Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | OZRK | ||
Entity Registrant Name | BANK OF THE OZARKS INC | ||
Entity Central Index Key | 1,038,205 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 121,555,305 | ||
Entity Public Float | $ 3,112,000,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 814,255 | $ 89,122 |
Interest earning deposits | 52,105 | 1,866 |
Cash and cash equivalents | 866,360 | 90,988 |
Investment securities – available for sale (“AFS”) | 1,471,612 | 602,348 |
Non-purchased loans and leases | 9,605,093 | 6,528,634 |
Purchased loans | 4,958,022 | 1,806,037 |
Allowance for loan and lease losses | (76,541) | (60,854) |
Net loans and leases | 14,486,574 | 8,273,817 |
Premises and equipment, net | 504,086 | 296,238 |
Foreclosed assets | 43,702 | 22,870 |
Accrued interest receivable | 51,919 | 25,499 |
Bank owned life insurance (“BOLI”) | 580,945 | 300,427 |
Intangible assets, net | 720,950 | 152,340 |
Other, net | 163,994 | 114,932 |
Total assets | 18,890,142 | 9,879,459 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Demand non-interest bearing | 2,589,458 | 1,515,482 |
Savings and interest bearing transaction | 8,048,355 | 4,017,504 |
Time | 4,937,065 | 2,438,482 |
Total deposits | 15,574,878 | 7,971,468 |
Repurchase agreements with customers | 65,110 | 65,800 |
Other borrowings | 41,903 | 204,540 |
Subordinated notes | 222,516 | |
Subordinated debentures | 118,242 | 117,685 |
Accrued interest payable and other liabilities | 72,622 | 52,172 |
Total liabilities | 16,095,271 | 8,411,665 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock; $0.01 par value; 1,000,000 shares authorized; no shares issued or outstanding at December 31, 2016 and 2015 | ||
Common stock; $0.01 par value; 300,000,000 and 125,000,000 shares authorized; 121,267,616 and 90,612,388 shares issued at December 31, 2016 and 2015, respectively | 1,213 | 906 |
Additional paid-in capital | 1,901,880 | 755,995 |
Retained earnings | 914,434 | 706,628 |
Accumulated other comprehensive income (loss) | (25,920) | 7,959 |
Treasury stock, at cost, none at December 31, 2016 and 133,492 shares at December 31, 2015 | (6,857) | |
Total stockholders’ equity before noncontrolling interest | 2,791,607 | 1,464,631 |
Noncontrolling interest | 3,264 | 3,163 |
Total stockholders’ equity | 2,794,871 | 1,467,794 |
Total liabilities and stockholders’ equity | $ 18,890,142 | $ 9,879,459 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 125,000,000 |
Common stock, shares issued | 121,267,616 | 90,612,388 |
Treasury stock, Shares | 0 | 133,492 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income: | |||
Non-purchased loans and leases | $ 410,884 | $ 244,638 | $ 162,567 |
Purchased loans | 222,350 | 134,745 | 98,212 |
Investment securities: | |||
Taxable | 11,373 | 13,131 | 11,125 |
Tax-exempt | 17,582 | 17,164 | 19,489 |
Deposits with banks and federal funds sold | 366 | 41 | 56 |
Total interest income | 662,555 | 409,719 | 291,449 |
Interest expense: | |||
Deposits | 48,593 | 17,716 | 8,566 |
Repurchase agreements with customers | 89 | 76 | 54 |
Other borrowings | 1,169 | 6,111 | 10,642 |
Subordinated notes | 6,801 | ||
Subordinated debentures | 4,398 | 3,665 | 1,693 |
Total interest expense | 61,050 | 27,568 | 20,955 |
Net interest income | 601,505 | 382,151 | 270,494 |
Provision for loan and lease losses | 23,792 | 19,415 | 16,915 |
Net interest income after provision for loan and lease losses | 577,713 | 362,736 | 253,579 |
Non-interest income: | |||
Service charges on deposit accounts | 38,461 | 28,698 | 26,609 |
Mortgage lending income | 8,054 | 6,817 | 5,187 |
Trust income | 6,268 | 5,903 | 5,592 |
BOLI income | 14,808 | 10,084 | 5,184 |
Other income from purchased loans, net | 17,278 | 26,126 | 14,803 |
Net gains on investment securities | 4 | 5,481 | 144 |
Gains on sales of other assets | 4,156 | 14,753 | 6,023 |
Gain on merger and acquisition transaction | 4,667 | ||
Other | 13,370 | 7,153 | 16,674 |
Total non-interest income | 102,399 | 105,015 | 84,883 |
Non-interest expense: | |||
Salaries and employee benefits | 122,832 | 87,953 | 76,884 |
Net occupancy and equipment | 42,524 | 31,248 | 24,102 |
Other operating expenses | 90,398 | 71,781 | 65,029 |
Total non-interest expense | 255,754 | 190,982 | 166,015 |
Income before taxes | 424,358 | 276,769 | 172,447 |
Provision for income taxes | 154,278 | 94,455 | 53,859 |
Net income | 270,080 | 182,314 | 118,588 |
Earnings attributable to noncontrolling interest | (101) | (61) | 18 |
Net income available to common stockholders | $ 269,979 | $ 182,253 | $ 118,606 |
Basic earnings per common share | $ 2.59 | $ 2.10 | $ 1.53 |
Diluted earnings per common share | $ 2.58 | $ 2.09 | $ 1.52 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 270,080 | $ 182,314 | $ 118,588 |
Other comprehensive income (loss): | |||
Unrealized gains and losses on investment securities AFS | (52,736) | (4,491) | 29,164 |
Tax effect of unrealized gains and losses on investment securities AFS | 18,860 | 1,711 | (11,272) |
Reclassification of gains on investment securities AFS included in net income | (4) | (5,481) | (144) |
Tax effect of reclassification of gains on investment securities AFS included in net income | 1 | 2,088 | 56 |
Total other comprehensive income (loss) | (33,879) | (6,173) | 17,804 |
Total comprehensive income | $ 236,201 | $ 176,141 | $ 136,392 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Summit Bancorp Inc [Member] | Intervest Bancshares Corporation [Member] | Bank of Carolinas Corporation [Member] | Community & Southern Holdings, Inc. [Member] | C1 Financial, Inc. [Member] | Common Stock [Member] | Common Stock [Member]Summit Bancorp Inc [Member] | Common Stock [Member]Intervest Bancshares Corporation [Member] | Common Stock [Member]Bank of Carolinas Corporation [Member] | Common Stock [Member]Community & Southern Holdings, Inc. [Member] | Common Stock [Member]C1 Financial, Inc. [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]Summit Bancorp Inc [Member] | Additional Paid-In Capital [Member]Intervest Bancshares Corporation [Member] | Additional Paid-In Capital [Member]Bank of Carolinas Corporation [Member] | Additional Paid-In Capital [Member]Community & Southern Holdings, Inc. [Member] | Additional Paid-In Capital [Member]C1 Financial, Inc. [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Non-Controlling Interest [Member] |
Balances at Dec. 31, 2013 | $ 632,530 | $ 737 | $ 143,017 | $ 488,978 | $ (3,672) | $ 3,470 | ||||||||||||||||
Net income | 118,588 | 118,588 | ||||||||||||||||||||
Earnings attributable to noncontrolling interest | 18 | (18) | ||||||||||||||||||||
Total other comprehensive income (loss) | 17,804 | 17,804 | ||||||||||||||||||||
Common stock dividends paid | (36,130) | (36,130) | ||||||||||||||||||||
Issuance of common stock for exercise of stock options | 4,727 | 4 | 4,723 | |||||||||||||||||||
Excess tax benefit on exercise and forfeiture of stock options and vesting of restricted common stock | 4,682 | 4,682 | ||||||||||||||||||||
Stock-based compensation expense | 5,675 | 5,675 | ||||||||||||||||||||
Repurchase of common stock | (2,349) | $ (2,349) | ||||||||||||||||||||
Issuance of common stock for acquisition | $ 166,315 | $ 58 | $ 166,257 | |||||||||||||||||||
Balances at Dec. 31, 2014 | 911,842 | 799 | 324,354 | 571,454 | 14,132 | (2,349) | 3,452 | |||||||||||||||
Net income | 182,314 | 182,314 | ||||||||||||||||||||
Earnings attributable to noncontrolling interest | (61) | 61 | ||||||||||||||||||||
Total other comprehensive income (loss) | (6,173) | (6,173) | ||||||||||||||||||||
Common stock dividends paid | (47,079) | (47,079) | ||||||||||||||||||||
Dividend paid to non-controlling interest | (350) | (350) | ||||||||||||||||||||
Issuance of common stock for exercise of stock options | 5,145 | 4 | 5,141 | |||||||||||||||||||
Issuance of unvested restricted common stock | 2 | (2,351) | 2,349 | |||||||||||||||||||
Excess tax benefit on exercise and forfeiture of stock options and vesting of restricted common stock | 7,049 | 7,049 | ||||||||||||||||||||
Stock-based compensation expense | 8,202 | 8,202 | ||||||||||||||||||||
Repurchase of common stock | (6,857) | (6,857) | ||||||||||||||||||||
Issuance of common stock for acquisition | $ 238,376 | $ 65,325 | $ 66 | $ 14 | $ 238,310 | $ 65,311 | ||||||||||||||||
Issuance of common stock, net of issuance costs | 110,000 | 21 | 109,979 | |||||||||||||||||||
Balances at Dec. 31, 2015 | 1,467,794 | 906 | 755,995 | 706,628 | 7,959 | (6,857) | 3,163 | |||||||||||||||
Net income | 270,080 | 270,080 | ||||||||||||||||||||
Earnings attributable to noncontrolling interest | (101) | 101 | ||||||||||||||||||||
Total other comprehensive income (loss) | (33,879) | (33,879) | ||||||||||||||||||||
Common stock dividends paid | (62,173) | (62,173) | ||||||||||||||||||||
Issuance of common stock for exercise of stock options | 6,162 | 3 | 6,159 | |||||||||||||||||||
Issuance of unvested restricted common stock | 2 | (6,859) | $ 6,857 | |||||||||||||||||||
Excess tax benefit on exercise and forfeiture of stock options and vesting of restricted common stock | 3,576 | 3,576 | ||||||||||||||||||||
Stock-based compensation expense | 10,754 | 10,754 | ||||||||||||||||||||
Repurchase and cancellation of shares of common stock | (3,304) | (3,304) | ||||||||||||||||||||
Issuance of common stock for acquisition | $ 787,546 | $ 209 | $ 787,337 | |||||||||||||||||||
Issuance of common stock, net of shares redeemed for certain loans, for acquisition | $ 348,315 | $ 93 | $ 348,222 | |||||||||||||||||||
Balances at Dec. 31, 2016 | $ 2,794,871 | $ 1,213 | $ 1,901,880 | $ 914,434 | $ (25,920) | $ 3,264 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common stock dividends paid | $ 0.63 | $ 0.55 | $ 0.47 |
Issuance of common stock for exercise of stock options, shares | 315,600 | 365,375 | 452,000 |
Repurchase of shares of common stock | 133,492 | 72,268 | |
Issuance of unvested restricted common stock, shares | 218,761 | 245,300 | |
Forfeiture of unvested restricted common stock, shares | 21,139 | 41,325 | 5,200 |
Issuance of common stock to non-employee directors, shares | 12,415 | 7,657 | |
Repurchase and cancellation of common stock, shares | 91,314 | ||
Issuance of common stock offered to shareholders and investors | 2,098,436 | ||
Summit Bancorp Inc [Member] | |||
Issuance of common stock for acquisitions | 5,765,846 | ||
Common stock issuance costs | $ 87,000 | ||
Intervest Bancshares Corporation [Member] | |||
Issuance of common stock for acquisitions | 6,637,243 | ||
Common stock issuance costs | $ 100,000 | ||
Bank of Carolinas Corporation [Member] | |||
Issuance of common stock for acquisitions | 1,447,620 | ||
Common stock issuance costs | $ 64,000 | ||
Community & Southern Holdings, Inc. [Member] | |||
Issuance of common stock for acquisitions | 20,983,815 | ||
Common stock issuance costs | $ 395,000 | ||
C1 Financial, Inc. [Member] | |||
Issuance of common stock for acquisitions | 9,370,587 | ||
Common stock issuance costs | $ 82,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 270,080 | $ 182,314 | $ 118,588 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 15,236 | 10,801 | 7,986 |
Amortization | 9,796 | 6,660 | 4,996 |
Earnings attributable to noncontrolling interest | (101) | (61) | 18 |
Provision for loan and lease losses | 23,792 | 19,415 | 16,915 |
Provision for losses on foreclosed assets | 3,610 | 3,803 | 1,299 |
Net amortization of investment securities AFS | 6,562 | 379 | 646 |
Net gains on investment securities AFS | (4) | (5,481) | (144) |
Originations of mortgage loans held for sale | (273,863) | (254,858) | (203,088) |
Proceeds from sales of mortgage loans held for sale | 263,825 | 255,406 | 207,451 |
Accretion of purchased loans | (70,467) | (51,823) | (62,775) |
Gains on sales of other assets | (4,156) | (14,753) | (6,023) |
Gain on merger and acquisition transaction | (4,667) | ||
Gain on termination of Federal Deposit Insurance Corporation ("FDIC") loss share agreements | (7,996) | ||
Prepayment penalty on Federal Home Loan Bank of Dallas ("FHLB") advances | 8,853 | 8,062 | |
Deferred income tax expense (benefit) | 12,703 | 7,391 | (258) |
Increase in cash surrender value of BOLI | (13,999) | (7,795) | (5,184) |
BOLI death benefits in excess of cash surrender value | (809) | (2,289) | |
Excess tax benefit on exercise of stock options and vesting of restricted common stock | (3,576) | (7,049) | (4,682) |
Stock-based compensation expense | 10,754 | 8,202 | 5,675 |
Changes in assets and liabilities: | |||
Accrued interest receivable | (14,064) | (2,949) | (1,098) |
Other assets, net | 14,615 | 31,489 | 3,199 |
Accrued interest payable and other liabilities | (8,006) | 13,523 | 17,846 |
Net cash provided by operating activities | 241,928 | 201,178 | 96,766 |
Cash flows from investing activities: | |||
Proceeds from sales of investment securities AFS | 537 | 202,943 | 55,724 |
Proceeds from maturities/calls/paydowns of investment securities AFS | 182,337 | 159,982 | 103,123 |
Purchases of investment securities AFS | (652,106) | (92,011) | (56,134) |
Net increase of non-purchased loans and leases | (3,033,145) | (2,582,441) | (1,372,413) |
Net payments received on purchased loans | 1,161,051 | 718,695 | 467,706 |
Payments received from FDIC under loss share agreements | 24,810 | ||
Net payment received from FDIC on termination of loss share agreements | 20,425 | ||
Other net decreases in FDIC loss share receivable and assets previously covered by FDIC loss share | 13,688 | ||
Purchases of premises and equipment | (45,171) | (16,804) | (18,067) |
Proceeds from sales of other assets | 41,013 | 73,721 | 73,559 |
Purchases of BOLI | (145,000) | (100,000) | |
Proceeds from BOLI death benefits | 2,116 | 3,149 | |
Cash received from (invested in) unconsolidated investments and noncontrolling interest | 428 | (1,759) | 1,103 |
Net cash received in merger and acquisition transactions | 203,695 | 299,810 | 121,918 |
Net cash used by investing activities | (2,284,245) | (1,334,715) | (564,558) |
Cash flows from financing activities: | |||
Net increase in deposits | 3,038,009 | 1,001,548 | 553,675 |
Repayment of fixed-rate callable FHLB advances | (158,853) | (98,062) | |
Net (repayments of) proceeds from other borrowings | (386,206) | 163,684 | (483) |
Net decrease in repurchase agreements with customers | (690) | (315) | (4,040) |
Proceeds from exercise of stock options | 6,162 | 5,145 | 4,727 |
Proceeds from issuance of common stock | 110,000 | ||
Proceeds from issuance of subordinated notes | 222,315 | ||
Excess tax benefit on exercise of stock options and vesting of restricted common stock | 3,576 | 7,049 | 4,682 |
Repurchase and cancellation of shares of common stock | (3,304) | (6,857) | (2,349) |
Cash dividends paid on common stock | (62,173) | (47,079) | (36,130) |
Net cash provided by financing activities | 2,817,689 | 1,074,322 | 422,020 |
Net increase (decrease) in cash and cash equivalents | 775,372 | (59,215) | (45,772) |
Cash and cash equivalents – beginning of year | 90,988 | 150,203 | 195,975 |
Cash and cash equivalents – end of year | $ 866,360 | $ 90,988 | $ 150,203 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Organization Basis of presentation, use of estimates and principles of consolidation The Consolidated Financial Statements include the accounts of the Company, the Bank, the investment subsidiary, the real estate subsidiary and the aircraft subsidiary. In addition, subsidiaries in which the Company has majority voting interest (principally defined as owning a voting or economic interest greater than 50%) or where the Company exercises control over the operating and financial policies of the subsidiary through an operating agreement or other means are consolidated. Investments in companies in which the Company has significant influence over voting and financing decisions (principally defined as owning a voting or economic interest of 20% to 50%) and investments in limited partnerships and limited liability companies where the Company does not exercise control over the operating and financial policies are generally accounted for by the equity method of accounting. Investments in companies in which the Company has limited or no influence over voting and financing decisions (principally defined as owning a voting or economic interest less than 20%) and investments in limited partnerships and limited liability companies in which the Company’s interest is so minor such that it has virtually no influence over operating and financial policies are generally accounted for by the cost method of accounting. Significant intercompany transactions and amounts have been eliminated in consolidation. The voting interest approach is not applicable for entities that are not controlled through voting interests or in which the equity investors do not bear the residual economic risk. In such instances, management makes a determination, based on its review of applicable GAAP, on when the assets, liabilities and activities of a variable interest entity (“VIE”) should be included in the Company’s Consolidated Financial Statements. GAAP requires a VIE to be consolidated by a company if that company has a controlling financial interest with both (1) the power to direct the activities of the entity that most significantly affects the entity’s economic performance and (2) the obligation to absorb losses of the entity that could potentially be significant to the entity or the right to receive benefits from the entity that could potentially be significant to the entity. A company that has a controlling financial interest is considered the primary beneficiary and consolidates the VIE. The Company has determined that the 100%-owned finance subsidiary Trusts are VIEs, but that the Company is not the primary beneficiary of the Trusts. Accordingly, the Company does not consolidate the activities of the Trusts into its financial statements, but instead reports its ownership interests in the Trusts as other assets and reports the subordinated debentures issued to the Trusts as a liability in the consolidated balance sheets. The distributions on the subordinated debentures are reported as interest expense in the accompanying consolidated statements of income. Cash and cash equivalents Investment securities Investment securities AFS are reported at estimated fair value, with the unrealized gains and losses determined on a specific identification basis. Such unrealized gains and losses, net of tax, are reported as a separate component of stockholders’ equity and included in other comprehensive income (loss). The Company utilizes independent third parties as its principal pricing sources for determining fair value of investment securities which are measured on a recurring basis. As a result, the Company receives estimates of fair values from at least two independent pricing sources for the majority of its individual securities within its investment portfolio. For investment securities traded in an active market, fair values are based on quoted market prices if available. If quoted market prices are not available, fair values are based on quoted market prices of comparable securities, broker quotes or comprehensive interest rate tables, pricing matrices or a combination thereof. For investment securities traded in a market that is not active, fair value is determined using unobservable inputs. Additionally, the valuation of investment securities acquired may include certain unobservable inputs. All fair value estimates received by the Company for its investment securities are reviewed on a quarterly basis. At December 31, 2016 and 2015, the Company owned stock in the Federal Home Loan Bank of Dallas (“FHLB”) and First National Banker’s Bankshares, Inc. (“FNBB”), which do not have readily determinable fair values and are carried at cost. Declines in the fair value of investment securities below their amortized cost are reviewed at least quarterly by the Company for other-than-temporary impairment. Factors considered during such review include, among other things, the nature and cause of the unrealized loss, the length of time and extent that fair value has been less than cost and the credit quality, financial condition and near term prospects of the issuer. The Company also assesses whether it has the intent to sell the investment security or more likely than not would be required to sell the investment security before any anticipated recovery in fair value. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through the income statement. For securities that do not meet the aforementioned criteria, the amount of impairment is split into (i) other-than-temporary impairment related to credit loss, which must be recognized in the income statement, and (ii) other-than-temporary impairment related to other factors, which is recognized in other comprehensive income (loss). The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. The fair values of the Company’s investment securities traded in both active and inactive markets can be volatile and may be influenced by a number of factors including market interest rates, prepayment speeds, discount rates, credit quality of the issuer, general market conditions including market liquidity conditions and other factors. Factors and conditions are constantly changing and fair values could be subject to material variations that may significantly affect the Company’s financial condition, results of operations and liquidity. Interest and dividends on investment securities, including the amortization of premiums and accretion of discounts through maturity, or in the case of mortgage-backed securities, over the estimated life of the security, are included in interest income. Realized gains or losses on the sale of investment securities are recognized on the specific identification method at the time of sale and are included in non-interest income. Purchases and sales of investment securities are recorded on a trade-date basis. Non-purchased loans and leases Leases, all of which are non-purchased, are classified as either direct financing leases or operating leases, based on the terms of the agreement. Direct financing leases are reported as the sum of (i) total future lease payments to be received, net of unearned income, and (ii) estimated residual value of the leased property. Income on direct financing leases is included in interest income and is recognized on a basis that achieves a constant periodic rate of return on the outstanding investment. In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the financial statements when they are funded. Related fees are generally recognized when collected. Mortgage loans held for sale are included in the Company’s non-purchased loans and leases and totaled $20.4 million and $10.4 million at December 31, 2016 and 2015, respectively. Mortgage loans held for sale are carried at the lower of cost or fair value. Gains and losses from the sales of mortgage loans are the difference between the selling price of the loan and its carrying value, net of discounts and points, and are recognized as mortgage lending income when the loan is sold to investors and servicing rights are released. As part of its standard mortgage lending practice, the Company issues a written put option, in the form of an interest rate lock commitment (“IRLC”), such that the interest rate on the mortgage loan is established prior to funding. In addition to the IRLC, the Company enters into a forward sale commitment (“FSC”) for the sale of its mortgage loan originations to reduce its market risk and interest rate risk on such originations in process. The IRLC on mortgage loans held for sale and the FSC have been determined to be derivatives as defined by GAAP. Accordingly, the fair values of derivative assets and liabilities for the Company’s IRLC and FSC are based primarily on the fluctuation of interest rates between the date on which the particular IRLC and FSC were entered into and year-end. At December 31, 2016 and 2015, respectively, the Company’s IRLC and FSC derivative assets and corresponding derivative liabilities were not material. The notional amounts of loan commitments under both the IRLC and FSC were $19.2 million and $15.7 million at December 31, 2016 and 2015, respectively. Purchased loans As provided for under GAAP, management has up to 12 months following the date of the acquisition to finalize the fair values of acquired assets and assumed liabilities. Once management has finalized the fair values of acquired assets and assumed liabilities within this 12-month period, management considers such values to be the day 1 fair values (“Day 1 Fair Values”). At the time of acquisition of purchased loans, management individually evaluates a substantial portion of loans acquired in the transaction. For those purchased loans without evidence of credit deterioration at the date of acquisition, fair value is determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected, as adjusted for an estimate of future credit losses and prepayments, and then a market-based discount rate is applied to those cash flows. For loans individually evaluated, a grade is assigned to each loan at the date of acquisition based on our internal grading system for purchased loans. To the extent that any purchased loan is not specifically reviewed, such loan is assumed to have characteristics similar to the assigned rating of the acquired institution’s risk rating adjusted for any estimated differences between our rating methodology and the acquired bank’s rating methodology. The grade for each purchased loan without evidence of credit deterioration is reviewed subsequent to the date of acquisition any time a loan is renewed or extended or at any time information becomes available to the Company that provides material insight regarding the loan’s performance, the status of the borrower or the quality or value of the underlying collateral. To the extent that current information indicates it is probable that the Company will collect all amounts according to the contractual terms thereof, such loan is not considered impaired and is not individually considered in the determination of the required allowance for loan and lease losses (“ALLL”). To the extent that current information indicates it is probable that the Company will not be able to collect all amounts according to the contractual terms thereof, such loan is considered impaired and is considered in the determination of the required level of ALLL. In determining the Day 1 Fair Values of purchased loans without evidence of credit deterioration at the date of acquisition, management includes (i) no carry over of any previously recorded ALLL and (ii) an adjustment of the unpaid principal balance to reflect an appropriate market rate of interest, given the risk profile and grade assigned to each loan. This adjustment is accreted or amortized into earnings as a yield adjustment, using the effective yield method, over the remaining life of each loan. Purchased loans that contain evidence of credit deterioration on the date of purchase are individually evaluated by management to determine the estimated fair value of each loan. This evaluation includes no carryover of any previously recorded ALLL. In determining the estimated fair value of purchased loans with evidence of credit deterioration at the date of acquisition, management considers a number of factors including, among other things, the remaining life of the acquired loans, estimated prepayments, estimated loss ratios, estimated value and quality of the underlying collateral, estimated holding periods, and net present value of cash flows expected to be received. In determining the Day 1 Fair Values of purchased loans with evidence of credit deterioration at the date of acquisition, management calculates a non-accretable difference (the credit component of the purchased loans) and an accretable difference (the yield component of the purchased loans). The non-accretable difference is the difference between the contractually required payments and the cash flows expected to be collected in accordance with management’s determination of the Day 1 Fair Values. Subsequent increases in expected cash flows will result in an adjustment to accretable yield, which will have a positive impact on interest income. Subsequent decreases in expected cash flows will generally result in a provision for loan and lease losses. Subsequent increases in expected cash flows following any previous decrease will result in a reversal of the provision for loan and lease losses to the extent of prior charges and then an adjustment to accretable yield. The accretable difference on purchased loans with evidence of credit deterioration at the date of acquisition is the difference between the expected cash flows and the net present value of such expected cash flows. Such difference is accreted into earnings using the effective yield method over the term of the loans. In determining the net present value of the expected cash flows for purposes of establishing the Day 1 Fair Values, the Company used discount rates ranging from 6.0% to 9.5% per annum depending on the risk characteristics of each individual loan. Management separately monitors purchased loans with evidence of credit deterioration on the date of acquisition and periodically reviews such loans contained within this portfolio against the factors and assumptions used in determining the Day 1 Fair Values. A loan is reviewed (i) any time it is renewed or extended, (ii) at any other time additional information becomes available to the Company that provides material additional insight regarding the loan’s performance, the status of the borrower, or the quality or value of the underlying collateral, or (iii) in conjunction with the annual review of projected cash flows of each acquired portfolio. Management separately reviews the performance of the portfolio of purchased loans with evidence of credit deterioration at the date of acquisition on an annual basis, or more frequently to the extent that material information becomes available regarding the performance of an individual loan, to make determinations of the constituent loans’ performance and to consider whether there has been any significant change in performance since management’s initial expectations established in conjunction with the determination of the Day 1 Fair Values or since management’s most recent review of such portfolio’s performance. To the extent that a loan is performing in accordance with or exceeding management’s performance expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is rated FV66, is not included in any of the credit quality ratios, is not considered to be a nonaccrual, nonperforming or impaired loan, and is not considered in the determination of the required ALLL. For any loan that is exceeding management’s performance expectation established in conjunction with the determination of Day 1 Fair Values, the accretable yield on such loan is adjusted to reflect such increased performance. To the extent that a loan’s performance has deteriorated from management’s expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is rated FV88, is included in certain of the Company’s credit quality metrics, is considered an impaired loan, and is considered in the determination of the required level of ALLL; however, in accordance with GAAP, the Company continues to accrete into earnings income on such loans. Any improvement in the expected performance of such loan would result in a reversal of the provision for loan and lease losses to the extent of prior charges and then an adjustment to accretable yield. Allowance for loan and lease losses The ALLL is maintained at a level management believes will be adequate to absorb probable incurred losses in the loan and lease portfolio. Provision to and the adequacy of the ALLL are based on evaluations of the loan and lease portfolio utilizing objective and subjective criteria. The objective criteria primarily include an internal grading system and specific allowances. In addition to the objective criteria, the Company subjectively assesses the adequacy of the ALLL and the need for additions thereto, with consideration given to the nature and mix of the portfolio, including concentrations of credit; general economic and business conditions, including national, regional and local business and economic conditions that may affect borrowers’ or lessees’ ability to pay; expectations regarding the current business cycle; trends that could affect collateral values and other relevant factors. Changes in any of these criteria or the availability of new information could require adjustment of the ALLL in future periods. While a specific allowance has been calculated for impaired loans and leases and for loans and leases where the Company has otherwise determined a specific reserve is appropriate, no portion of the Company’s ALLL is restricted to any individual loan or lease or group of loans or leases, and the entire ALLL is available to absorb losses from any and all loans and leases. The Company’s internal grading system assigns grades to all non-purchased loans and leases, except residential 1-4 family loans (including consumer construction loans on 1-4 family properties), consumer loans, indirect loans and certain other loans, with each grade being assigned an allowance allocation percentage. The grade for each graded individual loan or lease is determined by the account officer and other approving officers at the time the loan or lease is made and changed from time to time to reflect an ongoing assessment of loan or lease risk. Grades are reviewed on specific loans and leases from time to time by senior management and as part of the Company’s internal loan review process. The risk elements considered by management in its determination of the appropriate grade for individual loans and leases include the following, among others: (1) for non-farm/non-residential, multifamily residential, and agricultural real estate loans, the debt service coverage ratio (income from the property in excess of operating expenses compared to loan repayment requirements), operating results of the owner in the case of owner-occupied properties, the loan-to-value (“LTV”) ratio, the age, condition, value, nature and marketability of the collateral and the specific risks and volatility of income, property value and operating results typical of properties of that type; (2) for construction and land development loans, the perceived feasibility of the project including the ability to sell developed lots or improvements constructed for resale or ability to lease property constructed for lease, the quality and nature of contracts for presale or preleasing, if any, experience and ability of the developer and loan-to-cost (“LTC”) and LTV ratios (with significant emphasis placed on the LTC and LTV ratios for many of our construction and land development loans); (3) for commercial and industrial loans and leases, the operating results of the commercial, industrial or professional enterprise, the borrower’s or lessee’s business, professional and financial ability and expertise, the specific risks and volatility of income and operating results typical for businesses in the applicable industry, the age, condition, value, nature, quality and marketability of collateral and, for certain loans, the marketability of such loans in any secondary market; and (4) for non-real estate agricultural loans and leases, the operating results, experience and ability of the borrower or lessee, historical and expected market conditions and the age, condition, value, nature, quality and marketability of collateral. In addition, for each category the Company considers secondary sources of income and the financial strength of the borrower or lessee and any guarantors. Residential 1-4 family, consumer loans and certain other loans are assigned an allowance allocation percentage based on past due status. For indirect loans, each individual loan is assigned a risk level based on the borrower’s individual credit score. Each risk level is assigned a probability of default (“PD”) and an expected loss given default (“LGD”) based on the underlying collateral securing the loan. Both the PD and the LGD factors are based on composite third-party information for similar loans and borrowers that have previously defaulted and the resulting loss from such default. Allowance allocation percentages for the various risk grades and past due categories for residential 1-4 family, consumer loans and certain other loans are determined by management and are adjusted periodically. In determining these allowance allocation percentages, management considers, among other factors, historical loss percentages over various time periods and a variety of subjective criteria. For purchased loans, management segregates this portfolio into loans that contain evidence of credit deterioration at the date of acquisition and loans that do not contain evidence of credit deterioration at the date of acquisition. Purchased loans with evidence of credit deterioration at the date of acquisition are regularly monitored and are periodically reviewed by management. To the extent that a loan’s performance has deteriorated from management’s expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is considered in the determination of the required level of ALLL. To the extent that a revised loss estimate exceeds the loss estimate established in the determination of Day 1 Fair Values, such determination will result in an allowance allocation or a partial or full charge-off. All other purchased loans are graded by management at the time of purchase. The grade on these purchased loans is reviewed regularly as part of the ongoing assessment of such loans. To the extent that current information indicates it is probable that the Company will not be able to collect all amounts according to the contractual terms thereof, such loan is considered in the determination of the required level of ALLL and may result in an allowance allocation or a partial or full charge-off. At December 31, 2016 and 2015, respectively, the Company established an ALLL totaling $1.6 million and $1.2 million for its purchased loan portfolio. Such ALLL was based on the Company’s historical charge-off analysis of its purchased loan portfolio and reflects management’s estimate of probable incurred losses in the purchased loan portfolio that had not previously been charged off or had otherwise been considered in establishing the Day 1 Fair Values. The accrual of interest on non-purchased loans and leases and purchased loans without evidence of credit deterioration at the date of acquisition is discontinued when, in management’s opinion, the borrower or lessee may be unable to meet payments as they become due. The Company generally places a loan or lease, excluding purchased loans with evidence of credit deterioration at the date of acquisition, on nonaccrual status when such loan or lease is (i) deemed impaired or (ii) 90 days or more past due, or earlier when doubt exists as to the ultimate collection of payments. The Company may continue to accrue interest on certain loans or leases contractually past due 90 days or more if such loans or leases are both well secured and in the process of collection. At the time a loan or lease is placed on nonaccrual status, interest previously accrued but uncollected is reversed and charged against interest income. Nonaccrual loans and leases are generally returned to accrual status when payments are less than 90 days past due and the Company reasonably expects to collect all payments. If a loan or lease is determined to be uncollectible, the portion of the principal determined to be uncollectible will be charged against the ALLL. Loans for which the terms have been modified and for which (i) the borrower is experiencing financial difficulties and (ii) a concession has been granted to the borrower by the Company are considered troubled debt restructurings (“TDRs”) and are included in impaired loans and leases. Income on nonaccrual loans or leases, including impaired loans and leases but excluding certain TDRs which continue to accrue interest, is recognized on a cash basis when and if actually collected. All loans and leases deemed to be impaired are evaluated individually. The Company considers a loan or lease, excluding purchased loans with evidence of credit deterioration at the date of acquisition, to be impaired when based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms thereof. The Company considers a purchased loan with evidence of credit deterioration at the date of acquisition to be impaired once a decrease in expected cash flows or other deterioration in the loan’s expected performance, subsequent to the determination of the Day 1 Fair Values, results in an allowance allocation, a partial or full charge-off or in a provision for loan and lease losses. Most of the Company’s nonaccrual loans and leases, excluding purchased loans with evidence of credit deterioration at the date of acquisition, and all TDRs are considered impaired. The majority of the Company’s impaired loans and leases are dependent upon collateral for repayment. For such loans and leases, impairment is measured by comparing collateral value, net of holding and selling costs, to the current investment in the loan or lease. For all other impaired loans and leases, the Company compares estimated discounted cash flows to the current investment in the loan or lease. To the extent that the Company’s current investment in a particular loan or lease exceeds its estimated net collateral value or its estimated discounted cash flows, the impaired amount is specifically considered in the determination of the ALLL or is charged off as a reduction of the ALLL. The Company’s practice is to charge off any estimated loss as soon as management is able to identify and reasonably quantify such potential loss. Accordingly, only a small portion of the Company’s ALLL is needed for potential losses on nonperforming loans. The Company also maintains an allowance for certain non-purchased loans and leases not considered impaired where (i) the customer is continuing to make regular payments, although payments may be past due, (ii) there is a reasonable basis to believe the customer may continue to make regular payments, although there is also an elevated risk that the customer may default, and (iii) the collateral or other repayment sources are likely to be insufficient to recover the current investment in the loan or lease if a default occurs. The Company evaluates such loans and leases to determine if an allowance is needed for these loans and leases. For the purpose of calculating the amount of such allowance, management assumes that (i) no further regular payments occur and (ii) all sums recovered will come from liquidation of collateral and collection efforts from other payment sources. To the extent that the Company’s current investment in a particular loan or lease evaluated for the need for such allowance exceeds its net collateral value, such excess is considered allocated allowance for purposes of the determination of the ALLL. The Company may also include specific ALLL allocations for qualitative factors. Changes in the criteria used in this evaluation or the availability of new information could cause the ALLL to be increased or decreased in future periods. In addition, bank regulatory agencies, as part of their examination process, may require adjustments to the ALLL based on their judgment and estimates. Premises and equipment Foreclosed assets Valuations of all foreclosed assets are periodically reviewed by management with the carrying value of such assets adjusted through non-interest expense to the then estimated fair value, generally based on third party appraisals, broker price opinions or other valuations of the property, net of estimated selling costs, if lower, until disposition. Gains and losses from the sale of such repossessions and real estate acquired through or in lieu of foreclosure are recorded in non-interest income, and expenses to maintain the properties are included in non-interest expense. Income taxes As a result of recording, at fair value, acquired assets and assumed liabilities pursuant to business combinations, differences in amounts reported for financial statement purposes and their related basis for federal and state income tax purposes are created. Such differences are recorded as deferred tax assets and liabilities using enacted tax rates in effect for the year or years in which the differences are expected to be recovered or settled. Business combination transactions may result in the acquisition of net operating loss carryforwards and other assets with built-in losses, the realization of which are subject to limitations pursuant to section 382 (“section 382 limitation”) of the Internal Revenue Code (“IRC”). In determining the section 382 limitation associated with a business combination, management must make a number of estimates and assumptions regarding the ability to utilize acquired net operating loss carryforwards and the expected timing of future recoveries or settlements of acquired assets with built-in losses. To the extent that information available as of the date of acquisition results in a determination by management that some portion of acquired net operating loss carryforwards cannot be utilized or assets with built-in losses are expected to be settled or recovered in future periods in which the ability to realize the benefits will be subject to section 382 limitation, a deferred tax asset valuation allowance is established for the estimated amount of the deferred tax assets subject to the section 382 limitation. To the extent that information