Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 22, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-41093 | ||
Entity Registrant Name | HOME BANCSHARES, INC. | ||
Entity Incorporation, State or Country Code | AR | ||
Entity Tax Identification Number | 71-0682831 | ||
Entity Address, Address Line One | 719 Harkrider, Suite 100 | ||
Entity Address, City or Town | Conway | ||
Entity Address, State or Province | AR | ||
Entity Address, Postal Zip Code | 72032 | ||
City Area Code | 501 | ||
Local Phone Number | 339-2929 | ||
Title of 12(g) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | HOMB | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,290 | ||
Entity Common Stock, Shares Outstanding | 201,136,052 | ||
Documents Incorporated by Reference | Documents incorporated by reference: Portions of the registrant’s Proxy Statement relating to its 2024 Annual Meeting to be held on April 18, 2024, are incorporated by reference into Part III of this Form 10-K. | ||
Entity Central Index Key | 0001331520 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 686 |
Auditor Location | Little Rock, Arkansas |
Auditor Name | FORVIS, LLP |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 226,363 | $ 263,893 |
Interest-bearing deposits with other banks | 773,850 | 460,897 |
Cash and cash equivalents | 1,000,213 | 724,790 |
Federal funds sold | 5,100 | 0 |
Investment securities — available-for-sale, net of allowance for credit losses of $2,525 and $842 at December 31, 2023 and December 31, 2022, respectively (amortized cost of $3,840,927 and $4,445,620 at December 31, 2023 and December 31, 2022, respectively) | 3,507,841 | 4,041,590 |
Investment securities — held-to-maturity, net of allowance for credit losses of $2,005 at both December 31, 2023 and 2022 | 1,281,982 | 1,287,705 |
Total investment securities | 4,789,823 | 5,329,295 |
Loans receivable | 14,424,728 | 14,409,480 |
Allowance for credit losses | (288,234) | (289,669) |
Loans receivable, net | 14,136,494 | 14,119,811 |
Bank premises and equipment, net | 393,300 | 405,073 |
Foreclosed assets held for sale | 30,486 | 546 |
Cash value of life insurance | 214,516 | 213,693 |
Accrued interest receivable | 118,966 | 103,199 |
Deferred tax asset, net | 197,164 | 209,321 |
Goodwill | 1,398,253 | 1,398,253 |
Core deposit intangible | 48,770 | 58,455 |
Other assets | 323,573 | 321,152 |
Total assets | 22,656,658 | 22,883,588 |
Deposits: | ||
Demand and non-interest-bearing | 4,085,501 | 5,164,997 |
Savings and interest-bearing transaction accounts | 11,050,347 | 11,730,552 |
Time deposits | 1,651,863 | 1,043,234 |
Total deposits | 16,787,711 | 17,938,783 |
Securities sold under agreements to repurchase | 142,085 | 131,146 |
FHLB and other borrowed funds | 1,301,300 | 650,000 |
Accrued interest payable and other liabilities | 194,653 | 196,877 |
Subordinated debentures | 439,834 | 440,420 |
Total liabilities | 18,865,583 | 19,357,226 |
Stockholders’ equity: | ||
Common stock, par value $0.01; shares authorized 300,000,000 in 2023 and 2022; shares issued and outstanding 201,526,494 in 2023 and 203,433,690 in 2022 | 2,015 | 2,034 |
Capital surplus | 2,348,023 | 2,386,699 |
Retained earnings | 1,690,112 | 1,443,087 |
Accumulated other comprehensive loss | (249,075) | (305,458) |
Total stockholders’ equity | 3,791,075 | 3,526,362 |
Total liabilities and stockholders’ equity | $ 22,656,658 | $ 22,883,588 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for credit loss | $ 2,525 | $ 842 |
Amortized cost | 3,840,927 | 4,445,620 |
Allowance for credit loss | $ 2,005 | $ 2,005 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 201,526,494 | 203,433,690 |
Common stock, shares outstanding (in shares) | 201,526,494 | 203,433,690 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income: | |||
Loans | $ 989,616 | $ 728,342 | $ 571,960 |
Investment securities | |||
Taxable | 138,575 | 91,933 | 30,054 |
Tax-exempt | 31,618 | 28,356 | 19,642 |
Deposits – other banks | 15,023 | 29,110 | 3,515 |
Federal funds sold | 221 | 25 | 0 |
Total interest income | 1,175,053 | 877,766 | 625,171 |
Interest expense: | |||
Interest on deposits | 295,978 | 85,989 | 24,936 |
Federal funds purchased | 3 | 2 | 0 |
FHLB and other borrowed funds | 30,825 | 11,076 | 7,604 |
Securities sold under agreements to repurchase | 4,813 | 1,430 | 497 |
Subordinated debentures | 16,489 | 20,593 | 19,163 |
Total interest expense | 348,108 | 119,090 | 52,200 |
Net interest income | 826,945 | 758,676 | 572,971 |
Provision for credit losses on loans | 11,950 | 50,170 | 0 |
(Recovery of) provision for credit losses on unfunded commitments | (1,500) | 11,410 | (4,752) |
Provision for credit losses on investment securities | 1,683 | 2,005 | 0 |
Total credit loss expense | 12,133 | 63,585 | (4,752) |
Net interest income after provision for credit losses | 814,812 | 695,091 | 577,723 |
Non-interest income: | |||
Trust fees | 17,892 | 12,855 | 1,960 |
Mortgage lending income | 10,738 | 17,657 | 25,676 |
Insurance commissions | 2,086 | 2,192 | 1,943 |
Increase in cash value of life insurance | 4,655 | 3,800 | 2,049 |
Dividends from FHLB, FRB, FNBB & other | 11,642 | 9,198 | 14,835 |
Gain on sale of SBA loans | 278 | 183 | 2,380 |
Gain (loss) on branches, equipment and other assets, net | 1,507 | 15 | (105) |
Gain on OREO, net | 332 | 500 | 2,003 |
Gain on securities, net | 0 | 0 | 219 |
Fair value adjustment for marketable securities | (1,094) | (1,272) | 7,178 |
Other income | 38,503 | 48,281 | 20,704 |
Total non-interest income | 169,934 | 175,111 | 137,569 |
Non-interest expense: | |||
Salaries and employee benefits | 256,966 | 238,885 | 170,755 |
Occupancy and equipment | 60,303 | 53,417 | 36,631 |
Data processing expense | 36,329 | 34,942 | 24,280 |
Merger and acquisition expenses | 0 | 49,594 | 1,886 |
Other operating expenses | 119,265 | 98,789 | 64,965 |
Total non-interest expense | 472,863 | 475,627 | 298,517 |
Income before income taxes | 511,883 | 394,575 | 416,775 |
Income tax expense | 118,954 | 89,313 | 97,754 |
Net income | $ 392,929 | $ 305,262 | $ 319,021 |
Basic earnings per common share (in dollars per share) | $ 1.94 | $ 1.57 | $ 1.94 |
Diluted earnings per common share (in dollars per share) | $ 1.94 | $ 1.57 | $ 1.94 |
Other service charges and fees | |||
Non-interest income: | |||
Service charges | $ 39,207 | $ 37,114 | $ 22,276 |
Trust fees | |||
Non-interest income: | |||
Service charges | $ 44,188 | $ 44,588 | $ 36,451 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income available to all stockholders | $ 392,929 | $ 305,262 | $ 319,021 |
Net unrealized gain (loss) on available-for-sale securities | 72,617 | (417,349) | (45,567) |
Other comprehensive income (loss), before tax effect | 72,617 | (417,349) | (45,567) |
Tax effect on other comprehensive (income) loss | (16,234) | 101,429 | 11,909 |
Other comprehensive income (loss) | 56,383 | (315,920) | (33,658) |
Comprehensive income (loss) | $ 449,312 | $ (10,658) | $ 285,363 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2020 | $ 2,605,758 | $ 1,651 | $ 1,520,617 | $ 1,039,370 | $ 44,120 |
Comprehensive income: | |||||
Net income | 319,021 | 319,021 | |||
Other comprehensive loss | (33,658) | (33,658) | |||
Net issuance of shares of common stock from exercise of stock options | 2,374 | 2 | 2,372 | ||
Repurchase of shares of common stock | (44,480) | (18) | (44,462) | ||
Share-based compensation net issuance of shares of restricted common stock | 8,848 | 2 | 8,846 | ||
Cash dividends - Common Stock | (92,142) | (92,142) | |||
Ending balance at Dec. 31, 2021 | 2,765,721 | 1,637 | 1,487,373 | 1,266,249 | 10,462 |
Comprehensive income: | |||||
Net income | 305,262 | 305,262 | |||
Other comprehensive loss | (315,920) | (315,920) | |||
Net issuance of shares of common stock from exercise of stock options | 156 | 2 | 154 | ||
Issuance of common stock | 961,290 | 424 | 960,866 | ||
Repurchase of shares of common stock | (70,856) | (31) | (70,825) | ||
Share-based compensation net issuance of shares of restricted common stock | 9,133 | 2 | 9,131 | ||
Cash dividends - Common Stock | (128,424) | (128,424) | |||
Ending balance at Dec. 31, 2022 | 3,526,362 | 2,034 | 2,386,699 | 1,443,087 | (305,458) |
Comprehensive income: | |||||
Net income | 392,929 | 392,929 | |||
Other comprehensive loss | 56,383 | 56,383 | |||
Net issuance of shares of common stock from exercise of stock options | 802 | 1 | 801 | ||
Repurchase of shares of common stock | (48,341) | (22) | (48,319) | ||
Share-based compensation net issuance of shares of restricted common stock | 9,274 | 2 | 9,272 | ||
Excise tax expense from repurchase of common stock | (430) | (430) | |||
Cash dividends - Common Stock | (145,904) | (145,904) | |||
Ending balance at Dec. 31, 2023 | $ 3,791,075 | $ 2,015 | $ 2,348,023 | $ 1,690,112 | $ (249,075) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net issuance of shares of common stock from exercise of stock options (in shares) | 118,653 | 78,954 | 176,846 |
Net issuance of shares of common stock | 42,425,352 | ||
Common stock shares repurchased (in shares) | 2,225,849 | 3,098,531 | 1,753,000 |
Issuance of restricted common stock (in shares) | 200,000 | 328,633 | 180,184 |
Common stock, cash dividends per share (in dollars per share) | $ 0.72 | $ 0.66 | $ 0.56 |
Happy Bancshares, Inc. | |||
Common stock issuance costs | $ 2.5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | |||
Net income | $ 392,929 | $ 305,262 | $ 319,021 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation & amortization | 30,929 | 31,856 | 19,481 |
Decrease (increase) in value of equity securities | 1,094 | 1,272 | (7,178) |
Amortization of securities, net | 16,491 | 20,335 | 28,516 |
Accretion of purchased loans | (10,587) | (16,341) | (20,151) |
Share-based compensation | 9,274 | 9,133 | 8,848 |
Gain on assets | (2,117) | (698) | (4,497) |
Provision for credit losses - loans | 11,950 | 50,170 | 0 |
Provision for credit losses - unfunded commitments | (1,500) | 11,410 | (4,752) |
Provision for credit losses - investment securities | 1,683 | 2,005 | 0 |
Deferred income taxes | (4,077) | 2,213 | 3,868 |
Increase in cash value of life insurance | (4,655) | (3,800) | (2,049) |
Originations of mortgage loans held for sale | (480,847) | (510,136) | (783,293) |
Proceeds from sales of mortgage loans held for sale | 437,248 | 503,020 | 825,397 |
Changes in assets and liabilities: | |||
Accrued interest receivable | (15,767) | (24,473) | 13,792 |
Other assets | (1,654) | 9,342 | 1,756 |
Accrued interest payable and other liabilities | (724) | 22,602 | (9,379) |
Net cash provided by operating activities | 379,670 | 413,172 | 389,380 |
Investing Activities | |||
Net increase in federal funds sold | (5,100) | 0 | 0 |
Net (increase) decrease in loans, excluding loans acquired | (9,037) | (673,883) | 1,328,378 |
Purchases of investment securities – available-for-sale | (9,894) | (1,258,403) | (1,390,405) |
Purchases of investment securities - held-to-maturity | 0 | (674,178) | 0 |
Proceeds from maturities of investment securities – available-for-sale | 597,912 | 496,551 | 652,403 |
Proceeds from maturities of investment securities – held-to-maturity | 5,897 | 501,529 | 0 |
Proceeds from sale of investment securities – available-for-sale | 0 | 67,349 | 18,112 |
Purchases of equity securities | 0 | (49,975) | (13,276) |
Proceeds from sales of equity securities | 1,522 | 13,778 | 16,381 |
Purchases of other investments | (3,364) | (60,889) | (9,784) |
Proceeds from foreclosed assets held for sale | 1,292 | 2,319 | 7,599 |
Proceeds from sale of SBA loans | 3,968 | 4,304 | 25,116 |
Purchases of premises and equipment, net | (8,550) | (9,016) | (10,282) |
Return of investment on cash value of life insurance | 3,813 | 277 | 418 |
Purchase of marine loan portfolio | 0 | (242,617) | 0 |
Net cash proceeds received (paid) – market acquisitions | 0 | 858,584 | 0 |
Net cash provided by (used in) investing activities | 578,459 | (1,024,270) | 624,660 |
Financing Activities | |||
Net (decrease) increase in deposits, excluding deposits acquired | (1,151,072) | (2,177,058) | 1,534,780 |
Net increase (decrease) in securities sold under agreements to repurchase | 10,939 | (9,740) | (28,045) |
Increase in FHLB and other borrowed funds | 6,476,550 | 601,000 | 0 |
Decrease in FHLB and other borrowed funds | (5,825,250) | (429,330) | 0 |
Retirement of subordinated debentures | 0 | (300,000) | 0 |
Proceeds from issuance of subordinated debentures | 0 | 296,324 | 0 |
Redemption of trust preferred securities | 0 | (96,499) | 0 |
Proceeds from exercise of stock options | 802 | 156 | 2,374 |
Repurchase of common stock | (48,771) | (70,856) | (44,480) |
Dividends paid on common stock | (145,904) | (128,424) | (92,142) |
Net cash (used in) provided by financing activities | (682,706) | (2,314,427) | 1,372,487 |
Net change in cash and cash equivalents | 275,423 | (2,925,525) | 2,386,527 |
Cash and cash equivalents – beginning of year | 724,790 | 3,650,315 | 1,263,788 |
Cash and cash equivalents – end of year | $ 1,000,213 | $ 724,790 | $ 3,650,315 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Home BancShares, Inc. (the “Company” or “HBI”) is a bank holding company headquartered in Conway, Arkansas. The Company is primarily engaged in providing a full range of banking services to individual and corporate customers through its wholly-owned bank subsidiary – Centennial Bank (sometimes referred to as “Centennial” or the “Bank”). The Bank has branch locations in Arkansas, Florida, South Alabama, Texas and New York City. The Company is subject to competition from other financial institutions. The Company also is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. A summary of the significant accounting policies of the Company follows: Operating Segments Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Bank is the only significant subsidiary upon which management makes decisions regarding how to allocate resources and assess performance. Each of the branches of the Bank provide a group of similar banking services, including such products and services as commercial, real estate and consumer loans, time deposits, checking and savings accounts. The individual bank branches have similar operating and economic characteristics. While the chief decision maker monitors the revenue streams of the various products, services and branch locations, operations are managed, and financial performance is evaluated on a Company-wide basis. Accordingly, all of the banking services and branch locations are considered by management to be aggregated into one reportable operating segment. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, the valuation of investment securities, the valuation of foreclosed assets and the valuations of assets acquired and liabilities assumed in business combinations. In connection with the determination of the allowance for credit losses and the valuation of foreclosed assets, management obtains independent appraisals for significant properties. Principles of Consolidation The consolidated financial statements include the accounts of HBI and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. Reclassifications Various items within the accompanying consolidated financial statements for previous years have been reclassified to provide more comparative information. These reclassifications had no effect on net earnings or stockholders’ equity. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, cash held as demand deposits at various banks and the Federal Reserve Bank (“FRB”) and interest-bearing deposits with other banks. Investment Securities Interest on investment securities is recorded as income as earned. Amortization of premiums and accretion of discounts are recorded as interest income from securities. Realized gains and losses are recorded as net security gains (losses). Gains or losses on the sale of securities are determined using the specific identification method. Management determines the classification of securities as available-for-sale, held-to-maturity, or trading at the time of purchase based on the intent and objective of the investment and the ability to hold to maturity. Fair values of securities are based on quoted market prices where available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable securities. The Company has no trading securities. Debt securities available-for-sale ("AFS") are reported at fair value with unrealized holding gains and losses reported as a separate component of stockholders’ equity and other comprehensive income (loss), net of taxes. Securities that are held as available-for-sale are used as a part of our asset/liability management strategy. Securities that may be sold in response to interest rate changes, changes in prepayment risk, the need to increase regulatory capital, and other similar factors are classified as available-for-sale. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments . The Company first assesses whether it intends to sell or is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, and changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. The Company has made the election to exclude accrued interest receivable on AFS securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Debt securities held-to-maturity ("HTM"), which include any security for which we have the positive intent and ability to hold until maturity, are reported at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized/accreted to the call date to interest income using the constant effective yield method over the estimated life of the security. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments . The Company measures expected credit losses on HTM securities on a collective basis by major security type, with each type sharing similar risk characteristics. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Company has made the election to exclude accrued interest receivable on HTM securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed. Loans Receivable and Allowance for Credit Losses Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balance adjusted for any charge-offs, deferred fees or costs on originated loans. Interest income on loans is accrued over the term of the loans based on the principal balance outstanding. Loan origination fees and direct origination costs are capitalized and recognized as adjustments to yield on the related loans. The allowance for credit losses on loans receivable is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed and expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in the national unemployment rate, gross domestic product, national retail sales index, housing price indices and rental vacancy rate index. The allowance for credit losses is measured based on call report segment as these types of loan exhibit similar risk characteristics. The identified loan segments are as follows: • 1-4 family construction • All other construction • 1-4 family revolving home equity lines of credit (“HELOC”) & junior liens • 1-4 family senior liens • Multifamily • Owner occupied commercial real estate • Non-owner occupied commercial real estate • Commercial & industrial, agricultural, non-depository financial institutions, purchase/carry securities, other • Consumer auto • Other consumer • Other consumer - SPF The allowance for credit losses for each segment is measured through the use of the discounted cash flow method. Loans evaluated individually that are considered to be collateral dependent are not included in the collective evaluation. For these loans, where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral, net of estimated costs to sell, and the amortized cost basis of the loan as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the present value of expected cash flows from the operation of the collateral. The allowance for credit losses may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the loan, net of estimated costs to sell. For individually analyzed loans which are not considered to be collateral dependent, an allowance is recorded based on the loss rate for the respective pool within the collective evaluation. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: • Management has a reasonable expectation at the reporting date that restructured loans made to borrowers experiencing financial difficulty will be executed with an individual borrower. • The extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These qualitative factors ("Q-Factors") and other qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making Q-Factor and other qualitative adjustments include, among other things, the impact of (i) changes in lending policies, procedures and strategies; (ii) changes in nature and volume of the portfolio; (iii) staff experience; (iv) changes in volume and trends in classified loans, delinquencies and nonaccruals; (v) concentration risk; (vi) trends in underlying collateral values; (vii) external factors such as competition, legal and regulatory environment; (viii) changes in the quality of the loan review system and (ix) economic conditions. Loans are placed on non-accrual status when management believes that the borrower’s financial condition, after giving consideration to economic and business conditions and collection efforts, is such that collection of interest is doubtful, or generally when loans are 90 days or more past due. Loans are charged against the allowance for credit losses when management believes that the collectability of the principal is unlikely. Accrued interest related to non-accrual loans is generally charged against the allowance for credit losses when accrued in prior years and reversed from interest income if accrued in the current year. Interest income on non-accrual loans may be recognized to the extent cash payments are received, although the majority of payments received are usually applied to principal. Non-accrual loans are generally returned to accrual status when principal and interest payments are less than 90 days past due, the customer has made required payments for at least six months, and we reasonably expect to collect all principal and interest. Acquisition Accounting and Acquired Loans The Company accounts for its acquisitions under FASB Accounting Standards Codification ("ASC") Topic 805, Business Combinations , which requires the use of the purchase method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. In accordance with FASB ASC 326, the Company records both a discount or premium and an allowance for credit losses on acquired loans. All purchased loans are recorded at fair value in accordance with the fair value methodology prescribed in FASB ASC Topic 820, Fair Value Measurements . The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows. Purchased loans that have experienced more than insignificant credit deterioration since origination are purchase credit deteriorated (“PCD”) loans. An allowance for credit losses is determined using the same methodology as other loans. The Company develops separate PCD models for each loan segment with PCD loans not individually analyzed for credit losses. These models utilize a peer group benchmark in order to determine the probability of default and loss given default to be used in the calculation. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a non-credit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit losses. For further discussion of the Company’s acquisitions, see Note 2 to the Notes to Consolidated Financial Statements. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. Foreclosed Assets Held for Sale Real estate and personal properties acquired through or in lieu of loan foreclosure are to be sold and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Valuations are periodically performed by management, and the real estate and personal properties are carried at fair value less costs to sell. Gains and losses from the sale of other real estate and personal properties are recorded in non-interest income, and expenses used to maintain the properties are included in non-interest expense. Bank Premises and Equipment Bank premises and equipment are carried at cost or fair value at the date of acquisition less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are used for tax purposes. Leasehold improvements are capitalized and amortized using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements whichever is shorter. The assets’ estimated useful lives for book purposes are as follows: Bank premises 15-40 years Furniture, fixtures, and equipment 3-15 years Cash value of life insurance The Company has purchased life insurance policies on certain key employees. Life insurance owned by the Company is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Intangible Assets Intangible assets consist of goodwill and core deposit intangibles. Goodwill represents the excess purchase price over the fair value of net assets acquired in business acquisitions. The core deposit intangible represents the excess intangible value of acquired deposit customer relationships as determined by valuation specialists. The core deposit intangibles are being amortized over 120 months on a straight-line basis. Goodwill is not amortized, but rather, is evaluated for impairment on at least an annual basis or more frequently if changes or circumstances occur. The Company performed its annual impairment test of goodwill and core deposit intangibles during 2023, 2022 and 2021, as required by FASB ASC 350, Intangibles - Goodwill and Other . The 2023, 2022 and 2021 tests indicated no impairment of the Company’s goodwill or core deposit intangibles. Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase consist of obligations of the Company to other parties. At the point funds deposited by customers become investable, those funds are used to purchase securities owned by the Company and held in its general account with the designation of Customers’ Securities. A third party maintains control over the securities underlying overnight repurchase agreements. The securities involved in these transactions are generally U.S. Treasury or Federal Agency issues. Securities sold under agreements to repurchase generally mature on the banking day following that on which the investment was initially purchased and are treated as collateralized financing transactions which are recorded at the amounts at which the securities were sold plus accrued interest. Interest rates and maturity dates of the securities involved vary and are not intended to be matched with funds from customers. Derivative Financial Instruments The Company may enter into derivative contracts for the purposes of managing exposure to interest rate risk. The Company records all derivatives on the consolidated balance sheet at fair value. Historically the Company’s policy has been not to invest in derivative type investments. The Company has standalone derivative financial instruments acquired in a previous acquisition. These derivative financial instruments consist of interest rate swaps and are recognized as assets and liabilities in the consolidated statements of financial condition at fair value. The Bank’s derivative instruments have not been designated as hedging instruments. These undesignated derivative instruments are recognized on the consolidated balance sheet at fair value, with changes in fair value recorded in other non-interest income. In addition, as of December 31, 2023 and December 31, 2022, the Company had derivative contracts outstanding associated with the mortgage loans held for sale portfolio. As of December 31, 2023 and 2022, these derivative instruments are not considered to be material to the Company’s financial position and results of operations. Stock Options The Company accounts for stock options in accordance with FASB ASC 718, Compensation - Stock Compensation, which establishes standards for the accounting for transactions in which an entity (i) exchanges its equity instruments for goods and services, or (ii) incurs liabilities in exchange for goods and services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of the equity instruments. FASB ASC 718 requires that such transactions be recognized as compensation cost in the income statement based on their fair values on the measurement date, which is generally the date of the grant. For additional information on the stock-based compensation plan, see Note 13. Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes ). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company and its subsidiaries file consolidated tax returns. Its subsidiary provides for income taxes on a separate return basis, and remits to the Company amounts determined to be currently payable. Revenue Recognition. ASC Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as our loans, letters of credit, investment securities and mortgage lending income, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our significant revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our income statements as components of non-interest income are as follows: • Service charges on deposit accounts – These represent general service fees for monthly account maintenance and activity or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied. • Other service charges and fees – These represent credit card interchange fees and Centennial Commercial Finance Group (“Centennial CFG”) loan fees. The interchange fees are recorded in the period the performance obligation is satisfied which is generally the cash basis based on agreed upon contracts. The Centennial CFG loan fees are based on loan or other negotiated agreements with customers and are accounted for under ASC Topic 310. • Trust fees - The Company enters into contracts with its customers to manage assets for investment, and/or transact on their accounts. The Company generally satisfies its performance obligations as services are rendered. The management fees are percentage based, flat, percentage of income or a fixed percentage calculated upon the average balance of assets depending upon account type. Fees are collected on a monthly or annual basis. Earnings per Share Basic earnings per share is computed based on the weighted-average number of shares outstanding during each year. Diluted earnings per share is computed using the weighted-average shares and all potential dilutive shares outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share (EPS) for the years ended December 31: 2023 2022 2021 (In thousands, except per share data) Net income $ 392,929 $ 305,262 $ 319,021 Average common shares outstanding 202,627 194,694 164,501 Effect of common stock options 146 325 357 Diluted common shares outstanding 202,773 195,019 164,858 Basic earnings per common share $ 1.94 $ 1.57 $ 1.94 Diluted earnings per common share $ 1.94 $ 1.57 $ 1.94 As of December 31, 2023, 2022 and 2021, the Company's stock options were dilutive to earnings per share. The impact of anti-dilutive shares to the diluted earnings per share calculation was considered immaterial for the periods ended December 31, 2023, 2022 and 2021. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Acquisition of Happy Bancshares, Inc. On April 1, 2022, the Company completed the acquisition of Happy Bancshares, Inc. (“Happy”), and merged Happy State Bank into Centennial Bank. The Company issued approximately 42.4 million shares of its common stock valued at approximately $958.8 million as of April 1, 2022. In addition, the holders of certain Happy stock-based awards received approximately $3.7 million in cash in cancellation of such awards, for a total transaction value of approximately $962.5 million. The acquisition added new markets for expansion and brought complementary businesses together to drive synergies and growth. Including the effects of the known purchase accounting adjustments, as of the acquisition date, Happy had approximately $6.69 billion in total assets, $3.65 billion in loans and $5.86 billion in customer deposits. Happy formerly operated its banking business from 62 locations in Texas. The Company has determined that the acquisition of the net assets of Happy constitutes a business combination as defined by ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of ASC Topic 820, Fair Value Measurements . In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature. The following schedule is a breakdown of the assets acquired and liabilities assumed as of the acquisition date: Happy Bancshares, Inc. Acquired Fair Value Adjustments As Recorded by HBI (Dollars in thousands) Assets Cash and due from banks $ 112,999 $ (446) $ 112,553 Interest-bearing deposits with other banks 746,031 — 746,031 Cash and cash equivalents 859,030 (446) 858,584 Investment securities - available-for-sale, net of allowance for credit losses 1,773,540 8,485 1,782,025 Total investment securities 1,773,540 8,485 1,782,025 Loans receivable 3,657,009 (4,389) 3,652,620 Allowance for credit losses (42,224) 25,408 (16,816) Loans receivable, net 3,614,785 21,019 3,635,804 Bank premises and equipment, net 153,642 (12,270) 141,372 Foreclosed assets held for sale 193 (77) 116 Cash value of life insurance 105,049 3 105,052 Accrued interest receivable 31,575 — 31,575 Deferred tax asset, net 32,908 (1,092) 31,816 Goodwill 130,428 (130,428) — Core deposit intangible 10,672 31,591 42,263 Other assets 43,330 15,567 58,897 Total assets acquired $ 6,755,152 $ (67,648) $ 6,687,504 Liabilities Deposits Demand and non-interest-bearing $ 1,932,756 $ 67 $ 1,932,823 Savings and interest-bearing transaction accounts 3,519,652 — 3,519,652 Time deposits 401,899 903 402,802 Total deposits 5,854,307 970 5,855,277 FHLB and other borrowed funds 74,212 4,118 78,330 Accrued interest payable and other liabilities 50,889 (1,892) 48,997 Subordinated debentures 159,965 7,625 167,590 Total liabilities assumed 6,139,373 10,821 6,150,194 Equity Total equity assumed 615,779 (615,779) — Total liabilities and equity assumed $ 6,755,152 $ (604,958) $ 6,150,194 Net assets acquired 537,310 Purchase price 962,538 Goodwill $ 425,228 The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above: Cash and due from banks, interest-bearing deposits with other banks and federal funds sold – The carrying amount of these assets was deemed a reasonable estimate of fair value based on the short-term nature of these assets. Investment securities – Investment securities were acquired from Happy with an approximately $8.5 million adjustment to fair value based upon quoted market prices. Otherwise the book value was deemed to approximate fair value. Loans – Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan, whether or not the loan was amortizing and current discount rates. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity concerns. The discount rate does not include a factor for credit losses as that has been included in the estimated cash flows. Loans were grouped together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. See Note 5 to the Condensed Notes to Consolidated Financial Statements, for additional information related to purchased financial assets with credit deterioration. Bank premises and equipment – Bank premises and equipment were acquired from Happy with a $12.3 million adjustment to fair value. This represents the difference between current appraisals completed in connection with the acquisition and book value acquired. Foreclosed assets held for sale – These assets are presented at the estimated fair values that management expects to receive when the properties are sold, net of related costs of disposal. Cash value of life insurance – Bank owned life insurance is carried at its current cash surrender value, which is the most reasonable estimate of fair value. Accrued interest receivable – The carrying amount of these assets was deemed a reasonable estimate of the fair value. Core deposit intangible – This core deposit intangible asset represents the value of the relationships that Happy had with its deposit customers. The fair value of this intangible asset was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, cost of the deposit base, and the net maintenance cost attributable to customer deposits. Deposits – The fair values used for the demand and savings deposits that comprise the transaction accounts acquired, by definition, equal the amount payable on demand at the acquisition date. The $903,000 fair value adjustment applied for time deposits was because the weighted-average interest rate of Happy’s certificates of deposits were estimated to be above the current market rates. FHLB borrowed funds – The fair value of FHLB borrowed funds is estimated based on borrowing rates currently available to the Company for borrowings with similar terms and maturities. Accrued interest payable and other liabilities – The fair value adjustment results from certain liabilities whose value was estimated to be more or less than book value, such as certain accounts payable and other miscellaneous liabilities. The carrying amount of accrued interest and the remainder of other liabilities was deemed to be a reasonable estimate of fair value. Subordinated debentures – The fair value of subordinated debentures is estimated based on borrowing rates currently available to the Company for borrowings with similar terms and maturities. The unaudited pro-forma combined consolidated financial information presents how the combined financial information of HBI and Happy might have appeared had the businesses actually been combined. The following schedule represents the unaudited pro forma combined financial information as of the years ended December 31, 2022 and 2021, assuming the acquisition was completed as of January 1, 2022 and 2021, respectively: December 31, 2022 2021 (In thousands, except per share data) Total interest income $ 935,168 $ 839,407 Total non-interest income 188,012 190,550 Net income available to all shareholders 406,949 317,190 Basic earnings per common share $ 1.98 $ 1.53 Diluted earnings per common share 1.98 1.53 The unaudited pro-forma consolidated financial information is presented for illustrative purposes only and does not indicate the financial results of the combined company had the companies actually been combined at the beginning of the period presented and had the impact of possible significant revenue enhancements and expense efficiencies from in-market cost savings, among other factors, been considered and, accordingly, does not attempt to predict or suggest future results. Pro-forma results include Happy merger expenses of $49.6 million, provision for credit losses on acquired loans of $45.2 million, provision for credit losses on acquired unfunded commitments of $11.4 million and provision for credit losses on acquired investment securities of $2.0 million for the years ended December 31, 2022 and 2021, respectively. The pro-forma financial information also does not necessarily reflect what the historical results of the combined company would have been had the companies been combined during this period. Purchased loans that reflect a more-than-insignificant deterioration of credit from origination are considered PCD. For PCD loans, the initial estimate of expected credit losses is recognized in the allowance for credit losses on the date of acquisition using the same methodology as other loans held-for-investment. The following table provides a summary of loans purchased as part of the Happy acquisition with credit deterioration at acquisition: April 1, 2022 (In thousands) Purchased Loans with Credit Deterioration: Par value $ 165,028 Allowance for credit losses at acquisition (16,816) Premium on acquired loans 684 Purchase price $ 148,896 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The amortized cost and estimated fair value of investment securities that are classified as available-for-sale and held-to-maturity are as follows: December 31, 2023 Available-for-Sale Amortized Allowance for Credit Losses Net Carrying Amount Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 361,494 $ — $ 361,494 $ 2,247 $ (17,093) $ 346,648 U.S. government-sponsored mortgage-backed securities 1,711,668 — 1,711,668 310 (191,557) 1,520,421 Private mortgage-backed securities 191,522 — 191,522 — (16,117) 175,405 Non-government-sponsored asset backed securities 370,203 — 370,203 821 (7,551) 363,473 State and political subdivisions 990,318 — 990,318 1,938 (75,931) 916,325 Other securities 215,722 (2,525) 213,197 402 (28,030) 185,569 Total $ 3,840,927 $ (2,525) $ 3,838,402 $ 5,718 $ (336,279) $ 3,507,841 December 31, 2023 Held-to-Maturity Amortized Allowance for Credit Losses Net Carrying Amount Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 43,285 $ — $ 43,285 $ — $ (2,607) $ 40,678 U.S. government-sponsored mortgage-backed securities 130,278 — 130,278 106 (4,362) 126,022 State and political subdivisions 1,110,424 (2,005) 1,108,419 456 (105,094) 1,003,781 Total $ 1,283,987 $ (2,005) $ 1,281,982 $ 562 $ (112,063) $ 1,170,481 December 31, 2022 Available-for-Sale Amortized Allowance for Credit Losses Net Carrying Amount Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 682,316 $ — $ 682,316 $ 2,713 $ (23,209) $ 661,820 U.S. government-sponsored mortgage-backed securities 1,900,796 — 1,900,796 71 (215,405) 1,685,462 Private mortgage-backed securities 197,435 — 197,435 — (18,302) 179,133 Non-government-sponsored asset backed securities 428,933 — 428,933 95 (14,654) 414,374 State and political subdivisions 1,021,188 (842) 1,020,346 1,649 (115,698) 906,297 Other securities 214,952 — 214,952 251 (20,699) 194,504 Total $ 4,445,620 $ (842) $ 4,444,778 $ 4,779 $ (407,967) $ 4,041,590 December 31, 2022 Held-to-Maturity Amortized Allowance for Credit Losses Net Carrying Amount Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 43,017 $ — $ 43,017 $ — $ (3,349) $ 39,668 U.S. government-sponsored mortgage-backed securities 135,000 — 135,000 131 (3,756) 131,375 State and political subdivisions 1,111,693 (2,005) 1,109,688 65 (154,650) 955,103 Total $ 1,289,710 $ (2,005) $ 1,287,705 $ 196 $ (161,755) $ 1,126,146 On April 1, 2022, the Company completed the acquisition of Happy. Including the effects of the purchase accounting adjustments, as of the acquisition date, Happy had approximately $1.78 billion in investments, net of purchase accounting adjustments. The Company classified approximately $1.12 billion of investments acquired from Happy as held-to-maturity at the acquisition date. Assets, principally investment securities, having a fair value of approximately $3.57 billion and $2.35 billion at December 31, 2023 and 2022, respectively, were pledged to secure public deposits and for other purposes required or permitted by law. Also, investment securities pledged as collateral for repurchase agreements totaled approximately $142.1 million and $131.1 million at December 31, 2023 and 2022, respectively. The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at December 31, 2023, by contractual maturity, are shown below. Expected maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated (In thousands) Due in one year or less $ 19,327 $ 19,140 $ — $ — Due after one year through five years 224,786 211,009 27,498 26,042 Due after five years through ten years 401,003 358,789 305,944 278,676 Due after ten years 922,418 859,604 820,267 739,741 U.S. government-sponsored mortgage-backed securities 1,711,668 1,520,421 130,278 126,022 Private mortgage-backed securities 191,522 175,405 — — Non-government-sponsored asset backed securities 370,203 363,473 — — Total $ 3,840,927 $ 3,507,841 $ 1,283,987 $ 1,170,481 During the year ended December 31, 2023, no available-for-sale securities were sold. During the year ended December 31, 2022, $67.3 million in available-for-sale securities were sold, and no gain or loss was recognized. During the year ended December 31, 2021, $17.9 million in available-for-sale securities were sold, and the gross realized gains on the sales totaled $219,000. The income tax expense/benefit to net security gains and losses was 25.740% of the gross amounts. The following shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale and held-to-maturity, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of December 31, 2023 and 2022: December 31, 2023 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Available-for-sale: U.S. government-sponsored enterprises $ 2,742 $ (2) $ 180,569 $ (17,091) $ 183,311 $ (17,093) U.S. government-sponsored mortgage-backed securities 102,831 (2,166) 1,392,318 (189,391) 1,495,149 (191,557) Private mortgage-backed securities 9,298 (226) 166,107 (15,891) 175,405 (16,117) Non-government-sponsored asset backed securities — — 213,838 (7,551) 213,838 (7,551) State and political subdivisions 28,596 (400) 769,860 (75,531) 798,456 (75,931) Other securities — — 164,430 (28,030) 164,430 (28,030) Total $ 143,467 $ (2,794) $ 2,887,122 $ (333,485) $ 3,030,589 $ (336,279) Held-to-maturity: U.S. government-sponsored enterprises $ — $ — $ 40,677 $ (2,607) $ 40,677 $ (2,607) U.S. government-sponsored mortgage-backed securities 48,498 (861) 65,573 (3,501) 114,071 (4,362) State and political subdivisions 21,493 (297) 956,578 (104,797) 978,071 (105,094) Total $ 69,991 $ (1,158) $ 1,062,828 $ (110,905) $ 1,132,819 $ (112,063) December 31, 2022 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Available-for-sale: U.S. government-sponsored enterprises $ 315,531 $ (3,056) $ 128,527 $ (20,153) $ 444,058 $ (23,209) U.S. government-sponsored mortgage-backed securities 850,268 (46,505) 807,566 (168,900) 1,657,834 (215,405) Private mortgage-backed securities 179,133 (18,302) — — 179,133 (18,302) Non-government-sponsored asset backed securities 285,724 (9,726) 39,133 (4,928) 324,857 (14,654) State and political subdivisions 485,817 (50,484) 338,638 (65,214) 824,455 (115,698) Other securities 138,976 (15,314) 34,423 (5,385) 173,399 (20,699) Total $ 2,255,449 $ (143,387) $ 1,348,287 $ (264,580) $ 3,603,736 $ (407,967) Held-to-maturity: U.S. government-sponsored enterprises $ 39,668 $ (3,349) $ — $ — $ 39,668 $ (3,349) U.S. government-sponsored mortgage-backed securities 106,840 (3,756) — — 106,840 (3,756) State and political subdivisions 955,563 (154,650) — — 955,563 (154,650) Total $ 1,102,071 $ (161,755) $ — $ — $ 1,102,071 $ (161,755) Debt securities available-for-sale ("AFS") are reported at fair value with unrealized holding gains and losses reported as a separate component of stockholders’ equity and other comprehensive income (loss), net of taxes. Securities that are held as available-for-sale are used as a part of our asset/liability management strategy. Securities that may be sold in response to interest rate changes, changes in prepayment risk, the need to increase regulatory capital, and other similar factors are classified as available-for-sale. