Florida and New York City [Member]    
Commitment And Contingencies [Line Items]    
Concentration percentage 73.00%  
Loans Receivable [Member] | Commercial Real Estate [Member] | Credit Concentration [Member]    
Commitment And Contingencies [Line Items]    
Concentration percentage 55.80% 54.40%
Loans Receivable [Member] | Residential Real Estate [Member] | Credit Concentration [Member]    
Commitment And Contingencies [Line Items]    
Concentration percentage 16.80% 18.50%
Total Stockholders' Equity [Member] | Commercial Real Estate [Member] | Credit Concentration [Member]    
Commitment And Contingencies [Line Items]    
Concentration percentage 227.40% 234.30%
Total Stockholders' Equity [Member] | Residential Real Estate [Member] | Credit Concentration [Member]    
Commitment And Contingencies [Line Items]    
Concentration percentage 68.60% 79.60%
Residential Real Estate Loans [Member] | Geographic Concentration [Member] | South Alabama, Arkansas, Florida and New York City [Member]    
Commitment And Contingencies [Line Items]    
Concentration percentage 76.20%  
v3.21.1
Commitments and Contingencies - Additional Information (Detail) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]    
Commitments to extend credit outstanding $ 2,780,000,000 $ 2,820,000,000
Maximum amount of future payments by the company $ 56,300,000 $ 56,100,000
v3.21.1
Regulatory Matters - Additional Information (Detail)
$ in Thousands
 3 Months Ended
Mar. 27, 2020
Mar. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Jan. 01, 2019
Jan. 01, 2017
Jan. 01, 2016
Jul. 31, 2013
USD ($)
Dec. 31, 2009
USD ($)
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   $ 66,000            
Description of Regulatory Assets and Liabilities   15 billion            
Assets   $ 17,240,241 $ 16,398,804          
Basel III [Member]                
Regulatory Matters [Line Items]                
Consolidated risk weighted asset             $ 500,000  
Capital Required for Capital Adequacy to Risk Weighted Assets   0.025            
Capital conservation buffer, percentage           0.00625    
Increase in capital conservation buffer         0.00625      
Capital conservation buffer phase in period start date   Jan. 01, 2016            
Capital conservation buffer phase in period end date   Jan. 01, 2019            
Capital requirement, Ratio       0.025        
Description of Regulatory Assets and Liabilities   15 billion            
Assets               $ 15,000,000
Basel III [Member] | Criteria 1 [Member]                
Regulatory Matters [Line Items]                
Tier 1 leverage capital ratio   0.04            
Tier 1 risk-based capital ratio   0.045            
Risk-based capital ratio   0.06            
Risk-based capital ratio   0.08            
Basel III [Member] | Criteria 2 [Member]                
Regulatory Matters [Line Items]                
Risk-based capital ratio   0.1876            
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   0.1434            
Tier 1 leverage capital ratio   0.1113            
Tier 1 risk-based capital ratio   0.1495            
CECL [Member] | COVID -19 [Member]                
Regulatory Matters [Line Items]                
Allowable percentage of bank holding companies impact 100.00%              
Percentage of allowance for credit losses 25.00%              
v3.21.1
Additional Cash Flow Information - Additional Information (Detail) - LH-Finance [Member]
$ in Millions
Feb. 29, 2020
USD ($)
Supplemental Cash Flow Information [Line Items]  
Business combination, recognized identifiable assets acquired, Total Assets $ 409.1
Cash paid for acquisition 421.2
Business combination, recognized identifiable liabilities assumed, Loans $ 407.4
v3.21.1
Additional Cash Flow Information - Summary of Additional Cash Flow Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Additional Cash Flow Elements And Supplemental Cash Flow Information [Abstract]    
Interest paid $ 10,719 $ 28,342
Income taxes paid 1,205 1,502
Assets acquired by foreclosure $ 1,786 $ 1,255
v3.21.1
Financial Instruments - Additional Information (Detail) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Percentage of discount of par for impaired loans 15.00%    
Carrying value of foreclosed assets held for sale $ 0    
Minimum [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Percentage of Collateral discount 20.00%    
Maximum [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Percentage of Collateral discount 80.00%    
Fair Value, Level 3 Inputs [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value of loans with specific allocated losses $ 307,200,000   $ 102,100,000
Accrued interest receivable reversed 58,000 $ 242,000  
