☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Arkansas
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71-0407808
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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501 Main Street
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71601
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Pine Bluff
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(Zip Code)
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Arkansas
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(Address of principal executive offices)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common stock, par value $0.01 per share
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SFNC
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The Nasdaq Global Select Market
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging Growth company
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☐
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Division
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Community Banking Groups
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Arkansas Communities
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Pine Bluff, South Arkansas (Lake Village/El Dorado), North Central Arkansas (Conway), Northeast Arkansas (Jonesboro), East Central Arkansas (Searcy), River Valley (Fort Smith/Russellville) and Hot Springs
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Central Arkansas
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Little Rock Metropolitan Statistical Area
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Western
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Stillwater, Oklahoma City, Tulsa, Southeast Oklahoma, Wichita, and Northwest Arkansas, (Fayetteville/Rogers/Springdale/Bentonville)
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Tennessee
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West Tennessee (Jackson/Union City), Southwest Tennessee (Memphis), Middle Tennessee (Nashville), and East Tennessee (Knoxville)
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Missouri
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St. Louis, Kansas City, Central Missouri (Columbia), Southwest Missouri (Springfield), and Southeast Missouri
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Texas
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Fort Worth, Dallas, and North Dallas
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•
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credit risk associated with the acquired bank’s loans and investments;
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•
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difficulty of integrating operations and personnel; and
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•
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potential disruption of our ongoing business.
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•
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the inability to obtain all required regulatory approvals;
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•
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the significant costs and potential operating losses associated with establishing a de novo branch or a new bank;
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•
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the inability to secure the services of qualified senior management;
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•
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the local market may not accept the services of a new bank owned and managed by a bank holding company headquartered outside of the market area of the new bank;
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•
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the risk of encountering an economic downturn in the new market;
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•
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the inability to obtain attractive locations within a new market at a reasonable cost; and
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•
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the additional strain on management resources and internal systems and controls.
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•
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faster than anticipated growth;
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•
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reduced earning levels;
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•
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operating losses;
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•
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changes in economic conditions;
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•
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revisions in regulatory requirements; or
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•
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additional acquisition opportunities.
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•
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We may not have sufficient earnings since our primary source of income, the payment of dividends to us by our subsidiary bank, is subject to federal and state laws that limit the ability of those banks to pay dividends;
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•
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FRB policy requires bank holding companies to pay cash dividends on common stock only out of net income available over the past year and only if prospective earnings retention is consistent with the organization’s expected future needs and financial condition; and
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•
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Our Board of Directors may determine that, even though funds are available for dividend payments, retaining the funds for internal uses, such as expansion of our operations, is a better strategy.
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Period
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Total Number of Shares Purchased (1)
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Average Price Paid per Share
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Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
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Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
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||||||
October 1 - 31, 2019
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774
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$
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24.77
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—
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$
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60,000,000
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November 1 - 30, 2019
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190,502
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25.58
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190,000
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$
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55,140,000
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December 1 - 31, 2019
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201,522
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26.33
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200,000
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$
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49,870,000
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Total
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392,798
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$
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25.96
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390,000
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Period Ending
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||||||||||||||||
Index
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12/31/2014
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12/31/2015
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12/31/2016
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12/31/2017
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12/31/2018
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12/31/2019
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Simmons First National Corporation
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100.00
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128.87
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158.94
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148.70
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128.26
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146.07
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Nasdaq Composite
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100.00
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106.96
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116.45
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150.96
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146.67
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200.49
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SNL U.S. Bank & Thrift
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100.00
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102.02
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128.80
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151.45
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125.81
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170.04
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Years Ended December 31,
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||||||||||||||||||
(In thousands, except per common share data, ratios & other data)
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2019
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2018
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2017
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2016
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2015
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||||||||||
Income statement data:
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Interest income
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$
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786,645
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$
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680,687
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$
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395,004
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$
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301,005
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$
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300,948
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Interest expense
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181,370
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128,135
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40,074
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21,799
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22,353
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Net interest income
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605,275
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552,552
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354,930
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279,206
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278,595