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments ("ASC 326"). The Company first assesses whether it intends to sell or is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, and changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. The Company has made the election to exclude accrued interest receivable on AFS securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Debt securities held-to-maturity ("HTM"), which include any security for which we have the positive intent and ability to hold until maturity, are reported at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized/accreted to the call date to interest income using the constant effective yield method over the estimated life of the security. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326. The Company measures expected credit losses on HTM securities on a collective basis by major security type, with each type sharing similar risk characteristics. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Company has made the election to exclude accrued interest receivable on HTM securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed. During the year ended December 31, 2023, one of the Company’s AFS subordinated debt investment securities was downgraded below investment grade. As result, the Company wrote down the value of the investment to its unrealized loss position, which required a $1.7 million provision. The remaining $842,000 allowance for credit losses on AFS investments is associated with certain securities in the subordinated debt portfolio within the banking sector. These investments are classified within the other securities category of the AFS portfolio. The $2.0 million allowance for credit losses for the held-to-maturity portfolio was considered adequate. No additional provision for credit losses was considered necessary for the HTM portfolio. Available-for-Sale Investment Securities Years Ended December 31, 2023 2022 2021 (In thousands) Allowance for credit losses: Beginning balance $ 842 $ 842 $ 842 Provision for credit loss 1,683 — — Ending balance, December 31, $ 2,525 $ 842 $ 842 Held-to-Maturity Investment Securities Years Ended December 31, 2023 2022 2021 Allowance for credit losses: (In thousands) Beginning balance $ 2,005 $ — $ — Provision for credit loss - acquired securities — 2,005 — Securities charged-off — — — Recoveries — — — Ending balance, December 31, $ 2,005 $ 2,005 $ — For the year ended December 31, 2023, the Company had available-for-sale investment securities with approximately $333.5 million in unrealized losses, which have been in continuous loss positions for more than twelve months. With the exception of the securities with credit losses noted above, the Company’s assessments indicated that the cause of the market depreciation was primarily due to the change in interest rates and not the issuer’s financial condition, or downgrades by rating agencies. In addition, approximately 30.4% of the Company’s available-for-sale investment portfolio will mature or are expected to pay down within five years or less. As a result, the Company has the ability and intent to hold such securities until maturity. For the year ended December 31, 2022, the Company had available-for-sale investment securities with approximately $264.6 million in unrealized losses, which had been in continuous loss positions for more than twelve months. The Company’s assessments indicated that the cause of the market depreciation was primarily due to the change in interest rates and not the issuer’s financial condition, or downgrades by rating agencies. In addition, approximately 33.0% of the Company’s available-for-sale investment portfolio was expected to mature or pay down within five years or less. As a result, the Company has the ability and intent to hold such securities until maturity. As of December 31, 2023, the Company's available-for-sale securities portfolio consisted of 1,583 investment securities, 1,296 of which were in an unrealized loss position. As noted in the table above, the total amount of the unrealized loss was $336.3 million. The U.S government-sponsored enterprises portfolio contained unrealized losses of $17.1 million on 59 securities. The U.S. government-sponsored mortgage-backed securities portfolio contained $191.6 million of unrealized losses on 669 securities, and the private mortgage-backed securities portfolio contained $16.1 million of unrealized losses on 32 securities. The non-government-sponsored asset backed securities portfolio contained $7.6 million of unrealized losses on 31 securities. The state and political subdivisions portfolio contained. In addition, the other securities portfolio contained $75.9 million of unrealized losses on 444 securities. In addition, the other securities portfolio contained $28.0 million of unrealized losses on 61 securities. With the exception of the investments for which an allowance for credit losses has been established, the unrealized losses on the Company's investments were primarily a result of interest rate changes, and the Company expects to recover the amortized cost basis over the term of the securities. The Company has determined that, as of December 31, 2023, an additional provision for credit losses is not necessary because the decline in market value was attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. As of December 31, 2023, the Company's held-to-maturity securities portfolio consisted of 507 investment securities, 486 of which were in an unrealized loss position. As noted in the table above, the total amount of the unrealized loss was $112.1 million. The U.S. government-sponsored enterprises portfolio contained unrealized losses of $2.6 million on 5 securities. The U.S. government-sponsored mortgage-backed securities portfolio contained $4.4 million of unrealized losses on 18 securities. The state and political subdivisions portfolio contained $105.1 million of unrealized losses on 463 securities. The unrealized losses on the Company's held-to-maturity investments were a result of interest rate changes. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value was attributable to changes in interest rates and not credit quality, the Company has determined that an additional provision for credit losses is not necessary as of December 31, 2023. The following table summarizes bond ratings for the Company's held-to-maturity portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of December 31, 2023: State and Political Subdivisions U.S. government-sponsored enterprises U.S. government-sponsored mortgage-backed securities Total (In thousands) Aaa/AAA $ 235,557 $ 43,285 $ — $ 278,842 Aa/AA 845,418 — — 845,418 A 27,667 — — 27,667 Not rated 1,782 — — 1,782 Agency Backed — — 130,278 130,278 Total $ 1,110,424 $ 43,285 $ 130,278 $ 1,283,987 Income earned on securities for the years ended is as follows: December 31, 2023 2022 2021 (In thousands) Taxable: Available-for-sale $ 108,650 $ 71,352 $ 30,054 Held-to-maturity 29,925 20,581 — Tax-exempt: Available-for-sale 19,104 19,168 19,642 Held-to-maturity 12,514 9,188 — Total $ 170,193 $ 120,289 $ 49,696 |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable The various categories of loans receivable are summarized as follows: December 31, 2023 2022 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 5,549,954 $ 5,632,063 Construction/land development 2,293,047 2,135,266 Agricultural 325,156 346,811 Residential real estate loans Residential 1-4 family 1,844,260 1,748,551 Multifamily residential 435,736 578,052 Total real estate 10,448,153 10,440,743 Consumer 1,153,690 1,149,896 Commercial and industrial 2,324,991 2,349,263 Agricultural 307,327 285,235 Other 190,567 184,343 Total Loans receivable $ 14,424,728 $ 14,409,480 Allowance for credit losses (288,234) (289,669) Loans receivable, net $ 14,136,494 $ 14,119,811 On April 1, 2022, the Company completed the acquisition of Happy. Including the effects of the purchase accounting adjustments, as of the acquisition date, Happy had approximately $3.65 billion in loans. During the year ended December 31, 2023, the Company sold $3.7 million of the guaranteed portion of certain SBA loans, which resulted in a gain of approximately $278,000. During the year ended December 31, 2022, the Company sold $4.1 million of the guaranteed portion of certain SBA loans, which resulted in a gain of $183,000. During the year ended December 31, 2021, the Company sold $22.7 million of the guaranteed portion of certain SBA loans, which resulted in a gain of $2.4 million. Mortgage loans held for sale of approximately $123.4 million and $79.9 million at December 31, 2023 and 2022, respectively, are included in residential 1-4 family loans. Mortgage loans held for sale are carried at the lower of cost or fair value, determined using an aggregate basis. Gains and losses resulting from sales of mortgage loans are recognized when the respective loans are sold to investors. Gains and losses are determined by the difference between the selling price and the carrying amount of the loans sold, net of discounts collected or paid. The Company obtains forward commitments to sell mortgage loans to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale. The forward commitments acquired by the Company for mortgage loans in process of origination are considered mandatory forward commitments. Because these commitments are structured on a mandatory basis, the Company is required to substitute another loan or to buy back the commitment if the original loan does not fund. The Company regularly sells mortgages into the capital markets to mitigate the effects of interest rate volatility during the period from the time an interest rate lock commitment (“IRLC”) is issued until the IRLC funds creating a mortgage loan held for sale and its subsequent sale into the secondary/capital markets. Loan sales are typically executed on a mandatory basis. Under a mandatory commitment, the Company agrees to deliver a specified dollar amount with predetermined terms by a certain date. Generally, the commitment is not loan specific, and any combination of loans can be delivered into the outstanding commitment provided the terms fall within the parameters of the commitment. Upon failure to deliver, the Company is subject to fees based on market movement. These commitments are derivative instruments and their fair values at December 31, 2023 and 2022 were not material. Purchased loans that have experienced more than insignificant credit deterioration since origination are PCD loans. An allowance for credit losses is determined using the same methodology as other loans. For PCD loans not individually analyzed for impairment, the Company develops separate PCD models for each loan segment. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a non-credit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit losses. The Company held approximately $130.7 million and $142.5 million in PCD loans, as of December 31, 2023 and 2022, respectively. |
Allowance for Credit Losses, Cr
Allowance for Credit Losses, Credit Quality and Other | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Allowance for Credit Losses, Credit Quality and Other | Allowance for Credit Losses, Credit Quality and Other The Company uses the discounted cash flow (“DCF”) method to estimate expected losses for all of Company’s loan pools. These pools are as follows: construction & land development; other commercial real estate; residential real estate; commercial & industrial; and consumer & other. The loan portfolio pools were selected in order to generally align with the loan categories specified in the quarterly call reports required to be filed with the Federal Financial Institutions Examination Council. For each of these loan pools, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, probability of default, and loss given default. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical internal data. The Company uses regression analysis of historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers. Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These Q-Factors and other qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making Q-Factor and other qualitative adjustments include, among other things, the impact of (i) changes in lending policies, procedures and strategies; (ii) changes in nature and volume of the portfolio; (iii) staff experience; (iv) changes in volume and trends in classified loans, delinquencies and nonaccruals; (v) concentration risk; (vi) trends in underlying collateral values; (vii) external factors such as competition, legal and regulatory environment; (viii) changes in the quality of the loan review system and (ix) economic conditions. Each year management evaluates the performance of the selected models used in the CECL calculation through backtesting. Based on the results of the testing, management determines if the various models produced accurate results compared to the actual losses incurred for the current economic environment. Management then determines if changes to the input assumptions and economic factors would produce a stronger overall calculation that is more responsive to changes in economic conditions. The Company continues to use regression analysis to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default for the changes in the economic factors for the loss driver segments. The identified loss drivers by segment are included below as of December 31, 2023 and 2022. Loss Driver Segment Call Report Segment(s) Modeled Economic Factors 1-4 Family Construction 1a1 National Unemployment (%) & Housing Price Index (%) All Other Construction 1a2 National Unemployment (%) & Gross Domestic Product (%) 1-4 Family Revolving HELOC & Junior Liens 1c1 National Unemployment (%) & Housing Price Index – CoreLogic (%) 1-4 Family Revolving HELOC & Junior Liens 1c2b National Unemployment (%) & Gross Domestic Product (%) 1-4 Family Senior Liens 1c2a National Unemployment (%) & Gross Domestic Product (%) Multifamily 1d Rental Vacancy Rate (%) & Housing Price Index – Case-Schiller (%) Owner Occupied CRE 1e1 National Unemployment (%) & Gross Domestic Product (%) Non-Owner Occupied CRE 1e2,1b,8 National Unemployment (%) & Gross Domestic Product (%) Commercial & Industrial, Agricultural, Non-Depository Financial Institutions, Purchase/Carry Securities, Other 4a, 3, 9a, 9b1, 9b2, 10, Other National Unemployment (%) & National Retail Sales (%) Consumer Auto 6c National Unemployment (%) & National Retail Sales (%) Other Consumer 6b, 6d National Unemployment (%) & National Retail Sales (%) Other Consumer - SPF 6d National Unemployment (%) For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts to a historical loss rate over four quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. Other internal and external indicators of economic forecasts are also considered by management when developing the forecast metrics. The combination of adjustments for credit expectations (default and loss) and time expectations prepayment, curtailment, and time to recovery produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value of expected cash flows (“NPV”). An allowance for credit loss is established for the difference between the instrument’s NPV and amortized cost basis. Construction/Land Development and Other Commercial Real Estate Loans. We originate non-farm and non-residential loans (primarily secured by commercial real estate), construction/land development loans, and agricultural loans, which are generally secured by real estate located in our market areas. Our commercial mortgage loans are generally collateralized by first liens on real estate and amortized (where defined) over a 15 to 30-year period with balloon payments due at the end of one Residential Real Estate Loans. We originate one to four family, residential mortgage loans generally secured by property located in our primary market areas. Residential real estate loans generally have a loan-to-value ratio of up to 90%. These loans are underwritten by giving consideration to many factors including the borrower’s ability to pay, stability of employment or source of income, debt-to-income ratio, credit history and loan-to-value ratio. Commercial and Industrial Loans. Commercial and industrial loans are made for a variety of business purposes, including working capital, inventory, equipment and capital expansion. The terms for commercial loans are generally one Consumer & Other Loans. Our consumer & other loans are primarily composed of loans to finance United States Coast Guard registered high-end sail and power boats. The performance of consumer & other loans will be affected by the local and regional economies as well as the rates of personal bankruptcies, job loss, divorce and other individual-specific characteristics. Off-Balance Sheet Credit Exposures. The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The allowance for credit loss on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The Company uses the DCF method to estimate expected losses for all of Company’s off-balance sheet credit exposures through the use of the existing DCF models for the Company’s loan portfolio pools. The off-balance sheet credit exposures exhibit similar risk characteristics as loans currently in the Company’s loan portfolio. During the year ended December 31, 2023, the Company recorded a $12.0 million provision for credit losses on loans, and the Company reversed $1.5 million in provision for unfunded commitments. During the year ended December 31, 2022, the Company completed the acquisition of Happy. As a result, the Company recorded $4.4 million in net loan discounts and a $16.8 million increase in the allowance for credit losses related to PCD loans. In addition, the Company recorded a $45.2 million provision for credit losses on acquired loans for the CECL "double count" and an $11.4 million provision for credit losses on acquired unfunded commitments. In addition, the Company recorded a $5.0 million provision for credit losses on loans due to increased loan growth. However, the Company determined that no additional provision was necessary for unfunded commitments as the current level of the reserve was considered adequate. During the year ended December 31, 2021, the Company did not record a provision for credit losses on loans as the level of the allowance for credit losses was considered adequate, and the Company reversed $4.8 million in provision for unfunded commitments. The following table presents the activity in the allowance for credit losses for the year ended December 31, 2023. Year Ended December 31, 2023 Construction/ Other Residential Commercial Consumer Total (In thousands) Allowance for credit losses: Beginning balance $ 32,243 $ 93,848 $ 50,963 $ 89,354 $ 23,261 $ 289,669 Loans charged off (263) (2,335) (269) (9,157) (4,031) (16,055) Recoveries of loans previously charged off 113 533 329 583 1,112 2,670 Net loans recovered (charged off) (150) (1,802) 60 (8,574) (2,919) (13,385) Provision for credit loss - loans 1,784 (13,411) 4,837 12,030 6,710 11,950 Balance, December 31 $ 33,877 $ 78,635 $ 55,860 $ 92,810 $ 27,052 $ 288,234 The following table presents the balance in the allowance for credit losses for the year ended December 31, 2022. Year Ended December 31, 2022 Construction/ Other Residential Commercial Consumer Total (In thousands) Allowance for credit losses: Beginning balance $ 28,415 $ 87,218 $ 48,458 $ 53,062 $ 19,561 $ 236,714 Allowance for credit losses on PCD loans - Happy acquisition 950 9,283 980 5,596 7 16,816 Loans charged off (1) — (446) (9,773) (7,047) (17,267) Recoveries of loans previously charged off 405 967 119 780 965 3,236 Net loans recovered (charged off) 404 967 (327) (8,993) (6,082) (14,031) Provision for credit loss - acquired loans 7,205 18,711 7,380 11,303 571 45,170 Provision for credit loss - loans (4,731) (22,331) (5,528) 28,386 9,204 5,000 Balance, December 31 $ 32,243 $ 93,848 $ 50,963 $ 89,354 $ 23,261 $ 289,669 The following table presents the balance in the allowance for loan losses for the year ended December 31, 2021. Year Ended December 31, 2021 Construction/ Land Development Other Residential Commercial Consumer Total (In thousands) Allowance for loan losses: Beginning balance $ 32,861 $ 88,453 $ 53,216 $ 46,530 $ 24,413 $ 245,473 Loans charged off — (646) (545) (8,242) (2,228) (11,661) Recoveries of loans previously charged off 58 785 683 591 785 2,902 Net loans recovered (charged off) 58 139 138 (7,651) (1,443) (8,759) Provision for credit loss - loans (4,504) (1,374) (4,896) 14,183 (3,409) — Balance December 31 $ 28,415 $ 87,218 $ 48,458 $ 53,062 $ 19,561 $ 236,714 The following table presents the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing as of December 31, 2023 and 2022, respectively: December 31, 2023 Nonaccrual Nonaccrual Loans Past Due (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 13,178 $ — $ 2,177 Construction/land development 12,094 — 255 Agricultural 431 — — Residential real estate loans Residential 1-4 family 20,351 — 84 Multifamily residential — — — Total real estate 46,054 — 2,516 Consumer 3,423 — 79 Commercial and industrial 9,982 2,534 1,535 Agricultural & other 512 — — Total $ 59,971 $ 2,534 $ 4,130 December 31, 2022 Nonaccrual Nonaccrual Loans Past Due (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 12,219 $ 8,383 $ 1,844 Construction/land development 1,977 — 31 Agricultural 278 — — Residential real estate loans Residential 1-4 family 18,083 — 1,374 Multifamily residential — — — Total real estate 32,557 8,383 3,249 Consumer 2,842 — 35 Commercial and industrial 14,920 — 6,300 Agricultural & other 692 — 261 Total $ 51,011 $ 8,383 $ 9,845 The Company had $60.0 million and $51.0 million in nonaccrual loans for the periods ended December 31, 2023 and 2022, respectively. In addition, the Company had $4.1 million and $9.8 million in loans past due 90 days or more and still accruing for the periods ended December 31, 2023 and 2022, respectively. The Company had $2.5 million and $8.4 million in nonaccrual loans with a specific reserve as of December 31, 2023 and 2022, respectively. Interest income recognized on the non-accrual loans for the years ended December 31, 2023, 2022 and 2021 was considered immaterial. The following table presents the amortized cost basis of impaired loans by class of loans (which includes loans individually analyzed for credit losses for which a specific reserve has been recorded, non-accrual loans, loans past due 90 days or more and restructured loans made to borrowers experiencing financial difficulty) as of December 31, 2023 and 2022, respectively: December 31, 2023 Commercial Residential Other (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 39,813 $ — $ — Construction/land development 12,350 — — Agricultural 431 — — Residential real estate loans Residential 1-4 family — 21,386 — Multifamily residential — — — Total real estate 52,594 21,386 — Consumer — — 3,511 Commercial and industrial — — 16,890 Agricultural & other — — 512 Total $ 52,594 $ 21,386 $ 20,913 December 31, 2022 Commercial Residential Other (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 162,268 $ — $ — Construction/land development 2,008 — — Agricultural 278 — — Residential real estate loans Residential 1-4 family — 20,832 — Multifamily residential — 969 — Total real estate 164,554 21,801 — Consumer — — 2,888 Commercial and industrial — — 30,334 Agricultural & other — — 1,527 Total $ 164,554 $ 21,801 $ 34,749 The Company had $94.9 million and $221.1 million in impaired loans for the periods ended December 31, 2023 and 2022, respectively. Loans that do not share risk characteristics are evaluated on an individual basis. For these loans, where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral, net of estimated costs to sell, and the amortized cost basis of the loan as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the fair value of the underlying collateral less estimated costs to sell. The allowance for credit losses may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the loan, net of estimated costs to sell. The following is an aging analysis for loans receivable as of December 31, 2023 and 2022: December 31, 2023 Loans Past Due 30-59 Days Loans Past Due 60-89 Days Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans Past Due 90 Days or More (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 8,124 $ 416 $ 15,355 $ 23,895 $ 5,526,059 $ 5,549,954 $ 2,177 Construction/land development 1,430 — 12,349 13,779 2,279,268 2,293,047 255 Agricultural 474 314 431 1,219 323,937 325,156 — Residential real estate loans Residential 1-4 family 4,346 1,423 20,435 26,204 1,818,056 1,844,260 84 Multifamily residential — — — — 435,736 435,736 — Total real estate 14,374 2,153 48,570 65,097 10,383,056 10,448,153 2,516 Consumer 1,022 303 3,502 4,827 1,148,863 1,153,690 79 Commercial and industrial 2,089 3,378 11,517 16,984 2,308,007 2,324,991 1,535 Agricultural and other 1,074 113 512 1,699 496,195 497,894 — Total $ 18,559 $ 5,947 $ 64,101 $ 88,607 $ 14,336,121 $ 14,424,728 $ 4,130 December 31, 2022 Loans Past Due 30-59 Days Loans Past Due 60-89 Days Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans Past Due 90 Days or More (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 4,242 $ 2,117 $ 14,063 $ 20,422 $ 5,611,641 $ 5,632,063 $ 1,844 Construction/land development 4,042 1,892 2,008 7,942 2,127,324 2,135,266 31 Agricultural 1,469 193 278 1,940 344,871 346,811 — Residential real estate loans Residential 1-4 family 6,715 605 19,457 26,777 1,721,774 1,748,551 1,374 Multifamily residential — — — — 578,052 578,052 — Total real estate 16,468 4,807 35,806 57,081 10,383,662 10,440,743 3,249 Consumer 950 539 2,877 4,366 1,145,530 1,149,896 35 Commercial and industrial 3,007 1,075 21,220 25,302 2,323,961 2,349,263 6,300 Agricultural and other 1,065 57 953 2,075 467,503 469,578 261 Total $ 21,490 $ 6,478 $ 60,856 $ 88,824 $ 14,320,656 $ 14,409,480 $ 9,845 Non-accruing loans were $60.0 million and $51.0 million at December 31, 2023 and 2022, respectively. Interest recognized on impaired loans during the years ended December 31, 2023, 2022 and 2021 was approximately $2.5 million, $9.6 million and $14.7 million, respectively. The amount of interest recognized on impaired loans on the cash basis is not materially different than the accrual basis. Credit Quality Indicators. As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to (i) the risk rating of loans, (ii) the level of classified loans, (iii) net charge-offs, (iv) non-performing loans and (v) the general economic conditions in Arkansas, Florida, Texas, Alabama and New York. The Company utilizes a risk rating matrix to assign a risk rating to each of its loans. Loans are rated on a scale from 1 to 8. Descriptions of the general characteristics of the 8 risk ratings are as follows: • Risk rating 1 – Excellent. Loans in this category are to persons or entities of unquestionable financial strength, a highly liquid financial position, with collateral that is liquid and well margined. These borrowers have performed without question on past obligations, and the Bank expects their performance to continue. Internally generated cash flow covers current maturities of long-term debt by a substantial margin. Loans secured by bank certificates of deposit and savings accounts, with appropriate holds placed on the accounts, are to be rated in this category. • Risk rating 2 – Good. These are loans to persons or entities with strong financial condition and above-average liquidity that have previously satisfactorily handled their obligations with the Bank. Collateral securing the Bank’s debt is margined in accordance with policy guidelines. Internally generated cash flow covers current maturities of long-term debt more than adequately. Unsecured loans to individuals supported by strong financial statements and on which repayment is satisfactory may be included in this classification. • Risk rating 3 – Satisfactory. Loans to persons or entities with an average financial condition, adequate collateral margins, adequate cash flow to service long-term debt, and net worth comprised mainly of fixed assets are included in this category. These entities are minimally profitable now, with projections indicating continued profitability into the foreseeable future. Closely held corporations or businesses where a majority of the profits are withdrawn by the owners or paid in dividends are included in this rating category. Overall, these loans are basically sound. • Risk rating 4 – Watch. Borrowers who have marginal cash flow, marginal profitability or have experienced an unprofitable year and a declining financial condition characterize these loans. The borrower has in the past satisfactorily handled debts with the Bank, but in recent months has either been late, delinquent in making payments, or made sporadic payments. While the Bank continues to be adequately secured, margins have decreased or are decreasing, despite the borrower’s continued satisfactory condition. Other characteristics of borrowers in this class include inadequate credit information, weakness of financial statement and repayment capacity, but with collateral that appears to limit exposure. • Risk rating 5 – Other Loans Especially Mentioned (“OLEM”) . A loan criticized as OLEM has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. OLEM assets are not adversely classified and do not expose the institution to sufficient risks to warrant adverse classification. • Risk rating 6 – Substandard. A loan classified as substandard is inadequately protected by the sound worth and paying capacity of the borrower or the collateral pledged. Loss potential, while existing in the aggregate amount of substandard loans, does not have to exist in individual assets. • Risk rating 7 – Doubtful. A loan classified as doubtful has all the weaknesses inherent in a loan classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. These are poor quality loans in which neither the collateral, if any, nor the financial condition of the borrower presently ensure collectability in full in a reasonable period of time; in fact, there is permanent impairment in the collateral securing the loan. • Risk rating 8 – Loss. Assets classified as loss are considered uncollectible and of such little value that the continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather, it is not practical or desirable to defer writing off this basically worthless asset, even though partial recovery may occur in the future. This classification is based upon current facts, not probabilities. Assets classified as loss should be charged-off in the period in which they became uncollectible. Loans may be classified, but not considered impaired, due to one of the following reasons: (1) The Company has established minimum dollar amount thresholds for loan impairment testing. All loans over $2.0 million that are rated 5 – 8 are individually assessed for impairment on a quarterly basis. Loans rated 5 – 8 that fall under the threshold amount are not individually tested for impairment and therefore are not included in impaired loans; (2) of the loans that are above the threshold amount and tested for impairment, after testing, some are considered to not be impaired and are not included in impaired loans. Based on the most recent analysis performed, the risk category of loans by class as of December 31, 2023 and 2022 is as follows: December 31, 2023 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Risk rating 1 $ — $ — $ — $ — $ 232 $ 116 $ 55 $ 403 Risk rating 2 — — — — 111 — — 111 Risk rating 3 305,742 584,860 568,413 243,177 216,746 934,111 440,414 3,293,463 Risk rating 4 83,089 557,540 242,217 224,378 149,258 590,864 95,360 1,942,706 Risk rating 5 — — 10,000 — 14,095 42,694 758 67,547 Risk rating 6 — 8,198 9,958 23,743 24,380 179,350 95 245,724 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total non-farm/non-residential 388,831 1,150,598 830,588 491,298 404,822 1,747,135 536,682 5,549,954 Construction/land development Risk rating 1 $ — $ — $ 10 $ — $ — $ — $ — $ 10 Risk rating 2 759 — — — — 186 — 945 Risk rating 3 300,941 499,984 130,342 62,134 22,656 56,180 44,603 1,116,840 Risk rating 4 198,874 417,244 252,602 22,713 32,342 24,527 209,063 1,157,365 Risk rating 5 641 1,163 — 3,306 218 69 — 5,397 Risk rating 6 — 7,817 1,631 748 641 254 1,327 12,418 Risk rating 7 — — — — — — — — Risk rating 8 — — 72 — — — — 72 Total construction/land development 501,215 926,208 384,657 88,901 55,857 81,216 254,993 2,293,047 Agricultural Risk rating 1 $ — $ 1,605 $ — $ — $ — $ — $ — $ 1,605 Risk rating 2 247 — 1,936 — — — — 2,183 Risk rating 3 30,252 43,291 22,919 25,992 10,678 43,284 20,104 196,520 Risk rating 4 9,477 24,688 20,358 19,532 7,873 32,692 4,612 119,232 Risk rating 5 — — — — 314 571 — 885 Risk rating 6 — — 1,675 1,084 1,620 352 — 4,731 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural 39,976 69,584 46,888 46,608 20,485 76,899 24,716 325,156 Total commercial real estate loans $ 930,022 $ 2,146,390 $ 1,262,133 $ 626,807 $ 481,164 $ 1,905,250 $ 816,391 $ 8,168,157 Residential real estate loans Residential 1-4 family Risk rating 1 $ — $ — $ — $ — $ — $ 144 $ 2 $ 146 Risk rating 2 259 — — — — 20 1 280 Risk rating 3 246,462 366,149 241,985 145,339 93,751 324,569 122,950 1,541,205 Risk rating 4 14,992 37,444 55,406 21,240 13,313 67,084 62,356 271,835 Risk rating 5 — 243 246 479 831 1,343 40 3,182 Risk rating 6 71 5,361 2,926 4,064 3,432 10,567 1,189 27,610 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — 2 — 2 Total residential 1-4 family 261,784 409,197 300,563 171,122 111,327 403,729 186,538 1,844,260 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Multifamily residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 3,314 9,827 37,755 44,407 31,436 53,068 6,537 186,344 Risk rating 4 669 77,185 69,546 64,295 8,116 18,490 7,822 246,123 Risk rating 5 — — — — — 3,006 — 3,006 Risk rating 6 — — — — 263 — — 263 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total multifamily residential 3,983 87,012 107,301 108,702 39,815 74,564 14,359 435,736 Total real estate $ 1,195,789 $ 2,642,599 $ 1,669,997 $ 906,631 $ 632,306 $ 2,383,543 $ 1,017,288 $ 10,448,153 Consumer Risk rating 1 $ 5,195 $ 2,952 $ 2,002 $ 839 $ 355 $ 1,114 $ 1,580 $ 14,037 Risk rating 2 — — — — 126 54 — 180 Risk rating 3 240,897 245,543 211,312 108,009 108,063 191,220 1,264 1,106,308 Risk rating 4 9,597 7,534 2,479 69 109 6,073 214 26,075 Risk rating 5 22 — 22 483 872 261 — 1,660 Risk rating 6 204 1,559 830 581 881 1,349 11 5,415 Risk rating 7 15 — — — — — — 15 Risk rating 8 — — — — — — — — Total consumer 255,930 257,588 216,645 109,981 110,406 200,071 3,069 1,153,690 Commercial and industrial Risk rating 1 3,757 $ 918 $ 1,120 $ 236 $ 121 $ 20,835 $ 12,644 $ 39,631 Risk rating 2 174 1,293 220 12 164 218 963 3,044 Risk rating 3 487,896 272,608 78,507 50,340 77,761 170,610 227,043 1,364,765 Risk rating 4 115,025 34,474 55,812 33,000 27,189 71,854 378,417 715,771 Risk rating 5 21 547 16,318 3,352 201 980 1,767 23,186 Risk rating 6 12,498 75,536 4,942 1,154 9,086 12,180 63,198 178,594 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total commercial and industrial 619,371 385,376 156,919 88,094 114,522 276,677 684,032 2,324,991 Agricultural and other Risk rating 1 $ 408 $ 131 $ 16 $ 105 $ — $ 2 $ 563 $ 1,225 Risk rating 2 396 28 1 — 1,181 100 693 2,399 Risk rating 3 52,758 45,796 31,378 26,918 3,059 43,984 145,419 349,312 Risk rating 4 14,007 7,663 8,025 955 10,955 3,188 94,186 138,979 Risk rating 5 — 2,286 — 134 — 593 665 3,678 Risk rating 6 71 33 63 108 — 370 1,656 2,301 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural and other 67,640 55,937 39,483 28,220 15,195 48,237 243,182 497,894 Total $ 2,138,730 $ 3,341,500 $ 2,083,044 $ 1,132,926 $ 872,429 $ 2,908,528 $ 1,947,571 $ 14,424,728 December 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Risk rating 1 $ — $ — $ — $ 237 $ — $ 132 $ 85 $ 454 Risk rating 2 — — — 118 — 3,992 — 4,110 Risk rating 3 616,809 509,269 263,188 279,157 322,278 852,727 374,371 3,217,799 Risk rating 4 438,565 341,047 235,669 161,421 321,188 482,437 139,203 2,119,530 Risk rating 5 — 757 1,145 14,417 35,273 37,561 95 89,248 Risk rating 6 876 196 14,247 26,649 4,720 153,909 194 200,791 Risk rating 7 131 — — — — — — 131 Risk rating 8 — — — — — — — — Total non-farm/non-residential 1,056,381 851,269 514,249 481,999 683,459 1,530,758 513,948 5,632,063 Construction/land development Risk rating 1 $ — $ 11 $ — $ — $ — $ — $ — $ 11 Risk rating 2 682 — — — — 210 — 892 Risk rating 3 421,774 283,546 83,631 48,350 19,340 34,910 75,797 967,348 Risk rating 4 354,852 512,541 58,368 79,924 11,520 43,634 65,960 1,126,799 Risk rating 5 — — 30,987 310 — 1,140 — 32,437 Risk rating 6 612 — 574 751 3 5,839 — 7,779 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total construction/land development 777,920 796,098 173,560 129,335 30,863 85,733 141,757 2,135,266 Agricultural Risk rating 1 $ 1,749 $ — $ — $ — $ — $ — $ — $ 1,749 Risk rating 2 — 2,048 — — — — — 2,048 Risk rating 3 61,725 43,356 32,895 16,475 10,326 37,892 5,996 208,665 Risk rating 4 18,870 25,252 20,532 8,706 3,154 42,886 4,755 124,155 Risk rating 5 — — — 326 — 603 — 929 Risk rating 6 — 1,630 1,623 4,972 — 1,040 — 9,265 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural 82,344 72,286 55,050 30,479 13,480 82,421 10,751 346,811 Total commercial real estate loans $ 1,916,645 $ 1,719,653 $ 742,859 $ 641,813 $ 727,802 $ 1,698,912 $ 666,456 $ 8,114,140 Residential real estate loans Residential 1-4 family Risk rating 1 $ — $ — $ — $ — $ — $ 115 $ 40 $ 155 Risk rating 2 — — — — — 48 2 50 Risk rating 3 360,510 255,775 176,955 112,053 98,093 314,492 110,881 1,428,759 Risk rating 4 37,471 35,875 61,418 11,871 15,577 61,034 65,674 288,920 Risk rating 5 — — — 3,049 226 328 — 3,603 Risk rating 6 849 2,423 3,564 3,521 2,536 12,662 1,508 27,063 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — 1 — 1 Total residential 1-4 family 398,830 294,073 241,937 130,494 116,432 388,680 178,105 1,748,551 December 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Multifamily residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 38,830 37,566 14,127 33,813 13,098 60,117 6,534 204,085 Risk rating 4 43,478 101,282 182,850 8,284 11,934 11,779 1,201 360,808 Risk rating 5 — — — — 3,142 7,897 — 11,039 Risk rating 6 — — — 302 — 1,818 — 2,120 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total multifamily residential 82,308 138,848 196,977 42,399 28,174 81,611 7,735 578,052 Total real estate $ 2,397,783 $ 2,152,574 $ 1,181,773 $ 814,706 $ 872,408 $ 2,169,203 $ 852,296 $ 10,440,743 Consumer Risk rating 1 $ 5,332 $ 3,952 $ 1,134 $ 637 $ 552 $ 1,176 $ 1,467 $ 14,250 Risk rating 2 — — — 193 614 — — 807 Risk rating 3 284,828 276,044 146,256 132,763 118,244 135,266 16,093 1,109,494 Risk rating 4 15,306 2,293 422 1,216 459 907 69 20,672 Risk rating 5 — 633 19 — 8 810 — 1,470 Risk rating 6 215 156 270 970 24 1,386 101 3,122 Risk rating 7 — — — — — — — — Risk rating 8 3 — 1 — — 77 — 81 Total consumer 305,684 283,078 148,102 135,779 119,901 139,622 17,730 1,149,896 Commercial and industrial Risk rating 1 $ 3,450 $ 7,692 $ 268 $ 264 $ 16 $ 21,298 $ 8,832 $ 41,820 Risk rating 2 1,590 305 27 198 — 226 781 3,127 Risk rating 3 301,063 126,312 80,636 73,360 71,964 112,017 253,111 1,018,463 Risk rating 4 70,862 120,618 69,963 89,975 81,389 48,496 568,795 1,050,098 Risk rating 5 83,272 14,762 159 1,408 6,815 185 75,891 182,492 Risk rating 6 4,842 2,539 11,204 4,193 5,769 16,559 3,554 48,660 Risk rating 7 — — — — 4,316 202 85 4,603 Risk rating 8 — — — — — — — — Total commercial and industrial 465,079 272,228 162,257 169,398 170,269 198,983 911,049 2,349,263 Agricultural and other Risk rating 1 $ 297 $ 266 $ 115 $ — $ — $ 95 $ 722 $ 1,495 Risk rating 2 140 78 — 2,338 34 115 1,661 4,366 Ri |