becomes available, during the first 12 months following the consummation of a business combination transaction, that results in changes in management’s initial estimates and assumptions regarding the expected utilization of acquired net operating loss carryforwards or the expected settlement or recovery of acquired assets with built-in losses subject to section 382 limitation, an increase or decrease of the deferred tax asset valuation allowance will be recorded as an adjustment to bargain purchase gain or goodwill. To the extent that such information becomes available 12 months or more after the consummation of a business combination transaction, or additional information becomes available during the first 12 months as a result of changes in circumstances since the date of the consummation of a business combination transaction, an increase or decrease of the deferred tax asset valuation allowance will be recorded as an adjustment to deferred income tax expense (benefit). The Company recognizes a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | 2. Acquisitions Community & Southern Holdings, Inc. On July 20, 2016, the Company completed its acquisition of C&S and its wholly-owned bank subsidiary, Community & Southern Bank, in a transaction valued at approximately $800.3 million. Pursuant to the terms of the merger agreement, the Company issued 20,983,815 shares of its common stock (plus cash in lieu of fractional shares) to C&S stockholders and to holders of outstanding C&S stock options, restricted stock units, deferred stock units and warrants in satisfaction of all outstanding C&S equity awards (net of shares withheld for taxes). The acquisition of C&S provided the Company with 46 banking offices throughout Georgia and one banking office in Jacksonville, Florida. On December 16, 2016, the Company closed five banking offices in Georgia, where it had excess branch capacity, including three that were acquired in the C&S acquisition. The following table provides a summary of the assets acquired and liabilities assumed as recorded by C&S, the estimates of the fair value adjustments necessary to adjust those acquired assets and assumed liabilities to estimated fair value, including adjustments made subsequent to the initial fair value adjustments, and the estimates of the resultant fair values of those assets and liabilities as recorded by the Company. Management continues to evaluate and may revise further, if necessary, one or more of the fair value adjustments in future periods. To the extent that any of these fair value adjustments are revised in future periods, the resultant fair values and the amount of goodwill may be subject to further adjustment. July 20, 2016 As Recorded by C&S Fair Value Adjustments Adjustments (1) As Recorded by the Company (Dollars in thousands) Assets acquired: Cash, due from banks and interest earning deposits $ 72,942 $ — $ — $ 72,942 Investment securities 447,674 4,063 a — 451,737 Loans 3,090,579 (61,649 ) b 3,617 3,032,547 Allowance for loan losses (42,395 ) 42,395 b — — Premises and equipment 73,238 31,969 c (425 ) 104,782 Foreclosed assets 6,274 (521 ) d — 5,753 BOLI 86,596 (45 ) e — 86,551 Goodwill 44,514 (44,514 ) f — — Core deposit intangible asset 12,227 21,327 g (358 ) 33,196 Deferred income taxes 23,298 (9,059 ) h (5,130 ) 9,109 Accrued interest receivable and other assets 38,226 (2,003 ) i 1,258 37,481 Total assets acquired 3,853,173 (18,037 ) (1,038 ) 3,834,098 Liabilities assumed: Deposits 3,256,372 11,813 j — 3,268,185 Other borrowings 90,000 — — 90,000 Accrued interest payable and other liabilities 22,991 (585 ) k (1,262 ) 21,144 Total liabilities assumed 3,369,363 11,228 (1,262 ) 3,379,329 Net assets acquired $ 483,810 $ (29,265 ) $ 224 454,769 Consideration paid: Cash in lieu of fractional shares (12,336 ) Stock (787,942 ) Total consideration paid (800,278 ) Goodwill $ 345,509 (1) Represents adjustments, during the fourth quarter of 2016, of the initial fair value adjustments. Explanation of preliminary fair value adjustments a- Adjustment reflects the fair value adjustment based on the pricing of the acquired held to maturity investment securities portfolio. b- Adjustment reflects the fair value adjustment based on the evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses. c- Adjustment reflects the fair value adjustment based on the evaluation of the premises and equipment acquired. d- Adjustment reflects the fair value adjustment based on the evaluation of the acquired foreclosed assets. e- Adjustment reflects the fair value adjustment based on the evaluation of BOLI acquired. f- Adjustment reflects the elimination of previously recorded goodwill. g- Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition, net of the elimination of previously recorded core deposit intangible assets. h- This adjustment reflects the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. i- Adjustment reflects the fair value adjustment based on the evaluation of accrued interest receivable and other assets. j- Adjustment reflects the fair value adjustment based on the evaluation of the acquired deposits. k- Adjustment reflects the amount needed to adjust other liabilities to estimated fair value and to record certain liabilities directly attributable to the C&S acquisition. During the fourth quarter of 2016, management revised its initial estimates and assumptions regarding the recovery of certain acquired loans and acquired deferred tax assets, as well as revising the initial fair value adjustments of certain other acquired assets and assumed liabilities. As a result of such revisions, management decreased the goodwill recorded in the C&S acquisition by $0.2 million. Goodwill of $345.5 million, which is the excess of the merger consideration over the estimated fair value of net assets acquired, was recorded in the C&S acquisition and is the result of expected operational synergies, expansion of full service banking in Georgia and other factors. This goodwill is not expected to be deductible for tax purposes. Management continues to evaluate the fair value adjustments and the resultant fair values of acquired assets and assumed liabilities recorded in the C&S acquisition. To the extent that management revises any of the fair value adjustments, the amount of goodwill recorded in the C&S acquisition may be subject to further adjustment. The Company’s consolidated results of operations include the operating results of C&S beginning July 21, 2016 through the end of the reporting period. During 2016, C&S contributed approximately $86.5 million of net interest income and approximately $39.5 million of net income to the Company’s operating results. The following unaudited supplemental pro forma information is presented to show the estimated results assuming C&S was acquired as of the beginning of each period presented, adjusted for estimated costs savings. These unaudited pro forma results are not necessarily indicative of the operating results that the Company would have achieved had it completed the acquisition as of January 1, 2015 or 2016 and should not be considered as representative of future operating results. Year Ended December 31, 2016 2015 (Dollars in thousands, except per share amounts) Net interest income – pro forma (unaudited) $ 690,426 $ 555,075 Net income – pro forma (unaudited) $ 329,199 $ 245,847 Diluted earnings per common share – pro forma (unaudited) $ 2.83 $ 2.27 C1 Financial, Inc. On July 21, 2016, the Company completed its acquisition of C1 and its wholly-owned bank subsidiary, C1 Bank, in a transaction valued at approximately $376.1 million. Pursuant to the terms of the merger agreement and immediately after the effective time of the C1 Merger and in accordance with the terms of the Brazilian standby purchase agreement dated December 21, 2015, the Company sold certain C1 Bank loans (“Brazilian Loans”) equal to the aggregate purchase price of the Brazilian Loans. As a result of the closing of the C1 Merger, the Company issued 9,370,587 shares of its common stock to C1 shareholders, net of the shares redeemed in exchange for the Brazilian Loans. The acquisition of C1 provided the Company with 33 banking offices throughout the west coast of Florida and in Miami-Dade and Orange counties. The following table provides a summary of the assets acquired and liabilities assumed as recorded by C1, the estimates of the fair value adjustments necessary to adjust those acquired assets and assumed liabilities to estimated fair value, including adjustments made subsequent to the initial fair value adjustments, and the estimates of the resultant fair values of those assets and liabilities as recorded by the Company. Management continues to evaluate and may revise further, if necessary, one or more of the fair value adjustments in future periods. To the extent that any of these fair value adjustments are revised in future periods, the resultant fair values and the amount of goodwill may be subject to further adjustment. July 21, 2016 As Recorded by C1 Fair Value Adjustments Adjustments (1) As Recorded by the Company (Dollars in thousands) Assets acquired: Cash, due from banks and interest earning deposits $ 143,592 $ — $ — $ 143,592 Investment securities 7,618 (28 ) a — 7,590 Loans 1,353,498 (40,456 ) b (1,238 ) 1,311,804 Allowance for loan losses (7,307 ) 7,307 b — — Premises and equipment 63,943 13,690 c (300 ) 77,333 Foreclosed assets 21,704 (1,656 ) d — 20,048 BOLI 36,280 — — 36,280 Core deposit and other intangible assets 576 9,198 e — 9,774 Deferred income taxes 1,608 8,288 f 2,100 11,996 Accrued interest receivable and other assets 12,182 (3,124 ) g — 9,058 Total assets acquired 1,633,694 (6,781 ) 562 1,627,475 Liabilities assumed: Deposits 1,294,439 2,779 h — 1,297,218 Other borrowings 131,010 2,558 i — 133,568 Accrued interest payable and other liabilities 4,775 1,040 j 3,104 8,919 Total liabilities assumed 1,430,224 6,377 3,104 1,439,705 Net assets acquired $ 203,470 $ (13,158 ) $ (2,542 ) 187,770 Consideration paid: Cash and shares redeemed for Brazilian loans (27,694 ) Stock (348,397 ) Total consideration paid (376,091 ) Goodwill $ 188,321 (1) Represents adjustments, during the fourth quarter of 2016, of the initial fair value adjustments. Explanation of preliminary fair value adjustments a- Adjustment reflects the fair value adjustment based on the pricing of the acquired investment securities portfolio. b- Adjustment reflects the fair value adjustment based on the evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses. c- Adjustment reflects the fair value adjustment based on the evaluation of the premises and equipment acquired. d- Adjustment reflects the fair value adjustment based on the evaluation of the acquired foreclosed assets. e- Adjustment reflects the fair value adjustment for the core deposit and intellectual property intangible assets recorded as a result of the acquisition, net of the elimination of previously recorded intangible assets. f- This adjustment reflects the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. g- Adjustment reflects the fair value adjustment based on the evaluation of accrued interest receivable and other assets. h- Adjustment reflects the fair value adjustment based on the evaluation of the acquired deposits. i- Adjustment reflects the fair value adjustment of these assumed liabilities. j- Adjustment reflects the amount needed to adjust other liabilities to estimated fair value and to record certain liabilities directly attributable to the C1 acquisition. During the fourth quarter of 2016, management revised its initial estimates and assumptions regarding the recovery of certain acquired loans and acquired deferred tax assets, as well as revising the initial fair value adjustments of certain other acquired assets and assumed liabilities. As a result of such revisions, management increased the goodwill recorded in the C1 acquisition by $2.5 million. Goodwill of $188.3 million, which is the excess of the merger consideration over the estimated fair value of net assets acquired, was recorded in the C1 acquisition and is the result of expected operational synergies, expansion of full service banking throughout the west coast of Florida and in Miami-Dade and Orange counties, the acquisition of the former C1 labs innovation group and other factors. This goodwill is not expected to be deductible for tax purposes. Management continues to evaluate the fair value adjustments and the resultant fair values of acquired assets and assumed liabilities recorded in the C1 acquisition. To the extent that management revises any of the fair value adjustments, the amount of goodwill recorded in the C1 acquisition may be subject to further adjustment. The Company’s consolidated results of operations include the operating results of C1 beginning July 22, 2016 through the end of the reporting period. During 2016, C1 contributed approximately $35.1 million of net interest income and approximately $13.9 million of net income to the Company’s operating results. The following unaudited supplemental pro forma information is presented to show the estimated results assuming C1 was acquired as of the beginning of each period presented, adjusted for estimated costs savings. These unaudited pro forma results are not necessarily indicative of the operating results that the Company would have achieved had it completed the acquisition as of January 1, 2015 or 2016 and should not be considered as representative of future operating results. Year Ended December 31, 2016 2015 (Dollars in thousands, except per share amounts) Net interest income – pro forma (unaudited) $ 644,670 $ 461,762 Net income – pro forma (unaudited) $ 295,823 $ 211,162 Diluted earnings per common share – pro forma (unaudited) $ 2.69 $ 2.18 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 3. Investment Securities The following table is a summary of the amortized cost and estimated fair values of investment securities, all of which are classified as AFS. The Company’s investment in the “CRA qualified investment fund” includes shares held in a mutual fund that qualify under the Community Reinvestment Act of 1977 for community reinvestment purposes. The Company’s holdings of “other equity securities” include FHLB and FNBB shares which do not have readily available fair values and are carried at cost. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) December 31, 2016: Obligations of states and political subdivisions $ 946,886 $ 7,785 $ (35,658 ) $ 919,013 U.S. Government agency securities 547,297 962 (12,769 ) 535,490 Corporate obligations 10,086 — (171 ) 9,915 CRA qualified investment fund 1,061 — (27 ) 1,034 Other equity securities 6,160 — — 6,160 Total investment securities AFS $ 1,511,490 $ 8,747 $ (48,625 ) $ 1,471,612 December 31, 2015: Obligations of states and political subdivisions $ 415,095 $ 12,321 $ (138 ) $ 427,278 U.S. Government agency securities 146,265 1,720 (1,035 ) 146,950 Corporate obligations 3,562 — — 3,562 CRA qualified investment fund 1,038 — (10 ) 1,028 Other equity securities 23,530 — — 23,530 Total investment securities AFS $ 589,490 $ 14,041 $ (1,183 ) $ 602,348 The following table shows gross unrealized losses and estimated fair value of investment securities AFS, aggregated by investment category and length of time that individual investment securities have been in a continuous unrealized loss position. Less than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (Dollars in thousands) December 31, 2016: Obligations of states and political subdivisions $ 641,862 $ 35,648 $ 4,501 $ 10 $ 646,363 $ 35,658 U.S. Government agency securities 480,000 12,764 160 5 480,160 12,769 Corporate obligations 6,915 171 — — 6,915 171 CRA qualified investment fund 1,035 27 — — 1,035 27 Total temporarily impaired investment securities $ 1,129,812 $ 48,610 $ 4,661 $ 15 $ 1,134,473 $ 48,625 December 31, 2015: Obligations of states and political subdivisions $ 18,018 $ 114 $ 6,167 $ 24 $ 24,185 $ 138 U.S. Government agency securities 72,671 930 4,381 105 77,052 1,035 CRA qualified investment fund 1,029 10 — — 1,029 10 Total temporarily impaired investment securities $ 91,718 $ 1,054 $ 10,548 $ 129 $ 102,266 $ 1,183 In evaluating the Company’s unrealized loss positions for other-than-temporary impairment for its investment securities portfolio, management considers the credit quality, financial condition and near term prospects of the issuer, the nature and cause of the unrealized loss, the severity and duration of the impairments and other factors. At December 31, 2016 and 2015, management determined the unrealized losses were the result of fluctuations in interest rates and did not reflect deteriorations of the credit quality of the investments. Accordingly, management believes that all of its unrealized losses on investment securities are temporary in nature. The Company does not have the intent to sell these investment securities and more likely than not, would not be required to sell these investment securities before fair value recovers to amortized cost. The following table is a maturity distribution of investment securities AFS as of December 31, 2016. Amortized Cost Estimated Fair Value (Dollars in thousands) Due in one year or less $ 82,229 $ 80,665 Due after one year to five years 310,104 305,081 Due after five years to ten years 325,093 321,210 Due after ten years 794,064 764,656 Total $ 1,511,490 $ 1,471,612 For purposes of this maturity distribution, all investment securities are shown based on their contractual maturity date, except (i) FHLB and FNBB stock and the CRA qualified investment funds which have no contractual maturity date are shown in the longest maturity category and (ii) U.S. Government agency securities and municipal housing authority securities backed by residential mortgages are allocated among various maturities based on an estimated repayment schedule utilizing Bloomberg median prepayment speeds and interest rate levels at December 31, 2016. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. The following table is a summary of sales activities of the Company’s investment securities AFS. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Sales proceeds $ 537 $ 202,943 $ 55,724 Gross realized gains $ 4 $ 5,962 $ 159 Gross realized losses — (481 ) (15 ) Net gains on investment securities $ 4 $ 5,481 $ 144 Investment securities with carrying values of $1.17 billion and $528.6 million at December 31, 2016 and 2015, respectively, were pledged to secure public funds and trust deposits and for other purposes required or permitted by law. At December 31, 2016, the Company had no holdings of investment securities of any one issuer, other than U.S. Government agency residential mortgage-backed securities issued by the Federal National Mortgage Association, in an amount greater than 10% of total common stockholders’ equity. At December 31, 2015, the Company had no holdings of investment securities of any one issuer in an amount greater than 10% of total common stockholders’ equity. |
Non-Purchased Loans and Leases
Non-Purchased Loans and Leases | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Non-Purchased Loans and Leases | 4. Non-Purchased Loans and Leases The following table is a summary of the non-purchased loan and lease portfolio by principal category as of the dates indicated. December 31, 2016 2015 (Dollars in thousands) Real estate: Residential 1-4 family $ 481,063 5.0 % $ 350,254 5.4 % Non-farm/non-residential 2,385,652 24.8 2,010,866 30.8 Construction/land development 4,762,967 49.6 2,825,575 43.3 Agricultural 97,866 1.0 74,440 1.1 Multifamily residential 435,342 4.5 440,828 6.8 Total real estate 8,162,890 84.9 5,701,963 87.4 Commercial and industrial 228,480 2.4 231,281 3.6 Consumer 216,517 2.3 27,745 0.1 Direct financing leases 137,188 1.4 147,735 2.4 Other 860,018 9.0 419,910 6.5 Total non-purchased loans and leases $ 9,605,093 100 % $ 6,528,634 100 % The above table includes deferred fees, net of deferred costs, that totaled $43.9 million and $27.8 million at December 31, 2016 and 2015, respectively. Direct financing leases are presented net of unearned income totaling $15.6 million and $16.9 million at December 31, 2016 and 2015, respectively. Non-purchased loans and leases on which the accrual of interest has been discontinued totaled $14.4 million and $13.2 million at December 31, 2016 and 2015, respectively. Interest income collected and recognized during 2016, 2015 and 2014 for nonaccrual loans and leases at December 31, 2016, 2015 and 2014 was $0.4 million, $0.4 million and $0.6 million, respectively. Under the original terms, these loans and leases would have reported $0.8 million, $1.0 million and $1.7 million of interest income during 2016, 2015 and 2014, respectively. |
Purchased Loans
Purchased Loans | 12 Months Ended |
Dec. 31, 2016 | |
Non-Purchased Loans and Leases | 4. Non-Purchased Loans and Leases The following table is a summary of the non-purchased loan and lease portfolio by principal category as of the dates indicated. December 31, 2016 2015 (Dollars in thousands) Real estate: Residential 1-4 family $ 481,063 5.0 % $ 350,254 5.4 % Non-farm/non-residential 2,385,652 24.8 2,010,866 30.8 Construction/land development 4,762,967 49.6 2,825,575 43.3 Agricultural 97,866 1.0 74,440 1.1 Multifamily residential 435,342 4.5 440,828 6.8 Total real estate 8,162,890 84.9 5,701,963 87.4 Commercial and industrial 228,480 2.4 231,281 3.6 Consumer 216,517 2.3 27,745 0.1 Direct financing leases 137,188 1.4 147,735 2.4 Other 860,018 9.0 419,910 6.5 Total non-purchased loans and leases $ 9,605,093 100 % $ 6,528,634 100 % The above table includes deferred fees, net of deferred costs, that totaled $43.9 million and $27.8 million at December 31, 2016 and 2015, respectively. Direct financing leases are presented net of unearned income totaling $15.6 million and $16.9 million at December 31, 2016 and 2015, respectively. Non-purchased loans and leases on which the accrual of interest has been discontinued totaled $14.4 million and $13.2 million at December 31, 2016 and 2015, respectively. Interest income collected and recognized during 2016, 2015 and 2014 for nonaccrual loans and leases at December 31, 2016, 2015 and 2014 was $0.4 million, $0.4 million and $0.6 million, respectively. Under the original terms, these loans and leases would have reported $0.8 million, $1.0 million and $1.7 million of interest income during 2016, 2015 and 2014, respectively. |
Purchased Loans [Member] | |
Non-Purchased Loans and Leases | 5. Purchased Loans The following table is a summary of the purchased loan portfolio by principal category as of the dates indicated. December 31, 2016 2015 (Dollars in thousands) Real estate: Residential 1-4 family $ 778,226 $ 386,952 Non-farm/non-residential 2,279,749 1,135,547 Construction/land development 532,893 47,823 Agricultural 26,991 19,918 Multifamily residential 308,663 139,497 Total real estate 3,926,522 1,729,737 Commercial and industrial 211,667 60,522 Consumer 812,474 7,487 Other 7,359 8,291 Total purchased loans $ 4,958,022 $ 1,806,037 The following table is a summary, as of the dates indicated, of the Company’s purchased loans without evidence of credit deterioration at the date of acquisition and purchased loans with evidence of credit deterioration at the date of acquisition. December 31, 2016 2015 (Dollars in thousands) Purchased loans without evidence of credit deterioration at date of acquisition $ 4,716,403 $ 1,589,251 Purchased loans with evidence of credit deterioration at date of acquisition 241,619 216,786 Total purchased loans $ 4,958,022 $ 1,806,037 The following table presents a summary, during the years indicated, of the activity of the Company’s purchased loans with evidence of credit deterioration at the date of acquisition. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Balance – beginning of year $ 216,786 $ 276,480 $ 392,421 Accretion 29,974 37,677 46,466 Purchased loans acquired 132,500 71,996 40,035 Transfer to foreclosed assets (4,296 ) (7,886 ) (42,306 ) Net payments received (131,488 ) (148,175 ) (151,559 ) Loans sold — (12,601 ) — Net charge-offs (2,152 ) (1,815 ) (8,654 ) Other activity, net 295 1,110 77 Balance – end of year $ 241,619 $ 216,786 $ 276,480 The following table presents a summary, during the years indicated, of changes in the accretable difference on purchased loans with evidence of credit deterioration at the date of acquisition. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Accretable difference at beginning of year $ 59,176 $ 74,167 $ 83,455 Accretion (29,974 ) (37,677 ) (46,466 ) Accretable difference acquired 19,108 11,546 6,732 Adjustments to accretable difference due to: Loans transferred to foreclosed assets (358 ) (418 ) (1,657 ) Loans paid off (6,094 ) (17,714 ) (15,909 ) Loans sold — (1,573 ) — Cash flow revisions as a result of renewals and/or modifications 23,294 30,862 47,359 Other, net — (17 ) 653 Accretable difference at end of year $ 65,152 $ 59,176 $ 74,167 The following table is a summary of the loans acquired in the C&S and C1 acquisitions with evidence of credit deterioration at the date of acquisition. C&S as of July 20, 2016 C1 as of July 21, 2016 (Dollars in thousands) Contractually required principal and interest $ 106,109 $ 111,700 Non-accretable difference (28,946 ) (37,255 ) Cash flows expected to be collected 77,163 74,445 Accretable difference (11,793 ) (7,315 ) Day 1 Fair Value $ 65,370 $ 67,130 |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators | 6. Allowance for Loan and Lease Losses (“ALLL”) and Credit Quality Indicators Allowance for Loan and Lease Losses The following table is a summary of activity within the ALLL during the years indicated. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Balance – beginning of year $ 60,854 $ 52,918 $ 42,945 Non-purchased loans and leases charged off (6,041 ) (10,091 ) (5,123 ) Recoveries of non-purchased loans and leases previously charged off 828 1,127 1,396 Net non-purchased loans and leases charged off (5,213 ) (8,964 ) (3,727 ) Purchased loans charged off (5,675 ) (2,982 ) (3,288 ) Recoveries of purchased loans previously charged off 2,783 467 73 Net purchased loans charged off (2,892 ) (2,515 ) (3,215 ) Net charge-offs – total loans and leases (8,105 ) (11,479 ) (6,942 ) Provision for loan and lease losses: Non-purchased loans and leases 20,500 15,700 13,700 Purchased loans 3,292 3,715 3,215 Total provision 23,792 19,415 16,915 Balance – end of year $ 76,541 $ 60,854 $ 52,918 As of December 31, 2016 and 2015, the Company had identified purchased loans where management had determined it was probable that the Company would be unable to collect all amounts according to the contractual terms thereof (for purchased loans without evidence of credit deterioration at date of acquisition) or the expected performance of such loans had deteriorated from management’s performance expectations established in conjunction with the determination of the Day 1 Fair Values or since management’s most recent review of such portfolio’s performance (for purchased loans with evidence of credit deterioration at date of acquisition). As a result the Company recorded net charge-offs totaling $2.9 million during 2016, $2.5 million during 2015 and $3.2 million during 2014 for such loans. The Company also recorded $3.3 million during 2016, $3.7 million during 2015 and $3.2 million during 2014 of provision for loans. The Company had $1.6 million of ALLL at December 31, 2016 and $1.2 million at December 31, 2015 (none at December 31, 2014) to absorb probable incurred losses in its purchased loan portfolio that had not previously been charged off. Additionally, the Company transferred certain of these purchased loans to foreclosed assets. As a result of these actions, the Company had $6.5 million of impaired purchased loans at December 31, 2016, $8.1 million of impaired purchased loans at December 31, 2015 and $14.0 million of impaired purchased loans at December 31, 2014. The following table is a summary of the Company’s ALLL for the year indicated. Beginning Balance Charge-offs Recoveries Provision Ending Balance (Dollars in thousands) Year ended December 31, 2016: Real estate: Residential 1-4 family $ 8,672 $ (406 ) $ 52 $ 1,907 $ 10,225 Non-farm/non-residential 16,796 (323 ) 10 5,072 21,555 Construction/land development 18,176 (42 ) 68 2,471 20,673 Agricultural 3,388 (37 ) — (564 ) 2,787 Multifamily residential 3,031 — 14 (598 ) 2,447 Commercial and industrial 2,574 (118 ) 78 (175 ) 2,359 Consumer 707 (228 ) 37 1,429 1,945 Direct financing leases 3,835 (3,143 ) 36 9,956 10,684 Other 2,475 (1,744 ) 533 1,002 2,266 Purchased loans 1,200 (5,675 ) 2,783 3,292 1,600 Total $ 60,854 $ (11,716 ) $ 3,611 $ 23,792 $ 76,541 The following table is a summary of the Company’s ALLL for the year indicated. Beginning Balance Charge-offs Recoveries Provision Ending Balance (Dollars in thousands) Year ended December 31, 2015: Real estate: Residential 1-4 family $ 5,482 $ (794 ) $ 86 $ 3,898 $ 8,672 Non-farm/non-residential 17,190 (857 ) 15 448 16,796 Construction/land development 15,960 (2,760 ) 83 4,893 18,176 Agricultural 2,558 (27 ) — 857 3,388 Multifamily residential 2,147 (228 ) — 1,112 3,031 Commercial and industrial 4,873 (2,762 ) 299 164 2,574 Consumer 818 (148 ) 54 (17 ) 707 Direct financing leases 2,989 (1,041 ) 27 1,860 3,835 Other 901 (1,474 ) 563 2,485 2,475 Purchased loans — (2,982 ) 467 3,715 1,200 Total $ 52,918 $ (13,073 ) $ 1,594 $ 19,415 $ 60,854 The following table is a summary of the Company’s ALLL for the year indicated. Beginning Balance Charge-offs Recoveries Provision Ending Balance (Dollars in thousands) Year ended December 31, 2014: Real estate: Residential 1-4 family $ 4,701 $ (577 ) $ 135 $ 1,223 $ 5,482 Non-farm/non-residential 13,633 (1,357 ) 33 4,881 17,190 Construction/land development 12,306 (638 ) 11 4,281 15,960 Agricultural 3,000 (214 ) 14 (242 ) 2,558 Multifamily residential 2,504 — — (357 ) 2,147 Commercial and industrial 2,855 (720 ) 808 1,930 4,873 Consumer 917 (222 ) 80 43 818 Direct financing leases 2,266 (602 ) 49 1,276 2,989 Other 763 (793 ) 266 665 901 Purchased loans — (3,288 ) 73 3,215 — Total $ 42,945 $ (8,411 ) $ 1,469 $ 16,915 $ 52,918 The following table is a summary of the Company’s ALLL and recorded investment in non-purchased loans and leases, as of the dates indicated. Allowance for Loan and Lease Losses Non-Purchased Loans and Leases ALLL for Individually Evaluated Impaired Loans and Leases ALLL for All Other Loans and Leases Total ALLL (1) Individually Evaluated Impaired Loans and Leases All Other Loans and Leases Total Loans and Leases (Dollars in thousands) December 31, 2016: Real estate: Residential 1-4 family $ 326 $ 9,899 $ 10,225 $ 2,411 $ 478,652 $ 481,063 Non-farm/non-residential 174 21,381 21,555 2,136 2,383,516 2,385,652 Construction/land development 1,384 19,289 20,673 5,501 4,757,466 4,762,967 Agricultural 387 2,400 2,787 1,198 96,668 97,866 Multifamily residential 59 2,388 2,447 879 434,463 435,342 Commercial and industrial 463 1,896 2,359 750 227,730 228,480 Consumer 16 1,929 1,945 60 216,457 216,517 Direct financing leases — 10,684 10,684 — 137,188 137,188 Other 41 2,225 2,266 158 859,860 860,018 Total $ 2,850 $ 72,091 $ 74,941 $ 13,093 $ 9,592,000 $ 9,605,093 December 31, 2015: Real estate: Residential 1-4 family $ 297 $ 8,375 $ 8,672 $ 2,031 $ 348,223 $ 350,254 Non-farm/non-residential 31 16,765 16,796 939 2,009,927 2,010,866 Construction/land development 48 18,128 18,176 5,556 2,820,019 2,825,575 Agricultural 475 2,913 3,388 1,313 73,127 74,440 Multifamily residential — 3,031 3,031 83 440,745 440,828 Commercial and industrial 487 2,087 2,574 714 230,567 231,281 Consumer 2 705 707 23 27,722 27,745 Direct financing leases — 3,835 3,835 — 147,735 147,735 Other — 2,475 2,475 7 419,903 419,910 Total $ 1,340 $ 58,314 $ 59,654 $ 10,666 $ 6,517,968 $ 6,528,634 (1) E xcludes $1.6 million and $1.4 million of ALLL allocated to the Company’s purchased loans at December 31, 2016 and 2015, respectively. The following table is a summary of impaired loans and leases, excluding purchased loans, as of and for the years indicated. Principal Balance Net Charge-offs to Date Principal Balance, Net of Charge-offs Specific Allowance Weighted Average Carrying Value (Dollars in thousands) As of and for the year ended December 31, 2016: Impaired loans and leases for which there is a related ALLL: Real estate: Residential 1-4 family $ 1,904 $ (216 ) $ 1,688 $ 326 $ 1,088 Non-farm/non-residential 1,171 (523 ) 648 174 186 Construction/land development 5,137 (34 ) 5,103 1,384 1,118 Agricultural 1,064 — 1,064 387 1,118 Multifamily 879 — 879 59 176 Commercial and industrial 809 (322 ) 487 463 506 Consumer 55 (4 ) 51 16 23 Other 153 — 153 41 31 Total impaired loans and leases with a related ALLL 11,172 (1,099 ) 10,073 2,850 4,246 Impaired loans and leases for which there is not a related ALLL: Real estate: Residential 1-4 family 879 (156 ) 723 — 896 Non-farm/non-residential 1,997 (509 ) 1,488 — 1,131 Construction/land development 1,208 (810 ) 398 — 1,998 Agricultural 366 (232 ) 134 — 169 Multifamily 133 (133 ) — — 33 Commercial and industrial 313 (50 ) 263 — 209 Consumer 14 (5 ) 9 — 11 Other 5 — 5 — 6 Total impaired loans and leases without a related ALLL 4,915 (1,895 ) 3,020 — 4,453 Total impaired loans and leases $ 16,087 $ (2,994 ) $ 13,093 $ 2,850 $ 8,699 As of and for the year ended December 31, 2015: Impaired loans and leases for which there is a related ALLL: Real estate: Residential 1-4 family $ 2,914 $ (1,804 ) $ 1,110 $ 297 $ 1,279 Non-farm/non-residential 962 (907 ) 55 31 129 Construction/land development 121 — 121 48 896 Agricultural 1,153 — 1,153 475 479 Commercial and industrial 825 (322 ) 503 487 404 Consumer 26 (15 ) 11 2 16 Total impaired loans and leases with a related ALLL 6,001 (3,048 ) 2,953 1,340 3,203 Impaired loans and leases for which there is not a related ALLL: Real estate: Residential 1-4 family 1,306 (386 ) 920 — 955 Non-farm/non-residential 1,083 (198 ) 885 — 1,137 Construction/land development 7,873 (2,438 ) 5,435 — 8,255 Agricultural 362 (202 ) 160 — 261 Multifamily 216 (133 ) 83 — 155 Commercial and industrial 261 (50 ) 211 — 141 Consumer 18 (5 ) 13 — 14 Other 7 — 7 — 7 Total impaired loans and leases without a related ALLL 11,126 (3,412 ) 7,714 — 10,925 Total impaired loans and leases $ 17,127 $ (6,460 ) $ 10,667 $ 1,340 $ 14,128 Management has determined that certain of the Company’s impaired loans and leases do not require any specific allowance at December 31, 2016 and 2015 because (i) management’s analysis of such individual loans and leases resulted in no impairment or (ii) all identified impairment on such loans and leases has previously been charged off. Interest income on impaired loans and leases is recognized on a cash basis when and if actually collected. Total interest income recognized on impaired loans and leases for the years ended December 31, 2016, 2015 and 2014 was not material. Credit Quality Indicators Non-Purchased Loans and Leases The following table is a summary of credit quality indicators for the Company’s non-purchased loans and leases as of the dates indicated. Satisfactory Moderate Watch Substandard Total (Dollars in thousands) December 31, 2016: Real estate: Residential 1-4 family (1) $ 474,853 $ — $ 1,938 $ 4,272 $ 481,063 Non-farm/non-residential 2,010,397 287,157 81,527 6,571 2,385,652 Construction/land development 4,409,108 336,004 11,402 6,453 4,762,967 Agricultural 48,835 37,712 9,158 2,161 97,866 Multifamily residential 381,845 49,607 1,971 1,919 435,342 Commercial and industrial 149,698 73,559 3,994 1,229 228,480 Consumer (1) 216,120 — 164 233 216,517 Direct financing leases 135,980 46 208 954 137,188 Other (1) 855,217 4,710 81 10 860,018 Total $ 8,682,053 $ 788,795 $ 110,443 $ 23,802 $ 9,605,093 December 31, 2015: Real estate: Residential 1-4 family (1) $ 342,083 $ — $ 2,946 $ 5,225 $ 350,254 Non-farm/non-residential 1,692,632 235,999 73,788 8,447 2,010,866 Construction/land development 2,553,368 256,655 8,916 6,636 2,825,575 Agricultural 40,538 22,799 8,909 2,194 74,440 Multifamily residential 400,848 35,080 4,079 821 440,828 Commercial and industrial 179,797 47,802 1,854 1,828 231,281 Consumer (1) 27,219 — 276 250 27,745 Direct financing leases 146,934 201 190 410 147,735 Other (1) 415,686 4,027 182 15 419,910 Total $ 5,799,105 $ 602,563 $ 101,140 $ 25,826 $ 6,528,634 (1) The Company does not risk rate its residential 1-4 family loans (including consumer construction loans on 1-4 family properties), its consumer loans, indirect loans, and certain “other” loans. However, for purposes of the above table, the Company considers such loans to be (i) satisfactory – if they are performing and less than 30 days past due, (ii) watch – if they are performing and 30 to 89 days past due or (iii) substandard – if they are nonperforming or 90 days or more past due. The following categories of credit quality indicators are used by the Company. Satisfactory Moderate Watch Substandard The following table is an aging analysis of past due non-purchased loans and leases as of the dates indicated. 30-89 Days Past Due (1) 90 Days or More (2) Total Past Due Current (3) Total (Dollars in thousands) December 31, 2016: Real estate: Residential 1-4 family $ 2,410 $ 2,082 $ 4,492 $ 476,571 $ 481,063 Non-farm/non-residential 1,718 1,318 3,036 2,382,616 2,385,652 Construction/land development 3,082 198 3,280 4,759,687 4,762,967 Agricultural 1,220 136 1,356 96,510 97,866 Multifamily residential — 883 883 434,459 435,342 Commercial and industrial 522 551 1,073 227,407 228,480 Consumer 169 52 221 216,296 216,517 Direct financing leases 408 812 1,220 135,968 137,188 Other 196 6 202 859,816 860,018 Total $ 9,725 $ 6,038 $ 15,763 $ 9,589,330 $ 9,605,093 December 31, 2015: Real estate: Residential 1-4 family $ 2,793 $ 1,507 $ 4,300 $ 345,954 $ 350,254 Non-farm/non-residential 1,881 777 2,658 2,008,208 2,010,866 Construction/land development 1,043 5,645 6,688 2,818,887 2,825,575 Agricultural 1,780 243 2,023 72,417 74,440 Multifamily residential — 83 83 440,745 440,828 Commercial and industrial 823 751 1,574 229,707 231,281 Consumer 248 33 281 27,464 27,745 Direct financing leases 517 321 838 146,897 147,735 Other 8 7 15 419,895 419,910 Total $ 9,093 $ 9,367 $ 18,460 $ 6,510,174 $ 6,528,634 (1) Includes $4.6 million and $1.9 million of loans and leases on nonaccrual status at December 31, 2016 and 2015, respectively. (2) All loans and leases greater than 90 days past due were on nonaccrual status at December 31, 2016 and 2015. (3) Includes $3.7 million and $2.0 million of loans and leases on nonaccrual status at December 31, 2016 and 2015, respectively. Purchased Loans The following table is a summary of credit quality indicators for the Company’s purchased loans as of the dates indicated. Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition Purchased Loans With Evidence of Credit Deterioration at Date of Acquisition Total FV 33 FV 44 FV 55 FV 36 FV 77 FV 66 FV 88 Purchased Loans (Dollars in thousands) December 31, 2016: Real estate: Residential 1-4 family $ 99,447 $ 379,883 $ 162,166 $ 62,507 $ 282 $ 72,052 $ 1,889 $ 778,226 Non-farm/non-residential 309,450 1,415,399 419,978 3,128 712 128,347 2,735 2,279,749 Construction/land development 104,303 351,001 63,561 2,536 33 11,404 55 532,893 Agricultural 13,169 5,154 3,825 404 — 4,058 381 26,991 Multifamily residential 11,838 231,758 54,116 714 — 10,237 — 308,663 Commercial and industrial 17,268 172,168 10,897 1,722 22 9,463 127 211,667 Consumer 319,442 414,116 75,812 2,496 194 328 86 812,474 Other 5,229 1,497 132 44 — 457 — 7,359 Total $ 880,146 $ 2,970,976 $ 790,487 $ 73,551 $ 1,243 $ 236,346 $ 5,273 $ 4,958,022 December 31, 2015: Real estate: Residential 1-4 family $ 59,497 $ 117,498 $ 38,888 $ 85,684 $ 351 $ 82,862 $ 2,172 $ 386,952 Non-farm/non-residential 209,542 693,707 122,652 5,039 363 99,681 4,563 1,135,547 Construction/land development 13,121 12,511 7,137 4,771 22 10,224 37 47,823 Agricultural 4,825 7,963 1,456 797 — 4,877 — 19,918 Multifamily residential 20,347 86,588 27,818 896 13 3,835 — 139,497 Commercial and industrial 8,912 29,001 9,244 5,649 20 7,185 511 60,522 Consumer 726 205 185 6,106 2 263 — 7,487 Other 3,944 3,316 212 243 — 576 — 8,291 Total $ 320,914 $ 950,789 $ 207,592 $ 109,185 $ 771 $ 209,503 $ 7,283 $ 1,806,037 The following grades are used for purchased loans without evidence of credit deterioration at the date of acquisition. FV 33 FV 44 FV 55 FV 36 FV 77 The following grades are used for purchased loans with evidence of credit deterioration at the date of acquisition. FV 66 FV 88 The following table is an aging analysis of past due purchased loans as of the dates indicated. 30-89 Days Past Due 90 Days or More Total Past Due Current Total Purchased Loans (Dollars in thousands) December 31, 2016: Real estate: Residential 1-4 family $ 10,547 $ 8,665 $ 19,212 $ 759,014 $ 778,226 Non-farm/non-residential 7,471 20,528 27,999 2,251,750 2,279,749 Construction/land development 21,008 527 21,535 511,358 532,893 Agriculture 49 638 687 26,304 26,991 Multifamily residential — — — 308,663 308,663 Commercial and industrial 891 1,305 2,196 209,471 211,667 Consumer 4,421 1,502 5,923 806,551 812,474 Other — — — 7,359 7,359 Total $ 44,387 $ 33,165 $ 77,552 $ 4,880,470 $ 4,958,022 Purchased loans without evidence of credit deterioration at date of acquisition $ 38,621 $ 8,619 $ 47,240 $ 4,669,163 $ 4,716,403 Purchased loans with evidence of credit deterioration at date of acquisition 5,766 24,546 30,312 211,307 241,619 Total $ 44,387 $ 33,165 $ 77,552 $ 4,880,470 $ 4,958,022 December 31, 2015: Real estate: Residential 1-4 family $ 9,042 $ 6,293 $ 15,335 $ 371,617 $ 386,952 Non-farm/non-residential 3,435 6,837 10,272 1,125,275 1,135,547 Construction/land development 919 1,255 2,174 45,649 47,823 Agriculture 106 356 462 19,456 19,918 Multifamily residential 299 — 299 139,198 139,497 Commercial and industrial 714 924 1,638 58,884 60,522 Consumer 101 41 142 7,345 7,487 Other 10 11 21 8,270 8,291 Total $ 14,626 $ 15,717 $ 30,343 $ 1,775,694 $ 1,806,037 Purchased loans without evidence of credit deterioration at date of acquisition $ 7,972 $ 2,743 $ 10,715 $ 1,578,536 $ 1,589,251 Purchased loans with evidence of credit deterioration at date of acquisition 6,654 12,974 19,628 197,158 216,786 Total $ 14,626 $ 15,717 $ 30,343 $ 1,775,694 $ 1,806,037 |
Foreclosed Assets
Foreclosed Assets | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Foreclosed Assets | 7. Foreclosed Assets The following table is a summary, during the years indicated, of activity within foreclosed assets. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Balance – beginning of year $ 22,870 $ 37,775 $ 49,811 Loans and other assets transferred into foreclosed assets 25,103 19,347 55,984 Sales of foreclosed assets (26,446 ) (31,923 ) (68,211 ) Writedowns of foreclosed assets (3,626 ) (3,803 ) (6,533 ) Foreclosed assets acquired in acquisitions 25,801 1,474 6,724 Balance – end of year $ 43,702 $ 22,870 $ 37,775 The following table is a summary, as of the dates indicated, of the amount and type of foreclosed assets. December 31, 2016 2015 (Dollars in thousands) Real estate: Residential 1-4 family $ 3,762 $ 3,030 Non-farm/non-residential 17,207 7,174 Construction/land development 21,568 11,858 Agricultural 473 492 Total real estate 43,010 22,554 Commercial and industrial 293 316 Consumer 399 — Total foreclosed assets $ 43,702 $ 22,870 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | 8. Premises and Equipment The following table is a summary of premises and equipment as of the dates indicated. December 31, 2016 2015 (Dollars in thousands) Land $ 129,574 $ 87,652 Construction in process 4,861 1,198 Buildings and improvements 344,416 195,599 Leasehold improvements 11,567 6,582 Equipment 96,404 73,121 Gross premises and equipment 586,822 364,152 Accumulated depreciation (82,736 ) (67,914 ) Premises and equipment, net $ 504,086 $ 296,238 The Company’s interest on construction projects during 2016, 2015 and 2014 was not material. Included in occupancy expense is rent of $7.2 million, $4.3 million and $2.3 million incurred under noncancelable operating leases in 2016, 2015 and 2014, respectively, for leases of real estate, buildings and premises. These leases contain certain renewal and purchase options according to the terms of the agreements. Future amounts due under these noncancelable leases at December 31, 2016 are as follows: $7.6 million in 2017, $7.0 million in 2018, $5.8 million in 2019, $5.3 million in 2020, $3.9 million in 2021 and $18.7 million thereafter. Rental income recognized for leases of buildings and premises under operating leases was $2.2 million during 2016, $1.7 million during 2015 and $1.3 million during 2014. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Banking And Thrift [Abstract] | |
Deposits | 9. Deposits The following table is a summary of the scheduled maturities of time deposits as of the dates indicated. December 31, 2016 2015 (Dollars in thousands) Up to one year $ 3,910,461 $ 1,455,571 Over one to two years 548,234 709,527 Over two to three years 232,881 158,209 Over three to four years 174,245 66,675 Over four to five years 62,541 42,708 Thereafter 8,703 5,792 Total time deposits $ 4,937,065 $ 2,438,482 The aggregate amount of time deposits with a minimum denomination of $250,000 was $1.13 billion and $602 million at December 31, 2016 and 2015, respectively. |
Repurchase Agreements With Cust
Repurchase Agreements With Customers | 12 Months Ended |
Dec. 31, 2016 | |
Brokers And Dealers [Abstract] | |