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Provision for loan losses
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43,240
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38,148
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26,393
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20,065
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9,022
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Net interest income after provision for loan losses
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562,035
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514,404
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328,537
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259,141
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269,573
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Non-interest income
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201,509
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143,896
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138,765
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139,382
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94,661
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Non-interest expense
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461,112
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392,229
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312,379
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255,085
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256,970
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Income before taxes
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302,432
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266,071
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154,923
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143,438
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107,264
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Provision for income taxes
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64,265
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50,358
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61,983
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46,624
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32,900
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Net income
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238,167
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215,713
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92,940
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96,814
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74,364
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Preferred stock dividends
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339
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—
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—
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24
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257
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Net income available to common stockholders
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$
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237,828
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$
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215,713
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$
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92,940
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$
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96,790
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$
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74,107
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Per common share data(9):
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Basic earnings
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2.42
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2.34
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1.34
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1.58
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1.32
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|||||
Diluted earnings
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2.41
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2.32
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1.33
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1.56
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1.31
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Core diluted earnings (non-GAAP) (1)
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2.73
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2.37
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1.70
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1.64
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1.59
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Book value
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26.30
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24.33
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22.65
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18.40
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17.27
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Tangible book value (non-GAAP) (2)
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15.89
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14.18
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12.34
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11.98
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10.98
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|||||
Dividends
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0.64
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0.60
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0.50
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0.48
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0.46
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|||||
Basic average common shares outstanding
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98,350,992
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92,268,131
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69,384,500
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61,291,296
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56,167,592
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Diluted average common shares outstanding
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98,796,628
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92,830,485
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69,852,920
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61,927,092
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56,419,322
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|||||
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Years Ended December 31,
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||||||||||||||||||
(In thousands, except per common share data, ratios & other data)
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2019
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2018
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2017
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2016
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2015
|
||||||||||
Balance sheet data at period end:
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||||||||||
Total assets
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$
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21,259,143
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$
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16,543,337
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$
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15,055,806
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$
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8,400,056
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|
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$
|
7,559,658
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Investment securities
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3,494,265
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2,440,946
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|
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1,957,575
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1,619,450
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1,526,780
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|||||
Total loans
|
14,425,260
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|
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11,723,171
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10,779,685
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5,632,890
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4,919,355
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|||||
Allowance for loan losses (excluding loans acquired) (3)
|
67,800
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56,599
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|
41,668
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36,286
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|
31,351
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|
|||||
Goodwill and other intangible assets
|
1,182,860
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|
|
937,021
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948,722
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401,464
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|
|
380,923
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|
|||||
Non-interest bearing deposits
|
3,741,093
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|
|
2,672,405
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2,665,249
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1,491,676
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1,280,234
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|||||
Deposits
|
16,108,940
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|
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12,398,752
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|
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11,092,875
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6,735,219
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|
|
6,086,096
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|
|||||
Other borrowings
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1,297,599
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|
|
1,345,450
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|
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1,380,024
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|
|
273,159
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|
|
162,289
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|
|||||
Subordinated debt and trust preferred
|
388,260
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|
|
353,950
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|
|
140,565
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|
|
60,397
|
|
|
60,570
|
|
|||||
Stockholders’ equity
|
2,988,924
|
|
|
2,246,434
|
|
|
2,084,564
|
|
|
1,151,111
|
|
|
1,076,855
|
|
|||||
Tangible stockholders’ equity (non-GAAP) (2)
|
1,805,297
|
|
|
1,309,413
|
|
|
1,135,842
|
|
|
749,647
|
|
|
665,080
|
|
|||||
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|
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Capital ratios at period end:
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|
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Common stockholders’ equity to total assets
|
14.06
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%
|
|
13.58
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%
|
|
13.85
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%
|
|
13.70