Goodwill and Core Deposit Intan
Goodwill and Core Deposit Intangible | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposit Intangible | Goodwill and Core Deposit Intangible Changes in the carrying amount and accumulated amortization of the Company’s goodwill and core deposit intangible at December 31, 2023 and 2022, were as follows: December 31, 2023 December 31, 2022 Goodwill (In thousands) Balance, beginning of period $ 1,398,253 $ 973,025 Acquisitions — 425,228 Balance, end of period $ 1,398,253 $ 1,398,253 December 31, 2023 December 31, 2022 Core Deposit Intangible (In thousands) Balance, beginning of period $ 58,455 $ 25,045 Acquisitions — 42,263 Amortization expense (9,685) (8,853) Balance, end of year $ 48,770 $ 58,455 The carrying basis and accumulated amortization of core deposits intangibles at December 31, 2023 and 2022 were: December 31, 2023 December 31, 2022 (In thousands) Gross carrying amount $ 128,888 $ 128,888 Accumulated amortization (80,118) (70,433) Net carrying amount $ 48,770 $ 58,455 Core deposit intangible amortization expense for the years ended December 31, 2023, 2022 and 2021 was approximately $9.7 million, $8.9 million and $5.7 million, respectively. The core deposit intangible is tested annually for impairment during the fourth quarter. During the 2023 review, no impairment was found. Including all of the mergers completed as of December 31, 2023, HBI’s estimated amortization expense of the core deposit intangible for each of the years 2024 through 2028 is approximately: 2024 – $8.4 million; 2025 – $8.0 million; 2026 – $7.8 million; 2027 – $6.6 million and 2028 – $4.2 million. The carrying amount of the Company’s goodwill was $1.40 billion at both December 31, 2023 and 2022. Goodwill is tested annually for impairment during the fourth quarter or more frequently if changes or circumstances occur. During the 2023 and 2022 reviews, no impairment was found. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated, and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the consolidated financial statements. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Abstract] | |
Other Assets | Other Assets Other assets consist primarily of equity securities without a readily determinable fair value and other miscellaneous assets. As of December 31, 2023 and 2022, other assets were $323.6 million and $321.2 million, respectively. The Company has equity securities without readily determinable fair values such as stock holdings in the Federal Home Loan Bank (“FHLB”) and the Federal Reserve Bank (“Federal Reserve”) which are outside the scope of ASC Topic 321, Investments – Equity Securities (“ASC Topic 321”). These equity securities without a readily determinable fair value were $133.4 million and $135.3 million at December 31, 2023 and December 31, 2022, respectively, and are accounted for at cost. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Deposits | Deposits The aggregate amount of time deposits with a minimum denomination of $250,000 was $836.7 million and $333.2 million at December 31, 2023 and 2022, respectively. The aggregate amount of time deposits with a minimum denomination of $100,000 was $1.09 billion and $639.3 million at December 31, 2023 and 2022, respectively. Interest expense applicable to certificates in excess of $100,000 totaled $26.1 million, $3.4 million and $7.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, brokered deposits were $401.0 million and $476.6 million, respectively. The following is a summary of the scheduled maturities of all time deposits at December 31, 2023 (in thousands): 2024 $1,342,054 2025 275,134 2026 13,937 2027 12,178 2028 8,055 Thereafter 505 Total time deposits $1,651,863 Deposits totaling approximately $3.05 billion and $2.65 billion at December 31, 2023 and 2022, respectively, were public funds obtained primarily from state and political subdivisions in the United States. |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2023 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase At December 31, 2023 and 2022, securities sold under agreements to repurchase totaled $142.1 million and $131.1 million, respectively. For the years ended December 31, 2023 and 2022, securities sold under agreements to repurchase daily weighted-average totaled $149.0 million and $129.0 million, respectively. The remaining contractual maturity of securities sold under agreements to repurchase in the consolidated balance sheets as of December 31, 2023 and 2022 is presented in the following table: December 31, 2023 December 31, 2022 Overnight and Total Overnight and Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ — $ — $ 5,322 $ 5,322 Mortgage-backed securities — — 5,153 5,153 State and political subdivisions — — 117,674 117,674 Other securities 142,085 142,085 2,997 2,997 Total borrowings $ 142,085 $ 142,085 $ 131,146 $ 131,146 |
FHLB and Other Borrowed Funds
FHLB and Other Borrowed Funds | 12 Months Ended |
Dec. 31, 2023 | |
Advance from Federal Home Loan Bank [Abstract] | |
FHLB and Other Borrowed Funds | FHLB and Other Borrowed Funds The Company’s FHLB borrowed funds, which are secured by our loan portfolio, were $600.0 million and $650.0 million at December 31, 2023 and 2022, respectively. At December 31, 2023, the entire $600.0 million balance was classified as long-term advances. At December 31, 2022, $50.0 million and $600.0 million of the outstanding balance was classified as short-term and long-term advances, respectively. The FHLB advances mature from 2025 to 2037 with fixed interest rates ranging from 3.37% to 4.84% and are secured by loans and investments securities. Expected maturities could differ from contractual maturities because the FHLB has have the right to call or the Company has the right to prepay certain obligations. Other borrowed funds were $701.3 million as of December 31, 2023 and were classified as short-term advances. The Company had no other borrowed funds as of December 31, 2022. The Company had access to approximately $1.37 billion in liquidity with the Federal Reserve Bank as of December 31, 2023. This consisted of $89.8 million available from the Discount Window and $1.28 billion available through the Bank Term Funding Program ("BTFP"). As of December 31, 2023, the primary and secondary credit rates available through the Discount Window were 5.50% and 6.00%, respectively, and the BTFP rate was 4.84%. As of December 31, 2023, the Company had drawn $700.0 million from the BTFP in the ordinary course of business. These advances are included within other borrowed funds and are secured by certain investment securities within our investment portfolio. Additionally, the Company had $1.33 billion and $1.14 billion at December 31, 2023 and 2022, respectively, in letters of credit under a FHLB blanket borrowing line of credit, which are used to collateralize public deposits at December 31, 2023 and 2022, respectively. Maturities of borrowings with original maturities exceeding one year at December 31, 2023, are as follows (in thousands): By Contractual By 2024 $ 701,300 $ 1,101,300 2025 100,000 100,000 2026 100,000 100,000 2027 — — 2028 — — Thereafter 400,000 — $ 1,301,300 $ 1,301,300 |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Subordinated Debentures | Subordinated Debentures Subordinated debentures consist of subordinated debt securities and guaranteed payments on trust preferred securities. As of December 31, 2023 and 2022, subordinated debentures were $439.8 million and $440.4 million, respectively. Subordinated debentures at December 31, 2023 and 2022 contained the following components: As of December 31, 2023 As of December 31, 2022 (In thousands) Subordinated debt securities Subordinated notes issued in 2020, due 2030, fixed rate of 5.500% during the first five years and at a floating rate of 534.5 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2025 without penalty $ 142,084 $ 143,400 Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty 297,750 297,020 Total $ 439,834 $ 440,420 Trust Preferred Securities . On April 1, 2022, the Company acquired $23.2 million in trust preferred securities from Happy which were currently callable without penalty based on the terms of the specific agreements. During the second and third quarters of 2022, the Company redeemed, without penalty, the $23.2 million of the trust preferred securities acquired from Happy. In addition, during the second and third quarters, the Company also redeemed, without penalty, the $73.3 million of trust preferred securities held prior to the Happy acquisition. As a result, the Company no longer holds any trust preferred securities. Subordinated Debt Securities . On April 1, 2022, the Company acquired $140.0 million in aggregate principal amount of 5.500% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “2030 Notes”) from Happy, and the Company recorded approximately $144.4 million which included fair value adjustments. The 2030 Notes are unsecured, subordinated debt obligations of the Company and will mature on July 31, 2030. From and including the date of issuance to, but excluding July 31, 2025 or the date of earlier redemption, the 2030 Notes will bear interest at an initial rate of 5.50% per annum, payable in arrears on January 31 and July 31 of each year. From and including July 31, 2025 to, but excluding, the maturity date or earlier redemption, the 2030 Notes will bear interest at a floating rate equal to the Benchmark rate (which is expected to be 3-month Secured Overnight Funding Rate (SOFR)), each as defined in and subject to the provisions of the applicable supplemental indenture for the 2030 Notes, plus 5.345%, payable quarterly in arrears on January 31, April 30, July 31, and October 31 of each year, commencing on October 31, 2025. The Company may, beginning with the interest payment date of July 31, 2025, and on any interest payment date thereafter, redeem the 2030 Notes, in whole or in part, subject to prior approval of the Federal Reserve if then required, at a redemption price equal to 100% of the principal amount of the 2030 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem the 2030 Notes at any time, including prior to July 31, 2025, at the Company’s option, in whole but not in part, subject to prior approval of the Federal Reserve if then required, if certain events occur that could impact the Company’s ability to deduct interest payable on the 2030 Notes for U.S. federal income tax purposes or preclude the 2030 Notes from being recognized as Tier 2 capital for regulatory capital purposes, or if the Company is required to register as an investment company under the Investment Company Act of 1940, as amended. In each case, the redemption would be at a redemption price equal to 100% of the principal amount of the 2030 Notes plus any accrued and unpaid interest to, but excluding, the redemption date. On January 18, 2022, the Company completed an underwritten public offering of $300.0 million in aggregate principal amount of its 3.125% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “2032 Notes”) for net proceeds, after underwriting discounts and issuance costs of approximately $296.4 million. The 2032 Notes are unsecured, subordinated debt obligations of the Company and will mature on January 30, 2032. From and including the date of issuance to, but excluding January 30, 2027 or the date of earlier redemption, the 2032 Notes will bear interest at an initial rate of 3.125% per annum, payable in arrears on January 30 and July 30 of each year. From and including January 30, 2027 to, but excluding, the maturity date or earlier redemption, the 2032 Notes will bear interest at a floating rate equal to the Benchmark rate (which is expected to be Three-Month Term SOFR)), each as defined in and subject to the provisions of the applicable supplemental indenture for the 2032 Notes, plus 182 basis points, payable quarterly in arrears on January 30, April 30, July 30, and October 30 of each year, commencing on April 30, 2027. The Company may, beginning with the interest payment date of January 30, 2027 , and on any interest payment date thereafter, redeem the 2032 Notes, in whole or in part, subject to prior approval of the Federal Reserve if then required, at a redemption price equal to 100% of the principal amount of the 2032 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem the 2032 Notes at any time, including prior to January 30, 2027 , at the Company’s option, in whole but not in part, subject to prior approval of the Federal Reserve if then required, if certain events occur that could impact the Company’s ability to deduct interest payable on the 2032 Notes for U.S. federal income tax purposes or preclude the 2032 Notes from being recognized as Tier 2 capital for regulatory capital purposes, or if the Company is required to register as an investment company under the Investment Company Act of 1940, as amended. In each case, the redemption would be at a redemption price equal to 100% of the principal amount of the 2032 Notes plus any accrued and unpaid interest to, but excluding, the redemption date. On April 3, 2017, the Company completed an underwritten public offering of $300.0 million in aggregate principal amount of its 5.625% Fixed-to-Floating Rate Subordinated Notes due 2027 (the “Notes”) for net proceeds, after underwriting discounts and issuance costs, of approximately $297.0 million. The Notes were unsecured, subordinated debt obligations and would have matured on April 15, 2027. From and including the date of issuance to, but excluding April 15, 2022, the Notes bore interest at an initial rate of 5.625% per annum. From and including April 15, 2022 to, but excluding the maturity date or earlier redemption, the Notes were to bear interest at a floating rate equal to three-month LIBOR as calculated on each applicable date of determination plus a spread of 3.575%; provided, however, that in the event three-month LIBOR is less than zero, then three-month LIBOR would have been deemed to be zero. The Company, beginning with the interest payment date of April 15, 2022, and on any interest payment date thereafter, was permitted to redeem the 2027 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2027 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. On April 15, 2022, the Company completed the payoff of the 2027 Notes in aggregate principal amount of $300.0 million. Each 2027 Note was redeemed pursuant to the terms of the Subordinated Indenture, as supplemented by the First Supplemental Indenture, each dated as of April 3, 2017, between the Company and U.S. Bank Trust Company, National Association, the Trustee for the 2027 Notes, at the redemption price of 100% of its principal amount, plus accrued and unpaid interest to, but excluding, the redemption date. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following is a summary of the components of the provision for income taxes for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 (In thousands) Current: Federal $ 99,938 $ 72,367 $ 70,536 State 23,093 14,733 23,350 Total current 123,031 87,100 93,886 Deferred: Federal (3,312) 1,839 2,906 State (765) 374 962 Total deferred (4,077) 2,213 3,868 Income tax expense $ 118,954 $ 89,313 $ 97,754 The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Statutory federal income tax rate 21.00 % 21.00 % 21.00 % Effect of non-taxable interest income (0.68) (1.89) (1.03) Stock compensation 0.28 0.38 0.25 State income taxes, net of federal benefit 2.97 2.70 3.97 Other (0.33) 0.45 (0.74) Effective income tax rate 23.24 % 22.64 % 23.45 % The types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows: December 31, 2023 December 31, 2022 (In thousands) Deferred tax assets: Allowance for credit losses $ 81,251 $ 80,232 Deferred compensation 7,619 7,817 Stock compensation 6,803 6,180 Non-accrual interest income 1,463 1,518 Real estate owned 79 103 Unrealized loss on Securities AFS 82,613 98,587 Loan discounts 5,119 7,007 Tax basis on acquisitions — 1,222 Investments 24,669 28,523 Other 14,691 8,007 Gross deferred tax assets 224,307 239,196 Deferred tax liabilities: Accelerated depreciation on premises and equipment 1,477 4,252 Tax basis on acquisitions 4,061 — Core deposit intangibles 11,021 14,755 FHLB dividends 2,351 2,681 Other 8,233 8,187 Gross deferred tax liabilities 27,143 29,875 Net deferred tax assets $ 197,164 $ 209,321 The Company files income tax returns in the U.S. federal jurisdiction. The Company is no longer subject to U.S. federal and state tax examinations by tax authorities for years before 2019. The Company’s income tax returns are open and subject to examinations from the 2020 tax year and forward. |
Common Stock, Compensation Plan
Common Stock, Compensation Plans and Other | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Common Stock, Compensation Plans and Other | Common Stock, Compensation Plans and Other Common Stock The Company’s Restated Articles of Incorporation, as amended, authorize the issuance of up to 300,000,000 shares of common stock, par value $0.01 per share. The Company also has the authority to issue up to 5,500,000 shares of preferred stock, par value $0.01 per share under the Company’s Restated Articles of Incorporation. Stock Repurchases During 2023, the Company repurchased a total of 2,225,849 shares with a weighted-average stock price of $21.69 per share. The 2023 earnings were used to fund the repurchases during the year. Shares repurchased under the program as of December 31, 2023 total 22,985,715 shares. The remaining balance available for repurchase was 16,766,285 shares at December 31, 2023. Stock Compensation Plans On January 21, 2022, the Company’s Board of Directors adopted, and on April 21, 2022, the Company's shareholders approved, the Home BancShares, Inc. 2022 Equity Incentive Plan (the “2022 Plan”). The 2022 Plan replaced the Company’s Amended and Restated 2006 Stock Option and Performance Incentive Plan (the “2006 Plan” and, together with the 2022 Plan, the “Plans”), which expired on February 27, 2022. The purpose of the Plans is to attract and retain highly qualified officers, directors, key employees, and other persons, and to motivate those persons to improve the Company’s business results. As of December 31, 2023, the maximum total number of shares of the Company’s common stock available for issuance under the 2022 Plan was 14,788,000 shares (representing 13,288,000 shares approved for issuance under the 2006 Plan plus 1,500,000 shares added upon adoption of the 2022 Plan). At December 31, 2023, the Company had 2,638,311 shares of common stock remaining available for future grants and 5,413,912 shares of common stock reserved for issuance pursuant the Plans. The intrinsic value of the stock options outstanding at December 31, 2023, 2022, and 2021 was $12.2 million, $7.8 million and $13.1 million, respectively. The intrinsic value of the stock options vested at December 31, 2023, 2022 and 2021 was $10.3 million, $7.5 million and $10.7 million, respectively. The intrinsic value of the stock options exercised during 2023, 2022 and 2021 was $1.9 million, $1.8 million, and $2.0 million, respectively. Total unrecognized compensation cost, net of income tax benefit, related to non-vested awards, which are expected to be recognized over the vesting periods, was approximately $3.7 million as of December 31, 2023. The table below summarized the stock option transactions under the Plan at December 31, 2023, 2022 and 2021 and changes during the years then ended: 2023 2022 2021 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding, beginning of year 2,971 $ 20.45 3,015 $ 20.06 3,254 $ 19.77 Granted 25 22.63 183 21.13 15 21.68 Forfeited/Expired (10) 23.38 (96) 21.89 (57) 22.44 Exercised (210) 14.01 (131) 11.30 (197) 14.78 Outstanding, end of year 2,776 20.95 2,971 20.45 3,015 20.06 Exercisable, end of year 1,940 20.05 1,837 18.89 1,543 17.46 Stock-based compensation expense for stock-based compensation awards granted is based on the grant-date fair value. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Accordingly, while management believes that the Black-Scholes option-pricing model provides a reasonable estimate of fair value, the model does not necessarily provide the best single measure of fair value for the Company's employee stock options. The weighted-average fair value of options granted during the year ended December 31, 2023 was $5.37, and the weighted-average fair value of options granted during the year ended December 31, 2022 was $5.21. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model based on the weighted-average assumptions for expected dividend yield, expected stock price volatility, risk-free interest rate, and expected life of options granted. The assumptions used in determining the fair value of 2023, 2022 and 2021 stock option grants were as follows: For the Years Ended December 31, 2023 2022 2021 Expected dividend yield 2.98 % 3.14 % 2.59 % Expected stock price volatility 27.97 % 31.18 % 70.13 % Risk-free interest rate 3.37 % 2.82 % 0.75 % Expected life of options 6.5 years 6.5 years 6.5 years The following is a summary of currently outstanding and exercisable options at December 31, 2023: Options Outstanding Options Exercisable Exercise Prices Options Weighted- Weighted- Options Weighted- $14.00 to $15.99 100 1.04 $ 14.71 100 $ 14.71 $16.00 to $17.99 172 0.91 16.92 172 16.92 $18.00 to $19.99 836 1.79 18.48 829 18.48 $20.00 to $21.99 268 4.72 20.87 191 20.98 $22.00 to $23.99 1,309 4.65 23.22 577 23.14 $24.00 to $25.99 91 4.40 25.59 71 25.95 2,776 1,940 The table below summarizes the activity for the Company’s restricted stock issued and outstanding at December 31, 2023, 2022 and 2021 and changes during the years then ended: 2023 2022 2021 (In thousands) Beginning of year 1,381 1,231 1,371 Issued 261 409 216 Vested (152) (178) (320) Forfeited (61) (81) (36) End of year 1,429 1,381 1,231 Amount of expense for twelve months ended $ 8,016 $ 7,646 $ 7,112 |
Non-Interest Expense
Non-Interest Expense | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Non-Interest Expense | Non-Interest Expense The table below shows the components of non-interest expense for years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 (In thousands) Salaries and employee benefits $ 256,966 $ 238,885 $ 170,755 Occupancy and equipment 60,303 53,417 36,631 Data processing expense 36,329 34,942 24,280 Merger expense — 49,594 1,886 Other operating expenses: Advertising 8,850 7,974 4,855 Amortization of intangibles 9,685 8,853 5,683 Electronic banking expense 14,313 13,632 9,817 Directors' fees 1,814 1,491 1,614 Due from bank service charges 1,115 1,255 1,044 FDIC and state assessment 25,530 8,428 5,472 Hurricane expense — 176 — Insurance 3,567 3,705 3,118 Legal and accounting 5,230 9,401 3,703 Other professional fees 8,815 8,881 6,950 Operating supplies 3,138 3,120 1,915 Postage 2,081 2,078 1,283 Telephone 2,160 1,890 1,425 Other expense 32,967 27,905 18,086 Total other operating expenses 119,265 98,789 64,965 Total non-interest expense $ 472,863 $ 475,627 $ 298,517 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans 401(k) and Employee Stock Ownership Plan The Company has a combined 401(k) plan and employee stock ownership plan, named the Home BancShares, Inc. 401(k) and Employee Stock Ownership Plan, in which substantially all employees may participate. The Company matches employees’ contributions based on a percentage of salary contributed by participants. As of December 31, 2023, participants in the plan held approximately 1.3 million shares of the Company’s stock. These shares are allocated to the individual employees that have elected to own stock within the plan. While the plan also allows for discretionary employer contributions, no discretionary contributions were made for the years ended 2023, 2022 and 2021. The Company’s expense for the plan was approximately $3.4 million, $3.1 million and $2.5 million in 2023, 2022 and 2021, respectively, which is included in salaries and employee benefits expense. Chairman’s Retirement Plan On April 20, 2007, the Company’s Board of Directors approved a Chairman’s Retirement Plan for John W. Allison, the Company’s Chairman. The Chairman’s Retirement Plan provides a supplemental retirement benefit of $250,000 a year for 10 consecutive years or until Mr. Allison’s death, whichever occurs later. During 2011, Mr. Allison reached the age of 65 and became 100% vested in the plan. Therefore, he began receiving the supplemental retirement benefit due to him. He received $250,000 of this benefit during 2023, 2022 and 2021, respectively. An expense of $84,787, $97,449 and $109,140 was accrued for 2023, 2022 and 2021 for this plan, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In the ordinary course of business, loans may be made to officers and directors and their affiliated companies at substantially the same terms as comparable transactions with other borrowers. At December 31, 2023 and 2022, related party loans were approximately $63.2 million and $76.5 million, respectively. New loans and advances on prior commitments made to the related parties were $662,000 and $24.8 million for the years ended December 31, 2023 and 2022, respectively. Repayments of loans made by the related parties were $11.0 million and $9.1 million for the years ended December 31, 2023 and 2022, respectively. At December 31, 2023 and 2022, directors, officers, and other related interest parties had demand, non-interest-bearing deposits of approximately $4.3 million and $7.7 million, respectively, savings and interest-bearing transaction accounts of approximately $11.6 million and $10.9 million, respectively, and time certificates of deposit of approximately $878,000 and $390,000, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company leases land and office facilities under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2044 and do not include renewal options based on economic factors that would have implied that continuation of the lease was reasonably certain. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. The leases generally include real estate taxes and common area maintenance (“CAM”) charges in the rental payments. Short-term leases are leases having a term of twelve months or less. The Company does not separate nonlease components from the associated lease component of our operating leases. As a result, the Company accounts for these components as a single component under Topic 842 since (i) the timing and pattern of transfer of the nonlease components and the associated lease component are the same and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The Company recognizes short-term leases on a straight-line basis and does not record a related right-of-use ("ROU") asset and liability for such leases. In addition, equipment leases were determined to be immaterial and a related ROU asset and liability for such leases is not recorded. As of December 31, 2023, the balances of the ROU asset and lease liability were $42.2 million and $45.0 million, respectively. As of December 31, 2022, the balances of the ROU asset and lease liability were $42.9 million and $46.0 million, respectively. The ROU asset is included in bank premises and equipment, net accrued interest payable and other liabilities The minimum rental commitments under these noncancelable operating leases are as follows as of December 31, 2023 and 2022: December 31, 2023 (In thousands) 2024 $ 9,373 2025 8,549 2026 8,111 2027 7,223 2028 5,496 Thereafter 19,827 Total future minimum lease payments $ 58,579 Discount effect of cash flows (13,551) Present value of net future minimum lease payments $ 45,028 December 31, 2022 (In thousands) 2023 $ 8,332 2024 7,463 2025 6,739 2026 6,352 2027 5,821 Thereafter 24,591 Total future minimum lease payments $ 59,298 Discount effect of cash flows (13,344) Present value of net future minimum lease payments $ 45,954 Additional information: Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 (In thousands) Lease expense: Operating lease expense $ 8,087 $ 7,995 $ 7,857 Short-term lease expense — 3 6 Variable lease expense 1,105 873 1,028 Total lease expense $ 9,192 $ 8,871 $ 8,891 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 8,384 $ 8,128 $ 7,881 Weighted-average remaining lease term 8.47 9.28 9.71 Weighted-average discount rate 3.43 % 3.41 % 3.48 % |
Significant Estimates and Conce
Significant Estimates and Concentrations of Credit Risks | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Significant Estimates and Concentrations of Credit Risks | Significant Estimates and Concentrations of Credit Risks Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Estimates related to the allowance for credit losses and certain concentrations of credit risk are reflected in Note 5, while deposit concentrations are reflected in Note 8. The Company’s primary market areas are in Arkansas, Florida, Texas, South Alabama and New York. The Company primarily grants loans to customers located within these markets unless the borrower has an established relationship with the Company. The diversity of the Company’s economic base tends to provide a stable lending environment. Although the Company has a loan portfolio that is diversified in both industry and geographic area, a substantial portion of its debtors’ ability to honor their contracts is dependent upon real estate values, tourism demand and the economic conditions prevailing in its market areas. Although the Company has a diversified loan portfolio, at December 31, 2023 and 2022, commercial real estate loans represented 56.7% and 56.3% of total loans receivable, respectively, and 215.5% and 230.1% of total stockholders’ equity, respectively. Residential real estate loans represented 15.8% and 16.1% of total loans receivable and 60.1% and 66.0% of total stockholders’ equity at December 31, 2023 and 2022, respectively. Approximately 79.8% of the Company’s total loans and 84.6% of the Company’s real estate loans as of December 31, 2023, are to borrowers whose collateral is located in Alabama, Arkansas, Florida, Texas and New York, the states in which the Company has its branch locations. Any future volatility in the economy could cause the values of assets and liabilities recorded in the financial statements to change rapidly, resulting in material future adjustments in asset values, the allowance for credit losses and capital that could negatively impact the Company’s ability to meet regulatory capital requirements and maintain sufficient liquidity. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the ordinary course of business, the Company makes various commitments and incurs certain contingent liabilities to fulfill the financing needs of their customers. These commitments and contingent liabilities include lines of credit and commitments to extend credit and issue standby letters of credit. The Company applies the same credit policies and standards as they do in the lending process when making these commitments. The collateral obtained is based on the assessed creditworthiness of the borrower. At December 31, 2023 and 2022, commitments to extend credit of $4.59 billion and $4.83 billion, respectively, were outstanding. A percentage of these balances are participated out to other banks; therefore, the Company can call on the participating banks to fund future draws. Since some of these commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. Outstanding standby letters of credit are contingent commitments issued by the Company, generally to guarantee the performance of a customer in third-party borrowing arrangements. The term of the guarantee is dependent upon the creditworthiness of the borrower, some of which are long-term. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments. The maximum amount of future payments the Company could be required to make under these guarantees at December 31, 2023 and 2022, is $185.5 million and $184.6 million, respectively. The Company and/or its bank subsidiary have various unrelated legal proceedings, most of which involve loan foreclosure activity pending, which, in the aggregate, are not expected to have a material adverse effect on the financial position or results of operations or cash flows of the Company and its subsidiary. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Transfers of financial instruments between levels within the fair value hierarchy are recognized on the date management determines that the underlying circumstances or assumptions have changed. Available-for-sale securities - the Company's available-for-sale securities are considered to be Level 2 securities. The Level 2 securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio securities with complicated structures. Pricing for the Company’s investment securities is fairly generic and is easily obtained. The Company uses a third-party comparison pricing vendor in order to reflect consistency in the fair values of the investment securities sampled by the Company each quarter. Held-to-maturity securities – the Company's held-to-maturity securities are considered to be Level 2 securities. The Level 2 securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Impaired loans - Impaired loans include loans individually analyzed for credit losses for which a specific reserve has been recorded, non-accrual loans, loans past due 90 days or more and restructured loans made to borrowers experiencing financial difficulty. Impaired loans are carried at the net realizable value of the collateral if the loan is collateral dependent. A portion of the allowance for credit losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. If these allocations cause the allowance for credit losses to require an increase, such increase is reported as a component of the provision for credit losses. The fair value of loans with specific allocated losses was $10.5 million and $168.6 million as of December 31, 2023 and 2022, respectively. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed $2.4 million and $1.1 million of accrued interest receivable when impaired loans were put on non-accrual status during the years ended December 31, 2023 and 2022, respectively. Foreclosed assets held for sale - Foreclosed assets held for sale are held by the Company at fair value, less estimated costs to sell. At foreclosure, if the fair value, less estimated costs to sell, of the real estate acquired is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the allowance for credit losses. Additionally, valuations are periodically performed by management and any subsequent reduction in value is recognized by a charge to income. The fair value of foreclosed assets held for sale is estimated using Level 3 inputs based on appraisals of underlying collateral. As of December 31, 2023 and 2022, the fair value of foreclosed assets held for sale, less estimated costs to sell, was $30.5 million and $546,000, respectively. No foreclosed assets held for sale were remeasured during the year ended December 31, 2023. No foreclosed assets held for sale were remeasured during the year ended December 31, 2022. Regulatory guidelines require the Company to reevaluate the fair value of foreclosed assets held for sale on at least an annual basis. The Company’s policy is to comply with the regulatory guidelines. The significant unobservable (Level 3) inputs used in the fair value measurement of collateral for collateral-dependent impaired loans and foreclosed assets primarily relate to customized discounting criteria applied to the customer’s reported amount of collateral. The amount of the collateral discount depends upon the condition and marketability of the underlying collateral. As the Company’s primary objective in the event of default would be to monetize the collateral to settle the outstanding balance of the loan, less marketable collateral would receive a larger discount. Fair Values of Financial Instruments The following table presents the estimated fair values of the Company’s financial instruments. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. December 31, 2023 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 1,000,213 $ 1,000,213 1 Investment securities - available for sale 3,507,841 3,507,841 2 Investment securities - held-to-maturity 1,281,982 1,170,481 2 Loans receivable, net of impaired loans and allowance 14,048,002 14,071,775 3 Accrued interest receivable 118,966 118,966 1 FHLB, FRB & FNBB stock; other equity investments 223,748 223,748 3 Marketable equity securities 49,419 49,419 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 4,085,501 $ 4,085,501 1 Savings and interest-bearing transaction accounts 11,050,347 11,050,347 1 Time deposits 1,651,863 1,633,091 3 Securities sold under agreements to repurchase 142,085 142,085 1 FHLB and other borrowed funds 1,301,300 1,291,926 2 Accrued interest payable 19,124 19,124 1 Subordinated debentures 439,834 358,682 3 December 31, 2022 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 724,790 $ 724,790 1 Investment securities - available for sale 4,041,590 4,041,590 2 Investment securities - held-to-maturity 1,287,705 1,126,146 2 Loans receivable, net of impaired loans and allowance 13,929,892 13,723,865 3 Accrued interest receivable 103,199 103,199 1 FHLB, FRB & FNBB stock; other equity investments 215,952 215,952 3 Marketable equity securities 52,034 52,034 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 5,164,997 $ 5,164,997 1 Savings and interest-bearing transaction accounts 11,730,552 11,730,552 1 Time deposits 1,043,234 1,014,348 3 Securities sold under agreements to repurchase 131,146 131,146 1 FHLB and other borrowed funds 650,000 595,886 2 Accrued interest payable 10,622 10,622 1 Subordinated debentures 440,420 411,686 3 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Regulatory Matters The Bank is subject to a legal limitation on dividends that can be paid to the parent company without prior approval of the applicable regulatory agencies. Arkansas bank regulators have specified that the maximum dividend limit state banks may pay to the parent company without prior approval is 75% of the current year earnings plus 75% of the retained net earnings of the preceding year. Since the Bank is also under supervision of the Federal Reserve, it is further limited if the total of all dividends declared in any calendar year by the Bank exceeds the Bank’s net profits to date for that year combined with its retained net profits for the preceding two years. During 2023, the Company requested approximately $328.9 million in regular dividends from its banking subsidiary. The Company’s banking subsidiary is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company’s regulators could require adjustments to regulatory capital not reflected in the consolidated financial statements. Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios of total, common equity Tier 1 ("CET1") and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital (as defined) to average assets (as defined). Management believes that, as of December 31, 2023, the Company meets all capital adequacy requirements to which it is subject. On December 31, 2018, the federal banking agencies issued a joint final rule to revise their regulatory capital rules to permit bank holding companies and banks to phase-in, for regulatory capital purposes, the day-one impact of the new CECL accounting rule on retained earnings over a period of three years. As part of its response to the impact of COVID-19, on March 27, 2020, the federal banking regulatory agencies issued an interim final rule that provided the option to temporarily delay certain effects of CECL on regulatory capital for two years, followed by a three-year transition period. The interim final rule allows bank holding companies and banks to delay for two years 100% of the day-one impact of adopting CECL and 25% of the cumulative change in the reported allowance for credit losses since adopting CECL. The Company elected to adopt the interim final rule, which is reflected in the risk-based capital ratios presented below. Basel III became effective for the Company and its bank subsidiary on January 1, 2015. Basel III amended the prompt corrective action rules to incorporate a CET1 capital requirement and to raise the capital requirements for certain capital categories. In order to be adequately capitalized for purposes of the prompt corrective action rules, a banking organization is required to have at least a 4.5% CET1 risk-based capital ratio, a 4% Tier 1 leverage ratio, a 6% Tier 1 risk-based capital ratio and an 8% total risk-based capital ratio. The Federal Reserve Board’s risk-based capital guidelines include the definitions for (1) a well-capitalized institution, (2) an adequately-capitalized institution, and (3) an undercapitalized institution. Under Basel III, the criteria for a well-capitalized institution are now: a 6.5% CET1 risk-based capital ratio, a 5% Tier 1 leverage ratio, an 8% Tier 1 risk-based capital ratio, and a 10% total risk-based capital ratio. As of December 31, 2023, the Bank met the capital standards for a well-capitalized institution. The Company’s CET1 risk-based capital ratio, Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratio were 14.15%, 12.44%, 14.15%, and 17.79%, respectively, as of December 31, 2023. The Company’s actual capital amounts and ratios along with the Company’s bank subsidiary are presented in the following table. Actual Minimum Capital Requirement –Basel III Minimum To Be Well-Capitalized Under Prompt Corrective Action Provision Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2023 Common equity Tier 1 capital ratios: Home BancShares $ 2,609,823 14.15 % $ 1,290,867 7.00 % N/A N/A Centennial Bank 2,495,303 13.60 1,284,347 7.00 1,192,608 6.50 Leverage ratios: Home BancShares $ 2,609,823 12.44 % $ 839,271 4.00 % N/A N/A Centennial Bank 2,495,303 11.92 837,350 4.00 1,046,688 5.00 Tier 1 capital ratios: Home BancShares $ 2,609,823 14.15 % $ 1,567,482 8.50 % N/A N/A Centennial Bank 2,495,303 13.60 1,559,564 8.50 1,467,825 8.00 Total risk-based capital ratios: Home BancShares $ 3,281,136 17.79 % $ 1,936,301 10.50 % N/A N/A Centennial Bank 2,725,909 14.85 1,927,410 10.50 1,835,629 10.00 As of December 31, 2022 Common equity Tier 1 capital ratios: Home BancShares $ 2,399,919 12.91 % $ 1,300,831 7.00 % N/A N/A Centennial Bank 2,408,756 13.00 1,297,352 7.00 1,204,684 6.50 Leverage ratios: Home BancShares $ 2,399,919 10.86 % $ 883,664 4.00 % N/A N/A Centennial Bank 2,408,756 10.93 881,464 4.00 1,101,831 5.00 Tier 1 capital ratios: Home BancShares $ 2,399,919 12.91 % $ 1,579,580 8.50 % N/A N/A Centennial Bank 2,408,756 13.00 1,575,356 8.50 1,482,688 8.00 Total risk-based capital ratios: Home BancShares $ 3,073,455 16.54 % $ 1,951,246 10.50 % N/A N/A Centennial Bank 2,640,992 14.25 1,946,021 10.50 1,853,354 10.00 |