Repurchase Agreements With Customers | 10. Repurchase Agreements With Customers At December 31, 2016 and 2015, securities sold under agreements to repurchase (“repurchase agreements”) totaled $65.1 million and $65.8 million, respectively. Securities utilized as collateral for repurchase agreements are primarily U.S. Government agency mortgage-backed securities and are maintained by the Company’s safekeeping agents. These securities are reviewed by the Company on a daily basis, and the Company may be required to provide additional collateral due to changes in the fair market value of these securities. The terms of the Company’s repurchase agreements are continuous but may be cancelled at any time by the Company or the customer. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | 11. Borrowings Short-term borrowings with original maturities less than one year include FHLB advances and federal funds purchased. The following table is a summary of information relating to these short-term borrowings as of the dates indicated. December 31, 2016 2015 (Dollars in thousands) Average annual balance $ 2,301 $ 19,847 December 31 balance — 162,750 Maximum month-end balance during year — 162,750 Interest rate: Weighted-average – year 0.48 % 0.28 % Weighted-average – December 31 — 0.36 % At December 31, 2016 and 2015, the Company had fixed rate FHLB advances with original maturities exceeding one year of $41.9 million and $41.8 million, respectively. These fixed rate advances bear interest at rates ranging from 1.53% to 3.96% at December 31, 2016, are collateralized by a blanket lien on a substantial portion of the Company’s real estate loans and are subject to prepayment penalties if repaid prior to maturity date. At December 31, 2016, the Bank had $4.78 billion of unused FHLB borrowing availability. The following table is a summary of aggregate annual maturities and weighted-average interest rates of FHLB advances with an original maturity of over one year as of December 31, 2016. Maturity Amount Weighted- Average Interest Rate (Dollars in thousands) 2017 $ 20,304 3.13 % 2018 20,278 2.52 2019 240 1.53 2020 403 1.84 2021 678 3.96 Thereafter — — Total $ 41,903 2.82 Included in the above table are $40.0 million of FHLB advances that contain features making them callable on a quarterly basis at the option of FHLB. The following table is a summary of the weighted-average interest rates and maturity dates of such callable advances as of December 31, 2016. Amount Weighted- Average Interest Rate Maturity (Dollars in thousands) Callable quarterly $ 20,000 3.16 % 2017 Callable quarterly 20,000 2.53 2018 Total $ 40,000 2.85 |
Subordinated Notes
Subordinated Notes | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Subordinated Notes | 12. Subordinated Notes On June 23, 2016, the Company completed an underwritten public offering of $225 million in aggregate principal amount of its 5.50% Fixed-to-Floating Rate Subordinated Notes due 2026 (the “Notes”) for net proceeds of $222.3 million after underwriting discounts and offering expenses. The Notes were issued pursuant to the Subordinated Indenture, dated as of June 23, 2016 (the “Base Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of June 23, 2016 (the “Supplemental Indenture”), between the Company and the Trustee. The Base Indenture, as amended and supplemented by the Supplemental Indenture, governs the terms of the Notes and provides that the Notes are unsecured, subordinated debt obligations of the Company and will mature on July 1, 2026. From and including the date of issuance to, but excluding July 1, 2021, the Notes will bear interest at an initial rate of 5.50% per annum. From and including July 1, 2021 to, but excluding the maturity date or earlier redemption, the Notes will bear interest at a floating rate equal to three-month London Interbank Offered Rate (“LIBOR”) as calculated on each applicable date of determination plus a spread of 442.5 basis points; provided, however, that in the event three-month LIBOR is less than zero, then three-month LIBOR shall be deemed to be zero. Debt issuance costs of $2.7 million are being amortized, using a level-yield methodology over the estimated holding period of seven years, as an increase in interest expense on the Notes. The Company may, beginning with the interest payment date of July 1, 2021, 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 July 1, 2021, at the Company’s 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. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2016 | |
Brokers And Dealers [Abstract] | |
Subordinated Debentures | 13. Subordinated Debentures At December 31, 2016 the Company had the following issues of trust preferred securities outstanding and subordinated debentures owed to the Trusts. Subordinated Debentures Owed to Trust Unamortized Discount at December 31, 2016 Carrying Value of Subordinated Debentures at December 31, 2016 Trust Preferred Securities of the Trust Interest Rate at December 31, 2016 Final Maturity Date (Dollars in thousands) Ozark II $ 14,433 $ — $ 14,433 $ 14,000 3.90 % September 29, 2033 Ozark III 14,434 — 14,434 14,000 3.83 September 25, 2033 Ozark IV 15,464 — 15,464 15,000 3.14 September 28, 2034 Ozark V 20,619 — 20,619 20,000 2.56 December 15, 2036 Intervest II 15,464 (545 ) 14,919 15,000 3.94 September 17, 2033 Intervest III 15,464 (630 ) 14,834 15,000 3.78 March 17, 2034 Intervest IV 15,464 (1,146 ) 14,318 15,000 3.40 September 20, 2034 Intervest V 10,310 (1,089 ) 9,221 10,000 2.61 December 15, 2036 Total $ 121,652 $ (3,410 ) $ 118,242 $ 118,000 On September 25, 2003, Ozark III sold to investors in a private placement offering $14 million of adjustable rate trust preferred securities, and on September 29, 2003, Ozark II sold to investors in a private placement offering $14 million of adjustable rate trust preferred securities (collectively, “2003 Securities”). The 2003 Securities bear interest, adjustable quarterly, at 90-day LIBOR plus 2.95% for Ozark III and 90-day LIBOR plus 2.90% for Ozark II. The aggregate proceeds of $28 million from the 2003 Securities were used to purchase an equal principal amount of adjustable rate subordinated debentures of the Company that bear interest, adjustable quarterly, at 90-day LIBOR plus 2.95% for Ozark III and 90-day LIBOR plus 2.90% for Ozark II (collectively,“2003 Debentures”). On September 28, 2004, Ozark IV sold to investors in a private placement offering $15 million of adjustable rate trust preferred securities (“2004 Securities”). The 2004 Securities bear interest, adjustable quarterly, at 90-day LIBOR plus 2.22%. The $15 million proceeds from the 2004 Securities were used to purchase an equal principal amount of adjustable rate subordinated debentures of the Company that bear interest, adjustable quarterly, at 90-day LIBOR plus 2.22% (“2004 Debentures”). On September 29, 2006, Ozark V sold to investors in a private placement offering $20 million of adjustable rate trust preferred securities (“2006 Securities”). The 2006 Securities bear interest, adjustable quarterly, at 90-day LIBOR plus 1.60%. The $20 million proceeds from the 2006 Securities were used to purchase an equal principal amount of adjustable rate subordinated debentures of the Company that bear interest, adjustable quarterly, at 90-day LIBOR plus 1.60% (“2006 Debentures”). In addition to the issuance of these adjustable rate securities, Ozark II and Ozark III collectively sold $0.9 million, Ozark IV sold $0.4 million and Ozark V sold $0.6 million of trust common equity to the Company. The proceeds from the sales of the trust common equity were used, respectively, to purchase $0.9 million of 2003 Debentures, $0.4 million of 2004 Debentures and $0.6 million of 2006 Debentures issued by the Company. On February 10, 2015, in conjunction with the Intervest acquisition, the Company acquired Intervest II, Intervest III, Intervest IV and Intervest V with outstanding subordinated debentures totaling $56.7 million and related trust preferred securities totaling $55.0 million. On the date of such acquisition, the Company recorded the assumed subordinated debentures owed to the Intervest Trusts at estimated fair value of $52.2 million, based on an independent third party valuation, to reflect a current market interest rate for comparable obligations. The fair value adjustment of $4.5 million is being amortized, using a level-yield methodology over the estimated holding period of approximately eight years, as an increase in interest expense of the subordinated debentures owed to the Intervest Trusts. In addition to the subordinated debentures of the Intervest Trusts, the Company also acquired $1.7 million of trust common equity issued by the Intervest Trusts. The trust preferred securities issued by Intervest Trust II and the related subordinated debentures bear interest, adjustable quarterly, at 90-day LIBOR plus 2.95% and contain a final maturity of September 17, 2033. The trust preferred securities issued by Intervest Trust III and the related subordinated debentures bear interest, adjustable quarterly, at 90-day LIBOR plus 2.79% and contain a final maturity of March 17, 2034. The trust preferred securities issued by Intervest Trust IV and the related subordinated debentures bear interest, adjustable quarterly, at 90-day LIBOR plus 2.40% and contain a final maturity of September 20, 2034. The trust preferred securities issued by Intervest Trust V and the related subordinated debentures bear interest, adjustable quarterly, at 90-day LIBOR plus 1.65% and contain a final maturity of December 15, 2036. At December 31, 2016, the Company had an aggregate of $121.7 million of subordinated debentures outstanding (with an aggregate carrying value of $118.2 million) and had an asset of $3.7 million representing its investment in the common equity issued by the Trusts. The sole assets of the Trusts are the adjustable rate debentures and the liabilities of the Trusts are the trust preferred securities. At both December 31, 2016 and 2015, the Trusts had aggregate common equity of $3.7 million and did not have any restricted net assets. The Company has, through various contractual arrangements or by operation of law, fully and unconditionally guaranteed all obligations of the Trusts with respect to the trust preferred securities. Additionally, there are no restrictions on the ability of the Trusts to transfer funds to the Company in the form of cash dividends, loans or advances. The Company has the option to defer interest payments on the subordinated debentures from time to time for a period not to exceed five consecutive years. These trust preferred securities generally mature at or near the 30th anniversary date of each issuance. However, the trust preferred securities and related subordinated debentures may be prepaid at par, subject to regulatory approval. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes The following table is a summary of the components of the provision (benefit) for income taxes as of the dates indicated. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Current: Federal $ 115,879 $ 79,191 $ 47,661 State 25,696 7,873 6,456 Total current 141,575 87,064 54,117 Deferred: Federal 11,773 6,432 (598 ) State 930 959 340 Total deferred 12,703 7,391 (258 ) Provision for income taxes $ 154,278 $ 94,455 $ 53,859 The following table is a summary of the reconciliation between the statutory federal income tax rate and effective income tax rate for the years indicated. Year Ended December 31, 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % Increase (decrease) in taxes resulting from: State income taxes, net of federal benefit 3.9 2.2 2.6 Effect of tax-exempt interest income (1.5 ) (2.2 ) (4.0 ) Effect of BOLI and other tax-exempt income (1.2 ) (1.3 ) (1.1 ) Other, net 0.2 0.5 (1.3 ) Effective income tax rate 36.4 % 34.2 % 31.2 % Income tax benefits from the exercise of stock options and vesting of common stock under the Company’s restricted stock and incentive plan in the amount of $3.6 million, $7.0 million and $4.7 million in 2016, 2015 and 2014, respectively, were recorded as an increase to additional paid-in capital. At December 31, 2016, current income taxes receivable of $5.8 million was included in other assets and, at December 31, 2015, current income taxes payable of $8.7 million was included in other liabilities. The following table is a summary, as of the dates indicated, of 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. December 31, 2016 2015 (Dollars in thousands) Deferred tax assets: Allowance for loan and lease losses $ 30,191 $ 22,802 Differences in amounts reflected in financial statements and income tax basis for purchased loans 51,737 24,600 Differences in amounts reflected in the financial statements and income tax basis for deposits assumed in acquisitions 6,903 5,771 Stock-based compensation 5,919 4,199 Deferred compensation 2,446 2,035 Foreclosed assets 3,901 3,101 Deferred loan fees and costs, net 17,240 10,579 Acquired net operating losses 27,836 27,862 Investment securities AFS 9,251 — Other, net 8,054 4,273 Total gross deferred tax assets 163,478 105,222 Less valuation allowance (474 ) (474 ) Net deferred tax assets 163,004 104,748 Deferred tax liabilities: Accelerated depreciation on premises and equipment 46,206 21,924 Investment securities AFS — 5,650 Acquired intangible assets 13,213 1,448 Total gross deferred tax liabilities 59,419 29,022 Net deferred tax assets $ 103,585 $ 75,726 Federal net operating losses were acquired in certain of the Company’s acquisitions. Such federal net operating losses acquired totaled $80.9 million, of which $71.6 million remained to be utilized as of December 31, 2016 and will expire at various dates beginning in 2029 to 2034. State net operating losses were acquired in certain of the Company’s acquisitions. Such state net operating losses acquired totaled $116.2 million, of which $92.4 million remained to be utilized as of December 31, 2016 and will expire at various dates beginning in 2023 to 2035. At both December 31, 2016 and 2015, the Company had a deferred tax valuation allowance of $0.5 million to reflect its assessment that the realization of the benefits from the recovery of certain acquired net operating losses are expected to be subject to section 382 limitations of the IRC. To the extent that additional information becomes available regarding the settlement or recovery of acquired net operating loss carryforwards or assets with built-in losses acquired in any of the Company’s acquisitions, management may be required to make adjustments to its deferred tax asset valuation allowance, which could affect goodwill and/or deferred income tax expense (benefit). Additionally, to the extent that management revises any of the fair value adjustments of acquired assets and assumed liabilities in the Company’s C&S or C1 acquisitions, such adjustments may result in adjustments to deferred tax assets and/or deferred tax liabilities. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 15. Employee Benefit Plans The Company maintains a qualified retirement plan (the “401(k) Plan”) with a salary deferral feature designed to qualify under Section 401 of the IRC. The 401(k) Plan permits employees of the Company to defer a portion of their compensation in accordance with the provisions of Section 401(k) of the IRC. During 2012, the Company amended the 401(k) Plan to make it a Safe-Harbor Cost or Deferred Arrangement (“Safe-Harbor CODA”) effective January 1, 2013. As a result, (i) certain key employees are eligible to make salary deferrals into the 401(k) Plan beginning January 1, 2013, (ii) the 401(k) Plan is no longer subject to any provisions of the average deferral percentage test described in IRC section 401(k)(3) or the average contribution percentage test described in IRC section 401(m)(2), (iii) the basic matching contribution is (a) 100% of the amount of the employee’s deferrals that do not exceed 3% of the employee’s compensation for the year plus (b) 50% of the amount of the employee’s elective deferrals that exceed 3% but do not exceed 5% of the employee’s compensation for the year, and (iv) all employer matching contributions made under the provisions of the Safe-Harbor CODA are non-forfeitable. Certain other statutory limitations with respect to the Company’s contribution under the 401(k) Plan also apply. Matching contributions made by the Company prior to the 401(k) Plan becoming a Safe-Harbor CODA vest over six years and are held in trust until distributed pursuant to the terms of the 401(k) Plan. Contributions to the 401(k) Plan are invested in accordance with participant elections among certain investment options. Distributions from participant accounts are not permitted before age 65, except in the event of death, permanent disability, certain financial hardships or termination of employment. The Company made matching cash contributions to the 401(k) Plan during 2016, 2015 and 2014 of $3.6 million, $2.7 million and $2.3 million, respectively. The Company also maintains the Bank of the Ozarks, Inc. Deferred Compensation Plan (the “Plan”), which is an unfunded deferred compensation arrangement for the group of employees designated as key employees, including certain of the Company’s executive officers. Under the terms of the Plan, eligible participants may elect to defer a portion of their compensation. Such deferred compensation is distributable in lump sum or specified installments upon separation from service with the Company or upon other specified events as defined in the Plan. Prior to 2013, the Company had the ability to make a contribution to each participant’s account, limited to one half of the first 6% of compensation deferred by the participant and subject to certain other limitations. Effective January 1, 2013, the Plan was amended such that the Company no longer makes any contribution to the Plan for the benefit of each participant or otherwise. Amounts deferred under the Plan are invested in certain approved investments (excluding securities of the Company or its affiliates). At December 31, 2016 and 2015, respectively, the Company had Plan assets, along with an equal amount of liabilities, totaling $4.9 million and $4.2 million, recorded on the accompanying consolidated balance sheet. Effective May 4, 2010, the Company established a Supplemental Executive Retirement Plan (“SERP”) and certain other benefit arrangements for its Chairman and Chief Executive Officer. Pursuant to the SERP, this officer is entitled to receive 180 equal monthly payments of $32,197, or $386,360 annually, commencing at the later of obtaining age 70 or separation from service. If separation from service occurs prior to age 70, such benefit will be at a reduced amount. The costs of such benefits, assuming a retirement date at age 70, will be fully accrued by the Company at such retirement date. During 2016, 2015 and 2014, respectively, the Company accrued $248,000, $223,000 and $200,000 for the future benefits payable under the SERP. The SERP is an unfunded plan and is considered a general contractual obligation of the Company. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 16. Stock-Based Compensation The Company has a nonqualified stock option plan for certain key employees and officers of the Company. This plan provides for the granting of nonqualified options to purchase shares of common stock in the Company. No option may be granted under this plan for less than the fair market value of the common stock, defined by the plan as the average of the highest reported asked price and the lowest reported bid price, on the date of the grant. The benefits or amounts that may be received by or allocated to any particular officer or employee of the Company under this plan will be determined in the sole discretion of the Company’s board of directors or its personnel and compensation committee. All employee options outstanding at December 31, 2016 were issued with a vesting period of three years and expire seven years after issuance. At December 31, 2016 there were 1,402,941 shares available for future grants under this plan. During 2015, the Company adopted the Bank of the Ozarks, Inc. Non-Employee Director Stock Plan (the “Director Plan”) that provides for awards of common stock to eligible non-employee directors. The Director Plan grants to each director who is not otherwise an employee of the Company, or any subsidiary, shares of common stock on the day of his or her election as director of the Company at each annual shareholders meeting, or any special meeting called for the purpose of electing a director or directors of the Company, and upon appointment for the first time as director of the Company. The number of shares of common stock to be awarded will be the equivalent of $35,000 worth of shares of common stock based on the average of the highest reported asked price and lowest reported bid price on the grant date. The common stock awarded under this plan is fully vested on the grant date. The aggregate number of shares of common stock which may be issued as awards under this plan will not exceed 50,000 shares, subject to certain adjustments. During 2016 and 2015, respectively, the Company issued 12,415 shares and 7,657 shares of common stock and incurred $0.5 million and $0.3 million in stock-based compensation expense related to common stock awards issued under the Director Plan. Prior to the adoption of the Director Plan, the Company had a nonqualified stock option plan for non-employee directors. No options were granted under this plan during 2016. All options previously granted under this plan were exercisable immediately and expire ten years after issuance. The following table summarizes stock option activity for both the employee and non-employee director stock option plans for the year ended December 31, 2016. Options Weighted- Average Exercise Price/Share Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding – January 1, 2016 2,034,476 $ 34.50 Granted 18,683 40.83 Exercised (315,600 ) 19.52 Forfeited (102,075 ) 40.02 Outstanding – December 31, 2016 1,635,484 37.10 4.9 $ 25,582 (1) Fully vested and exercisable at December 31, 2016 529,925 $ 19.43 3.6 $ 17,574 (1) Expected to vest in future periods 1,041,146 Fully vested and expected to vest at December 31, 2016 (2) 1,571,071 $ 36.66 4.9 $ 25,259 (1) (1) Based on closing price of $52.59 per share on December 30, 2016. (2) At December 31, 2016 the Company estimates that options to purchase 64,413 shares of the Company’s common stock will not vest and will be forfeited prior to their vesting date. Intrinsic value for stock options is defined as the amount by which the current market price of the underlying stock exceeds the exercise price. For those stock options where the exercise price exceeds the current market price of the underlying stock, the intrinsic value is zero. The total intrinsic value of options exercised during 2016, 2015 and 2014 was $7.6 million, $12.5 million and $10.0 million, respectively. Options to purchase 18,683 shares, 659,181 shares and 616,250 shares, respectively, were granted during 2016, 2015 and 2014 with a weighted-average grant date fair value of $11.52, $14.00 and $7.04, respectively. The fair value for each option grant is estimated on the date of grant using the Black-Scholes option pricing model. The following table is a summary of the weighted-average assumptions used in the Black-Scholes option pricing model for the years indicated. Year Ended December 31, 2016 2015 2014 Risk-free interest rate 1.27 % 1.69 % 1.62 % Expected dividend yield 1.66 % 1.19 % 1.49 % Expected stock volatility 36.4 % 31.0 % 24.1 % Expected life (years) 5.0 5.0 5.0 The Company uses the U.S. Treasury yield curve in effect at the time of the grant to determine the risk-free interest rate. The expected dividend yield is estimated using the current annual dividend level and recent stock price of the Company’s common stock at the date of grant. Expected stock volatility is based on historical volatilities of the Company’s common stock. The expected life of the options is calculated based on the “simplified” method as provided for under SEC Staff Accounting Bulletin No. 110. The total fair value of options to purchase shares of the Company’s common stock that vested during 2016, 2015 and 2014 was $2.2 million, $2.0 million and $1.5 million, respectively. Stock-based compensation expense for stock options included in non-interest expense was $4.1 million, $2.6 million and $2.1 million for 2016, 2015 and 2014, respectively. Total unrecognized compensation cost related to non-vested stock option grants was $6.7 million at December 31, 2016 and is expected to be recognized over a weighted-average period of 1.7 years. The Company has a restricted stock and incentive plan that permits issuance of up to 2,400,000 shares of restricted stock or restricted stock units. All officers and employees of the Company are eligible to receive awards under the restricted stock and incentive plan. The benefits or amounts that may be received by or allocated to any particular officer or employee of the Company under the restricted stock and incentive plan will be determined in the sole discretion of the Company’s board of directors or its personnel and compensation committee. Shares of common stock issued under the restricted stock and incentive plan may be shares of original issuance, shares held in treasury or shares that have been reacquired by the Company. At December 31, 2016 there were 1,178,703 shares available for future grants under this plan. The following table summarizes non-vested restricted stock activity for the year ended December 31, 2016. Shares Outstanding – January 1, 2016 435,475 Granted 218,761 Forfeited (21,139 ) Earned and issued (202,600 ) Outstanding – December 31, 2016 430,497 Weighted-average grant date fair value $ 39.90 Restricted stock awards of 218,761 shares were granted during 2016 with a weighted-average grant date fair value of $45.66. Restricted stock awards of 245,300 shares were granted during 2015 with a weighted-average grant date fair value of $34.39. There were no restricted stock awards granted during 2014. The fair value of the restricted stock awards is amortized to compensation expense over the three-year vesting period and is based on the market price of the Company’s common stock at the date of grant multiplied by the number of shares granted that are expected to vest. Stock-based compensation expense for restricted stock included in non-interest expense was $6.2 million, $5.2 million and $3.5 million for 2016, 2015 and 2014, respectively. Unrecognized compensation expense for nonvested restricted stock awards was $9.2 million at December 31, 2016 and is expected to be recognized over a weighted-average period of 1.7 years. On January 18, 2017 the Company’s personnel and compensation committee approved the issuance of (i) options to purchase 600,514 shares of the Company’s common stock with an exercise price of $52.08 that vest on January 18, 2020 and (ii) restricted stock awards for 237,887 shares of restricted common stock that vest on January 18, 2020. Total compensation expense for the stock options and the restricted stock awards is expected to be approximately $21.7 million and is expected to be recognized over the three-year vesting period. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments primarily include standby letters of credit and commitments to extend credit. 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 terms of the letters of credit are generally for a period of not longer than one year. The maximum amount of future payments the Company could be required to make under these letters of credit at December 31, 2016 and 2015 is $54.3 million and $16.5 million, respectively. The Company holds collateral to support letters of credit when deemed necessary. The total of collateralized commitments at December 31, 2016 and 2015 was $48.9 million and $15.9 million, respectively. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company has the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since these commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. The type of collateral held varies but may include accounts receivable, inventory, property, plant and equipment, and other real or personal property. At December 31, 2016, the Company had outstanding commitments to extend credit, excluding mortgage interest rate lock commitments, totaling $10.07 billion, consisting primarily of loans closed but not yet funded. The following table shows the contractual maturities of outstanding commitments to extend credit at December 31, 2016. Maturity Contractual Maturities at December 31, 2016 (Dollars in thousands) 2017 $ 893,841 2018 2,198,627 2019 4,154,932 2020 2,582,549 2021 61,444 Thereafter 178,650 Total $ 10,070,043 The Company is a party to various legal proceedings, as both plaintiff and defendant, arising in the ordinary course of business, including claims of lender liability, broken promises, and other similar lending-related claims. While the ultimate resolution of these claims and proceedings cannot be determined at this time, management believes that such claims and proceedings, individually or in the aggregate, will not have a material adverse effect on the future results of operations, financial condition, or liquidity of the Company. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 18. Related Party Transactions The Company has, in the ordinary course of business, lending transactions with certain of its officers, directors, director nominees and their related and affiliated parties (“related parties”). The following table is a summary of activity of loans to related parties for the periods indicated. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Balance – beginning of year $ 1,528 $ 7,920 $ 7,001 New loans and advances 10,583 9,295 7,974 Repayments (11,380 ) (14,542 ) (7,055 ) Change in composition of related parties — (1,145 ) — Balance – end of year $ 731 $ 1,528 $ 7,920 The Company had outstanding commitments to extend credit to related parties totaling $5.2 million and $6.0 million at December 31, 2016 and 2015, respectively. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2016 | |
Banking And Thrift [Abstract] | |
Regulatory Matters | 19. Regulatory Matters The Company is subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on our financial condition and results of operations. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of our assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about component risk weightings and other factors. The FDIC and other federal banking regulators revised the risk-based capital requirements applicable to bank holding companies and insured depository institutions, including the Company and the Bank, to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision (“Basel III”) and certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Basel III Rules”). The Basel III Rules became effective for the Company and the Bank on January 1, 2015 (subject to a phase-in period for certain provisions). The Basel III Rules require the maintenance of minimum amounts and ratios of common equity tier 1 capital, tier 1 capital and total capital to risk-weighted assets, and of tier 1 capital to adjusted quarterly average assets. Under the Basel III Rules, common equity tier 1 capital consists of common stock and paid-in capital (net of treasury stock) and retained earnings. Common equity tier 1 capital is reduced by goodwill, certain intangible assets, net of associated deferred tax liabilities, deferred tax assets that arise from tax credit and net operating loss carryforwards, net of any valuation allowance, and certain other items as specified by the Basel III Rules. Tier 1 capital includes common equity tier 1 capital and certain additional tier 1 items as provided under the Basel III Rules. The tier 1 capital for the Company consists of common equity tier 1 capital and, prior to the third quarter of 2016, $118 million of trust preferred securities issued by the Trusts. The Basel III Rules include certain provisions that require trust preferred securities to be phased out of, or no longer be considered, qualifying tier 1 capital for certain institutions depending on the size of the institution as measured by total assets. As a result of the Company’s acquisitions of C&S on July 20, 2016 and C1 on July 21, 2016, the Company’s total assets exceeded $15 billion. Accordingly, pursuant to the Basel III Rules, the Company’s trust preferred securities are no longer included in tier 1 capital as of September 30, 2016, but will continue to be included in total capital. Basel III Rules allow for insured depository institutions to make a one-time election not to include most elements of accumulated other comprehensive income in regulatory capital and instead effectively use the existing treatment under the general risk-based capital rules. The Company made this opt-out election to avoid significant variations in the level of capital depending upon the impact of interest rate fluctuations on the fair value of its investments securities portfolio. Total capital includes tier 1 capital and tier 2 capital. Tier 2 capital includes, among other things, the allowable portion of the ALLL, and, for the Company, the trust preferred securities and the subordinated notes. The Basel III Rules also changed the risk-weights of assets in an effort to better reflect credit risk and other risk exposures. These include a 150% risk weight (up from 100%) for certain high volatility commercial real estate acquisition, development and construction loans and the unsecured portion of non-residential mortgage loans that are 90 days past due or otherwise on nonaccrual status; a 20% (up from 0%) credit conversion factor for the unused portion of a commitment with an original maturity of one year or less that is not unconditionally cancellable; a 250% risk weight (up from 100%) for mortgage servicing rights and deferred tax assets that are not deducted from capital; and increased risk weights (from 0% to up to 600%) for equity exposures. The common equity tier 1 capital, tier 1 capital and total capital ratios are calculated by dividing the respective capital amounts by risk-weighted assets. The leverage ratio is calculated by dividing tier 1 capital by adjusted quarterly average total assets. The Basel III Rules limit capital distributions and certain discretionary bonus payments if the banking organization does not hold a “capital conservation buffer” consisting of 2.5% of common equity tier 1 capital, tier 1 capital and total capital to risk-weighted assets in addition to the amount necessary to meet minimum risk-based capital requirements. The capital conservation buffer began phasing in January 1, 2016 at 0.625% of risk-weighted assets, and will increase each year until fully implemented at 2.5% on January 1, 2019. When fully phased in on January 1, 2019, the Basel III Rules will require the Company and the Bank to maintain (i) a minimum ratio of common equity tier 1 capital to risk-weighted assets of at least 4.5%, plus a 2.5% capital conservation buffer, which effectively results in a minimum ratio of 7.0% upon full implementation, (ii) a minimum ratio of tier 1 capital to risk-weighted assets of at least 6.0%, plus a 2.5% capital conservation buffer, which effectively results in a minimum ratio of 8.5% upon full implementation, (iii) a minimum ratio of total capital to risk-weighted assets of at least 8.0%, plus a 2.5% capital conservation buffer, which effectively results in a minimum ratio of 10.5% upon full implementation and (iv) a minimum leverage ratio of 4.0%. Additionally, in order to be considered well-capitalized under the Basel III Rules, the Company and the Bank must maintain (i) a ratio of common equity tier 1 capital to risk-weighted assets of at least 6.5%, (ii) a ratio of tier 1 capital to risk-weighted assets of at least 8.0%, (iii) a ratio of total capital to risk-weighted assets of at least 10.0% and (iv) a leverage ratio of at least 5.0%. The following table presents actual and required capital ratios as of December 31, 2016 and 2015 for the Company and the Bank under the Basel III Rules. The minimum required capital amounts presented include the minimum required capital levels as of December 31, 2016 and 2015, respectively, based on the phase-in provisions of the Basel III Rules and the minimum required capital levels as of January 1, 2019 when the Basel III Rules have been fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Rules. Actual Minimum Capital Required – Basel III Phase-In Schedule Minimum Capital Required – Basel III Fully Phased-In Required to be Considered Well Capitalized Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio (Dollars in thousands) December 31, 2016: Tier 1 leverage to average assets: Company $ 2,093,548 11.99 % $ 698,438 4.00 % $ 698,438 4.00 % N/A N/A Bank 2,405,095 13.77 698,597 4.00 698,597 4.00 $ 873,246 5.00 % Common equity tier 1 to risk- weighted assets: Company 2,093,548 9.99 1,074,382 5.125 1,467,448 7.00 N/A N/A Bank 2,405,095 11.48 1,073,635 5.125 1,466,428 7.00 1,361,684 6.50 Tier 1 capital to risk-weighted assets: Company 2,093,548 9.99 1,388,835 6.625 1,781,902 8.50 N/A N/A Bank 2,405,095 11.48 1,387,870 6.625 1,780,663 8.50 1,675,918 8.00 Total capital to risk-weighted assets: Company 2,513,089 11.99 1,808,106 8.625 2,201,173 10.50 N/A N/A Bank 2,481,636 11.85 1,806,849 8.625 2,199,643 10.50 2,094,898 10.00 December 31, 2015: Tier 1 leverage to average assets: Company $ 1,417,940 14.96 % $ 379,116 4.00 % $ 379,116 4.00 % N/A N/A Bank 1,385,192 14.62 378,900 4.00 378,900 4.00 $ 473,625 5.50 % Common equity tier 1 to risk- weighted assets: Company 1,316,373 10.79 549,200 4.50 854,311 7.00 N/A N/A Bank 1,385,192 11.36 548,840 4.50 853,752 7.00 792,769 6.50 Tier 1 capital to risk-weighted assets: Company 1,417,940 11.62 732,267 6.00 1,037,378 8.50 N/A N/A Bank 1,385,192 11.36 731,787 6.00 1,036,698 8.50 975,716 8.00 Total capital to risk-weighted assets: Company 1,478,794 12.12 976,356 8.00 1,281,467 10.50 N/A N/A Bank 1,446,046 11.86 975,716 8.00 1,280,627 10.50 1,219,645 10.00 As of December 31, 2016 and 2015, the most recent notification from the regulators categorized the Company and the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Company’s or the Bank’s category. The state bank commissioner’s approval is required before the Bank can declare and pay any dividend of 75% or more of the net profits of the Bank after all taxes for the current year plus 75% of the retained net profits for the immediately preceding year. At December 31, 2016 and 2015, respectively, $233.9 million and $117.8 million were available for payment of dividends by the Bank without the approval of regulatory authorities. Under FRB regulation, the Bank is also limited as to the amount it may loan to its affiliates, including the Company, and such loans must be collateralized by specific types of collateral. The maximum amount available for loan from the Bank to the Company is limited to 10% of the Bank’s capital and surplus or approximately $310 million and $155 million, respectively, at December 31, 2016 and 2015. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 20. Fair Value Measurements The Company measures certain of its assets and liabilities on a fair value basis using various valuation techniques and assumptions, depending on the nature of the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, fair value is used either annually or on a non-recurring basis to evaluate certain assets and liabilities for impairment or for disclosure purposes. At December 31, 2016 and 2015, the Company had no material liabilities that were accounted for at fair value. The Company applies the following fair value hierarchy. Level 1 – Quoted prices for identical instruments in active markets. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable. Level 3 – Instruments whose inputs are unobservable. The following table sets forth the Company’s assets, as of the date indicated, that are accounted for at fair value. Level 1 Level 2 Level 3 Total (Dollars in thousands) December 31, 2016: Investment securities AFS (1) Obligations of state and political subdivisions $ — $ 901,634 $ 17,379 $ 919,013 U.S. Government agency securities — 535,490 — 535,490 Corporate obligations — 9,915 — 9,915 CRA qualified investment fund 1,034 — — 1,034 Total investment securities AFS 1,034 1,447,039 17,379 1,465,452 Impaired non-purchased loans and leases — — 10,243 10,243 Impaired purchased loans — — 6,516 6,516 Foreclosed assets — — 43,702 43,702 Total assets at fair value $ 1,034 $ 1,447,039 $ 77,840 $ 1,525,913 (1) Does not include shares of FHLB and FNBB stock that do not have readily determinable fair values and are carried at aggregate cost of $6.2 million. The following table sets forth the Company’s assets, as of the date indicated, that are accounted for at fair value. Level 1 Level 2 Level 3 Total (Dollars in thousands) December 31, 2015: Investment securities AFS (1) Obligations of state and political subdivisions $ — $ 408,774 $ 18,504 $ 427,278 U.S. Government agency securities — 146,950 — 146,950 Corporate obligations — 3,562 — 3,562 CRA qualified investment fund 1,028 — — 1,028 Total investment securities AFS 1,028 559,286 18,504 578,818 Impaired non-purchased loans and leases — — 9,327 9,327 Impaired purchased loans — — 8,054 8,054 Foreclosed assets — — 22,870 22,870 Total assets at fair value $ 1,028 $ 559,286 $ 58,755 $ 619,069 (1) Does not include shares of FHLB and FNBB stock that do not have readily determinable fair values and are carried at aggregate cost of $23.5 million. The following table presents information related to Level 3 non-recurring fair value measurements at December 31, 2016. Description Fair Value at December 31, 2016 Technique Unobservable Inputs (Dollars in thousands) Impaired non-purchased loans and leases $ 10,243 Third party appraisal (1) or discounted cash flows 1. Management discount based on underlying collateral characteristics and market conditions 2. Life of Loan Impaired purchased loans $ 6,516 Third party appraisal (1) and/or discounted cash flows 1. Management discount based on underlying collateral characteristics and market conditions 2. Life of Loan Foreclosed assets $ 43,702 Third party appraisal, (1) broker price opinions and/or discounted cash flows 1. Management discount based on asset characteristics and market conditions 2. Discount rate 3. Holding period (1) The Company utilizes valuation techniques consistent with the market, cost, and income approaches, or a combination thereof in determining fair value. The following methods and assumptions are used to estimate the fair value of the Company’s assets that are accounted for at fair value. Investment securities The Company has determined that certain of its investment securities had a limited to non-existent trading market at December 31, 2016 and 2015. As a result, the Company considers these investments as Level 3 in the fair value hierarchy. Specifically the fair values of certain obligations of state and political subdivisions consisting of certain unrated private placement bonds (the “private placement bonds”) in the amount of $17.4 million and $18.5 million at December 31, 2016 and 2015, respectively, were calculated using Level 3 hierarchy inputs and assumptions as the trading market for such securities was determined to be “not active.” This determination was based on the limited number of trades or, in certain cases, the existence of no reported trades for the private placement bonds. The private placement bonds are generally prepayable at par value at the option of the issuer. As a result, management believes the private placement bonds should be valued at the lower of (i) the matrix pricing provided by the Company’s third party pricing services for comparable unrated municipal securities or (ii) par value. At December 31, 2016 and 2015, the third party pricing matrices valued the Company’s total portfolio of private placement bonds at $17.4 million and $18.5 million, respectively, which was equal to the par value of the private placement bonds at December 31, 2016 and 2015. Accordingly, at December 31, 2016 and 2015 the Company reported the private placement bonds at $17.4 million and $18.5 million, respectively. Impaired non-purchased loans and leases Impaired purchased loans Foreclosed assets Valuations of all foreclosed assets are periodically reviewed by management with the carrying value of such assets adjusted through non-interest expense to the then estimated fair value, generally based on third party appraisals, broker price opinions or other valuations of the property, net of estimated selling costs, if lower, until disposition. The following table presents additional information for the periods indicated about assets measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value. Investment Securities AFS (Dollars in thousands) Balances – December 31, 2014 $ 19,401 Total unrealized gains/(losses) included in other comprehensive income (2 ) Paydowns and maturities (895 ) Transfers in and/or out of Level 3 — Balances – December 31, 2015 18,504 Total unrealized gains/(losses) included in other comprehensive income (363 ) Paydowns and maturities (762 ) Transfers in and/or out of Level 3 — Balances – December 31, 2016 $ 17,379 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 21. Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of financial instruments. Cash and due from banks Investment securities Loans and leases Deposit liabilities Repurchase agreements Other borrowed funds Subordinated notes and debentures Off-balance sheet instruments The fair values of certain of these instruments were calculated by discounting expected cash flows, which contain numerous uncertainties and involve significant judgments by management. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. The following table presents the carrying amounts and estimated fair values as of the dates indicated and the fair value hierarchy of the Company’s financial instruments. December 31, 2016 2015 Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (Dollars in thousands) Financial assets: Cash and cash equivalents Level 1 $ 866,360 $ 866,360 $ 90,988 $ 90,988 Investment securities AFS Levels 1, 2 and 3 1,471,612 1,471,612 602,348 602,348 Loans and leases, net of ALLL Level 3 14,486,574 14,221,113 8,273,817 8,165,123 Financial liabilities: Demand, savings and interest bearing transaction deposits Level 1 $ 10,637,813 $ 10,637,813 $ 5,532,986 $ 5,532,986 Time deposits Level 2 4,937,065 4,965,279 2,438,482 2,456,323 Repurchase agreements with customers Level 1 65,110 65,110 65,800 65,800 Other borrowings Level 2 41,903 42,696 204,540 205,918 Subordinated notes Level 2 222,516 223,133 — — Subordinated debentures Level 2 118,242 84,478 117,685 77,534 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 22. Supplemental Cash Flow Information The following is a summary of supplemental cash flow information for the periods indicated: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Cash paid during the period for: Interest $ 53,370 $ 28,567 $ 21,471 Income Taxes 125,980 57,948 47,293 Supplemental schedule of non-cash investing and financing activities: Loans and other assets transferred to foreclosed assets 25,103 19,347 55,984 Loans advanced for sales of foreclosed assets 271 — 1,423 Net change in unrealized gains and losses on investment securities AFS (52,736 ) (10,395 ) 29,295 Common stock issued in merger and acquisition transactions 1,135,863 303,865 166,315 |