|
%
|
|
13.84
|
%
|
|||||
Tangible common equity to tangible assets (non-GAAP) (4)
|
8.99
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%
|
|
8.39
|
%
|
|
8.05
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%
|
|
9.37
|
%
|
|
9.26
|
%
|
|||||
Tier 1 leverage ratio
|
9.59
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%
|
|
8.78
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%
|
|
9.21
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%
|
|
10.95
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%
|
|
11.20
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%
|
|||||
Common equity Tier 1 risk-based ratio
|
10.92
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%
|
|
10.22
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%
|
|
9.80
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%
|
|
13.45
|
%
|
|
14.21
|
%
|
|||||
Tier 1 risk-based ratio
|
10.92
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%
|
|
10.22
|
%
|
|
9.80
|
%
|
|
14.45
|
%
|
|
16.02
|
%
|
|||||
Total risk-based capital ratio
|
13.73
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%
|
|
13.35
|
%
|
|
11.35
|
%
|
|
15.12
|
%
|
|
16.72
|
%
|
|||||
Dividend payout to common stockholders
|
26.56
|
%
|
|
25.86
|
%
|
|
37.59
|
%
|
|
30.67
|
%
|
|
34.98
|
%
|
|||||
|
|
|
|
|
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|
||||||||||
Annualized performance ratios:
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|
||||||||||
Return on average assets
|
1.33
|
%
|
|
1.37
|
%
|
|
0.92
|
%
|
|
1.25
|
%
|
|
1.03
|
%
|
|||||
Core return on average assets (non-GAAP) (1)
|
1.51
|
%
|
|
1.40
|
%
|
|
1.18
|
%
|
|
1.31
|
%
|
|
1.25
|
%
|
|||||
Return on average common equity
|
9.93
|
%
|
|
10.00
|
%
|
|
6.68
|
%
|
|
8.75
|
%
|
|
7.90
|
%
|
|||||
Core return on average common equity (non-GAAP) (1)
|
11.25
|
%
|
|
10.21
|
%
|
|
8.56
|
%
|
|
9.17
|
%
|
|
9.55
|
%
|
|||||
Return on average tangible equity (non-GAAP) (2) (5)
|
17.99
|
%
|
|
18.44
|
%
|
|
11.26
|
%
|
|
13.92
|
%
|
|
12.53
|
%
|
|||||
Core return on average tangible equity (non-GAAP) (1) (2) (5)
|
20.31
|
%
|
|
18.81
|
%
|
|
14.28
|
%
|
|
14.56
|
%
|
|
15.05
|
%
|
|||||
Net interest margin (6)
|
3.83
|
%
|
|
3.97
|
%
|
|
4.07
|
%
|
|
4.19
|
%
|
|
4.55
|
%
|
|||||
Efficiency ratio (non-GAAP) (7)
|
50.33
|
%
|
|
52.85
|
%
|
|
55.27
|
%
|
|
56.32
|
%
|
|
59.01
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance sheet ratios: (8)
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming assets as a percentage of period-end assets
|
0.43
|
%
|
|
0.37
|
%
|
|
0.52
|
%
|
|
0.79
|
%
|
|
0.85
|
%
|
|||||
Nonperforming loans as a percentage of period-end loans
|
0.74
|
%
|
|
0.41
|
%
|
|
0.81
|
%
|
|
0.91
|
%
|
|
0.58
|
%
|
|||||
Nonperforming assets as a percentage of period-end loans and OREO
|
0.96
|
%
|
|
0.72
|
%
|
|
1.38
|
%
|
|
1.53
|
%
|
|
1.94
|
%
|
|||||
Allowance to nonperforming loans
|
95.37
|
%
|
|
164.41
|
%
|
|
90.26
|
%
|
|
92.09
|
%
|
|
165.83
|
%
|
|||||
Allowance for loan losses as a percentage of period-end loans
|
0.70
|
%
|
|
0.67
|
%
|
|
0.73
|
%
|
|
0.84
|
%
|
|
0.97
|
%
|
|||||
Net charge-offs (recoveries) as a percentage of average loans
|
0.31
|
%
|
|
0.29
|
%
|
|
0.35
|
%
|
|
0.40
|
%
|
|
0.24
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||
(In thousands, except per common share data, ratios & other data)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Other data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of financial centers
|
251
|
|
|
191
|
|
|
200
|
|
|
150
|
|
|
149
|
|
|||||
Number of full time equivalent employees
|
3,270
|
|
|
2,654
|
|
|
2,640
|
|
|
1,875
|
|
|
1,946
|
|
Critical Accounting Policies & Estimates
|
2019 Overview
|
Net Interest Income
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Interest income
|
|
$
|
786,645
|
|
|
$
|
680,687
|
|
|
$
|
395,004
|
|
FTE adjustment
|
|
7,322
|
|
|
5,297
|
|
|
7,723
|
|
|||
Interest income - FTE
|
|
793,967
|
|
|
685,984
|
|
|
402,727
|
|
|||
Interest expense
|
|
181,370
|
|
|
128,135
|
|
|
40,074
|
|
|||
Net interest income - FTE
|
|
$
|
612,597
|
|
|
$
|
557,849
|
|
|
$
|
362,653
|
|
|
|
|
|
|
|
|
||||||
Yield on earning assets - FTE
|
|
4.97
|
%
|
|
4.89
|
%
|
|
4.52
|
%
|
|||
Cost of interest bearing liabilities
|
|
1.49
|
%
|
|
1.19
|
%
|
|
0.59
|
%
|
|||
Net interest spread - FTE
|
|
3.48
|
%
|
|
3.70
|
%
|
|
3.93
|
%
|
|||
Net interest margin - FTE
|
|
3.83
|
%
|
|
3.97
|
%
|
|
4.07
|
%
|
(In thousands)
|
|
2019 vs. 2018
|
|
2018 vs. 2017
|
||||
Increase due to change in earning assets
|
|
$
|
97,849
|
|
|
$
|
255,326
|
|
Increase due to change in earning asset yields
|
|
10,134
|
|
|
27,931
|
|
||
Decrease due to change in interest bearing liabilities
|
|
(17,139
|
)
|
|
(45,351
|
)
|
||
Decrease due to change in interest rates paid on interest bearing liabilities
|
|
(36,096
|
)
|
|
(42,710
|
)
|
||
Increase in net interest income
|
|
$
|
54,748
|
|
|
$
|
195,196
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||||||||
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
||||||||||||
(In thousands)
|
|
Balance
|
|
Expense
|
|
Rate (%)
|
|
Balance
|
|
Expense
|
|
Rate (%)
|
|
Balance
|
|
Expense
|
|
Rate (%)
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest bearing balances due from banks and federal funds sold
|
|
$
|
451,946
|
|
|
$
|
7,486
|
|
|
1.66
|
|
$
|
409,092
|
|
|
$
|
5,996
|
|
|
1.47
|
|
$
|
225,466
|
|
|
$
|
1,933
|
|
|
0.86
|
Investment securities - taxable
|
|
1,871,770
|
|
|
47,140
|
|
|
2.52
|
|
1,725,313
|
|
|
43,083
|
|
|
2.50
|
|
1,307,176
|
|
|
28,517
|
|
|
2.18
|
||||||
Investment securities - non-taxable
|
|
681,231
|
|
|
26,675
|
|
|
3.92
|
|
516,769
|
|
|
19,231
|
|
|
3.72
|
|
444,378
|
|
|
19,045
|
|
|
4.29
|
||||||
Mortgage loans held for sale
|
|
35,815
|
|
|
1,326
|
|
|
3.70
|
|
29,550
|
|
|
1,336
|
|
|
4.52
|
|
13,064
|
|
|
605
|
|
|
4.63
|
||||||
Assets held in trading accounts
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
41
|
|
|
—
|
|
|
—
|
||||||
Loans
|
|
12,937,147
|
|
|
711,340
|
|
|
5.50
|
|
11,355,890
|
|
|
616,338
|
|
|
5.43
|
|
6,918,293
|
|
|
352,627
|
|
|
5.10
|
||||||
Total interest earning assets
|
|
15,977,909
|
|
|
793,967
|
|
|
4.97
|
|
14,036,614
|
|
|
685,984
|
|
|
4.89
|
|
8,908,418
|
|
|
402,727
|
|
|
4.52
|
||||||
Non-earning assets
|
|
1,893,839
|
|
|
|
|
|
|
1,734,748
|
|
|
|
|
|
|
1,166,533
|
|
|
|
|
|
|||||||||
Total assets
|
|
$
|
17,871,748
|
|
|
|
|
|
|
$
|
15,771,362
|
|
|
|
|
|
|
$
|
10,074,951
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest bearing transaction and savings deposits
|
|
$
|
7,417,104
|
|
|
$
|
80,314
|
|
|
1.08
|
|
$
|
6,691,030
|
|
|
$
|
56,903
|
|
|
0.85
|
|
$
|
4,594,733
|
|
|
$
|
18,112
|
|
|
0.39
|
Time deposits
|
|
3,094,094
|
|
|
58,697
|
|
|
1.90
|
|
2,344,303
|
|
|
30,307
|
|
|
1.29
|
|
1,430,701
|
|
|
9,644
|
|
|
0.67
|
||||||
Total interest bearing deposits
|
|
10,511,198
|
|
|
139,011
|
|
|
1.32
|
|
9,035,333
|
|
|
87,210
|
|
|
0.97
|
|
6,025,434
|
|
|
27,756
|
|
|
0.46
|
||||||
Federal funds purchased and securities sold under agreements to repurchase
|
|
128,547
|
|
|
1,010
|
|
|
0.79
|
|
110,986
|
|
|
423
|
|
|
0.38
|
|
117,147
|
|
|
347
|
|
|
0.30
|
||||||
Other borrowings
|
|
1,199,274
|
|
|
23,008
|
|
|
1.92
|
|
1,309,430
|
|
|
23,654
|
|
|
1.81
|
|
567,959
|
|
|
8,621
|
|
|
1.52
|
||||||
Subordinated debt and debentures
|
|
359,804
|
|
|
18,341
|
|
|
5.10
|
|
341,254
|
|
|
16,848
|
|
|
4.94
|
|
79,880
|
|
|
3,350
|
|
|
4.19
|
||||||
Total interest bearing liabilities
|
|
12,198,823
|
|
|
181,370
|
|
|
1.49
|
|
10,797,003
|
|
|
128,135
|
|
|
1.19
|
|
6,790,420
|
|
|
40,074
|
|
|
0.59
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-interest bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-interest bearing deposits
|
|
3,021,917
|
|
|
|
|
|
|
2,697,235
|
|
|
|
|
|
|
1,788,385
|
|
|
|
|
|
|||||||||
Other liabilities
|
|
251,631
|
|
|
|
|
|
|
120,027
|
|
|
|
|
|
|
105,331
|
|
|
|
|
|
|||||||||
Total liabilities
|
|
15,472,371
|
|
|
|
|
|
|
13,614,265
|
|
|
|
|
|
|
8,684,136
|
|
|
|
|
|
|||||||||
Stockholders’ equity
|
|
2,399,377
|
|
|
|
|
|
|
2,157,097
|
|
|
|
|
|
|
1,390,815
|
|
|
|
|
|
|||||||||
Total liabilities and stockholders’ equity
|
|
$
|
17,871,748
|
|
|
|
|
|
|
$
|
15,771,362
|
|
|
|
|
|
|
$
|
10,074,951
|
|
|
|
|
|
||||||
Net interest spread
|
|
|
|
|
|
3.48
|
|
|
|
|
|
3.70
|
|
|
|
|
|
3.93
|
||||||||||||
Net interest margin
|
|
|
|
$
|
612,597
|
|
|
3.83
|
|
|
|
$
|
557,849
|
|
|
3.97
|
|
|
|
$
|
362,653
|
|
|
4.07
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
|
2019 vs. 2018
|
|
2018 vs. 2017
|
||||||||||||||||||||
|
|
|
|
Yield/
|
|
|
|
|
|
Yield/
|
|
|
||||||||||||
(In thousands, on a fully taxable equivalent basis)
|
|
Volume
|
|
Rate
|
|
Total
|
|
Volume
|
|
Rate
|
|
Total
|
||||||||||||
Increase (decrease) in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest bearing balances due from banks and federal funds sold
|
|
$
|
665
|
|
|
$
|
825
|
|
|
$
|
1,490
|
|
|
$
|
2,171
|
|
|
$
|
1,892
|
|
|
$
|
4,063
|
|
Investment securities - taxable
|
|
3,685
|
|
|
372
|
|
|
4,057
|
|
|
10,030
|
|
|
4,536
|
|
|
14,566
|
|
||||||
Investment securities - non-taxable
|
|
6,395
|
|
|
1,049
|
|
|
7,444
|
|
|
2,877
|
|
|
(2,691
|
)
|
|
186
|
|
||||||
Mortgage loans held for sale
|
|
256
|
|
|
(266
|
)
|
|
(10
|
)
|
|
745
|
|
|
(14
|
)
|
|
731
|
|
||||||
Loans
|
|
86,848
|
|
|
8,154
|
|
|
95,002
|
|
|
239,503
|
|
|
24,208
|
|
|
263,711
|
|
||||||
Total
|
|
97,849
|
|
|
10,134
|
|
|
107,983
|
|
|
255,326
|
|
|
27,931
|
|
|
283,257
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest bearing transaction and savings accounts
|
|
6,655
|
|
|
16,756
|
|
|
23,411
|
|
|
10,967
|
|
|
27,824
|
|
|
38,791
|
|
||||||
Time deposits
|
|
11,534
|
|
|
16,856
|
|
|
28,390
|
|
|
8,477
|
|
|
12,186
|
|
|
20,663
|
|
||||||
Federal funds purchased and securities sold under agreements to repurchase
|
|
76
|
|
|
511
|
|
|
587
|
|
|
(19
|
)
|
|
95
|
|
|
76
|
|
||||||
Other borrowings
|
|
(2,061
|
)
|
|
1,415
|
|
|
(646
|
)
|
|
13,122
|
|
|
1,911
|
|
|
15,033
|
|
||||||
Subordinated notes and debentures
|
|
935
|
|
|
558
|
|
|
1,493
|
|
|
12,804
|
|
|
694
|
|
|
13,498
|
|
||||||
Total
|
|
17,139
|
|
|
36,096
|
|
|
53,235
|
|
|
45,351
|
|
|
42,710
|
|
|
88,061
|
|
||||||
Increase (decrease) in net interest income
|
|
$
|
80,710
|
|
|
$
|
(25,962
|
)
|
|
$
|
54,748
|
|
|
$
|
209,975
|
|
|
$
|
(14,779
|
)
|
|
$
|
195,196
|
|
Provision for Loan Losses
|
Non-Interest Income
|
|
|
Years Ended December 31,
|
|
2019
Change from |
|
2018
Change from |
||||||||||||||||||||
(Dollars in thousands)
|
|
2019
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Trust income
|
|
$
|
25,040
|
|
|
$
|
23,128
|
|
|
$
|
18,570
|
|
|
$
|
1,912
|
|
|
8.3
|
%
|
|
$
|
4,558
|
|
|
24.5
|
%
|
Service charges on deposit accounts
|
|
44,782
|
|
|
42,508
|
|
|
36,079
|
|
|
2,274
|
|
|
5.4
|
|
|
6,429
|
|
|
17.8
|
|
|||||
Other service charges and fees
|
|
5,824
|
|
|
7,469
|
|
|
9,919
|
|
|
(1,645
|
)
|
|
(22.0
|
)
|
|
(2,450
|
)
|
|
(24.7
|
)
|
|||||
Mortgage lending income
|
|
15,017
|
|
|
9,230
|
|
|
9,708
|
|
|
5,787
|
|
|
62.7
|
|
|
(478
|
)
|
|
(4.9
|
)
|
|||||
SBA lending income
|
|
2,669
|
|
|
1,813
|
|
|
3,608
|
|
|
856
|
|
|
47.2
|
|
|
(1,795
|
)
|
|
(49.8
|
)
|
|||||
Investment banking income
|
|
2,313
|
|
|
3,141
|
|
|
2,793
|
|
|
(828
|
)
|
|
(26.4
|
)
|
|
348
|
|
|
12.5
|
|
|||||
Debit and credit card fees
|
|
29,289
|
|
|
32,268
|
|
|
34,258
|
|
|
(2,979
|
)
|
|
(9.2
|
)
|
|
(1,990
|
)
|
|
(5.8
|
)
|
|||||
Bank owned life insurance income
|
|
4,768
|
|
|
4,415
|
|
|
3,503
|
|
|
353
|
|
|
8.0
|
|
|
912
|
|
|
26.0
|
|
|||||
Gain on sale of securities, net
|
|
13,314
|
|
|
61
|
|
|
1,059
|
|
|
13,253
|
|
|
*
|
|
(998
|
)
|
|
(94.2
|
)
|
||||||
Gain on sale of Visa, Inc. class B common stock
|
|
42,860
|
|
|
—
|
|
|
—
|
|
|
42,860
|
|
|
*
|
|
—
|
|
|
—
|
|
||||||
Gain on sale of premises held for sale, net
|
|
—
|
|
|
—
|
|
|
264
|
|
|
—
|
|