Additional Cash Flow Informatio
Additional Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Additional Cash Flow Information | Additional Cash Flow Information In connection with the Happy acquisition, accounted for under ASC Topic 805, the Company acquired approximately $6.69 billion in assets, including $858.6 million in cash and cash equivalents, assumed $6.15 billion in liabilities, and issued approximately 42.4 million shares of its common stock valued at approximately $958.8 million as of April 1, 2022. In addition, the holders of certain Happy stock-based awards received approximately $3.7 million in cash in cancellation of such awards, for a total transaction value of approximately $962.5 million. The following is summary of the Company’s additional cash flow information during the years ended December 31: 2023 2022 2021 (In thousands) Interest paid $ 339,606 $ 115,046 $ 53,327 Income taxes paid 135,089 86,583 98,320 Assets acquired by foreclosure 30,532 619 2,623 |
Condensed Financial Information
Condensed Financial Information (Parent Company Only) | 12 Months Ended |
Dec. 31, 2023 | |
Offsetting [Abstract] | |
Condensed Financial Information (Parent Company Only) | Condensed Financial Information (Parent Company Only) Condensed Balance Sheets December 31, (In thousands) 2023 2022 Assets Cash and cash equivalents $ 484,542 $ 359,570 Investment securities 57,032 57,912 Investments in wholly-owned subsidiaries 3,679,597 3,538,344 Other assets 18,049 19,422 Total assets $ 4,239,220 $ 3,975,248 Liabilities Subordinated debentures $ 439,834 $ 440,420 Other liabilities 8,311 8,466 Total liabilities 448,145 448,886 Stockholders' Equity Common stock 2,015 2,034 Capital surplus 2,348,023 2,386,699 Retained earnings 1,690,112 1,443,087 Accumulated other comprehensive income (249,075) (305,458) Total stockholders' equity 3,791,075 3,526,362 Total liabilities and stockholders' equity $ 4,239,220 $ 3,975,248 Condensed Statements of Income Years Ended December 31, (In thousands) 2023 2022 2021 Income Dividends from equity securities $ 3,634 $ 2,088 $ 646 Dividends from banking subsidiary 329,997 216,086 286,712 Other (loss) income (724) (1,297) 7,234 Total income 332,907 216,877 294,592 Expenses 32,361 38,933 34,194 Income before income taxes and equity in undistributed net income of subsidiaries 300,546 177,944 260,398 Tax benefit for income taxes 7,514 10,752 7,161 Income before equity in undistributed net income of subsidiaries 308,060 188,696 267,559 Equity in undistributed net income of subsidiaries 84,869 116,566 51,462 Net income $ 392,929 $ 305,262 $ 319,021 Condensed Statements of Cash Flows Years Ended December 31, (In thousands) 2023 2022 2021 Cash flows from operating activities Net income $ 392,929 $ 305,262 $ 319,021 Items not requiring (providing) cash (Accretion)/ amortization (586) 1,912 767 Share-based compensation 9,274 9,133 8,848 Decrease (increase) in value of equity securities 1,094 1,272 (7,178) Equity in undistributed income of subsidiaries (84,869) (116,566) (51,462) Changes in other assets (364) (4,149) 90 Changes in other liabilities (155) 2,290 (76) Net cash provided by operating activities 317,323 199,154 270,010 Cash flows from investing activities Net cash proceeds from Happy Bancshares, Inc. — 201,428 — Purchases of equity securities — (49,975) (13,276) Proceeds from sale of equity securities 1,522 13,778 16,381 Redemptions of other investments — 2,899 — Net cash provided by investing activities 1,522 168,130 3,105 Cash flows from financing activities Retirement of subordinated debentures — (300,000) — Proceeds from the issuance of subordinated debentures — 296,324 — Redemption of trust preferred securities — (96,499) — Proceeds from exercise of stock options 802 156 2,374 Repurchase of common stock (48,771) (70,856) (44,480) Dividends paid (145,904) (128,424) (92,142) Net cash used in financing activities (193,873) (299,299) (134,248) Increase in cash and cash equivalents 124,972 67,985 138,867 Cash and cash equivalents, beginning of year 359,570 291,585 152,718 Cash and cash equivalents, end of year $ 484,542 $ 359,570 $ 291,585 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in the update simplify the accounting for income taxes by removing the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items and the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in the update also simplify the accounting for income taxes by requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction, specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements; however, an entity may elect to do so on an entity-by-entity basis for a legal entity that is both not subject to tax and disregarded by the taxing authority. The amendments require that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted the guidance effective January 1, 2021, and its adoption did not have a significant impact on our financial position or financial statement disclosures. In March 2020, the FASB issued ASU 2020-04 ,“Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions for accounting related to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-04 was effective upon issuance and generally could be applied through December 31, 2022. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, ASU 2022-06 defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope.” The amendments in the update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in the update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in this Update do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship. ASU 2021-01 was effective upon issuance and generally could be applied through December 31, 2022. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, ASU 2022-06 defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings ("TDR") and Vintage Disclosures ("ASU 2022-02") . The amendments eliminate the TDR recognition and measurement guidance and, instead, require that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The amendments require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases. Gross write-off information must be included in the vintage disclosures required for public business entities, which requires that an entity disclose the amortized cost basis of financing receivables by credit quality indicator and class of financing receivable by year of origination. ASU 2022-02 is effective for entities that have adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. These amendments should be applied prospectively. The Company adopted the guidance effective January 1, 2023 and elected to apply the amendments prospectively. The adoption did not have a significant impact on our financial position. In December 2022, the FASB issued ASU 2022-06, " Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. " These amendments extend the period of time preparers can utilize the reference rate reform relief guidance in Topic 848. The objective of the guidance in Topic 848 is to provide relief during the temporary transition period, so the FASB included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published. In 2021, the UK Financial Conduct Authority (FCA) delayed the intended cessation date of certain tenors of USD LIBOR to June 30, 2023. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, the ASU defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. ASU 2022-06 was effective upon issuance. In November 2023, the FASB issued ASU 2023-07, " Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ." The amendments apply to all public entities that are required to report segment information in accordance with FASB ASC Topic 280, Segment Reporting . The amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss. Public entities are required to disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. In addition, public entities must provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting , in interim periods. The amendments clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements. The Amendments require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Finally, the amendments require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in the ASU and all existing segment disclosures in ASC Topic 280. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the potential impacts related to the adoption of the ASU. In December 2023, the FASB issued ASU 2023-09, " Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Operating Segments | Operating Segments Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Bank is the only significant subsidiary upon which management makes decisions regarding how to allocate resources and assess performance. Each of the branches of the Bank provide a group of similar banking services, including such products and services as commercial, real estate and consumer loans, time deposits, checking and savings accounts. The individual bank branches have similar operating and economic characteristics. While the chief decision maker monitors the revenue streams of the various products, services and branch locations, operations are managed, and financial performance is evaluated on a Company-wide basis. Accordingly, all of the banking services and branch locations are considered by management to be aggregated into one reportable operating segment. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, the valuation of investment securities, the valuation of foreclosed assets and the valuations of assets acquired and liabilities assumed in business combinations. In connection with the determination of the allowance for credit losses and the valuation of foreclosed assets, management obtains independent appraisals for significant properties. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of HBI and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. |
Reclassifications | Reclassifications Various items within the accompanying consolidated financial statements for previous years have been reclassified to provide more comparative information. These reclassifications had no effect on net earnings or stockholders’ equity. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Investment Securities | Investment Securities Interest on investment securities is recorded as income as earned. Amortization of premiums and accretion of discounts are recorded as interest income from securities. Realized gains and losses are recorded as net security gains (losses). Gains or losses on the sale of securities are determined using the specific identification method. Management determines the classification of securities as available-for-sale, held-to-maturity, or trading at the time of purchase based on the intent and objective of the investment and the ability to hold to maturity. Fair values of securities are based on quoted market prices where available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable securities. The Company has no trading securities. Debt securities available-for-sale ("AFS") are reported at fair value with unrealized holding gains and losses reported as a separate component of stockholders’ equity and other comprehensive income (loss), net of taxes. Securities that are held as available-for-sale are used as a part of our asset/liability management strategy. Securities that may be sold in response to interest rate changes, changes in prepayment risk, the need to increase regulatory capital, and other similar factors are classified as available-for-sale. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments . The Company first assesses whether it intends to sell or is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, and changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. The Company has made the election to exclude accrued interest receivable on AFS securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Debt securities held-to-maturity ("HTM"), which include any security for which we have the positive intent and ability to hold until maturity, are reported at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized/accreted to the call date to interest income using the constant effective yield method over the estimated life of the security. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments . The Company measures expected credit losses on HTM securities on a collective basis by major security type, with each type sharing similar risk characteristics. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Company has made the election to exclude accrued interest receivable on HTM securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed. |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balance adjusted for any charge-offs, deferred fees or costs on originated loans. Interest income on loans is accrued over the term of the loans based on the principal balance outstanding. Loan origination fees and direct origination costs are capitalized and recognized as adjustments to yield on the related loans. The allowance for credit losses on loans receivable is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed and expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in the national unemployment rate, gross domestic product, national retail sales index, housing price indices and rental vacancy rate index. The allowance for credit losses is measured based on call report segment as these types of loan exhibit similar risk characteristics. The identified loan segments are as follows: • 1-4 family construction • All other construction • 1-4 family revolving home equity lines of credit (“HELOC”) & junior liens • 1-4 family senior liens • Multifamily • Owner occupied commercial real estate • Non-owner occupied commercial real estate • Commercial & industrial, agricultural, non-depository financial institutions, purchase/carry securities, other • Consumer auto • Other consumer • Other consumer - SPF The allowance for credit losses for each segment is measured through the use of the discounted cash flow method. Loans evaluated individually that are considered to be collateral dependent are not included in the collective evaluation. For these loans, where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral, net of estimated costs to sell, and the amortized cost basis of the loan as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the present value of expected cash flows from the operation of the collateral. The allowance for credit losses may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the loan, net of estimated costs to sell. For individually analyzed loans which are not considered to be collateral dependent, an allowance is recorded based on the loss rate for the respective pool within the collective evaluation. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: • Management has a reasonable expectation at the reporting date that restructured loans made to borrowers experiencing financial difficulty will be executed with an individual borrower. • The extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These qualitative factors ("Q-Factors") and other qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making Q-Factor and other qualitative adjustments include, among other things, the impact of (i) changes in lending policies, procedures and strategies; (ii) changes in nature and volume of the portfolio; (iii) staff experience; (iv) changes in volume and trends in classified loans, delinquencies and nonaccruals; (v) concentration risk; (vi) trends in underlying collateral values; (vii) external factors such as competition, legal and regulatory environment; (viii) changes in the quality of the loan review system and (ix) economic conditions. Loans are placed on non-accrual status when management believes that the borrower’s financial condition, after giving consideration to economic and business conditions and collection efforts, is such that collection of interest is doubtful, or generally when loans are 90 days or more past due. Loans are charged against the allowance for credit losses when management believes that the collectability of the principal is unlikely. Accrued interest related to non-accrual loans is generally charged against the allowance for credit losses when accrued in prior years and reversed from interest income if accrued in the current year. Interest income on non-accrual loans may be recognized to the extent cash payments are received, although the majority of payments received are usually applied to principal. Non-accrual loans are generally returned to accrual status when principal and interest payments are less than 90 days past due, the customer has made required payments for at least six months, and we reasonably expect to collect all principal and interest. |
Acquisition Accounting and Acquired Loans | Acquisition Accounting and Acquired Loans The Company accounts for its acquisitions under FASB Accounting Standards Codification ("ASC") Topic 805, Business Combinations , which requires the use of the purchase method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. In accordance with FASB ASC 326, the Company records both a discount or premium and an allowance for credit losses on acquired loans. All purchased loans are recorded at fair value in accordance with the fair value methodology prescribed in FASB ASC Topic 820, Fair Value Measurements . The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows. Purchased loans that have experienced more than insignificant credit deterioration since origination are purchase credit deteriorated (“PCD”) loans. An allowance for credit losses is determined using the same methodology as other loans. The Company develops separate PCD models for each loan segment with PCD loans not individually analyzed for credit losses. These models utilize a peer group benchmark in order to determine the probability of default and loss given default to be used in the calculation. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a non-credit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit losses. For further discussion of the Company’s acquisitions, see Note 2 to the Notes to Consolidated Financial Statements. |
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures | Allowance for Credit Losses on Off-Balance Sheet Credit Exposures The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. |
Foreclosed Assets Held for Sale | Foreclosed Assets Held for Sale Real estate and personal properties acquired through or in lieu of loan foreclosure are to be sold and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Valuations are periodically performed by management, and the real estate and personal properties are carried at fair value less costs to sell. Gains and losses from the sale of other real estate and personal properties are recorded in non-interest income, and expenses used to maintain the properties are included in non-interest expense. |
Bank Premises and Equipment | Bank Premises and Equipment |
Cash value of life insurance | Cash value of life insurance The Company has purchased life insurance policies on certain key employees. Life insurance owned by the Company is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Intangible Assets | Intangible Assets Intangible assets consist of goodwill and core deposit intangibles. Goodwill represents the excess purchase price over the fair value of net assets acquired in business acquisitions. The core deposit intangible represents the excess intangible value of acquired deposit customer relationships as determined by valuation specialists. The core deposit intangibles are being amortized over 120 months on a straight-line basis. Goodwill is not amortized, but rather, is evaluated for impairment on at least an annual basis or more frequently if changes or circumstances occur. The Company performed its annual impairment test of goodwill and core deposit intangibles during 2023, 2022 and 2021, as required by FASB ASC 350, Intangibles - Goodwill and Other |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase |
Derivative Financial Instruments | Derivative Financial Instruments The Company may enter into derivative contracts for the purposes of managing exposure to interest rate risk. The Company records all derivatives on the consolidated balance sheet at fair value. Historically the Company’s policy has been not to invest in derivative type investments. |
Stock Options | Stock Options The Company accounts for stock options in accordance with FASB ASC 718, Compensation - Stock Compensation, which establishes standards for the accounting for transactions in which an entity (i) exchanges its equity instruments for goods and services, or (ii) incurs liabilities in exchange for goods and services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of the equity instruments. FASB ASC 718 requires that such transactions be recognized as compensation cost in the income statement based on their fair values on the measurement date, which is generally the date of the grant. For additional information on the stock-based compensation plan, see Note 13. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes ). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company and its subsidiaries file consolidated tax returns. Its subsidiary provides for income taxes on a separate return basis, and remits to the Company amounts determined to be currently payable. |
Revenue Recognition | Revenue Recognition. ASC Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as our loans, letters of credit, investment securities and mortgage lending income, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our significant revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our income statements as components of non-interest income are as follows: • Service charges on deposit accounts – These represent general service fees for monthly account maintenance and activity or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied. • Other service charges and fees – These represent credit card interchange fees and Centennial Commercial Finance Group (“Centennial CFG”) loan fees. The interchange fees are recorded in the period the performance obligation is satisfied which is generally the cash basis based on agreed upon contracts. The Centennial CFG loan fees are based on loan or other negotiated agreements with customers and are accounted for under ASC Topic 310. • |
Earnings per Share | Earnings per Share |
Fair Value Measurement | Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Transfers of financial instruments between levels within the fair value hierarchy are recognized on the date management determines that the underlying circumstances or assumptions have changed. Available-for-sale securities - the Company's available-for-sale securities are considered to be Level 2 securities. The Level 2 securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio securities with complicated structures. Pricing for the Company’s investment securities is fairly generic and is easily obtained. The Company uses a third-party comparison pricing vendor in order to reflect consistency in the fair values of the investment securities sampled by the Company each quarter. Held-to-maturity securities – the Company's held-to-maturity securities are considered to be Level 2 securities. The Level 2 securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Impaired loans - Impaired loans include loans individually analyzed for credit losses for which a specific reserve has been recorded, non-accrual loans, loans past due 90 days or more and restructured loans made to borrowers experiencing financial difficulty. Impaired loans are carried at the net realizable value of the collateral if the loan is collateral dependent. A portion of the allowance for credit losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. If these allocations cause the allowance for credit losses to require an increase, such increase is reported as a component of the provision for credit losses. The fair value of loans with specific allocated losses was $10.5 million and $168.6 million as of December 31, 2023 and 2022, respectively. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed $2.4 million and $1.1 million of accrued interest receivable when impaired loans were put on non-accrual status during the years ended December 31, 2023 and 2022, respectively. Foreclosed assets held for sale - Foreclosed assets held for sale are held by the Company at fair value, less estimated costs to sell. At foreclosure, if the fair value, less estimated costs to sell, of the real estate acquired is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the allowance for credit losses. Additionally, valuations are periodically performed by management and any subsequent reduction in value is recognized by a charge to income. The fair value of foreclosed assets held for sale is estimated using Level 3 inputs based on appraisals of underlying collateral. As of December 31, 2023 and 2022, the fair value of foreclosed assets held for sale, less estimated costs to sell, was $30.5 million and $546,000, respectively. No foreclosed assets held for sale were remeasured during the year ended December 31, 2023. No foreclosed assets held for sale were remeasured during the year ended December 31, 2022. Regulatory guidelines require the Company to reevaluate the fair value of foreclosed assets held for sale on at least an annual basis. The Company’s policy is to comply with the regulatory guidelines. |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Estimated Useful Lives for Book Purposes | The assets’ estimated useful lives for book purposes are as follows: Bank premises 15-40 years Furniture, fixtures, and equipment 3-15 years |
Computation of Basic and Diluted Earnings per Common Share (EPS) | The following table sets forth the computation of basic and diluted earnings per share (EPS) for the years ended December 31: 2023 2022 2021 (In thousands, except per share data) Net income $ 392,929 $ 305,262 $ 319,021 Average common shares outstanding 202,627 194,694 164,501 Effect of common stock options 146 325 357 Diluted common shares outstanding 202,773 195,019 164,858 Basic earnings per common share $ 1.94 $ 1.57 $ 1.94 Diluted earnings per common share $ 1.94 $ 1.57 $ 1.94 |
Business Combinations and Asset
Business Combinations and Asset Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Happy Bancshares, Inc. Acquired Fair Value Adjustments As Recorded by HBI (Dollars in thousands) Assets Cash and due from banks $ 112,999 $ (446) $ 112,553 Interest-bearing deposits with other banks 746,031 — 746,031 Cash and cash equivalents 859,030 (446) 858,584 Investment securities - available-for-sale, net of allowance for credit losses 1,773,540 8,485 1,782,025 Total investment securities 1,773,540 8,485 1,782,025 Loans receivable 3,657,009 (4,389) 3,652,620 Allowance for credit losses (42,224) 25,408 (16,816) Loans receivable, net 3,614,785 21,019 3,635,804 Bank premises and equipment, net 153,642 (12,270) 141,372 Foreclosed assets held for sale 193 (77) 116 Cash value of life insurance 105,049 3 105,052 Accrued interest receivable 31,575 — 31,575 Deferred tax asset, net 32,908 (1,092) 31,816 Goodwill 130,428 (130,428) — Core deposit intangible 10,672 31,591 42,263 Other assets 43,330 15,567 58,897 Total assets acquired $ 6,755,152 $ (67,648) $ 6,687,504 Liabilities Deposits Demand and non-interest-bearing $ 1,932,756 $ 67 $ 1,932,823 Savings and interest-bearing transaction accounts 3,519,652 — 3,519,652 Time deposits 401,899 903 402,802 Total deposits 5,854,307 970 5,855,277 FHLB and other borrowed funds 74,212 4,118 78,330 Accrued interest payable and other liabilities 50,889 (1,892) 48,997 Subordinated debentures 159,965 7,625 167,590 Total liabilities assumed 6,139,373 10,821 6,150,194 Equity Total equity assumed 615,779 (615,779) — Total liabilities and equity assumed $ 6,755,152 $ (604,958) $ 6,150,194 Net assets acquired 537,310 Purchase price 962,538 Goodwill $ 425,228 |
Business Acquisition, Pro Forma Information | The following schedule represents the unaudited pro forma combined financial information as of the years ended December 31, 2022 and 2021, assuming the acquisition was completed as of January 1, 2022 and 2021, respectively: December 31, 2022 2021 (In thousands, except per share data) Total interest income $ 935,168 $ 839,407 Total non-interest income 188,012 190,550 Net income available to all shareholders 406,949 317,190 Basic earnings per common share $ 1.98 $ 1.53 Diluted earnings per common share 1.98 1.53 |
Purchased Financial Assets with Credit Deterioration | The following table provides a summary of loans purchased as part of the Happy acquisition with credit deterioration at acquisition: April 1, 2022 (In thousands) Purchased Loans with Credit Deterioration: Par value $ 165,028 Allowance for credit losses at acquisition (16,816) Premium on acquired loans 684 Purchase price $ 148,896 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Investment Securities Classified as Available-for-Sale | The amortized cost and estimated fair value of investment securities that are classified as available-for-sale and held-to-maturity are as follows: December 31, 2023 Available-for-Sale Amortized Allowance for Credit Losses Net Carrying Amount Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 361,494 $ — $ 361,494 $ 2,247 $ (17,093) $ 346,648 U.S. government-sponsored mortgage-backed securities 1,711,668 — 1,711,668 310 (191,557) 1,520,421 Private mortgage-backed securities 191,522 — 191,522 — (16,117) 175,405 Non-government-sponsored asset backed securities 370,203 — 370,203 821 (7,551) 363,473 State and political subdivisions 990,318 — 990,318 1,938 (75,931) 916,325 Other securities 215,722 (2,525) 213,197 402 (28,030) 185,569 Total $ 3,840,927 $ (2,525) $ 3,838,402 $ 5,718 $ (336,279) $ 3,507,841 December 31, 2023 Held-to-Maturity Amortized Allowance for Credit Losses Net Carrying Amount Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 43,285 $ — $ 43,285 $ — $ (2,607) $ 40,678 U.S. government-sponsored mortgage-backed securities 130,278 — 130,278 106 (4,362) 126,022 State and political subdivisions 1,110,424 (2,005) 1,108,419 456 (105,094) 1,003,781 Total $ 1,283,987 $ (2,005) $ 1,281,982 $ 562 $ (112,063) $ 1,170,481 December 31, 2022 Available-for-Sale Amortized Allowance for Credit Losses Net Carrying Amount Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 682,316 $ — $ 682,316 $ 2,713 $ (23,209) $ 661,820 U.S. government-sponsored mortgage-backed securities 1,900,796 — 1,900,796 71 (215,405) 1,685,462 Private mortgage-backed securities 197,435 — 197,435 — (18,302) 179,133 Non-government-sponsored asset backed securities 428,933 — 428,933 95 (14,654) 414,374 State and political subdivisions 1,021,188 (842) 1,020,346 1,649 (115,698) 906,297 Other securities 214,952 — 214,952 251 (20,699) 194,504 Total $ 4,445,620 $ (842) $ 4,444,778 $ 4,779 $ (407,967) $ 4,041,590 December 31, 2022 Held-to-Maturity Amortized Allowance for Credit Losses Net Carrying Amount Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 43,017 $ — $ 43,017 $ — $ (3,349) $ 39,668 U.S. government-sponsored mortgage-backed securities 135,000 — 135,000 131 (3,756) 131,375 State and political subdivisions 1,111,693 (2,005) 1,109,688 65 (154,650) 955,103 Total $ 1,289,710 $ (2,005) $ 1,287,705 $ 196 $ (161,755) $ 1,126,146 |
Amortized Cost and Estimated Fair Value of Securities Contractual Maturity | The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at December 31, 2023, by contractual maturity, are shown below. Expected maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated (In thousands) Due in one year or less $ 19,327 $ 19,140 $ — $ — Due after one year through five years 224,786 211,009 27,498 26,042 Due after five years through ten years 401,003 358,789 305,944 278,676 Due after ten years 922,418 859,604 820,267 739,741 U.S. government-sponsored mortgage-backed securities 1,711,668 1,520,421 130,278 126,022 Private mortgage-backed securities 191,522 175,405 — — Non-government-sponsored asset backed securities 370,203 363,473 — — Total $ 3,840,927 $ 3,507,841 $ 1,283,987 $ 1,170,481 |
Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale | The following shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale and held-to-maturity, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of December 31, 2023 and 2022: December 31, 2023 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Available-for-sale: U.S. government-sponsored enterprises $ 2,742 $ (2) $ 180,569 $ (17,091) $ 183,311 $ (17,093) U.S. government-sponsored mortgage-backed securities 102,831 (2,166) 1,392,318 (189,391) 1,495,149 (191,557) Private mortgage-backed securities 9,298 (226) 166,107 (15,891) 175,405 (16,117) Non-government-sponsored asset backed securities — — 213,838 (7,551) 213,838 (7,551) State and political subdivisions 28,596 (400) 769,860 (75,531) 798,456 (75,931) Other securities — — 164,430 (28,030) 164,430 (28,030) Total $ 143,467 $ (2,794) $ 2,887,122 $ (333,485) $ 3,030,589 $ (336,279) Held-to-maturity: U.S. government-sponsored enterprises $ — $ — $ 40,677 $ (2,607) $ 40,677 $ (2,607) U.S. government-sponsored mortgage-backed securities 48,498 (861) 65,573 (3,501) 114,071 (4,362) State and political subdivisions 21,493 (297) 956,578 (104,797) 978,071 (105,094) Total $ 69,991 $ (1,158) $ 1,062,828 $ (110,905) $ 1,132,819 $ (112,063) December 31, 2022 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Available-for-sale: U.S. government-sponsored enterprises $ 315,531 $ (3,056) $ 128,527 $ (20,153) $ 444,058 $ (23,209) U.S. government-sponsored mortgage-backed securities 850,268 (46,505) 807,566 (168,900) 1,657,834 (215,405) Private mortgage-backed securities 179,133 (18,302) — — 179,133 (18,302) Non-government-sponsored asset backed securities 285,724 (9,726) 39,133 (4,928) 324,857 (14,654) State and political subdivisions 485,817 (50,484) 338,638 (65,214) 824,455 (115,698) Other securities 138,976 (15,314) 34,423 (5,385) 173,399 (20,699) Total $ 2,255,449 $ (143,387) $ 1,348,287 $ (264,580) $ 3,603,736 $ (407,967) Held-to-maturity: U.S. government-sponsored enterprises $ 39,668 $ (3,349) $ — $ — $ 39,668 $ (3,349) U.S. government-sponsored mortgage-backed securities 106,840 (3,756) — — 106,840 (3,756) State and political subdivisions 955,563 (154,650) — — 955,563 (154,650) Total $ 1,102,071 $ (161,755) $ — $ — $ 1,102,071 $ (161,755) |
Schedule of Allowance for Credit Losses on Investment Securities | Available-for-Sale Investment Securities Years Ended December 31, 2023 2022 2021 (In thousands) Allowance for credit losses: Beginning balance $ 842 $ 842 $ 842 Provision for credit loss 1,683 — — Ending balance, December 31, $ 2,525 $ 842 $ 842 Held-to-Maturity Investment Securities Years Ended December 31, 2023 2022 2021 Allowance for credit losses: (In thousands) Beginning balance $ 2,005 $ — $ — Provision for credit loss - acquired securities — 2,005 — Securities charged-off — — — Recoveries — — — Ending balance, December 31, $ 2,005 $ 2,005 $ — |
Held-to-Maturity Securities Credit Quality Indicators | The following table summarizes bond ratings for the Company's held-to-maturity portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of December 31, 2023: State and Political Subdivisions U.S. government-sponsored enterprises U.S. government-sponsored mortgage-backed securities Total (In thousands) Aaa/AAA $ 235,557 $ 43,285 $ — $ 278,842 Aa/AA 845,418 — — 845,418 A 27,667 — — 27,667 Not rated 1,782 — — 1,782 Agency Backed — — 130,278 130,278 Total $ 1,110,424 $ 43,285 $ 130,278 $ 1,283,987 |
Schedule of Income Earned on Securities | Income earned on securities for the years ended is as follows: December 31, 2023 2022 2021 (In thousands) Taxable: Available-for-sale $ 108,650 $ 71,352 $ 30,054 Held-to-maturity 29,925 20,581 — Tax-exempt: Available-for-sale 19,104 19,168 19,642 Held-to-maturity 12,514 9,188 — Total $ 170,193 $ 120,289 $ 49,696 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Summary of Various Categories of Loans Receivable | The various categories of loans receivable are summarized as follows: December 31, 2023 2022 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 5,549,954 $ 5,632,063 Construction/land development 2,293,047 2,135,266 Agricultural 325,156 346,811 Residential real estate loans Residential 1-4 family 1,844,260 1,748,551 Multifamily residential 435,736 578,052 Total real estate 10,448,153 10,440,743 Consumer 1,153,690 1,149,896 Commercial and industrial 2,324,991 2,349,263 Agricultural 307,327 285,235 Other 190,567 184,343 Total Loans receivable $ 14,424,728 $ 14,409,480 Allowance for credit losses (288,234) (289,669) Loans receivable, net $ 14,136,494 $ 14,119,811 |
Allowance for Credit Losses, _2
Allowance for Credit Losses, Credit Quality and Other (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Balance of Allowance for Loan Losses | The following table presents the activity in the allowance for credit losses for the year ended December 31, 2023. Year Ended December 31, 2023 Construction/ Other Residential Commercial Consumer Total (In thousands) Allowance for credit losses: Beginning balance $ 32,243 $ 93,848 $ 50,963 $ 89,354 $ 23,261 $ 289,669 Loans charged off (263) (2,335) (269) (9,157) (4,031) (16,055) Recoveries of loans previously charged off 113 533 329 583 1,112 2,670 Net loans recovered (charged off) (150) (1,802) 60 (8,574) (2,919) (13,385) Provision for credit loss - loans 1,784 (13,411) 4,837 12,030 6,710 11,950 Balance, December 31 $ 33,877 $ 78,635 $ 55,860 $ 92,810 $ 27,052 $ 288,234 The following table presents the balance in the allowance for credit losses for the year ended December 31, 2022. Year Ended December 31, 2022 Construction/ Other Residential Commercial Consumer Total (In thousands) Allowance for credit losses: Beginning balance $ 28,415 $ 87,218 $ 48,458 $ 53,062 $ 19,561 $ 236,714 Allowance for credit losses on PCD loans - Happy acquisition 950 9,283 980 5,596 7 16,816 Loans charged off (1) — (446) (9,773) (7,047) (17,267) Recoveries of loans previously charged off 405 967 119 780 965 3,236 Net loans recovered (charged off) 404 967 (327) (8,993) (6,082) (14,031) Provision for credit loss - acquired loans 7,205 18,711 7,380 11,303 571 45,170 Provision for credit loss - loans (4,731) (22,331) (5,528) 28,386 9,204 5,000 Balance, December 31 $ 32,243 $ 93,848 $ 50,963 $ 89,354 $ 23,261 $ 289,669 The following table presents the balance in the allowance for loan losses for the year ended December 31, 2021. Year Ended December 31, 2021 Construction/ Land Development Other Residential Commercial Consumer Total (In thousands) Allowance for loan losses: Beginning balance $ 32,861 $ 88,453 $ 53,216 $ 46,530 $ 24,413 $ 245,473 Loans charged off — (646) (545) (8,242) (2,228) (11,661) Recoveries of loans previously charged off 58 785 683 591 785 2,902 Net loans recovered (charged off) 58 139 138 (7,651) (1,443) (8,759) Provision for credit loss - loans (4,504) (1,374) (4,896) 14,183 (3,409) — Balance December 31 $ 28,415 $ 87,218 $ 48,458 $ 53,062 $ 19,561 $ 236,714 |
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due Over 90 Days Still Accruing | The following table presents the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing as of December 31, 2023 and 2022, respectively: December 31, 2023 Nonaccrual Nonaccrual Loans Past Due (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 13,178 $ — $ 2,177 Construction/land development 12,094 — 255 Agricultural 431 — — Residential real estate loans Residential 1-4 family 20,351 — 84 Multifamily residential — — — Total real estate 46,054 — 2,516 Consumer 3,423 — 79 Commercial and industrial 9,982 2,534 1,535 Agricultural & other 512 — — Total $ 59,971 $ 2,534 $ 4,130 December 31, 2022 Nonaccrual Nonaccrual Loans Past Due (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 12,219 $ 8,383 $ 1,844 Construction/land development 1,977 — 31 Agricultural 278 — — Residential real estate loans Residential 1-4 family 18,083 — 1,374 Multifamily residential — — — Total real estate 32,557 8,383 3,249 Consumer 2,842 — 35 Commercial and industrial 14,920 — 6,300 Agricultural & other 692 — 261 Total $ 51,011 $ 8,383 $ 9,845 |
Amortized Cost Basis of Collateral-dependent Impaired Loans | The following table presents the amortized cost basis of impaired loans by class of loans (which includes loans individually analyzed for credit losses for which a specific reserve has been recorded, non-accrual loans, loans past due 90 days or more and restructured loans made to borrowers experiencing financial difficulty) as of December 31, 2023 and 2022, respectively: December 31, 2023 Commercial Residential Other (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 39,813 $ — $ — Construction/land development 12,350 — — Agricultural 431 — — Residential real estate loans Residential 1-4 family — 21,386 — Multifamily residential — — — Total real estate 52,594 21,386 — Consumer — — 3,511 Commercial and industrial — — 16,890 Agricultural & other — — 512 Total $ 52,594 $ 21,386 $ 20,913 December 31, 2022 Commercial Residential Other (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 162,268 $ — $ — Construction/land development 2,008 — — Agricultural 278 — — Residential real estate loans Residential 1-4 family — 20,832 — Multifamily residential — 969 — Total real estate 164,554 21,801 — Consumer — — 2,888 Commercial and industrial — — 30,334 Agricultural & other — — 1,527 Total $ 164,554 $ 21,801 $ 34,749 |