Fair value of foreclosed assets held for sale $ 3,000,000.0   $ 4,400,000
v3.21.1
Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Fair Value, Inputs, Level 1 [Member] | Carrying Amount [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents $ 2,478,548 $ 1,263,788
Accrued interest receivable 55,495 60,528
Demand and non-interest bearing 3,859,722 3,266,753
Savings and interest-bearing transaction accounts 8,477,208 8,212,240
Securities sold under agreements to repurchase 162,929 168,931
Accrued interest payable 9,769 5,925
Fair Value, Inputs, Level 1 [Member] | Fair Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 2,478,548 1,263,788
Accrued interest receivable 55,495 60,528
Demand and non-interest bearing 3,859,722 3,266,753
Savings and interest-bearing transaction accounts 8,477,208 8,212,240
Securities sold under agreements to repurchase 162,929 168,931
Accrued interest payable 9,769 5,925
Fair Value, Inputs, Level 2 [Member] | Carrying Amount [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
FHLB and other borrowed funds 400,000 400,000
Fair Value, Inputs, Level 2 [Member] | Fair Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
FHLB and other borrowed funds 402,342 414,207
Fair Value, Level 3 Inputs [Member] | Carrying Amount [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans receivable, net of impaired loans and allowance 10,228,319 10,873,120
FHLB, Federal Reserve & First National Bankers Bank stock; other equity investments 114,915 114,854
Time deposits 1,175,664 1,246,797
Subordinated debentures 370,515 370,326
Fair Value, Level 3 Inputs [Member] | Fair Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans receivable, net of impaired loans and allowance 10,568,244 11,292,004
FHLB, Federal Reserve & First National Bankers Bank stock; other equity investments 114,915 114,854
Time deposits 1,196,743 1,266,430
Subordinated debentures $ 377,889 $ 378,981
v3.21.1
Recent Accounting Pronouncements - Additional Information (Detail)
$ in Millions
 3 Months Ended
Dec. 31, 2020
USD ($)
Loan
Mar. 31, 2021
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]    
CARES act of 2020 number of loans modification | Loan 49  
CARES act of 2020 number of loans amount | $ $ 326.1  
Accounting Standards Update 2017-04 [Member]    
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]    
Change in Accounting Principle, Accounting Standards Update, Adoption Date   Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]   true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]   true
Accounting Standards Update 2018-13 [Member]    
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]    
Change in Accounting Principle, Accounting Standards Update, Adoption Date   Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]   true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]   true
Accounting Standards Update 2018-15 [Member]    
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]    
Change in Accounting Principle, Accounting Standards Update, Adoption Date   Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]   true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]   true
Accounting Standards Update 2019-01 [Member]    
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]    
Change in Accounting Principle, Accounting Standards Update, Adoption Date   Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]   true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]   true
Accounting Standards Update 2019-04 [Member]    
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]    
Change in Accounting Principle, Accounting Standards Update, Adoption Date   Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]   true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]   true
Accounting Standards Update 2019-05 [Member]    
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]    
Change in Accounting Principle, Accounting Standards Update, Adoption Date   Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]   true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]   true
Accounting Standards Update 2019-11 [Member]    
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]    
Change in Accounting Principle, Accounting Standards Update, Adoption Date   Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]   true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]   true
Accounting Standards Update 2019-12 [Member]    
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]    
Change in Accounting Principle, Accounting Standards Update, Adoption Date   Jan. 01, 2021
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]   true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]   true