|
—
|
|
|
(264
|
)
|
|
(100.0
|
)
|
|||||
Gain on sale of insurance lines of business, net
|
|
—
|
|
|
—
|
|
|
3,708
|
|
|
—
|
|
|
—
|
|
|
(3,708
|
)
|
|
*
|
||||||
Other income
|
|
15,633
|
|
|
19,863
|
|
|
15,296
|
|
|
(4,230
|
)
|
|
(21.3
|
)
|
|
4,567
|
|
|
29.9
|
|
|||||
Total non-interest income
|
|
$
|
201,509
|
|
|
$
|
143,896
|
|
|
$
|
138,765
|
|
|
$
|
57,613
|
|
|
40.0
|
%
|
|
$
|
5,131
|
|
|
3.7
|
%
|
Non-Interest Expense
|
|
|
Years Ended December 31,
|
|
2019
Change from |
|
2018
Change from |
||||||||||||||||||||
(Dollars in thousands)
|
|
2019
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Salaries and employee benefits
|
|
$
|
224,331
|
|
|
$
|
216,743
|
|
|
$
|
154,314
|
|
|
$
|
7,588
|
|
|
3.5
|
%
|
|
$
|
62,429
|
|
|
40.5
|
%
|
Early retirement program
|
|
3,464
|
|
|
—
|
|
|
—
|
|
|
3,464
|
|
|
*
|
|
—
|
|
|
—
|
|
||||||
Occupancy expense, net
|
|
32,008
|
|
|
29,610
|
|
|
21,159
|
|
|
2,398
|
|
|
8.1
|
|
|
8,451
|
|
|
39.9
|
|
|||||
Furniture and equipment expense
|
|
18,220
|
|
|
16,323
|
|
|
19,366
|
|
|
1,897
|
|
|
11.6
|
|
|
(3,043
|
)
|
|
(15.7
|
)
|
|||||
Other real estate and foreclosure expense
|
|
3,442
|
|
|
4,480
|
|
|
3,042
|
|
|
(1,038
|
)
|
|
(23.2
|
)
|
|
1,438
|
|
|
47.3
|
|
|||||
Deposit insurance
|
|
4,416
|
|
|
8,721
|
|
|
3,696
|
|
|
(4,305
|
)
|
|
(49.4
|
)
|
|
5,025
|
|
|
136.0
|
|
|||||
Merger related costs
|
|
36,379
|
|
|
4,777
|
|
|
21,923
|
|
|
31,602
|
|
|
*
|
|
(17,146
|
)
|
|
(78.2
|
)
|
||||||
Other operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Professional services
|
|
16,897
|
|
|
16,685
|
|
|
19,500
|
|
|
212
|
|
|
1.3
|
|
|
(2,815
|
)
|
|
(14.4
|
)
|
|||||
Postage
|
|
6,363
|
|
|
5,785
|
|
|
4,686
|
|
|
578
|
|
|
10.0
|
|
|
1,099
|
|
|
23.5
|
|
|||||
Telephone
|
|
7,685
|
|
|
5,947
|
|
|
4,262
|
|
|
1,738
|
|
|
29.2
|
|
|
1,685
|
|
|
39.5
|
|
|||||
Credit card expenses
|
|
16,163
|
|
|
14,338
|
|
|
12,188
|
|
|
1,825
|
|
|
12.7
|
|
|
2,150
|
|
|
17.6
|
|
|||||
Marketing
|
|
16,499
|
|
|
8,410
|
|
|
11,141
|
|
|
8,089
|
|
|
96.2
|
|
|
(2,731
|
)
|
|
(24.5
|
)
|
|||||
Software and technology
|
|
25,146
|
|
|
15,558
|
|
|
2,204
|
|
|
9,588
|
|
|
61.6
|
|
|
13,354
|
|
|
*
|
||||||
Operating supplies
|
|
2,322
|
|
|
2,346
|
|
|
1,980
|
|
|
(24
|
)
|
|
(1.0
|
)
|
|
366
|
|
|
18.5
|
|
|||||
Amortization of intangibles
|
|
11,805
|
|
|
11,009
|
|
|
7,668
|
|
|
796
|
|
|
7.2
|
|
|
3,341
|
|
|
43.6
|
|
|||||
Branch right sizing expense
|
|
3,129
|
|
|
1,341
|
|
|
434
|
|
|
1,788
|
|
|
133.3
|
|
|
907
|
|
|
*
|
||||||
Other expense
|
|
32,843
|
|
|
30,156
|
|
|
24,816
|
|
|
2,687
|
|
|
8.9
|
|
|
5,340
|
|
|
21.5
|
|
|||||
Total non-interest expense
|
|
$
|
461,112
|
|
|
$
|
392,229
|
|
|
$
|
312,379
|
|
|
$
|
68,883
|
|
|
17.6
|
%
|
|
$
|
79,850
|
|
|
25.6
|
%
|
Income Taxes
|
Loan Portfolio
|
|
|
Years Ended December 31,
|
||||||||||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Credit cards
|
|
$
|
204,802
|
|
|
$
|
204,173
|
|
|
$
|
185,422
|
|
|
$
|
184,591
|
|
|
$
|
177,288
|
|
Other consumer
|
|
191,946
|
|
|
201,297
|
|
|
280,094
|
|
|
303,972
|
|
|
208,380
|
|
|||||
Total consumer
|
|
396,748
|
|
|
405,470
|
|
|
465,516
|
|
|
488,563
|
|
|
385,668
|
|
|||||
Real Estate:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and development
|
|
1,760,894
|
|
|
1,300,723
|
|
|
614,155
|
|
|
336,759
|
|
|
279,740
|
|
|||||
Single family residential
|
|
1,444,620
|
|
|
1,440,443
|
|
|
1,094,633
|
|
|
904,245
|
|
|
696,180
|
|
|||||
Other commercial
|
|
3,678,908
|
|
|
3,225,287
|
|
|
2,530,824
|
|
|
1,787,075
|
|
|
1,229,072
|
|
|||||
Total real estate
|
|
6,884,422
|
|
|
5,966,453
|
|
|
4,239,612
|
|
|
3,028,079
|
|
|
2,204,992
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
1,909,796
|
|
|
1,774,909
|
|
|
825,217
|
|
|
639,525
|
|
|
500,116
|
|
|||||
Agricultural
|
|
163,396
|
|
|
164,514
|
|
|
148,302
|
|
|
150,378
|
|
|
148,563
|
|
|||||
Total commercial
|
|
2,073,192
|
|
|
1,939,423
|
|
|
973,519
|
|
|
789,903
|
|
|
648,679
|
|
|||||
Other
|
|
275,714
|
|
|
119,042
|
|
|
26,962
|
|
|
20,662
|
|
|
7,115
|
|
|||||
Total loans, excluding loans acquired, before allowance for loan losses
|
|
$
|
9,630,076
|
|
|
$
|
8,430,388
|
|
|
$
|
5,705,609
|
|
|
$
|
4,327,207
|
|
|
$
|
3,246,454
|
|
Loans Acquired
|
|
|
Years Ended December 31,
|
||||||||||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other consumer
|
|
$
|
57,748
|
|
|
$
|
15,658
|
|
|
$
|
51,467
|
|
|
$
|
49,677
|
|
|
$
|
75,606
|
|
Real Estate:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and development
|
|
475,967
|
|
|
429,605
|
|
|
637,032
|
|
|
57,587
|
|
|
77,119
|
|
|||||
Single family residential
|
|
997,444
|
|
|
566,188
|
|
|
793,228
|
|
|
423,176
|
|
|
501,002
|
|
|||||
Other commercial
|
|
2,526,247
|
|
|
1,848,679
|
|
|
2,387,777
|
|
|
690,108
|
|
|
854,068
|
|
|||||
Total real estate
|
|
3,999,658
|
|
|
2,844,472
|
|
|
3,818,037
|
|
|
1,170,871
|
|
|
1,432,189
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
585,720
|
|
|
430,914
|
|
|
995,587
|
|
|
81,837
|
|
|
154,533
|
|
|||||
Agricultural
|
|
152,058
|
|
|
1,739
|
|
|
66,576
|
|
|
3,298
|
|
|
10,573
|
|
|||||
Total commercial
|
|
737,778
|
|
|
432,653
|
|
|
1,062,163
|
|
|
85,135
|
|
|
165,106
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
142,409
|
|
|
—
|
|
|
—
|
|
|||||
Total loans acquired (1)
|
|
$
|
4,795,184
|
|
|
$
|
3,292,783
|
|
|
$
|
5,074,076
|
|
|
$
|
1,305,683
|
|
|
$
|
1,672,901
|
|
|
|
1 year
|
|
Over 1
year
through
|
|
Over
|
|
|
||||||||
(In thousands)
|
|
or less
|
|
5 years
|
|
5 years
|
|
Total
|
||||||||
Consumer
|
|
$
|
224,262
|
|
|
$
|
150,025
|
|
|
$
|
80,209
|
|
|
$
|
454,496
|
|
Real estate
|
|
3,445,642
|
|
|
6,649,651
|
|
|
788,787
|
|
|
10,884,080
|
|
||||
Commercial
|
|
1,806,367
|
|
|
927,304
|
|
|
77,299
|
|
|
2,810,970
|
|
||||
Other
|
|
261,608
|
|
|
14,004
|
|
|
102
|
|
|
275,714
|
|
||||
Total
|
|
$
|
5,737,879
|
|
|
$
|
7,740,984
|
|
|
$
|
946,397
|
|
|
$
|
14,425,260
|
|
|
|
|
|
|
|
|
|
|
||||||||
Predetermined rate
|
|
$
|
2,916,922
|
|
|
$
|
4,247,657
|
|
|
$
|
104,985
|
|
|
$
|
7,269,564
|
|
Floating rate
|
|
2,820,957
|
|
|
3,493,327
|
|
|
841,412
|
|
|
7,155,696
|
|
||||
Total
|
|
$
|
5,737,879
|
|
|
$
|
7,740,984
|
|
|
$
|
946,397
|
|
|
$
|
14,425,260
|
|
Asset Quality
|
|
|
Years Ended December 31,
|
||||||||||||||||||
(Dollars in thousands)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Nonaccrual loans (1)
|
|
$
|
70,836
|
|
|
$
|
34,201
|
|
|
$
|
45,642
|
|
|
$
|
39,104
|
|
|
$
|
17,714
|
|
Loans past due 90 days or more (principal or interest payments)
|
|
259
|
|
|
224
|
|
|
520
|
|
|
299
|
|
|
1,191
|
|
|||||
Total non-performing loans
|
|
71,095
|
|
|
34,425
|
|
|
46,162
|
|
|
39,403
|
|
|
18,905
|
|
|||||
Other non-performing assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreclosed assets held for sale
|
|
19,121
|
|
|
25,565
|
|
|
32,118
|
|
|
26,895
|
|
|
44,820
|
|
|||||
Other non-performing assets
|
|
1,964
|
|
|
553
|
|
|
675
|
|
|
471
|
|
|
211
|
|
|||||
Total other non-performing assets
|
|
21,085
|
|
|
26,118
|
|
|
32,793
|
|
|
27,366
|
|
|
45,031
|
|
|||||
Total non-performing assets
|
|
$
|
92,180
|
|
|
$
|
60,543
|
|
|
$
|
78,955
|
|
|
$
|
66,769
|
|
|
$
|
63,936
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Performing TDRs
|
|
$
|
4,411
|
|
|
$
|
6,369
|
|
|
$
|
7,107
|
|
|
$
|
10,998
|
|
|
$
|
3,031
|
|
Allowance for loan losses to non-performing loans
|
|
95
|
%
|
|
164
|
%
|
|
90
|
%
|
|
92
|
%
|
|
166
|
%
|
|||||
Non-performing loans to total loans (2)
|
|
0.74
|
%
|
|
0.41
|
%
|
|
0.81
|
%
|
|
0.91
|
%
|
|
0.58
|
%
|
|||||
Non-performing assets (including performing TDRs) to total assets (2)
|
|
0.45
|
%
|
|
0.40
|
%
|
|
0.57
|
%
|
|
0.93
|
%
|
|
0.89
|
%
|
|||||
Non-performing assets to total assets (2)
|
|
0.43
|
%
|
|
0.37
|
%
|
|
0.52
|
%
|
|
0.79
|
%
|
|
0.85
|
%
|
(Dollars in thousands)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Balance, beginning of year
|
|
$
|
56,599
|
|
|
$
|
41,668
|
|
|
$
|
36,286
|
|
|
$
|
31,351
|
|
|
$
|
29,028
|
|
Loans charged off:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit card
|
|
4,585
|
|
|
4,051
|
|
|
3,905
|
|
|
3,195
|
|
|
3,107
|
|
|||||
Other consumer
|
|
4,894
|
|
|
6,637
|
|
|
3,767
|
|
|
1,975
|
|
|
1,672
|
|
|||||
Real estate
|
|
2,319
|
|
|
5,905
|
|
|
7,989
|
|
|
7,517
|
|
|
1,580
|
|
|||||
Commercial
|
|
22,023
|
|
|
6,623
|
|
|
7,837
|
|
|
3,956
|
|
|
1,415
|
|
|||||
Total loans charged off
|
|
33,821
|
|
|
23,216
|
|
|
23,498
|
|
|
16,643
|
|
|
7,774
|
|
|||||
Recoveries of loans previously charged off:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit card
|
|
1,021
|
|
|
1,005
|
|
|
1,021
|
|
|
907
|
|
|
890
|
|
|||||
Other consumer
|
|
2,357
|
|
|
557
|
|
|
2,239
|
|
|
516
|
|
|
538
|
|
|||||
Real estate
|
|
496
|
|
|
991
|
|
|
990
|
|
|
351
|
|
|
203
|
|
|||||
Commercial
|
|
372
|
|
|
745
|
|
|
103
|
|
|
365
|
|
|
180
|
|
|||||
Total recoveries
|
|
4,246
|
|
|
3,298
|
|
|
4,353
|
|
|
2,139
|
|
|
1,811
|
|
|||||
Net loans charged off
|
|
29,575
|
|
|
19,918
|
|
|
19,145
|
|
|
14,504
|
|
|
5,963
|
|
|||||
Provision for loan losses (1)
|
|
40,776
|
|
|
34,849
|
|
|
24,527
|
|
|
19,439
|
|
|
8,286
|
|
|||||
Balance, end of year (2)
|
|
$
|
67,800
|
|
|
$
|
56,599
|
|
|
$
|
41,668
|
|
|
$
|
36,286
|
|
|
$
|
31,351
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs to average loans (3)
|
|
0.31
|
%
|
|
0.29
|
%
|
|
0.35
|
%
|
|
0.40
|
%
|
|
0.24
|
%
|
|||||
Allowance for loan losses to period-end loans (3)
|
|
0.70
|
%
|
|
0.67
|
%
|
|
0.73
|
%
|
|
0.84
|
%
|
|
0.97
|
%
|
|||||
Allowance for loan losses to net charge-offs (3)
|
|
229.25
|
%
|
|
284.16
|
%
|
|
217.64
|
%
|
|
250.18
|
%
|
|
525.76
|
%
|
|
|
December 31,
|
||||||||||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||||
(Dollars in thousands)
|
|
Allowance Amount
|
|
% of loans(1)
|
|
Allowance Amount
|
|
% of loans(1)
|
|
Allowance Amount
|
|
% of loans(1)
|
|
Allowance Amount
|
|
% of loans(1)
|
|
Allowance Amount
|
|
% of loans(1)
|
||||||||||
Credit cards
|
|
$
|
4,051
|
|
|
2.1%
|
|
$
|
3,923
|
|
|
2.4%
|
|
$
|
3,784
|
|
|
3.2%
|
|
$
|
3,779
|
|
|
4.3%
|
|
$
|
3,893
|
|
|
5.5%
|
Other consumer
|
|
1,998
|
|
|
2.0%
|
|
2,380
|
|
|
2.4%
|
|
3,489
|
|
|
4.9%
|
|
2,796
|
|
|
7.0%
|
|
1,853
|
|
|
6.4%
|
|||||
Real estate
|
|
38,717
|
|
|
71.5%
|
|
29,743
|
|
|
70.8%
|
|
27,281
|
|
|
74.3%
|
|
21,817
|
|
|
70.0%
|
|
19,522
|
|
|
67.9%
|
|||||
Commercial
|
|
22,863
|
|
|
21.5%
|
|
20,514
|
|
|
23.0%
|
|
7,007
|
|
|
17.1%
|
|
7,739
|
|
|
18.2%
|
|
5,985
|
|
|
20.0%
|
|||||
Other
|
|
171
|
|
|
2.9%
|
|
39
|
|
|
1.4%
|
|
107
|
|
|
0.5%
|
|
155
|
|
|
0.5%
|
|
98
|
|
|
0.2%
|
|||||
Total (2)
|
|
$
|
67,800
|
|
|
100.0%
|
|
$
|
56,599
|
|
|
100.0%
|
|
$
|
41,668
|
|
|
100.0%
|
|
$
|
36,286
|
|
|
100.0%
|
|
$
|
31,351
|
|
|
100.0%
|
Investments and Securities
|
|
Years Ended December 31,
|
||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||||||||||||||||
|
Amortized
|
|
Gross
Unrealized
|
|
Gross
Unrealized
|
|
Estimated
Fair
|
|
Amortized
|
|
Gross
Unrealized
|
|
Gross
Unrealized
|
|
Estimated
Fair
|
||||||||||||||||
(In thousands)
|
Cost
|
|
Gains
|
|
(Losses)
|
|
Value
|
|
Cost
|
|
Gains
|
|
(Losses)
|
|
Value
|
||||||||||||||||
Held-to-Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Government agencies
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,990
|
|
|
$
|
—
|
|
|
$
|
(49
|
)
|
|
$
|
16,941
|
|
Mortgage-backed securities
|
10,796
|
|
|
71
|
|
|
(59
|
)
|
|
10,808
|
|
|
13,346
|
|
|
5
|
|
|
(412
|
)
|
|
12,939
|
|
||||||||
State and political subdivisions
|
27,082
|
|
|
849
|
|
|
—
|
|
|
27,931
|
|
|
256,863
|
|
|
3,029
|
|
|
(954
|
)
|
|
258,938
|
|
||||||||
Other securities
|
3,049
|
|
|
67
|
|
|
—
|
|
|
3,116
|
|
|
1,995
|
|
|
17
|
|
|
—
|
|
|
2,012
|
|
||||||||
Total HTM
|
$
|
40,927
|
|
|
$
|
987
|
|
|
$
|
(59
|
)
|
|
$
|
41,855
|
|
|
$
|
289,194
|
|
|
$
|
3,051
|
|
|
$
|
(1,415
|
)
|
|
$
|