Summary of Aging Analysis for Loans Receivable | The following is an aging analysis for loans receivable as of December 31, 2023 and 2022: December 31, 2023 Loans Past Due 30-59 Days Loans Past Due 60-89 Days Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans Past Due 90 Days or More (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 8,124 $ 416 $ 15,355 $ 23,895 $ 5,526,059 $ 5,549,954 $ 2,177 Construction/land development 1,430 — 12,349 13,779 2,279,268 2,293,047 255 Agricultural 474 314 431 1,219 323,937 325,156 — Residential real estate loans Residential 1-4 family 4,346 1,423 20,435 26,204 1,818,056 1,844,260 84 Multifamily residential — — — — 435,736 435,736 — Total real estate 14,374 2,153 48,570 65,097 10,383,056 10,448,153 2,516 Consumer 1,022 303 3,502 4,827 1,148,863 1,153,690 79 Commercial and industrial 2,089 3,378 11,517 16,984 2,308,007 2,324,991 1,535 Agricultural and other 1,074 113 512 1,699 496,195 497,894 — Total $ 18,559 $ 5,947 $ 64,101 $ 88,607 $ 14,336,121 $ 14,424,728 $ 4,130 December 31, 2022 Loans Past Due 30-59 Days Loans Past Due 60-89 Days Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans Past Due 90 Days or More (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 4,242 $ 2,117 $ 14,063 $ 20,422 $ 5,611,641 $ 5,632,063 $ 1,844 Construction/land development 4,042 1,892 2,008 7,942 2,127,324 2,135,266 31 Agricultural 1,469 193 278 1,940 344,871 346,811 — Residential real estate loans Residential 1-4 family 6,715 605 19,457 26,777 1,721,774 1,748,551 1,374 Multifamily residential — — — — 578,052 578,052 — Total real estate 16,468 4,807 35,806 57,081 10,383,662 10,440,743 3,249 Consumer 950 539 2,877 4,366 1,145,530 1,149,896 35 Commercial and industrial 3,007 1,075 21,220 25,302 2,323,961 2,349,263 6,300 Agricultural and other 1,065 57 953 2,075 467,503 469,578 261 Total $ 21,490 $ 6,478 $ 60,856 $ 88,824 $ 14,320,656 $ 14,409,480 $ 9,845 |
Presentation of Classified Loans by Class and Risk Rating | Based on the most recent analysis performed, the risk category of loans by class as of December 31, 2023 and 2022 is as follows: December 31, 2023 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Risk rating 1 $ — $ — $ — $ — $ 232 $ 116 $ 55 $ 403 Risk rating 2 — — — — 111 — — 111 Risk rating 3 305,742 584,860 568,413 243,177 216,746 934,111 440,414 3,293,463 Risk rating 4 83,089 557,540 242,217 224,378 149,258 590,864 95,360 1,942,706 Risk rating 5 — — 10,000 — 14,095 42,694 758 67,547 Risk rating 6 — 8,198 9,958 23,743 24,380 179,350 95 245,724 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total non-farm/non-residential 388,831 1,150,598 830,588 491,298 404,822 1,747,135 536,682 5,549,954 Construction/land development Risk rating 1 $ — $ — $ 10 $ — $ — $ — $ — $ 10 Risk rating 2 759 — — — — 186 — 945 Risk rating 3 300,941 499,984 130,342 62,134 22,656 56,180 44,603 1,116,840 Risk rating 4 198,874 417,244 252,602 22,713 32,342 24,527 209,063 1,157,365 Risk rating 5 641 1,163 — 3,306 218 69 — 5,397 Risk rating 6 — 7,817 1,631 748 641 254 1,327 12,418 Risk rating 7 — — — — — — — — Risk rating 8 — — 72 — — — — 72 Total construction/land development 501,215 926,208 384,657 88,901 55,857 81,216 254,993 2,293,047 Agricultural Risk rating 1 $ — $ 1,605 $ — $ — $ — $ — $ — $ 1,605 Risk rating 2 247 — 1,936 — — — — 2,183 Risk rating 3 30,252 43,291 22,919 25,992 10,678 43,284 20,104 196,520 Risk rating 4 9,477 24,688 20,358 19,532 7,873 32,692 4,612 119,232 Risk rating 5 — — — — 314 571 — 885 Risk rating 6 — — 1,675 1,084 1,620 352 — 4,731 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural 39,976 69,584 46,888 46,608 20,485 76,899 24,716 325,156 Total commercial real estate loans $ 930,022 $ 2,146,390 $ 1,262,133 $ 626,807 $ 481,164 $ 1,905,250 $ 816,391 $ 8,168,157 Residential real estate loans Residential 1-4 family Risk rating 1 $ — $ — $ — $ — $ — $ 144 $ 2 $ 146 Risk rating 2 259 — — — — 20 1 280 Risk rating 3 246,462 366,149 241,985 145,339 93,751 324,569 122,950 1,541,205 Risk rating 4 14,992 37,444 55,406 21,240 13,313 67,084 62,356 271,835 Risk rating 5 — 243 246 479 831 1,343 40 3,182 Risk rating 6 71 5,361 2,926 4,064 3,432 10,567 1,189 27,610 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — 2 — 2 Total residential 1-4 family 261,784 409,197 300,563 171,122 111,327 403,729 186,538 1,844,260 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Multifamily residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 3,314 9,827 37,755 44,407 31,436 53,068 6,537 186,344 Risk rating 4 669 77,185 69,546 64,295 8,116 18,490 7,822 246,123 Risk rating 5 — — — — — 3,006 — 3,006 Risk rating 6 — — — — 263 — — 263 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total multifamily residential 3,983 87,012 107,301 108,702 39,815 74,564 14,359 435,736 Total real estate $ 1,195,789 $ 2,642,599 $ 1,669,997 $ 906,631 $ 632,306 $ 2,383,543 $ 1,017,288 $ 10,448,153 Consumer Risk rating 1 $ 5,195 $ 2,952 $ 2,002 $ 839 $ 355 $ 1,114 $ 1,580 $ 14,037 Risk rating 2 — — — — 126 54 — 180 Risk rating 3 240,897 245,543 211,312 108,009 108,063 191,220 1,264 1,106,308 Risk rating 4 9,597 7,534 2,479 69 109 6,073 214 26,075 Risk rating 5 22 — 22 483 872 261 — 1,660 Risk rating 6 204 1,559 830 581 881 1,349 11 5,415 Risk rating 7 15 — — — — — — 15 Risk rating 8 — — — — — — — — Total consumer 255,930 257,588 216,645 109,981 110,406 200,071 3,069 1,153,690 Commercial and industrial Risk rating 1 3,757 $ 918 $ 1,120 $ 236 $ 121 $ 20,835 $ 12,644 $ 39,631 Risk rating 2 174 1,293 220 12 164 218 963 3,044 Risk rating 3 487,896 272,608 78,507 50,340 77,761 170,610 227,043 1,364,765 Risk rating 4 115,025 34,474 55,812 33,000 27,189 71,854 378,417 715,771 Risk rating 5 21 547 16,318 3,352 201 980 1,767 23,186 Risk rating 6 12,498 75,536 4,942 1,154 9,086 12,180 63,198 178,594 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total commercial and industrial 619,371 385,376 156,919 88,094 114,522 276,677 684,032 2,324,991 Agricultural and other Risk rating 1 $ 408 $ 131 $ 16 $ 105 $ — $ 2 $ 563 $ 1,225 Risk rating 2 396 28 1 — 1,181 100 693 2,399 Risk rating 3 52,758 45,796 31,378 26,918 3,059 43,984 145,419 349,312 Risk rating 4 14,007 7,663 8,025 955 10,955 3,188 94,186 138,979 Risk rating 5 — 2,286 — 134 — 593 665 3,678 Risk rating 6 71 33 63 108 — 370 1,656 2,301 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural and other 67,640 55,937 39,483 28,220 15,195 48,237 243,182 497,894 Total $ 2,138,730 $ 3,341,500 $ 2,083,044 $ 1,132,926 $ 872,429 $ 2,908,528 $ 1,947,571 $ 14,424,728 December 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Risk rating 1 $ — $ — $ — $ 237 $ — $ 132 $ 85 $ 454 Risk rating 2 — — — 118 — 3,992 — 4,110 Risk rating 3 616,809 509,269 263,188 279,157 322,278 852,727 374,371 3,217,799 Risk rating 4 438,565 341,047 235,669 161,421 321,188 482,437 139,203 2,119,530 Risk rating 5 — 757 1,145 14,417 35,273 37,561 95 89,248 Risk rating 6 876 196 14,247 26,649 4,720 153,909 194 200,791 Risk rating 7 131 — — — — — — 131 Risk rating 8 — — — — — — — — Total non-farm/non-residential 1,056,381 851,269 514,249 481,999 683,459 1,530,758 513,948 5,632,063 Construction/land development Risk rating 1 $ — $ 11 $ — $ — $ — $ — $ — $ 11 Risk rating 2 682 — — — — 210 — 892 Risk rating 3 421,774 283,546 83,631 48,350 19,340 34,910 75,797 967,348 Risk rating 4 354,852 512,541 58,368 79,924 11,520 43,634 65,960 1,126,799 Risk rating 5 — — 30,987 310 — 1,140 — 32,437 Risk rating 6 612 — 574 751 3 5,839 — 7,779 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total construction/land development 777,920 796,098 173,560 129,335 30,863 85,733 141,757 2,135,266 Agricultural Risk rating 1 $ 1,749 $ — $ — $ — $ — $ — $ — $ 1,749 Risk rating 2 — 2,048 — — — — — 2,048 Risk rating 3 61,725 43,356 32,895 16,475 10,326 37,892 5,996 208,665 Risk rating 4 18,870 25,252 20,532 8,706 3,154 42,886 4,755 124,155 Risk rating 5 — — — 326 — 603 — 929 Risk rating 6 — 1,630 1,623 4,972 — 1,040 — 9,265 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural 82,344 72,286 55,050 30,479 13,480 82,421 10,751 346,811 Total commercial real estate loans $ 1,916,645 $ 1,719,653 $ 742,859 $ 641,813 $ 727,802 $ 1,698,912 $ 666,456 $ 8,114,140 Residential real estate loans Residential 1-4 family Risk rating 1 $ — $ — $ — $ — $ — $ 115 $ 40 $ 155 Risk rating 2 — — — — — 48 2 50 Risk rating 3 360,510 255,775 176,955 112,053 98,093 314,492 110,881 1,428,759 Risk rating 4 37,471 35,875 61,418 11,871 15,577 61,034 65,674 288,920 Risk rating 5 — — — 3,049 226 328 — 3,603 Risk rating 6 849 2,423 3,564 3,521 2,536 12,662 1,508 27,063 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — 1 — 1 Total residential 1-4 family 398,830 294,073 241,937 130,494 116,432 388,680 178,105 1,748,551 December 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Multifamily residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 38,830 37,566 14,127 33,813 13,098 60,117 6,534 204,085 Risk rating 4 43,478 101,282 182,850 8,284 11,934 11,779 1,201 360,808 Risk rating 5 — — — — 3,142 7,897 — 11,039 Risk rating 6 — — — 302 — 1,818 — 2,120 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total multifamily residential 82,308 138,848 196,977 42,399 28,174 81,611 7,735 578,052 Total real estate $ 2,397,783 $ 2,152,574 $ 1,181,773 $ 814,706 $ 872,408 $ 2,169,203 $ 852,296 $ 10,440,743 Consumer Risk rating 1 $ 5,332 $ 3,952 $ 1,134 $ 637 $ 552 $ 1,176 $ 1,467 $ 14,250 Risk rating 2 — — — 193 614 — — 807 Risk rating 3 284,828 276,044 146,256 132,763 118,244 135,266 16,093 1,109,494 Risk rating 4 15,306 2,293 422 1,216 459 907 69 20,672 Risk rating 5 — 633 19 — 8 810 — 1,470 Risk rating 6 215 156 270 970 24 1,386 101 3,122 Risk rating 7 — — — — — — — — Risk rating 8 3 — 1 — — 77 — 81 Total consumer 305,684 283,078 148,102 135,779 119,901 139,622 17,730 1,149,896 Commercial and industrial Risk rating 1 $ 3,450 $ 7,692 $ 268 $ 264 $ 16 $ 21,298 $ 8,832 $ 41,820 Risk rating 2 1,590 305 27 198 — 226 781 3,127 Risk rating 3 301,063 126,312 80,636 73,360 71,964 112,017 253,111 1,018,463 Risk rating 4 70,862 120,618 69,963 89,975 81,389 48,496 568,795 1,050,098 Risk rating 5 83,272 14,762 159 1,408 6,815 185 75,891 182,492 Risk rating 6 4,842 2,539 11,204 4,193 5,769 16,559 3,554 48,660 Risk rating 7 — — — — 4,316 202 85 4,603 Risk rating 8 — — — — — — — — Total commercial and industrial 465,079 272,228 162,257 169,398 170,269 198,983 911,049 2,349,263 Agricultural and other Risk rating 1 $ 297 $ 266 $ 115 $ — $ — $ 95 $ 722 $ 1,495 Risk rating 2 140 78 — 2,338 34 115 1,661 4,366 Risk rating 3 85,707 36,004 30,546 4,725 7,986 46,748 131,760 343,476 Risk rating 4 7,627 13,591 2,598 1,671 1,710 8,766 69,179 105,142 Risk rating 5 — 8 204 — — 593 745 1,550 Risk rating 6 — 58 157 11,137 304 949 944 13,549 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural and other 93,771 50,005 33,620 19,871 10,034 57,266 205,011 469,578 Total $ 3,262,317 $ 2,757,885 $ 1,525,752 $ 1,139,754 $ 1,172,612 $ 2,565,074 $ 1,986,086 $ 14,409,480 The following table presents gross write-offs by origination date for the year ended December 31, 2023. December 31, 2023 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate Commercial real estate loans Non-farm/non-residential $ — $ — $ — $ — $ 1,826 $ 502 $ — $ 2,328 Construction/land development — 2 168 5 — 88 — 263 Agricultural — — — — 1 6 — 7 Residential real estate loans Residential 1-4 family — 29 28 73 13 126 — 269 Total real estate — 31 196 78 1,840 722 — 2,867 Consumer — 51 44 98 63 263 25 544 Commercial and industrial — 407 1,110 894 911 5,369 466 9,157 Agricultural & other 3,252 * 1 1 2 64 3 164 3,487 Total $ 3,252 $ 490 $ 1,351 $ 1,072 $ 2,878 $ 6,357 $ 655 $ 16,055 *The 2023 write-off primarily consists of overdrafts. The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses. The Company also evaluates credit quality based on the aging status of the loan, which was previously presented and by payment activity. The following tables present the amortized cost of performing and nonperforming loans as of December 31, 2023 and 2022. December 31, 2023 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Performing $ 388,831 $ 1,150,598 $ 821,373 $ 490,153 $ 404,061 $ 1,718,776 $ 536,349 $ 5,510,141 Non-performing — — 9,215 1,145 761 28,359 333 39,813 Total non-farm/ non-residential 388,831 1,150,598 830,588 491,298 404,822 1,747,135 536,682 5,549,954 Construction/land development Performing 501,215 918,390 382,954 88,204 55,239 81,028 253,667 2,280,697 Non-performing — 7,818 1,703 697 618 188 1,326 12,350 Total construction/ land development 501,215 926,208 384,657 88,901 55,857 81,216 254,993 2,293,047 Agricultural Performing $ 39,976 $ 69,584 $ 46,809 $ 46,608 $ 20,485 $ 76,547 $ 24,716 $ 324,725 Non-performing — — 79 — — 352 — 431 Total agricultural 39,976 69,584 46,888 46,608 20,485 76,899 24,716 325,156 Total commercial real estate loans $ 930,022 $ 2,146,390 $ 1,262,133 $ 626,807 $ 481,164 $ 1,905,250 $ 816,391 $ 8,168,157 Residential real estate loans Residential 1-4 family Performing $ 261,784 $ 405,239 $ 298,207 $ 167,475 $ 108,091 $ 396,130 $ 185,948 $ 1,822,874 Non-performing — 3,958 2,356 3,647 3,236 7,599 590 21,386 Total residential 1-4 family 261,784 409,197 300,563 171,122 111,327 403,729 186,538 1,844,260 Multifamily residential Performing $ 3,983 $ 87,012 $ 107,301 $ 108,702 $ 39,815 $ 74,564 $ 14,359 $ 435,736 Non-performing — — — — — — — — Total multifamily residential 3,983 87,012 107,301 108,702 39,815 74,564 14,359 435,736 Total real estate 1,195,789 2,642,599 1,669,997 906,631 632,306 2,383,543 1,017,288 10,448,153 Consumer Performing $ 255,771 $ 256,826 $ 215,831 $ 109,442 $ 110,267 $ 198,982 $ 3,060 $ 1,150,179 Non-performing 159 762 814 539 139 1,089 9 3,511 Total consumer 255,930 257,588 216,645 109,981 110,406 200,071 3,069 1,153,690 Commercial and industrial Performing $ 616,809 $ 382,190 $ 156,056 $ 87,531 $ 111,529 $ 273,434 $ 680,552 $ 2,308,101 Non-performing 2,562 3,186 863 563 2,993 3,243 3,480 16,890 Total commercial and industrial 619,371 385,376 156,919 88,094 114,522 276,677 684,032 2,324,991 Agricultural and other Performing $ 67,569 $ 55,904 $ 39,473 $ 28,220 $ 15,195 $ 48,203 $ 242,818 $ 497,382 Non-performing 71 33 10 — — 34 364 512 Total agricultural and other 67,640 55,937 39,483 28,220 15,195 48,237 243,182 497,894 Total $ 2,138,730 $ 3,341,500 $ 2,083,044 $ 1,132,926 $ 872,429 $ 2,908,528 $ 1,947,571 $ 14,424,728 December 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Performing $ 1,056,381 $ 851,269 $ 509,258 $ 456,196 $ 679,187 $ 1,403,874 $ 513,630 $ 5,469,795 Non-performing — — 4,991 25,803 4,272 126,884 318 162,268 Total non-farm/ non-residential 1,056,381 851,269 514,249 481,999 683,459 1,530,758 513,948 5,632,063 Construction/land development Performing 777,309 796,098 172,987 128,736 30,860 85,511 141,757 2,133,258 Non-performing 611 — 573 599 3 222 — 2,008 Total construction/ land development 777,920 796,098 173,560 129,335 30,863 85,733 141,757 2,135,266 Agricultural Performing $ 82,344 $ 72,286 $ 55,050 $ 30,479 $ 13,480 $ 82,143 $ 10,751 $ 346,533 Non-performing — — — — — 278 — 278 Total agricultural 82,344 72,286 55,050 30,479 13,480 82,421 10,751 346,811 Total commercial real estate loans $ 1,916,645 $ 1,719,653 $ 742,859 $ 641,813 $ 727,802 $ 1,698,912 $ 666,456 $ 8,114,140 Residential real estate loans Residential 1-4 family Performing $ 397,464 $ 292,100 $ 239,047 $ 127,250 $ 114,337 $ 380,210 $ 177,311 $ 1,727,719 Non-performing 1,366 1,973 2,890 3,244 2,095 8,470 794 20,832 Total residential 1-4 family 398,830 294,073 241,937 130,494 116,432 388,680 178,105 1,748,551 Multifamily residential Performing $ 82,308 $ 138,848 $ 196,977 $ 42,399 $ 28,174 $ 80,642 $ 7,735 $ 577,083 Non-performing — — — — — 969 — 969 Total multifamily residential 82,308 138,848 196,977 42,399 28,174 81,611 7,735 578,052 Total real estate 2,397,783 2,152,574 1,181,773 814,706 872,408 2,169,203 852,296 10,440,743 Consumer Performing $ 305,620 $ 282,944 $ 147,820 $ 134,831 $ 119,877 $ 138,288 $ 17,628 $ 1,147,008 Non-performing 64 134 282 948 24 1,334 102 2,888 Total consumer 305,684 283,078 148,102 135,779 119,901 139,622 17,730 1,149,896 Commercial and industrial Performing $ 464,285 $ 267,719 $ 159,152 $ 165,733 $ 160,267 $ 194,162 $ 907,611 $ 2,318,929 Non-performing 794 4,509 3,105 3,665 10,002 4,821 3,438 30,334 Total commercial and industrial 465,079 272,228 162,257 169,398 170,269 198,983 911,049 2,349,263 Agricultural and other Performing $ 93,771 $ 50,001 $ 33,416 $ 19,818 $ 10,034 $ 56,631 $ 204,380 $ 468,051 Non-performing — 4 204 53 — 635 631 1,527 Total agricultural and other 93,771 50,005 33,620 19,871 10,034 57,266 205,011 469,578 Total $ 3,262,317 $ 2,757,885 $ 1,525,752 $ 1,139,754 $ 1,172,612 $ 2,565,074 $ 1,986,086 $ 14,409,480 |
Presentation of Troubled Debt Restructurings ("TDRs") by Class | The following table presents the amortized cost basis of modified loans to borrowers experiencing financial difficulty by class and modification type at December 31, 2023. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below. December 31, 2023 Combination of Modifications Term Extension Interest Rate Reduction Principal Reduction Interest Only Interest Rate Reduction and Term Extension Principal Reduction and Interest Rate Reduction Term Extension and Interest Only Term Extension and Principal Reduction Post- Modification Outstanding Balance Percentage of Total Class of Loans Receivable (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 398 $ — $ — $ 1,537 $ 348 $ — $ 16,023 $ — $ 18,306 0.33 % Construction/land development — — — 149 — — — — 149 0.01 % Residential real estate loans Residential 1-4 family 560 598 106 59 516 — — 116 1,955 0.11 % Total real estate 958 598 106 1,745 864 — 16,023 116 20,410 0.20 % Consumer 14 — 1 10 — 5 — — 30 — % Commercial and industrial 2,253 38 42 1,763 74 — — — 4,170 0.18 % Total $ 3,225 $ 636 $ 149 $ 3,518 $ 938 $ 5 $ 16,023 $ 116 $ 24,610 0.17 % During the year ended December 31, 2023, the Company restructured approximately $19.5 million in loans to 21 borrowers. The ending balance of these loans as of December 31, 2023, was $21.0 million. The Company considered the financial effect of these loan modifications to borrowers experiencing financial difficulty during the year ended December 31, 2023 immaterial for tabular disclosure inclusion. Three of the modified loans accounted for $18.2 million of the total post-modification outstanding balance. Two of the loans involved the loans being placed on interest only payments for 36 months and the term being extended an additional 36 months while the interest rate was increased by 9 basis points. The third loan involved a new loan being underwritten resulting in the term being extended by approximately 49 months and the interest rate increasing by 3.45 percentage points. None of the $24.6 million in restructured loans held by the Company were considered to be collateral dependent as of December 31, 2023. The following table presents the amortized cost basis of loans that had a payment default during the year ended December 31, 2023 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty. December 31, 2023 Term Extension Interest Rate Reduction Principal Reduction Interest Only Combination Interest Rate Reduction and Term Extension Combination Interest Rate Reduction and Principal Reduction Combination Term Extension and Principal Reduction (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ — $ — $ — $ — $ — $ — $ — Construction/land development — — — — — — — Agricultural — — — — — — — Residential real estate loans — Residential 1-4 family 299 105 9 — 328 — 116 Total real estate 299 105 9 — 328 — 116 Consumer 14 — — 29 — 5 — Commercial and industrial — — — — — — — Total $ 313 $ 105 $ 9 $ 29 $ 328 $ 5 $ 116 The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The Company has modified 21 loans over the past 12 months to borrowers experiencing financial difficulty. The pre-modification balance of the loans was $19.5 million, and the ending balance as of December 31, 2023 was $21.0 million. The $21.0 million balance consists of $905,000 of non-accrual loans and $20.1 million of current loans, of which $1.5 million were 60-89 days past due as of December 31, 2023. The remaining balance of the loans was current as of December 31, 2023. The following is a presentation of troubled debt restructurings (“TDRs”) by class as of December 31, 2022: December 31, 2022 Number of Loans Pre- Modification Outstanding Balance Rate Modification Term Modification Rate & Term Modification Post- Modification Outstanding Balance (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 11 $ 4,462 $ 1,395 $ 598 $ 436 $ 2,429 Construction/land development 1 216 177 — — 177 Residential real estate loans Residential 1-4 family 14 2,115 772 145 290 1,207 Multifamily residential 1 1,130 969 — — 969 Total real estate 27 7,923 3,313 743 726 4,782 Consumer 2 18 11 — 1 12 Commercial and industrial 15 3,199 748 47 156 951 Total 44 $ 11,140 $ 4,072 $ 790 $ 883 $ 5,745 |
Presentation of TDR's on Non-Accrual Status | The following is a presentation of TDRs on non-accrual status as of December 31, 2022 because they are not in compliance with the modified terms: December 31, 2022 Number of Loans Recorded Balance Real estate: Commercial real estate loans Non-farm/non-residential 2 $ 262 Construction/land development 1 177 Residential real estate loans Residential 1-4 family 4 218 Total real estate 7 657 Consumer 1 1 Commercial and industrial 13 931 Total 21 $ 1,589 |
Summary of Total Foreclosed Assets | The following is a presentation of total foreclosed assets as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 (In thousands) Commercial real estate loans Non-farm/non-residential $ 29,894 $ 118 Construction/land development 47 47 Residential real estate loans Residential 1-4 family 545 260 Multifamily residential — 121 Total foreclosed assets held for sale $ 30,486 $ 546 |
Goodwill and Core Deposit Int_2
Goodwill and Core Deposit Intangible (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount and Accumulated Amortization of Company's Goodwill and Core Deposits and Other Intangibles | Changes in the carrying amount and accumulated amortization of the Company’s goodwill and core deposit intangible at December 31, 2023 and 2022, were as follows: December 31, 2023 December 31, 2022 Goodwill (In thousands) Balance, beginning of period $ 1,398,253 $ 973,025 Acquisitions — 425,228 Balance, end of period $ 1,398,253 $ 1,398,253 December 31, 2023 December 31, 2022 Core Deposit Intangible (In thousands) Balance, beginning of period $ 58,455 $ 25,045 Acquisitions — 42,263 Amortization expense (9,685) (8,853) Balance, end of year $ 48,770 $ 58,455 |
Summary of Carrying Amount and Accumulated Amortization of Core Deposits and Other Intangibles | The carrying basis and accumulated amortization of core deposits intangibles at December 31, 2023 and 2022 were: December 31, 2023 December 31, 2022 (In thousands) Gross carrying amount $ 128,888 $ 128,888 Accumulated amortization (80,118) (70,433) Net carrying amount $ 48,770 $ 58,455 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Summary of Scheduled Maturities of Time Deposits | The following is a summary of the scheduled maturities of all time deposits at December 31, 2023 (in thousands): 2024 $1,342,054 2025 275,134 2026 13,937 2027 12,178 2028 8,055 Thereafter 505 Total time deposits $1,651,863 |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Summary of Remaining Contractual Maturity of Securities Sold Under Agreements to Repurchase | The remaining contractual maturity of securities sold under agreements to repurchase in the consolidated balance sheets as of December 31, 2023 and 2022 is presented in the following table: December 31, 2023 December 31, 2022 Overnight and Total Overnight and Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ — $ — $ 5,322 $ 5,322 Mortgage-backed securities — — 5,153 5,153 State and political subdivisions — — 117,674 117,674 Other securities 142,085 142,085 2,997 2,997 Total borrowings $ 142,085 $ 142,085 $ 131,146 $ 131,146 |
FHLB and Other Borrowed Funds (
FHLB and Other Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Advance from Federal Home Loan Bank [Abstract] | |
Maturities of Borrowings with Original Maturities | Maturities of borrowings with original maturities exceeding one year at December 31, 2023, are as follows (in thousands): By Contractual By 2024 $ 701,300 $ 1,101,300 2025 100,000 100,000 2026 100,000 100,000 2027 — — 2028 — — Thereafter 400,000 — $ 1,301,300 $ 1,301,300 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Preferred Trust Securities and Subordinated Debentures | Subordinated debentures at December 31, 2023 and 2022 contained the following components: As of December 31, 2023 As of December 31, 2022 (In thousands) Subordinated debt securities Subordinated notes issued in 2020, due 2030, fixed rate of 5.500% during the first five years and at a floating rate of 534.5 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2025 without penalty $ 142,084 $ 143,400 Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty 297,750 297,020 Total $ 439,834 $ 440,420 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Components of Provision for Income Taxes | The following is a summary of the components of the provision for income taxes for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 (In thousands) Current: Federal $ 99,938 $ 72,367 $ 70,536 State 23,093 14,733 23,350 Total current 123,031 87,100 93,886 Deferred: Federal (3,312) 1,839 2,906 State (765) 374 962 Total deferred (4,077) 2,213 3,868 Income tax expense $ 118,954 $ 89,313 $ 97,754 |
Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate | The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Statutory federal income tax rate 21.00 % 21.00 % 21.00 % Effect of non-taxable interest income (0.68) (1.89) (1.03) Stock compensation 0.28 0.38 0.25 State income taxes, net of federal benefit 2.97 2.70 3.97 Other (0.33) 0.45 (0.74) Effective income tax rate 23.24 % 22.64 % 23.45 % |
Differences between Tax Basis of Assets and Liabilities | The types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows: December 31, 2023 December 31, 2022 (In thousands) Deferred tax assets: Allowance for credit losses $ 81,251 $ 80,232 Deferred compensation 7,619 7,817 Stock compensation 6,803 6,180 Non-accrual interest income 1,463 1,518 Real estate owned 79 103 Unrealized loss on Securities AFS 82,613 98,587 Loan discounts 5,119 7,007 Tax basis on acquisitions — 1,222 Investments 24,669 28,523 Other 14,691 8,007 Gross deferred tax assets 224,307 239,196 Deferred tax liabilities: Accelerated depreciation on premises and equipment 1,477 4,252 Tax basis on acquisitions 4,061 — Core deposit intangibles 11,021 14,755 FHLB dividends 2,351 2,681 Other 8,233 8,187 Gross deferred tax liabilities 27,143 29,875 Net deferred tax assets $ 197,164 $ 209,321 |
Common Stock, Compensation Pl_2
Common Stock, Compensation Plans and Other (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Transactions under Plan | The table below summarized the stock option transactions under the Plan at December 31, 2023, 2022 and 2021 and changes during the years then ended: 2023 2022 2021 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding, beginning of year 2,971 $ 20.45 3,015 $ 20.06 3,254 $ 19.77 Granted 25 22.63 183 21.13 15 21.68 Forfeited/Expired (10) 23.38 (96) 21.89 (57) 22.44 Exercised (210) 14.01 (131) 11.30 (197) 14.78 Outstanding, end of year 2,776 20.95 2,971 20.45 3,015 20.06 Exercisable, end of year 1,940 20.05 1,837 18.89 1,543 17.46 |
Summary of Stock Options on Valuation Assumptions | The assumptions used in determining the fair value of 2023, 2022 and 2021 stock option grants were as follows: For the Years Ended December 31, 2023 2022 2021 Expected dividend yield 2.98 % 3.14 % 2.59 % Expected stock price volatility 27.97 % 31.18 % 70.13 % Risk-free interest rate 3.37 % 2.82 % 0.75 % Expected life of options 6.5 years 6.5 years 6.5 years |
Summary of Currently Outstanding and Exercisable Options | The following is a summary of currently outstanding and exercisable options at December 31, 2023: Options Outstanding Options Exercisable Exercise Prices Options Weighted- Weighted- Options Weighted- $14.00 to $15.99 100 1.04 $ 14.71 100 $ 14.71 $16.00 to $17.99 172 0.91 16.92 172 16.92 $18.00 to $19.99 836 1.79 18.48 829 18.48 $20.00 to $21.99 268 4.72 20.87 191 20.98 $22.00 to $23.99 1,309 4.65 23.22 577 23.14 $24.00 to $25.99 91 4.40 25.59 71 25.95 2,776 1,940 |
Summary of Company's Restricted Stock Issued and Outstanding | The table below summarizes the activity for the Company’s restricted stock issued and outstanding at December 31, 2023, 2022 and 2021 and changes during the years then ended: 2023 2022 2021 (In thousands) Beginning of year 1,381 1,231 1,371 Issued 261 409 216 Vested (152) (178) (320) Forfeited (61) (81) (36) End of year 1,429 1,381 1,231 Amount of expense for twelve months ended $ 8,016 $ 7,646 $ 7,112 |
Non-Interest Expense (Tables)
Non-Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Components of Non-Interest Expense | The table below shows the components of non-interest expense for years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 (In thousands) Salaries and employee benefits $ 256,966 $ 238,885 $ 170,755 Occupancy and equipment 60,303 53,417 36,631 Data processing expense 36,329 34,942 24,280 Merger expense — 49,594 1,886 Other operating expenses: Advertising 8,850 7,974 4,855 Amortization of intangibles 9,685 8,853 5,683 Electronic banking expense 14,313 13,632 9,817 Directors' fees 1,814 1,491 1,614 Due from bank service charges 1,115 1,255 1,044 FDIC and state assessment 25,530 8,428 5,472 Hurricane expense — 176 — Insurance 3,567 3,705 3,118 Legal and accounting 5,230 9,401 3,703 Other professional fees 8,815 8,881 6,950 Operating supplies 3,138 3,120 1,915 Postage 2,081 2,078 1,283 Telephone 2,160 1,890 1,425 Other expense 32,967 27,905 18,086 Total other operating expenses 119,265 98,789 64,965 Total non-interest expense $ 472,863 $ 475,627 $ 298,517 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Minimum Rental Commitments under Operating Leases | The minimum rental commitments under these noncancelable operating leases are as follows as of December 31, 2023 and 2022: December 31, 2023 (In thousands) 2024 $ 9,373 2025 8,549 2026 8,111 2027 7,223 2028 5,496 Thereafter 19,827 Total future minimum lease payments $ 58,579 Discount effect of cash flows (13,551) Present value of net future minimum lease payments $ 45,028 December 31, 2022 (In thousands) 2023 $ 8,332 2024 7,463 2025 6,739 2026 6,352 2027 5,821 Thereafter 24,591 Total future minimum lease payments $ 59,298 Discount effect of cash flows (13,344) Present value of net future minimum lease payments $ 45,954 |
Additional Information of Lease Expense | Additional information: Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 (In thousands) Lease expense: Operating lease expense $ 8,087 $ 7,995 $ 7,857 Short-term lease expense — 3 6 Variable lease expense 1,105 873 1,028 Total lease expense $ 9,192 $ 8,871 $ 8,891 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 8,384 $ 8,128 $ 7,881 Weighted-average remaining lease term 8.47 9.28 9.71 Weighted-average discount rate 3.43 % 3.41 % 3.48 % |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values of Financial Instruments | The following table presents the estimated fair values of the Company’s financial instruments. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. December 31, 2023 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 1,000,213 $ 1,000,213 1 Investment securities - available for sale 3,507,841 3,507,841 2 Investment securities - held-to-maturity 1,281,982 1,170,481 2 Loans receivable, net of impaired loans and allowance 14,048,002 14,071,775 3 Accrued interest receivable 118,966 118,966 1 FHLB, FRB & FNBB stock; other equity investments 223,748 223,748 3 Marketable equity securities 49,419 49,419 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 4,085,501 $ 4,085,501 1 Savings and interest-bearing transaction accounts 11,050,347 11,050,347 1 Time deposits 1,651,863 1,633,091 3 Securities sold under agreements to repurchase 142,085 142,085 1 FHLB and other borrowed funds 1,301,300 1,291,926 2 Accrued interest payable 19,124 19,124 1 Subordinated debentures 439,834 358,682 3 December 31, 2022 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 724,790 $ 724,790 1 Investment securities - available for sale 4,041,590 4,041,590 2 Investment securities - held-to-maturity 1,287,705 1,126,146 2 Loans receivable, net of impaired loans and allowance 13,929,892 13,723,865 3 Accrued interest receivable 103,199 103,199 1 FHLB, FRB & FNBB stock; other equity investments 215,952 215,952 3 Marketable equity securities 52,034 52,034 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 5,164,997 $ 5,164,997 1 Savings and interest-bearing transaction accounts 11,730,552 11,730,552 1 Time deposits 1,043,234 1,014,348 3 Securities sold under agreements to repurchase 131,146 131,146 1 FHLB and other borrowed funds 650,000 595,886 2 Accrued interest payable 10,622 10,622 1 Subordinated debentures 440,420 411,686 3 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Matters [Abstract] | |
Summary of Company's Actual Capital Amount and Ratios | The Company’s actual capital amounts and ratios along with the Company’s bank subsidiary are presented in the following table. Actual Minimum Capital Requirement –Basel III Minimum To Be Well-Capitalized Under Prompt Corrective Action Provision Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2023 Common equity Tier 1 capital ratios: Home BancShares $ 2,609,823 14.15 % $ 1,290,867 7.00 % N/A N/A Centennial Bank 2,495,303 13.60 1,284,347 7.00 1,192,608 6.50 Leverage ratios: Home BancShares $ 2,609,823 12.44 % $ 839,271 4.00 % N/A N/A Centennial Bank 2,495,303 11.92 837,350 4.00 1,046,688 5.00 Tier 1 capital ratios: Home BancShares $ 2,609,823 14.15 % $ 1,567,482 8.50 % N/A N/A Centennial Bank 2,495,303 13.60 1,559,564 8.50 1,467,825 8.00 Total risk-based capital ratios: Home BancShares $ 3,281,136 17.79 % $ 1,936,301 10.50 % N/A N/A Centennial Bank 2,725,909 14.85 1,927,410 10.50 1,835,629 10.00 As of December 31, 2022 Common equity Tier 1 capital ratios: Home BancShares $ 2,399,919 12.91 % $ 1,300,831 7.00 % N/A N/A Centennial Bank 2,408,756 13.00 1,297,352 7.00 1,204,684 6.50 Leverage ratios: Home BancShares $ 2,399,919 10.86 % $ 883,664 4.00 % N/A N/A Centennial Bank 2,408,756 10.93 881,464 4.00 1,101,831 5.00 Tier 1 capital ratios: Home BancShares $ 2,399,919 12.91 % $ 1,579,580 8.50 % N/A N/A Centennial Bank 2,408,756 13.00 1,575,356 8.50 1,482,688 8.00 Total risk-based capital ratios: Home BancShares $ 3,073,455 16.54 % $ 1,951,246 10.50 % N/A N/A Centennial Bank 2,640,992 14.25 1,946,021 10.50 1,853,354 10.00 |
Additional Cash Flow Informat_2
Additional Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Additional Cash Flow Information | The following is summary of the Company’s additional cash flow information during the years ended December 31: 2023 2022 2021 (In thousands) Interest paid $ 339,606 $ 115,046 $ 53,327 Income taxes paid 135,089 86,583 98,320 Assets acquired by foreclosure 30,532 619 2,623 |
Condensed Financial Informati_2
Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Offsetting [Abstract] | |
Schedule of Condensed Balance Sheets | Condensed Balance Sheets December 31, (In thousands) 2023 2022 Assets Cash and cash equivalents $ 484,542 $ 359,570 Investment securities 57,032 57,912 Investments in wholly-owned subsidiaries 3,679,597 3,538,344 Other assets 18,049 19,422 Total assets $ 4,239,220 $ 3,975,248 Liabilities Subordinated debentures $ 439,834 $ 440,420 Other liabilities 8,311 8,466 Total liabilities 448,145 448,886 Stockholders' Equity Common stock 2,015 2,034 Capital surplus 2,348,023 2,386,699 Retained earnings 1,690,112 1,443,087 Accumulated other comprehensive income (249,075) (305,458) Total stockholders' equity 3,791,075 3,526,362 Total liabilities and stockholders' equity $ 4,239,220 $ 3,975,248 |
Schedule of Condensed Statements of Income | Condensed Statements of Income Years Ended December 31, (In thousands) 2023 2022 2021 Income Dividends from equity securities $ 3,634 $ 2,088 $ 646 Dividends from banking subsidiary 329,997 216,086 286,712 Other (loss) income (724) (1,297) 7,234 Total income 332,907 216,877 294,592 Expenses 32,361 38,933 34,194 Income before income taxes and equity in undistributed net income of subsidiaries 300,546 177,944 260,398 Tax benefit for income taxes 7,514 10,752 7,161 Income before equity in undistributed net income of subsidiaries 308,060 188,696 267,559 Equity in undistributed net income of subsidiaries 84,869 116,566 51,462 Net income $ 392,929 $ 305,262 $ 319,021 |
Schedule of Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31, (In thousands) 2023 2022 2021 Cash flows from operating activities Net income $ 392,929 $ 305,262 $ 319,021 Items not requiring (providing) cash (Accretion)/ amortization (586) 1,912 767 Share-based compensation 9,274 9,133 8,848 Decrease (increase) in value of equity securities 1,094 1,272 (7,178) Equity in undistributed income of subsidiaries (84,869) (116,566) (51,462) Changes in other assets (364) (4,149) 90 Changes in other liabilities (155) 2,290 (76) Net cash provided by operating activities 317,323 199,154 270,010 Cash flows from investing activities Net cash proceeds from Happy Bancshares, Inc. — 201,428 — Purchases of equity securities — (49,975) (13,276) Proceeds from sale of equity securities 1,522 13,778 16,381 Redemptions of other investments — 2,899 — Net cash provided by investing activities 1,522 168,130 3,105 Cash flows from financing activities Retirement of subordinated debentures — (300,000) — Proceeds from the issuance of subordinated debentures — 296,324 — Redemption of trust preferred securities — (96,499) — Proceeds from exercise of stock options 802 156 2,374 Repurchase of common stock (48,771) (70,856) (44,480) Dividends paid (145,904) (128,424) (92,142) Net cash used in financing activities (193,873) (299,299) (134,248) Increase in cash and cash equivalents 124,972 67,985 138,867 Cash and cash equivalents, beginning of year 359,570 291,585 152,718 Cash and cash equivalents, end of year $ 484,542 $ 359,570 $ 291,585 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of reportable segments | segment | 1 | ||
Number of operating segments | segment | 1 | ||
Intangible assets amortization period | 120 months | ||
Impairment of goodwill | $ | $ 0 | $ 0 | $ 0 |
Impairment of core deposit and other intangibles | $ | $ 0 | $ 0 | $ 0 |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives for Book Purposes (Detail) | Dec. 31, 2023 |
Bank premises | Minimum | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful lives | 15 years |
Bank premises | Maximum | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful lives | 40 years |
Furniture, fixtures, and equipment | Minimum | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful lives | 3 years |
Furniture, fixtures, and equipment | Maximum | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful lives | 15 years |
Nature of Operations and Summ_6
Nature of Operations and Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings per Common Share (EPS) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net income | $ 392,929 | $ 305,262 | $ 319,021 |
Average common shares outstanding (in shares) | 202,627 | 194,694 | 164,501 |
Effect of common stock options (in shares) | 146 | 325 | 357 |
Diluted common shares outstanding (in shares) | 202,773 | 195,019 | 164,858 |
Basic earnings per common share (in dollars per share) | $ 1.94 | $ 1.57 | $ 1.94 |
Diluted earnings per common share (in dollars per share) | $ 1.94 | $ 1.57 | $ 1.94 |
Business Combinations - Acquisi
Business Combinations - Acquisition of Happy Bancshares (Detail) - Happy Bancshares, Inc. $ in Thousands, shares in Millions | 12 Months Ended | |||
Apr. 01, 2022 USD ($) location shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Business Acquisition [Line Items] | ||||
Business combination consideration paid | $ 962,538 | |||
Business combination, recognized identifiable assets acquired | 6,755,152 | $ 6,687,504 | ||
Loans receivable | 3,657,009 | 3,652,620 | ||
Total deposits | $ 5,854,307 | $ 5,855,277 | ||
Number of locations operated by acquiree prior to acquisition | location | 62,000 | |||
Adjustment to market value - investment securities | $ 8,485 | |||
Adjustment to market value - bank premises and equipment | (12,270) | |||
Measurement Period Adjustments, Time deposits | $ 903 | |||
Pro forma merger expenses | $ 49,600 | $ 49,600 | ||
Pro forma credit losses on acquired loans | 45,200 | 45,200 | ||
Pro forma credit losses on acquired unfunded commitments | 11,400 | 11,400 | ||
Pro forma credit losses on acquired investment securities | $ 2,000 | $ 2,000 | ||
Common Stock | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, equity interest issuable, number of shares (in shares) | shares | 42.4 | |||
Business acquisition, equity interest issuable, value | $ 958,800 | |||
Business combination consideration paid | 962,500 | |||
Stock-based Awards | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, equity interest issuable, value | $ 3,700 |
Business Combinations - Assets
Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Apr. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||
Carrying amount of Company's goodwill | $ 1,398,253 | $ 1,398,253 | $ 973,025 | ||
Goodwill | $ 0 | 425,228 | |||
Happy Bancshares, Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash and due from banks | $ 112,999 | $ 112,553 | |||
Measurement Period Adjustments, Cash and due from banks | (446) | ||||
Interest-bearing deposits with other banks | 746,031 | 746,031 | |||
Measurement Period Adjustments, Interest-bearing deposits with other banks | 0 | ||||
Cash and cash equivalents | 859,030 | 858,584 | |||
Measurement Period Adjustments, Cash and cash equivalents | (446) | ||||
Investment securities - available-for-sale, net of allowance for credit losses | 1,773,540 | 1,782,025 | |||
Measurement Period Adjustments, Investment securities - available-for-sale, net of allowance for credit losses | 8,485 | ||||
Total investment securities | 1,773,540 | 1,782,025 | |||
Measurement Period Adjustments, Total investment securities | 8,485 | ||||
Loans receivable | 3,657,009 | 3,652,620 | |||