Non-Interest Income and Other O
Non-Interest Income and Other Operating Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Other Income And Expenses [Abstract] | |
Non-Interest Income and Other Operating Expenses | 23. Non-Interest Income and Other Operating Expenses The following is a summary of gains on sales of other assets for the periods indicated. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Gain (loss) on sales of loans $ (188 ) $ 6,285 $ 27 Gain on sales of foreclosed assets 3,648 8,365 5,924 Gain on sales of premises and equipment and other assets 696 103 72 Gain on sales of other assets $ 4,156 $ 14,753 $ 6,023 The following is a summary of other non-interest income for the periods indicated. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Gain on termination of FDIC loss share agreements $ — $ — $ 7,996 Other, net 13,370 7,153 8,678 Total other non-interest income $ 13,370 $ 7,153 $ 16,674 The following is a summary of other operating expenses for the periods indicated. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Postage and supplies $ 5,566 $ 3,950 $ 4,090 Telephone and data lines 8,800 5,948 4,765 Advertising and public relations 5,617 2,805 3,029 Professional and outside services 21,330 12,594 10,765 Software expense 4,950 2,635 4,987 Travel and meals 8,130 3,047 3,023 FDIC and state assessments 1,626 1,308 898 FDIC insurance 5,125 3,795 2,380 ATM expense 4,774 2,665 1,485 Loan collection and repossession expense 4,612 5,068 3,276 Writedowns of foreclosed and other assets 3,610 3,803 1,299 Amortization of intangible assets 9,037 6,660 4,996 FHLB prepayment penalties — 8,853 8,062 Other 7,221 8,650 11,974 Total other operating expenses $ 90,398 $ 71,781 $ 65,029 |
Earnings Per Common Share ("EPS
Earnings Per Common Share ("EPS") | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share ("EPS") | 24. Earnings Per Common Share (“EPS”) The following table sets forth the computation of basic and diluted EPS for the periods indicated. Year Ended December 31, 2016 2015 2014 (In thousands, except per share amounts) Numerator: Distributed earnings allocated to common stockholders $ 62,173 $ 47,079 $ 36,130 Undistributed earnings allocated to common stockholders 207,806 135,174 82,476 Net earnings allocated to common stockholders $ 269,979 $ 182,253 $ 118,606 Denominator: Denominator for basic EPS – weighted-average common shares 104,409 86,785 77,538 Effect of dilutive securities – stock options 291 563 522 Denominator for diluted EPS – weighted-average common shares and assumed conversions 104,700 87,348 78,060 Basic EPS $ 2.59 $ 2.10 $ 1.53 Diluted EPS $ 2.58 $ 2.09 $ 1.52 Options to purchase 650,197 shares, 656,181 shares and 559,050 shares, respectively, of the Company’s common stock at a weighted-average exercise price of $54.11 per share, $52.98 per share and $36.05 per share, respectively, were outstanding during 2016, 2015 and 2014, but were not included in the computation of diluted EPS because the options’ exercise price was greater than the average market price of the common shares and inclusion would have been antidilutive. |
Changes in and Reclassification
Changes in and Reclassification From Accumulated Other Comprehensive Income ("AOCI") | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Changes in and Reclassification From Accumulated Other Comprehensive Income ("AOCI") | 25. Changes in and Reclassification From Accumulated Other Comprehensive Income (“AOCI”) The following table presents changes in AOCI for the periods indicated. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Beginning balance of AOCI – unrealized gains and losses on investment securities AFS $ 7,959 $ 14,132 $ (3,672 ) Other comprehensive income (loss): Unrealized gains and losses on investment securities AFS (52,736 ) (4,491 ) 29,164 Tax effect of unrealized gains and losses on investment securities AFS 18,860 1,711 (11,272 ) Amounts reclassified from AOCI (4 ) (5,481 ) (144 ) Tax effect of amounts reclassified from AOCI 1 2,088 56 Total other comprehensive income (loss) (33,879 ) (6,173 ) 17,804 Ending balance of AOCI – unrealized gains and losses on investment securities AFS $ (25,920 ) $ 7,959 $ 14,132 Amounts reclassified from AOCI are included in net gains on investment securities and the tax effect of amounts reclassified from AOCI are included in provision for income tax in the consolidated statements of income. The amounts reclassified from AOCI relate entirely to unrealized gains/losses on investment securities AFS that were sold during the periods indicated. |
Parent Company Financial Inform
Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Company Financial Information | 26. Parent Company Financial Information The following condensed balance sheets, income statements and statements of cash flows reflect the financial position, results of operations and cash flows for the parent company as of and for the periods indicated. Condensed Balance Sheets December 31, 2016 2015 (Dollars in thousands) Assets: Cash $ 22,179 $ 18,597 Investment in consolidated bank subsidiary 3,102,061 1,555,648 Investment in unconsolidated Trusts 3,652 3,652 Excess cost over fair value of net assets acquired 1,092 1,092 Other, net 10,878 4,299 Total assets $ 3,139,862 $ 1,583,288 Liabilities and Stockholders’ Equity: Accounts payable $ 620 $ 430 Accrued interest payable and other liabilities 6,877 542 Subordinated notes 222,516 — Subordinated debentures 118,242 117,685 Total liabilities 348,255 118,657 Stockholders’ equity: Common stock 1,213 906 Additional paid-in capital 1,901,880 755,995 Retained earnings 914,434 706,628 Accumulated other comprehensive income (loss) (25,920 ) 7,959 Treasury stock — (6,857 ) Total stockholders’ equity 2,791,607 1,464,631 Total liabilities and stockholders’ equity $ 3,139,862 $ 1,583,288 Condensed Statements of Income Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Income: Dividends from Bank $ 71,370 $ 35,100 $ 100,000 Dividends from Trusts 115 95 51 Other 2 8 178 Total income 71,487 35,203 100,229 Expenses: Interest 11,199 3,665 1,693 Other operating expenses 17,752 13,532 9,314 Total expenses 28,951 17,197 11,007 Net income before income tax benefit and equity in undistributed earnings of Bank 42,536 18,006 89,222 Income tax benefit 12,020 7,137 4,304 Equity in undistributed earnings of Bank 215,423 157,110 25,080 Net income available to common stockholders $ 269,979 $ 182,253 $ 118,606 Condensed Statements of Cash Flows Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Cash flows from operating activities: Net income available to common stockholders $ 269,979 $ 182,253 $ 118,606 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of Bank (215,423 ) (157,110 ) (25,080 ) Deferred income tax benefit (1,718 ) (1,174 ) (417 ) Stock-based compensation expense 10,754 8,202 5,675 Excess tax benefits on exercise of stock options and vesting of restricted common stock (3,576 ) (7,049 ) (4,682 ) Changes in other assets and other liabilities 6,041 9,458 4,923 Net cash provided by operating activities 66,057 34,580 99,025 Cash flows from investing activities: Proceeds from sale of other assets — — 3,997 Cash contributed to Bank (222,315 ) (110,000 ) — Cash (paid) received in merger and acquisition transactions, net of cash acquired (6,736 ) 2,691 (63,928 ) Net cash used by investing activities (229,051 ) (107,309 ) (59,931 ) Cash flows from financing activities: Proceeds from exercise of stock options 6,162 5,145 4,727 Proceeds from issuance of common stock — 110,000 — Proceeds from issuance of subordinated notes 222,315 — — Excess tax benefits on exercise of stock options and vesting of restricted common stock 3,576 7,049 4,682 Repurchase and cancellation of shares of common stock (3,304 ) (6,857 ) (2,349 ) Cash dividends paid on common stock (62,173 ) (47,079 ) (36,130 ) Net cash provided (used) by financing activities 166,576 68,258 (29,070 ) Net increase (decrease) in cash 3,582 (4,471 ) 10,024 Cash—beginning of year 18,597 23,068 13,044 Cash—end of year $ 22,179 $ 18,597 $ 23,068 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization | Organization |
Basis of Presentation, Use of Estimates and Principles of Consolidation | Basis of presentation, use of estimates and principles of consolidation The Consolidated Financial Statements include the accounts of the Company, the Bank, the investment subsidiary, the real estate subsidiary and the aircraft subsidiary. In addition, subsidiaries in which the Company has majority voting interest (principally defined as owning a voting or economic interest greater than 50%) or where the Company exercises control over the operating and financial policies of the subsidiary through an operating agreement or other means are consolidated. Investments in companies in which the Company has significant influence over voting and financing decisions (principally defined as owning a voting or economic interest of 20% to 50%) and investments in limited partnerships and limited liability companies where the Company does not exercise control over the operating and financial policies are generally accounted for by the equity method of accounting. Investments in companies in which the Company has limited or no influence over voting and financing decisions (principally defined as owning a voting or economic interest less than 20%) and investments in limited partnerships and limited liability companies in which the Company’s interest is so minor such that it has virtually no influence over operating and financial policies are generally accounted for by the cost method of accounting. Significant intercompany transactions and amounts have been eliminated in consolidation. The voting interest approach is not applicable for entities that are not controlled through voting interests or in which the equity investors do not bear the residual economic risk. In such instances, management makes a determination, based on its review of applicable GAAP, on when the assets, liabilities and activities of a variable interest entity (“VIE”) should be included in the Company’s Consolidated Financial Statements. GAAP requires a VIE to be consolidated by a company if that company has a controlling financial interest with both (1) the power to direct the activities of the entity that most significantly affects the entity’s economic performance and (2) the obligation to absorb losses of the entity that could potentially be significant to the entity or the right to receive benefits from the entity that could potentially be significant to the entity. A company that has a controlling financial interest is considered the primary beneficiary and consolidates the VIE. The Company has determined that the 100%-owned finance subsidiary Trusts are VIEs, but that the Company is not the primary beneficiary of the Trusts. Accordingly, the Company does not consolidate the activities of the Trusts into its financial statements, but instead reports its ownership interests in the Trusts as other assets and reports the subordinated debentures issued to the Trusts as a liability in the consolidated balance sheets. The distributions on the subordinated debentures are reported as interest expense in the accompanying consolidated statements of income. |
Cash and Cash Equivalents | Cash and cash equivalents |
Investment Securities | Investment securities Investment securities AFS are reported at estimated fair value, with the unrealized gains and losses determined on a specific identification basis. Such unrealized gains and losses, net of tax, are reported as a separate component of stockholders’ equity and included in other comprehensive income (loss). The Company utilizes independent third parties as its principal pricing sources for determining fair value of investment securities which are measured on a recurring basis. As a result, the Company receives estimates of fair values from at least two independent pricing sources for the majority of its individual securities within its investment portfolio. For investment securities traded in an active market, fair values are based on quoted market prices if available. If quoted market prices are not available, fair values are based on quoted market prices of comparable securities, broker quotes or comprehensive interest rate tables, pricing matrices or a combination thereof. For investment securities traded in a market that is not active, fair value is determined using unobservable inputs. Additionally, the valuation of investment securities acquired may include certain unobservable inputs. All fair value estimates received by the Company for its investment securities are reviewed on a quarterly basis. At December 31, 2016 and 2015, the Company owned stock in the Federal Home Loan Bank of Dallas (“FHLB”) and First National Banker’s Bankshares, Inc. (“FNBB”), which do not have readily determinable fair values and are carried at cost. Declines in the fair value of investment securities below their amortized cost are reviewed at least quarterly by the Company for other-than-temporary impairment. Factors considered during such review include, among other things, the nature and cause of the unrealized loss, the length of time and extent that fair value has been less than cost and the credit quality, financial condition and near term prospects of the issuer. The Company also assesses whether it has the intent to sell the investment security or more likely than not would be required to sell the investment security before any anticipated recovery in fair value. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through the income statement. For securities that do not meet the aforementioned criteria, the amount of impairment is split into (i) other-than-temporary impairment related to credit loss, which must be recognized in the income statement, and (ii) other-than-temporary impairment related to other factors, which is recognized in other comprehensive income (loss). The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. The fair values of the Company’s investment securities traded in both active and inactive markets can be volatile and may be influenced by a number of factors including market interest rates, prepayment speeds, discount rates, credit quality of the issuer, general market conditions including market liquidity conditions and other factors. Factors and conditions are constantly changing and fair values could be subject to material variations that may significantly affect the Company’s financial condition, results of operations and liquidity. Interest and dividends on investment securities, including the amortization of premiums and accretion of discounts through maturity, or in the case of mortgage-backed securities, over the estimated life of the security, are included in interest income. Realized gains or losses on the sale of investment securities are recognized on the specific identification method at the time of sale and are included in non-interest income. Purchases and sales of investment securities are recorded on a trade-date basis. |
Non-Purchased Loans and Leases | Non-purchased loans and leases Leases, all of which are non-purchased, are classified as either direct financing leases or operating leases, based on the terms of the agreement. Direct financing leases are reported as the sum of (i) total future lease payments to be received, net of unearned income, and (ii) estimated residual value of the leased property. Income on direct financing leases is included in interest income and is recognized on a basis that achieves a constant periodic rate of return on the outstanding investment. In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the financial statements when they are funded. Related fees are generally recognized when collected. Mortgage loans held for sale are included in the Company’s non-purchased loans and leases and totaled $20.4 million and $10.4 million at December 31, 2016 and 2015, respectively. Mortgage loans held for sale are carried at the lower of cost or fair value. Gains and losses from the sales of mortgage loans are the difference between the selling price of the loan and its carrying value, net of discounts and points, and are recognized as mortgage lending income when the loan is sold to investors and servicing rights are released. As part of its standard mortgage lending practice, the Company issues a written put option, in the form of an interest rate lock commitment (“IRLC”), such that the interest rate on the mortgage loan is established prior to funding. In addition to the IRLC, the Company enters into a forward sale commitment (“FSC”) for the sale of its mortgage loan originations to reduce its market risk and interest rate risk on such originations in process. The IRLC on mortgage loans held for sale and the FSC have been determined to be derivatives as defined by GAAP. Accordingly, the fair values of derivative assets and liabilities for the Company’s IRLC and FSC are based primarily on the fluctuation of interest rates between the date on which the particular IRLC and FSC were entered into and year-end. At December 31, 2016 and 2015, respectively, the Company’s IRLC and FSC derivative assets and corresponding derivative liabilities were not material. The notional amounts of loan commitments under both the IRLC and FSC were $19.2 million and $15.7 million at December 31, 2016 and 2015, respectively. |
Purchased Loans | Purchased loans As provided for under GAAP, management has up to 12 months following the date of the acquisition to finalize the fair values of acquired assets and assumed liabilities. Once management has finalized the fair values of acquired assets and assumed liabilities within this 12-month period, management considers such values to be the day 1 fair values (“Day 1 Fair Values”). At the time of acquisition of purchased loans, management individually evaluates a substantial portion of loans acquired in the transaction. For those purchased loans without evidence of credit deterioration at the date of acquisition, fair value is determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected, as adjusted for an estimate of future credit losses and prepayments, and then a market-based discount rate is applied to those cash flows. For loans individually evaluated, a grade is assigned to each loan at the date of acquisition based on our internal grading system for purchased loans. To the extent that any purchased loan is not specifically reviewed, such loan is assumed to have characteristics similar to the assigned rating of the acquired institution’s risk rating adjusted for any estimated differences between our rating methodology and the acquired bank’s rating methodology. The grade for each purchased loan without evidence of credit deterioration is reviewed subsequent to the date of acquisition any time a loan is renewed or extended or at any time information becomes available to the Company that provides material insight regarding the loan’s performance, the status of the borrower or the quality or value of the underlying collateral. To the extent that current information indicates it is probable that the Company will collect all amounts according to the contractual terms thereof, such loan is not considered impaired and is not individually considered in the determination of the required allowance for loan and lease losses (“ALLL”). To the extent that current information indicates it is probable that the Company will not be able to collect all amounts according to the contractual terms thereof, such loan is considered impaired and is considered in the determination of the required level of ALLL. In determining the Day 1 Fair Values of purchased loans without evidence of credit deterioration at the date of acquisition, management includes (i) no carry over of any previously recorded ALLL and (ii) an adjustment of the unpaid principal balance to reflect an appropriate market rate of interest, given the risk profile and grade assigned to each loan. This adjustment is accreted or amortized into earnings as a yield adjustment, using the effective yield method, over the remaining life of each loan. Purchased loans that contain evidence of credit deterioration on the date of purchase are individually evaluated by management to determine the estimated fair value of each loan. This evaluation includes no carryover of any previously recorded ALLL. In determining the estimated fair value of purchased loans with evidence of credit deterioration at the date of acquisition, management considers a number of factors including, among other things, the remaining life of the acquired loans, estimated prepayments, estimated loss ratios, estimated value and quality of the underlying collateral, estimated holding periods, and net present value of cash flows expected to be received. In determining the Day 1 Fair Values of purchased loans with evidence of credit deterioration at the date of acquisition, management calculates a non-accretable difference (the credit component of the purchased loans) and an accretable difference (the yield component of the purchased loans). The non-accretable difference is the difference between the contractually required payments and the cash flows expected to be collected in accordance with management’s determination of the Day 1 Fair Values. Subsequent increases in expected cash flows will result in an adjustment to accretable yield, which will have a positive impact on interest income. Subsequent decreases in expected cash flows will generally result in a provision for loan and lease losses. Subsequent increases in expected cash flows following any previous decrease will result in a reversal of the provision for loan and lease losses to the extent of prior charges and then an adjustment to accretable yield. The accretable difference on purchased loans with evidence of credit deterioration at the date of acquisition is the difference between the expected cash flows and the net present value of such expected cash flows. Such difference is accreted into earnings using the effective yield method over the term of the loans. In determining the net present value of the expected cash flows for purposes of establishing the Day 1 Fair Values, the Company used discount rates ranging from 6.0% to 9.5% per annum depending on the risk characteristics of each individual loan. Management separately monitors purchased loans with evidence of credit deterioration on the date of acquisition and periodically reviews such loans contained within this portfolio against the factors and assumptions used in determining the Day 1 Fair Values. A loan is reviewed (i) any time it is renewed or extended, (ii) at any other time additional information becomes available to the Company that provides material additional insight regarding the loan’s performance, the status of the borrower, or the quality or value of the underlying collateral, or (iii) in conjunction with the annual review of projected cash flows of each acquired portfolio. Management separately reviews the performance of the portfolio of purchased loans with evidence of credit deterioration at the date of acquisition on an annual basis, or more frequently to the extent that material information becomes available regarding the performance of an individual loan, to make determinations of the constituent loans’ performance and to consider whether there has been any significant change in performance since management’s initial expectations established in conjunction with the determination of the Day 1 Fair Values or since management’s most recent review of such portfolio’s performance. To the extent that a loan is performing in accordance with or exceeding management’s performance expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is rated FV66, is not included in any of the credit quality ratios, is not considered to be a nonaccrual, nonperforming or impaired loan, and is not considered in the determination of the required ALLL. For any loan that is exceeding management’s performance expectation established in conjunction with the determination of Day 1 Fair Values, the accretable yield on such loan is adjusted to reflect such increased performance. To the extent that a loan’s performance has deteriorated from management’s expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is rated FV88, is included in certain of the Company’s credit quality metrics, is considered an impaired loan, and is considered in the determination of the required level of ALLL; however, in accordance with GAAP, the Company continues to accrete into earnings income on such loans. Any improvement in the expected performance of such loan would result in a reversal of the provision for loan and lease losses to the extent of prior charges and then an adjustment to accretable yield. |
Allowance for Loan and Lease Losses | Allowance for loan and lease losses The ALLL is maintained at a level management believes will be adequate to absorb probable incurred losses in the loan and lease portfolio. Provision to and the adequacy of the ALLL are based on evaluations of the loan and lease portfolio utilizing objective and subjective criteria. The objective criteria primarily include an internal grading system and specific allowances. In addition to the objective criteria, the Company subjectively assesses the adequacy of the ALLL and the need for additions thereto, with consideration given to the nature and mix of the portfolio, including concentrations of credit; general economic and business conditions, including national, regional and local business and economic conditions that may affect borrowers’ or lessees’ ability to pay; expectations regarding the current business cycle; trends that could affect collateral values and other relevant factors. Changes in any of these criteria or the availability of new information could require adjustment of the ALLL in future periods. While a specific allowance has been calculated for impaired loans and leases and for loans and leases where the Company has otherwise determined a specific reserve is appropriate, no portion of the Company’s ALLL is restricted to any individual loan or lease or group of loans or leases, and the entire ALLL is available to absorb losses from any and all loans and leases. The Company’s internal grading system assigns grades to all non-purchased loans and leases, except residential 1-4 family loans (including consumer construction loans on 1-4 family properties), consumer loans, indirect loans and certain other loans, with each grade being assigned an allowance allocation percentage. The grade for each graded individual loan or lease is determined by the account officer and other approving officers at the time the loan or lease is made and changed from time to time to reflect an ongoing assessment of loan or lease risk. Grades are reviewed on specific loans and leases from time to time by senior management and as part of the Company’s internal loan review process. The risk elements considered by management in its determination of the appropriate grade for individual loans and leases include the following, among others: (1) for non-farm/non-residential, multifamily residential, and agricultural real estate loans, the debt service coverage ratio (income from the property in excess of operating expenses compared to loan repayment requirements), operating results of the owner in the case of owner-occupied properties, the loan-to-value (“LTV”) ratio, the age, condition, value, nature and marketability of the collateral and the specific risks and volatility of income, property value and operating results typical of properties of that type; (2) for construction and land development loans, the perceived feasibility of the project including the ability to sell developed lots or improvements constructed for resale or ability to lease property constructed for lease, the quality and nature of contracts for presale or preleasing, if any, experience and ability of the developer and loan-to-cost (“LTC”) and LTV ratios (with significant emphasis placed on the LTC and LTV ratios for many of our construction and land development loans); (3) for commercial and industrial loans and leases, the operating results of the commercial, industrial or professional enterprise, the borrower’s or lessee’s business, professional and financial ability and expertise, the specific risks and volatility of income and operating results typical for businesses in the applicable industry, the age, condition, value, nature, quality and marketability of collateral and, for certain loans, the marketability of such loans in any secondary market; and (4) for non-real estate agricultural loans and leases, the operating results, experience and ability of the borrower or lessee, historical and expected market conditions and the age, condition, value, nature, quality and marketability of collateral. In addition, for each category the Company considers secondary sources of income and the financial strength of the borrower or lessee and any guarantors. Residential 1-4 family, consumer loans and certain other loans are assigned an allowance allocation percentage based on past due status. For indirect loans, each individual loan is assigned a risk level based on the borrower’s individual credit score. Each risk level is assigned a probability of default (“PD”) and an expected loss given default (“LGD”) based on the underlying collateral securing the loan. Both the PD and the LGD factors are based on composite third-party information for similar loans and borrowers that have previously defaulted and the resulting loss from such default. Allowance allocation percentages for the various risk grades and past due categories for residential 1-4 family, consumer loans and certain other loans are determined by management and are adjusted periodically. In determining these allowance allocation percentages, management considers, among other factors, historical loss percentages over various time periods and a variety of subjective criteria. For purchased loans, management segregates this portfolio into loans that contain evidence of credit deterioration at the date of acquisition and loans that do not contain evidence of credit deterioration at the date of acquisition. Purchased loans with evidence of credit deterioration at the date of acquisition are regularly monitored and are periodically reviewed by management. To the extent that a loan’s performance has deteriorated from management’s expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is considered in the determination of the required level of ALLL. To the extent that a revised loss estimate exceeds the loss estimate established in the determination of Day 1 Fair Values, such determination will result in an allowance allocation or a partial or full charge-off. All other purchased loans are graded by management at the time of purchase. The grade on these purchased loans is reviewed regularly as part of the ongoing assessment of such loans. To the extent that current information indicates it is probable that the Company will not be able to collect all amounts according to the contractual terms thereof, such loan is considered in the determination of the required level of ALLL and may result in an allowance allocation or a partial or full charge-off. At December 31, 2016 and 2015, respectively, the Company established an ALLL totaling $1.6 million and $1.2 million for its purchased loan portfolio. Such ALLL was based on the Company’s historical charge-off analysis of its purchased loan portfolio and reflects management’s estimate of probable incurred losses in the purchased loan portfolio that had not previously been charged off or had otherwise been considered in establishing the Day 1 Fair Values. The accrual of interest on non-purchased loans and leases and purchased loans without evidence of credit deterioration at the date of acquisition is discontinued when, in management’s opinion, the borrower or lessee may be unable to meet payments as they become due. The Company generally places a loan or lease, excluding purchased loans with evidence of credit deterioration at the date of acquisition, on nonaccrual status when such loan or lease is (i) deemed impaired or (ii) 90 days or more past due, or earlier when doubt exists as to the ultimate collection of payments. The Company may continue to accrue interest on certain loans or leases contractually past due 90 days or more if such loans or leases are both well secured and in the process of collection. At the time a loan or lease is placed on nonaccrual status, interest previously accrued but uncollected is reversed and charged against interest income. Nonaccrual loans and leases are generally returned to accrual status when payments are less than 90 days past due and the Company reasonably expects to collect all payments. If a loan or lease is determined to be uncollectible, the portion of the principal determined to be uncollectible will be charged against the ALLL. Loans for which the terms have been modified and for which (i) the borrower is experiencing financial difficulties and (ii) a concession has been granted to the borrower by the Company are considered troubled debt restructurings (“TDRs”) and are included in impaired loans and leases. Income on nonaccrual loans or leases, including impaired loans and leases but excluding certain TDRs which continue to accrue interest, is recognized on a cash basis when and if actually collected. All loans and leases deemed to be impaired are evaluated individually. The Company considers a loan or lease, excluding purchased loans with evidence of credit deterioration at the date of acquisition, to be impaired when based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms thereof. The Company considers a purchased loan with evidence of credit deterioration at the date of acquisition to be impaired once a decrease in expected cash flows or other deterioration in the loan’s expected performance, subsequent to the determination of the Day 1 Fair Values, results in an allowance allocation, a partial or full charge-off or in a provision for loan and lease losses. Most of the Company’s nonaccrual loans and leases, excluding purchased loans with evidence of credit deterioration at the date of acquisition, and all TDRs are considered impaired. The majority of the Company’s impaired loans and leases are dependent upon collateral for repayment. For such loans and leases, impairment is measured by comparing collateral value, net of holding and selling costs, to the current investment in the loan or lease. For all other impaired loans and leases, the Company compares estimated discounted cash flows to the current investment in the loan or lease. To the extent that the Company’s current investment in a particular loan or lease exceeds its estimated net collateral value or its estimated discounted cash flows, the impaired amount is specifically considered in the determination of the ALLL or is charged off as a reduction of the ALLL. The Company’s practice is to charge off any estimated loss as soon as management is able to identify and reasonably quantify such potential loss. Accordingly, only a small portion of the Company’s ALLL is needed for potential losses on nonperforming loans. The Company also maintains an allowance for certain non-purchased loans and leases not considered impaired where (i) the customer is continuing to make regular payments, although payments may be past due, (ii) there is a reasonable basis to believe the customer may continue to make regular payments, although there is also an elevated risk that the customer may default, and (iii) the collateral or other repayment sources are likely to be insufficient to recover the current investment in the loan or lease if a default occurs. The Company evaluates such loans and leases to determine if an allowance is needed for these loans and leases. For the purpose of calculating the amount of such allowance, management assumes that (i) no further regular payments occur and (ii) all sums recovered will come from liquidation of collateral and collection efforts from other payment sources. To the extent that the Company’s current investment in a particular loan or lease evaluated for the need for such allowance exceeds its net collateral value, such excess is considered allocated allowance for purposes of the determination of the ALLL. The Company may also include specific ALLL allocations for qualitative factors. Changes in the criteria used in this evaluation or the availability of new information could cause the ALLL to be increased or decreased in future periods. In addition, bank regulatory agencies, as part of their examination process, may require adjustments to the ALLL based on their judgment and estimates. |
Premises and Equipment | Premises and equipment |
Foreclosed Assets | Foreclosed assets Valuations of all foreclosed assets are periodically reviewed by management with the carrying value of such assets adjusted through non-interest expense to the then estimated fair value, generally based on third party appraisals, broker price opinions or other valuations of the property, net of estimated selling costs, if lower, until disposition. Gains and losses from the sale of such repossessions and real estate acquired through or in lieu of foreclosure are recorded in non-interest income, and expenses to maintain the properties are included in non-interest expense. |
Income Taxes | Income taxes As a result of recording, at fair value, acquired assets and assumed liabilities pursuant to business combinations, differences in amounts reported for financial statement purposes and their related basis for federal and state income tax purposes are created. Such differences are recorded as deferred tax assets and liabilities using enacted tax rates in effect for the year or years in which the differences are expected to be recovered or settled. Business combination transactions may result in the acquisition of net operating loss carryforwards and other assets with built-in losses, the realization of which are subject to limitations pursuant to section 382 (“section 382 limitation”) of the Internal Revenue Code (“IRC”). In determining the section 382 limitation associated with a business combination, management must make a number of estimates and assumptions regarding the ability to utilize acquired net operating loss carryforwards and the expected timing of future recoveries or settlements of acquired assets with built-in losses. To the extent that information available as of the date of acquisition results in a determination by management that some portion of acquired net operating loss carryforwards cannot be utilized or assets with built-in losses are expected to be settled or recovered in future periods in which the ability to realize the benefits will be subject to section 382 limitation, a deferred tax asset valuation allowance is established for the estimated amount of the deferred tax assets subject to the section 382 limitation. To the extent that information becomes available, during the first 12 months following the consummation of a business combination transaction, that results in changes in management’s initial estimates and assumptions regarding the expected utilization of acquired net operating loss carryforwards or the expected settlement or recovery of acquired assets with built-in losses subject to section 382 limitation, an increase or decrease of the deferred tax asset valuation allowance will be recorded as an adjustment to bargain purchase gain or goodwill. To the extent that such information becomes available 12 months or more after the consummation of a business combination transaction, or additional information becomes available during the first 12 months as a result of changes in circumstances since the date of the consummation of a business combination transaction, an increase or decrease of the deferred tax asset valuation allowance will be recorded as an adjustment to deferred income tax expense (benefit). The Company recognizes a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has a greater than 50% likelihood of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company files consolidated tax returns. The Bank and the other consolidated entities provide for income taxes on a separate return basis and remit to the Company amounts determined to be currently payable. The Company recognizes interest related to income tax matters as interest income or expense, and penalties related to income tax matters are recognized as non-interest expense. The Company is no longer subject to income tax examinations by U.S. federal tax authorities for years prior to 2013. |
Bank Owned Life Insurance ("BOLI") | Bank owned life insurance (“BOLI”) |
Intangible Assets | Intangible assets Bank charter costs represent costs paid to acquire a Texas bank charter and are being amortized over 20 years. Bank charter costs totaled $239,000 at both December 31, 2016 and 2015, less accumulated amortization of $156,000 and $144,000 at December 31, 2016 and 2015, respectively. Core deposit intangibles represent premiums paid for deposits acquired via acquisition and are being amortized over three to seven years. Core deposit intangibles totaled $77.5 million and $41.5 million at December 31, 2016 and 2015, respectively, less accumulated amortization of $18.4 million and $14.7 million at December 31, 2016 and 2015, respectively. Intellectual property intangibles represents amounts allocated to acquired intellectual property and are being amortized over three years. Intellectual property intangibles totaled $1.9 million at December 31, 2016 (none at December 31, 2015), less accumulated amortization of $0.3 million at December 31, 2016 (none at December 31, 2015). The aggregate amount of amortization expense for the Company’s core deposit, bank charter and intellectual property intangibles is expected to be $12.6 million in 2017, $12.6 million in 2018, $11.9 million in 2019, $9.1 million in 2020 and $6.4 million in 2021. |
Stock-Based Compensation | Stock-based compensation |
Earnings Per Common Share | Earnings per common share |
Segment Disclosures | Segment disclosures |
Recent Accounting pronouncements | Recent accounting pronouncements “Revenue from Contracts with Customers.” In January 2015, the FASB issued ASU 2015-01, “Income Statement – Extraordinary and Unusual Items (Subtopic 225-20) – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs.” In September 2015, the FASB issued ASU 2015-16 “Simplifying the Accounting for Measurement-Period Adjustments.” In January 2016, FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” In February 2016, FASB issued ASU 2016-02, “Leases (Topic 842) In March 2016, FASB issued ASU 2016-09 “Improvements to Employee Share-Based Payment Accounting.” In June 2016, FASB issued ASU 2016-13 “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” In August 2016, the FASB issued ASU 2016-15 “ Statement of Cash Flows (Topic 230) In January 2017, FASB issued ASU 2017-01 “Business Combinations (Topic 805), Clarifying the Definition of a Business” |
Reclassifications and Recasts | Reclassifications and recasts |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Community & Southern Holdings, Inc. [Member] | |