290,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Available-for-Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
U.S. Treasury
|
$
|
449,729
|
|
|
$
|
112
|
|
|
$
|
(112
|
)
|
|
$
|
449,729
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
U.S. Government agencies
|
194,207
|
|
|
1,313
|
|
|
(1,271
|
)
|
|
194,249
|
|
|
157,523
|
|
|
518
|
|
|
(3,740
|
)
|
|
154,301
|
|
||||||||
Mortgage-backed securities
|
1,738,584
|
|
|
8,510
|
|
|
(4,149
|
)
|
|
1,742,945
|
|
|
1,552,487
|
|
|
3,097
|
|
|
(32,684
|
)
|
|
1,522,900
|
|
||||||||
State and political subdivisions
|
860,539
|
|
|
20,983
|
|
|
(998
|
)
|
|
880,524
|
|
|
320,142
|
|
|
171
|
|
|
(5,470
|
)
|
|
314,843
|
|
||||||||
Other securities
|
185,087
|
|
|
822
|
|
|
(18
|
)
|
|
185,891
|
|
|
157,471
|
|
|
2,251
|
|
|
(14
|
)
|
|
159,708
|
|
||||||||
Total AFS
|
$
|
3,428,146
|
|
|
$
|
31,740
|
|
|
$
|
(6,548
|
)
|
|
$
|
3,453,338
|
|
|
$
|
2,187,623
|
|
|
$
|
6,037
|
|
|
$
|
(41,908
|
)
|
|
$
|
2,151,752
|
|
|
|
December 31, 2019
|
||||||||||||||||||||||||||||||
|
|
|
|
Over
|
|
Over
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
1 year
|
|
5 years
|
|
|
|
|
|
Total
|
||||||||||||||||||||
|
|
1 year
|
|
through
|
|
through
|
|
Over
|
|
No fixed
|
|
Amortized
|
|
Par
|
|
Fair
|
||||||||||||||||
(In thousands)
|
|
or less
|
|
5 years
|
|
10 years
|
|
10 years
|
|
maturity
|
|
Cost
|
|
Value
|
|
Value
|
||||||||||||||||
Held-to-Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,796
|
|
|
$
|
10,796
|
|
|
$
|
10,909
|
|
|
$
|
10,808
|
|
State and political subdivisions
|
|
4,897
|
|
|
15,972
|
|
|
6,213
|
|
|
—
|
|
|
—
|
|
|
27,082
|
|
|
26,844
|
|
|
27,931
|
|
||||||||
Other securities
|
|
—
|
|
|
—
|
|
|
1,174
|
|
|
1,875
|
|
|
—
|
|
|
3,049
|
|
|
3,075
|
|
|
3,116
|
|
||||||||
Total
|
|
$
|
4,897
|
|
|
$
|
15,972
|
|
|
$
|
7,387
|
|
|
$
|
1,875
|
|
|
$
|
10,796
|
|
|
$
|
40,927
|
|
|
$
|
40,828
|
|
|
$
|
41,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Percentage of total
|
|
12.0
|
%
|
|
39.0
|
%
|
|
18.0
|
%
|
|
4.6
|
%
|
|
26.4
|
%
|
|
100.0
|
%
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Weighted average yield
|
|
2.4
|
%
|
|
2.6
|
%
|
|
5.7
|
%
|
|
1.0
|
%
|
|
2.3
|
%
|
|
3.0
|
%
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Available-for-Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. Treasury
|
|
$
|
449,729
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
449,729
|
|
|
$
|
450,000
|
|
|
$
|
449,729
|
|
U.S. Government agencies
|
|
33,053
|
|
|
24,543
|
|
|
25,814
|
|
|
110,797
|
|
|
—
|
|
|
194,207
|
|
|
192,665
|
|
|
194,249
|
|
||||||||
Mortgage-backed securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,738,584
|
|
|
1,738,584
|
|
|
1,699,947
|
|
|
1,742,945
|
|
||||||||
State and political subdivisions
|
|
11,649
|
|
|
48,406
|
|
|
86,126
|
|
|
714,358
|
|
|
—
|
|
|
860,539
|
|
|
840,880
|
|
|
880,524
|
|
||||||||
Other securities
|
|
—
|
|
|
—
|
|
|
17,149
|
|
|
—
|
|
|
167,938
|
|
|
185,087
|
|
|
185,511
|
|
|
185,891
|
|
||||||||
Total
|
|
$
|
494,431
|
|
|
$
|
72,949
|
|
|
$
|
129,089
|
|
|
$
|
825,155
|
|
|
$
|
1,906,522
|
|
|
$
|
3,428,146
|
|
|
$
|
3,369,003
|
|
|
$
|
3,453,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Percentage of total
|
|
14.4
|
%
|
|
2.1
|
%
|
|
3.8
|
%
|
|
24.1
|
%
|
|
55.6
|
%
|
|
100.0
|
%
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Weighted average yield
|
|
1.5
|
%
|
|
2.4
|
%
|
|
3.0
|
%
|
|
3.0
|
%
|
|
2.3
|
%
|
|
2.4
|
%
|
|
|
|
|
Deposits
|
|
|
December 31,
|
|||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
(In thousands)
|
|
Average Amount
|
|
Average Rate Paid
|
|
Average Amount
|
|
Average Rate Paid
|
|
Average Amount
|
|
Average Rate Paid
|
|||||||||
Non-interest bearing transaction accounts
|
|
$
|
3,021,917
|
|
|
—
|
%
|
|
$
|
2,697,235
|
|
|
—
|
%
|
|
$
|
1,788,385
|
|
|
—
|
%
|
Interest bearing transaction and savings deposits
|
|
7,417,104
|
|
|
1.08
|
%
|
|
6,691,030
|
|
|
0.85
|
%
|
|
4,594,733
|
|
|
0.39
|
%
|
|||
Time deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
$100,000 or more
|
|
1,994,276
|
|
|
2.02
|
%
|
|
1,366,745
|
|
|
1.50
|
%
|
|
650,560
|
|
|
0.72
|
%
|
|||
Other time deposits
|
|
1,099,818
|
|
|
1.67
|
%
|
|
977,558
|
|
|
1.00
|
%
|
|
780,141
|
|
|
0.64
|
%
|
|||
Total
|
|
$
|
13,533,115
|
|
|
1.03
|
%
|
|
$
|
11,732,568
|
|
|
0.74
|
%
|
|
$
|
7,813,819
|
|
|
0.36
|
%
|
|
|
Time Certificates of Deposit
($100,000 or more)
December 31,
|
||||||||||||
|
|
2019
|
|
2018
|
||||||||||
(In thousands)
|
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
||||||
Maturing
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Three months or less
|
|
$
|
676,042
|
|
|
31.4
|
%
|
|
$
|
511,414
|
|
|
35.5
|
%
|
Over 3 months to 6 months
|
|
427,426
|
|
|
19.9
|
%
|
|
240,056
|
|
|
16.6
|
%
|
||
Over 6 months to 12 months
|
|
650,906
|
|
|
30.2
|
%
|
|
407,989
|
|
|
28.3
|
%
|
||
Over 12 months
|
|
399,050
|
|
|
18.5
|
%
|
|
283,070
|
|
|
19.6
|
%
|
||
Total
|
|
$
|
2,153,424
|
|
|
100.0
|
%
|
|
$
|
1,442,529
|
|
|
100.0
|
%
|
Fed Funds Purchased and Securities Sold under Agreements to Repurchase
|
Other Borrowings and Subordinated Debentures
|
|
December 31,
|
||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Amount outstanding at year-end
|
$
|
1,250,000
|
|
|
$
|
1,330,000
|
|
|
$
|
1,112,000
|
|
Weighted-average interest rate at year-end
|
1.44
|
%
|
|
2.12
|
%
|
|
1.31
|
%
|
|||
Maximum amount outstanding at any month-end during the year
|
$
|
1,435,000
|
|
|
$
|
1,435,000
|
|
|
$
|
1,112,000
|
|
Average amount outstanding during the year
|
$
|
1,183,873
|
|
|
$
|
1,276,685
|
|
|
$
|
481,362
|
|
Weighted-average interest rate for the year
|
1.89
|
%
|
|
1.75
|
%
|
|
1.04
|
%
|
|
|
|
Annual
|
||
(In thousands)
|
Year
|
|
Maturities
|
||
|
2020
|
|
$
|
1,253,299
|
|
|
2021
|
|
3,016
|
|
|
|
2022
|
|
2,187
|
|
|
|
2023
|
|
2,366
|
|
|
|
2024
|
|
2,446
|
|
|
|
Thereafter
|
|
422,545
|
|
|
|
Total
|
|
$
|
1,685,859
|
|
Capital
|
|
|
December 31,
|
||||||
(Dollars in thousands)
|
|
2019
|
|
2018
|
||||
Tier 1 capital:
|
|
|
|
|
||||
Stockholders’ equity
|
|
$
|
2,988,924
|
|
|
$
|
2,246,434
|
|
Goodwill and other intangible assets
|
|
(1,160,079
|
)
|
|
(912,428
|
)
|
||
Unrealized (gain) loss on available-for-sale securities, net of income taxes
|
|
(20,891
|
)
|
|
27,374
|
|
||
Total Tier 1 capital
|
|
1,807,954
|
|
|
1,361,380
|
|
||
Tier 2 capital:
|
|
|
|
|
||||
Trust preferred securities and subordinated debt
|
|
388,260
|
|
|
353,950
|
|
||
Qualifying allowance for loan losses
|
|
76,644
|
|
|
63,608
|
|
||
Total Tier 2 capital
|
|
464,904
|
|
|
417,558
|
|
||
Total risk-based capital
|
|
$
|
2,272,858
|
|
|
$
|
1,778,938
|
|
|
|
|
|
|
||||
Risk weighted assets
|
|
$
|
16,554,081
|
|
|
$
|
13,326,832
|
|
|
|
|
|
|
||||
Assets for leverage ratio
|
|
$
|
18,852,798
|
|
|
$
|
15,512,042
|
|
|
|
|
|
|
||||
Ratios at end of year:
|
|
|
|
|
||||
Common equity Tier 1 ratio (CET1)
|
|
10.92
|
%
|
|
10.22
|
%
|
||
Tier 1 leverage ratio
|
|
9.59
|
%
|
|
8.78
|
%
|
||
Tier 1 risk-based capital ratio
|
|
10.92
|
%
|
|
10.22
|
%
|
||
Total risk-based capital ratio
|
|
13.73
|
%
|
|
13.35
|
%
|
||
Minimum guidelines:
|
|
|
|
|
||||
Common equity Tier 1 ratio (CET1)
|
|
4.50
|
%
|
|
4.50
|
%
|
||
Tier 1 leverage ratio
|
|
4.00
|
%
|
|
4.00
|
%
|
||
Tier 1 risk-based capital ratio
|
|
6.00
|
%
|
|
6.00
|
%
|
||
Total risk-based capital ratio
|
|
8.00
|
%
|
|
8.00
|
%
|
Off-Balance Sheet Arrangements and Aggregate Contractual Obligations
|
|
|
Payments due by period
|
||||||||||||||||||
|
|
Less than
|
|
1-3
|
|
3-5
|
|
Greater than
|
|
|
||||||||||
(In thousands)
|
|
1 Year
|
|
Years
|
|
Years
|
|
5 Years
|
|
Total
|
||||||||||
Long-term debt
|
|
$
|
3,299
|
|
|
$
|
5,203
|
|
|
$
|
4,812
|
|
|
$
|
422,545
|
|
|
$
|
435,859
|
|
Undiscounted minimum lease payments
|
|
10,071
|
|
|
15,489
|
|
|
8,581
|
|
|
13,659
|
|
|
47,800
|
|
|||||
Credit card loan commitments
|
|
634,788
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
634,788
|
|
|||||
Other loan commitments
|
|
3,991,931
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,991,931
|
|
|||||
Letters of credit
|
|
71,074
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71,074
|
|
GAAP Reconciliation of Non-GAAP Financial Measures
|
(In thousands, except per share data)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Twelve months ended
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Income Available to Common Stockholders
|
|
$
|
237,828
|
|
|
$
|
215,713
|
|
|
$
|
92,940
|
|
|
$
|
96,790
|
|
|
$
|
74,107
|
|
Non-core items:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accelerated vesting on retirement agreements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,209
|
|
|||||
Gain on sale of banking operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,110
|
)
|
|||||
Gain from early retirement of trust preferred securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(594
|
)
|
|
—
|
|
|||||
Gain on sale of insurance lines of business
|
|
—
|
|
|
—
|
|
|
(3,708
|
)
|
|
—
|
|
|
—
|
|
|||||
Loss on FDIC loss-share termination
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,476
|
|
|||||
Donation to Simmons First Foundation
|
|
—
|
|
|
—
|
|
|
5,000
|
|
|
—
|
|
|
—
|
|
|||||
Merger related costs
|
|
36,379
|
|
|
4,777
|
|
|
21,923
|
|
|
4,835
|
|
|
13,760
|
|
|||||
Early retirement program
|
|
3,464
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Branch right sizing
|
|
3,129
|
|
|
1,341
|
|
|
169
|
|
|
3,359
|
|
|
3,144
|
|
|||||
Tax effect (1)
|
|
(11,234
|
)
|
|
(1,598
|
)
|
|
(8,746
|
)
|
|
(2,981
|
)
|
|
(8,964
|
)
|
|||||
Net non-core items (before SAB 118 adjustment)
|
|
31,738
|
|
|
4,520
|
|
|
14,638
|
|
|
4,619
|
|
|
15,515
|
|
|||||
SAB 118 adjustment (2)
|
|
—
|
|
|
—
|
|
|
11,471
|
|
|
—
|
|
|
—
|
|
|||||
Core earnings (non-GAAP)
|
|
$
|
269,566
|
|
|
$
|
220,233
|
|
|
$
|
119,049
|
|
|
$
|
101,409
|
|
|
$
|
89,622
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share
|
|
$
|
2.41
|
|
|
$
|
2.32
|
|
|
$
|
1.33
|
|
|
$
|
1.56
|
|
|
$
|
1.31
|
|
Non-core items:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accelerated vesting on retirement agreements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.04
|
|
|||||
Gain on sale of banking operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.04
|
)
|
|||||
Gain from early retirement of trust preferred securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
|
—
|
|
|||||
Gain on sale of insurance lines of business
|
|
—
|
|
|
—
|
|
|
(0.04
|
)
|
|
—
|
|
|
—
|
|
|||||
Loss on FDIC loss-share termination
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.14
|
|
|||||
Donation to Simmons First Foundation
|
|
—
|
|
|
—
|
|
|
0.07
|
|
|
—
|
|
|
—
|
|
|||||
Merger related costs
|
|
0.37
|
|
|
0.05
|
|
|
0.31
|
|
|
0.08
|
|
|
0.25
|
|
|||||
Early retirement program
|
|
0.03
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Branch right sizing
|
|
0.03
|
|
|
0.02
|
|
|
—
|
|
|
0.06
|
|
|
0.06
|
|
|||||
Tax effect (1)
|
|
(0.11
|
)
|
|
(0.02
|
)
|
|
(0.13
|
)
|
|
(0.05
|
)
|
|
(0.17
|
)
|
|||||
Net non-core items (before SAB 118 adjustment)
|
|
0.32
|
|
|
0.05
|
|
|
0.21
|
|
|
0.08
|
|
|
0.28
|
|
|||||
SAB 118 adjustment (2)
|
|
—
|
|
|
—
|
|
|
0.16
|
|
|
—
|
|
|
—
|
|
|||||
Core diluted earnings per share (non-GAAP)
|
|
$
|
2.73
|
|
|
$
|
2.37
|
|
|
$
|
1.70
|
|
|
$
|
1.64
|
|
|
$
|
1.59
|
|
(In thousands, except per share data)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Total common stockholders’ equity
|
$
|
2,988,157
|
|
|
$
|
2,246,434
|
|
|
$
|
2,084,564
|
|
|
$
|
1,151,111
|
|
|
$
|
1,046,003
|
|
Intangible assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill
|
(1,055,520
|
)
|
|
(845,687
|
)
|
|
(842,651
|
)
|
|
(348,505
|
)
|
|
(327,686
|
)
|
|||||
Other intangible assets
|
(127,340
|
)
|
|
(91,334
|
)
|
|
(106,071
|
)
|
|
(52,959
|
)
|
|
(53,237
|
)
|
|||||
Total intangibles
|
(1,182,860
|
)
|
|
(937,021
|
)
|
|
(948,722
|
)
|
|
(401,464
|
)
|
|
(380,923
|
)
|
|||||
Tangible common stockholders’ equity