Measurement Period Adjustments, Loans receivable | (4,389) | ||||
Allowance for credit losses | (42,224) | $ (16,800) | (16,816) | ||
Measurement Period Adjustments, Allowance for credit losses | 25,408 | ||||
Loans receivable, net | 3,614,785 | 3,635,804 | |||
Measurement Period Adjustments, Loans receivable, net | 21,019 | ||||
Bank premises and equipment, net | 153,642 | 141,372 | |||
Measurement Period Adjustments, Bank premises and equipment, net | 12,270 | ||||
Foreclosed assets held for sale | 193 | 116 | |||
Measurement Period Adjustments, Foreclosed assets held for sale | (77) | ||||
Cash value of life insurance | 105,049 | 105,052 | |||
Measurement Period Adjustments, Cash value of life insurance | 3 | ||||
Accrued interest receivable | 31,575 | 31,575 | |||
Measurement Period Adjustments, Accrued interest receivable | 0 | ||||
Deferred tax asset, net | 32,908 | 31,816 | |||
Measurement Period Adjustments, Deferred tax asset, net | (1,092) | ||||
Carrying amount of Company's goodwill | 130,428 | 0 | |||
Measurement Period Adjustments, Goodwill | (130,428) | ||||
Core deposit and other intangibles | 10,672 | 42,263 | |||
Measurement Period Adjustments, Core deposit and other intangibles | 31,591 | ||||
Other assets | 43,330 | 58,897 | |||
Measurement Period Adjustments, Other assets | 15,567 | ||||
Total assets acquired | 6,755,152 | 6,687,504 | |||
Measurement Period Adjustments, Total assets acquired | (67,648) | ||||
Demand and non-interest-bearing | 1,932,756 | 1,932,823 | |||
Measurement Period Adjustments, Demand and non-interest-bearing | 67 | ||||
Savings and interest-bearing transaction accounts | 3,519,652 | 3,519,652 | |||
Measurement Period Adjustments, Savings and interest-bearing transaction accounts | 0 | ||||
Time deposits | 401,899 | 402,802 | |||
Adjustment to market value - time deposits | 903 | ||||
Total deposits | 5,854,307 | 5,855,277 | |||
Measurement Period Adjustments, Total deposits | 970 | ||||
FHLB and other borrowed funds | 74,212 | 78,330 | |||
Measurement Period Adjustments, FHLB and other borrowed funds | 4,118 | ||||
Accrued interest payable and other liabilities | 50,889 | 48,997 | |||
Measurement Period Adjustments, Accrued interest payable and other liabilities | (1,892) | ||||
Subordinated debentures | 159,965 | 167,590 | |||
Measurement Period Adjustments, Subordinated Debt | 7,625 | ||||
Total liabilities assumed | 6,139,373 | 6,150,194 | |||
Measurement Period Adjustments, Total liabilities assumed | 10,821 | ||||
Total equity assumed | 615,779 | 0 | |||
Measurement Period Adjustments, Total equity assumed | (615,779) | ||||
Total liabilities and equity assumed | 6,755,152 | 6,150,194 | |||
Measurement Period Adjustments, Total liabilities and equity assumed | (604,958) | ||||
Net assets acquired | $ 537,310 | ||||
Purchase price | 962,538 | ||||
Goodwill | $ 425,228 |
Business Combinations - Pro For
Business Combinations - Pro Forma Information (Details) - Happy Bancshares, Inc. - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||
Total interest income | $ 935,168 | $ 839,407 |
Total non-interest income | 188,012 | 190,550 |
Net income available to all shareholders | $ 406,949 | $ 317,190 |
Basic earnings per common share (in dollars per share) | $ 1.98 | $ 1.53 |
Diluted earnings per common share (in dollars per share) | $ 1.98 | $ 1.53 |
Business Combinations - PCD Loa
Business Combinations - PCD Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 01, 2022 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||
Allowance for credit losses at acquisition | $ (45,170) | |
Happy Bancshares, Inc. | ||
Business Acquisition [Line Items] | ||
Par value of acquired loans at acquisition | $ 165,028 | |
Allowance for credit losses at acquisition | (16,816) | |
Premium on acquired loans | 684 | |
Purchase price of loans at acquisition | $ 148,896 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | $ 3,840,927 | $ 4,445,620 | ||
Allowance for Credit Losses | (2,525) | (842) | $ (842) | $ (842) |
Net Carrying Amount | 3,838,402 | 4,444,778 | ||
Gross Unrealized Gains | 5,718 | 4,779 | ||
Gross Unrealized (Losses) | (336,279) | (407,967) | ||
Estimated Fair Value | 3,507,841 | 4,041,590 | ||
U.S. government-sponsored enterprises | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 361,494 | 682,316 | ||
Allowance for Credit Losses | 0 | 0 | ||
Net Carrying Amount | 361,494 | 682,316 | ||
Gross Unrealized Gains | 2,247 | 2,713 | ||
Gross Unrealized (Losses) | (17,093) | (23,209) | ||
Estimated Fair Value | 346,648 | 661,820 | ||
U.S. government-sponsored mortgage-backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 1,711,668 | 1,900,796 | ||
Allowance for Credit Losses | 0 | 0 | ||
Net Carrying Amount | 1,711,668 | 1,900,796 | ||
Gross Unrealized Gains | 310 | 71 | ||
Gross Unrealized (Losses) | (191,557) | (215,405) | ||
Estimated Fair Value | 1,520,421 | 1,685,462 | ||
Private mortgage-backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 191,522 | 197,435 | ||
Allowance for Credit Losses | 0 | 0 | ||
Net Carrying Amount | 191,522 | 197,435 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized (Losses) | (16,117) | (18,302) | ||
Estimated Fair Value | 175,405 | 179,133 | ||
Non-government-sponsored asset backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 370,203 | 428,933 | ||
Allowance for Credit Losses | 0 | 0 | ||
Net Carrying Amount | 370,203 | 428,933 | ||
Gross Unrealized Gains | 821 | 95 | ||
Gross Unrealized (Losses) | (7,551) | (14,654) | ||
Estimated Fair Value | 363,473 | 414,374 | ||
State and political subdivisions | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 990,318 | 1,021,188 | ||
Allowance for Credit Losses | 0 | (842) | ||
Net Carrying Amount | 990,318 | 1,020,346 | ||
Gross Unrealized Gains | 1,938 | 1,649 | ||
Gross Unrealized (Losses) | (75,931) | (115,698) | ||
Estimated Fair Value | 916,325 | 906,297 | ||
Other securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 215,722 | 214,952 | ||
Allowance for Credit Losses | (2,525) | 0 | ||
Net Carrying Amount | 213,197 | 214,952 | ||
Gross Unrealized Gains | 402 | 251 | ||
Gross Unrealized (Losses) | (28,030) | (20,699) | ||
Estimated Fair Value | $ 185,569 | $ 194,504 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Fair Value of Securities Held-to-Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | $ 1,283,987 | $ 1,289,710 | |||
Allowance for Credit Losses | (2,005) | (2,005) | $ (2,000) | $ 0 | $ 0 |
Net Carrying Amount | 1,281,982 | 1,287,705 | |||
Gross Unrealized Gains | 562 | 196 | |||
Gross Unrealized (Losses) | (112,063) | (161,755) | |||
Estimated Fair Value | 1,170,481 | 1,126,146 | |||
U.S. government-sponsored enterprises | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | 43,285 | 43,017 | |||
Allowance for Credit Losses | 0 | 0 | |||
Net Carrying Amount | 43,285 | 43,017 | |||
Gross Unrealized Gains | 0 | 0 | |||
Gross Unrealized (Losses) | (2,607) | (3,349) | |||
Estimated Fair Value | 40,678 | 39,668 | |||
U.S. government-sponsored mortgage-backed securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | 130,278 | 135,000 | |||
Allowance for Credit Losses | 0 | 0 | |||
Net Carrying Amount | 130,278 | 135,000 | |||
Gross Unrealized Gains | 106 | 131 | |||
Gross Unrealized (Losses) | (4,362) | (3,756) | |||
Estimated Fair Value | 126,022 | 131,375 | |||
State and political subdivisions | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | 1,110,424 | 1,111,693 | |||
Allowance for Credit Losses | (2,005) | (2,005) | |||
Net Carrying Amount | 1,108,419 | 1,109,688 | |||
Gross Unrealized Gains | 456 | 65 | |||
Gross Unrealized (Losses) | (105,094) | (154,650) | |||
Estimated Fair Value | $ 1,003,781 | $ 955,103 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Apr. 01, 2022 USD ($) | Dec. 31, 2020 USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Carrying value of investment securities | $ 3,570,000,000 | $ 2,350,000,000 | ||||
Investment securities pledged as collateral | 142,100,000 | 131,100,000 | ||||
Available for sale securities sold | 0 | 67,300,000 | $ 17,900,000 | |||
Realized gains (losses) on available for sale securities | 0 | $ 219,000 | ||||
Income tax expense benefit to net security gains and losses, percentage | 25.74% | |||||
Investment securities, provision for credit losses | 1,700,000 | |||||
Investment securities, provision for credit losses | 2,525,000 | 842,000 | $ 842,000 | $ 842,000 | ||
Allowance for credit loss, held-to-maturity | 2,005,000 | 2,005,000 | $ 0 | $ 2,000,000 | $ 0 | |
Fair value of unrealized losses | $ 333,485,000 | $ 264,580,000 | ||||
Percentage of Company's investment portfolio | 30.40% | 33% | ||||
Number of investment securities available for sale | security | 1,583 | |||||
Number of investment in debt securities unrealized loss position | security | 1,296 | |||||
Debt securities available for sale unrealized loss position | $ 336,279,000 | $ 407,967,000 | ||||
Number of investment securities held to maturity | security | 507 | |||||
Number of investments in debt securities held-to-maturity unrealized loss position | security | 486 | |||||
Unrealized losses | $ 112,063,000 | 161,755,000 | ||||
Happy Bancshares, Inc. | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Investment securities - available-for-sale, net of allowance for credit losses | $ 1,782,025,000 | $ 1,773,540,000 | ||||
Investments reclassified from available-for-sale to held-to-maturity | 1,120,000,000 | |||||
U.S. government-sponsored enterprises | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Investment securities, provision for credit losses | 0 | 0 | ||||
Allowance for credit loss, held-to-maturity | 0 | 0 | ||||
Fair value of unrealized losses | $ 17,091,000 | 20,153,000 | ||||
Number of investment in debt securities unrealized loss position | security | 59 | |||||
Debt securities available for sale unrealized loss position | $ 17,093,000 | 23,209,000 | ||||
Number of investments in debt securities held-to-maturity unrealized loss position | security | 5 | |||||
Unrealized losses | $ 2,607,000 | 3,349,000 | ||||
U.S. government-sponsored mortgage-backed securities | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Investment securities, provision for credit losses | 0 | 0 | ||||
Allowance for credit loss, held-to-maturity | 0 | 0 | ||||
Fair value of unrealized losses | $ 189,391,000 | 168,900,000 | ||||
Number of investment in debt securities unrealized loss position | security | 669 | |||||
Debt securities available for sale unrealized loss position | $ 191,557,000 | 215,405,000 | ||||
Number of investments in debt securities held-to-maturity unrealized loss position | security | 18 | |||||
Unrealized losses | $ 4,362,000 | 3,756,000 | ||||
Private mortgage-backed securities | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Investment securities, provision for credit losses | 0 | 0 | ||||
Fair value of unrealized losses | $ 15,891,000 | 0 | ||||
Number of investment in debt securities unrealized loss position | security | 32 | |||||
Debt securities available for sale unrealized loss position | $ 16,117,000 | 18,302,000 | ||||
Non-government-sponsored asset backed securities | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Investment securities, provision for credit losses | 0 | 0 | ||||
Fair value of unrealized losses | $ 7,551,000 | 4,928,000 | ||||
Number of investment in debt securities unrealized loss position | security | 31 | |||||
Debt securities available for sale unrealized loss position | $ 7,551,000 | 14,654,000 | ||||
State and political subdivisions | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Investment securities, provision for credit losses | 0 | 842,000 | ||||
Allowance for credit loss, held-to-maturity | 2,005,000 | 2,005,000 | ||||
Fair value of unrealized losses | $ 75,531,000 | 65,214,000 | ||||
Number of investment in debt securities unrealized loss position | security | 444 | |||||
Debt securities available for sale unrealized loss position | $ 75,931,000 | 115,698,000 | ||||
Number of investments in debt securities held-to-maturity unrealized loss position | security | 463 | |||||
Unrealized losses | $ 105,094,000 | 154,650,000 | ||||
Other securities | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Investment securities, provision for credit losses | 2,525,000 | 0 | ||||
Fair value of unrealized losses | $ 28,030,000 | 5,385,000 | ||||
Number of investment in debt securities unrealized loss position | security | 61 | |||||
Debt securities available for sale unrealized loss position | $ 28,030,000 | $ 20,699,000 |
Investment Securities - Amort_3
Investment Securities - Amortized Cost and Estimated Fair Value of Securities Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Due in one year or less, Amortized Cost | $ 19,327 | |
Due in one year or less, Amortized Cost | 0 | |
Due after one year through five years, Amortized Cost | 224,786 | |
Due after one year through five years, Amortized Cost | 27,498 | |
Due after five years through ten years, Amortized Cost | 401,003 | |
Due after five years through ten years, Amortized Cost | 305,944 | |
Due after ten years, Amortized Cost | 922,418 | |
Due after ten years, Amortized Cost | 820,267 | |
Amortized Cost | 3,840,927 | $ 4,445,620 |
Amortized Cost | 1,283,987 | 1,289,710 |
Estimated Fair Value | ||
Due in one year or less, Estimated Fair Value | 19,140 | |
Due in one year or less, Estimated Fair Value | 0 | |
Due after one year through five years, Estimated Fair Value | 211,009 | |
Due after one year through five years, Estimated Fair Value | 26,042 | |
Due after five years through ten years, Estimated Fair Value | 358,789 | |
Due after five years through ten years, Estimated Fair Value | 278,676 | |
Due after ten years, Estimated Fair Value | 859,604 | |
Due after ten years, Estimated Fair Value | 739,741 | |
Total, Estimated Fair Value | 3,507,841 | 4,041,590 |
Estimated Fair Value | 1,170,481 | 1,126,146 |
U.S. government-sponsored mortgage-backed securities | ||
Amortized Cost | ||
Securities not due at a single maturity date, Amortized Cost | 1,711,668 | |
Securities not due at a single maturity date, Amortized Cost | 130,278 | |
Amortized Cost | 1,711,668 | 1,900,796 |
Amortized Cost | 130,278 | 135,000 |
Estimated Fair Value | ||
Securities not due at a single maturity date, Estimated Fair Value | 1,520,421 | |
Securities not due at a single maturity date, Estimated Fair Value | 126,022 | |
Total, Estimated Fair Value | 1,520,421 | 1,685,462 |
Estimated Fair Value | 126,022 | 131,375 |
Private mortgage-backed securities | ||
Amortized Cost | ||
Securities not due at a single maturity date, Amortized Cost | 191,522 | |
Securities not due at a single maturity date, Amortized Cost | 0 | |
Amortized Cost | 191,522 | 197,435 |
Estimated Fair Value | ||
Securities not due at a single maturity date, Estimated Fair Value | 175,405 | |
Securities not due at a single maturity date, Estimated Fair Value | 0 | |
Total, Estimated Fair Value | 175,405 | 179,133 |
Non-government-sponsored asset backed securities | ||
Amortized Cost | ||
Securities not due at a single maturity date, Amortized Cost | 370,203 | |
Securities not due at a single maturity date, Amortized Cost | 0 | |
Amortized Cost | 370,203 | 428,933 |
Estimated Fair Value | ||
Securities not due at a single maturity date, Estimated Fair Value | 363,473 | |
Securities not due at a single maturity date, Estimated Fair Value | 0 | |
Total, Estimated Fair Value | $ 363,473 | $ 414,374 |
Investment Securities - Unreali
Investment Securities - Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | $ 143,467 | $ 2,255,449 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (2,794) | (143,387) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 2,887,122 | 1,348,287 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (333,485) | (264,580) |
Fair Value of Available-for-Sale Securities, Total | 3,030,589 | 3,603,736 |
Unrealized Losses of Available-for-Sale Securities, Total | (336,279) | (407,967) |
Held-to-maturity: | ||
Fair Value of Held-to-Maturity Securities, Less Than 12 Months | 69,991 | 1,102,071 |
Unrealized Losses of Held-to-Maturity Securities, Less Than 12 Months | (1,158) | (161,755) |
Fair Value of Held-to-Maturity Securities, 12 Months or More | 1,062,828 | 0 |
Unrealized Losses of Held-to-Maturity Securities, 12 Months or More | (110,905) | 0 |
Fair Value of Held-to-Matuirty Securities, Total | 1,132,819 | 1,102,071 |
Unrealized Losses of Held-to-Maturity Securities | (112,063) | (161,755) |
U.S. government-sponsored enterprises | ||
Available-for-sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 2,742 | 315,531 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (2) | (3,056) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 180,569 | 128,527 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (17,091) | (20,153) |
Fair Value of Available-for-Sale Securities, Total | 183,311 | 444,058 |
Unrealized Losses of Available-for-Sale Securities, Total | (17,093) | (23,209) |
Held-to-maturity: | ||
Fair Value of Held-to-Maturity Securities, Less Than 12 Months | 0 | 39,668 |
Unrealized Losses of Held-to-Maturity Securities, Less Than 12 Months | 0 | (3,349) |
Fair Value of Held-to-Maturity Securities, 12 Months or More | 40,677 | 0 |
Unrealized Losses of Held-to-Maturity Securities, 12 Months or More | (2,607) | 0 |
Fair Value of Held-to-Matuirty Securities, Total | 40,677 | 39,668 |
Unrealized Losses of Held-to-Maturity Securities | (2,607) | (3,349) |
U.S. government-sponsored mortgage-backed securities | ||
Available-for-sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 102,831 | 850,268 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (2,166) | (46,505) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 1,392,318 | 807,566 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (189,391) | (168,900) |
Fair Value of Available-for-Sale Securities, Total | 1,495,149 | 1,657,834 |
Unrealized Losses of Available-for-Sale Securities, Total | (191,557) | (215,405) |
Held-to-maturity: | ||
Fair Value of Held-to-Maturity Securities, Less Than 12 Months | 48,498 | 106,840 |
Unrealized Losses of Held-to-Maturity Securities, Less Than 12 Months | (861) | (3,756) |
Fair Value of Held-to-Maturity Securities, 12 Months or More | 65,573 | 0 |
Unrealized Losses of Held-to-Maturity Securities, 12 Months or More | (3,501) | 0 |
Fair Value of Held-to-Matuirty Securities, Total | 114,071 | 106,840 |
Unrealized Losses of Held-to-Maturity Securities | (4,362) | (3,756) |
Private mortgage-backed securities | ||
Available-for-sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 9,298 | 179,133 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (226) | (18,302) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 166,107 | 0 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (15,891) | 0 |
Fair Value of Available-for-Sale Securities, Total | 175,405 | 179,133 |
Unrealized Losses of Available-for-Sale Securities, Total | (16,117) | (18,302) |
Non-government-sponsored asset backed securities | ||
Available-for-sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 0 | 285,724 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | 0 | (9,726) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 213,838 | 39,133 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (7,551) | (4,928) |
Fair Value of Available-for-Sale Securities, Total | 213,838 | 324,857 |
Unrealized Losses of Available-for-Sale Securities, Total | (7,551) | (14,654) |
State and political subdivisions | ||
Available-for-sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 28,596 | 485,817 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (400) | (50,484) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 769,860 | 338,638 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (75,531) | (65,214) |
Fair Value of Available-for-Sale Securities, Total | 798,456 | 824,455 |
Unrealized Losses of Available-for-Sale Securities, Total | (75,931) | (115,698) |
Held-to-maturity: | ||
Fair Value of Held-to-Maturity Securities, Less Than 12 Months | 21,493 | 955,563 |
Unrealized Losses of Held-to-Maturity Securities, Less Than 12 Months | (297) | (154,650) |
Fair Value of Held-to-Maturity Securities, 12 Months or More | 956,578 | 0 |
Unrealized Losses of Held-to-Maturity Securities, 12 Months or More | (104,797) | 0 |
Fair Value of Held-to-Matuirty Securities, Total | 978,071 | 955,563 |
Unrealized Losses of Held-to-Maturity Securities | (105,094) | (154,650) |
Other securities | ||
Available-for-sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 0 | 138,976 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | 0 | (15,314) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 164,430 | 34,423 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (28,030) | (5,385) |
Fair Value of Available-for-Sale Securities, Total | 164,430 | 173,399 |
Unrealized Losses of Available-for-Sale Securities, Total | $ (28,030) | $ (20,699) |
Investment Securities - Schedul
Investment Securities - Schedule of Allowance for Credit Losses on Investment Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for credit losses: | |||
Beginning balance | $ 842 | $ 842 | $ 842 |
Provision for credit loss | (1,683) | 0 | 0 |
Ending balance | 2,525 | 842 | 842 |
Allowance for credit losses: | |||
Beginning balance | 2,005 | 0 | 0 |
Provision for credit loss - acquired securities | 0 | 2,005 | 0 |
Securities charged-off | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Ending balance | $ 2,005 | $ 2,005 | $ 0 |
Investment Securities - Bond Ra
Investment Securities - Bond Ratings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 1,283,987 | $ 1,289,710 |
Aaa/AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 278,842 | |
Aa/AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 845,418 | |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 27,667 | |
Not rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,782 | |
Agency Backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 130,278 | |
State and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,110,424 | 1,111,693 |
State and political subdivisions | Aaa/AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 235,557 | |
State and political subdivisions | Aa/AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 845,418 | |
State and political subdivisions | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 27,667 | |
State and political subdivisions | Not rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,782 | |
State and political subdivisions | Agency Backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
U.S. government-sponsored enterprises | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 43,285 | 43,017 |
U.S. government-sponsored enterprises | Aaa/AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 43,285 | |
U.S. government-sponsored enterprises | Aa/AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
U.S. government-sponsored enterprises | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
U.S. government-sponsored enterprises | Not rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
U.S. government-sponsored enterprises | Agency Backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
U.S. government-sponsored mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 130,278 | $ 135,000 |
U.S. government-sponsored mortgage-backed securities | Aaa/AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
U.S. government-sponsored mortgage-backed securities | Aa/AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
U.S. government-sponsored mortgage-backed securities | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
U.S. government-sponsored mortgage-backed securities | Not rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
U.S. government-sponsored mortgage-backed securities | Agency Backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 130,278 |
Investment Securities - Sched_2
Investment Securities - Schedule of Income Earned on Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investment Income [Line Items] | |||
Income earned on securities, taxable | $ 138,575 | $ 91,933 | $ 30,054 |
Income earned on securities, tax-exempt | 31,618 | 28,356 | 19,642 |
Total | 170,193 | 120,289 | 49,696 |
Debt Securities | |||
Investment Income [Line Items] | |||
Income earned on securities, taxable | 108,650 | 71,352 | 30,054 |
Income earned on securities, tax-exempt | 19,104 | 19,168 | 19,642 |
Held-to-maturity | |||
Investment Income [Line Items] | |||
Income earned on securities, taxable | 29,925 | 20,581 | 0 |
Income earned on securities, tax-exempt | $ 12,514 | $ 9,188 | $ 0 |
Loans Receivable - Summary of V
Loans Receivable - Summary of Various Categories of Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | $ 14,424,728 | $ 14,409,480 | ||
Allowance for credit losses | (288,234) | (289,669) | $ (236,714) | $ (245,473) |
Loans receivable, net | 14,136,494 | 14,119,811 | ||
Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 8,168,157 | 8,114,140 | ||
Commercial real estate loans | Non-farm/non-residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 5,549,954 | 5,632,063 | ||
Commercial real estate loans | Construction/ Land Development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 2,293,047 | 2,135,266 | ||
Allowance for credit losses | (33,877) | (32,243) | (28,415) | (32,861) |
Commercial real estate loans | Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 325,156 | 346,811 | ||
Residential Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit losses | (55,860) | (50,963) | (48,458) | (53,216) |
Residential Real Estate | Residential 1-4 family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,844,260 | 1,748,551 | ||
Residential Real Estate | Multifamily residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 435,736 | 578,052 | ||
Total real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 10,448,153 | 10,440,743 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,153,690 | 1,149,896 | ||
Commercial & Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 2,324,991 | 2,349,263 | ||
Allowance for credit losses | (92,810) | (89,354) | $ (53,062) | $ (46,530) |
Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 307,327 | 285,235 | ||
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | $ 190,567 | $ 184,343 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | Apr. 01, 2022 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit loss | $ 288,234,000 | $ 289,669,000 | $ 236,714,000 | $ 245,473,000 | ||
Happy Bancshares, Inc. | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable | $ 3,652,620,000 | $ 3,657,009,000 | ||||
Deteriorated Credit Quality | Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit loss | 130,700,000 | 142,500,000 | ||||
Deteriorated Credit Quality | Happy Bancshares, Inc. | Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit loss | 130,400,000 | 142,100,000 | ||||
Deteriorated Credit Quality | LH-Finance | Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit loss | 376,100 | 415,000 | ||||
Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans held for sale | 123,400,000 | 79,900,000 | ||||
SBA Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans sold during period | 3,700,000 | 4,100,000 | 22,700,000 | |||
Gain on sale of guaranteed portion of loans | $ 278,000 | $ 183,000 | $ 2,400,000 |
Allowance for Credit Losses, _3
Allowance for Credit Losses, Credit Quality and Other - Additional Information (Detail) | 12 Months Ended | |||||
Jun. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) contract loan | Dec. 31, 2021 USD ($) | Apr. 01, 2022 USD ($) | Dec. 31, 2020 USD ($) | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Provision for credit losses on loans | $ 11,950,000 | $ 50,170,000 | $ 0 | |||
Provision for unfunded commitments | (1,500,000) | 11,410,000 | (4,752,000) | |||
Allowance for credit losses on PCD loans | 16,816,000 | |||||
Non-accrual loans | 59,971,000 | 51,011,000 | ||||
Loans past due over 90 days still accruing | 4,130,000 | 9,845,000 | ||||
Nonaccrual loans with specific reserve | 2,500,000 | 8,400,000 | ||||
Interest income on nonaccrual loans | 0 | 0 | 0 | |||
Collateral-dependent impaired loans | 94,900,000 | 221,100,000 | ||||
Interest recognized on impaired loans | 2,500,000 | 9,600,000 | 14,700,000 | |||
Amount of loan assessed for impairment on a quarterly basis | 2,000,000 | |||||
Revolver loans converted to term loans | $ 69,000,000 | $ 28,300,000 | ||||
Number of revolving loans convert to term loans | loan | 217 | 183 | ||||
Restructured loans, amount | $ 19,500,000 | $ 11,140,000 | ||||
Number of loans | 21 | 44 | ||||
Loans, ending balance | $ 21,000,000 | |||||
Post modification outstanding balance | 24,610,000 | $ 5,745,000 | ||||
Loan balance, nonaccrual | 905,000 | |||||
Allowance for credit loss | $ 288,234,000 | 289,669,000 | 236,714,000 | $ 245,473,000 | ||
Three Modified Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Number of loans | loan | 3 | |||||
Post modification outstanding balance | $ 18,200,000 | |||||
Two Modified Loans | Extended Maturity, Interest Only Payments And Interest Rate Increase | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Number of loans | loan | 2 | |||||
Interest only payments, term | 36 months | |||||
Term extension | 36 months | |||||
Increase in interest rate | 0.0009 | |||||
One Modified Loan | Extended Maturity And Interest Rate Increase | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Term extension | 49 months | |||||
Increase in interest rate | 3.45 | |||||
Increased Loan Growth | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Provision for credit losses on loans | 5,000,000 | |||||
Deteriorated Credit Quality | Cumulative Effect Period of Adoption Adjustment | Accounting Standards Update 2016-13 | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit loss | $ 130,700,000 | 142,500,000 | ||||
Happy Bancshares, Inc. | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Provision for credit losses on loans | $ (1,500,000) | 12,000,000 | 11,400,000 | |||
Net loan discounts | (4,400,000) | |||||
Allowance for credit losses | $ 16,816,000 | 16,800,000 | $ 42,224,000 | |||
Provision for credit losses | 45,200,000 | |||||
Happy Bancshares, Inc. | Deteriorated Credit Quality | Cumulative Effect Period of Adoption Adjustment | Accounting Standards Update 2016-13 | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit loss | 130,400,000 | 142,100,000 | ||||
LH-Finance | Deteriorated Credit Quality | Cumulative Effect Period of Adoption Adjustment | Accounting Standards Update 2016-13 | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit loss | 376,100 | 415,000 | ||||
Non-current Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans, ending balance | 20,100,000 | |||||
Loans Past Due 60-89 Days | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans, ending balance | $ 1,500,000 | |||||
Construction / Land Development and Other Commercial Real Estate Loans | Minimum | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans collateralized by first liens on real estate amortized period | 15 years | |||||
Loans collateralized by first liens on real estate balloon payments due period | 1 year | |||||
Construction / Land Development and Other Commercial Real Estate Loans | Maximum | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans collateralized by first liens on real estate amortized period | 30 years | |||||
Loans collateralized by first liens on real estate balloon payments due period | 5 years | |||||
Percentage of loan value of improved property | 85% | |||||
Percentage of loan value of raw land | 65% | |||||
Percentage of loan value of land to be acquired and developed | 75% | |||||
Residential Real Estate | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit losses on PCD loans | 980,000 | |||||
Allowance for credit loss | $ 55,860,000 | 50,963,000 | 48,458,000 | 53,216,000 | ||
Residential Real Estate | Maximum | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan-to-value ratio | 90% | |||||
Commercial and Industrial Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit losses on PCD loans | 5,596,000 | |||||
Non-accrual loans | $ 9,982,000 | 14,920,000 | ||||
Loans past due over 90 days still accruing | 1,535,000 | 6,300,000 | ||||
Restructured loans, amount | $ 3,199,000 | |||||
Number of loans | contract | 15 | |||||
Post modification outstanding balance | 4,170,000 | $ 951,000 | ||||
Allowance for credit loss | $ 92,810,000 | 89,354,000 | $ 53,062,000 | $ 46,530,000 | ||
Commercial and Industrial Loans | Minimum | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Commercial loans terms | 1 year | |||||
Inventory financing percentage | 50% | |||||
Commercial and Industrial Loans | Minimum | Accounts Receivable Less than 60 Days Past Due | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Accounts receivable financed percentage | 50% | |||||
Commercial and Industrial Loans | Maximum | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Commercial loans terms | 7 years | |||||
Inventory financing percentage | 80% | |||||
Commercial and Industrial Loans | Maximum | Accounts Receivable Less than 60 Days Past Due | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Accounts receivable financed percentage | 80% | |||||
Total real estate | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Non-accrual loans | $ 46,054,000 | 32,557,000 | ||||
Loans past due over 90 days still accruing | 2,516,000 | 3,249,000 | ||||
Restructured loans, amount | $ 7,923,000 | |||||
Number of loans | contract | 27 | |||||
Post modification outstanding balance | $ 20,410,000 | $ 4,782,000 |
Allowance for Credit Losses, _4
Allowance for Credit Losses, Credit Quality and Other - Schedule of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 289,669 | $ 236,714 | $ 245,473 |
Allowance for credit losses on PCD loans | 16,816 | ||
Loans charged off | (16,055) | (17,267) | (11,661) |
Recoveries of loans previously charged off | 2,670 | 3,236 | 2,902 |
Net loans recovered (charged off) | (13,385) | (14,031) | (8,759) |
Provision for credit loss - acquired loans | 45,170 | ||
Provision for credit loss - loans | 11,950 | 5,000 | 0 |
Ending balance | 288,234 | 289,669 | 236,714 |
Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 50,963 | 48,458 | 53,216 |
Allowance for credit losses on PCD loans | 980 | ||
Loans charged off | (269) | (446) | (545) |
Recoveries of loans previously charged off | 329 | 119 | 683 |
Net loans recovered (charged off) | 60 | (327) | 138 |
Provision for credit loss - acquired loans | 7,380 | ||
Provision for credit loss - loans | 4,837 | (5,528) | (4,896) |
Ending balance | 55,860 | 50,963 | 48,458 |
Commercial & Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 89,354 | 53,062 | 46,530 |
Allowance for credit losses on PCD loans | 5,596 | ||
Loans charged off | (9,157) | (9,773) | (8,242) |
Recoveries of loans previously charged off | 583 | 780 | 591 |
Net loans recovered (charged off) | (8,574) | (8,993) | (7,651) |
Provision for credit loss - acquired loans | 11,303 | ||
Provision for credit loss - loans | 12,030 | 28,386 | 14,183 |
Ending balance | 92,810 | 89,354 | 53,062 |
Consumer & Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 23,261 | 19,561 | 24,413 |
Allowance for credit losses on PCD loans | 7 | ||
Loans charged off | (4,031) | (7,047) | (2,228) |
Recoveries of loans previously charged off | 1,112 | 965 | 785 |
Net loans recovered (charged off) | (2,919) | (6,082) | (1,443) |
Provision for credit loss - acquired loans | 571 | ||
Provision for credit loss - loans | 6,710 | 9,204 | (3,409) |
Ending balance | 27,052 | 23,261 | 19,561 |
Construction/ Land Development | Commercial real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 32,243 | 28,415 | 32,861 |
Allowance for credit losses on PCD loans | 950 | ||
Loans charged off | (263) | (1) | 0 |
Recoveries of loans previously charged off | 113 | 405 | 58 |
Net loans recovered (charged off) | (150) | 404 | 58 |
Provision for credit loss - acquired loans | 7,205 | ||
Provision for credit loss - loans | 1,784 | (4,731) | (4,504) |
Ending balance | 33,877 | 32,243 | 28,415 |
Other Commercial Real Estate | Commercial real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 93,848 | 87,218 | 88,453 |
Allowance for credit losses on PCD loans | 9,283 | ||
Loans charged off | (2,335) | 0 | (646) |
Recoveries of loans previously charged off | 533 | 967 | 785 |
Net loans recovered (charged off) | (1,802) | 967 | 139 |
Provision for credit loss - acquired loans | 18,711 | ||
Provision for credit loss - loans | (13,411) | (22,331) | (1,374) |
Ending balance | $ 78,635 | $ 93,848 | $ 87,218 |
Allowance for Credit Losses, _5
Allowance for Credit Losses, Credit Quality and Other - Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due Over 90 Days Still Accruing (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | $ 59,971 | $ 51,011 |
Nonaccrual With Reserve | 2,534 | 8,383 |
Loans Past Due Over 90 Days Still Accruing | 4,130 | 9,845 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 13,178 | 12,219 |
Nonaccrual With Reserve | 0 | 8,383 |
Loans Past Due Over 90 Days Still Accruing | 2,177 | 1,844 |
Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 12,094 | 1,977 |
Nonaccrual With Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 255 | 31 |
Commercial real estate loans | Agricultural | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 431 | 278 |
Nonaccrual With Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 20,351 | 18,083 |
Nonaccrual With Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 84 | 1,374 |
Residential Real Estate | Multifamily residential | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 0 | 0 |
Nonaccrual With Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Total real estate | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 46,054 | 32,557 |
Nonaccrual With Reserve | 0 | 8,383 |
Loans Past Due Over 90 Days Still Accruing | 2,516 | 3,249 |
Consumer | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 3,423 | 2,842 |
Nonaccrual With Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 79 | 35 |
Commercial & Industrial | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 9,982 | 14,920 |
Nonaccrual With Reserve | 2,534 | 0 |
Loans Past Due Over 90 Days Still Accruing | 1,535 | 6,300 |
Agricultural & other | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 512 | 692 |
Nonaccrual With Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | $ 0 | $ 261 |
Allowance for Credit Losses, _6
Allowance for Credit Losses, Credit Quality and Other - Amortized Cost Basis of Collateral-dependent Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | $ 94,900 | $ 221,100 |
Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 52,594 | 164,554 |
Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 21,386 | 21,801 |
Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 20,913 | 34,749 |
Commercial real estate loans | Non-farm/non-residential | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 39,813 | 162,268 |
Commercial real estate loans | Non-farm/non-residential | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial real estate loans | Non-farm/non-residential | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial real estate loans | Construction/ Land Development | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 12,350 | 2,008 |
Commercial real estate loans | Construction/ Land Development | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial real estate loans | Construction/ Land Development | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial real estate loans | Agricultural | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 431 | 278 |
Commercial real estate loans | Agricultural | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial real estate loans | Agricultural | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Residential Real Estate | Residential 1-4 family | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Residential Real Estate | Residential 1-4 family | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 21,386 | 20,832 |
Residential Real Estate | Residential 1-4 family | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Residential Real Estate | Multifamily residential | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Residential Real Estate | Multifamily residential | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 969 |
Residential Real Estate | Multifamily residential | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Total real estate | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 52,594 | 164,554 |
Total real estate | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 21,386 | 21,801 |
Total real estate | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Consumer | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Consumer | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Consumer | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 3,511 | 2,888 |
Commercial & Industrial | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial & Industrial | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial & Industrial | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 16,890 | 30,334 |
Agricultural & other | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Agricultural & other | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Agricultural & other | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | $ 512 | $ 1,527 |
Allowance for Credit Losses, _7
Allowance for Credit Losses, Credit Quality and Other - Summary of Aging Analysis for Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | $ 14,424,728 | $ 14,409,480 |
Accruing Loans Past Due 90 Days or More | 4,130 | 9,845 |
Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 18,559 | 21,490 |
Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 5,947 | 6,478 |
Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 64,101 | 60,856 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 88,607 | 88,824 |
Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 14,336,121 | 14,320,656 |
Commercial real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 8,168,157 | 8,114,140 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 5,549,954 | 5,632,063 |
Accruing Loans Past Due 90 Days or More | 2,177 | 1,844 |
Commercial real estate loans | Non-farm/non-residential | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 8,124 | 4,242 |
Commercial real estate loans | Non-farm/non-residential | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 416 | 2,117 |
Commercial real estate loans | Non-farm/non-residential | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 15,355 | 14,063 |