Summary of Assets Acquired and Liabilities Assumed in Acquisition | The following table provides a summary of the assets acquired and liabilities assumed as recorded by C&S, the estimates of the fair value adjustments necessary to adjust those acquired assets and assumed liabilities to estimated fair value, including adjustments made subsequent to the initial fair value adjustments, and the estimates of the resultant fair values of those assets and liabilities as recorded by the Company. Management continues to evaluate and may revise further, if necessary, one or more of the fair value adjustments in future periods. To the extent that any of these fair value adjustments are revised in future periods, the resultant fair values and the amount of goodwill may be subject to further adjustment. July 20, 2016 As Recorded by C&S Fair Value Adjustments Adjustments (1) As Recorded by the Company (Dollars in thousands) Assets acquired: Cash, due from banks and interest earning deposits $ 72,942 $ — $ — $ 72,942 Investment securities 447,674 4,063 a — 451,737 Loans 3,090,579 (61,649 ) b 3,617 3,032,547 Allowance for loan losses (42,395 ) 42,395 b — — Premises and equipment 73,238 31,969 c (425 ) 104,782 Foreclosed assets 6,274 (521 ) d — 5,753 BOLI 86,596 (45 ) e — 86,551 Goodwill 44,514 (44,514 ) f — — Core deposit intangible asset 12,227 21,327 g (358 ) 33,196 Deferred income taxes 23,298 (9,059 ) h (5,130 ) 9,109 Accrued interest receivable and other assets 38,226 (2,003 ) i 1,258 37,481 Total assets acquired 3,853,173 (18,037 ) (1,038 ) 3,834,098 Liabilities assumed: Deposits 3,256,372 11,813 j — 3,268,185 Other borrowings 90,000 — — 90,000 Accrued interest payable and other liabilities 22,991 (585 ) k (1,262 ) 21,144 Total liabilities assumed 3,369,363 11,228 (1,262 ) 3,379,329 Net assets acquired $ 483,810 $ (29,265 ) $ 224 454,769 Consideration paid: Cash in lieu of fractional shares (12,336 ) Stock (787,942 ) Total consideration paid (800,278 ) Goodwill $ 345,509 (1) Represents adjustments, during the fourth quarter of 2016, of the initial fair value adjustments. Explanation of preliminary fair value adjustments a- Adjustment reflects the fair value adjustment based on the pricing of the acquired held to maturity investment securities portfolio. b- Adjustment reflects the fair value adjustment based on the evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses. c- Adjustment reflects the fair value adjustment based on the evaluation of the premises and equipment acquired. d- Adjustment reflects the fair value adjustment based on the evaluation of the acquired foreclosed assets. e- Adjustment reflects the fair value adjustment based on the evaluation of BOLI acquired. f- Adjustment reflects the elimination of previously recorded goodwill. g- Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition, net of the elimination of previously recorded core deposit intangible assets. h- This adjustment reflects the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. i- Adjustment reflects the fair value adjustment based on the evaluation of accrued interest receivable and other assets. j- Adjustment reflects the fair value adjustment based on the evaluation of the acquired deposits. k- Adjustment reflects the amount needed to adjust other liabilities to estimated fair value and to record certain liabilities directly attributable to the C&S acquisition. |
Summary of Supplemental Pro-forma Information | The following unaudited supplemental pro forma information is presented to show the estimated results assuming C&S was acquired as of the beginning of each period presented, adjusted for estimated costs savings. These unaudited pro forma results are not necessarily indicative of the operating results that the Company would have achieved had it completed the acquisition as of January 1, 2015 or 2016 and should not be considered as representative of future operating results. Year Ended December 31, 2016 2015 (Dollars in thousands, except per share amounts) Net interest income – pro forma (unaudited) $ 690,426 $ 555,075 Net income – pro forma (unaudited) $ 329,199 $ 245,847 Diluted earnings per common share – pro forma (unaudited) $ 2.83 $ 2.27 |
C1 Financial, Inc. [Member] | |
Summary of Assets Acquired and Liabilities Assumed in Acquisition | The following table provides a summary of the assets acquired and liabilities assumed as recorded by C1, the estimates of the fair value adjustments necessary to adjust those acquired assets and assumed liabilities to estimated fair value, including adjustments made subsequent to the initial fair value adjustments, and the estimates of the resultant fair values of those assets and liabilities as recorded by the Company. Management continues to evaluate and may revise further, if necessary, one or more of the fair value adjustments in future periods. To the extent that any of these fair value adjustments are revised in future periods, the resultant fair values and the amount of goodwill may be subject to further adjustment. July 21, 2016 As Recorded by C1 Fair Value Adjustments Adjustments (1) As Recorded by the Company (Dollars in thousands) Assets acquired: Cash, due from banks and interest earning deposits $ 143,592 $ — $ — $ 143,592 Investment securities 7,618 (28 ) a — 7,590 Loans 1,353,498 (40,456 ) b (1,238 ) 1,311,804 Allowance for loan losses (7,307 ) 7,307 b — — Premises and equipment 63,943 13,690 c (300 ) 77,333 Foreclosed assets 21,704 (1,656 ) d — 20,048 BOLI 36,280 — — 36,280 Core deposit and other intangible assets 576 9,198 e — 9,774 Deferred income taxes 1,608 8,288 f 2,100 11,996 Accrued interest receivable and other assets 12,182 (3,124 ) g — 9,058 Total assets acquired 1,633,694 (6,781 ) 562 1,627,475 Liabilities assumed: Deposits 1,294,439 2,779 h — 1,297,218 Other borrowings 131,010 2,558 i — 133,568 Accrued interest payable and other liabilities 4,775 1,040 j 3,104 8,919 Total liabilities assumed 1,430,224 6,377 3,104 1,439,705 Net assets acquired $ 203,470 $ (13,158 ) $ (2,542 ) 187,770 Consideration paid: Cash and shares redeemed for Brazilian loans (27,694 ) Stock (348,397 ) Total consideration paid (376,091 ) Goodwill $ 188,321 (1) Represents adjustments, during the fourth quarter of 2016, of the initial fair value adjustments. Explanation of preliminary fair value adjustments a- Adjustment reflects the fair value adjustment based on the pricing of the acquired investment securities portfolio. b- Adjustment reflects the fair value adjustment based on the evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses. c- Adjustment reflects the fair value adjustment based on the evaluation of the premises and equipment acquired. d- Adjustment reflects the fair value adjustment based on the evaluation of the acquired foreclosed assets. e- Adjustment reflects the fair value adjustment for the core deposit and intellectual property intangible assets recorded as a result of the acquisition, net of the elimination of previously recorded intangible assets. f- This adjustment reflects the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. g- Adjustment reflects the fair value adjustment based on the evaluation of accrued interest receivable and other assets. h- Adjustment reflects the fair value adjustment based on the evaluation of the acquired deposits. i- Adjustment reflects the fair value adjustment of these assumed liabilities. j- Adjustment reflects the amount needed to adjust other liabilities to estimated fair value and to record certain liabilities directly attributable to the C1 acquisition. |
Summary of Supplemental Pro-forma Information | The following unaudited supplemental pro forma information is presented to show the estimated results assuming C1 was acquired as of the beginning of each period presented, adjusted for estimated costs savings. These unaudited pro forma results are not necessarily indicative of the operating results that the Company would have achieved had it completed the acquisition as of January 1, 2015 or 2016 and should not be considered as representative of future operating results. Year Ended December 31, 2016 2015 (Dollars in thousands, except per share amounts) Net interest income – pro forma (unaudited) $ 644,670 $ 461,762 Net income – pro forma (unaudited) $ 295,823 $ 211,162 Diluted earnings per common share – pro forma (unaudited) $ 2.69 $ 2.18 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities | The following table is a summary of the amortized cost and estimated fair values of investment securities, all of which are classified as AFS. The Company’s investment in the “CRA qualified investment fund” includes shares held in a mutual fund that qualify under the Community Reinvestment Act of 1977 for community reinvestment purposes. The Company’s holdings of “other equity securities” include FHLB and FNBB shares which do not have readily available fair values and are carried at cost. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) December 31, 2016: Obligations of states and political subdivisions $ 946,886 $ 7,785 $ (35,658 ) $ 919,013 U.S. Government agency securities 547,297 962 (12,769 ) 535,490 Corporate obligations 10,086 — (171 ) 9,915 CRA qualified investment fund 1,061 — (27 ) 1,034 Other equity securities 6,160 — — 6,160 Total investment securities AFS $ 1,511,490 $ 8,747 $ (48,625 ) $ 1,471,612 December 31, 2015: Obligations of states and political subdivisions $ 415,095 $ 12,321 $ (138 ) $ 427,278 U.S. Government agency securities 146,265 1,720 (1,035 ) 146,950 Corporate obligations 3,562 — — 3,562 CRA qualified investment fund 1,038 — (10 ) 1,028 Other equity securities 23,530 — — 23,530 Total investment securities AFS $ 589,490 $ 14,041 $ (1,183 ) $ 602,348 |
Gross Unrealized Losses and Estimated Fair Value of Investment Securities | The following table shows gross unrealized losses and estimated fair value of investment securities AFS, aggregated by investment category and length of time that individual investment securities have been in a continuous unrealized loss position. Less than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (Dollars in thousands) December 31, 2016: Obligations of states and political subdivisions $ 641,862 $ 35,648 $ 4,501 $ 10 $ 646,363 $ 35,658 U.S. Government agency securities 480,000 12,764 160 5 480,160 12,769 Corporate obligations 6,915 171 — — 6,915 171 CRA qualified investment fund 1,035 27 — — 1,035 27 Total temporarily impaired investment securities $ 1,129,812 $ 48,610 $ 4,661 $ 15 $ 1,134,473 $ 48,625 December 31, 2015: Obligations of states and political subdivisions $ 18,018 $ 114 $ 6,167 $ 24 $ 24,185 $ 138 U.S. Government agency securities 72,671 930 4,381 105 77,052 1,035 CRA qualified investment fund 1,029 10 — — 1,029 10 Total temporarily impaired investment securities $ 91,718 $ 1,054 $ 10,548 $ 129 $ 102,266 $ 1,183 |
Maturity Distribution of Investment Securities AFS | The following table is a maturity distribution of investment securities AFS as of December 31, 2016. Amortized Cost Estimated Fair Value (Dollars in thousands) Due in one year or less $ 82,229 $ 80,665 Due after one year to five years 310,104 305,081 Due after five years to ten years 325,093 321,210 Due after ten years 794,064 764,656 Total $ 1,511,490 $ 1,471,612 |
Sales Activities of Company's Investment Securities AFS are Summarized | The following table is a summary of sales activities of the Company’s investment securities AFS. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Sales proceeds $ 537 $ 202,943 $ 55,724 Gross realized gains $ 4 $ 5,962 $ 159 Gross realized losses — (481 ) (15 ) Net gains on investment securities $ 4 $ 5,481 $ 144 |
Non-Purchased Loans and Leases
Non-Purchased Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Summary of Non-purchased Loan and Lease Portfolio by Principal Category | The following table is a summary of the non-purchased loan and lease portfolio by principal category as of the dates indicated. December 31, 2016 2015 (Dollars in thousands) Real estate: Residential 1-4 family $ 481,063 5.0 % $ 350,254 5.4 % Non-farm/non-residential 2,385,652 24.8 2,010,866 30.8 Construction/land development 4,762,967 49.6 2,825,575 43.3 Agricultural 97,866 1.0 74,440 1.1 Multifamily residential 435,342 4.5 440,828 6.8 Total real estate 8,162,890 84.9 5,701,963 87.4 Commercial and industrial 228,480 2.4 231,281 3.6 Consumer 216,517 2.3 27,745 0.1 Direct financing leases 137,188 1.4 147,735 2.4 Other 860,018 9.0 419,910 6.5 Total non-purchased loans and leases $ 9,605,093 100 % $ 6,528,634 100 % |
Purchased Loans(Tables)
Purchased Loans(Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Summary of Purchased Loan Portfolio by Principal Category | The following table is a summary of the purchased loan portfolio by principal category as of the dates indicated. December 31, 2016 2015 (Dollars in thousands) Real estate: Residential 1-4 family $ 778,226 $ 386,952 Non-farm/non-residential 2,279,749 1,135,547 Construction/land development 532,893 47,823 Agricultural 26,991 19,918 Multifamily residential 308,663 139,497 Total real estate 3,926,522 1,729,737 Commercial and industrial 211,667 60,522 Consumer 812,474 7,487 Other 7,359 8,291 Total purchased loans $ 4,958,022 $ 1,806,037 |
Summary of Purchased Loans without Evidence of Credit Deterioration | The following table is a summary, as of the dates indicated, of the Company’s purchased loans without evidence of credit deterioration at the date of acquisition and purchased loans with evidence of credit deterioration at the date of acquisition. December 31, 2016 2015 (Dollars in thousands) Purchased loans without evidence of credit deterioration at date of acquisition $ 4,716,403 $ 1,589,251 Purchased loans with evidence of credit deterioration at date of acquisition 241,619 216,786 Total purchased loans $ 4,958,022 $ 1,806,037 |
Activity of Purchased Loans with Evidence of Credit Deterioration | The following table presents a summary, during the years indicated, of the activity of the Company’s purchased loans with evidence of credit deterioration at the date of acquisition. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Balance – beginning of year $ 216,786 $ 276,480 $ 392,421 Accretion 29,974 37,677 46,466 Purchased loans acquired 132,500 71,996 40,035 Transfer to foreclosed assets (4,296 ) (7,886 ) (42,306 ) Net payments received (131,488 ) (148,175 ) (151,559 ) Loans sold — (12,601 ) — Net charge-offs (2,152 ) (1,815 ) (8,654 ) Other activity, net 295 1,110 77 Balance – end of year $ 241,619 $ 216,786 $ 276,480 |
Summary of Changes in Accretable Difference on Purchased Loans | The following table presents a summary, during the years indicated, of changes in the accretable difference on purchased loans with evidence of credit deterioration at the date of acquisition. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Accretable difference at beginning of year $ 59,176 $ 74,167 $ 83,455 Accretion (29,974 ) (37,677 ) (46,466 ) Accretable difference acquired 19,108 11,546 6,732 Adjustments to accretable difference due to: Loans transferred to foreclosed assets (358 ) (418 ) (1,657 ) Loans paid off (6,094 ) (17,714 ) (15,909 ) Loans sold — (1,573 ) — Cash flow revisions as a result of renewals and/or modifications 23,294 30,862 47,359 Other, net — (17 ) 653 Accretable difference at end of year $ 65,152 $ 59,176 $ 74,167 |
Summary of Loans Acquired in C and S and C1 Acquisitions with Evidence of Credit Deterioration at the Date of Acquisition | The following table is a summary of the loans acquired in the C&S and C1 acquisitions with evidence of credit deterioration at the date of acquisition. C&S as of July 20, 2016 C1 as of July 21, 2016 (Dollars in thousands) Contractually required principal and interest $ 106,109 $ 111,700 Non-accretable difference (28,946 ) (37,255 ) Cash flows expected to be collected 77,163 74,445 Accretable difference (11,793 ) (7,315 ) Day 1 Fair Value $ 65,370 $ 67,130 |
Allowance for Loan and Lease 40
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Activity Within Allowance for Loan and Lease Losses | The following table is a summary of activity within the ALLL during the years indicated. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Balance – beginning of year $ 60,854 $ 52,918 $ 42,945 Non-purchased loans and leases charged off (6,041 ) (10,091 ) (5,123 ) Recoveries of non-purchased loans and leases previously charged off 828 1,127 1,396 Net non-purchased loans and leases charged off (5,213 ) (8,964 ) (3,727 ) Purchased loans charged off (5,675 ) (2,982 ) (3,288 ) Recoveries of purchased loans previously charged off 2,783 467 73 Net purchased loans charged off (2,892 ) (2,515 ) (3,215 ) Net charge-offs – total loans and leases (8,105 ) (11,479 ) (6,942 ) Provision for loan and lease losses: Non-purchased loans and leases 20,500 15,700 13,700 Purchased loans 3,292 3,715 3,215 Total provision 23,792 19,415 16,915 Balance – end of year $ 76,541 $ 60,854 $ 52,918 |
Summary of Company's Allowance for Loan and Lease Losses | The following table is a summary of the Company’s ALLL for the year indicated. Beginning Balance Charge-offs Recoveries Provision Ending Balance (Dollars in thousands) Year ended December 31, 2016: Real estate: Residential 1-4 family $ 8,672 $ (406 ) $ 52 $ 1,907 $ 10,225 Non-farm/non-residential 16,796 (323 ) 10 5,072 21,555 Construction/land development 18,176 (42 ) 68 2,471 20,673 Agricultural 3,388 (37 ) — (564 ) 2,787 Multifamily residential 3,031 — 14 (598 ) 2,447 Commercial and industrial 2,574 (118 ) 78 (175 ) 2,359 Consumer 707 (228 ) 37 1,429 1,945 Direct financing leases 3,835 (3,143 ) 36 9,956 10,684 Other 2,475 (1,744 ) 533 1,002 2,266 Purchased loans 1,200 (5,675 ) 2,783 3,292 1,600 Total $ 60,854 $ (11,716 ) $ 3,611 $ 23,792 $ 76,541 The following table is a summary of the Company’s ALLL for the year indicated. Beginning Balance Charge-offs Recoveries Provision Ending Balance (Dollars in thousands) Year ended December 31, 2015: Real estate: Residential 1-4 family $ 5,482 $ (794 ) $ 86 $ 3,898 $ 8,672 Non-farm/non-residential 17,190 (857 ) 15 448 16,796 Construction/land development 15,960 (2,760 ) 83 4,893 18,176 Agricultural 2,558 (27 ) — 857 3,388 Multifamily residential 2,147 (228 ) — 1,112 3,031 Commercial and industrial 4,873 (2,762 ) 299 164 2,574 Consumer 818 (148 ) 54 (17 ) 707 Direct financing leases 2,989 (1,041 ) 27 1,860 3,835 Other 901 (1,474 ) 563 2,485 2,475 Purchased loans — (2,982 ) 467 3,715 1,200 Total $ 52,918 $ (13,073 ) $ 1,594 $ 19,415 $ 60,854 The following table is a summary of the Company’s ALLL for the year indicated. Beginning Balance Charge-offs Recoveries Provision Ending Balance (Dollars in thousands) Year ended December 31, 2014: Real estate: Residential 1-4 family $ 4,701 $ (577 ) $ 135 $ 1,223 $ 5,482 Non-farm/non-residential 13,633 (1,357 ) 33 4,881 17,190 Construction/land development 12,306 (638 ) 11 4,281 15,960 Agricultural 3,000 (214 ) 14 (242 ) 2,558 Multifamily residential 2,504 — — (357 ) 2,147 Commercial and industrial 2,855 (720 ) 808 1,930 4,873 Consumer 917 (222 ) 80 43 818 Direct financing leases 2,266 (602 ) 49 1,276 2,989 Other 763 (793 ) 266 665 901 Purchased loans — (3,288 ) 73 3,215 — Total $ 42,945 $ (8,411 ) $ 1,469 $ 16,915 $ 52,918 |
Summary of Allowance for Loan and Lease Losses and Recorded Investment in Non-Purchased Loans and Leases | The following table is a summary of the Company’s ALLL and recorded investment in non-purchased loans and leases, as of the dates indicated. Allowance for Loan and Lease Losses Non-Purchased Loans and Leases ALLL for Individually Evaluated Impaired Loans and Leases ALLL for All Other Loans and Leases Total ALLL (1) Individually Evaluated Impaired Loans and Leases All Other Loans and Leases Total Loans and Leases (Dollars in thousands) December 31, 2016: Real estate: Residential 1-4 family $ 326 $ 9,899 $ 10,225 $ 2,411 $ 478,652 $ 481,063 Non-farm/non-residential 174 21,381 21,555 2,136 2,383,516 2,385,652 Construction/land development 1,384 19,289 20,673 5,501 4,757,466 4,762,967 Agricultural 387 2,400 2,787 1,198 96,668 97,866 Multifamily residential 59 2,388 2,447 879 434,463 435,342 Commercial and industrial 463 1,896 2,359 750 227,730 228,480 Consumer 16 1,929 1,945 60 216,457 216,517 Direct financing leases — 10,684 10,684 — 137,188 137,188 Other 41 2,225 2,266 158 859,860 860,018 Total $ 2,850 $ 72,091 $ 74,941 $ 13,093 $ 9,592,000 $ 9,605,093 December 31, 2015: Real estate: Residential 1-4 family $ 297 $ 8,375 $ 8,672 $ 2,031 $ 348,223 $ 350,254 Non-farm/non-residential 31 16,765 16,796 939 2,009,927 2,010,866 Construction/land development 48 18,128 18,176 5,556 2,820,019 2,825,575 Agricultural 475 2,913 3,388 1,313 73,127 74,440 Multifamily residential — 3,031 3,031 83 440,745 440,828 Commercial and industrial 487 2,087 2,574 714 230,567 231,281 Consumer 2 705 707 23 27,722 27,745 Direct financing leases — 3,835 3,835 — 147,735 147,735 Other — 2,475 2,475 7 419,903 419,910 Total $ 1,340 $ 58,314 $ 59,654 $ 10,666 $ 6,517,968 $ 6,528,634 (1) E xcludes $1.6 million and $1.4 million of ALLL allocated to the Company’s purchased loans at December 31, 2016 and 2015, respectively. |
Schedule of Impaired Non-purchased Loans and Leases, FDIC Loss Share Agreements | The following table is a summary of impaired loans and leases, excluding purchased loans, as of and for the years indicated. Principal Balance Net Charge-offs to Date Principal Balance, Net of Charge-offs Specific Allowance Weighted Average Carrying Value (Dollars in thousands) As of and for the year ended December 31, 2016: Impaired loans and leases for which there is a related ALLL: Real estate: Residential 1-4 family $ 1,904 $ (216 ) $ 1,688 $ 326 $ 1,088 Non-farm/non-residential 1,171 (523 ) 648 174 186 Construction/land development 5,137 (34 ) 5,103 1,384 1,118 Agricultural 1,064 — 1,064 387 1,118 Multifamily 879 — 879 59 176 Commercial and industrial 809 (322 ) 487 463 506 Consumer 55 (4 ) 51 16 23 Other 153 — 153 41 31 Total impaired loans and leases with a related ALLL 11,172 (1,099 ) 10,073 2,850 4,246 Impaired loans and leases for which there is not a related ALLL: Real estate: Residential 1-4 family 879 (156 ) 723 — 896 Non-farm/non-residential 1,997 (509 ) 1,488 — 1,131 Construction/land development 1,208 (810 ) 398 — 1,998 Agricultural 366 (232 ) 134 — 169 Multifamily 133 (133 ) — — 33 Commercial and industrial 313 (50 ) 263 — 209 Consumer 14 (5 ) 9 — 11 Other 5 — 5 — 6 Total impaired loans and leases without a related ALLL 4,915 (1,895 ) 3,020 — 4,453 Total impaired loans and leases $ 16,087 $ (2,994 ) $ 13,093 $ 2,850 $ 8,699 As of and for the year ended December 31, 2015: Impaired loans and leases for which there is a related ALLL: Real estate: Residential 1-4 family $ 2,914 $ (1,804 ) $ 1,110 $ 297 $ 1,279 Non-farm/non-residential 962 (907 ) 55 31 129 Construction/land development 121 — 121 48 896 Agricultural 1,153 — 1,153 475 479 Commercial and industrial 825 (322 ) 503 487 404 Consumer 26 (15 ) 11 2 16 Total impaired loans and leases with a related ALLL 6,001 (3,048 ) 2,953 1,340 3,203 Impaired loans and leases for which there is not a related ALLL: Real estate: Residential 1-4 family 1,306 (386 ) 920 — 955 Non-farm/non-residential 1,083 (198 ) 885 — 1,137 Construction/land development 7,873 (2,438 ) 5,435 — 8,255 Agricultural 362 (202 ) 160 — 261 Multifamily 216 (133 ) 83 — 155 Commercial and industrial 261 (50 ) 211 — 141 Consumer 18 (5 ) 13 — 14 Other 7 — 7 — 7 Total impaired loans and leases without a related ALLL 11,126 (3,412 ) 7,714 — 10,925 Total impaired loans and leases $ 17,127 $ (6,460 ) $ 10,667 $ 1,340 $ 14,128 |
Summary of Credit Quality Indicators for Loans and Leases, Including Purchased and Non-Purchased Loans and Leases | The following table is a summary of credit quality indicators for the Company’s non-purchased loans and leases as of the dates indicated. Satisfactory Moderate Watch Substandard Total (Dollars in thousands) December 31, 2016: Real estate: Residential 1-4 family (1) $ 474,853 $ — $ 1,938 $ 4,272 $ 481,063 Non-farm/non-residential 2,010,397 287,157 81,527 6,571 2,385,652 Construction/land development 4,409,108 336,004 11,402 6,453 4,762,967 Agricultural 48,835 37,712 9,158 2,161 97,866 Multifamily residential 381,845 49,607 1,971 1,919 435,342 Commercial and industrial 149,698 73,559 3,994 1,229 228,480 Consumer (1) 216,120 — 164 233 216,517 Direct financing leases 135,980 46 208 954 137,188 Other (1) 855,217 4,710 81 10 860,018 Total $ 8,682,053 $ 788,795 $ 110,443 $ 23,802 $ 9,605,093 December 31, 2015: Real estate: Residential 1-4 family (1) $ 342,083 $ — $ 2,946 $ 5,225 $ 350,254 Non-farm/non-residential 1,692,632 235,999 73,788 8,447 2,010,866 Construction/land development 2,553,368 256,655 8,916 6,636 2,825,575 Agricultural 40,538 22,799 8,909 2,194 74,440 Multifamily residential 400,848 35,080 4,079 821 440,828 Commercial and industrial 179,797 47,802 1,854 1,828 231,281 Consumer (1) 27,219 — 276 250 27,745 Direct financing leases 146,934 201 190 410 147,735 Other (1) 415,686 4,027 182 15 419,910 Total $ 5,799,105 $ 602,563 $ 101,140 $ 25,826 $ 6,528,634 (1) The Company does not risk rate its residential 1-4 family loans (including consumer construction loans on 1-4 family properties), its consumer loans, indirect loans, and certain “other” loans. However, for purposes of the above table, the Company considers such loans to be (i) satisfactory – if they are performing and less than 30 days past due, (ii) watch – if they are performing and 30 to 89 days past due or (iii) substandard – if they are nonperforming or 90 days or more past due. Purchased Loans The following table is a summary of credit quality indicators for the Company’s purchased loans as of the dates indicated. Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition Purchased Loans With Evidence of Credit Deterioration at Date of Acquisition Total FV 33 FV 44 FV 55 FV 36 FV 77 FV 66 FV 88 Purchased Loans (Dollars in thousands) December 31, 2016: Real estate: Residential 1-4 family $ 99,447 $ 379,883 $ 162,166 $ 62,507 $ 282 $ 72,052 $ 1,889 $ 778,226 Non-farm/non-residential 309,450 1,415,399 419,978 3,128 712 128,347 2,735 2,279,749 Construction/land development 104,303 351,001 63,561 2,536 33 11,404 55 532,893 Agricultural 13,169 5,154 3,825 404 — 4,058 381 26,991 Multifamily residential 11,838 231,758 54,116 714 — 10,237 — 308,663 Commercial and industrial 17,268 172,168 10,897 1,722 22 9,463 127 211,667 Consumer 319,442 414,116 75,812 2,496 194 328 86 812,474 Other 5,229 1,497 132 44 — 457 — 7,359 Total $ 880,146 $ 2,970,976 $ 790,487 $ 73,551 $ 1,243 $ 236,346 $ 5,273 $ 4,958,022 December 31, 2015: Real estate: Residential 1-4 family $ 59,497 $ 117,498 $ 38,888 $ 85,684 $ 351 $ 82,862 $ 2,172 $ 386,952 Non-farm/non-residential 209,542 693,707 122,652 5,039 363 99,681 4,563 1,135,547 Construction/land development 13,121 12,511 7,137 4,771 22 10,224 37 47,823 Agricultural 4,825 7,963 1,456 797 — 4,877 — 19,918 Multifamily residential 20,347 86,588 27,818 896 13 3,835 — 139,497 Commercial and industrial 8,912 29,001 9,244 5,649 20 7,185 511 60,522 Consumer 726 205 185 6,106 2 263 — 7,487 Other 3,944 3,316 212 243 — 576 — 8,291 Total $ 320,914 $ 950,789 $ 207,592 $ 109,185 $ 771 $ 209,503 $ 7,283 $ 1,806,037 |
Schedule of Aging Analysis Past Due Loans and Leases, Loans Purchased and Non-Purchased by FDIC Loss Share Agreements | The following table is an aging analysis of past due non-purchased loans and leases as of the dates indicated. 30-89 Days Past Due (1) 90 Days or More (2) Total Past Due Current (3) Total (Dollars in thousands) December 31, 2016: Real estate: Residential 1-4 family $ 2,410 $ 2,082 $ 4,492 $ 476,571 $ 481,063 Non-farm/non-residential 1,718 1,318 3,036 2,382,616 2,385,652 Construction/land development 3,082 198 3,280 4,759,687 4,762,967 Agricultural 1,220 136 1,356 96,510 97,866 Multifamily residential — 883 883 434,459 435,342 Commercial and industrial 522 551 1,073 227,407 228,480 Consumer 169 52 221 216,296 216,517 Direct financing leases 408 812 1,220 135,968 137,188 Other 196 6 202 859,816 860,018 Total $ 9,725 $ 6,038 $ 15,763 $ 9,589,330 $ 9,605,093 December 31, 2015: Real estate: Residential 1-4 family $ 2,793 $ 1,507 $ 4,300 $ 345,954 $ 350,254 Non-farm/non-residential 1,881 777 2,658 2,008,208 2,010,866 Construction/land development 1,043 5,645 6,688 2,818,887 2,825,575 Agricultural 1,780 243 2,023 72,417 74,440 Multifamily residential — 83 83 440,745 440,828 Commercial and industrial 823 751 1,574 229,707 231,281 Consumer 248 33 281 27,464 27,745 Direct financing leases 517 321 838 146,897 147,735 Other 8 7 15 419,895 419,910 Total $ 9,093 $ 9,367 $ 18,460 $ 6,510,174 $ 6,528,634 (1) Includes $4.6 million and $1.9 million of loans and leases on nonaccrual status at December 31, 2016 and 2015, respectively. (2) All loans and leases greater than 90 days past due were on nonaccrual status at December 31, 2016 and 2015. (3) Includes $3.7 million and $2.0 million of loans and leases on nonaccrual status at December 31, 2016 and 2015, respectively. The following table is an aging analysis of past due purchased loans as of the dates indicated. 30-89 Days Past Due 90 Days or More Total Past Due Current Total Purchased Loans (Dollars in thousands) December 31, 2016: Real estate: Residential 1-4 family $ 10,547 $ 8,665 $ 19,212 $ 759,014 $ 778,226 Non-farm/non-residential 7,471 20,528 27,999 2,251,750 2,279,749 Construction/land development 21,008 527 21,535 511,358 532,893 Agriculture 49 638 687 26,304 26,991 Multifamily residential — — — 308,663 308,663 Commercial and industrial 891 1,305 2,196 209,471 211,667 Consumer 4,421 1,502 5,923 806,551 812,474 Other — — — 7,359 7,359 Total $ 44,387 $ 33,165 $ 77,552 $ 4,880,470 $ 4,958,022 Purchased loans without evidence of credit deterioration at date of acquisition $ 38,621 $ 8,619 $ 47,240 $ 4,669,163 $ 4,716,403 Purchased loans with evidence of credit deterioration at date of acquisition 5,766 24,546 30,312 211,307 241,619 Total $ 44,387 $ 33,165 $ 77,552 $ 4,880,470 $ 4,958,022 December 31, 2015: Real estate: Residential 1-4 family $ 9,042 $ 6,293 $ 15,335 $ 371,617 $ 386,952 Non-farm/non-residential 3,435 6,837 10,272 1,125,275 1,135,547 Construction/land development 919 1,255 2,174 45,649 47,823 Agriculture 106 356 462 19,456 19,918 Multifamily residential 299 — 299 139,198 139,497 Commercial and industrial 714 924 1,638 58,884 60,522 Consumer 101 41 142 7,345 7,487 Other 10 11 21 8,270 8,291 Total $ 14,626 $ 15,717 $ 30,343 $ 1,775,694 $ 1,806,037 Purchased loans without evidence of credit deterioration at date of acquisition $ 7,972 $ 2,743 $ 10,715 $ 1,578,536 $ 1,589,251 Purchased loans with evidence of credit deterioration at date of acquisition 6,654 12,974 19,628 197,158 216,786 Total $ 14,626 $ 15,717 $ 30,343 $ 1,775,694 $ 1,806,037 |
Foreclosed Assets (Tables)
Foreclosed Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Summary of Activity Within Foreclosed Assets Excluding Foreclosed Assets Previously Covered by FDIC Loss Share Agreements | The following table is a summary, during the years indicated, of activity within foreclosed assets. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Balance – beginning of year $ 22,870 $ 37,775 $ 49,811 Loans and other assets transferred into foreclosed assets 25,103 19,347 55,984 Sales of foreclosed assets (26,446 ) (31,923 ) (68,211 ) Writedowns of foreclosed assets (3,626 ) (3,803 ) (6,533 ) Foreclosed assets acquired in acquisitions 25,801 1,474 6,724 Balance – end of year $ 43,702 $ 22,870 $ 37,775 |
Amount and Type of Foreclosed Assets Not Covered by FDIC Loss Share Agreements | The following table is a summary, as of the dates indicated, of the amount and type of foreclosed assets. December 31, 2016 2015 (Dollars in thousands) Real estate: Residential 1-4 family $ 3,762 $ 3,030 Non-farm/non-residential 17,207 7,174 Construction/land development 21,568 11,858 Agricultural 473 492 Total real estate 43,010 22,554 Commercial and industrial 293 316 Consumer 399 — Total foreclosed assets $ 43,702 $ 22,870 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Summary of Premises and Equipment | The following table is a summary of premises and equipment as of the dates indicated. December 31, 2016 2015 (Dollars in thousands) Land $ 129,574 $ 87,652 Construction in process 4,861 1,198 Buildings and improvements 344,416 195,599 Leasehold improvements 11,567 6,582 Equipment 96,404 73,121 Gross premises and equipment 586,822 364,152 Accumulated depreciation (82,736 ) (67,914 ) Premises and equipment, net $ 504,086 $ 296,238 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking And Thrift [Abstract] | |
Schedule of Maturities of Time Deposits | The following table is a summary of the scheduled maturities of time deposits as of the dates indicated. December 31, 2016 2015 (Dollars in thousands) Up to one year $ 3,910,461 $ 1,455,571 Over one to two years 548,234 709,527 Over two to three years 232,881 158,209 Over three to four years 174,245 66,675 Over four to five years 62,541 42,708 Thereafter 8,703 5,792 Total time deposits $ 4,937,065 $ 2,438,482 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Information Relating to Short-Term Borrowings | The following table is a summary of information relating to these short-term borrowings as of the dates indicated. December 31, 2016 2015 (Dollars in thousands) Average annual balance $ 2,301 $ 19,847 December 31 balance — 162,750 Maximum month-end balance during year — 162,750 Interest rate: Weighted-average – year 0.48 % 0.28 % Weighted-average – December 31 — 0.36 % |
Aggregate Annual Maturities and Weighted-Average Rates of FHLB-Dallas Advances with Original Maturity of Over One Year | The following table is a summary of aggregate annual maturities and weighted-average interest rates of FHLB advances with an original maturity of over one year as of December 31, 2016. Maturity Amount Weighted- Average Interest Rate (Dollars in thousands) 2017 $ 20,304 3.13 % 2018 20,278 2.52 2019 240 1.53 2020 403 1.84 2021 678 3.96 Thereafter — — Total $ 41,903 2.82 |
FHLB-Dallas Advances Containing Quarterly Call Features and are Callable | The following table is a summary of the weighted-average interest rates and maturity dates of such callable advances as of December 31, 2016. Amount Weighted- Average Interest Rate Maturity (Dollars in thousands) Callable quarterly $ 20,000 3.16 % 2017 Callable quarterly 20,000 2.53 2018 Total $ 40,000 2.85 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Brokers And Dealers [Abstract] | |
Schedule Of Issues Of Trust Preferred Securities Outstanding And Subordinated Debentures Owed To Trust | At December 31, 2016 the Company had the following issues of trust preferred securities outstanding and subordinated debentures owed to the Trusts. Subordinated Debentures Owed to Trust Unamortized Discount at December 31, 2016 Carrying Value of Subordinated Debentures at December 31, 2016 Trust Preferred Securities of the Trust Interest Rate at December 31, 2016 Final Maturity Date (Dollars in thousands) Ozark II $ 14,433 $ — $ 14,433 $ 14,000 3.90 % September 29, 2033 Ozark III 14,434 — 14,434 14,000 3.83 September 25, 2033 Ozark IV 15,464 — 15,464 15,000 3.14 September 28, 2034 Ozark V 20,619 — 20,619 20,000 2.56 December 15, 2036 Intervest II 15,464 (545 ) 14,919 15,000 3.94 September 17, 2033 Intervest III 15,464 (630 ) 14,834 15,000 3.78 March 17, 2034 Intervest IV 15,464 (1,146 ) 14,318 15,000 3.40 September 20, 2034 Intervest V 10,310 (1,089 ) 9,221 10,000 2.61 December 15, 2036 Total $ 121,652 $ (3,410 ) $ 118,242 $ 118,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Summary of Components of Provision (Benefit) for Income Taxes | The following table is a summary of the components of the provision (benefit) for income taxes as of the dates indicated. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Current: Federal $ 115,879 $ 79,191 $ 47,661 State 25,696 7,873 6,456 Total current 141,575 87,064 54,117 Deferred: Federal 11,773 6,432 (598 ) State 930 959 340 Total deferred 12,703 7,391 (258 ) Provision for income taxes $ 154,278 $ 94,455 $ 53,859 |
Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate | The following table is a summary of the reconciliation between the statutory federal income tax rate and effective income tax rate for the years indicated. Year Ended December 31, 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % Increase (decrease) in taxes resulting from: State income taxes, net of federal benefit 3.9 2.2 2.6 Effect of tax-exempt interest income (1.5 ) (2.2 ) (4.0 ) Effect of BOLI and other tax-exempt income (1.2 ) (1.3 ) (1.1 ) Other, net 0.2 0.5 (1.3 ) Effective income tax rate 36.4 % 34.2 % 31.2 % |
Types of Temporary Differences Between Tax Basis of Assets and Liabilities | The following table is a summary, as of the dates indicated, of 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. December 31, 2016 2015 (Dollars in thousands) Deferred tax assets: Allowance for loan and lease losses $ 30,191 $ 22,802 Differences in amounts reflected in financial statements and income tax basis for purchased loans 51,737 24,600 Differences in amounts reflected in the financial statements and income tax basis for deposits assumed in acquisitions 6,903 5,771 Stock-based compensation 5,919 4,199 Deferred compensation 2,446 2,035 Foreclosed assets 3,901 3,101 Deferred loan fees and costs, net 17,240 10,579 Acquired net operating losses 27,836 27,862 Investment securities AFS 9,251 — Other, net 8,054 4,273 Total gross deferred tax assets 163,478 105,222 Less valuation allowance (474 ) (474 ) Net deferred tax assets 163,004 104,748 Deferred tax liabilities: Accelerated depreciation on premises and equipment 46,206 21,924 Investment securities AFS — 5,650 Acquired intangible assets 13,213 1,448 Total gross deferred tax liabilities 59,419 29,022 Net deferred tax assets $ 103,585 $ 75,726 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity for both the employee and non-employee director stock option plans for the year ended December 31, 2016. Options Weighted- Average Exercise Price/Share Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding – January 1, 2016 2,034,476 $ 34.50 Granted 18,683 40.83 Exercised (315,600 ) 19.52 Forfeited (102,075 ) 40.02 Outstanding – December 31, 2016 1,635,484 37.10 4.9 $ 25,582 (1) Fully vested and exercisable at December 31, 2016 529,925 $ 19.43 3.6 $ 17,574 (1) Expected to vest in future periods 1,041,146 Fully vested and expected to vest at December 31, 2016 (2) 1,571,071 $ 36.66 4.9 $ 25,259 (1) (1) Based on closing price of $52.59 per share on December 30, 2016. (2) At December 31, 2016 the Company estimates that options to purchase 64,413 shares of the Company’s common stock will not vest and will be forfeited prior to their vesting date. |
Weighted Average Assumptions Used in Black Scholes Option Pricing Model | The following table is a summary of the weighted-average assumptions used in the Black-Scholes option pricing model for the years indicated. Year Ended December 31, 2016 2015 2014 Risk-free interest rate 1.27 % 1.69 % 1.62 % Expected dividend yield 1.66 % 1.19 % 1.49 % Expected stock volatility 36.4 % 31.0 % 24.1 % Expected life (years) 5.0 5.0 5.0 |
Summary of Non-Vested Restricted Stock Activity | The following table summarizes non-vested restricted stock activity for the year ended December 31, 2016. Shares Outstanding – January 1, 2016 435,475 Granted 218,761 Forfeited (21,139 ) Earned and issued (202,600 ) Outstanding – December 31, 2016 430,497 Weighted-average grant date fair value $ 39.90 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contractual Maturities | The following table shows the contractual maturities of outstanding commitments to extend credit at December 31, 2016. Maturity Contractual Maturities at December 31, 2016 (Dollars in thousands) 2017 $ 893,841 2018 2,198,627 2019 4,154,932 2020 2,582,549 2021 61,444 Thereafter 178,650 Total $ 10,070,043 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Summary of Activity of Loans to Related Parties | The following table is a summary of activity of loans to related parties for the periods indicated. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Balance – beginning of year $ 1,528 $ 7,920 $ 7,001 New loans and advances 10,583 9,295 7,974 Repayments (11,380 ) (14,542 ) (7,055 ) Change in composition of related parties — (1,145 ) — Balance – end of year $ 731 $ 1,528 $ 7,920 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking And Thrift [Abstract] | |
Schedule of Actual and Required Regulatory Capital Amounts and Ratios of Company and Bank | The following table presents actual and required capital ratios as of December 31, 2016 and 2015 for the Company and the Bank under the Basel III Rules. The minimum required capital amounts presented include the minimum required capital levels as of December 31, 2016 and 2015, respectively, based on the phase-in provisions of the Basel III Rules and the minimum required capital levels as of January 1, 2019 when the Basel III Rules have been fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Rules. Actual Minimum Capital Required – Basel III Phase-In Schedule Minimum Capital Required – Basel III Fully Phased-In Required to be Considered Well Capitalized Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio (Dollars in thousands) December 31, 2016: Tier 1 leverage to average assets: Company $ 2,093,548 11.99 % $ 698,438 4.00 % $ 698,438 4.00 % N/A N/A Bank 2,405,095 13.77 698,597 4.00 698,597 4.00 $ 873,246 5.00 % Common equity tier 1 to risk- weighted assets: Company 2,093,548 9.99 1,074,382 5.125 1,467,448 7.00 N/A N/A Bank 2,405,095 11.48 1,073,635 5.125 1,466,428 7.00 1,361,684 6.50 Tier 1 capital to risk-weighted assets: Company 2,093,548 9.99 1,388,835 6.625 1,781,902 8.50 N/A N/A Bank 2,405,095 11.48 1,387,870 6.625 1,780,663 8.50 1,675,918 8.00 Total capital to risk-weighted assets: Company 2,513,089 11.99 1,808,106 8.625 2,201,173 10.50 N/A N/A Bank 2,481,636 11.85 1,806,849 8.625 2,199,643 10.50 2,094,898 10.00 December 31, 2015: Tier 1 leverage to average assets: Company $ 1,417,940 14.96 % $ 379,116 4.00 % $ 379,116 4.00 % N/A N/A Bank 1,385,192 14.62 378,900 4.00 378,900 4.00 $ 473,625 5.50 % Common equity tier 1 to risk- weighted assets: Company 1,316,373 10.79 549,200 4.50 854,311 7.00 N/A N/A Bank 1,385,192 11.36 548,840 4.50 853,752 7.00 792,769 6.50 Tier 1 capital to risk-weighted assets: Company 1,417,940 11.62 732,267 6.00 1,037,378 8.50 N/A N/A Bank 1,385,192 11.36 731,787 6.00 1,036,698 8.50 975,716 8.00 Total capital to risk-weighted assets: Company 1,478,794 12.12 976,356 8.00 1,281,467 10.50 N/A N/A Bank 1,446,046 11.86 975,716 8.00 1,280,627 10.50 1,219,645 10.00 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities at Fair Value | The following table sets forth the Company’s assets, as of the date indicated, that are accounted for at fair value. Level 1 Level 2 Level 3 Total (Dollars in thousands) December 31, 2016: Investment securities AFS (1) Obligations of state and political subdivisions $ — $ 901,634 $ 17,379 $ 919,013 U.S. Government agency securities — 535,490 — 535,490 Corporate obligations — 9,915 — 9,915 CRA qualified investment fund 1,034 — — 1,034 Total investment securities AFS 1,034 1,447,039 17,379 1,465,452 Impaired non-purchased loans and leases — — 10,243 10,243 Impaired purchased loans — — 6,516 6,516 Foreclosed assets — — 43,702 43,702 Total assets at fair value $ 1,034 $ 1,447,039 $ 77,840 $ 1,525,913 (1) Does not include shares of FHLB and FNBB stock that do not have readily determinable fair values and are carried at aggregate cost of $6.2 million. The following table sets forth the Company’s assets, as of the date indicated, that are accounted for at fair value. Level 1 Level 2 Level 3 Total (Dollars in thousands) December 31, 2015: Investment securities AFS (1) Obligations of state and political subdivisions $ — $ 408,774 $ 18,504 $ 427,278 U.S. Government agency securities — 146,950 — 146,950 Corporate obligations — 3,562 — 3,562 CRA qualified investment fund 1,028 — — 1,028 Total investment securities AFS 1,028 559,286 18,504 578,818 Impaired non-purchased loans and leases — — 9,327 9,327 Impaired purchased loans — — 8,054 8,054 Foreclosed assets — — 22,870 22,870 Total assets at fair value $ 1,028 $ 559,286 $ 58,755 $ 619,069 (1) Does not include shares of FHLB and FNBB stock that do not have readily determinable fair values and are carried at aggregate cost of $23.5 million. |
Schedule of Information Related to Level 3 Non-Recurring Fair Value Measurements | The following table presents information related to Level 3 non-recurring fair value measurements at December 31, 2016. Description Fair Value at December 31, 2016 Technique Unobservable Inputs (Dollars in thousands) Impaired non-purchased loans and leases $ 10,243 Third party appraisal (1) or discounted cash flows 1. Management discount based on underlying collateral characteristics and market conditions 2. Life of Loan Impaired purchased loans $ 6,516 Third party appraisal (1) and/or discounted cash flows 1. Management discount based on underlying collateral characteristics and market conditions 2. Life of Loan Foreclosed assets $ 43,702 Third party appraisal, (1) broker price opinions and/or discounted cash flows 1. Management discount based on asset characteristics and market conditions 2. Discount rate 3. Holding period (1) The Company utilizes valuation techniques consistent with the market, cost, and income approaches, or a combination thereof in determining fair value. |
Assets Measured at Fair Value on Recurring Basis Utilizing Level 3 Inputs | The following table presents additional information for the periods indicated about assets measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value. Investment Securities AFS (Dollars in thousands) Balances – December 31, 2014 $ 19,401 Total unrealized gains/(losses) included in other comprehensive income (2 ) Paydowns and maturities (895 ) Transfers in and/or out of Level 3 — Balances – December 31, 2015 18,504 Total unrealized gains/(losses) included in other comprehensive income (363 ) Paydowns and maturities (762 ) Transfers in and/or out of Level 3 — Balances – December 31, 2016 $ 17,379 |
Fair Value of Financial Instr52
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values of Financial Instruments | The following table presents the carrying amounts and estimated fair values as of the dates indicated and the fair value hierarchy of the Company’s financial instruments. December 31, 2016 2015 Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (Dollars in thousands) Financial assets: Cash and cash equivalents Level 1 $ 866,360 $ 866,360 $ 90,988 $ 90,988 Investment securities AFS Levels 1, 2 and 3 1,471,612 1,471,612 602,348 602,348 Loans and leases, net of ALLL Level 3 14,486,574 14,221,113 8,273,817 8,165,123 Financial liabilities: Demand, savings and interest bearing transaction deposits Level 1 $ 10,637,813 $ 10,637,813 $ 5,532,986 $ 5,532,986 Time deposits Level 2 4,937,065 4,965,279 2,438,482 2,456,323 Repurchase agreements with customers Level 1 65,110 65,110 65,800 65,800 Other borrowings Level 2 41,903 42,696 204,540 205,918 Subordinated notes Level 2 222,516 223,133 — — Subordinated debentures Level 2 118,242 84,478 117,685 77,534 |