|
$
|
1,805,297
|
|
|
$
|
1,309,413
|
|
|
$
|
1,135,842
|
|
|
$
|
749,647
|
|
|
$
|
665,080
|
|
Shares of common stock outstanding
|
113,628,601
|
|
|
92,347,643
|
|
|
92,029,118
|
|
|
62,555,446
|
|
|
60,556,864
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Book value per common share
|
$
|
26.30
|
|
|
$
|
24.33
|
|
|
$
|
22.65
|
|
|
$
|
18.40
|
|
|
$
|
17.27
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible book value per common share (non-GAAP)
|
$
|
15.89
|
|
|
$
|
14.18
|
|
|
$
|
12.34
|
|
|
$
|
11.98
|
|
|
$
|
10.98
|
|
(Dollars in thousands)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Total common stockholders’ equity
|
|
$
|
2,988,157
|
|
|
$
|
2,246,434
|
|
|
$
|
2,084,564
|
|
|
$
|
1,151,111
|
|
|
$
|
1,046,003
|
|
Intangible assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill
|
|
(1,055,520
|
)
|
|
(845,687
|
)
|
|
(842,651
|
)
|
|
(348,505
|
)
|
|
(327,686
|
)
|
|||||
Other intangible assets
|
|
(127,340
|
)
|
|
(91,334
|
)
|
|
(106,071
|
)
|
|
(52,959
|
)
|
|
(53,237
|
)
|
|||||
Total intangibles
|
|
(1,182,860
|
)
|
|
(937,021
|
)
|
|
(948,722
|
)
|
|
(401,464
|
)
|
|
(380,923
|
)
|
|||||
Tangible common stockholders’ equity
|
|
$
|
1,805,297
|
|
|
$
|
1,309,413
|
|
|
$
|
1,135,842
|
|
|
$
|
749,647
|
|
|
$
|
665,080
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
|
$
|
21,259,143
|
|
|
$
|
16,543,337
|
|
|
$
|
15,055,806
|
|
|
$
|
8,400,056
|
|
|
$
|
7,559,658
|
|
Intangible assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill
|
|
(1,055,520
|
)
|
|
(845,687
|
)
|
|
(842,651
|
)
|
|
(348,505
|
)
|
|
(327,686
|
)
|
|||||
Other intangible assets
|
|
(127,340
|
)
|
|
(91,334
|
)
|
|
(106,071
|
)
|
|
(52,959
|
)
|
|
(53,237
|
)
|
|||||
Total intangibles
|
|
(1,182,860
|
)
|
|
(937,021
|
)
|
|
(948,722
|
)
|
|
(401,464
|
)
|
|
(380,923
|
)
|
|||||
Tangible assets
|
|
$
|
20,076,283
|
|
|
$
|
15,606,316
|
|
|
$
|
14,107,084
|
|
|
$
|
7,998,592
|
|
|
$
|
7,178,735
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of common equity to assets
|
|
14.06
|
%
|
|
13.58
|
%
|
|
13.85
|
%
|
|
13.70
|
%
|
|
13.84
|
%
|
|||||
Ratio of tangible common equity to tangible assets (non-GAAP)
|
|
8.99
|
%
|
|
8.39
|
%
|
|
8.05
|
%
|
|
9.37
|
%
|
|
9.26
|
%
|
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Twelve months ended
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common stockholders
|
$
|
237,828
|
|
|
$
|
215,713
|
|
|
$
|
92,940
|
|
|
$
|
96,790
|
|
|
$
|
74,107
|
|
Net non-core items, net of taxes, adjustment
|
31,738
|
|
|
4,520
|
|
|
26,109
|
|
|
4,619
|
|
|
15,515
|
|
|||||
Core earnings
|
$
|
269,566
|
|
|
$
|
220,233
|
|
|
$
|
119,049
|
|
|
$
|
101,409
|
|
|
$
|
89,622
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average total assets
|
$
|
17,871,748
|
|
|
$
|
15,771,362
|
|
|
$
|
10,074,951
|
|
|
$
|
7,760,233
|
|
|
$
|
7,164,788
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets
|
1.33
|
%
|
|
1.37
|
%
|
|
0.92
|
%
|
|
1.25
|
%
|
|
1.03
|
%
|
|||||
Core return on average assets (non-GAAP)
|
1.51
|
%
|
|
1.40
|
%
|
|
1.18
|
%
|
|
1.31
|
%
|
|
1.25
|
%
|
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Twelve months ended
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common stockholders
|
$
|
237,828
|
|
|
$
|
215,713
|
|
|
$
|
92,940
|
|
|
$
|
96,790
|
|
|
$
|
74,107
|
|
Amortization of intangibles, net of taxes
|
8,720
|
|
|
8,132
|
|
|
4,659
|
|
|
3,611
|
|
|
2,972
|
|
|||||
Total income available to common stockholders
|
$
|
246,548
|
|
|
$
|
223,845
|
|
|
$
|
97,599
|
|
|
$
|
100,401
|
|
|
$
|
77,079
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net non-core items, net of taxes
|
31,738
|
|
|
4,520
|
|
|
26,109
|
|
|
4,619
|
|
|
15,515
|
|
|||||
Core earnings
|
269,566
|
|
|
220,233
|
|
|
119,049
|
|
|
101,409
|
|
|
89,622
|
|
|||||
Amortization of intangibles, net of taxes
|
8,720
|
|
|
8,132
|
|
|
4,659
|
|
|
3,611
|
|
|
2,972
|
|
|||||
Total core income available to common stockholders
|
$
|
278,286
|
|
|
$
|
228,365
|
|
|
$
|
123,708
|
|
|
$
|
105,020
|
|
|
$
|
92,594
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average common stockholders’ equity
|
$
|
2,396,024
|
|
|
$
|
2,157,097
|
|
|
$
|
1,390,815
|
|
|
$
|
1,105,775
|
|
|
$
|
938,521
|
|
Average intangible assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill
|
(921,635
|
)
|
|
(845,308
|
)
|
|
(455,453
|
)
|
|
(332,974
|
)
|
|
(281,133
|
)
|
|||||
Other intangible assets
|
(104,000
|
)
|
|
(97,820
|
)
|
|
(68,896
|
)
|
|
(51,710
|
)
|
|
(42,104
|
)
|
|||||
Total average intangibles
|
(1,025,635
|
)
|
|
(943,128
|
)
|
|
(524,349
|
)
|
|
(384,684
|
)
|
|
(323,237
|
)
|
|||||
Average tangible common stockholders’ equity
|
$
|
1,370,389
|
|
|
$
|
1,213,969
|
|
|
$
|
866,466
|
|
|
$
|
721,091
|
|
|
$
|
615,284
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average common equity
|
9.93
|
%
|
|
10.00
|
%
|
|
6.68
|
%
|
|
8.75
|
%
|
|
7.90
|
%
|
|||||
Return on average tangible common equity (non-GAAP)
|
17.99
|
%
|
|
18.44
|
%
|
|
11.26
|
%
|
|
13.92
|
%
|
|
12.53
|
%
|
|||||
Core return on average common equity (non-GAAP)
|
11.25
|
%
|
|
10.21
|
%
|
|
8.56
|
%
|
|
9.17
|
%
|
|
9.55
|
%
|
|||||
Core return on tangible common equity (non-GAAP)
|
20.31
|
%
|
|
18.81
|
%
|
|
14.28
|
%
|
|
14.56
|
%
|
|
15.05
|
%
|
(Dollars in thousands)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Twelve months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
|
$
|
605,275
|
|
|
$
|
552,552
|
|
|
$
|
354,930
|
|
|
$
|
279,206
|
|
|
$
|
278,595
|
|
FTE adjustment
|
|
7,322
|
|
|
5,297
|
|
|
7,723
|
|
|
7,722
|
|
|
8,517
|
|
|||||
Fully tax equivalent net interest income
|
|
612,597
|
|
|
557,849
|
|
|
362,653
|
|
|
286,928
|
|
|
287,112
|
|
|||||
Total accretable yield
|
|
(41,244
|
)
|
|
(35,263
|
)
|
|
(27,793
|
)
|
|
(24,257
|
)
|
|
(46,131
|
)
|
|||||
Core net interest income
|
|
$
|
571,353
|
|
|
$
|
522,586
|
|
|
$
|
334,860
|
|
|
$
|
262,671
|
|
|
$
|
240,981
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average earning assets
|
|
$
|
15,977,909
|
|
|
$
|
14,036,614
|
|
|
$
|
8,908,418
|
|
|
$
|
6,855,322
|
|
|
$
|
6,305,966
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin
|
|
3.83
|
%
|
|
3.97
|
%
|
|
4.07
|
%
|
|
4.19
|
%
|
|
4.55
|
%
|
|||||
Core net interest margin (non-GAAP)
|
|
3.58
|
%
|
|
3.72
|
%
|
|
3.76
|
%
|
|
3.83
|
%
|
|
3.82
|
%
|
(Dollars in thousands)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Twelve months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest expense
|
|
$
|
461,112
|
|
|
$
|
392,229
|
|
|
$
|
312,379
|
|
|
$
|
255,085
|
|
|
$
|
256,970
|
|
Non-core non-interest expense adjustment
|
|
(42,972
|
)
|
|
(6,118
|
)
|
|
(27,357
|
)
|
|
(8,435
|
)
|
|
(18,747
|
)
|
|||||
Other real estate and foreclosure expense adjustment
|
|
(3,282
|
)
|
|
(4,240
|
)
|
|
(3,042
|
)
|
|
(4,389
|
)
|
|
(4,861
|
)
|
|||||
Amortization of intangibles adjustment
|
|
(11,805
|
)
|
|
(11,009
|
)
|
|
(7,666
|
)
|
|
(5,942
|
)
|
|
(4,889
|
)
|
|||||
Efficiency ratio numerator
|
|
$
|
403,053
|
|
|
$
|
370,862
|
|
|
$
|
274,314
|
|
|
$
|
236,319
|
|
|
$
|
228,473
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net-interest income
|
|
$
|
605,275
|
|
|
$
|
552,552
|
|
|
$
|
354,930
|
|
|
$
|
279,206
|
|
|
$
|
278,595
|
|
Non-interest income
|
|
201,509
|
|
|
143,896
|
|
|
138,765
|
|
|
139,382
|
|
|
94,661
|
|
|||||
Non-core non-interest income adjustment
|
|
—
|
|
|
—
|
|
|
(3,972
|
)
|
|
(835
|
)
|
|
5,731
|
|
|||||
Fully tax-equivalent adjustment
|
|
7,322
|
|
|
5,297
|
|
|
7,723
|
|
|
7,722
|
|
|
8,517
|
|
|||||
Gain on sale of securities
|
|
(13,314
|
)
|
|
(61
|
)
|
|
(1,059
|
)
|
|
(5,848
|
)
|
|
(307
|
)
|
|||||
Efficiency ratio denominator
|
|
$
|
800,792
|
|
|
$
|
701,684
|
|
|
$
|
496,387
|
|
|
$
|
419,627
|
|
|
$
|
387,197
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Efficiency ratio (non-GAAP)
|
|
50.33
|
%
|
|
52.85
|
%
|
|
55.27
|
%
|
|
56.32
|
%
|
|
59.01
|
%
|
Quarterly Results
|
|
|
Quarter
|
||||||||||||||||||
(In thousands, except per share data)
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
Total
|
||||||||||
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest income
|
|
$
|
179,116
|
|
|
$
|
196,169
|
|
|
$
|
197,306
|
|
|
$
|
214,054
|
|
|
$
|
786,645
|
|
Interest expense
|
|
42,090
|
|
|
45,813
|
|
|
47,142
|
|
|
46,325
|
|
|
181,370
|
|
|||||
Net interest income
|
|
137,026
|
|
|
150,356
|
|
|
150,164
|
|
|
167,729
|
|
|
605,275
|
|
|||||
Provision for loan losses
|
|
9,285
|
|
|
7,079
|
|
|
21,973
|
|
|
4,903
|
|
|
43,240
|
|
|||||
Gain on sale of securities
|
|
2,740
|
|
|
2,823
|
|
|
7,374
|
|
|
377
|
|
|
13,314
|
|
|||||
Non-interest income, net of gain on sale of securities
|
|
31,021
|
|
|
36,183
|
|
|
76,401
|
|
|
44,590
|
|
|
188,195
|
|
|||||
Non-interest expense
|
|
101,409
|
|
|
110,743
|
|
|
106,865
|
|
|
142,095
|
|
|
461,112
|
|
|||||
Net income available to common stockholders
|
|
47,695
|
|
|
55,598
|
|
|
81,826
|
|
|
52,709
|
|
|
237,828
|
|
|||||
Basic earnings per share (1)
|
|
0.52
|
|
|
0.58
|
|
|
0.85
|
|
|
0.49
|
|
|
2.42
|
|
|||||
Diluted earnings per share (1)
|
|
0.51
|
|
|
0.58
|
|
|
0.84
|
|
|
0.49
|
|
|
2.41
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
|
$
|
157,139
|
|
|
$
|
166,268
|
|
|
$
|
178,984
|
|
|
$
|
178,296
|
|
|
$
|
680,687
|
|
Interest expense
|
|
22,173
|
|
|
29,431
|
|
|
36,016
|
|
|
40,515
|
|
|
128,135
|
|
|||||
Net interest income
|
|
134,966
|
|
|
136,837
|
|
|
142,968
|
|
|
137,781
|
|
|
552,552
|
|
|||||
Provision for loan losses
|
|
9,150
|
|
|
9,033
|
|
|
10,345
|
|
|
9,620
|
|
|
38,148
|
|
|||||
Gain (loss) on sale of securities
|
|
6
|
|
|
(7
|
)
|
|
54
|
|
|
8
|
|
|
61
|
|
|||||
Non-interest income, net of gain (loss) on sale of securities
|
|
37,529
|
|
|
38,055
|
|
|
33,671
|
|
|
34,580
|
|
|
143,835
|
|
|||||
Non-interest expense
|
|
98,073
|
|
|
98,507
|
|
|
100,253
|
|
|
95,396
|
|
|
392,229
|
|
|||||
Net income available to common stockholders
|
|
51,312
|
|
|
53,562
|
|
|
55,193
|
|
|
55,646
|
|
|
215,713
|
|
|||||
Basic earnings per share (1)
|
|
0.56
|
|
|
0.58
|
|
|
0.60
|
|
|
0.60
|
|
|
2.34
|
|
|||||
Diluted earnings per share (1)
|
|
0.55
|
|
|
0.58
|
|
|
0.59
|
|
|
0.60
|
|
|
2.32
|
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Liquidity and Market Risk Management
|
Report of Independent Registered Public Accounting Firm
|
|
|
Note:
|
Supplementary Data may be found in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Quarterly Results” on page 64 hereof.
|
|
BKD, LLP
|
|
/s/ BKD, LLP
|
•
|
Testing the design and operating effectiveness of controls, including those related to technology, over the allowance for loan losses, including data completeness and accuracy, classifications of loans by loan segment, historical loss data, the calculation of loss rates, the establishment of qualitative adjustments, grading and risk classification of loans and establishment of specific reserves on impaired loans, and management’s review and disclosure controls over the allowance for loan losses;
|
•
|
Testing of completeness and accuracy of the information utilized in the calculation of the allowance for loan losses
|
•
|
Testing the allowance for loan losses model’s computational accuracy;
|
•
|
Evaluating the qualitative adjustments to historical loss rates, including assessing the basis for the adjustments and the reasonableness of the significant assumptions;
|
•
|
Testing the internal loan review functions and evaluating the accuracy of loan grades, including utilizing our internal loan review professionals to assist us;
|
•
|
Assessing the reasonableness of specific allowances on certain impaired loans;
|
•
|
Evaluating the overall reasonableness of significant assumptions used by management, considering the past performance of the Company and evaluating trends identified within peer groups;
|
•
|
Evaluating the accuracy and completeness of disclosures in the consolidated financial statements.