Commercial real estate loans | Non-farm/non-residential | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 23,895 | 20,422 |
Commercial real estate loans | Non-farm/non-residential | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 5,526,059 | 5,611,641 |
Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 2,293,047 | 2,135,266 |
Accruing Loans Past Due 90 Days or More | 255 | 31 |
Commercial real estate loans | Construction/ Land Development | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,430 | 4,042 |
Commercial real estate loans | Construction/ Land Development | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 0 | 1,892 |
Commercial real estate loans | Construction/ Land Development | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 12,349 | 2,008 |
Commercial real estate loans | Construction/ Land Development | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 13,779 | 7,942 |
Commercial real estate loans | Construction/ Land Development | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 2,279,268 | 2,127,324 |
Commercial real estate loans | Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 325,156 | 346,811 |
Accruing Loans Past Due 90 Days or More | 0 | 0 |
Commercial real estate loans | Agricultural | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 474 | 1,469 |
Commercial real estate loans | Agricultural | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 314 | 193 |
Commercial real estate loans | Agricultural | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 431 | 278 |
Commercial real estate loans | Agricultural | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,219 | 1,940 |
Commercial real estate loans | Agricultural | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 323,937 | 344,871 |
Residential Real Estate | Residential 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,844,260 | 1,748,551 |
Accruing Loans Past Due 90 Days or More | 84 | 1,374 |
Residential Real Estate | Residential 1-4 family | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 4,346 | 6,715 |
Residential Real Estate | Residential 1-4 family | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,423 | 605 |
Residential Real Estate | Residential 1-4 family | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 20,435 | 19,457 |
Residential Real Estate | Residential 1-4 family | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 26,204 | 26,777 |
Residential Real Estate | Residential 1-4 family | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,818,056 | 1,721,774 |
Residential Real Estate | Multifamily residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 435,736 | 578,052 |
Accruing Loans Past Due 90 Days or More | 0 | 0 |
Residential Real Estate | Multifamily residential | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Residential Real Estate | Multifamily residential | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Residential Real Estate | Multifamily residential | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Residential Real Estate | Multifamily residential | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Residential Real Estate | Multifamily residential | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 435,736 | 578,052 |
Total real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 10,448,153 | 10,440,743 |
Accruing Loans Past Due 90 Days or More | 2,516 | 3,249 |
Total real estate | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 14,374 | 16,468 |
Total real estate | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 2,153 | 4,807 |
Total real estate | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 48,570 | 35,806 |
Total real estate | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 65,097 | 57,081 |
Total real estate | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 10,383,056 | 10,383,662 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,153,690 | 1,149,896 |
Accruing Loans Past Due 90 Days or More | 79 | 35 |
Consumer | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,022 | 950 |
Consumer | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 303 | 539 |
Consumer | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 3,502 | 2,877 |
Consumer | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 4,827 | 4,366 |
Consumer | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,148,863 | 1,145,530 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 2,324,991 | 2,349,263 |
Accruing Loans Past Due 90 Days or More | 1,535 | 6,300 |
Commercial & Industrial | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 2,089 | 3,007 |
Commercial & Industrial | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 3,378 | 1,075 |
Commercial & Industrial | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 11,517 | 21,220 |
Commercial & Industrial | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 16,984 | 25,302 |
Commercial & Industrial | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 2,308,007 | 2,323,961 |
Agricultural & other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 497,894 | 469,578 |
Accruing Loans Past Due 90 Days or More | 0 | 261 |
Agricultural & other | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,074 | 1,065 |
Agricultural & other | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 113 | 57 |
Agricultural & other | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 512 | 953 |
Agricultural & other | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,699 | 2,075 |
Agricultural & other | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | $ 496,195 | $ 467,503 |
Allowance for Credit Losses, _8
Allowance for Credit Losses, Credit Quality and Other - Summary of Most Recent Analysis Performed, Risk Category of Loans by Class of Loans and Writeoffs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | $ 2,138,730 | $ 3,262,317 |
2021 | 3,341,500 | 2,757,885 |
2020 | 2,083,044 | 1,525,752 |
2019 | 1,132,926 | 1,139,754 |
2018 | 872,429 | 1,172,612 |
Prior | 2,908,528 | 2,565,074 |
Revolving Loans Amortized Cost Basis | 1,947,571 | 1,986,086 |
Total | 14,424,728 | 14,409,480 |
Writeoffs, Year One | 3,252 | |
Writeoffs, Year Two | 490 | |
Writeoffs, Year Three | 1,351 | |
Writeoffs, Year Four | 1,072 | |
Writeoffs, Year Five | 2,878 | |
Writeoffs, Prior | 6,357 | |
Writeoffs, Revolving | 655 | |
Writeoffs, Total | 16,055 | |
Commercial real estate loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 930,022 | 1,916,645 |
2021 | 2,146,390 | 1,719,653 |
2020 | 1,262,133 | 742,859 |
2019 | 626,807 | 641,813 |
2018 | 481,164 | 727,802 |
Prior | 1,905,250 | 1,698,912 |
Revolving Loans Amortized Cost Basis | 816,391 | 666,456 |
Total | 8,168,157 | 8,114,140 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 388,831 | 1,056,381 |
2021 | 1,150,598 | 851,269 |
2020 | 830,588 | 514,249 |
2019 | 491,298 | 481,999 |
2018 | 404,822 | 683,459 |
Prior | 1,747,135 | 1,530,758 |
Revolving Loans Amortized Cost Basis | 536,682 | 513,948 |
Total | 5,549,954 | 5,632,063 |
Writeoffs, Year One | 0 | |
Writeoffs, Year Two | 0 | |
Writeoffs, Year Three | 0 | |
Writeoffs, Year Four | 0 | |
Writeoffs, Year Five | 1,826 | |
Writeoffs, Prior | 502 | |
Writeoffs, Revolving | 0 | |
Writeoffs, Total | 2,328 | |
Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 501,215 | 777,920 |
2021 | 926,208 | 796,098 |
2020 | 384,657 | 173,560 |
2019 | 88,901 | 129,335 |
2018 | 55,857 | 30,863 |
Prior | 81,216 | 85,733 |
Revolving Loans Amortized Cost Basis | 254,993 | 141,757 |
Total | 2,293,047 | 2,135,266 |
Writeoffs, Year One | 0 | |
Writeoffs, Year Two | 2 | |
Writeoffs, Year Three | 168 | |
Writeoffs, Year Four | 5 | |
Writeoffs, Year Five | 0 | |
Writeoffs, Prior | 88 | |
Writeoffs, Revolving | 0 | |
Writeoffs, Total | 263 | |
Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 39,976 | 82,344 |
2021 | 69,584 | 72,286 |
2020 | 46,888 | 55,050 |
2019 | 46,608 | 30,479 |
2018 | 20,485 | 13,480 |
Prior | 76,899 | 82,421 |
Revolving Loans Amortized Cost Basis | 24,716 | 10,751 |
Total | 325,156 | 346,811 |
Writeoffs, Year One | 0 | |
Writeoffs, Year Two | 0 | |
Writeoffs, Year Three | 0 | |
Writeoffs, Year Four | 0 | |
Writeoffs, Year Five | 1 | |
Writeoffs, Prior | 6 | |
Writeoffs, Revolving | 0 | |
Writeoffs, Total | 7 | |
Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 261,784 | 398,830 |
2021 | 409,197 | 294,073 |
2020 | 300,563 | 241,937 |
2019 | 171,122 | 130,494 |
2018 | 111,327 | 116,432 |
Prior | 403,729 | 388,680 |
Revolving Loans Amortized Cost Basis | 186,538 | 178,105 |
Total | 1,844,260 | 1,748,551 |
Writeoffs, Year One | 0 | |
Writeoffs, Year Two | 29 | |
Writeoffs, Year Three | 28 | |
Writeoffs, Year Four | 73 | |
Writeoffs, Year Five | 13 | |
Writeoffs, Prior | 126 | |
Writeoffs, Revolving | 0 | |
Writeoffs, Total | 269 | |
Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 3,983 | 82,308 |
2021 | 87,012 | 138,848 |
2020 | 107,301 | 196,977 |
2019 | 108,702 | 42,399 |
2018 | 39,815 | 28,174 |
Prior | 74,564 | 81,611 |
Revolving Loans Amortized Cost Basis | 14,359 | 7,735 |
Total | 435,736 | 578,052 |
Total real estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 1,195,789 | 2,397,783 |
2021 | 2,642,599 | 2,152,574 |
2020 | 1,669,997 | 1,181,773 |
2019 | 906,631 | 814,706 |
2018 | 632,306 | 872,408 |
Prior | 2,383,543 | 2,169,203 |
Revolving Loans Amortized Cost Basis | 1,017,288 | 852,296 |
Total | 10,448,153 | 10,440,743 |
Writeoffs, Year One | 0 | |
Writeoffs, Year Two | 31 | |
Writeoffs, Year Three | 196 | |
Writeoffs, Year Four | 78 | |
Writeoffs, Year Five | 1,840 | |
Writeoffs, Prior | 722 | |
Writeoffs, Revolving | 0 | |
Writeoffs, Total | 2,867 | |
Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 255,930 | 305,684 |
2021 | 257,588 | 283,078 |
2020 | 216,645 | 148,102 |
2019 | 109,981 | 135,779 |
2018 | 110,406 | 119,901 |
Prior | 200,071 | 139,622 |
Revolving Loans Amortized Cost Basis | 3,069 | 17,730 |
Total | 1,153,690 | 1,149,896 |
Writeoffs, Year One | 0 | |
Writeoffs, Year Two | 51 | |
Writeoffs, Year Three | 44 | |
Writeoffs, Year Four | 98 | |
Writeoffs, Year Five | 63 | |
Writeoffs, Prior | 263 | |
Writeoffs, Revolving | 25 | |
Writeoffs, Total | 544 | |
Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 619,371 | 465,079 |
2021 | 385,376 | 272,228 |
2020 | 156,919 | 162,257 |
2019 | 88,094 | 169,398 |
2018 | 114,522 | 170,269 |
Prior | 276,677 | 198,983 |
Revolving Loans Amortized Cost Basis | 684,032 | 911,049 |
Total | 2,324,991 | 2,349,263 |
Writeoffs, Year One | 0 | |
Writeoffs, Year Two | 407 | |
Writeoffs, Year Three | 1,110 | |
Writeoffs, Year Four | 894 | |
Writeoffs, Year Five | 911 | |
Writeoffs, Prior | 5,369 | |
Writeoffs, Revolving | 466 | |
Writeoffs, Total | 9,157 | |
Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 67,640 | 93,771 |
2021 | 55,937 | 50,005 |
2020 | 39,483 | 33,620 |
2019 | 28,220 | 19,871 |
2018 | 15,195 | 10,034 |
Prior | 48,237 | 57,266 |
Revolving Loans Amortized Cost Basis | 243,182 | 205,011 |
Total | 497,894 | 469,578 |
Writeoffs, Year One | 3,252 | |
Writeoffs, Year Two | 1 | |
Writeoffs, Year Three | 1 | |
Writeoffs, Year Four | 2 | |
Writeoffs, Year Five | 64 | |
Writeoffs, Prior | 3 | |
Writeoffs, Revolving | 164 | |
Writeoffs, Total | 3,487 | |
Risk rating 1 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 237 |
2018 | 232 | 0 |
Prior | 116 | 132 |
Revolving Loans Amortized Cost Basis | 55 | 85 |
Total | 403 | 454 |
Risk rating 1 | Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 11 |
2020 | 10 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 10 | 11 |
Risk rating 1 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 1,749 |
2021 | 1,605 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 1,605 | 1,749 |
Risk rating 1 | Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 144 | 115 |
Revolving Loans Amortized Cost Basis | 2 | 40 |
Total | 146 | 155 |
Risk rating 1 | Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 1 | Total real estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 2,397,783 | |
2021 | 2,152,574 | |
2020 | 1,181,773 | |
2019 | 814,706 | |
2018 | 872,408 | |
Prior | 2,169,203 | |
Revolving Loans Amortized Cost Basis | 852,296 | |
Total | 10,440,743 | |
Risk rating 1 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 5,195 | 5,332 |
2021 | 2,952 | 3,952 |
2020 | 2,002 | 1,134 |
2019 | 839 | 637 |
2018 | 355 | 552 |
Prior | 1,114 | 1,176 |
Revolving Loans Amortized Cost Basis | 1,580 | 1,467 |
Total | 14,037 | 14,250 |
Risk rating 1 | Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 3,757 | 3,450 |
2021 | 918 | 7,692 |
2020 | 1,120 | 268 |
2019 | 236 | 264 |
2018 | 121 | 16 |
Prior | 20,835 | 21,298 |
Revolving Loans Amortized Cost Basis | 12,644 | 8,832 |
Total | 39,631 | 41,820 |
Risk rating 1 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 408 | 297 |
2021 | 131 | 266 |
2020 | 16 | 115 |
2019 | 105 | 0 |
2018 | 0 | 0 |
Prior | 2 | 95 |
Revolving Loans Amortized Cost Basis | 563 | 722 |
Total | 1,225 | 1,495 |
Risk rating 2 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 118 |
2018 | 111 | 0 |
Prior | 0 | 3,992 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 111 | 4,110 |
Risk rating 2 | Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 759 | 682 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 186 | 210 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 945 | 892 |
Risk rating 2 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 247 | 0 |
2021 | 0 | 2,048 |
2020 | 1,936 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 2,183 | 2,048 |
Risk rating 2 | Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 259 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 20 | 48 |
Revolving Loans Amortized Cost Basis | 1 | 2 |
Total | 280 | 50 |
Risk rating 2 | Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 2 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 193 |
2018 | 126 | 614 |
Prior | 54 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 180 | 807 |
Risk rating 2 | Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 174 | 1,590 |
2021 | 1,293 | 305 |
2020 | 220 | 27 |
2019 | 12 | 198 |
2018 | 164 | 0 |
Prior | 218 | 226 |
Revolving Loans Amortized Cost Basis | 963 | 781 |
Total | 3,044 | 3,127 |
Risk rating 2 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 396 | 140 |
2021 | 28 | 78 |
2020 | 1 | 0 |
2019 | 0 | 2,338 |
2018 | 1,181 | 34 |
Prior | 100 | 115 |
Revolving Loans Amortized Cost Basis | 693 | 1,661 |
Total | 2,399 | 4,366 |
Risk rating 3 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 305,742 | 616,809 |
2021 | 584,860 | 509,269 |
2020 | 568,413 | 263,188 |
2019 | 243,177 | 279,157 |
2018 | 216,746 | 322,278 |
Prior | 934,111 | 852,727 |
Revolving Loans Amortized Cost Basis | 440,414 | 374,371 |
Total | 3,293,463 | 3,217,799 |
Risk rating 3 | Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 300,941 | 421,774 |
2021 | 499,984 | 283,546 |
2020 | 130,342 | 83,631 |
2019 | 62,134 | 48,350 |
2018 | 22,656 | 19,340 |
Prior | 56,180 | 34,910 |
Revolving Loans Amortized Cost Basis | 44,603 | 75,797 |
Total | 1,116,840 | 967,348 |
Risk rating 3 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 30,252 | 61,725 |
2021 | 43,291 | 43,356 |
2020 | 22,919 | 32,895 |
2019 | 25,992 | 16,475 |
2018 | 10,678 | 10,326 |
Prior | 43,284 | 37,892 |
Revolving Loans Amortized Cost Basis | 20,104 | 5,996 |
Total | 196,520 | 208,665 |
Risk rating 3 | Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 246,462 | 360,510 |
2021 | 366,149 | 255,775 |
2020 | 241,985 | 176,955 |
2019 | 145,339 | 112,053 |
2018 | 93,751 | 98,093 |
Prior | 324,569 | 314,492 |
Revolving Loans Amortized Cost Basis | 122,950 | 110,881 |
Total | 1,541,205 | 1,428,759 |
Risk rating 3 | Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 3,314 | 38,830 |
2021 | 9,827 | 37,566 |
2020 | 37,755 | 14,127 |
2019 | 44,407 | 33,813 |
2018 | 31,436 | 13,098 |
Prior | 53,068 | 60,117 |
Revolving Loans Amortized Cost Basis | 6,537 | 6,534 |
Total | 186,344 | 204,085 |
Risk rating 3 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 240,897 | 284,828 |
2021 | 245,543 | 276,044 |
2020 | 211,312 | 146,256 |
2019 | 108,009 | 132,763 |
2018 | 108,063 | 118,244 |
Prior | 191,220 | 135,266 |
Revolving Loans Amortized Cost Basis | 1,264 | 16,093 |
Total | 1,106,308 | 1,109,494 |
Risk rating 3 | Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 487,896 | 301,063 |
2021 | 272,608 | 126,312 |
2020 | 78,507 | 80,636 |
2019 | 50,340 | 73,360 |
2018 | 77,761 | 71,964 |
Prior | 170,610 | 112,017 |
Revolving Loans Amortized Cost Basis | 227,043 | 253,111 |
Total | 1,364,765 | 1,018,463 |
Risk rating 3 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 52,758 | 85,707 |
2021 | 45,796 | 36,004 |
2020 | 31,378 | 30,546 |
2019 | 26,918 | 4,725 |
2018 | 3,059 | 7,986 |
Prior | 43,984 | 46,748 |
Revolving Loans Amortized Cost Basis | 145,419 | 131,760 |
Total | 349,312 | 343,476 |
Risk rating 4 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 83,089 | 438,565 |
2021 | 557,540 | 341,047 |
2020 | 242,217 | 235,669 |
2019 | 224,378 | 161,421 |
2018 | 149,258 | 321,188 |
Prior | 590,864 | 482,437 |
Revolving Loans Amortized Cost Basis | 95,360 | 139,203 |
Total | 1,942,706 | 2,119,530 |
Risk rating 4 | Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 198,874 | 354,852 |
2021 | 417,244 | 512,541 |
2020 | 252,602 | 58,368 |
2019 | 22,713 | 79,924 |
2018 | 32,342 | 11,520 |
Prior | 24,527 | 43,634 |
Revolving Loans Amortized Cost Basis | 209,063 | 65,960 |
Total | 1,157,365 | 1,126,799 |
Risk rating 4 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 9,477 | 18,870 |
2021 | 24,688 | 25,252 |
2020 | 20,358 | 20,532 |
2019 | 19,532 | 8,706 |
2018 | 7,873 | 3,154 |
Prior | 32,692 | 42,886 |
Revolving Loans Amortized Cost Basis | 4,612 | 4,755 |
Total | 119,232 | 124,155 |
Risk rating 4 | Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 14,992 | 37,471 |
2021 | 37,444 | 35,875 |
2020 | 55,406 | 61,418 |
2019 | 21,240 | 11,871 |
2018 | 13,313 | 15,577 |
Prior | 67,084 | 61,034 |
Revolving Loans Amortized Cost Basis | 62,356 | 65,674 |
Total | 271,835 | 288,920 |
Risk rating 4 | Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 669 | 43,478 |
2021 | 77,185 | 101,282 |
2020 | 69,546 | 182,850 |
2019 | 64,295 | 8,284 |
2018 | 8,116 | 11,934 |
Prior | 18,490 | 11,779 |
Revolving Loans Amortized Cost Basis | 7,822 | 1,201 |
Total | 246,123 | 360,808 |
Risk rating 4 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 9,597 | 15,306 |
2021 | 7,534 | 2,293 |
2020 | 2,479 | 422 |
2019 | 69 | 1,216 |
2018 | 109 | 459 |
Prior | 6,073 | 907 |
Revolving Loans Amortized Cost Basis | 214 | 69 |
Total | 26,075 | 20,672 |
Risk rating 4 | Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 115,025 | 70,862 |
2021 | 34,474 | 120,618 |
2020 | 55,812 | 69,963 |
2019 | 33,000 | 89,975 |
2018 | 27,189 | 81,389 |
Prior | 71,854 | 48,496 |
Revolving Loans Amortized Cost Basis | 378,417 | 568,795 |
Total | 715,771 | 1,050,098 |
Risk rating 4 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 14,007 | 7,627 |
2021 | 7,663 | 13,591 |
2020 | 8,025 | 2,598 |
2019 | 955 | 1,671 |
2018 | 10,955 | 1,710 |
Prior | 3,188 | 8,766 |
Revolving Loans Amortized Cost Basis | 94,186 | 69,179 |
Total | 138,979 | 105,142 |
Risk rating 5 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 757 |
2020 | 10,000 | 1,145 |
2019 | 0 | 14,417 |
2018 | 14,095 | 35,273 |
Prior | 42,694 | 37,561 |
Revolving Loans Amortized Cost Basis | 758 | 95 |
Total | 67,547 | 89,248 |
Risk rating 5 | Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 641 | 0 |
2021 | 1,163 | 0 |
2020 | 0 | 30,987 |
2019 | 3,306 | 310 |
2018 | 218 | 0 |
Prior | 69 | 1,140 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 5,397 | 32,437 |
Risk rating 5 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 326 |
2018 | 314 | 0 |
Prior | 571 | 603 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 885 | 929 |
Risk rating 5 | Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 243 | 0 |
2020 | 246 | 0 |
2019 | 479 | 3,049 |
2018 | 831 | 226 |
Prior | 1,343 | 328 |
Revolving Loans Amortized Cost Basis | 40 | 0 |
Total | 3,182 | 3,603 |
Risk rating 5 | Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 3,142 |
Prior | 3,006 | 7,897 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 3,006 | 11,039 |
Risk rating 5 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 22 | 0 |
2021 | 0 | 633 |
2020 | 22 | 19 |
2019 | 483 | 0 |
2018 | 872 | 8 |
Prior | 261 | 810 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 1,660 | 1,470 |
Risk rating 5 | Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 21 | 83,272 |
2021 | 547 | 14,762 |
2020 | 16,318 | 159 |
2019 | 3,352 | 1,408 |
2018 | 201 | 6,815 |
Prior | 980 | 185 |
Revolving Loans Amortized Cost Basis | 1,767 | 75,891 |
Total | 23,186 | 182,492 |
Risk rating 5 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 2,286 | 8 |
2020 | 0 | 204 |
2019 | 134 | 0 |
2018 | 0 | 0 |
Prior | 593 | 593 |
Revolving Loans Amortized Cost Basis | 665 | 745 |
Total | 3,678 | 1,550 |
Risk rating 6 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 876 |
2021 | 8,198 | 196 |
2020 | 9,958 | 14,247 |
2019 | 23,743 | 26,649 |
2018 | 24,380 | 4,720 |
Prior | 179,350 | 153,909 |
Revolving Loans Amortized Cost Basis | 95 | 194 |
Total | 245,724 | 200,791 |
Risk rating 6 | Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 612 |
2021 | 7,817 | 0 |
2020 | 1,631 | 574 |
2019 | 748 | 751 |
2018 | 641 | 3 |
Prior | 254 | 5,839 |
Revolving Loans Amortized Cost Basis | 1,327 | 0 |
Total | 12,418 | 7,779 |
Risk rating 6 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 1,630 |
2020 | 1,675 | 1,623 |
2019 | 1,084 | 4,972 |
2018 | 1,620 | 0 |
Prior | 352 | 1,040 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 4,731 | 9,265 |
Risk rating 6 | Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 71 | 849 |
2021 | 5,361 | 2,423 |
2020 | 2,926 | 3,564 |
2019 | 4,064 | 3,521 |
2018 | 3,432 | 2,536 |
Prior | 10,567 | 12,662 |
Revolving Loans Amortized Cost Basis | 1,189 | 1,508 |
Total | 27,610 | 27,063 |
Risk rating 6 | Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 302 |
2018 | 263 | 0 |
Prior | 0 | 1,818 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 263 | 2,120 |
Risk rating 6 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 204 | 215 |
2021 | 1,559 | 156 |
2020 | 830 | 270 |
2019 | 581 | 970 |
2018 | 881 | 24 |
Prior | 1,349 | 1,386 |
Revolving Loans Amortized Cost Basis | 11 | 101 |
Total | 5,415 | 3,122 |
Risk rating 6 | Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 12,498 | 4,842 |
2021 | 75,536 | 2,539 |
2020 | 4,942 | 11,204 |
2019 | 1,154 | 4,193 |
2018 | 9,086 | 5,769 |
Prior | 12,180 | 16,559 |
Revolving Loans Amortized Cost Basis | 63,198 | 3,554 |
Total | 178,594 | 48,660 |
Risk rating 6 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 71 | 0 |
2021 | 33 | 58 |
2020 | 63 | 157 |
2019 | 108 | 11,137 |
2018 | 0 | 304 |
Prior | 370 | 949 |
Revolving Loans Amortized Cost Basis | 1,656 | 944 |
Total | 2,301 | 13,549 |
Risk rating 7 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 131 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 131 |
Risk rating 7 | Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 7 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 7 | Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 7 | Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 7 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 15 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 15 | 0 |
Risk rating 7 | Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 4,316 |
Prior | 0 | 202 |
Revolving Loans Amortized Cost Basis | 0 | 85 |
Total | 0 | 4,603 |
Risk rating 7 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 8 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 8 | Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 72 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 72 | 0 |
Risk rating 8 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 8 | Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 2 | 1 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 2 | 1 |
Risk rating 8 | Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 8 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 3 |
2021 | 0 | 0 |
2020 | 0 | 1 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 77 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 81 |
Risk rating 8 | Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 8 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | $ 0 | $ 0 |
Allowance for Credit Losses, _9
Allowance for Credit Losses, Credit Quality and Other - Summary of Amortized Cost of Performing and Nonperforming Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | $ 2,138,730 | $ 3,262,317 |
2021 | 3,341,500 | 2,757,885 |
2020 | 2,083,044 | 1,525,752 |
2019 | 1,132,926 | 1,139,754 |
2018 | 872,429 | 1,172,612 |
Prior | 2,908,528 | 2,565,074 |
Revolving Loans Amortized Cost Basis | 1,947,571 | 1,986,086 |
Total | 14,424,728 | 14,409,480 |
Commercial real estate loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 930,022 | 1,916,645 |
2021 | 2,146,390 | 1,719,653 |
2020 | 1,262,133 | 742,859 |
2019 | 626,807 | 641,813 |
2018 | 481,164 | 727,802 |
Prior | 1,905,250 | 1,698,912 |
Revolving Loans Amortized Cost Basis | 816,391 | 666,456 |
Total | 8,168,157 | 8,114,140 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 388,831 | 1,056,381 |
2021 | 1,150,598 | 851,269 |
2020 | 830,588 | 514,249 |
2019 | 491,298 | 481,999 |
2018 | 404,822 | 683,459 |
Prior | 1,747,135 | 1,530,758 |
Revolving Loans Amortized Cost Basis | 536,682 | 513,948 |
Total | 5,549,954 | 5,632,063 |
Commercial real estate loans | Non-farm/non-residential | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 388,831 | 1,056,381 |
2021 | 1,150,598 | 851,269 |
2020 | 821,373 | 509,258 |
2019 | 490,153 | 456,196 |
2018 | 404,061 | 679,187 |
Prior | 1,718,776 | 1,403,874 |
Revolving Loans Amortized Cost Basis | 536,349 | 513,630 |
Total | 5,510,141 | 5,469,795 |
Commercial real estate loans | Non-farm/non-residential | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 9,215 | 4,991 |
2019 | 1,145 | 25,803 |
2018 | 761 | 4,272 |
Prior | 28,359 | 126,884 |
Revolving Loans Amortized Cost Basis | 333 | 318 |
Total | 39,813 | 162,268 |
Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 501,215 | 777,920 |
2021 | 926,208 | 796,098 |
2020 | 384,657 | 173,560 |
2019 | 88,901 | 129,335 |
2018 | 55,857 | 30,863 |
Prior | 81,216 | 85,733 |
Revolving Loans Amortized Cost Basis | 254,993 | 141,757 |
Total | 2,293,047 | 2,135,266 |
Commercial real estate loans | Construction/ Land Development | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 501,215 | 777,309 |
2021 | 918,390 | 796,098 |
2020 | 382,954 | 172,987 |
2019 | 88,204 | 128,736 |
2018 | 55,239 | 30,860 |
Prior | 81,028 | 85,511 |
Revolving Loans Amortized Cost Basis | 253,667 | 141,757 |
Total | 2,280,697 | 2,133,258 |
Commercial real estate loans | Construction/ Land Development | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 611 |
2021 | 7,818 | 0 |
2020 | 1,703 | 573 |
2019 | 697 | 599 |
2018 | 618 | 3 |
Prior | 188 | 222 |
Revolving Loans Amortized Cost Basis | 1,326 | 0 |
Total | 12,350 | 2,008 |
Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 39,976 | 82,344 |
2021 | 69,584 | 72,286 |
2020 | 46,888 | 55,050 |
2019 | 46,608 | 30,479 |
2018 | 20,485 | 13,480 |
Prior | 76,899 | 82,421 |
Revolving Loans Amortized Cost Basis | 24,716 | 10,751 |
Total | 325,156 | 346,811 |
Commercial real estate loans | Agricultural | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 39,976 | 82,344 |
2021 | 69,584 | 72,286 |
2020 | 46,809 | 55,050 |
2019 | 46,608 | 30,479 |
2018 | 20,485 | 13,480 |
Prior | 76,547 | 82,143 |
Revolving Loans Amortized Cost Basis | 24,716 | 10,751 |
Total | 324,725 | 346,533 |
Commercial real estate loans | Agricultural | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 79 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 352 | 278 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 431 | 278 |
Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 261,784 | 398,830 |
2021 | 409,197 | 294,073 |
2020 | 300,563 | 241,937 |
2019 | 171,122 | 130,494 |
2018 | 111,327 | 116,432 |
Prior | 403,729 | 388,680 |
Revolving Loans Amortized Cost Basis | 186,538 | 178,105 |
Total | 1,844,260 | 1,748,551 |
Residential Real Estate | Residential 1-4 family | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 261,784 | 397,464 |
2021 | 405,239 | 292,100 |
2020 | 298,207 | 239,047 |
2019 | 167,475 | 127,250 |
2018 | 108,091 | 114,337 |
Prior | 396,130 | 380,210 |
Revolving Loans Amortized Cost Basis | 185,948 | 177,311 |
Total | 1,822,874 | 1,727,719 |
Residential Real Estate | Residential 1-4 family | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 1,366 |
2021 | 3,958 | 1,973 |
2020 | 2,356 | 2,890 |
2019 | 3,647 | 3,244 |
2018 | 3,236 | 2,095 |
Prior | 7,599 | 8,470 |
Revolving Loans Amortized Cost Basis | 590 | 794 |
Total | 21,386 | 20,832 |
Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 3,983 | 82,308 |
2021 | 87,012 | 138,848 |
2020 | 107,301 | 196,977 |
2019 | 108,702 | 42,399 |
2018 | 39,815 | 28,174 |
Prior | 74,564 | 81,611 |
Revolving Loans Amortized Cost Basis | 14,359 | 7,735 |
Total | 435,736 | 578,052 |
Residential Real Estate | Multifamily residential | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 3,983 | 82,308 |
2021 | 87,012 | 138,848 |
2020 | 107,301 | 196,977 |
2019 | 108,702 | 42,399 |
2018 | 39,815 | 28,174 |
Prior | 74,564 | 80,642 |
Revolving Loans Amortized Cost Basis | 14,359 | 7,735 |
Total | 435,736 | 577,083 |
Residential Real Estate | Multifamily residential | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 969 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 969 |
Total real estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 1,195,789 | 2,397,783 |
2021 | 2,642,599 | 2,152,574 |
2020 | 1,669,997 | 1,181,773 |
2019 | 906,631 | 814,706 |
2018 | 632,306 | 872,408 |
Prior | 2,383,543 | 2,169,203 |
Revolving Loans Amortized Cost Basis | 1,017,288 | 852,296 |
Total | 10,448,153 | 10,440,743 |
Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 255,930 | 305,684 |
2021 | 257,588 | 283,078 |
2020 | 216,645 | 148,102 |
2019 | 109,981 | 135,779 |
2018 | 110,406 | 119,901 |
Prior | 200,071 | 139,622 |
Revolving Loans Amortized Cost Basis | 3,069 | 17,730 |
Total | 1,153,690 | 1,149,896 |
Consumer | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 255,771 | 305,620 |
2021 | 256,826 | 282,944 |
2020 | 215,831 | 147,820 |
2019 | 109,442 | 134,831 |
2018 | 110,267 | 119,877 |
Prior | 198,982 | 138,288 |
Revolving Loans Amortized Cost Basis | 3,060 | 17,628 |
Total | 1,150,179 | 1,147,008 |
Consumer | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 159 | 64 |
2021 | 762 | 134 |
2020 | 814 | 282 |
2019 | 539 | 948 |
2018 | 139 | 24 |
Prior | 1,089 | 1,334 |
Revolving Loans Amortized Cost Basis | 9 | 102 |
Total | 3,511 | 2,888 |
Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 619,371 | 465,079 |
2021 | 385,376 | 272,228 |
2020 | 156,919 | 162,257 |
2019 | 88,094 | 169,398 |
2018 | 114,522 | 170,269 |
Prior | 276,677 | 198,983 |
Revolving Loans Amortized Cost Basis | 684,032 | 911,049 |
Total | 2,324,991 | 2,349,263 |
Commercial & Industrial | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 616,809 | 464,285 |
2021 | 382,190 | 267,719 |
2020 | 156,056 | 159,152 |
2019 | 87,531 | 165,733 |
2018 | 111,529 | 160,267 |
Prior | 273,434 | 194,162 |
Revolving Loans Amortized Cost Basis | 680,552 | 907,611 |
Total | 2,308,101 | 2,318,929 |
Commercial & Industrial | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 2,562 | 794 |
2021 | 3,186 | 4,509 |
2020 | 863 | 3,105 |
2019 | 563 | 3,665 |
2018 | 2,993 | 10,002 |
Prior | 3,243 | 4,821 |
Revolving Loans Amortized Cost Basis | 3,480 | 3,438 |
Total | 16,890 | 30,334 |
Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 67,640 | 93,771 |
2021 | 55,937 | 50,005 |
2020 | 39,483 | 33,620 |
2019 | 28,220 | 19,871 |
2018 | 15,195 | 10,034 |
Prior | 48,237 | 57,266 |
Revolving Loans Amortized Cost Basis | 243,182 | 205,011 |
Total | 497,894 | 469,578 |
Agricultural & other | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 67,569 | 93,771 |
2021 | 55,904 | 50,001 |
2020 | 39,473 | 33,416 |
2019 | 28,220 | 19,818 |
2018 | 15,195 | 10,034 |
Prior | 48,203 | 56,631 |
Revolving Loans Amortized Cost Basis | 242,818 | 204,380 |
Total | 497,382 | 468,051 |
Agricultural & other | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 71 | 0 |
2021 | 33 | 4 |
2020 | 10 | 204 |
2019 | 0 | 53 |
2018 | 0 | 0 |
Prior | 34 | 635 |
Revolving Loans Amortized Cost Basis | 364 | 631 |
Total | $ 512 | $ 1,527 |
Allowance for Credit Losses,_10
Allowance for Credit Losses, Credit Quality and Other - Presentation of Troubled Debt Restructurings ("TDRs") by Class (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 21 | 44 |
Restructured loans, amount | $ 19,500 | $ 11,140 |
Post modification outstanding balance | $ 24,610 | 5,745 |
Percentage of Total Class of Loans Receivable | 0.17% | |
Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | $ 3,225 | 790 |
Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 636 | 4,072 |
Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 149 | |
Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 3,518 | |
Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 938 | $ 883 |
Principal and Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 5 | |
Term Extension and Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 16,023 | |
Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 116 | |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | contract | 11 | |
Restructured loans, amount | $ 4,462 | |
Post modification outstanding balance | $ 18,306 | 2,429 |
Percentage of Total Class of Loans Receivable | 0.33% | |
Commercial real estate loans | Non-farm/non-residential | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | $ 398 | 598 |
Commercial real estate loans | Non-farm/non-residential | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | 1,395 |
Commercial real estate loans | Non-farm/non-residential | Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | |
Commercial real estate loans | Non-farm/non-residential | Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 1,537 | |
Commercial real estate loans | Non-farm/non-residential | Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 348 | $ 436 |
Commercial real estate loans | Non-farm/non-residential | Principal and Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | |
Commercial real estate loans | Non-farm/non-residential | Term Extension and Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 16,023 | |
Commercial real estate loans | Non-farm/non-residential | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | |
Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | contract | 1 | |
Restructured loans, amount | $ 216 | |
Post modification outstanding balance | $ 149 | 177 |
Percentage of Total Class of Loans Receivable | 0.01% | |
Commercial real estate loans | Construction/ Land Development | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | $ 0 | 0 |
Commercial real estate loans | Construction/ Land Development | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | 177 |
Commercial real estate loans | Construction/ Land Development | Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | |
Commercial real estate loans | Construction/ Land Development | Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 149 | |
Commercial real estate loans | Construction/ Land Development | Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | $ 0 |
Commercial real estate loans | Construction/ Land Development | Principal and Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | |
Commercial real estate loans | Construction/ Land Development | Term Extension and Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | |
Commercial real estate loans | Construction/ Land Development | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | |
Residential Real Estate | Residential 1-4 family | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | contract | 14 | |
Restructured loans, amount | $ 2,115 | |
Post modification outstanding balance | $ 1,955 | 1,207 |
Percentage of Total Class of Loans Receivable | 0.11% | |
Residential Real Estate | Residential 1-4 family | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | $ 560 | 145 |
Residential Real Estate | Residential 1-4 family | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 598 | 772 |
Residential Real Estate | Residential 1-4 family | Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 106 | |
Residential Real Estate | Residential 1-4 family | Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 59 | |
Residential Real Estate | Residential 1-4 family | Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 516 | $ 290 |
Residential Real Estate | Residential 1-4 family | Principal and Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | |
Residential Real Estate | Residential 1-4 family | Term Extension and Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | |
Residential Real Estate | Residential 1-4 family | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 116 | |
Residential Real Estate | Multifamily residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | contract | 1 | |
Restructured loans, amount | $ 1,130 | |
Post modification outstanding balance | 969 | |
Residential Real Estate | Multifamily residential | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | |
Residential Real Estate | Multifamily residential | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 969 | |
Residential Real Estate | Multifamily residential | Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | $ 0 | |
Total real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | contract | 27 | |
Restructured loans, amount | $ 7,923 | |
Post modification outstanding balance | $ 20,410 | 4,782 |
Percentage of Total Class of Loans Receivable | 0.20% | |
Total real estate | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | $ 958 | 743 |
Total real estate | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 598 | 3,313 |
Total real estate | Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 106 | |
Total real estate | Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 1,745 | |
Total real estate | Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 864 | $ 726 |
Total real estate | Principal and Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | |
Total real estate | Term Extension and Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 16,023 | |
Total real estate | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 116 | |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | contract | 2 | |
Restructured loans, amount | $ 18 | |
Post modification outstanding balance | $ 30 | 12 |
Percentage of Total Class of Loans Receivable | 0% | |
Consumer | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | $ 14 | 0 |
Consumer | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | 11 |
Consumer | Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 1 | |
Consumer | Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 10 | |
Consumer | Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | $ 1 |
Consumer | Principal and Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 5 | |
Consumer | Term Extension and Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | |
Consumer | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | |
Commercial & Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | contract | 15 | |
Restructured loans, amount | $ 3,199 | |
Post modification outstanding balance | $ 4,170 | 951 |
Percentage of Total Class of Loans Receivable | 0.18% | |
Commercial & Industrial | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | $ 2,253 | 47 |
Commercial & Industrial | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 38 | 748 |
Commercial & Industrial | Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 42 | |
Commercial & Industrial | Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 1,763 | |
Commercial & Industrial | Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 74 | $ 156 |
Commercial & Industrial | Principal and Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | |
Commercial & Industrial | Term Extension and Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | 0 | |
Commercial & Industrial | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post modification outstanding balance | $ 0 |
Allowance for Credit Losses,_11
Allowance for Credit Losses, Credit Quality and Other - Presentation of TDR's on Non-Accrual Status (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 21 | |
Recorded Balance | $ 1,589 | |
Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | $ 313 | |
Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 105 | |
Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 9 | |
Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 29 | |
Extended Maturity and Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 328 | |
Principal and Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 5 | |
Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 116 | |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 2 | |
Recorded Balance | $ 262 | |
Commercial real estate loans | Non-farm/non-residential | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Non-farm/non-residential | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Non-farm/non-residential | Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Non-farm/non-residential | Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Non-farm/non-residential | Extended Maturity and Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Non-farm/non-residential | Principal and Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Non-farm/non-residential | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 1 | |
Recorded Balance | $ 177 | |
Commercial real estate loans | Construction/ Land Development | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Construction/ Land Development | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Construction/ Land Development | Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Construction/ Land Development | Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Construction/ Land Development | Extended Maturity and Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Construction/ Land Development | Principal and Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Construction/ Land Development | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Agricultural | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Agricultural | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Agricultural | Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Agricultural | Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Agricultural | Extended Maturity and Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Agricultural | Principal and Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial real estate loans | Agricultural | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Residential Real Estate | Residential 1-4 family | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 4 | |