Supplemental Cash Flow Inform53
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | The following is a summary of supplemental cash flow information for the periods indicated: Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Cash paid during the period for: Interest $ 53,370 $ 28,567 $ 21,471 Income Taxes 125,980 57,948 47,293 Supplemental schedule of non-cash investing and financing activities: Loans and other assets transferred to foreclosed assets 25,103 19,347 55,984 Loans advanced for sales of foreclosed assets 271 — 1,423 Net change in unrealized gains and losses on investment securities AFS (52,736 ) (10,395 ) 29,295 Common stock issued in merger and acquisition transactions 1,135,863 303,865 166,315 |
Non-Interest Income and Other54
Non-Interest Income and Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income And Expenses [Abstract] | |
Summary of Gains on Sales of Other Assets | The following is a summary of gains on sales of other assets for the periods indicated. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Gain (loss) on sales of loans $ (188 ) $ 6,285 $ 27 Gain on sales of foreclosed assets 3,648 8,365 5,924 Gain on sales of premises and equipment and other assets 696 103 72 Gain on sales of other assets $ 4,156 $ 14,753 $ 6,023 |
Summary of Other Non-interest Income | The following is a summary of other non-interest income for the periods indicated. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Gain on termination of FDIC loss share agreements $ — $ — $ 7,996 Other, net 13,370 7,153 8,678 Total other non-interest income $ 13,370 $ 7,153 $ 16,674 |
Summary of Other Operating Expenses | The following is a summary of other operating expenses for the periods indicated. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Postage and supplies $ 5,566 $ 3,950 $ 4,090 Telephone and data lines 8,800 5,948 4,765 Advertising and public relations 5,617 2,805 3,029 Professional and outside services 21,330 12,594 10,765 Software expense 4,950 2,635 4,987 Travel and meals 8,130 3,047 3,023 FDIC and state assessments 1,626 1,308 898 FDIC insurance 5,125 3,795 2,380 ATM expense 4,774 2,665 1,485 Loan collection and repossession expense 4,612 5,068 3,276 Writedowns of foreclosed and other assets 3,610 3,803 1,299 Amortization of intangible assets 9,037 6,660 4,996 FHLB prepayment penalties — 8,853 8,062 Other 7,221 8,650 11,974 Total other operating expenses $ 90,398 $ 71,781 $ 65,029 |
Earnings Per Common Share ("E55
Earnings Per Common Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted EPS for the periods indicated. Year Ended December 31, 2016 2015 2014 (In thousands, except per share amounts) Numerator: Distributed earnings allocated to common stockholders $ 62,173 $ 47,079 $ 36,130 Undistributed earnings allocated to common stockholders 207,806 135,174 82,476 Net earnings allocated to common stockholders $ 269,979 $ 182,253 $ 118,606 Denominator: Denominator for basic EPS – weighted-average common shares 104,409 86,785 77,538 Effect of dilutive securities – stock options 291 563 522 Denominator for diluted EPS – weighted-average common shares and assumed conversions 104,700 87,348 78,060 Basic EPS $ 2.59 $ 2.10 $ 1.53 Diluted EPS $ 2.58 $ 2.09 $ 1.52 |
Changes in and Reclassificati56
Changes in and Reclassification From Accumulated Other Comprehensive Income ("AOCI") (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income | The following table presents changes in AOCI for the periods indicated. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Beginning balance of AOCI – unrealized gains and losses on investment securities AFS $ 7,959 $ 14,132 $ (3,672 ) Other comprehensive income (loss): Unrealized gains and losses on investment securities AFS (52,736 ) (4,491 ) 29,164 Tax effect of unrealized gains and losses on investment securities AFS 18,860 1,711 (11,272 ) Amounts reclassified from AOCI (4 ) (5,481 ) (144 ) Tax effect of amounts reclassified from AOCI 1 2,088 56 Total other comprehensive income (loss) (33,879 ) (6,173 ) 17,804 Ending balance of AOCI – unrealized gains and losses on investment securities AFS $ (25,920 ) $ 7,959 $ 14,132 |
Parent Company Financial Info57
Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Balance Sheets of Parent Company | Condensed Balance Sheets December 31, 2016 2015 (Dollars in thousands) Assets: Cash $ 22,179 $ 18,597 Investment in consolidated bank subsidiary 3,102,061 1,555,648 Investment in unconsolidated Trusts 3,652 3,652 Excess cost over fair value of net assets acquired 1,092 1,092 Other, net 10,878 4,299 Total assets $ 3,139,862 $ 1,583,288 Liabilities and Stockholders’ Equity: Accounts payable $ 620 $ 430 Accrued interest payable and other liabilities 6,877 542 Subordinated notes 222,516 — Subordinated debentures 118,242 117,685 Total liabilities 348,255 118,657 Stockholders’ equity: Common stock 1,213 906 Additional paid-in capital 1,901,880 755,995 Retained earnings 914,434 706,628 Accumulated other comprehensive income (loss) (25,920 ) 7,959 Treasury stock — (6,857 ) Total stockholders’ equity 2,791,607 1,464,631 Total liabilities and stockholders’ equity $ 3,139,862 $ 1,583,288 |
Schedule of Condensed Statements of Income of Parent Company | Condensed Statements of Income Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Income: Dividends from Bank $ 71,370 $ 35,100 $ 100,000 Dividends from Trusts 115 95 51 Other 2 8 178 Total income 71,487 35,203 100,229 Expenses: Interest 11,199 3,665 1,693 Other operating expenses 17,752 13,532 9,314 Total expenses 28,951 17,197 11,007 Net income before income tax benefit and equity in undistributed earnings of Bank 42,536 18,006 89,222 Income tax benefit 12,020 7,137 4,304 Equity in undistributed earnings of Bank 215,423 157,110 25,080 Net income available to common stockholders $ 269,979 $ 182,253 $ 118,606 |
Schedule of Condensed Statements of Cash Flows of Parent Company | Condensed Statements of Cash Flows Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Cash flows from operating activities: Net income available to common stockholders $ 269,979 $ 182,253 $ 118,606 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of Bank (215,423 ) (157,110 ) (25,080 ) Deferred income tax benefit (1,718 ) (1,174 ) (417 ) Stock-based compensation expense 10,754 8,202 5,675 Excess tax benefits on exercise of stock options and vesting of restricted common stock (3,576 ) (7,049 ) (4,682 ) Changes in other assets and other liabilities 6,041 9,458 4,923 Net cash provided by operating activities 66,057 34,580 99,025 Cash flows from investing activities: Proceeds from sale of other assets — — 3,997 Cash contributed to Bank (222,315 ) (110,000 ) — Cash (paid) received in merger and acquisition transactions, net of cash acquired (6,736 ) 2,691 (63,928 ) Net cash used by investing activities (229,051 ) (107,309 ) (59,931 ) Cash flows from financing activities: Proceeds from exercise of stock options 6,162 5,145 4,727 Proceeds from issuance of common stock — 110,000 — Proceeds from issuance of subordinated notes 222,315 — — Excess tax benefits on exercise of stock options and vesting of restricted common stock 3,576 7,049 4,682 Repurchase and cancellation of shares of common stock (3,304 ) (6,857 ) (2,349 ) Cash dividends paid on common stock (62,173 ) (47,079 ) (36,130 ) Net cash provided (used) by financing activities 166,576 68,258 (29,070 ) Net increase (decrease) in cash 3,582 (4,471 ) 10,024 Cash—beginning of year 18,597 23,068 13,044 Cash—end of year $ 22,179 $ 18,597 $ 23,068 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2016USD ($)TrustSegmentCustomerOffice | Dec. 31, 2015USD ($) | |
Schedule Of Significant Accounting Policies [Line Items] | ||
Ownership interest owned finance subsidiary business trusts | 100.00% | |
Number of finance subsidiary trusts | Trust | 8 | |
Number of offices | Office | 250 | |
Percentage of subsidiaries company owns to have majority voting interest | 50.00% | |
Percentage of cost method investments | 20.00% | |
Mortgage loans held for sale included in non-purchased loans and leases | $ 20,400,000 | $ 10,400,000 |
Notional amounts of loan commitments | $ 19,200,000 | 15,700,000 |
Number of months management has to finalize the fair values of acquired assets and assumed liabilities | 12 months | |
Allowance for loans, leases and losses on purchased loan portfolio | $ 1,600,000 | 1,200,000 |
Number of days past due before a loan is deemed impaired | 90 days | |
Estimated cost percentage of repossessed personal properties and real estate, minimum | 8.00% | |
Estimated cost percentage of repossessed personal properties and real estate, maximum | 10.00% | |
Threshold for determining the amount of tax benefit realized upon tax position being sustained in a tax examination | 50.00% | |
Goodwill | $ 660,100,000 | 125,400,000 |
Number of operating segments | Segment | 1 | |
Number of major external customer | Customer | 0 | |
Core Deposits [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Intangibles | $ 77,500,000 | 41,500,000 |
Accumulated amortization | 18,400,000 | 14,700,000 |
Aggregate amount of amortization expense, 2017 | 12,600,000 | |
Aggregate amount of amortization expense, 2018 | 12,600,000 | |
Aggregate amount of amortization expense, 2019 | 11,900,000 | |
Aggregate amount of amortization expense, 2020 | 9,100,000 | |
Aggregate amount of amortization expense, 2021 | $ 6,400,000 | |
Intellectual Property [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Intangibles amortization period | 3 years | |
Intangibles | $ 1,900,000 | 0 |
Accumulated amortization | $ 300,000 | 0 |
Texas [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Costs paid to acquire bank charter, amortized period, years | 20 years | |
Costs paid to acquire bank charter | $ 239,000 | 239,000 |
Accumulated amortization | $ 156,000 | $ 144,000 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Owned finance subsidiary trusts, VIEs | 100.00% | |
Minimum [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Principally defined as owning a voting or economic interest | 20.00% | |
Discount rate utilized in determining the net present value of expected cash flows on purchased loans | 6.00% | |
Discount rate used to determine net present value of purchased foreclosed assets | 8.00% | |
Minimum [Member] | Core Deposits [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Intangibles amortization period | 3 years | |
Minimum [Member] | Buildings [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Depreciable life of assets | 20 years | |
Minimum [Member] | Furniture, Fixtures, Equipment and Building Improvements [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Depreciable life of assets | 3 years | |
Maximum [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Principally defined as owning a voting or economic interest | 50.00% | |
Discount rate utilized in determining the net present value of expected cash flows on purchased loans | 9.50% | |
Discount rate used to determine net present value of purchased foreclosed assets | 9.50% | |
Maximum [Member] | Core Deposits [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Intangibles amortization period | 7 years | |
Maximum [Member] | Buildings [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Depreciable life of assets | 45 years | |
Maximum [Member] | Furniture, Fixtures, Equipment and Building Improvements [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Depreciable life of assets | 25 years |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Thousands | Dec. 16, 2016Office | Jul. 21, 2016USD ($)Officeshares | Jul. 20, 2016USD ($)Officeshares | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 660,100 | $ 660,100 | $ 125,400 | ||||
Net interest income | 601,505 | 382,151 | $ 270,494 | ||||
Net income | $ 269,979 | $ 182,253 | $ 118,606 | ||||
Community & Southern Holdings, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition completion date | Jul. 20, 2016 | ||||||
Total outstanding transaction value | $ 800,300 | ||||||
Number of common stock issued | shares | 20,983,815 | ||||||
Goodwill | $ 345,500 | ||||||
Decrease in goodwill | 200 | ||||||
Net interest income | $ 86,500 | ||||||
Net income | $ 39,500 | ||||||
Community & Southern Holdings, Inc. [Member] | Georgia [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of bank offices | Office | 46 | ||||||
Number Of Retail Banking Offices Closed | Office | 5 | ||||||
Community & Southern Holdings, Inc. [Member] | Florida [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of bank offices | Office | 1 | ||||||
C1 Financial, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition completion date | Jul. 21, 2016 | ||||||
Total outstanding transaction value | $ 376,100 | ||||||
Number of common stock issued | shares | 9,370,587 | ||||||
Goodwill | $ 188,300 | ||||||
Decrease in goodwill | $ 2,500 | ||||||
Net interest income | $ 35,100 | ||||||
Net income | $ 13,900 | ||||||
Purchase agreement date | Dec. 21, 2015 | ||||||
C1 Financial, Inc. [Member] | Florida [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of bank offices | Office | 33 |
Acquisitions - Summary of Asset
Acquisitions - Summary of Assets Acquired and Liabilities Assumed in Acquisition (Detail) - USD ($) $ in Thousands | Jul. 21, 2016 | Jul. 20, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combination Separately Recognized Transactions [Line Items] | |||||
Goodwill | $ 660,100 | $ 125,400 | |||
Community & Southern Holdings, Inc. [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Cash, due from banks and interest earning deposits | $ 72,942 | ||||
Investment securities | 447,674 | ||||
Loans | 3,090,579 | ||||
Allowance for loan losses | (42,395) | ||||
Premises and equipment | 73,238 | ||||
Foreclosed assets | 6,274 | ||||
BOLI | 86,596 | ||||
Goodwill | 44,514 | ||||
Core deposit intangible asset | 12,227 | ||||
Deferred income taxes | 23,298 | ||||
Accrued interest receivable and other assets | 38,226 | ||||
Total assets acquired | 3,853,173 | ||||
Deposits | 3,256,372 | ||||
Other borrowings | 90,000 | ||||
Accrued interest payable and other liabilities | 22,991 | ||||
Total liabilities assumed | 3,369,363 | ||||
Net assets acquired | 483,810 | ||||
Stock | $ (787,546) | ||||
Total consideration paid | (800,300) | ||||
Goodwill | 345,500 | ||||
Preliminary Fair Value Adjustments Community & Southern Holdings, Inc. [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Investment securities | [1] | 4,063 | |||
Loans | [2] | (61,649) | |||
Allowance for loan losses | [2] | 42,395 | |||
Premises and equipment | [3] | 31,969 | |||
Foreclosed assets | [4] | (521) | |||
BOLI | [5] | (45) | |||
Goodwill | [6] | (44,514) | |||
Core deposit intangible asset | [7] | 21,327 | |||
Deferred income taxes | [8] | (9,059) | |||
Accrued interest receivable and other assets | [9] | (2,003) | |||
Total assets acquired | (18,037) | ||||
Deposits | [10] | 11,813 | |||
Accrued interest payable and other liabilities | [11] | (585) | |||
Total liabilities assumed | 11,228 | ||||
Net assets acquired | (29,265) | ||||
As Recorded by the Company [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Cash, due from banks and interest earning deposits | $ 143,592 | 72,942 | |||
Investment securities | 7,590 | 451,737 | |||
Loans | 1,311,804 | 3,032,547 | |||
Premises and equipment | 77,333 | 104,782 | |||
Foreclosed assets | 20,048 | 5,753 | |||
BOLI | 36,280 | 86,551 | |||
Core deposit intangible asset | 9,774 | 33,196 | |||
Deferred income taxes | 11,996 | 9,109 | |||
Accrued interest receivable and other assets | 9,058 | 37,481 | |||
Total assets acquired | 1,627,475 | 3,834,098 | |||
Deposits | 1,297,218 | 3,268,185 | |||
Other borrowings | 133,568 | 90,000 | |||
Accrued interest payable and other liabilities | 8,919 | 21,144 | |||
Total liabilities assumed | 1,439,705 | 3,379,329 | |||
Net assets acquired | 187,770 | 454,769 | |||
Cash in lieu of fractional shares | (12,336) | ||||
Stock | (348,397) | (787,942) | |||
Total consideration paid | (376,091) | (800,278) | |||
Goodwill | 188,321 | 345,509 | |||
As Recorded by the Company [Member] | Brazilian Loans [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Cash and shares redeemed for Brazilian loans | (27,694) | ||||
C1 Financial, Inc. [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Cash, due from banks and interest earning deposits | 143,592 | ||||
Investment securities | 7,618 | ||||
Loans | 1,353,498 | ||||
Allowance for loan losses | (7,307) | ||||
Premises and equipment | 63,943 | ||||
Foreclosed assets | 21,704 | ||||
BOLI | 36,280 | ||||
Core deposit intangible asset | 576 | ||||
Deferred income taxes | 1,608 | ||||
Accrued interest receivable and other assets | 12,182 | ||||
Total assets acquired | 1,633,694 | ||||
Deposits | 1,294,439 | ||||
Other borrowings | 131,010 | ||||
Accrued interest payable and other liabilities | 4,775 | ||||
Total liabilities assumed | 1,430,224 | ||||
Net assets acquired | 203,470 | ||||
Total consideration paid | (376,100) | ||||
Goodwill | 188,300 | ||||
Preliminary Fair Value Adjustments C1 Financial, Inc. [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Investment securities | [12] | (28) | |||
Loans | [2] | (40,456) | |||
Allowance for loan losses | [2] | 7,307 | |||
Premises and equipment | [3] | 13,690 | |||
Foreclosed assets | [4] | (1,656) | |||
Core deposit intangible asset | [13] | 9,198 | |||
Deferred income taxes | [8] | 8,288 | |||
Accrued interest receivable and other assets | [9] | (3,124) | |||
Total assets acquired | (6,781) | ||||
Deposits | [10] | 2,779 | |||
Other borrowings | [14] | 2,558 | |||
Accrued interest payable and other liabilities | [15] | 1,040 | |||
Total liabilities assumed | 6,377 | ||||
Net assets acquired | (13,158) | ||||
Adjustments [Member] | |||||
Business Combination Separately Recognized Transactions [Line Items] | |||||
Loans | [16] | (1,238) | 3,617 | ||
Premises and equipment | [16] | (300) | (425) | ||
Core deposit intangible asset | [16] | (358) | |||
Deferred income taxes | [16] | 2,100 | (5,130) | ||
Accrued interest receivable and other assets | [16] | 1,258 | |||
Total assets acquired | [16] | 562 | (1,038) | ||
Accrued interest payable and other liabilities | [16] | 3,104 | (1,262) | ||
Total liabilities assumed | [16] | 3,104 | (1,262) | ||
Net assets acquired | [16] | $ (2,542) | $ 224 | ||
[1] | Adjustment reflects the fair value adjustment based on the pricing of the acquired held to maturity investment securities portfolio. | ||||
[2] | Adjustment reflects the fair value adjustment based on the evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses. | ||||
[3] | Adjustment reflects the fair value adjustment based on the evaluation of the premises and equipment acquired. | ||||
[4] | Adjustment reflects the fair value adjustment based on the evaluation of the acquired foreclosed assets. | ||||
[5] | Adjustment reflects the fair value adjustment based on the evaluation of BOLI acquired. | ||||
[6] | Adjustment reflects the elimination of previously recorded goodwill. | ||||
[7] | Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition, net of the elimination of previously recorded core deposit intangible assets. | ||||
[8] | This adjustment reflects the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. | ||||
[9] | Adjustment reflects the fair value adjustment based on the evaluation of accrued interest receivable and other assets. | ||||
[10] | Adjustment reflects the fair value adjustment based on the evaluation of the acquired deposits. | ||||
[11] | Adjustment reflects the amount needed to adjust other liabilities to estimated fair value and to record certain liabilities directly attributable to the C&S acquisition. | ||||
[12] | Adjustment reflects the fair value adjustment based on the pricing of the acquired investment securities portfolio. | ||||
[13] | Adjustment reflects the fair value adjustment for the core deposit and intellectual property intangible assets recorded as a result of the acquisition, net of the elimination of previously recorded intangible assets. | ||||
[14] | Adjustment reflects the fair value adjustment of these assumed liabilities. | ||||
[15] | Adjustment reflects the amount needed to adjust other liabilities to estimated fair value and to record certain liabilities directly attributable to the C1 acquisition. | ||||
[16] | Represents adjustments, during the fourth quarter of 2016, of the initial fair value adjustments. |
Acquisitions - Summary of Suppl
Acquisitions - Summary of Supplemental Pro-forma Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Community & Southern Holdings, Inc. [Member] | ||
Pro-forma Information [Line Items] | ||
Net interest income – pro forma (unaudited) | $ 690,426 | $ 555,075 |
Net income – pro forma (unaudited) | $ 329,199 | $ 245,847 |
Diluted earnings per common share – pro forma (unaudited) | $ 2.83 | $ 2.27 |
C1 Financial, Inc. [Member] | ||
Pro-forma Information [Line Items] | ||
Net interest income – pro forma (unaudited) | $ 644,670 | $ 461,762 |
Net income – pro forma (unaudited) | $ 295,823 | $ 211,162 |
Diluted earnings per common share – pro forma (unaudited) | $ 2.69 | $ 2.18 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Investment Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | $ 1,511,490 | $ 589,490 | ||
Gross Unrealized Gains | 8,747 | 14,041 | ||
Gross Unrealized Losses | (48,625) | (1,183) | ||
Estimated Fair Value | 1,471,612 | 602,348 | ||
Obligations of States and Political Subdivisions [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 946,886 | 415,095 | ||
Gross Unrealized Gains | 7,785 | 12,321 | ||
Gross Unrealized Losses | (35,658) | (138) | ||
Estimated Fair Value | 919,013 | [1] | 427,278 | [2] |
U.S. Government Agency Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 547,297 | 146,265 | ||
Gross Unrealized Gains | 962 | 1,720 | ||
Gross Unrealized Losses | (12,769) | (1,035) | ||
Estimated Fair Value | 535,490 | [1] | 146,950 | [2] |
Corporate Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 10,086 | 3,562 | ||
Gross Unrealized Losses | (171) | |||
Estimated Fair Value | 9,915 | [1] | 3,562 | [2] |
CRA Qualified Investment Fund [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 1,061 | 1,038 | ||
Gross Unrealized Losses | (27) | (10) | ||
Estimated Fair Value | 1,034 | [1] | 1,028 | [2] |
Other Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 6,160 | 23,530 | ||
Estimated Fair Value | $ 6,160 | $ 23,530 | ||
[1] | Does not include shares of FHLB and FNBB stock that do not have readily determinable fair values and are carried at aggregate cost of $6.2 million. | |||
[2] | Does not include shares of FHLB and FNBB stock that do not have readily determinable fair values and are carried at aggregate cost of $23.5 million. |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired investment securities, Estimated Fair Value, Less than 12 Months | $ 1,129,812 | $ 91,718 |
Total temporarily impaired investment securities, Unrealized Losses, Less than 12 Months | 48,610 | 1,054 |
Total temporarily impaired investment securities, Estimated Fair Value, 12 Months or More | 4,661 | 10,548 |
Total temporarily impaired investment securities, Unrealized Losses, 12 Months or More | 15 | 129 |
Total temporarily impaired securities, Estimated Fair Value, Total | 1,134,473 | 102,266 |
Total temporarily impaired securities, Unrealized Losses, Total | 48,625 | 1,183 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired investment securities, Estimated Fair Value, Less than 12 Months | 641,862 | 18,018 |
Total temporarily impaired investment securities, Unrealized Losses, Less than 12 Months | 35,648 | 114 |
Total temporarily impaired investment securities, Estimated Fair Value, 12 Months or More | 4,501 | 6,167 |
Total temporarily impaired investment securities, Unrealized Losses, 12 Months or More | 10 | 24 |
Total temporarily impaired securities, Estimated Fair Value, Total | 646,363 | 24,185 |
Total temporarily impaired securities, Unrealized Losses, Total | 35,658 | 138 |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired investment securities, Estimated Fair Value, Less than 12 Months | 480,000 | 72,671 |
Total temporarily impaired investment securities, Unrealized Losses, Less than 12 Months | 12,764 | 930 |
Total temporarily impaired investment securities, Estimated Fair Value, 12 Months or More | 160 | 4,381 |
Total temporarily impaired investment securities, Unrealized Losses, 12 Months or More | 5 | 105 |
Total temporarily impaired securities, Estimated Fair Value, Total | 480,160 | 77,052 |
Total temporarily impaired securities, Unrealized Losses, Total | 12,769 | 1,035 |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired investment securities, Estimated Fair Value, Less than 12 Months | 6,915 | |
Total temporarily impaired investment securities, Unrealized Losses, Less than 12 Months | 171 | |
Total temporarily impaired securities, Estimated Fair Value, Total | 6,915 | |
Total temporarily impaired securities, Unrealized Losses, Total | 171 | |
CRA Qualified Investment Fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total temporarily impaired investment securities, Estimated Fair Value, Less than 12 Months | 1,035 | 1,029 |
Total temporarily impaired investment securities, Unrealized Losses, Less than 12 Months | 27 | 10 |
Total temporarily impaired securities, Estimated Fair Value, Total | 1,035 | 1,029 |
Total temporarily impaired securities, Unrealized Losses, Total | $ 27 | $ 10 |
Investment Securities - Maturit
Investment Securities - Maturity Distribution of Investment Securities AFS (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Due in one year or less | $ 82,229 |
Amortized Cost, Due after one year to five years | 310,104 |
Amortized Cost, Due after five years to ten years | 325,093 |
Amortized Cost, Due after ten years | 794,064 |
Total, Amortized Cost | 1,511,490 |
Estimated Fair Value, Due in one year or less | 80,665 |
Estimated Fair Value, Due after one year to five years | 305,081 |
Estimated Fair Value, Due after five years to ten years | 321,210 |
Estimated Fair Value, Due after ten years | 764,656 |
Total, Estimated Fair Value | $ 1,471,612 |
Investment Securities - Sales A
Investment Securities - Sales Activities of Company's Investment Securities AFS are Summarized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments Debt And Equity Securities [Abstract] | |||
Sales proceeds | $ 537 | $ 202,943 | $ 55,724 |
Gross realized gains | 4 | 5,962 | 159 |
Gross realized losses | (481) | (15) | |
Net gains on investment securities | $ 4 | $ 5,481 | $ 144 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Amortized Cost And Fair Value Debt Securities [Abstract] | ||
Investment securities with carrying value | $ 1,170 | $ 528.6 |
Holdings of investment securities of any one issuer greater than ten percent of total common stockholder's equity | 0.00% | 0.00% |
Non-Purchased Loans and Lease67
Non-Purchased Loans and Leases - Summary of Non-purchased Loan and Lease Portfolio by Principal Category (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Total non-purchased loans and leases | $ 9,605,093 | $ 6,528,634 |
Total non-purchased loans and leases percentage | 100.00% | 100.00% |
Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total non-purchased loans and leases | $ 8,162,890 | $ 5,701,963 |
Total non-purchased loans and leases percentage | 84.90% | 87.40% |
Real Estate [Member] | Residential 1-4 Family [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total non-purchased loans and leases | $ 481,063 | $ 350,254 |
Total non-purchased loans and leases percentage | 5.00% | 5.40% |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total non-purchased loans and leases | $ 2,385,652 | $ 2,010,866 |
Total non-purchased loans and leases percentage | 24.80% | 30.80% |
Real Estate [Member] | Construction/Land Development [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total non-purchased loans and leases | $ 4,762,967 | $ 2,825,575 |
Total non-purchased loans and leases percentage | 49.60% | 43.30% |
Real Estate [Member] | Agricultural [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total non-purchased loans and leases | $ 97,866 | $ 74,440 |
Total non-purchased loans and leases percentage | 1.00% | 1.10% |
Real Estate [Member] | Multifamily Residential [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total non-purchased loans and leases | $ 435,342 | $ 440,828 |
Total non-purchased loans and leases percentage | 4.50% | 6.80% |
Commercial and Industrial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total non-purchased loans and leases | $ 228,480 | $ 231,281 |
Total non-purchased loans and leases percentage | 2.40% | 3.60% |
Consumer [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total non-purchased loans and leases | $ 216,517 | $ 27,745 |
Total non-purchased loans and leases percentage | 2.30% | 0.10% |
Direct Financing Leases [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total non-purchased loans and leases | $ 137,188 | $ 147,735 |
Total non-purchased loans and leases percentage | 1.40% | 2.40% |
Other [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total non-purchased loans and leases | $ 860,018 | $ 419,910 |
Total non-purchased loans and leases percentage | 9.00% | 6.50% |
Non-Purchased Loans and Lease68
Non-Purchased Loans and Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | |||
Deferred fees, net of deferred costs | $ 43.9 | $ 27.8 | |
Direct financing leases, net of unearned income | 15.6 | 16.9 | |
Non purchased loans and leases on which accrual of interest is discontinued | 14.4 | 13.2 | |
Interest income for nonaccrual loan and leases | 0.4 | 0.4 | $ 0.6 |
Nonaccrual loan and leases, interest income that would have been recognized under the original terms | $ 0.8 | $ 1 | $ 1.7 |
Purchased Loans - Summary of Ca
Purchased Loans - Summary of Carrying Value and Type of Covered Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Purchased Loans [Line Items] | ||
Total purchased loans | $ 4,958,022 | $ 1,806,037 |
Real Estate [Member] | ||
Purchased Loans [Line Items] | ||
Purchased Loans and Leases receivable | 3,926,522 | 1,729,737 |
Real Estate [Member] | Residential 1-4 Family [Member] | ||
Purchased Loans [Line Items] | ||
Purchased Loans and Leases receivable | 778,226 | 386,952 |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | ||
Purchased Loans [Line Items] | ||
Purchased Loans and Leases receivable | 2,279,749 | 1,135,547 |
Real Estate [Member] | Construction/Land Development [Member] | ||
Purchased Loans [Line Items] | ||
Purchased Loans and Leases receivable | 532,893 | 47,823 |
Real Estate [Member] | Agricultural [Member] | ||
Purchased Loans [Line Items] | ||
Purchased Loans and Leases receivable | 26,991 | 19,918 |
Real Estate [Member] | Multifamily Residential [Member] | ||
Purchased Loans [Line Items] | ||
Purchased Loans and Leases receivable | 308,663 | 139,497 |
Commercial and Industrial [Member] | ||
Purchased Loans [Line Items] | ||
Purchased Loans and Leases receivable | 211,667 | 60,522 |
Total purchased loans | 211,667 | 60,522 |
Consumer [Member] | ||
Purchased Loans [Line Items] | ||
Purchased Loans and Leases receivable | 812,474 | 7,487 |
Total purchased loans | 812,474 | 7,487 |
Other [Member] | ||
Purchased Loans [Line Items] | ||
Purchased Loans and Leases receivable | $ 7,359 | $ 8,291 |
Purchased Loans - Summary of Pu
Purchased Loans - Summary of Purchased Loans without Evidence of Credit Deterioration (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition Date Of Acquisition [Abstract] | ||
Purchased loans without evidence of credit deterioration at date of acquisition | $ 4,716,403 | $ 1,589,251 |
Purchased loans with evidence of credit deterioration at date of acquisition | 241,619 | 216,786 |
Total purchased loans | $ 4,958,022 | $ 1,806,037 |
Purchased Loans - Activity of P
Purchased Loans - Activity of Purchased Loans with Evidence of Credit Deterioration (Detail) - Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] - Purchased Loans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Activity Of Purchased Loans With Evidence Of Credit Deterioration | |||
Balance – beginning of year | $ 216,786 | $ 276,480 | $ 392,421 |
Accretion | 29,974 | 37,677 | 46,466 |
Purchased loans acquired | 132,500 | 71,996 | 40,035 |
Transfer to foreclosed assets | (4,296) | (7,886) | (42,306) |
Net payments received | (131,488) | (148,175) | (151,559) |
Loans sold | (12,601) | ||
Net charge-offs | (2,152) | (1,815) | (8,654) |
Other activity, net | 295 | 1,110 | 77 |
Balance – end of year | $ 241,619 | $ 216,786 | $ 276,480 |
Purchased Loans - Summary of Ch
Purchased Loans - Summary of Changes in Accretable Difference on Purchased Loans (Detail) - Purchased Loans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Changes In Accretable Difference Of Purchased Loans With Evidence Of Credit Deterioration [Line Items] | |||
Accretable difference at beginning of year | $ 59,176 | $ 74,167 | $ 83,455 |
Accretion | (29,974) | (37,677) | (46,466) |
Accretable difference acquired | 19,108 | 11,546 | 6,732 |
Loans transferred to foreclosed assets | (358) | (418) | (1,657) |
Loans paid off | (6,094) | (17,714) | (15,909) |
Loans sold | (1,573) | ||
Cash flow revisions as a result of renewals and/or modifications | 23,294 | 30,862 | 47,359 |
Other, net | (17) | 653 | |
Accretable difference at end of year | $ 65,152 | $ 59,176 | $ 74,167 |
Purchased Loans - Summary of Lo
Purchased Loans - Summary of Loans Acquired in C and S and C1 Acquisitions with Evidence of Credit Deterioration at the Date of Acquisition (Detail) - USD ($) $ in Thousands | Jul. 21, 2016 | Jul. 20, 2016 |
Receivables [Abstract] | ||
Contractually required principal and interest | $ 111,700 | $ 106,109 |
Non-accretable difference | (37,255) | (28,946) |
Cash flows expected to be collected | 74,445 | 77,163 |
Accretable difference | (7,315) | (11,793) |
Day 1 Fair Value | $ 67,130 | $ 65,370 |
Allowance for Loan and Lease 74
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Schedule of Activity Within Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 60,854 | $ 52,918 | $ 42,945 |
Net charged off | (8,105) | (11,479) | (6,942) |
Provision for loan and lease losses | 23,792 | 19,415 | 16,915 |
Ending balance | 76,541 | 60,854 | 52,918 |
Non-Purchased Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and leases charged off | (6,041) | (10,091) | (5,123) |
Recoveries of loans and leases charged off | 828 | 1,127 | 1,396 |
Net charged off | (5,213) | (8,964) | (3,727) |
Provision for loan and lease losses | 20,500 | 15,700 | 13,700 |
Purchased Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans and leases charged off | (5,675) | (2,982) | (3,288) |
Recoveries of loans and leases charged off | 2,783 | 467 | 73 |
Net charged off | (2,892) | (2,515) | (3,215) |
Provision for loan and lease losses | $ 3,292 | $ 3,715 | $ 3,215 |
Allowance for Loan and Lease 75
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | |||
Net charge-offs on purchased loans | $ 2,900,000 | $ 2,500,000 | $ 3,200,000 |
Provision for purchased loans charged off | 3,300,000 | 3,700,000 | 3,200,000 |
Additional Provision For Purchased Loans | 1,600,000 | 1,200,000 | 0 |
Impaired purchased loans | $ 6,516,000 | $ 8,054,000 | $ 14,000,000 |
Allowance for Loan and Lease 76
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Summary of Company's Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning balance | $ 60,854 | $ 52,918 | $ 42,945 |
Charge-offs | (11,716) | (13,073) | (8,411) |
Recoveries | 3,611 | 1,594 | 1,469 |
Provision | 23,792 | 19,415 | 16,915 |
Ending balance | 76,541 | 60,854 | 52,918 |
Real Estate [Member] | Residential 1-4 Family [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning balance | 8,672 | 5,482 | 4,701 |
Charge-offs | (406) | (794) | (577) |
Recoveries | 52 | 86 | 135 |
Provision | 1,907 | 3,898 | 1,223 |
Ending balance | 10,225 | 8,672 | 5,482 |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning balance | 16,796 | 17,190 | 13,633 |
Charge-offs | (323) | (857) | (1,357) |
Recoveries | 10 | 15 | 33 |
Provision | 5,072 | 448 | 4,881 |
Ending balance | 21,555 | 16,796 | 17,190 |
Real Estate [Member] | Construction/Land Development [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning balance | 18,176 | 15,960 | 12,306 |
Charge-offs | (42) | (2,760) | (638) |
Recoveries | 68 | 83 | 11 |
Provision | 2,471 | 4,893 | 4,281 |
Ending balance | 20,673 | 18,176 | 15,960 |
Real Estate [Member] | Agricultural [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning balance | 3,388 | 2,558 | 3,000 |
Charge-offs | (37) | (27) | (214) |
Recoveries | 14 | ||
Provision | (564) | 857 | (242) |
Ending balance | 2,787 | 3,388 | 2,558 |
Real Estate [Member] | Multifamily Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning balance | 3,031 | 2,147 | 2,504 |
Charge-offs | (228) | ||
Recoveries | 14 | ||
Provision | (598) | 1,112 | (357) |
Ending balance | 2,447 | 3,031 | 2,147 |
Commercial and Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning balance | 2,574 | 4,873 | 2,855 |
Charge-offs | (118) | (2,762) | (720) |
Recoveries | 78 | 299 | 808 |
Provision | (175) | 164 | 1,930 |
Ending balance | 2,359 | 2,574 | 4,873 |
Consumer [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning balance | 707 | 818 | 917 |
Charge-offs | (228) | (148) | (222) |
Recoveries | 37 | 54 | 80 |
Provision | 1,429 | (17) | 43 |
Ending balance | 1,945 | 707 | 818 |
Direct Financing Leases [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning balance | 3,835 | 2,989 | 2,266 |
Charge-offs | (3,143) | (1,041) | (602) |
Recoveries | 36 | 27 | 49 |
Provision | 9,956 | 1,860 | 1,276 |
Ending balance | 10,684 | 3,835 | 2,989 |
Other [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning balance | 2,475 | 901 | 763 |
Charge-offs | (1,744) | (1,474) | (793) |
Recoveries | 533 | 563 | 266 |
Provision | 1,002 | 2,485 | 665 |
Ending balance | 2,266 | 2,475 | 901 |
Purchased Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Beginning balance | 1,200 | ||
Charge-offs | (5,675) | (2,982) | (3,288) |
Recoveries | 2,783 | 467 | 73 |
Provision | 3,292 | 3,715 | $ 3,215 |
Ending balance | $ 1,600 | $ 1,200 |
Allowance for Loan and Lease 77
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Summary of Allowance for Loan and Lease Losses and Recorded Investment in Non-Purchased Loans and Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for Individually Evaluated Impaired Loans and Leases | $ 2,850 | $ 1,340 | |||
ALLL for All Other Loans and Leases | 76,541 | 60,854 | $ 52,918 | $ 42,945 | |
Total ALLL | 74,941 | [1] | 59,654 | ||
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 13,093 | 10,666 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 9,592,000 | 6,517,968 | |||
Total non-purchased loans and leases | 9,605,093 | 6,528,634 | |||
ALLL for All Other Loans and Leases [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for All Other Loans and Leases | 72,091 | 58,314 | |||
Real Estate [Member] | Residential 1-4 Family [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for Individually Evaluated Impaired Loans and Leases | 326 | 297 | |||
ALLL for All Other Loans and Leases | 10,225 | 8,672 | 5,482 | 4,701 | |
Total ALLL | 10,225 | [1] | 8,672 | ||
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 2,411 | 2,031 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 478,652 | 348,223 | |||
Total non-purchased loans and leases | 481,063 | 350,254 | |||
Real Estate [Member] | Residential 1-4 Family [Member] | ALLL for All Other Loans and Leases [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for All Other Loans and Leases | 9,899 | 8,375 | |||
Real Estate [Member] | Non-Farm/Non-Residential [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for Individually Evaluated Impaired Loans and Leases | 174 | 31 | |||
ALLL for All Other Loans and Leases | 21,555 | 16,796 | 17,190 | 13,633 | |
Total ALLL | 21,555 | [1] | 16,796 | ||
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 2,136 | 939 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 2,383,516 | 2,009,927 | |||
Total non-purchased loans and leases | 2,385,652 | 2,010,866 | |||
Real Estate [Member] | Non-Farm/Non-Residential [Member] | ALLL for All Other Loans and Leases [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for All Other Loans and Leases | 21,381 | 16,765 | |||
Real Estate [Member] | Construction/Land Development [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for Individually Evaluated Impaired Loans and Leases | 1,384 | 48 | |||
ALLL for All Other Loans and Leases | 20,673 | 18,176 | 15,960 | 12,306 | |
Total ALLL | 20,673 | [1] | 18,176 | ||
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 5,501 | 5,556 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 4,757,466 | 2,820,019 | |||
Total non-purchased loans and leases | 4,762,967 | 2,825,575 | |||
Real Estate [Member] | Construction/Land Development [Member] | ALLL for All Other Loans and Leases [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for All Other Loans and Leases | 19,289 | 18,128 | |||
Real Estate [Member] | Agricultural [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for Individually Evaluated Impaired Loans and Leases | 387 | 475 | |||
ALLL for All Other Loans and Leases | 2,787 | 3,388 | 2,558 | 3,000 | |
Total ALLL | 2,787 | [1] | 3,388 | ||
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 1,198 | 1,313 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 96,668 | 73,127 | |||
Total non-purchased loans and leases | 97,866 | 74,440 | |||
Real Estate [Member] | Agricultural [Member] | ALLL for All Other Loans and Leases [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for All Other Loans and Leases | 2,400 | 2,913 | |||
Real Estate [Member] | Multifamily Residential [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for Individually Evaluated Impaired Loans and Leases | 59 | ||||
ALLL for All Other Loans and Leases | 2,447 | 3,031 | 2,147 | 2,504 | |
Total ALLL | 2,447 | [1] | 3,031 | ||
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 879 | 83 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 434,463 | 440,745 | |||
Total non-purchased loans and leases | 435,342 | 440,828 | |||
Real Estate [Member] | Multifamily Residential [Member] | ALLL for All Other Loans and Leases [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for All Other Loans and Leases | 2,388 | 3,031 | |||
Commercial and Industrial [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for Individually Evaluated Impaired Loans and Leases | 463 | 487 | |||
ALLL for All Other Loans and Leases | 2,359 | 2,574 | 4,873 | 2,855 | |
Total ALLL | 2,359 | [1] | 2,574 | ||
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 750 | 714 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 227,730 | 230,567 | |||
Total non-purchased loans and leases | 228,480 | 231,281 | |||
Commercial and Industrial [Member] | ALLL for All Other Loans and Leases [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for All Other Loans and Leases | 1,896 | 2,087 | |||
Consumer [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for Individually Evaluated Impaired Loans and Leases | 16 | 2 | |||
ALLL for All Other Loans and Leases | 1,945 | 707 | 818 | 917 | |
Total ALLL | 1,945 | [1] | 707 | ||
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 60 | 23 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 216,457 | 27,722 | |||
Total non-purchased loans and leases | 216,517 | 27,745 | |||
Consumer [Member] | ALLL for All Other Loans and Leases [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for All Other Loans and Leases | 1,929 | 705 | |||
Direct Financing Leases [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for All Other Loans and Leases | 10,684 | 3,835 | 2,989 | 2,266 | |
Total ALLL | 10,684 | [1] | 3,835 | ||
Non-Purchased Loans and Leases - All Other Loans and Leases | 137,188 | 147,735 | |||
Total non-purchased loans and leases | 137,188 | 147,735 | |||
Direct Financing Leases [Member] | ALLL for All Other Loans and Leases [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for All Other Loans and Leases | 10,684 | 3,835 | |||
Other [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for Individually Evaluated Impaired Loans and Leases | 41 | ||||
ALLL for All Other Loans and Leases | 2,266 | 2,475 | $ 901 | $ 763 | |
Total ALLL | 2,266 | [1] | 2,475 | ||
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 158 | 7 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 859,860 | 419,903 | |||
Total non-purchased loans and leases | 860,018 | 419,910 | |||
Other [Member] | ALLL for All Other Loans and Leases [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
ALLL for All Other Loans and Leases | $ 2,225 | $ 2,475 | |||
[1] | Excludes $1.6 million and $1.4 million of ALLL allocated to the Company’s purchased loans at December 31, 2016 and 2015, respectively. |
Allowance for Loan and Lease 78
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Summary of Allowance for Loan and Lease Losses and Recorded Investment in Non-Purchased Loans and Leases (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | ||
Allowance for purchased loan portfolio | $ 1.6 | $ 1.4 |
Allowance for Loan and Lease 79