|
•
|
Assessing management’s application of accounting guidance related to business combinations and management’s determination of whether the transactions were an acquisition of a business as defined within the ASC 805 framework;
|
•
|
Assessing the completeness and accuracy of management’s purchase accounting model, including the balance sheet acquired and related fair value purchase price allocations made to identified assets acquired and liabilities assumed;
|
•
|
Obtaining and reviewing all significant outside vendor valuation estimates, and challenging management’s review of the appropriateness of the valuations including but not limited to, testing critical inputs, assumptions applied and valuation models utilized by the outside vendors;
|
•
|
Assessing the accuracy of the goodwill calculation resulting from the acquisition consummated, which was the difference between the total net consideration paid and the fair value of the net assets acquired;
|
•
|
Utilizing internal valuation specialists to assist with testing the related fair value purchase price allocations made to identified assets acquired and liabilities assumed;
|
•
|
Reviewing and evaluating the adequacy of the disclosures made in the footnotes of the Company’s SEC filings.
|
|
BKD, LLP
|
|
/s/ BKD, LLP
|
(In thousands, except share data)
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
||||
ASSETS
|
|
|
|
|
|
|
||
Cash and non-interest bearing balances due from banks
|
|
$
|
277,208
|
|
|
$
|
171,792
|
|
Interest bearing balances due from banks and federal funds sold
|
|
719,415
|
|
|
661,666
|
|
||
Cash and cash equivalents
|
|
996,623
|
|
|
833,458
|
|
||
Interest bearing balances due from banks – time
|
|
4,554
|
|
|
4,934
|
|
||
Investment securities:
|
|
|
|
|
||||
Held-to-maturity
|
|
40,927
|
|
|
289,194
|
|
||
Available-for-sale
|
|
3,453,338
|
|
|
2,151,752
|
|
||
Total investments
|
|
3,494,265
|
|
|
2,440,946
|
|
||
Mortgage loans held for sale
|
|
58,102
|
|
|
26,799
|
|
||
Other assets held for sale
|
|
260,332
|
|
|
1,790
|
|
||
Loans:
|
|
|
|
|
||||
Legacy loans
|
|
9,630,076
|
|
|
8,430,388
|
|
||
Allowance for loan losses
|
|
(67,800
|
)
|
|
(56,599
|
)
|
||
Loans acquired, net of discount and allowance
|
|
4,795,184
|
|
|
3,292,783
|
|
||
Net loans
|
|
14,357,460
|
|
|
11,666,572
|
|
||
Premises and equipment
|
|
492,384
|
|
|
295,060
|
|
||
Foreclosed assets and other real estate owned
|
|
19,121
|
|
|
25,565
|
|
||
Interest receivable
|
|
62,707
|
|
|
49,938
|
|
||
Bank owned life insurance
|
|
254,152
|
|
|
193,170
|
|
||
Goodwill
|
|
1,055,520
|
|
|
845,687
|
|
||
Other intangible assets
|
|
127,340
|
|
|
91,334
|
|
||
Other assets
|
|
76,583
|
|
|
68,084
|
|
||
Total assets
|
|
$
|
21,259,143
|
|
|
$
|
16,543,337
|
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
Deposits:
|
|
|
|
|
||||
Non-interest bearing transaction accounts
|
|
$
|
3,741,093
|
|
|
$
|
2,672,405
|
|
Interest bearing transaction accounts and savings deposits
|
|
9,090,878
|
|
|
6,830,191
|
|
||
Time deposits
|
|
3,276,969
|
|
|
2,896,156
|
|
||
Total deposits
|
|
16,108,940
|
|
|
12,398,752
|
|
||
Federal funds purchased and securities sold under agreements to repurchase
|
|
150,145
|
|
|
95,792
|
|
||
Other borrowings
|
|
1,297,599
|
|
|
1,345,450
|
|
||
Subordinated notes and debentures
|
|
388,260
|
|
|
353,950
|
|
||
Other liabilities held for sale
|
|
159,853
|
|
|
162
|
|
||
Accrued interest and other liabilities
|
|
165,422
|
|
|
102,797
|
|
||
Total liabilities
|
|
18,270,219
|
|
|
14,296,903
|
|
||
|
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
||||
Preferred stock, 40,040,000 shares authorized; Series D, $0.01 par value, $1,000 liquidation value per share; 767 shares issued and outstanding at December 31, 2019
|
|
767
|
|
|
—
|
|
||
Common stock, Class A, $0.01 par value; 175,000,000 shares authorized at December 31, 2019 and 2018; 113,628,601 and 92,347,643 shares issued and outstanding at December 31, 2019 and 2018, respectively
|
|
1,136
|
|
|
923
|
|
||
Surplus
|
|
2,117,282
|
|
|
1,597,944
|
|
||
Undivided profits
|
|
848,848
|
|
|
674,941
|
|
||
Accumulated other comprehensive income (loss)
|
|
20,891
|
|
|
(27,374
|
)
|
||
Total stockholders’ equity
|
|
2,988,924
|
|
|
2,246,434
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
21,259,143
|
|
|
$
|
16,543,337
|
|
(In thousands, except per share data)
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
|
|
|
|
||||||
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|||
Loans
|
|
$
|
710,935
|
|
|
$
|
616,037
|
|
|
$
|
352,351
|
|
Interest bearing balances due from banks and federal funds sold
|
|
7,486
|
|
|
5,996
|
|
|
1,933
|
|
|||
Investment securities
|
|
66,898
|
|
|
57,318
|
|
|
40,115
|
|
|||
Mortgage loans held for sale
|
|
1,326
|
|
|
1,336
|
|
|
605
|
|
|||
TOTAL INTEREST INCOME
|
|
786,645
|
|
|
680,687
|
|
|
395,004
|
|
|||
|
|
|
|
|
|
|
||||||
INTEREST EXPENSE
|
|
|
|
|
|
|
||||||
Deposits
|
|
139,011
|
|
|
87,210
|
|
|
27,756
|
|
|||
Federal funds purchased and securities sold under agreements to repurchase
|
|
1,010
|
|
|
423
|
|
|
347
|
|
|||
Other borrowings
|
|
23,008
|
|
|
23,654
|
|
|
8,621
|
|
|||
Subordinated notes and debentures
|
|
18,341
|
|
|
16,848
|
|
|
3,350
|
|
|||
TOTAL INTEREST EXPENSE
|
|
181,370
|
|
|
128,135
|
|
|
40,074
|
|
|||
|
|
|
|
|
|
|
||||||
NET INTEREST INCOME
|
|
605,275
|
|
|
552,552
|
|
|
354,930
|
|
|||
Provision for loan losses
|
|
43,240
|
|
|
38,148
|
|
|
26,393
|
|
|||
|
|
|
|
|
|
|
||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
|
562,035
|
|
|
514,404
|
|
|
328,537
|
|
|||
|
|
|
|
|
|
|
||||||
NON-INTEREST INCOME
|
|
|
|
|
|
|
||||||
Trust income
|
|
25,040
|
|
|
23,128
|
|
|
18,570
|
|
|||
Service charges on deposit accounts
|
|
44,782
|
|
|
42,508
|
|
|
36,079
|
|
|||
Other service charges and fees
|
|
5,824
|
|
|
7,469
|
|
|
9,919
|
|
|||
Mortgage lending income
|
|
15,017
|
|
|
9,230
|
|
|
9,708
|
|
|||
SBA lending income
|
|
2,669
|
|
|
1,813
|
|
|
3,608
|
|
|||
Investment banking income
|
|
2,313
|
|
|
3,141
|
|
|
2,793
|
|
|||
Debit and credit card fees
|
|
29,289
|
|
|
32,268
|
|
|
34,258
|
|
|||
Bank owned life insurance income
|
|
4,768
|
|
|
4,415
|
|
|
3,503
|
|
|||
Gain on sale of securities, net
|
|
13,314
|
|
|
61
|
|
|
1,059
|
|
|||
Other income
|
|
58,493
|
|
|
19,863
|
|
|
19,268
|
|
|||
TOTAL NON-INTEREST INCOME
|
|
201,509
|
|
|
143,896
|
|
|
138,765
|
|
|||
|
|
|
|
|
|
|
||||||
NON-INTEREST EXPENSE
|
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
|
227,795
|
|
|
216,743
|
|
|
154,314
|
|
|||
Occupancy expense, net
|
|
32,008
|
|
|
29,610
|
|
|
21,159
|
|
|||
Furniture and equipment expense
|
|
18,220
|
|
|
16,323
|
|
|
19,366
|
|
|||
Other real estate and foreclosure expense
|
|
3,442
|
|
|
4,480
|
|
|
3,042
|
|
|||
Deposit insurance
|
|
4,416
|
|
|
8,721
|
|
|
3,696
|
|
|||
Merger related costs
|
|
36,379
|
|
|
4,777
|
|
|
21,923
|
|
|||
Other operating expenses
|
|
138,852
|
|
|
111,575
|
|
|
88,879
|
|
|||
TOTAL NON-INTEREST EXPENSE
|
|
461,112
|
|
|
392,229
|
|
|
312,379
|
|
|||
|
|
|
|
|
|
|
||||||
INCOME BEFORE INCOME TAXES
|
|
302,432
|
|
|
266,071
|
|
|
154,923
|
|
|||
Provision for income taxes
|
|
64,265
|
|
|
50,358
|
|
|
61,983
|
|
|||
|
|
|
|
|
|
|
||||||
NET INCOME
|
|
238,167
|
|
|
215,713
|
|
|
92,940
|
|
|||
Preferred stock dividends
|
|
339
|
|
|
—
|
|
|
—
|
|
|||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
|
|
$
|
237,828
|
|
|
$
|
215,713
|
|
|
$
|
92,940
|
|
BASIC EARNINGS PER SHARE (1)
|
|
$
|
2.42
|
|
|
$
|
2.34
|
|
|
$
|
1.34
|
|
DILUTED EARNINGS PER SHARE (1)
|
|
$
|
2.41
|
|
|
$
|
2.32
|
|
|
$
|
1.33
|
|
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
|
|
|
|
||||||
NET INCOME
|
|
$
|
238,167
|
|
|
$
|
215,713
|
|
|
$
|
92,940
|
|
|
|
|
|
|
|
|
||||||
OTHER COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
||||||
Unrealized holding gains (losses) arising during the period on available-for-sale securities
|
|
76,109
|
|
|
(13,626
|
)
|
|
2,645
|
|
|||
Unrealized holding gain on the transfer of held-to-maturity securities to available-for-sale per ASU 2017-12
|
|
2,547
|
|
|
—
|
|
|
—
|
|
|||
Less: Reclassification adjustment for realized gains included in net income
|
|
13,314
|
|
|
61
|
|
|
1,059
|
|
|||
Other comprehensive income (loss), before tax effect
|
|
65,342
|
|
|
(13,687
|
)
|
|
1,586
|
|
|||
|
|
|
|
|
|
|
||||||
Less: Tax effect of other comprehensive income (loss)
|
|
17,077
|
|
|
(3,577
|
)
|
|
622
|
|
|||
|
|
|
|
|
|
|
||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)
|
|
48,265
|
|
|
(10,110
|
)
|
|
964
|
|
|||
|
|
|
|
|
|
|
||||||
COMPREHENSIVE INCOME
|
|
$
|
286,432
|
|
|
$
|
205,603
|
|
|
$
|
93,904
|
|
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
238,167
|
|
|
$
|
215,713
|
|
|
$
|
92,940
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|||||||
Depreciation and amortization
|
36,257
|
|
|
28,412
|
|
|
21,062
|
|
|||
Provision for loan losses
|
43,240
|
|
|
38,148
|
|
|
26,393
|
|
|||
Gain on sale of investments
|
(13,314
|
)
|
|
(61
|
)
|
|
(1,059
|
)
|
|||
Net accretion of investment securities and assets
|
(53,619
|
)
|
|
(48,684
|
)
|
|
(38,090
|
)
|
|||
Net amortization (accretion) on borrowings
|
394
|
|
|
(380
|
)
|
|
561
|
|
|||
Stock-based compensation expense
|
12,921
|
|
|
9,725
|
|
|
10,681
|
|
|||
Gain on sale of premises and equipment held for sale, net of impairment
|
—
|
|
|
—
|
|
|
(615
|
)
|
|||
Gain on sale of foreclosed assets and other real estate owned
|
(33
|
)
|
|
(650
|
)
|
|
(1,076
|
)
|
|||
Gain on sale of mortgage loans held for sale