Recorded Balance | $ 218 | |
Residential Real Estate | Residential 1-4 family | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 299 | |
Residential Real Estate | Residential 1-4 family | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 105 | |
Residential Real Estate | Residential 1-4 family | Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 9 | |
Residential Real Estate | Residential 1-4 family | Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Residential Real Estate | Residential 1-4 family | Extended Maturity and Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 328 | |
Residential Real Estate | Residential 1-4 family | Principal and Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Residential Real Estate | Residential 1-4 family | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 116 | |
Total real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 7 | |
Recorded Balance | $ 657 | |
Total real estate | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 299 | |
Total real estate | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 105 | |
Total real estate | Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 9 | |
Total real estate | Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Total real estate | Extended Maturity and Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 328 | |
Total real estate | Principal and Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Total real estate | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 116 | |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 1 | |
Recorded Balance | $ 1 | |
Consumer | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 14 | |
Consumer | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Consumer | Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Consumer | Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 29 | |
Consumer | Extended Maturity and Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Consumer | Principal and Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 5 | |
Consumer | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial & Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 13 | |
Recorded Balance | $ 931 | |
Commercial & Industrial | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial & Industrial | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial & Industrial | Principal Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial & Industrial | Interest Forgiveness | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial & Industrial | Extended Maturity and Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial & Industrial | Principal and Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | 0 | |
Commercial & Industrial | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Balance | $ 0 |
Allowance for Credit Losses,_12
Allowance for Credit Losses, Credit Quality and Other - Summary of Total Foreclosed Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commercial real estate loans | Non-farm/non-residential | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | $ 29,894 | $ 118 |
Commercial real estate loans | Construction/ Land Development | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 47 | 47 |
Residential Real Estate | Residential 1-4 family | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 545 | 260 |
Residential Real Estate | Multifamily residential | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 0 | 121 |
Total real estate | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | $ 30,486 | $ 546 |
Goodwill and Core Deposit Int_3
Goodwill and Core Deposit Intangible - Summary of Changes in Carrying Amount and Accumulated Amortization of Company's Goodwill and Core Deposits and Other Intangibles (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill | |||
Balance, beginning of period | $ 1,398,253 | $ 973,025 | |
Acquisitions | 0 | 425,228 | |
Balance, end of period | 1,398,253 | 1,398,253 | $ 973,025 |
Core Deposit Intangible | |||
Balance, beginning of period | 58,455 | 25,045 | |
Acquisitions | 0 | 42,263 | |
Amortization expense | (9,685) | (8,853) | (5,683) |
Balance, end of year | $ 48,770 | $ 58,455 | $ 25,045 |
Goodwill and Core Deposit Int_4
Goodwill and Core Deposit Intangible - Summary of Carrying Amount and Accumulated Amortization of Core Deposits and Other Intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Gross carrying amount | $ 128,888 | $ 128,888 | |
Accumulated amortization | (80,118) | (70,433) | |
Net carrying amount | $ 48,770 | $ 58,455 | $ 25,045 |
Goodwill and Core Deposit Int_5
Goodwill and Core Deposit Intangible - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangibles | $ 9,685,000 | $ 8,853,000 | $ 5,683,000 |
Impairment of core deposit and other intangibles | 0 | 0 | 0 |
Amortization expense for year 2023 | 8,400,000 | ||
Amortization expense for year 2024 | 8,000,000 | ||
Amortization expense for year 2025 | 7,800,000 | ||
Amortization expense for year 2026 | 6,600,000 | ||
Amortization expense for year 2027 | 4,200,000 | ||
Carrying amount of Company's goodwill | 1,398,253,000 | 1,398,253,000 | 973,025,000 |
Impairment of goodwill | $ 0 | $ 0 | $ 0 |
Other Assets (Detail)
Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Other Assets [Line Items] | ||
Other assets | $ 323,573 | $ 321,152 |
Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("Federal Reserve") | ||
Schedule Of Other Assets [Line Items] | ||
Fair value of equity securities | 133,400 | 135,300 |
First National Bankers' Bank and Other Miscellaneous Holdings | ||
Schedule Of Other Assets [Line Items] | ||
Fair value of equity securities | $ 90,300 | $ 80,600 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deposits [Line Items] | |||
Time deposits with a minimum denomination of $250,000 | $ 836,700 | $ 333,200 | |
Time deposits with a minimum denomination of $100,000 | 1,090,000 | 639,300 | |
Interest expense applicable to certificate | 26,100 | 3,400 | $ 7,300 |
Brokered deposits | 401,000 | 476,600 | |
Total deposits | 16,787,711 | 17,938,783 | |
State and political subdivisions | |||
Deposits [Line Items] | |||
Total deposits | $ 3,050,000 | $ 2,650,000 |
Deposits - Summary of Scheduled
Deposits - Summary of Scheduled Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
2024 | $ 1,342,054 | |
2025 | 275,134 | |
2026 | 13,937 | |
2027 | 12,178 | |
2028 | 8,055 | |
Thereafter | 505 | |
Total time deposits | $ 1,651,863 | $ 1,043,234 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities sold under agreements to repurchase | $ 142,085 | $ 131,146 |
Securities sold under agreements to repurchase daily weighted average | $ 149,000 | $ 129,000 |
Securities Sold Under Agreeme_4
Securities Sold Under Agreements to Repurchase - Summary of Remaining Contractual Maturity of Securities Sold Under Agreements to Repurchase (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | $ 142,085 | $ 131,146 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 142,085 | 131,146 |
U.S. government-sponsored enterprises | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 5,322 |
U.S. government-sponsored enterprises | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 5,322 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 5,153 |
Mortgage-backed securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 5,153 |
State and political subdivisions | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 117,674 |
State and political subdivisions | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 117,674 |
Other securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 142,085 | 2,997 |
Other securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | $ 142,085 | $ 2,997 |
FHLB and Other Borrowed Funds -
FHLB and Other Borrowed Funds - Additional Information (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Borrowed Funds [Line Items] | ||
FHLB borrowed funds | $ 600,000,000 | $ 650,000,000 |
Long-term advances | 600,000,000 | 600,000,000 |
Short-term advances | 50,000,000 | |
Other short term borrowings | 701,300,000 | 0 |
Liquidity access | 1,370,000,000 | |
Line of credit | 1,330,000,000 | $ 1,140,000,000 |
Discount Window | ||
Borrowed Funds [Line Items] | ||
Liquidity access | $ 89,800,000 | |
Discount Window | Primary Rate | ||
Borrowed Funds [Line Items] | ||
Rate | 5.50% | |
Discount Window | Secondary Rate | ||
Borrowed Funds [Line Items] | ||
Rate | 6% | |
Bank Term Funding Program | ||
Borrowed Funds [Line Items] | ||
Liquidity access | $ 1,280,000,000 | |
Rate | 4.84% | |
Advances drawn | $ 700,000,000 | |
Minimum | ||
Borrowed Funds [Line Items] | ||
FHLB interest rate | 3.37% | |
Maximum | ||
Borrowed Funds [Line Items] | ||
FHLB interest rate | 4.84% |
FHLB and Other Borrowed Funds_2
FHLB and Other Borrowed Funds - Maturities of Borrowings with Original Maturities (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
By Contractual Maturity | |
Borrowed Funds [Line Items] | |
2024 | $ 701,300 |
2025 | 100,000 |
2026 | 100,000 |
2027 | 0 |
2028 | 0 |
Thereafter | 400,000 |
Total | 1,301,300 |
By Call Date | |
Borrowed Funds [Line Items] | |
2024 | 1,101,300 |
2025 | 100,000 |
2026 | 100,000 |
2027 | 0 |
2028 | 0 |
Thereafter | 0 |
Total | $ 1,301,300 |
Subordinated Debentures - Addit
Subordinated Debentures - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||||
Jan. 18, 2022 | Apr. 03, 2017 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | Apr. 01, 2022 | |
Debt Instrument [Line Items] | ||||||||
Subordinated debentures | $ 439,834 | $ 440,420 | ||||||
Retirement of subordinated debentures | 0 | 300,000 | $ 0 | |||||
Trust preferred securities, face amount | $ 300,000 | |||||||
Subordinated notes, interest rate | 3.125% | |||||||
Net proceeds | $ 296,400 | 0 | 296,324 | $ 0 | ||||
Happy Bancshares, Inc. | ||||||||
Debt Instrument [Line Items] | ||||||||
Subordinated debentures | $ 167,590 | $ 159,965 | ||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty | ||||||||
Debt Instrument [Line Items] | ||||||||
Floating rate above three-month LIBOR rate | 1.82% | |||||||
Trust Preferred Securities | ||||||||
Debt Instrument [Line Items] | ||||||||
Face value of company held trust preferred securities | 23,200 | |||||||
Retirement of subordinated debentures | $ 73,300 | |||||||
Subordinated debt securities | Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty | ||||||||
Debt Instrument [Line Items] | ||||||||
Subordinated debentures | $ 297,750 | $ 297,020 | ||||||
Fixed rate for first five years | 3.125% | 3.125% | ||||||
Subordinated debt securities | Happy Bancshares, Inc. | ||||||||
Debt Instrument [Line Items] | ||||||||
Subordinated debentures | $ 144,400 | $ 140,000 | ||||||
Fixed rate for first five years | 5.50% | |||||||
Subordinated debt securities | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty | ||||||||
Debt Instrument [Line Items] | ||||||||
Floating rate above three-month LIBOR rate | 1.82% | 1.82% | ||||||
Subordinated debt securities | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Happy Bancshares, Inc. | ||||||||
Debt Instrument [Line Items] | ||||||||
Floating rate above three-month LIBOR rate | 5.345% | |||||||
5.500% Subordinated Notes due 2030 | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of redemption price on principal | 100% | |||||||
Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of redemption price on principal | 100% | |||||||
5.625% Subordinated Notes due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of redemption price on principal | 100% | |||||||
Trust preferred securities, face amount | $ 300,000 | |||||||
Subordinated notes, interest rate | 5.625% | |||||||
Net proceeds | $ 297,000 | |||||||
5.625% Subordinated Notes due 2027 | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Floating rate above three-month LIBOR rate | 3.575% |
Subordinated Debentures - Prefe
Subordinated Debentures - Preferred Trust Securities and Subordinated Debentures (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 18, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Subordinated debentures, issued | $ 439,834 | $ 440,420 | |
Subordinated notes issued in 2020, due 2030, fixed rate of 5.500% during the first five years and at a floating rate of 534.5 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2025 without penalty | Subordinated debt securities | |||
Debt Instrument [Line Items] | |||
Fixed rate for first five years | 5.50% | 5.50% | |
Subordinated debentures, issued | $ 142,084 | $ 143,400 | |
Subordinated notes issued in 2020, due 2030, fixed rate of 5.500% during the first five years and at a floating rate of 534.5 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2025 without penalty | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subordinated debt securities | |||
Debt Instrument [Line Items] | |||
Floating rate above three-month LIBOR rate | 5.345% | 5.345% | |
Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty | Subordinated debt securities | |||
Debt Instrument [Line Items] | |||
Fixed rate for first five years | 3.125% | 3.125% | |
Subordinated debentures, issued | $ 297,750 | $ 297,020 | |
Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||
Debt Instrument [Line Items] | |||
Floating rate above three-month LIBOR rate | 1.82% | ||
Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subordinated debt securities | |||
Debt Instrument [Line Items] | |||
Floating rate above three-month LIBOR rate | 1.82% | 1.82% |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 99,938 | $ 72,367 | $ 70,536 |
State | 23,093 | 14,733 | 23,350 |
Total current | 123,031 | 87,100 | 93,886 |
Deferred: | |||
Federal | (3,312) | 1,839 | 2,906 |
State | (765) | 374 | 962 |
Total deferred | (4,077) | 2,213 | 3,868 |
Income tax expense | $ 118,954 | $ 89,313 | $ 97,754 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory federal income tax rate | 21% | 21% | 21% |
Effect of non-taxable interest income | (0.68%) | (1.89%) | (1.03%) |
Stock compensation | 0.28% | 0.38% | 0.25% |
State income taxes, net of federal benefit | 2.97% | 2.70% | 3.97% |
Other | (0.33%) | 0.45% | (0.74%) |
Effective income tax rate | 23.24% | 22.64% | 23.45% |
Income Taxes - Differences Betw
Income Taxes - Differences Between Tax Basis of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Allowance for credit losses | $ 81,251 | $ 80,232 |
Deferred compensation | 7,619 | 7,817 |
Stock compensation | 6,803 | 6,180 |
Non-accrual interest income | 1,463 | 1,518 |
Real estate owned | 79 | 103 |
Unrealized loss on Securities AFS | 82,613 | 98,587 |
Loan discounts | 5,119 | 7,007 |
Tax basis on acquisitions | 0 | 1,222 |
Investments | 24,669 | 28,523 |
Other | 14,691 | 8,007 |
Gross deferred tax assets | 224,307 | 239,196 |
Deferred tax liabilities: | ||
Accelerated depreciation on premises and equipment | 1,477 | 4,252 |
Tax basis on acquisitions | 4,061 | 0 |
Core deposit intangibles | 11,021 | 14,755 |
FHLB dividends | 2,351 | 2,681 |
Other | 8,233 | 8,187 |
Gross deferred tax liabilities | 27,143 | 29,875 |
Net deferred tax assets | $ 197,164 | $ 209,321 |
Common Stock, Compensation Pl_3
Common Stock, Compensation Plans and Other - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 5,500,000 | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | ||
Number of shares repurchased during period (in shares) | 2,225,849 | 3,098,531 | 1,753,000 |
Weighted average stock price (in dollars per share) | $ 21.69 | ||
Repurchase of combining of all the shares (in shares) | 22,985,715 | ||
Remaining balance available for repurchase (in shares) | 16,766,285 | ||
Maximum number of shares available for grants under the plan (in shares) | 14,788,000 | ||
Remaining shares of common stock available for future grants (in shares) | 2,638,311 | ||
Shares of common stock reserved for issuance (in shares) | 5,413,912 | ||
Intrinsic value of stock options outstanding | $ 12.2 | $ 7.8 | $ 13.1 |
Intrinsic value of stock options vested | 10.3 | 7.5 | 10.7 |
Intrinsic value of stock options exercised | 1.9 | $ 1.8 | $ 2 |
Unrecognized compensation cost net of income tax benefit, related to non-vested awards | $ 3.7 | ||
Weighted average fair value of options granted (in dollars per share) | $ 5.37 | $ 5.21 | |
2006 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares available for grants under the plan (in shares) | 13,288,000 | ||
2022 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares available for grants under the plan (in shares) | 1,500,000 | ||
Restricted Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted (in shares) | 261,000 | 409,000 | 216,000 |
Unrecognized compensation cost net of income tax benefit, related to non-vested stock option awards | $ 11.1 |
Common Stock, Compensation Pl_4
Common Stock, Compensation Plans and Other - Summary of Stock Option Transactions under Plan (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares | |||
Outstanding, beginning of year (in shares) | 2,971 | 3,015 | 3,254 |
Granted (in shares) | 25 | 183 | 15 |
Forfeited/Expired (in shares) | (10) | (96) | (57) |
Exercised (in shares) | (210) | (131) | (197) |
Outstanding, end of year (in shares) | 2,776 | 2,971 | 3,015 |
Exercisable, end of year (in shares) | 1,940 | 1,837 | 1,543 |
Weighted- average Exercisable Price | |||
Outstanding, beginning of year (in dollars per share) | $ 20.45 | $ 20.06 | $ 19.77 |
Granted (in dollars per share) | 22.63 | 21.13 | 21.68 |
Forfeited/Expired (in dollars per share) | 23.38 | 21.89 | 22.44 |
Exercised (in dollars per share) | 14.01 | 11.30 | 14.78 |
Outstanding, end of year (in dollars per share) | 20.95 | 20.45 | 20.06 |
Exercisable, end of year (in dollars per share) | $ 20.05 | $ 18.89 | $ 17.46 |
Common Stock, Compensation Pl_5
Common Stock, Compensation Plans and Other - Summary of Stock Options on Valuation Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Expected dividend yield | 2.98% | 3.14% | 2.59% |
Expected stock price volatility | 27.97% | 31.18% | 70.13% |
Risk-free interest rate | 3.37% | 2.82% | 0.75% |
Expected life of options | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Common Stock, Compensation Pl_6
Common Stock, Compensation Plans and Other - Summary of Currently Outstanding and Exercisable Options (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 2,776 |
Options Exercisable Shares (in shares) | shares | 1,940 |
$14.00 to $15.99 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 100 |
Weighted- Average Remaining Contractual Life (in years) | 1 year 14 days |
Weighted-Average Exercise Price (in dollars per share) | $ 14.71 |
Options Exercisable Shares (in shares) | shares | 100 |
Weighted-Average Exercise Price (in dollars per share) | $ 14.71 |
Exercise prices, lower range limit (in dollars per share) | 14 |
Exercise prices, upper range limit (in dollars per share) | $ 15.99 |
$16.00 to $17.99 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 172 |
Weighted- Average Remaining Contractual Life (in years) | 10 months 28 days |
Weighted-Average Exercise Price (in dollars per share) | $ 16.92 |
Options Exercisable Shares (in shares) | shares | 172 |
Weighted-Average Exercise Price (in dollars per share) | $ 16.92 |
Exercise prices, lower range limit (in dollars per share) | 16 |
Exercise prices, upper range limit (in dollars per share) | $ 17.99 |
$18.00 to $19.99 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 836 |
Weighted- Average Remaining Contractual Life (in years) | 1 year 9 months 14 days |
Weighted-Average Exercise Price (in dollars per share) | $ 18.48 |
Options Exercisable Shares (in shares) | shares | 829 |
Weighted-Average Exercise Price (in dollars per share) | $ 18.48 |
Exercise prices, lower range limit (in dollars per share) | 18 |
Exercise prices, upper range limit (in dollars per share) | $ 19.99 |
$20.00 to $21.99 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 268 |
Weighted- Average Remaining Contractual Life (in years) | 4 years 8 months 19 days |
Weighted-Average Exercise Price (in dollars per share) | $ 20.87 |
Options Exercisable Shares (in shares) | shares | 191 |
Weighted-Average Exercise Price (in dollars per share) | $ 20.98 |
Exercise prices, lower range limit (in dollars per share) | 20 |
Exercise prices, upper range limit (in dollars per share) | $ 21.99 |
$22.00 to $23.99 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 1,309 |
Weighted- Average Remaining Contractual Life (in years) | 4 years 7 months 24 days |
Weighted-Average Exercise Price (in dollars per share) | $ 23.22 |
Options Exercisable Shares (in shares) | shares | 577 |
Weighted-Average Exercise Price (in dollars per share) | $ 23.14 |
Exercise prices, lower range limit (in dollars per share) | 22 |
Exercise prices, upper range limit (in dollars per share) | $ 23.99 |
$22.00 to $23.99 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 91 |
Weighted- Average Remaining Contractual Life (in years) | 4 years 4 months 24 days |
Weighted-Average Exercise Price (in dollars per share) | $ 25.59 |
Options Exercisable Shares (in shares) | shares | 71 |
Weighted-Average Exercise Price (in dollars per share) | $ 25.95 |
Exercise prices, lower range limit (in dollars per share) | 24 |
Exercise prices, upper range limit (in dollars per share) | $ 25.99 |
Common Stock, Compensation Pl_7
Common Stock, Compensation Plans and Other - Summary of Company's Restricted Stock Issued and Outstanding (Detail) - Restricted Shares - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning of year (in shares) | 1,381 | 1,231 | 1,371 |
Issued (in shares) | 261 | 409 | 216 |
Vested (in shares) | (152) | (178) | (320) |
Forfeited (in shares) | (61) | (81) | (36) |
End of year (in shares) | 1,429 | 1,381 | 1,231 |
Amount of expense for twelve months ended | $ 8,016 | $ 7,646 | $ 7,112 |
Non-Interest Expense (Detail)
Non-Interest Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in Noncontrolling Interest [Line Items] | |||
Salaries and employee benefits | $ 256,966 | $ 238,885 | $ 170,755 |
Occupancy and equipment | 60,303 | 53,417 | 36,631 |
Data processing expense | 36,329 | 34,942 | 24,280 |
Merger and acquisition expenses | 0 | 49,594 | 1,886 |
Other operating expenses: | |||
Advertising | 8,850 | 7,974 | 4,855 |
Amortization of intangibles | 9,685 | 8,853 | 5,683 |
Electronic banking expense | 14,313 | 13,632 | 9,817 |
Directors' fees | 1,814 | 1,491 | 1,614 |
Due from bank service charges | 1,115 | 1,255 | 1,044 |
FDIC and state assessment | 25,530 | 8,428 | 5,472 |
Other expense | 32,967 | 27,905 | 18,086 |
Insurance | 3,567 | 3,705 | 3,118 |
Legal and accounting | 5,230 | 9,401 | 3,703 |
Other professional fees | 8,815 | 8,881 | 6,950 |
Operating supplies | 3,138 | 3,120 | 1,915 |
Postage | 2,081 | 2,078 | 1,283 |
Telephone | 2,160 | 1,890 | 1,425 |
Total other operating expenses | 119,265 | 98,789 | 64,965 |
Total non-interest expense | 472,863 | 475,627 | 298,517 |
Hurricane expense | |||
Other operating expenses: | |||
Other expense | $ 0 | $ 176 | $ 0 |
Employee Benefit Plans (Detail)
Employee Benefit Plans (Detail) - USD ($) shares in Millions | 12 Months Ended | ||||
Apr. 20, 2007 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2011 | |
Chairman's Retirement Plan | |||||
Employee Benefit Plans [Line Items] | |||||
Employee benefits plan expense | $ 84,787 | $ 97,449 | $ 109,140 | ||
Supplemental retirement benefit | $ 250,000 | ||||
Additional defined benefit obligation, term | 10 years | ||||
Employee benefits plan vested percentage | 100% | ||||
Supplemental retirement benefit plan during year | $ 250,000 | 250,000 | 250,000 | ||
Home BancShares, Inc. 401(k) and Employee Stock Ownership Plan | |||||
Employee Benefit Plans [Line Items] | |||||
Shares of company common stock held by employee (in shares) | 1.3 | ||||
Discretionary contributions amount | $ 0 | 0 | 0 | ||
Employee benefits plan expense | $ 3,400,000 | $ 3,100,000 | $ 2,500,000 |
Related Party Transactions (Det
Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Related parties new loans and advances | $ 662 | $ 24,800 | |
Repayments of loans by related parties | 11,000 | 9,100 | |
Non interest-bearing deposits | 4,300 | 7,700 | |
Savings and interest-bearing transaction accounts | 11,600 | 10,900 | |
Certificates of time deposit | 878 | 390 | |
Rent expense totaling paid to related parties | 139 | 137 | $ 143 |
Related Party | |||
Related Party Transaction [Line Items] | |||
Related party loans | $ 63,200 | $ 76,500 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Right of use asset | $ 42,200 | $ 42,900 |
Lease liability | $ 45,028 | $ 45,954 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Bank premises and equipment, net | Bank premises and equipment, net |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accrued interest payable and other liabilities | Accrued interest payable and other liabilities |
Leases - Minimum Rental Commitm
Leases - Minimum Rental Commitment under Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 9,373 | $ 8,332 |
2025 | 8,549 | 7,463 |
2026 | 8,111 | 6,739 |
2027 | 7,223 | 6,352 |
2028 | 5,496 | 5,821 |
Thereafter | 19,827 | 24,591 |
Total future minimum lease payments | 58,579 | 59,298 |
Discount effect of cash flows | (13,551) | (13,344) |
Present value of net future minimum lease payments | $ 45,028 | $ 45,954 |
Leases - Additional Informati_2
Leases - Additional Information of Lease Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease expense: | |||
Operating lease expense | $ 8,087 | $ 7,995 | $ 7,857 |
Short-term lease expense | 0 | 3 | 6 |
Variable lease expense | 1,105 | 873 | 1,028 |
Total lease expense | 9,192 | 8,871 | 8,891 |
Other information: | |||
Cash paid for amounts included in the measurement of lease liabilities | $ 8,384 | $ 8,128 | $ 7,881 |
Weighted-average remaining lease term | 8 years 5 months 19 days | 9 years 3 months 10 days | 9 years 8 months 15 days |
Weighted-average discount rate | 3.43% | 3.41% | 3.48% |
Significant Estimates and Con_2
Significant Estimates and Concentrations of Credit Risks (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans Receivable | Geographic Concentration | Alabama Arkansas Florida Texas And New York | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 79.80% | |
Loans Receivable | Commercial Real Estate | Credit Concentration | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 56.70% | 56.30% |
Loans Receivable | Residential Real Estate | Credit Concentration | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 15.80% | 16.10% |
Total Stockholders' Equity | Commercial Real Estate | Credit Concentration | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 215.50% | 230.10% |
Total Stockholders' Equity | Residential Real Estate | Credit Concentration | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 60.10% | 66% |
Residential Real Estate Loans | Geographic Concentration | Alabama Arkansas Florida Texas And New York | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 84.60% |
Commitments and Contingencies (
Commitments and Contingencies (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments to extend credit outstanding | $ 4,590 | $ 4,830 |
Maximum amount of future payments by the company | $ 185.5 | $ 184.6 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of foreclosed assets held for sale | $ 0 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of loans with specific allocated losses | 10,500,000 | $ 168,600,000 |
Accrued interest receivable reversed | 2,400,000 | 1,100,000 |
Fair value of foreclosed assets held for sale | $ 30,500,000 | $ 546,000 |
Financial Instruments - Estimat
Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial assets: | ||
Investment securities - available for sale | $ 3,507,841 | $ 4,041,590 |
Investment securities - held-to-maturity | 1,170,481 | 1,126,146 |
Level 1 | Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 1,000,213 | 724,790 |
Accrued interest receivable | 118,966 | 103,199 |
Marketable equity securities | 49,419 | 52,034 |
Financial liabilities: | ||
Demand and non-interest bearing | 4,085,501 | 5,164,997 |
Savings and interest-bearing transaction accounts | 11,050,347 | 11,730,552 |
Securities sold under agreements to repurchase | 142,085 | 131,146 |
Accrued interest payable | 19,124 | 10,622 |
Level 1 | Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 1,000,213 | 724,790 |
Accrued interest receivable | 118,966 | 103,199 |
Marketable equity securities | 49,419 | 52,034 |
Financial liabilities: | ||
Demand and non-interest bearing | 4,085,501 | 5,164,997 |
Savings and interest-bearing transaction accounts | 11,050,347 | 11,730,552 |
Securities sold under agreements to repurchase | 142,085 | 131,146 |
Accrued interest payable | 19,124 | 10,622 |
Level 2 | Carrying Amount | ||
Financial assets: | ||
Investment securities - available for sale | 3,507,841 | 4,041,590 |
Investment securities - held-to-maturity | 1,281,982 | 1,287,705 |
Financial liabilities: | ||
FHLB and other borrowed funds | 1,301,300 | 650,000 |
Level 2 | Fair Value | ||
Financial assets: | ||
Investment securities - available for sale | 3,507,841 | 4,041,590 |
Investment securities - held-to-maturity | 1,170,481 | 1,126,146 |
Financial liabilities: | ||
FHLB and other borrowed funds | 1,291,926 | 595,886 |
Level 3 | Carrying Amount | ||
Financial assets: | ||
Loans receivable, net of impaired loans and allowance | 14,048,002 | 13,929,892 |
FHLB, FRB & FNBB stock; other equity investments | 223,748 | 215,952 |
Financial liabilities: | ||
Time deposits | 1,651,863 | 1,043,234 |
Subordinated debentures | 439,834 | 440,420 |
Level 3 | Fair Value | ||
Financial assets: | ||
Loans receivable, net of impaired loans and allowance | 14,071,775 | 13,723,865 |
FHLB, FRB & FNBB stock; other equity investments | 223,748 | 215,952 |
Financial liabilities: | ||
Time deposits | 1,633,091 | 1,014,348 |
Subordinated debentures | $ 358,682 | $ 411,686 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Mar. 27, 2020 | Dec. 31, 2023 USD ($) | |
Regulatory Matters [Line Items] | ||
Percentage of retained earnings plus current year earnings to be paid as maximum dividend | 75% | |
Requested dividend by the company from its subsidiary | $ 328.9 | |
Basel III | Criteria 1 | ||
Regulatory Matters [Line Items] | ||
Tier 1 risk-based capital ratio | 0.045 | |
Tier 1 leverage capital ratio | 0.04 | |
Risk-based capital ratio | 0.06 | |
Risk-based capital ratio | 0.08 | |
Basel III | Criteria 2 | ||
Regulatory Matters [Line Items] | ||
Risk-based capital ratio | 0.1779 | |
Common equity Tier 1 risk-based capital ratio | 0.065 | |
Tier 1 leverage capital ratio | 0.05 | |
Tier 1 risk-based capital ratio | 0.08 | |
Total risk-based capital ratio | 0.10 | |
Common equity Tier 1 risk-based capital ratio | 0.1415 | |
Tier 1 leverage capital ratio | 0.1244 | |
Tier 1 risk-based capital ratio | 0.1415 | |
CECL | COVID-19 | ||
Regulatory Matters [Line Items] | ||
Allowable percentage of bank holding companies impact | 100% | |
Percentage of allowance for credit losses | 25% |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Company's Actual Capital Amount and Ratios (Detail) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Home BancShares | ||
Common equity Tier 1 capital ratios: | ||
Common equity Tier 1 capital ratios, Actual, Amount | $ 2,609,823 | $ 2,399,919 |
Common equity Tier 1 capital ratios, Actual, Ratio | 0.1415 | 0.1291 |
Leverage ratios: | ||
Leverage ratios, Actual, Amount | $ 2,609,823 | $ 2,399,919 |
Leverage ratios, Actual, Ratio | 0.1244 | 0.1086 |
Tier 1 capital ratios: | ||
Tier 1 capital ratios, Actual, Amount | $ 2,609,823 | $ 2,399,919 |
Tier 1 capital ratios, Actual, Ratio | 0.1415 | 0.1291 |
Total risk-based capital ratios: | ||
Total risk-based capital ratios, Actual, Amount | $ 3,281,136 | $ 3,073,455 |
Total risk-based capital ratios, Actual, Ratio | 0.1779 | 0.1654 |
Centennial Bank | ||
Common equity Tier 1 capital ratios: | ||
Common equity Tier 1 capital ratios, Actual, Amount | $ 2,495,303 | $ 2,408,756 |
Common equity Tier 1 capital ratios, Actual, Ratio | 0.1360 | 0.1300 |
Common equity Tier 1 capital ratios, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provision, Amount | $ 1,192,608 | $ 1,204,684 |
Common equity Tier 1 capital ratios, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provision, Ratio | 6.50% | 6.50% |
Leverage ratios: | ||
Leverage ratios, Actual, Amount | $ 2,495,303 | $ 2,408,756 |
Leverage ratios, Actual, Ratio | 0.1192 | 0.1093 |
Leverage ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | $ 1,046,688 | $ 1,101,831 |
Leverage ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | 0.0500 | 0.0500 |
Tier 1 capital ratios: | ||
Tier 1 capital ratios, Actual, Amount | $ 2,495,303 | $ 2,408,756 |
Tier 1 capital ratios, Actual, Ratio | 0.1360 | 0.1300 |
Tier 1 capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | $ 1,467,825 | $ 1,482,688 |
Tier 1 capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | 0.0800 | 0.0800 |
Total risk-based capital ratios: | ||
Total risk-based capital ratios, Actual, Amount | $ 2,725,909 | $ 2,640,992 |
Total risk-based capital ratios, Actual, Ratio | 0.1485 | 0.1425 |
Total risk-based capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | $ 1,835,629 | $ 1,853,354 |
Total risk-based capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | 0.1000 | 0.1000 |
Basel III | Home BancShares | ||
Common equity Tier 1 capital ratios: | ||
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Amount | $ 1,290,867 | $ 1,300,831 |
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Ratio | 7% | 7% |
Leverage ratios: | ||
Leverage ratios, Minimum Capital Requirement - Basel III, Amount | $ 839,271 | $ 883,664 |
Leverage ratios, Minimum Capital Requirement - Basel III, Ratio | 0.0400 | 0.0400 |
Tier 1 capital ratios: | ||
Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Amount | $ 1,567,482 | $ 1,579,580 |
Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Ratio | 0.0850 | 0.0850 |
Total risk-based capital ratios: | ||
Total risk-based capital ratios, Minimum Capital Requirement - Basel III, Amount | $ 1,936,301 | $ 1,951,246 |
Total risk-based capital ratios, Minimum Capital Requirement - Basel III, Ratio | 0.1050 | 0.1050 |
Basel III | Centennial Bank | ||
Common equity Tier 1 capital ratios: | ||
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Amount | $ 1,284,347 | $ 1,297,352 |
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Ratio | 7% | 7% |
Leverage ratios: | ||
Leverage ratios, Minimum Capital Requirement - Basel III, Amount | $ 837,350 | $ 881,464 |
Leverage ratios, Minimum Capital Requirement - Basel III, Ratio | 0.0400 | 0.0400 |
Tier 1 capital ratios: | ||
Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Amount | $ 1,559,564 | $ 1,575,356 |
Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Ratio | 0.0850 | 0.0850 |
Total risk-based capital ratios: | ||
Total risk-based capital ratios, Minimum Capital Requirement - Basel III, Amount | $ 1,927,410 | $ 1,946,021 |
Total risk-based capital ratios, Minimum Capital Requirement - Basel III, Ratio | 0.1050 | 0.1050 |
Additional Cash Flow Informat_3
Additional Cash Flow Information - Additional Information (Detail) - Happy Bancshares, Inc. - USD ($) $ in Thousands, shares in Millions | Apr. 01, 2022 | Jun. 30, 2022 |
Supplemental Cash Flow Information [Line Items] | ||
Business combination, recognized identifiable assets acquired | $ 6,755,152 | $ 6,687,504 |
Business combination, Cash and cash equivalents | 859,030 | 858,584 |
Business combination, liabilities | 6,139,373 | $ 6,150,194 |
Business combination consideration paid | $ 962,538 | |
Common Stock | ||
Supplemental Cash Flow Information [Line Items] | ||
Business acquisition, equity interest issuable, number of shares (in shares) | 42.4 | |
Business acquisition, equity interest issuable, value | $ 958,800 | |
Business combination consideration paid | 962,500 | |
Stock-based Awards | ||
Supplemental Cash Flow Information [Line Items] | ||
Business acquisition, equity interest issuable, value | $ 3,700 |
Additional Cash Flow Informat_4
Additional Cash Flow Information - Summary of Additional Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid | $ 339,606 | $ 115,046 | $ 53,327 |
Income taxes paid | 135,089 | 86,583 | 98,320 |
Assets acquired by foreclosure | $ 30,532 | $ 619 | $ 2,623 |
Condensed Financial Informati_3
Condensed Financial Information (Parent Company Only) - Schedule of Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||||
Cash and cash equivalents | $ 1,000,213 | $ 724,790 | ||
Other assets | 323,573 | 321,152 | ||
Total assets | 22,656,658 | 22,883,588 | ||
Liabilities | ||||
Subordinated debentures | 439,834 | 440,420 | ||
Total liabilities | 18,865,583 | 19,357,226 | ||
Stockholders’ equity: | ||||
Common stock | 2,015 | 2,034 | ||
Capital surplus | 2,348,023 | 2,386,699 | ||
Retained earnings | 1,690,112 | 1,443,087 | ||
Accumulated other comprehensive income | (249,075) | (305,458) | ||
Total stockholders’ equity | 3,791,075 | 3,526,362 | $ 2,765,721 | $ 2,605,758 |
Total liabilities and stockholders’ equity | 22,656,658 | 22,883,588 | ||
Home BancShares | ||||
Assets | ||||
Cash and cash equivalents | 484,542 | 359,570 | ||
Investment securities | 57,032 | 57,912 | ||
Investments in wholly-owned subsidiaries | 3,679,597 | 3,538,344 | ||
Other assets | 18,049 | 19,422 | ||
Total assets | 4,239,220 | 3,975,248 | ||
Liabilities | ||||
Subordinated debentures | 439,834 | 440,420 | ||
Other liabilities | 8,311 | 8,466 | ||
Total liabilities | 448,145 | 448,886 | ||
Stockholders’ equity: | ||||
Common stock | 2,015 | 2,034 | ||
Capital surplus | 2,348,023 | 2,386,699 | ||
Retained earnings | 1,690,112 | 1,443,087 | ||
Accumulated other comprehensive income | (249,075) | (305,458) | ||
Total stockholders’ equity | 3,791,075 | 3,526,362 | ||
Total liabilities and stockholders’ equity | $ 4,239,220 | $ 3,975,248 |
Condensed Financial Informati_4
Condensed Financial Information (Parent Company Only) - Schedule of Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income | |||
Dividends from equity securities | $ 11,642 | $ 9,198 | $ 14,835 |
Net income | 392,929 | 305,262 | 319,021 |
Home BancShares | |||
Income | |||
Dividends from equity securities | 3,634 | 2,088 | 646 |
Dividends from banking subsidiary | 329,997 | 216,086 | 286,712 |
Other (loss) income | (724) | (1,297) | 7,234 |
Total income | 332,907 | 216,877 | 294,592 |
Expenses | 32,361 | 38,933 | 34,194 |
Income before income taxes and equity in undistributed net income of subsidiaries | 300,546 | 177,944 | 260,398 |
Tax benefit for income taxes | 7,514 | 10,752 | 7,161 |
Income before equity in undistributed net income of subsidiaries | 308,060 | 188,696 | 267,559 |
Equity in undistributed net income of subsidiaries | 84,869 | 116,566 | 51,462 |
Net income | $ 392,929 | $ 305,262 | $ 319,021 |
Condensed Financial Informati_5
Condensed Financial Information (Parent Company Only) - Schedule of Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 18, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | ||||
Net income | $ 392,929 | $ 305,262 | $ 319,021 | |
Items not requiring (providing) cash | ||||
(Accretion)/ amortization | 16,491 | 20,335 | 28,516 | |
Share-based compensation | 9,274 | 9,133 | 8,848 | |
Decrease (increase) in value of equity securities | 1,094 | 1,272 | (7,178) | |
Changes in other assets | (1,654) | 9,342 | 1,756 | |
Changes in other liabilities | (724) | 22,602 | (9,379) | |
Net cash provided by operating activities | 379,670 | 413,172 | 389,380 | |
Cash flows from investing activities | ||||
Purchases of equity securities | 0 | (49,975) | (13,276) | |
Net cash provided by (used in) investing activities | 578,459 | (1,024,270) | 624,660 | |
Cash flows from financing activities | ||||
Retirement of subordinated debentures | 0 | (300,000) | 0 | |
Proceeds from issuance of subordinated debentures | $ 296,400 | 0 | 296,324 | 0 |
Redemption of trust preferred securities | 0 | (96,499) | 0 | |
Proceeds from exercise of stock options | 802 | 156 | 2,374 | |
Repurchase of common stock | (48,771) | (70,856) | (44,480) | |
Dividends paid | (145,904) | (128,424) | (92,142) | |
Net cash (used in) provided by financing activities | (682,706) | (2,314,427) | 1,372,487 | |
Net change in cash and cash equivalents | 275,423 | (2,925,525) | 2,386,527 | |
Cash and cash equivalents – beginning of year | 724,790 | 3,650,315 | 1,263,788 | |
Cash and cash equivalents – end of year | 1,000,213 | 724,790 | 3,650,315 | |
Home BancShares | ||||
Cash flows from operating activities | ||||
Net income | 392,929 | 305,262 | 319,021 | |
Items not requiring (providing) cash | ||||
(Accretion)/ amortization | (586) | 1,912 | 767 | |
Share-based compensation | 9,274 | 9,133 | 8,848 | |
Decrease (increase) in value of equity securities | 1,094 | 1,272 | (7,178) | |
Equity in undistributed income of subsidiaries | (84,869) | (116,566) | (51,462) | |
Changes in other assets | (364) | (4,149) | 90 | |
Changes in other liabilities | (155) | 2,290 | (76) | |
Net cash provided by operating activities | 317,323 | 199,154 | 270,010 | |
Cash flows from investing activities | ||||
Net cash proceeds received (paid) – market acquisitions | 0 | 201,428 | 0 | |
Purchases of equity securities | 0 | (49,975) | (13,276) | |
Proceeds from sale of equity securities | 1,522 | 13,778 | 16,381 | |
Redemptions of other investments | 0 | 2,899 | 0 | |
Net cash provided by (used in) investing activities | 1,522 | 168,130 | 3,105 | |
Cash flows from financing activities | ||||
Retirement of subordinated debentures | 0 | (300,000) | 0 | |
Proceeds from issuance of subordinated debentures | 0 | 296,324 | 0 | |
Redemption of trust preferred securities | 0 | (96,499) | 0 | |
Proceeds from exercise of stock options | 802 | 156 | 2,374 | |
Repurchase of common stock | (48,771) | (70,856) | (44,480) | |
Dividends paid | (145,904) | (128,424) | (92,142) | |
Net cash (used in) provided by financing activities | (193,873) | (299,299) | (134,248) | |
Net change in cash and cash equivalents | 124,972 | 67,985 | 138,867 | |
Cash and cash equivalents – beginning of year | 359,570 | 291,585 | 152,718 | |
Cash and cash equivalents – end of year | $ 484,542 | $ 359,570 | $ 291,585 |