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Schedule of Impaired Non-purchased Loans and Leases, FDIC Loss Share Agreements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Principal Balance, with Related Allowance | $ 11,172 | $ 6,001 |
Net Charge-offs to Date, with Related Allowance | (1,099) | (3,048) |
Principal Balance, with Related Allowance, Net of Charge-offs | 10,073 | 2,953 |
Specific Allowance | 2,850 | 1,340 |
Weighted Average Carrying Value, with Related Allowance | 4,246 | 3,203 |
Principal Balance, with no Related Allowance | 4,915 | 11,126 |
Net Charge-offs to Date, with no Related Allowance | (1,895) | (3,412) |
Principal Balance, with no Related Allowance, Net of Charge-offs | 3,020 | 7,714 |
Weighted Average Carrying Value, with no Related Allowance | 4,453 | 10,925 |
Principal Balance | 16,087 | 17,127 |
Net Charge-offs to Date | (2,994) | (6,460) |
Principal Balance, Net of Charge-offs | 13,093 | 10,667 |
Weighted Average Carrying Value | 8,699 | 14,128 |
Real Estate [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Principal Balance, with Related Allowance | 1,904 | 2,914 |
Net Charge-offs to Date, with Related Allowance | (216) | (1,804) |
Principal Balance, with Related Allowance, Net of Charge-offs | 1,688 | 1,110 |
Specific Allowance | 326 | 297 |
Weighted Average Carrying Value, with Related Allowance | 1,088 | 1,279 |
Principal Balance, with no Related Allowance | 879 | 1,306 |
Net Charge-offs to Date, with no Related Allowance | (156) | (386) |
Principal Balance, with no Related Allowance, Net of Charge-offs | 723 | 920 |
Weighted Average Carrying Value, with no Related Allowance | 896 | 955 |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Principal Balance, with Related Allowance | 1,171 | 962 |
Net Charge-offs to Date, with Related Allowance | (523) | (907) |
Principal Balance, with Related Allowance, Net of Charge-offs | 648 | 55 |
Specific Allowance | 174 | 31 |
Weighted Average Carrying Value, with Related Allowance | 186 | 129 |
Principal Balance, with no Related Allowance | 1,997 | 1,083 |
Net Charge-offs to Date, with no Related Allowance | (509) | (198) |
Principal Balance, with no Related Allowance, Net of Charge-offs | 1,488 | 885 |
Weighted Average Carrying Value, with no Related Allowance | 1,131 | 1,137 |
Real Estate [Member] | Construction/Land Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Principal Balance, with Related Allowance | 5,137 | 121 |
Net Charge-offs to Date, with Related Allowance | (34) | |
Principal Balance, with Related Allowance, Net of Charge-offs | 5,103 | 121 |
Specific Allowance | 1,384 | 48 |
Weighted Average Carrying Value, with Related Allowance | 1,118 | 896 |
Principal Balance, with no Related Allowance | 1,208 | 7,873 |
Net Charge-offs to Date, with no Related Allowance | (810) | (2,438) |
Principal Balance, with no Related Allowance, Net of Charge-offs | 398 | 5,435 |
Weighted Average Carrying Value, with no Related Allowance | 1,998 | 8,255 |
Real Estate [Member] | Agricultural [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Principal Balance, with Related Allowance | 1,064 | 1,153 |
Principal Balance, with Related Allowance, Net of Charge-offs | 1,064 | 1,153 |
Specific Allowance | 387 | 475 |
Weighted Average Carrying Value, with Related Allowance | 1,118 | 479 |
Principal Balance, with no Related Allowance | 366 | 362 |
Net Charge-offs to Date, with no Related Allowance | (232) | (202) |
Principal Balance, with no Related Allowance, Net of Charge-offs | 134 | 160 |
Weighted Average Carrying Value, with no Related Allowance | 169 | 261 |
Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Principal Balance, with Related Allowance | 879 | |
Principal Balance, with Related Allowance, Net of Charge-offs | 879 | |
Specific Allowance | 59 | |
Weighted Average Carrying Value, with Related Allowance | 176 | |
Principal Balance, with no Related Allowance | 133 | 216 |
Net Charge-offs to Date, with no Related Allowance | (133) | (133) |
Principal Balance, with no Related Allowance, Net of Charge-offs | 83 | |
Weighted Average Carrying Value, with no Related Allowance | 33 | 155 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Principal Balance, with Related Allowance | 809 | 825 |
Net Charge-offs to Date, with Related Allowance | (322) | (322) |
Principal Balance, with Related Allowance, Net of Charge-offs | 487 | 503 |
Specific Allowance | 463 | 487 |
Weighted Average Carrying Value, with Related Allowance | 506 | 404 |
Principal Balance, with no Related Allowance | 313 | 261 |
Net Charge-offs to Date, with no Related Allowance | (50) | (50) |
Principal Balance, with no Related Allowance, Net of Charge-offs | 263 | 211 |
Weighted Average Carrying Value, with no Related Allowance | 209 | 141 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Principal Balance, with Related Allowance | 55 | 26 |
Net Charge-offs to Date, with Related Allowance | (4) | (15) |
Principal Balance, with Related Allowance, Net of Charge-offs | 51 | 11 |
Specific Allowance | 16 | 2 |
Weighted Average Carrying Value, with Related Allowance | 23 | 16 |
Principal Balance, with no Related Allowance | 14 | 18 |
Net Charge-offs to Date, with no Related Allowance | (5) | (5) |
Principal Balance, with no Related Allowance, Net of Charge-offs | 9 | 13 |
Weighted Average Carrying Value, with no Related Allowance | 11 | 14 |
Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Principal Balance, with Related Allowance | 153 | |
Principal Balance, with Related Allowance, Net of Charge-offs | 153 | |
Specific Allowance | 41 | |
Weighted Average Carrying Value, with Related Allowance | 31 | |
Principal Balance, with no Related Allowance | 5 | 7 |
Principal Balance, with no Related Allowance, Net of Charge-offs | 5 | 7 |
Weighted Average Carrying Value, with no Related Allowance | $ 6 | $ 7 |
Allowance for Loan and Lease 80
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Summary of Credit Quality Indicators for Loans and Leases, Non-Purchased Loans and Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | $ 9,605,093 | $ 6,528,634 |
Real Estate [Member] | Residential 1-4 Family [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 481,063 | 350,254 |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 2,385,652 | 2,010,866 |
Real Estate [Member] | Construction/Land Development [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 4,762,967 | 2,825,575 |
Real Estate [Member] | Agricultural [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 97,866 | 74,440 |
Real Estate [Member] | Multifamily Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 435,342 | 440,828 |
Commercial and Industrial [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 228,480 | 231,281 |
Consumer [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 216,517 | 27,745 |
Direct Financing Leases [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 137,188 | 147,735 |
Other [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 860,018 | 419,910 |
Satisfactory [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 8,682,053 | 5,799,105 |
Satisfactory [Member] | Real Estate [Member] | Residential 1-4 Family [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 474,853 | 342,083 |
Satisfactory [Member] | Real Estate [Member] | Non-Farm/Non-Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 2,010,397 | 1,692,632 |
Satisfactory [Member] | Real Estate [Member] | Construction/Land Development [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 4,409,108 | 2,553,368 |
Satisfactory [Member] | Real Estate [Member] | Agricultural [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 48,835 | 40,538 |
Satisfactory [Member] | Real Estate [Member] | Multifamily Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 381,845 | 400,848 |
Satisfactory [Member] | Commercial and Industrial [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 149,698 | 179,797 |
Satisfactory [Member] | Consumer [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 216,120 | 27,219 |
Satisfactory [Member] | Direct Financing Leases [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 135,980 | 146,934 |
Satisfactory [Member] | Other [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 855,217 | 415,686 |
Moderate [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 788,795 | 602,563 |
Moderate [Member] | Real Estate [Member] | Non-Farm/Non-Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 287,157 | 235,999 |
Moderate [Member] | Real Estate [Member] | Construction/Land Development [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 336,004 | 256,655 |
Moderate [Member] | Real Estate [Member] | Agricultural [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 37,712 | 22,799 |
Moderate [Member] | Real Estate [Member] | Multifamily Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 49,607 | 35,080 |
Moderate [Member] | Commercial and Industrial [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 73,559 | 47,802 |
Moderate [Member] | Direct Financing Leases [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 46 | 201 |
Moderate [Member] | Other [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 4,710 | 4,027 |
Watch [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 110,443 | 101,140 |
Watch [Member] | Real Estate [Member] | Residential 1-4 Family [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 1,938 | 2,946 |
Watch [Member] | Real Estate [Member] | Non-Farm/Non-Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 81,527 | 73,788 |
Watch [Member] | Real Estate [Member] | Construction/Land Development [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 11,402 | 8,916 |
Watch [Member] | Real Estate [Member] | Agricultural [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 9,158 | 8,909 |
Watch [Member] | Real Estate [Member] | Multifamily Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 1,971 | 4,079 |
Watch [Member] | Commercial and Industrial [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 3,994 | 1,854 |
Watch [Member] | Consumer [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 164 | 276 |
Watch [Member] | Direct Financing Leases [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 208 | 190 |
Watch [Member] | Other [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 81 | 182 |
Substandard [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 23,802 | 25,826 |
Substandard [Member] | Real Estate [Member] | Residential 1-4 Family [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 4,272 | 5,225 |
Substandard [Member] | Real Estate [Member] | Non-Farm/Non-Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 6,571 | 8,447 |
Substandard [Member] | Real Estate [Member] | Construction/Land Development [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 6,453 | 6,636 |
Substandard [Member] | Real Estate [Member] | Agricultural [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 2,161 | 2,194 |
Substandard [Member] | Real Estate [Member] | Multifamily Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 1,919 | 821 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 1,229 | 1,828 |
Substandard [Member] | Consumer [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 233 | 250 |
Substandard [Member] | Direct Financing Leases [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | 954 | 410 |
Substandard [Member] | Other [Member] | ||
Loans And Leases [Line Items] | ||
Total non-purchased loans and leases | $ 10 | $ 15 |
Allowance for Loan and Lease 81
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Schedule of Aging Analysis Past Due Loans and Leases, Non-Purchased by FDIC Loss Share Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total non-purchased loans and leases | $ 9,605,093 | $ 6,528,634 | |
Real Estate [Member] | Residential 1-4 Family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total non-purchased loans and leases | 481,063 | 350,254 | |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total non-purchased loans and leases | 2,385,652 | 2,010,866 | |
Real Estate [Member] | Construction/Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total non-purchased loans and leases | 4,762,967 | 2,825,575 | |
Real Estate [Member] | Agricultural [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total non-purchased loans and leases | 97,866 | 74,440 | |
Real Estate [Member] | Multifamily Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total non-purchased loans and leases | 435,342 | 440,828 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total non-purchased loans and leases | 228,480 | 231,281 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total non-purchased loans and leases | 216,517 | 27,745 | |
Direct Financing Leases [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total non-purchased loans and leases | 137,188 | 147,735 | |
Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total non-purchased loans and leases | 860,018 | 419,910 | |
Non-Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 15,763 | 18,460 | |
Current | [1] | 9,589,330 | 6,510,174 |
Total non-purchased loans and leases | 9,605,093 | 6,528,634 | |
Non-Purchased Loans [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [2] | 9,725 | 9,093 |
Non-Purchased Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [3] | 6,038 | 9,367 |
Non-Purchased Loans [Member] | Real Estate [Member] | Residential 1-4 Family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,492 | 4,300 | |
Current | [1] | 476,571 | 345,954 |
Total non-purchased loans and leases | 481,063 | 350,254 | |
Non-Purchased Loans [Member] | Real Estate [Member] | Non-Farm/Non-Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,036 | 2,658 | |
Current | [1] | 2,382,616 | 2,008,208 |
Total non-purchased loans and leases | 2,385,652 | 2,010,866 | |
Non-Purchased Loans [Member] | Real Estate [Member] | Construction/Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,280 | 6,688 | |
Current | [1] | 4,759,687 | 2,818,887 |
Total non-purchased loans and leases | 4,762,967 | 2,825,575 | |
Non-Purchased Loans [Member] | Real Estate [Member] | Agricultural [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,356 | 2,023 | |
Current | [1] | 96,510 | 72,417 |
Total non-purchased loans and leases | 97,866 | 74,440 | |
Non-Purchased Loans [Member] | Real Estate [Member] | Multifamily Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 883 | 83 | |
Current | [1] | 434,459 | 440,745 |
Total non-purchased loans and leases | 435,342 | 440,828 | |
Non-Purchased Loans [Member] | Real Estate [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Residential 1-4 Family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [2] | 2,410 | 2,793 |
Non-Purchased Loans [Member] | Real Estate [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Non-Farm/Non-Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [2] | 1,718 | 1,881 |
Non-Purchased Loans [Member] | Real Estate [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Construction/Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [2] | 3,082 | 1,043 |
Non-Purchased Loans [Member] | Real Estate [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Agricultural [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [2] | 1,220 | 1,780 |
Non-Purchased Loans [Member] | Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential 1-4 Family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [3] | 2,082 | 1,507 |
Non-Purchased Loans [Member] | Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Non-Farm/Non-Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [3] | 1,318 | 777 |
Non-Purchased Loans [Member] | Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction/Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [3] | 198 | 5,645 |
Non-Purchased Loans [Member] | Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Agricultural [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [3] | 136 | 243 |
Non-Purchased Loans [Member] | Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Multifamily Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [3] | 883 | 83 |
Non-Purchased Loans [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,073 | 1,574 | |
Current | [1] | 227,407 | 229,707 |
Total non-purchased loans and leases | 228,480 | 231,281 | |
Non-Purchased Loans [Member] | Commercial and Industrial [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [2] | 522 | 823 |
Non-Purchased Loans [Member] | Commercial and Industrial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [3] | 551 | 751 |
Non-Purchased Loans [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 221 | 281 | |
Current | [1] | 216,296 | 27,464 |
Total non-purchased loans and leases | 216,517 | 27,745 | |
Non-Purchased Loans [Member] | Consumer [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [2] | 169 | 248 |
Non-Purchased Loans [Member] | Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [3] | 52 | 33 |
Non-Purchased Loans [Member] | Direct Financing Leases [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,220 | 838 | |
Current | [1] | 135,968 | 146,897 |
Total non-purchased loans and leases | 137,188 | 147,735 | |
Non-Purchased Loans [Member] | Direct Financing Leases [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [2] | 408 | 517 |
Non-Purchased Loans [Member] | Direct Financing Leases [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [3] | 812 | 321 |
Non-Purchased Loans [Member] | Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 202 | 15 | |
Current | [1] | 859,816 | 419,895 |
Total non-purchased loans and leases | 860,018 | 419,910 | |
Non-Purchased Loans [Member] | Other [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [2] | 196 | 8 |
Non-Purchased Loans [Member] | Other [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | [3] | $ 6 | $ 7 |
[1] | Includes $3.7 million and $2.0 million of loans and leases on nonaccrual status at December 31, 2016 and 2015, respectively. | ||
[2] | Includes $4.6 million and $1.9 million of loans and leases on nonaccrual status at December 31, 2016 and 2015, respectively. | ||
[3] | All loans and leases greater than 90 days past due were on nonaccrual status at December 31, 2016 and 2015. |
Allowance for Loan and Lease 82
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Schedule of Aging Analysis Past Due Loans and Leases, Non-Purchased by FDIC Loss Share Agreements (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Non Accrual Loans Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases on nonaccrual status | $ 3.7 | $ 2 |
Financing Receivables, 30-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases on nonaccrual status | $ 4.6 | $ 1.9 |
Allowance for Loan and Lease 83
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Summary of Credit Quality Indicators for Loans Purchased (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans And Leases [Line Items] | ||
Total purchased Loans | $ 4,958,022 | $ 1,806,037 |
Real Estate [Member] | Residential 1-4 Family [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 778,226 | 386,952 |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 2,279,749 | 1,135,547 |
Real Estate [Member] | Construction/Land Development [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 532,893 | 47,823 |
Real Estate [Member] | Agricultural [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 26,991 | 19,918 |
Real Estate [Member] | Multifamily Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 308,663 | 139,497 |
Commercial and Industrial [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 211,667 | 60,522 |
Consumer [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 812,474 | 7,487 |
Other [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 7,359 | 8,291 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | FV 33 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 880,146 | 320,914 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | FV 44 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 2,970,976 | 950,789 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | FV 55 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 790,487 | 207,592 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | FV 36 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 73,551 | 109,185 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | FV 77 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 1,243 | 771 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 33 [Member] | Residential 1-4 Family [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 99,447 | 59,497 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 33 [Member] | Non-Farm/Non-Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 309,450 | 209,542 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 33 [Member] | Construction/Land Development [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 104,303 | 13,121 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 33 [Member] | Agricultural [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 13,169 | 4,825 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 33 [Member] | Multifamily Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 11,838 | 20,347 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 44 [Member] | Residential 1-4 Family [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 379,883 | 117,498 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 44 [Member] | Non-Farm/Non-Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 1,415,399 | 693,707 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 44 [Member] | Construction/Land Development [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 351,001 | 12,511 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 44 [Member] | Agricultural [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 5,154 | 7,963 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 44 [Member] | Multifamily Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 231,758 | 86,588 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 55 [Member] | Residential 1-4 Family [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 162,166 | 38,888 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 55 [Member] | Non-Farm/Non-Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 419,978 | 122,652 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 55 [Member] | Construction/Land Development [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 63,561 | 7,137 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 55 [Member] | Agricultural [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 3,825 | 1,456 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 55 [Member] | Multifamily Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 54,116 | 27,818 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 36 [Member] | Residential 1-4 Family [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 62,507 | 85,684 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 36 [Member] | Non-Farm/Non-Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 3,128 | 5,039 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 36 [Member] | Construction/Land Development [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 2,536 | 4,771 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 36 [Member] | Agricultural [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 404 | 797 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 36 [Member] | Multifamily Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 714 | 896 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 77 [Member] | Residential 1-4 Family [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 282 | 351 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 77 [Member] | Non-Farm/Non-Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 712 | 363 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 77 [Member] | Construction/Land Development [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 33 | 22 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Real Estate [Member] | FV 77 [Member] | Multifamily Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 13 | |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Commercial and Industrial [Member] | FV 33 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 17,268 | 8,912 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Commercial and Industrial [Member] | FV 44 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 172,168 | 29,001 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Commercial and Industrial [Member] | FV 55 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 10,897 | 9,244 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Commercial and Industrial [Member] | FV 36 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 1,722 | 5,649 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Commercial and Industrial [Member] | FV 77 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 22 | 20 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Consumer [Member] | FV 33 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 319,442 | 726 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Consumer [Member] | FV 44 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 414,116 | 205 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Consumer [Member] | FV 55 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 75,812 | 185 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Consumer [Member] | FV 36 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 2,496 | 6,106 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Consumer [Member] | FV 77 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 194 | 2 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Other [Member] | FV 33 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 5,229 | 3,944 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Other [Member] | FV 44 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 1,497 | 3,316 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Other [Member] | FV 55 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 132 | 212 |
Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | Other [Member] | FV 36 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 44 | 243 |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 66 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 236,346 | 209,503 |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 88 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 5,273 | 7,283 |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | Real Estate [Member] | FV 66 [Member] | Residential 1-4 Family [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 72,052 | 82,862 |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | Real Estate [Member] | FV 66 [Member] | Non-Farm/Non-Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 128,347 | 99,681 |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | Real Estate [Member] | FV 66 [Member] | Construction/Land Development [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 11,404 | 10,224 |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | Real Estate [Member] | FV 66 [Member] | Agricultural [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 4,058 | 4,877 |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | Real Estate [Member] | FV 66 [Member] | Multifamily Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 10,237 | 3,835 |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | Real Estate [Member] | FV 88 [Member] | Residential 1-4 Family [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 1,889 | 2,172 |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | Real Estate [Member] | FV 88 [Member] | Non-Farm/Non-Residential [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 2,735 | 4,563 |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | Real Estate [Member] | FV 88 [Member] | Construction/Land Development [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 55 | 37 |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | Real Estate [Member] | FV 88 [Member] | Agricultural [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 381 | |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | Commercial and Industrial [Member] | FV 66 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 9,463 | 7,185 |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | Commercial and Industrial [Member] | FV 88 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 127 | 511 |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | Consumer [Member] | FV 66 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 328 | 263 |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | Consumer [Member] | FV 88 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | 86 | |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | Other [Member] | FV 66 [Member] | ||
Loans And Leases [Line Items] | ||
Total purchased Loans | $ 457 | $ 576 |
Allowance for Loan and Lease 84
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Schedule of Aging Analysis of Past Due Loans Purchased by FDIC Loss Share Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total purchased loans | $ 4,958,022 | $ 1,806,037 |
Real Estate [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total purchased loans | 778,226 | 386,952 |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total purchased loans | 2,279,749 | 1,135,547 |
Real Estate [Member] | Construction/Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total purchased loans | 532,893 | 47,823 |
Real Estate [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total purchased loans | 26,991 | 19,918 |
Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total purchased loans | 308,663 | 139,497 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total purchased loans | 211,667 | 60,522 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total purchased loans | 812,474 | 7,487 |
Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total purchased loans | 7,359 | 8,291 |
Purchased Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 77,552 | 30,343 |
Current | 4,880,470 | 1,775,694 |
Total purchased loans | 4,958,022 | 1,806,037 |
Purchased Loans [Member] | Real Estate [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19,212 | 15,335 |
Current | 759,014 | 371,617 |
Total purchased loans | 778,226 | 386,952 |
Purchased Loans [Member] | Real Estate [Member] | Non-Farm/Non-Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 27,999 | 10,272 |
Current | 2,251,750 | 1,125,275 |
Total purchased loans | 2,279,749 | 1,135,547 |
Purchased Loans [Member] | Real Estate [Member] | Construction/Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 21,535 | 2,174 |
Current | 511,358 | 45,649 |
Total purchased loans | 532,893 | 47,823 |
Purchased Loans [Member] | Real Estate [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 687 | 462 |
Current | 26,304 | 19,456 |
Total purchased loans | 26,991 | 19,918 |
Purchased Loans [Member] | Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 299 | |
Current | 308,663 | 139,198 |
Total purchased loans | 308,663 | 139,497 |
Purchased Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,196 | 1,638 |
Current | 209,471 | 58,884 |
Total purchased loans | 211,667 | 60,522 |
Purchased Loans [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,923 | 142 |
Current | 806,551 | 7,345 |
Total purchased loans | 812,474 | 7,487 |
Purchased Loans [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 21 | |
Current | 7,359 | 8,270 |
Total purchased loans | 7,359 | 8,291 |
Purchased Loans [Member] | Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 47,240 | 10,715 |
Current | 4,669,163 | 1,578,536 |
Total purchased loans | 4,716,403 | 1,589,251 |
Purchased Loans [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30,312 | 19,628 |
Current | 211,307 | 197,158 |
Total purchased loans | 241,619 | 216,786 |
Purchased Loans [Member] | Financing Receivables, 30-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 44,387 | 14,626 |
Purchased Loans [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Real Estate [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,547 | 9,042 |
Purchased Loans [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Real Estate [Member] | Non-Farm/Non-Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,471 | 3,435 |
Purchased Loans [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Real Estate [Member] | Construction/Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 21,008 | 919 |
Purchased Loans [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Real Estate [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 49 | 106 |
Purchased Loans [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 299 | |
Purchased Loans [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 891 | 714 |
Purchased Loans [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,421 | 101 |
Purchased Loans [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10 | |
Purchased Loans [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 38,621 | 7,972 |
Purchased Loans [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,766 | 6,654 |
Purchased Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 33,165 | 15,717 |
Purchased Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real Estate [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,665 | 6,293 |
Purchased Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real Estate [Member] | Non-Farm/Non-Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 20,528 | 6,837 |
Purchased Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real Estate [Member] | Construction/Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 527 | 1,255 |
Purchased Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Real Estate [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 638 | 356 |
Purchased Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,305 | 924 |
Purchased Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,502 | 41 |
Purchased Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11 | |
Purchased Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Purchased Loans Without Evidence of Credit Deterioration at Date of Acquisition [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,619 | 2,743 |
Purchased Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 24,546 | $ 12,974 |
Foreclosed Assets - Summary of
Foreclosed Assets - Summary of Activity Within Foreclosed Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Real Estate And Foreclosed Assets [Abstract] | |||
Balance – beginning of year | $ 22,870 | $ 37,775 | $ 49,811 |
Loans and other assets transferred into foreclosed assets | 25,103 | 19,347 | 55,984 |
Sales of foreclosed assets | (26,446) | (31,923) | (68,211) |
Writedowns of foreclosed assets | (3,626) | (3,803) | (6,533) |
Foreclosed assets acquired in acquisitions | 25,801 | 1,474 | 6,724 |
Balance – end of year | $ 43,702 | $ 22,870 | $ 37,775 |
Foreclosed Assets - Amount and
Foreclosed Assets - Amount and Type of Foreclosed Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Foreclosed Assets [Line Items] | ||||
Real estate | $ 43,010 | $ 22,554 | ||
Total foreclosed assets | 43,702 | 22,870 | $ 37,775 | $ 49,811 |
Residential 1-4 Family [Member] | ||||
Foreclosed Assets [Line Items] | ||||
Real estate | 3,762 | 3,030 | ||
Non-Farm/Non-Residential [Member] | ||||
Foreclosed Assets [Line Items] | ||||
Real estate | 17,207 | 7,174 | ||
Construction/Land Development [Member] | ||||
Foreclosed Assets [Line Items] | ||||
Real estate | 21,568 | 11,858 | ||
Agricultural [Member] | ||||
Foreclosed Assets [Line Items] | ||||
Real estate | 473 | 492 | ||
Commercial and Industrial [Member] | ||||
Foreclosed Assets [Line Items] | ||||
Foreclosed assets, other than real estate | 293 | $ 316 | ||
Consumer [Member] | ||||
Foreclosed Assets [Line Items] | ||||
Foreclosed assets, other than real estate | $ 399 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property Plant And Equipment [Abstract] | ||
Land | $ 129,574 | $ 87,652 |
Construction in process | 4,861 | 1,198 |
Buildings and improvements | 344,416 | 195,599 |
Leasehold improvements | 11,567 | 6,582 |
Equipment | 96,404 | 73,121 |
Gross premises and equipment | 586,822 | 364,152 |
Accumulated depreciation | (82,736) | (67,914) |
Premises and equipment, net | $ 504,086 | $ 296,238 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant And Equipment [Abstract] | |||
Capitalized interest on construction projects | $ 0 | $ 0 | $ 0 |
Rent on noncancelable operating leases | 7,200,000 | 4,300,000 | 2,300,000 |
Future amounts due under noncancelable leases, 2017 | 7,600,000 | ||
Future amounts due under noncancelable leases, 2018 | 7,000,000 | ||
Future amounts due under noncancelable leases, 2019 | 5,800,000 | ||
Future amounts due under noncancelable leases, 2020 | 5,300,000 | ||
Future amounts due under noncancelable leases, 2021 | 3,900,000 | ||
Future amounts due under noncancelable leases, thereafter | 18,700,000 | ||
Rental income recognized | $ 2,200,000 | $ 1,700,000 | $ 1,300,000 |
Deposits - Summary of Scheduled
Deposits - Summary of Scheduled Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Up to one year | $ 3,910,461 | $ 1,455,571 |
Over one to two years | 548,234 | 709,527 |
Over two to three years | 232,881 | 158,209 |
Over three to four years | 174,245 | 66,675 |
Over four to five years | 62,541 | 42,708 |
Thereafter | 8,703 | 5,792 |
Total time deposits | $ 4,937,065 | $ 2,438,482 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Time deposits with minimum denomination of $250,000 | $ 1,130 | $ 602 |
Repurchase Agreements With Cu91
Repurchase Agreements With Customers - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Of Repurchase Agreements [Abstract] | ||
Repurchase agreements with customers | $ 65,110 | $ 65,800 |
Borrowings - Summary of Informa
Borrowings - Summary of Information Relating to Short-Term Borrowings (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | ||
Average annual balance | $ 2,301 | $ 19,847 |
December 31 balance | 162,750 | |
Maximum month-end balance during year | $ 162,750 | |
Weighted-average – year | 0.48% | 0.28% |
Weighted-average – December 31 | 0.36% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
FHLB advances | $ 41,903 | $ 41,800 |
Unused FHLB-Dallas borrowing availability | 4,780,000 | |
Callable Option of FHLB [Member] | ||
Debt Instrument [Line Items] | ||
FHLB advances | $ 40,000 | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 1.53% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.96% |
Borrowings - Aggregate Annual M
Borrowings - Aggregate Annual Maturities and Weighted-Average Rates of FHLB-Dallas Advances with Original Maturity of Over One Year (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
FHLB advances, Amount | $ 41,903 | $ 41,800 |
Weighted-Average [Member] | ||
Debt Instrument [Line Items] | ||
Weighted- Average Interest Rate | 2.82% | |
2016 [Member] | ||
Debt Instrument [Line Items] | ||
FHLB advances, Amount | $ 20,304 | |
2016 [Member] | Weighted-Average [Member] | ||
Debt Instrument [Line Items] | ||
Weighted- Average Interest Rate | 3.13% | |
2017 [Member] | ||
Debt Instrument [Line Items] | ||
FHLB advances, Amount | $ 20,278 | |
2017 [Member] | Weighted-Average [Member] | ||
Debt Instrument [Line Items] | ||
Weighted- Average Interest Rate | 2.52% | |
2018 [Member] | ||
Debt Instrument [Line Items] | ||
FHLB advances, Amount | $ 240 | |
2018 [Member] | Weighted-Average [Member] | ||
Debt Instrument [Line Items] | ||
Weighted- Average Interest Rate | 1.53% | |
2019 [Member] | ||
Debt Instrument [Line Items] | ||
FHLB advances, Amount | $ 403 | |
2019 [Member] | Weighted-Average [Member] | ||
Debt Instrument [Line Items] | ||
Weighted- Average Interest Rate | 1.84% | |
2020 [Member] | ||
Debt Instrument [Line Items] | ||
FHLB advances, Amount | $ 678 | |
2020 [Member] | Weighted-Average [Member] | ||
Debt Instrument [Line Items] | ||
Weighted- Average Interest Rate | 3.96% |
Borrowings - FHLB-Dallas Advanc
Borrowings - FHLB-Dallas Advances Containing Quarterly Call Features and are Callable (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |
FHLB advances, Callable, Amount | $ 40,000 |
FHLB advances, Callable, Weighted-Average Interest Rate | 2.85% |
Maturity 2017, Callable Quarterly [Member] | |
Debt Instrument [Line Items] | |
FHLB advances, Callable, Amount | $ 20,000 |
FHLB advances, Callable, Weighted-Average Interest Rate | 3.16% |
FHLB advances, Callable, Maturity | 2,017 |
Maturity 2018, Callable Quarterly [Member] | |
Debt Instrument [Line Items] | |
FHLB advances, Callable, Amount | $ 20,000 |
FHLB advances, Callable, Weighted-Average Interest Rate | 2.53% |
FHLB advances, Callable, Maturity | 2,018 |
Subordinated Notes - Additional
Subordinated Notes - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 23, 2016 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Aggregate principal amount of subordinated notes | $ 225,000 | $ 222,516 |
Fixed to floating rate | 5.50% | |
Proceeds from sale of securities | $ 222,300 | |
Maturity date | Jul. 1, 2026 | |
Initial interest rate | 5.50% | |
Interest rate, adjustable quarterly | The Notes will bear interest at a floating rate equal to three-month London Interbank Offered Rate (“LIBOR”) as calculated on each applicable date of determination plus a spread of 442.5 basis points; provided, however, that in the event three-month LIBOR is less than zero, then three-month LIBOR shall be deemed to be zero. | |
Basis spread points | 4.425% | |
Debt issuance costs | $ 2,700 | |
Debt issue costs, amortization period | 7 years | |
Redemption price percentage | 100.00% | |
Interest payment date | Jul. 1, 2021 |
Subordinated Debentures - Sched
Subordinated Debentures - Schedule of Issues of Trust Preferred Securities Outstanding and Subordinated Debentures Owed to Trust (Detail) - USD ($) $ in Thousands | Jun. 23, 2016 | Feb. 10, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 29, 2006 | Sep. 28, 2004 | Sep. 29, 2003 | Sep. 25, 2003 |
Subordinated Borrowing [Line Items] | ||||||||
Subordinated Debentures Owed to Trust | $ 121,652 | |||||||
Unamortized Discount | (3,410) | |||||||
Carrying Value of Subordinated Debentures | 118,242 | $ 117,685 | ||||||
Trust Preferred Securities of the Trust | $ 118,000 | |||||||
Interest Rate | 5.50% | |||||||
Final Maturity Date | Jul. 1, 2026 | |||||||
Ozark II [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Subordinated Debentures Owed to Trust | $ 14,433 | |||||||
Carrying Value of Subordinated Debentures | 14,433 | |||||||
Trust Preferred Securities of the Trust | $ 14,000 | $ 14,000 | ||||||
Interest Rate | 3.90% | |||||||
Final Maturity Date | Sep. 29, 2033 | |||||||
Ozark III [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Subordinated Debentures Owed to Trust | $ 14,434 | |||||||
Carrying Value of Subordinated Debentures | 14,434 | |||||||
Trust Preferred Securities of the Trust | $ 14,000 | $ 14,000 | ||||||
Interest Rate | 3.83% | |||||||
Final Maturity Date | Sep. 25, 2033 | |||||||
Ozark IV [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Subordinated Debentures Owed to Trust | $ 15,464 | |||||||
Carrying Value of Subordinated Debentures | 15,464 | |||||||
Trust Preferred Securities of the Trust | $ 15,000 | $ 15,000 | ||||||
Interest Rate | 3.14% | |||||||
Final Maturity Date | Sep. 28, 2034 | |||||||
Ozark V [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Subordinated Debentures Owed to Trust | $ 20,619 | |||||||
Carrying Value of Subordinated Debentures | 20,619 | |||||||
Trust Preferred Securities of the Trust | $ 20,000 | $ 20,000 | ||||||
Interest Rate | 2.56% | |||||||
Final Maturity Date | Dec. 15, 2036 | |||||||
Intervest II [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Subordinated Debentures Owed to Trust | $ 15,464 | |||||||
Unamortized Discount | (545) | |||||||
Carrying Value of Subordinated Debentures | 14,919 | |||||||
Trust Preferred Securities of the Trust | $ 15,000 | |||||||
Interest Rate | 3.94% | |||||||
Final Maturity Date | Sep. 17, 2033 | Sep. 17, 2033 | ||||||
Intervest III [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Subordinated Debentures Owed to Trust | $ 15,464 | |||||||
Unamortized Discount | (630) | |||||||
Carrying Value of Subordinated Debentures | 14,834 | |||||||
Trust Preferred Securities of the Trust | $ 15,000 | |||||||
Interest Rate | 3.78% | |||||||
Final Maturity Date | Mar. 17, 2034 | Mar. 17, 2034 | ||||||
Intervest IV [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Subordinated Debentures Owed to Trust | $ 15,464 | |||||||
Unamortized Discount | (1,146) | |||||||
Carrying Value of Subordinated Debentures | 14,318 | |||||||
Trust Preferred Securities of the Trust | $ 15,000 | |||||||
Interest Rate | 3.40% | |||||||
Final Maturity Date | Sep. 20, 2034 | Sep. 20, 2034 | ||||||
Intervest V [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Subordinated Debentures Owed to Trust | $ 10,310 | |||||||
Unamortized Discount | (1,089) | |||||||
Carrying Value of Subordinated Debentures | 9,221 | |||||||
Trust Preferred Securities of the Trust | $ 10,000 | |||||||
Interest Rate | 2.61% | |||||||
Final Maturity Date | Dec. 15, 2036 | Dec. 15, 2036 |
Subordinated Debentures - Addit
Subordinated Debentures - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 10, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 29, 2006 | Sep. 28, 2004 | Sep. 29, 2003 | Sep. 25, 2003 |
Subordinated Borrowing [Line Items] | |||||||
Trust Preferred Securities of the Trust | $ 118,000 | ||||||
Interest rate, adjustable quarterly | The Notes will bear interest at a floating rate equal to three-month London Interbank Offered Rate (“LIBOR”) as calculated on each applicable date of determination plus a spread of 442.5 basis points; provided, however, that in the event three-month LIBOR is less than zero, then three-month LIBOR shall be deemed to be zero. | ||||||
Subordinated debentures, outstanding | $ 121,700 | ||||||
Final Maturity Date | Jul. 1, 2026 | ||||||
Subordinated debentures, carrying value | $ 118,242 | $ 117,685 | |||||
Investment in the common equity issued by the trusts | 3,700 | ||||||
Aggregate common equity | 3,700 | $ 3,700 | |||||
Ozark III [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust Preferred Securities of the Trust | $ 14,000 | $ 14,000 | |||||
Final Maturity Date | Sep. 25, 2033 | ||||||
Subordinated debentures, carrying value | $ 14,434 | ||||||
Ozark III [Member] | Securities [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Interest rate, adjustable quarterly | 90-day LIBOR plus 2.95% | ||||||
LIBOR plus rate, percentage | 2.95% | ||||||
Ozark III [Member] | Debentures [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Interest rate, adjustable quarterly | 90-day LIBOR plus 2.95% | ||||||
LIBOR plus rate, percentage | 2.95% | ||||||
Ozark II [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust Preferred Securities of the Trust | $ 14,000 | $ 14,000 | |||||
Final Maturity Date | Sep. 29, 2033 | ||||||
Subordinated debentures, carrying value | $ 14,433 | ||||||
Ozark II [Member] | Securities [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Interest rate, adjustable quarterly | 90-day LIBOR plus 2.90% | ||||||
LIBOR plus rate, percentage | 2.90% | ||||||
Ozark II [Member] | Debentures [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Interest rate, adjustable quarterly | 90-day LIBOR plus 2.90% | ||||||
LIBOR plus rate, percentage | 2.90% | ||||||
Ozark II And Ozark III [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust Preferred Securities of the Trust | $ 28,000 | ||||||
Ozark II And Ozark III [Member] | Securities [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust common equity | 900 | ||||||
Ozark II And Ozark III [Member] | Debentures [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Proceeds from sale of trust preferred securities | 28,000 | ||||||
Additional subordinated debentures issued by company | 900 | ||||||
Ozark IV [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust Preferred Securities of the Trust | 15,000 | $ 15,000 | |||||
Proceeds from sale of trust preferred securities | $ 15,000 | ||||||
Final Maturity Date | Sep. 28, 2034 | ||||||
Subordinated debentures, carrying value | $ 15,464 | ||||||
Ozark IV [Member] | Securities [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Interest rate, adjustable quarterly | 90-day LIBOR plus 2.22 | ||||||
LIBOR plus rate, percentage | 2.22% | ||||||
Trust common equity | $ 400 | ||||||
Ozark IV [Member] | Debentures [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Interest rate, adjustable quarterly | 90-day LIBOR plus 2.22% | ||||||
LIBOR plus rate, percentage | 2.22% | ||||||
Additional subordinated debentures issued by company | $ 400 | ||||||
Ozark V [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust Preferred Securities of the Trust | 20,000 | $ 20,000 | |||||
Proceeds from sale of trust preferred securities | $ 20,000 | ||||||
Final Maturity Date | Dec. 15, 2036 | ||||||
Subordinated debentures, carrying value | $ 20,619 | ||||||
Ozark V [Member] | Securities [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Interest rate, adjustable quarterly | 90-day LIBOR plus 1.60% | ||||||
LIBOR plus rate, percentage | 1.60% | ||||||
Trust common equity | $ 600 | ||||||
Ozark V [Member] | Debentures [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Interest rate, adjustable quarterly | 90-day LIBOR plus 1.60% | ||||||
LIBOR plus rate, percentage | 1.60% | ||||||
Additional subordinated debentures issued by company | $ 600 | ||||||
Intervest Trusts [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust Preferred Securities of the Trust | $ 55,000 | ||||||
Trust common equity | 1,700 | ||||||
Subordinated debentures, outstanding | 56,700 | ||||||
Subordinated debentures, estimated fair value | $ 52,200 | ||||||
Intervest Trusts [Member] | Subordinated Debentures [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Fair value adjustment, amortization period | 8 years | ||||||
Subordinated debentures, fair value adjustment | $ 4,500 | ||||||
Intervest II [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust Preferred Securities of the Trust | $ 15,000 | ||||||
Interest rate, adjustable quarterly | 90-day LIBOR plus 2.95% | ||||||
LIBOR plus rate, percentage | 2.95% | ||||||
Final Maturity Date | Sep. 17, 2033 | Sep. 17, 2033 | |||||
Subordinated debentures, carrying value | $ 14,919 | ||||||
Intervest III [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust Preferred Securities of the Trust | $ 15,000 | ||||||
Interest rate, adjustable quarterly | 90-day LIBOR plus 2.79% | ||||||
LIBOR plus rate, percentage | 2.79% | ||||||
Final Maturity Date | Mar. 17, 2034 | Mar. 17, 2034 | |||||
Subordinated debentures, carrying value | $ 14,834 | ||||||
Intervest IV [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust Preferred Securities of the Trust | $ 15,000 | ||||||
Interest rate, adjustable quarterly | 90-day LIBOR plus 2.40% | ||||||
LIBOR plus rate, percentage | 2.40% | ||||||
Final Maturity Date | Sep. 20, 2034 | Sep. 20, 2034 | |||||
Subordinated debentures, carrying value | $ 14,318 | ||||||
Intervest V [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust Preferred Securities of the Trust | $ 10,000 | ||||||
Interest rate, adjustable quarterly | 90-day LIBOR plus 1.65% | ||||||
LIBOR plus rate, percentage | 1.65% | ||||||
Final Maturity Date | Dec. 15, 2036 | Dec. 15, 2036 | |||||
Subordinated debentures, carrying value | $ 9,221 | ||||||
Subordinated Debentures [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Interest payment terms | Period not to exceed five consecutive years |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current, Federal | $ 115,879 | $ 79,191 | $ 47,661 |
Current, State | 25,696 | 7,873 | 6,456 |
Total current | 141,575 | 87,064 | 54,117 |
Deferred, Federal | 11,773 | 6,432 | (598) |
Deferred, State | 930 | 959 | 340 |
Total deferred | 12,703 | 7,391 | (258) |
Provision for income taxes | $ 154,278 | $ 94,455 | $ 53,859 |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) in taxes resulting from, State income taxes, net of federal benefit | 3.90% | 2.20% | 2.60% |
Effect of tax-exempt interest income | (1.50%) | (2.20%) | (4.00%) |
Effect of BOLI and other tax-exempt income | (1.20%) | (1.30%) | (1.10%) |
Increase (decrease) in taxes resulting from, Other, net | 0.20% | 0.50% | (1.30%) |
Effective income tax rate | 36.40% | 34.20% | 31.20% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Income Taxes [Line Items] | |||
Income tax benefits from the exercise of stock options recorded as an increase to additional paid-in capital | $ 3,600 | $ 7,000 | $ 4,700 |
Current income taxes receivable included in other assets | 5,800 | ||
Current income taxes payable included in other liabilities | 8,700 | ||
Deferred tax valuation allowance | 474 | $ 474 | |
Federal [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating losses carryforwards | 80,900 | ||
Operating loss carryforwards subject to expiration | $ 71,600 | ||
Federal [Member] | Expiration Year 2029 [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Operating loss carryforwards expiration year | 2,029 | ||
Federal [Member] | Expiration Year 2034 [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Operating loss carryforwards expiration year | 2,034 | ||
State [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating losses carryforwards | $ 116,200 | ||
Operating loss carryforwards subject to expiration | $ 92,400 | ||
State [Member] | Expiration Year 2023 [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Operating loss carryforwards expiration year | 2,023 | ||
State [Member] | Expiration Year 2035 [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Operating loss carryforwards expiration year | 2,035 |
Income Taxes - Types of Tempora
Income Taxes - Types of Temporary Differences Between Tax Basis of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Allowance for loan and lease losses | $ 30,191 | $ 22,802 |
Differences in amounts reflected in financial statements and income tax basis for purchased loans | 51,737 | 24,600 |
Differences in amounts reflected in the financial statements and income tax basis for deposits assumed in acquisitions | 6,903 | 5,771 |
Stock-based compensation | 5,919 | 4,199 |
Deferred compensation | 2,446 | 2,035 |
Foreclosed assets | 3,901 | 3,101 |
Deferred loan fees and costs, net | 17,240 | 10,579 |
Acquired net operating losses | 27,836 | 27,862 |
Investment securities AFS | 9,251 | |
Other, net | 8,054 | 4,273 |
Total gross deferred tax assets | 163,478 | 105,222 |
Less valuation allowance | (474) | (474) |
Net deferred tax assets | 163,004 | 104,748 |
Accelerated depreciation on premises and equipment | 46,206 | 21,924 |
Investment securities AFS | 5,650 | |
Acquired intangible assets | 13,213 | 1,448 |
Total gross deferred tax liabilities | 59,419 | 29,022 |
Net deferred tax assets | $ 103,585 | $ 75,726 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer matching Contribution | 100.00% | |||
Employer Matching Contribution as percentage of elective deferral | 50.00% | |||
Vesting period of contributions made by company to 401(k) | 6 years | |||
Accrued future benefits payable under the SERP | $ 248,000 | $ 223,000 | $ 200,000 | |
Deferred Compensation Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution to each participant's account percentage, maximum | 6.00% | |||
Plan assets, along with an equal amount of liabilities | $ 4,900,000 | 4,200,000 | ||
401 (k) Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Distributions from participant accounts are not permitted before age | 65 years | |||
Company contributions to the plan | $ 3,600,000 | $ 2,700,000 | $ 2,300,000 | |
Supplemental Executive Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Officer is entitled to receive equal monthly payments, months | 180 months | |||
Distributions from participant accounts are not permitted before age | 70 years | |||
Monthly [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Payments to be made to officers under the SERP | $ 32,197 | |||
Annually [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Payments to be made to officers under the SERP | $ 386,360 | |||
Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of deferrals | 3.00% | |||
Percentage of elective deferral | 5.00% | |||
Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of elective deferral | 3.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | Jan. 18, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award issued with a vesting period, years | 6 years | |||
Shares available for future grant | 1,402,941 | |||
Stock-based compensation expense | $ 10,754,000 | $ 8,202,000 | $ 5,675,000 | |
Number of shares available to non-employee directors through the non qualified stock option plan for non-employee directors, other than annual meeting | 18,683 | |||
Share-based compensation arrangement by share-based payment award options exercisable intrinsic value per share | $ 0 | |||
Weighted-average grant date fair value of restricted stock granted | 45.66 | $ 34.39 | ||
Stock award exercise price | $ 19.52 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value of options exercised during the period | $ 7,600,000 | $ 12,500,000 | $ 10,000,000 | |
Stock options, granted | 18,683 | 659,181 | 616,250 | |
Option granted during period with a weighted-average grant date fair value | $ 11.52 | $ 14 | $ 7.04 | |
Total fair value of options to purchase shares of common stock, vested | $ 2,200,000 | $ 2,000,000 | $ 1,500,000 | |
Stock-based compensation expense for stock options included in non-interest expense | 4,100,000 | 2,600,000 | 2,100,000 | |
Total unrecognized compensation expenses | $ 6,700,000 | |||
Unrecognized compensation cost, weighted-average period, years | 1 year 8 months 12 days | |||
Employee Stock Option [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options to purchase of common stock | 600,514 | |||
Stock award exercise price | $ 52.08 | |||
Stock award vesting date | Jan. 18, 2020 | |||
Restricted Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award issued with a vesting period, years | 3 years | |||
Stock-based compensation expense for stock options included in non-interest expense | $ 6,200,000 | $ 5,200,000 | $ 3,500,000 | |
Total unrecognized compensation expenses | $ 9,200,000 | |||
Unrecognized compensation cost, weighted-average period, years | 1 year 8 months 12 days | |||
Restricted stock and incentive plan permitting issuance of restricted stock units, shares | 2,400,000 | |||
Options to purchase shares, granted | 1,178,703 | |||
Restricted stock plan permitting issuance of restricted stock units, shares | 218,761 | 245,300 | 0 | |
Restricted Stock Plan [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award issued with a vesting period, years | 3 years | |||
Stock-based compensation expense for stock options included in non-interest expense | $ 21,700,000 | |||
Restricted stock plan permitting issuance of restricted stock units, shares | 237,887 | |||
Stock award vesting date | Jan. 18, 2020 | |||
Nonqualified Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award issued with a vesting period, years | 3 years | |||
Employee options expire after issuance, years | 7 years | |||
Expiration period of options issued to non-employee director | 10 years | |||
Nonqualified Stock Option Plan [Member] | Non Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available to non-employee directors through the non qualified stock option plan for non-employee directors, other than annual meeting | 0 | |||
Non-Employee Directors Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of non-employee directors stock awards on the date of grant | $ 35,000 | |||
Number of common stock shares issued | 12,415 | 7,657 | ||
Stock-based compensation expense | $ 500,000 | $ 300,000 | ||
Non-Employee Directors Stock Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate number of shares issued as awards | 50,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Outstanding – January 1, 2016, Options | 2,034,476 | |||
Granted, Options | 18,683 | |||
Exercised, Options | (315,600) | (365,375) | (452,000) | |
Forfeited, Options | (102,075) | |||
Outstanding – December 31, 2016, Options | 1,635,484 | 2,034,476 | ||
Fully vested and exercisable at December 31, 2016, Options | 529,925 | |||
Expected to vest in future periods, Options | 1,041,146 | |||
Fully vested and expected to vest at December 31, 2016, Options | [1] | 1,571,071 | ||
Outstanding – January 1, 2016, Weighted-Average Exercise Price/Share | $ 34.50 | |||
Granted, Weighted-Average Exercise Price/Share | 40.83 | |||
Exercised, Weighted-Average Exercise Price/Share | 19.52 | |||
Forfeited, Weighted-Average Exercise Price/Share | 40.02 | |||
Outstanding - December 31, 2016, Weighted-Average Exercise Price/Share | 37.10 | $ 34.50 | ||
Fully vested and exercisable at December 31, 2016, Weighted-Average Exercise Price/Share | 19.43 | |||
Fully vested and expected to vest at December 31, 2016, Weighted-Average Exercise Price/Share | [1] | $ 36.66 | ||
Outstanding - December 31, 2016, Weighted-Average Remaining Contractual Life (in years) | 4 years 10 months 24 days | |||
Fully vested and exercisable at December 31, 2016, Weighted-Average Remaining Contractual Life (in years) | 3 years 7 months 6 days | |||
Fully vested and expected to vest at December 31, 2016, Weighted-Average Remaining Contractual Life (in years) | 4 years 10 months 24 days | |||
Outstanding - December 31, 2016, Aggregate Intrinsic Value | [2] | $ 25,582 | ||
Fully vested and exercisable at December 31, 2016, Aggregate Intrinsic Value | [2] | 17,574 | ||
Fully vested and expected to vest at December 31, 2016, Aggregate Intrinsic Value | [2] | $ 25,259 | ||
[1] | At December 31, 2016 the Company estimates that options to purchase 64,413 shares of the Company’s common stock will not vest and will be forfeited prior to their vesting date. | |||
[2] | Based on closing price of $52.59 per share on December 30, 2016. |
Stock-Based Compensation - S106
Stock-Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) - $ / shares | Dec. 31, 2016 | Dec. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Estimated number of common shares that could be forfeited before the vesting date | 64,413 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, closing price, per share | $ 52.59 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Assumptions Used in Black Scholes Option Pricing Model (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Risk-free interest rate | 1.27% | 1.69% | 1.62% |
Expected dividend yield | 1.66% | 1.19% | 1.49% |
Expected stock volatility | 36.40% | 31.00% | 24.10% |
Expected life (years) | 5 years | 5 years | 5 years |
Stock-Based Compensation - S108
Stock-Based Compensation - Summary of Non-Vested Restricted Stock Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments Restricted Stock [Abstract] | |||
Outstanding – January 1, 2016 | 435,475 | ||
Granted | 218,761 | ||
Forfeited | (21,139) | (41,325) | (5,200) |
Earned and issued | (202,600) | ||
Outstanding – December 31, 2016 | 430,497 | 435,475 | |
Weighted-average grant date fair value | $ 39.90 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Contingencies And Commitments [Line Items] | ||
Outstanding commitments to extend credit excluding mortgage interest rate lock commitment, consisting of loans closed, not yet funded | $ 10,070,000,000 | |
Standby Letters of Credit [Member] | ||
Contingencies And Commitments [Line Items] | ||
Maximum amount of future payments required to make under letter of credit | 54,300,000 | $ 16,500,000 |
Collateralized commitments | $ 48,900,000 | $ 15,900,000 |
Maximum [Member] | ||
Contingencies And Commitments [Line Items] | ||
Terms of the letters of credit, in years | 1 year |
Commitments and Contingencie110
Commitments and Contingencies - Contractual Maturities (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Contractual Obligation Fiscal Year Maturity [Abstract] | |
2,017 | $ 893,841 |
2,018 | 2,198,627 |
2,019 | 4,154,932 |
2,020 | 2,582,549 |
2,021 | 61,444 |
Thereafter | 178,650 |
Total | $ 10,070,043 |
Related Party Transactions - Su
Related Party Transactions - Summary of Activity of Loans to Related Parties (Detail) - Lending Transactions [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Beginning Balance | $ 1,528 | $ 7,920 | $ 7,001 |
New loans and advances | 10,583 | 9,295 | 7,974 |
Repayments | (11,380) | (14,542) | (7,055) |
Change in composition of related parties | (1,145) | ||
Ending Balance | $ 731 | $ 1,528 | $ 7,920 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Lending Transactions [Member] | ||
Related Party Transaction [Line Items] | ||
Commitments to extend credit to related party | $ 5.2 | $ 6 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Regulatory Authorities [Line Items] | ||
Trust Preferred Securities of the Trust | $ 118,000 | |
Total assets | $ 15,000,000 | |
Number of period to be considered past due | 90 days | |
Capital conservation buffer | 2.50% | |
Capital conservation buffer risk weighted assets | 0.625% | |
Common equity tier 1 capital conservation buffer | 2.50% | |
Tier 1 capital ratio of risk weighted assets | 9.99% | 11.62% |
Total capital ratio of risk weighted assets | 11.99% | 12.12% |
Leverage ratio | 11.99% | 14.96% |
Commissioner's approval required to declare maximum percentage of dividend | 75.00% | |
Percentage of retained earnings of immediately preceding year | 75.00% | |
Amount available for payment of dividends by the Bank without the approval of regulatory authorities | $ 233,900 | $ 117,800 |
Percentage of capital available as loan maximum | 10.00% | |
Capital available as loan maximum | $ 310,000 | $ 155,000 |
Maximum [Member] | ||
Regulatory Authorities [Line Items] | ||
Percentage of credit conversion factor | 20.00% | |
Minimum [Member] | ||
Regulatory Authorities [Line Items] | ||
Percentage of credit conversion factor | 0.00% | |
Common equity tier 1 capital ratio of risk weighted assets | 4.50% | |
Effective common equity tier 1 capital ratio of risk weighted assets upon full implementation | 7.00% | |
Tier 1 capital ratio of risk weighted assets | 6.00% | |
Effective tier 1 capital ratio of risk weighted assets upon full implementation | 8.50% | |
Total capital ratio of risk weighted assets | 8.00% | |
Effective total capital ratio of risk weighted assets upon full implementation | 10.50% | |
Leverage ratio | 4.00% | |
Minimum [Member] | Well-Capitalized [Member] | ||
Regulatory Authorities [Line Items] | ||
Common equity tier 1 capital ratio of risk weighted assets | 6.50% | |
Tier 1 capital ratio of risk weighted assets | 8.00% | |
Total capital ratio of risk weighted assets | 10.00% | |
Leverage ratio | 5.00% | |
Commercial Real Estate Acquisition Development and Construction Loans and Unsecured Portion of Non Residential Mortgage Loans Portfolio [Member] | Maximum [Member] | ||
Regulatory Authorities [Line Items] | ||
Percentage of risk weight | 150.00% | |
Commercial Real Estate Acquisition Development and Construction Loans and Unsecured Portion of Non Residential Mortgage Loans Portfolio [Member] | Minimum [Member] | ||
Regulatory Authorities [Line Items] | ||
Percentage of risk weight | 100.00% | |
Mortgage Servicing Rights and Deferred Tax Assets [Member] | Maximum [Member] | ||
Regulatory Authorities [Line Items] | ||
Percentage of risk weight | 250.00% | |
Mortgage Servicing Rights and Deferred Tax Assets [Member] | Minimum [Member] | ||
Regulatory Authorities [Line Items] | ||
Percentage of risk weight | 100.00% | |
Equity Exposures | Maximum [Member] | ||
Regulatory Authorities [Line Items] | ||
Percentage of risk weight | 600.00% | |
Equity Exposures | Minimum [Member] | ||
Regulatory Authorities [Line Items] | ||
Percentage of risk weight | 0.00% |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Actual and Required Regulatory Capital Amounts and Ratios of Company and Bank (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Tier 1 leverage (to average assets), Actual Amount | $ 2,093,548 | $ 1,417,940 |
Tier 1 leverage (to average assets), Actual Ratio | 11.99% | 14.96% |
Leverage Ratio, Minimum Capital Required - Basel III Phase-In Schedule, Capital Amount | $ 698,438 | $ 379,116 |
Leverage Ratio, Minimum Capital Required - Basel III Phase-In Schedule, Ratio | 4.00% | 4.00% |
Leverage Ratio, Minimum Capital Required - Basel III Fully Phased-In, Capital Amount | $ 698,438 | $ 379,116 |
Leverage Ratio, Minimum Capital Required - Basel III Fully Phased-In, Ratio | 4.00% | 4.00% |
Common equity Tier 1 capital (to risk-weighted assets), Actual, Amount | $ 2,093,548 | $ 1,316,373 |
Common equity Tier 1 capital (to risk-weighted assets), Actual, Ratio | 9.99% | 10.79% |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Capital Amount | $ 1,074,382 | $ 549,200 |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Ratio | 5.125% | 4.50% |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Capital Amount | $ 1,467,448 | $ 854,311 |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased In, Ratio | 7.00% | 7.00% |
Tier 1 capital (to risk-weighted assets), Actual, Amount | $ 2,093,548 | $ 1,417,940 |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 9.99% | 11.62% |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Capital Amount | $ 1,388,835 | $ 732,267 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Ratio | 6.625% | 6.00% |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Capital Amount | $ 1,781,902 | $ 1,037,378 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Ratio | 8.50% | 8.50% |
Total capital (to risk-weighted assets), Actual, Amount | $ 2,513,089 | $ 1,478,794 |
Total capital ratio of risk weighted assets | 11.99% | 12.12% |
Total Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Capital Amount | $ 1,808,106 | $ 976,356 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase - In Schedule, Ratio | 8.625% | 8.00% |
Total Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Capital Amount | $ 2,201,173 | $ 1,281,467 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Ratio | 10.50% | 10.50% |
Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Tier 1 leverage (to average assets), Actual Amount | $ 2,405,095 | $ 1,385,192 |
Tier 1 leverage (to average assets), Actual Ratio | 13.77% | 14.62% |
Leverage Ratio, Minimum Capital Required - Basel III Phase-In Schedule, Capital Amount | $ 698,597 | $ 378,900 |
Leverage Ratio, Minimum Capital Required - Basel III Phase-In Schedule, Ratio | 4.00% | 4.00% |
Leverage Ratio, Minimum Capital Required - Basel III Fully Phased-In, Capital Amount | $ 698,597 | $ 378,900 |
Leverage Ratio, Minimum Capital Required - Basel III Fully Phased-In, Ratio | 4.00% | 4.00% |
Leverage Ratio, Required to be Considered Well Capitalized, Capital Amount | $ 873,246 | $ 473,625 |
Leverage Ratio, Required to be Considered Well Capitalized, Ratio | 5.00% | 5.50% |
Common equity Tier 1 capital (to risk-weighted assets), Actual, Amount | $ 2,405,095 | $ 1,385,192 |
Common equity Tier 1 capital (to risk-weighted assets), Actual, Ratio | 11.48% | 11.36% |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Capital Amount | $ 1,073,635 | $ 548,840 |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Ratio | 5.125% | 4.50% |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Capital Amount | $ 1,466,428 | $ 853,752 |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased In, Ratio | 7.00% | 7.00% |
Common Equity Tier 1 to Risk-Weighted Assets, Required To Be Considered Well Capitalized, Capital Amount | $ 1,361,684 | $ 792,769 |
Common Equity Tier 1 to Risk-Weighted Assets, Required To Be Considered Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 capital (to risk-weighted assets), Actual, Amount | $ 2,405,095 | $ 1,385,192 |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 11.48% | 11.36% |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Capital Amount | $ 1,387,870 | $ 731,787 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Ratio | 6.625% | 6.00% |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Capital Amount | $ 1,780,663 | $ 1,036,698 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Ratio | 8.50% | 8.50% |
Tier 1 Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Capital Amount | $ 1,675,918 | $ 975,716 |
Tier 1 Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), Actual, Amount | $ 2,481,636 | $ 1,446,046 |
Total capital ratio of risk weighted assets | 11.85% | 11.86% |
Total Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Capital Amount | $ 1,806,849 | $ 975,716 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase - In Schedule, Ratio | 8.625% | 8.00% |
Total Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Capital Amount | $ 2,199,643 | $ 1,280,627 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Ratio | 10.50% | 10.50% |
Total Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Capital Amount | $ 2,094,898 | $ 1,219,645 |
Total Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 10.00% | 10.00% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities at fair value | $ 0 | $ 0 |
Fair value of private placement bonds | 17,400,000 | 18,500,000 |
Third party pricing for private placement bonds | 17,400,000 | 18,500,000 |
Lower of the matrix price or par value of private placement bonds | 17,400,000 | 18,500,000 |
Impaired financing receivable recorded investment reduction to estimated fair value | 5,800,000 | 7,800,000 |
Estimated fair value of impaired loans and leases | 10,200,000 | 9,300,000 |
Partial charge-offs to reduce carrying value of impaired loans and leases to estimated fair value | 3,000,000 | 6,500,000 |
Specific loan and lease allocations to reduce carrying value of impaired loans and leases to estimated fair value | 2,800,000 | 1,300,000 |
Partial charge-offs | 2,900,000 | 2,500,000 |
Provision for loans and lease losses to cover charge-offs | 3,300,000 | 3,700,000 |
Impaired purchased loans | 6,500,000 | 8,100,000 |
Provision for purchased loan portfolio | $ 1,600,000 | $ 1,200,000 |
Estimated cost percentage of repossessed personal properties and real estate, minimum | 8.00% | |
Estimated cost percentage of repossessed personal properties and real estate, maximum | 10.00% | |
Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate used to determine net present value of purchased foreclosed assets | 8.00% | |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate used to determine net present value of purchased foreclosed assets | 9.50% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities AFS | $ 1,471,612 | $ 602,348 | ||||
Total investment securities AFS | 1,465,452 | [1] | 578,818 | [2] | ||
Impaired non-purchased loans and leases | 10,243 | 9,327 | ||||
Impaired purchased loans | 6,516 | 8,054 | $ 14,000 | |||
Foreclosed assets | 43,702 | 22,870 | $ 37,775 | $ 49,811 | ||
Total assets at fair value | 1,525,913 | 619,069 | ||||
Obligations of State and Political Subdivisions [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities AFS | 919,013 | [1] | 427,278 | [2] | ||
U.S. Government Agency Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities AFS | 535,490 | [1] | 146,950 | [2] | ||
Corporate Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities AFS | 9,915 | [1] | 3,562 | [2] | ||
CRA Qualified Investment Fund [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities AFS | 1,034 | [1] | 1,028 | [2] | ||
Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total investment securities AFS | 1,034 | [1] | 1,028 | [2] | ||
Total assets at fair value | 1,034 | 1,028 | ||||
Level 1 [Member] | CRA Qualified Investment Fund [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities AFS | 1,034 | [1] | 1,028 | [2] | ||
Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total investment securities AFS | 1,447,039 | [1] | 559,286 | [2] | ||
Total assets at fair value | 1,447,039 | 559,286 | ||||
Level 2 [Member] | Obligations of State and Political Subdivisions [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities AFS | 901,634 | [1] | 408,774 | [2] | ||
Level 2 [Member] | U.S. Government Agency Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities AFS | 535,490 | [1] | 146,950 | [2] | ||
Level 2 [Member] | Corporate Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities AFS | 9,915 | [1] | 3,562 | [2] | ||
Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total investment securities AFS | 17,379 | [1] | 18,504 | [2] | ||
Impaired non-purchased loans and leases | 10,243 | 9,327 | ||||
Impaired purchased loans | 6,516 | 8,054 | ||||
Foreclosed assets | 43,702 | 22,870 | ||||
Total assets at fair value | 77,840 | 58,755 | ||||
Level 3 [Member] | Obligations of State and Political Subdivisions [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities AFS | $ 17,379 | [1] | $ 18,504 | [2] | ||
[1] | Does not include shares of FHLB and FNBB stock that do not have readily determinable fair values and are carried at aggregate cost of $6.2 million. | |||||
[2] | Does not include shares of FHLB and FNBB stock that do not have readily determinable fair values and are carried at aggregate cost of $23.5 million. |
Fair Value Measurements - As117
Fair Value Measurements - Assets and Liabilities at Fair Value (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
FHLB and FNBB Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments carried at cost | $ 6.2 | $ 23.5 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Information Related to Level 3 Non-Recurring Fair Value Measurements (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Measurements Disclosure [Line Items] | ||||
Impaired non-purchased loans and leases | $ 10,243 | $ 9,327 | ||
Impaired purchased loans | 6,516 | 8,054 | $ 14,000 | |
Foreclosed assets | 43,702 | 22,870 | $ 37,775 | $ 49,811 |
Level 3 [Member] | ||||
Fair Value Measurements Disclosure [Line Items] | ||||
Impaired non-purchased loans and leases | 10,243 | 9,327 | ||
Impaired purchased loans | 6,516 | 8,054 | ||
Foreclosed assets | $ 43,702 | $ 22,870 |
Fair Value Measurements - As119
Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis Utilizing Level 3 Inputs (Detail) - Investment Securities AFS [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning Balance, Asset | $ 18,504 | $ 19,401 |
Total unrealized gains/(losses) included in other comprehensive income | (363) | (2) |
Paydowns and maturities | (762) | (895) |
Ending Balance, Asset | $ 17,379 | $ 18,504 |
Fair Value of Financial Inst120
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Investments in bank stock | $ 6.1 | $ 23.5 |
Fair Value of Financial Inst121
Fair Value of Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 23, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities AFS | $ 1,471,612 | $ 602,348 | |
Time deposits | 4,937,065 | 2,438,482 | |
Repurchase agreements with customers | 65,110 | 65,800 | |
Other borrowings | 41,903 | 204,540 | |
Subordinated notes | 222,516 | $ 225,000 | |
Subordinated debentures | 118,242 | 117,685 | |
Level 1 [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 866,360 | 90,988 | |
Demand, savings and interest bearing transaction deposits | 10,637,813 | 5,532,986 | |
Repurchase agreements with customers | 65,110 | 65,800 | |
Level 1 [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 866,360 | 90,988 | |
Demand, savings and interest bearing transaction deposits | 10,637,813 | 5,532,986 | |
Repurchase agreements with customers | 65,110 | 65,800 | |
Level 1, 2 and 3 [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities AFS | 1,471,612 | 602,348 | |
Level 1, 2 and 3 [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities AFS | 1,471,612 | 602,348 | |
Level 3 [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans and leases, net of ALLL | 14,486,574 | 8,273,817 | |
Level 3 [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans and leases, net of ALLL | 14,221,113 | 8,165,123 | |
Level 2 [Member] | Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Time deposits | 4,937,065 | 2,438,482 | |
Other borrowings | 41,903 | 204,540 | |
Subordinated notes | 222,516 | ||
Subordinated debentures | 118,242 | 117,685 | |
Level 2 [Member] | Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Time deposits | 4,965,279 | 2,456,323 | |
Other borrowings | 42,696 | 205,918 | |
Subordinated notes | 223,133 | ||
Subordinated debentures | $ 84,478 | $ 77,534 |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Cash Flows [Abstract] | |||
Interest | $ 53,370 | $ 28,567 | $ 21,471 |
Income Taxes | 125,980 | 57,948 | 47,293 |
Loans and other assets transferred to foreclosed assets | 25,103 | 19,347 | 55,984 |
Loans advanced for sales of foreclosed assets | 271 | 1,423 | |
Net change in unrealized gains and losses on investment securities AFS | (52,736) | (10,395) | 29,295 |
Common stock issued in merger and acquisition transactions | $ 1,135,863 | $ 303,865 | $ 166,315 |
Non-Interest Income and Othe123
Non-Interest Income and Other Operating Expenses - Summary of Gains on Sales of Other Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income And Expenses [Abstract] | |||
Gain (loss) on sales of loans | $ (188) | $ 6,285 | $ 27 |
Gain on sales of foreclosed assets | 3,648 | 8,365 | 5,924 |
Gain on sales of premises and equipment and other assets | 696 | 103 | 72 |
Gain on sales of other assets | $ 4,156 | $ 14,753 | $ 6,023 |
Non-Interest Income and Othe124
Non-Interest Income and Other Operating Expenses - Summary of Other Non-interest Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income And Expenses [Abstract] | |||
Gain on termination of FDIC loss share agreements | $ 7,996 | ||
Other, net | $ 13,370 | $ 7,153 | 8,678 |
Total other non-interest income | $ 13,370 | $ 7,153 | $ 16,674 |
Non-Interest Income and Othe125
Non-Interest Income and Other Operating Expenses - Summary of Other Operating Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income And Expenses [Abstract] | |||
Postage and supplies | $ 5,566 | $ 3,950 | $ 4,090 |
Telephone and data lines | 8,800 | 5,948 | 4,765 |
Advertising and public relations | 5,617 | 2,805 | 3,029 |
Professional and outside services | 21,330 | 12,594 | 10,765 |
Software expense | 4,950 | 2,635 | 4,987 |
Travel and meals | 8,130 | 3,047 | 3,023 |
FDIC and state assessments | 1,626 | 1,308 | 898 |
FDIC insurance | 5,125 | 3,795 | 2,380 |
ATM expense | 4,774 | 2,665 | 1,485 |
Loan collection and repossession expense | 4,612 | 5,068 | 3,276 |
Writedowns of foreclosed and other assets | 3,610 | 3,803 | 1,299 |
Amortization of intangible assets | 9,037 | 6,660 | 4,996 |
FHLB prepayment penalties | 8,853 | 8,062 | |
Other | 7,221 | 8,650 | 11,974 |
Total other operating expenses | $ 90,398 | $ 71,781 | $ 65,029 |
Earnings Per Common Share ("126
Earnings Per Common Share ("EPS") - Schedule of Calculation of Numerator and Denominator in Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Distributed earnings allocated to common stockholders | $ 62,173 | $ 47,079 | $ 36,130 |
Undistributed earnings allocated to common stockholders | 207,806 | 135,174 | 82,476 |
Net earnings allocated to common stockholders | $ 269,979 | $ 182,253 | $ 118,606 |
Denominator for basic EPS – weighted-average common shares | 104,409 | 86,785 | 77,538 |
Effect of dilutive securities – stock options | 291 | 563 | 522 |
Denominator for diluted EPS – weighted-average common shares and assumed conversions | 104,700 | 87,348 | 78,060 |
Basic EPS | $ 2.59 | $ 2.10 | $ 1.53 |
Diluted EPS | $ 2.58 | $ 2.09 | $ 1.52 |
Earnings Per Common Share ("127
Earnings Per Common Share ("EPS") - Additional Information (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Options to purchase shares of the Company's common stock | 650,197 | 656,181 | 559,050 |
Weighted-average exercise price, per share | $ 54.11 | $ 52.98 | $ 36.05 |
Changes in and Reclassificat128
Changes in and Reclassification from Accumulated Other Comprehensive Income ("AOCI") - Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance of AOCI - unrealized gains and losses on investment securities AFS | $ 1,464,631 | ||
Unrealized gains and losses on investment securities AFS | (52,736) | $ (4,491) | $ 29,164 |
Tax effect of unrealized gains and losses on investment securities AFS | 18,860 | 1,711 | (11,272) |
Amounts reclassified from AOCI | (4) | (5,481) | (144) |
Tax effect of amounts reclassified from AOCI | 1 | 2,088 | 56 |
Total other comprehensive income (loss) | (33,879) | (6,173) | 17,804 |
Ending balance of AOCI - unrealized gains and losses on investment securities AFS | 2,791,607 | 1,464,631 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance of AOCI - unrealized gains and losses on investment securities AFS | 7,959 | 14,132 | (3,672) |
Total other comprehensive income (loss) | (33,879) | (6,173) | 17,804 |
Ending balance of AOCI - unrealized gains and losses on investment securities AFS | $ (25,920) | $ 7,959 | $ 14,132 |
Parent Company Financial Inf129
Parent Company Financial Information - Schedule of Condensed Balance Sheets of Parent Company (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 23, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets: | |||||
Cash | $ 866,360 | $ 90,988 | $ 150,203 | $ 195,975 | |
Excess cost over fair value of net assets acquired | 660,100 | 125,400 | |||
Other, net | 163,994 | 114,932 | |||
Total assets | 18,890,142 | 9,879,459 | |||
Liabilities and Stockholders’ Equity: | |||||
Accrued interest payable and other liabilities | 72,622 | 52,172 | |||
Subordinated notes | 222,516 | $ 225,000 | |||
Subordinated debentures | 118,242 | 117,685 | |||
Total liabilities | 16,095,271 | 8,411,665 | |||
Stockholders’ equity: | |||||
Common stock | 1,213 | 906 | |||
Additional paid-in capital | 1,901,880 | 755,995 | |||
Retained earnings | 914,434 | 706,628 | |||
Accumulated other comprehensive income (loss) | (25,920) | 7,959 | |||
Treasury stock, at cost, none at December 31, 2016 and 133,492 shares at December 31, 2015 | (6,857) | ||||
Total stockholders’ equity | 2,794,871 | 1,467,794 | 911,842 | 632,530 | |
Total liabilities and stockholders’ equity | 18,890,142 | 9,879,459 | |||
Parent Company [Member] | |||||
Assets: | |||||
Cash | 22,179 | 18,597 | $ 23,068 | $ 13,044 | |
Investment in consolidated bank subsidiary | 3,102,061 | 1,555,648 | |||
Investment in unconsolidated Trusts | 3,652 | 3,652 | |||
Excess cost over fair value of net assets acquired | 1,092 | 1,092 | |||
Other, net | 10,878 | 4,299 | |||
Total assets | 3,139,862 | 1,583,288 | |||
Liabilities and Stockholders’ Equity: | |||||
Accounts payable | 620 | 430 | |||
Accrued interest payable and other liabilities | 6,877 | 542 | |||
Subordinated notes | 222,516 | ||||
Subordinated debentures | 118,242 | 117,685 | |||
Total liabilities | 348,255 | 118,657 | |||
Stockholders’ equity: | |||||
Common stock | 1,213 | 906 | |||
Additional paid-in capital | 1,901,880 | 755,995 | |||
Retained earnings | 914,434 | 706,628 | |||
Accumulated other comprehensive income (loss) | (25,920) | 7,959 | |||
Treasury stock, at cost, none at December 31, 2016 and 133,492 shares at December 31, 2015 | (6,857) | ||||
Total stockholders’ equity | 2,791,607 | 1,464,631 | |||
Total liabilities and stockholders’ equity | $ 3,139,862 | $ 1,583,288 |
Parent Company Financial Inf130
Parent Company Financial Information - Schedule of Condensed Statements of Income of Parent Company (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income: | |||
Total interest income | $ 662,555 | $ 409,719 | $ 291,449 |
Expenses: | |||
Other operating expenses | 90,398 | 71,781 | 65,029 |
Income tax benefit | (154,278) | (94,455) | (53,859) |
Net income available to common stockholders | 269,979 | 182,253 | 118,606 |
Parent Company [Member] | |||
Income: | |||
Dividends from Bank | 71,370 | 35,100 | 100,000 |
Dividends from Trusts | 115 | 95 | 51 |
Other | 2 | 8 | 178 |
Total interest income | 71,487 | 35,203 | 100,229 |
Expenses: | |||
Interest | 11,199 | 3,665 | 1,693 |
Other operating expenses | 17,752 | 13,532 | 9,314 |
Total expenses | 28,951 | 17,197 | 11,007 |
Net income before income tax benefit and equity in undistributed earnings of Bank | 42,536 | 18,006 | 89,222 |
Income tax benefit | 12,020 | 7,137 | 4,304 |
Equity in undistributed earnings of Bank | 215,423 | 157,110 | 25,080 |
Net income available to common stockholders | $ 269,979 | $ 182,253 | $ 118,606 |
Parent Company Financial Inf131
Parent Company Financial Information - Schedule of Condensed Statements of Cash Flows of Parent Company (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income available to common stockholders | $ 269,979 | $ 182,253 | $ 118,606 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred income tax expense (benefit) | 12,703 | 7,391 | (258) |
Stock-based compensation expense | 10,754 | 8,202 | 5,675 |
Excess tax benefit on exercise of stock options and vesting of restricted common stock | (3,576) | (7,049) | (4,682) |
Changes in other assets and other liabilities | 14,615 | 31,489 | 3,199 |
Net cash provided by operating activities | 241,928 | 201,178 | 96,766 |
Cash flows from investing activities: | |||
Proceeds from sale of other assets | 41,013 | 73,721 | 73,559 |
Net cash used by investing activities | (2,284,245) | (1,334,715) | (564,558) |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 6,162 | 5,145 | 4,727 |
Proceeds from issuance of common stock | 110,000 | ||
Proceeds from issuance of subordinated notes | 222,315 | ||
Excess tax benefit on exercise of stock options and vesting of restricted common stock | 3,576 | 7,049 | 4,682 |
Repurchase and cancellation of shares of common stock | (3,304) | (6,857) | (2,349) |
Cash dividends paid on common stock | (62,173) | (47,079) | (36,130) |
Net cash provided by financing activities | 2,817,689 | 1,074,322 | 422,020 |
Net increase (decrease) in cash and cash equivalents | 775,372 | (59,215) | (45,772) |
Cash and cash equivalents – beginning of year | 90,988 | 150,203 | 195,975 |
Cash and cash equivalents – end of year | 866,360 | 90,988 | 150,203 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net income available to common stockholders | 269,979 | 182,253 | 118,606 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of Bank | (215,423) | (157,110) | (25,080) |
Deferred income tax expense (benefit) | (1,718) | (1,174) | (417) |
Stock-based compensation expense | 10,754 | 8,202 | 5,675 |
Excess tax benefit on exercise of stock options and vesting of restricted common stock | (3,576) | (7,049) | (4,682) |
Changes in other assets and other liabilities | 6,041 | 9,458 | 4,923 |
Net cash provided by operating activities | 66,057 | 34,580 | 99,025 |
Cash flows from investing activities: | |||
Proceeds from sale of other assets | 3,997 | ||
Cash contributed to Bank | (222,315) | (110,000) | |
Cash (paid) received in merger and acquisition transactions, net of cash acquired | (6,736) | 2,691 | (63,928) |
Net cash used by investing activities | (229,051) | (107,309) | (59,931) |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 6,162 | 5,145 | 4,727 |
Proceeds from issuance of common stock | 110,000 | ||
Proceeds from issuance of subordinated notes | 222,315 | ||
Excess tax benefit on exercise of stock options and vesting of restricted common stock | 3,576 | 7,049 | 4,682 |
Repurchase and cancellation of shares of common stock | (3,304) | (6,857) | (2,349) |
Cash dividends paid on common stock | (62,173) | (47,079) | (36,130) |
Net cash provided by financing activities | 166,576 | 68,258 | (29,070) |
Net increase (decrease) in cash and cash equivalents | 3,582 | (4,471) | 10,024 |
Cash and cash equivalents – beginning of year | 18,597 | 23,068 | 13,044 |
Cash and cash equivalents – end of year | $ 22,179 | $ 18,597 | $ 23,068 |