|
(20,064
|
)
|
|
(12,844
|
)
|
|
(12,186
|
)
|
|||
Loss (gain) on sale of loans
|
4,451
|
|
|
(10
|
)
|
|
(18
|
)
|
|||
Gain on sale of Visa, Inc. class B common stock
|
(42,860
|
)
|
|
—
|
|
|
—
|
|
|||
Fair value write-down of closed branches
|
—
|
|
|
836
|
|
|
325
|
|
|||
Deferred income taxes
|
34,911
|
|
|
8,412
|
|
|
23,251
|
|
|||
Gain on sale of insurance lines of business
|
—
|
|
|
—
|
|
|
(3,708
|
)
|
|||
Income from bank owned life insurance
|
(4,854
|
)
|
|
(5,003
|
)
|
|
(3,503
|
)
|
|||
Originations of mortgage loans held for sale
|
(755,500
|
)
|
|
(546,676
|
)
|
|
(507,907
|
)
|
|||
Proceeds from sale of mortgage loans held for sale
|
756,642
|
|
|
556,759
|
|
|
526,245
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Interest receivable
|
3,231
|
|
|
(6,227
|
)
|
|
(2,432
|
)
|
|||
Assets held in trading accounts
|
—
|
|
|
—
|
|
|
41
|
|
|||
Other assets
|
42,189
|
|
|
(1,414
|
)
|
|
12,456
|
|
|||
Accrued interest and other liabilities
|
(35,886
|
)
|
|
33,978
|
|
|
(14,194
|
)
|
|||
Income taxes payable
|
20,074
|
|
|
(9,355
|
)
|
|
(14,604
|
)
|
|||
Net cash provided by operating activities
|
266,347
|
|
|
260,679
|
|
|
114,563
|
|
|||
INVESTING ACTIVITIES
|
|
|
|
|
|
||||||
Net collections (originations) of loans
|
23,806
|
|
|
(912,793
|
)
|
|
(719,219
|
)
|
|||
Proceeds from sale of loans
|
104,587
|
|
|
24,977
|
|
|
20,705
|
|
|||
Decrease (increase) in due from banks - time
|
1,130
|
|
|
(1,620
|
)
|
|
3,233
|
|
|||
Purchases of premises and equipment, net
|
(67,831
|
)
|
|
(29,740
|
)
|
|
(34,216
|
)
|
|||
Proceeds from sale of premises and equipment
|
—
|
|
|
—
|
|
|
3,475
|
|
|||
Purchases of other real estate owned
|
—
|
|
|
—
|
|
|
(1,021
|
)
|
|||
Proceeds from sale of foreclosed assets and other real estate owned
|
17,986
|
|
|
27,751
|
|
|
18,255
|
|
|||
Proceeds from sale of available-for-sale securities
|
1,235,030
|
|
|
7,959
|
|
|
679,613
|
|
|||
Proceeds from maturities of available-for-sale securities
|
776,084
|
|
|
258,325
|
|
|
487,717
|
|
|||
Purchases of available-for-sale securities
|
(1,710,483
|
)
|
|
(825,914
|
)
|
|
(854,708
|
)
|
|||
Proceeds from maturities of held-to-maturity securities
|
31,969
|
|
|
80,803
|
|
|
97,494
|
|
|||
Purchases of held-to-maturity securities
|
—
|
|
|
(1,172
|
)
|
|
(860
|
)
|
|||
Proceeds from bank owned life insurance death benefits
|
2,435
|
|
|
1,814
|
|
|
—
|
|
|||
Purchases of bank owned life insurance
|
—
|
|
|
(4,000
|
)
|
|
(143
|
)
|
|||
Proceeds from the sale of insurance lines of business
|
—
|
|
|
—
|
|
|
9,296
|
|
|||
Cash received (paid) in business combinations
|
178,260
|
|
|
—
|
|
|
(48,092
|
)
|
|||
Disposition of assets and liabilities held for sale
|
1,235
|
|
|
(55,211
|
)
|
|
—
|
|
|||
Net cash provided by (used in) investing activities
|
594,208
|
|
|
(1,428,821
|
)
|
|
(338,471
|
)
|
|||
FINANCING ACTIVITIES
|
|
|
|
|
|
||||||
Net change in deposits
|
(404,826
|
)
|
|
1,305,877
|
|
|
120,667
|
|
|||
Proceeds from issuance of subordinated notes and other borrowings
|
25,500
|
|
|
326,355
|
|
|
—
|
|
|||
Repayments of subordinated debentures and subordinated debt
|
—
|
|
|
(113,990
|
)
|
|
(3,000
|
)
|
|||
Dividends paid on preferred stock
|
(339
|
)
|
|
—
|
|
|
—
|
|
|||
Dividends paid on common stock
|
(63,921
|
)
|
|
(55,646
|
)
|
|
(35,116
|
)
|
|||
Net change in other borrowed funds
|
(240,806
|
)
|
|
(34,574
|
)
|
|
521,865
|
|
|||
Net change in federal funds purchased and securities sold under agreements to repurchase
|
40,207
|
|
|
(26,652
|
)
|
|
(71,003
|
)
|
|||
Net shares (cancelled) issued under stock compensation plans
|
(2,389
|
)
|
|
1,162
|
|
|
2,260
|
|
|||
Shares issued under employee stock purchase plan
|
1,312
|
|
|
1,026
|
|
|
618
|
|
|||
Repurchase of common stock
|
(10,128
|
)
|
|
—
|
|
|
—
|
|
|||
Retirement of preferred stock
|
(42,000
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash (used in) provided by financing activities
|
(697,390
|
)
|
|
1,403,558
|
|
|
536,291
|
|
|||
INCREASE IN CASH EQUIVALENTS
|
163,165
|
|
|
235,416
|
|
|
312,383
|
|
|||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
833,458
|
|
|
598,042
|
|
|
285,659
|
|
|||
CASH AND CASH EQUIVALENTS, END OF YEAR
|
$
|
996,623
|
|
|
$
|
833,458
|
|
|
$
|
598,042
|
|
(In thousands, except share data (1))
|
|
Preferred Stock
|
|
Common
Stock
|
|
Surplus
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Undivided
Profits
|
|
Total
|
||||||||||||
Balance, December 31, 2016
|
|
$
|
—
|
|
|
$
|
626
|
|
|
$
|
711,663
|
|
|
$
|
(15,212
|
)
|
|
$
|
454,034
|
|
|
$
|
1,151,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
964
|
|
|
92,940
|
|
|
93,904
|
|
||||||
Reclassify stranded tax effects due to 2017 tax law changes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,016
|
)
|
|
3,016
|
|
|
—
|
|
||||||
Stock issued for employee stock purchase plan – 26,002 shares
|
|
—
|
|
|
—
|
|
|
618
|
|
|
—
|
|
|
—
|
|
|
618
|
|
||||||
Stock-based compensation plans, net – 359,286 shares
|
|
—
|
|
|
3
|
|
|
12,938
|
|
|
—
|
|
|
—
|
|
|
12,941
|
|
||||||
Stock issued for Hardeman acquisition – 1,599,940 common shares
|
|
—
|
|
|
16
|
|
|
42,622
|
|
|
—
|
|
|
—
|
|
|
42,638
|
|
||||||
Stock issued for OKSB acquisition –14,488,604 common shares
|
|
—
|
|
|
145
|
|
|
431,253
|
|
|
—
|
|
|
—
|
|
|
431,398
|
|
||||||
Stock issued for First Texas acquisition – 12,999,840 common shares
|
|
—
|
|
|
130
|
|
|
386,940
|
|
|
—
|
|
|
—
|
|
|
387,070
|
|
||||||
Dividends on common stock – $0.50 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35,116
|
)
|
|
(35,116
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, December 31, 2017
|
|
—
|
|
|
920
|
|
|
1,586,034
|
|
|
(17,264
|
)
|
|
514,874
|
|
|
2,084,564
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,110
|
)
|
|
215,713
|
|
|
205,603
|
|
||||||
Stock issued for employee stock purchase plan – 39,782 shares
|
|
—
|
|
|
—
|
|
|
1,026
|
|
|
—
|
|
|
—
|
|
|
1,026
|
|
||||||
Stock-based compensation plans, net – 278,743 shares
|
|
—
|
|
|
3
|
|
|
10,884
|
|
|
—
|
|
|
—
|
|
|
10,887
|
|
||||||
Dividends on common stock – $0.60 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(55,646
|
)
|
|
(55,646
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, December 31, 2018
|
|
—
|
|
|
923
|
|
|
1,597,944
|
|
|
(27,374
|
)
|
|
674,941
|
|
|
2,246,434
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48,265
|
|
|
238,167
|
|
|
286,432
|
|
||||||
Stock issued for employee stock purchase plan - 60,413
|
|
—
|
|
|
1
|
|
|
1,311
|
|
|
—
|
|
|
—
|
|
|
1,312
|
|
||||||
Stock-based compensation plans, net - 261,200 shares
|
|
—
|
|
|
3
|
|
|
10,529
|
|
|
—
|
|
|
—
|
|
|
10,532
|
|
||||||
Stock issued for Reliance acquisition - 3,999,623 shares
|
|
42,000
|
|
|
40
|
|
|
102,790
|
|
|
—
|
|
|
—
|
|
|
144,830
|
|
||||||
Stock issued for Landrum acquisition - 17,349,722 shares
|
|
767
|
|
|
173
|
|
|
414,832
|
|
|
—
|
|
|
—
|
|
|
415,772
|
|
||||||
Preferred stock retirement
|
|
(42,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42,000
|
)
|
||||||
Stock repurchases - 390,000 shares
|
|
—
|
|
|
(4
|
)
|
|
(10,124
|
)
|
|
—
|
|
|
—
|
|
|
(10,128
|
)
|
||||||
Dividends on preferred stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(339
|
)
|
|
(339
|
)
|
||||||
Dividends on common stock - $0.64 per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(63,921
|
)
|
|
(63,921
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, December 31, 2019
|
|
$
|
767
|
|
|
$
|
1,136
|
|
|
$
|
2,117,282
|
|
|
$
|
20,891
|
|
|
$
|
848,848
|
|
|
$
|
2,988,924
|
|
|
(In thousands, except per share data)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net income available to common stockholders
|
|
$
|
237,828
|
|
|
$
|
215,713
|
|
|
$
|
92,940
|
|
|
|
|
|
|
|
|
||||||
Average common shares outstanding
|
|
98,351
|
|
|
92,268
|
|
|
69,385
|
|
|||
Average potential dilutive common shares
|
|
446
|
|
|
562
|
|
|
468
|
|
|||
Average diluted common shares
|
|
98,797
|
|
|
92,830
|
|
|
69,853
|
|
|||
|
|
|
|
|
|
|
||||||
Basic earnings per share
|
|
$
|
2.42
|
|
|
$
|
2.34
|
|
|
$
|
1.34
|
|
Diluted earnings per share
|
|
$
|
2.41
|
|
|
$
|
2.32
|
|
|
$
|
1.33
|
|
|
(In thousands)
|
Acquired from Landrum
|
|
Fair Value Adjustments
|
|
Fair Value
|
||||||
Assets Acquired
|
|
|
|
|
|
||||||
Cash and due from banks
|
$
|
215,285
|
|
|
$
|
—
|
|
|
$
|
215,285
|
|
Due from banks - time
|
248
|
|
|
—
|
|
|
248
|
|
|||
Investment securities
|
1,021,755
|
|
|
4,100
|
|
|
1,025,855
|
|
|||
Loans acquired
|
2,049,137
|
|
|
(43,201
|
)
|
|
2,005,936
|
|
|||
Allowance for loan losses
|
(22,736
|
)
|
|
22,736
|
|
|
—
|
|
|||
Foreclosed assets
|
373
|
|
|
(183
|
)
|
|
190
|
|
|||
Premises and equipment
|
63,878
|
|
|
20,588
|
|
|
84,466
|
|
|||
Bank owned life insurance
|
19,206
|
|
|
—
|
|
|
19,206
|
|
|||
Goodwill
|
407
|
|
|
(407
|
)
|
|
—
|
|
|||
Core deposit intangible
|
—
|
|
|
24,345
|
|
|
24,345
|
|
|||
Other intangibles
|
412
|
|
|
4,704
|
|
|
5,116
|
|
|||
Other assets
|
33,924
|
|
|
(7,251
|
)
|
|
26,673
|
|
|||
Total assets acquired
|
$
|
3,381,889
|
|
|
$
|
25,431
|
|
|
$
|
3,407,320
|
|
|
|
|
|
|
|
||||||
Liabilities Assumed
|
|
|
|
|
|
||||||
Deposits:
|
|
|
|
|
|
||||||
Non-interest bearing transaction accounts
|
$
|
716,675
|
|
|
$
|
—
|
|
|
$
|
716,675
|
|
Interest bearing transaction accounts and savings deposits
|
1,465,429
|
|
|
—
|
|
|
1,465,429
|
|
|||
Time deposits
|
867,197
|
|
|
299
|
|
|
867,496
|
|
|||
Total deposits
|
3,049,301
|
|
|
299
|
|
|
3,049,600
|
|
|||
Other borrowings
|
10,055
|
|
|
—
|
|
|
10,055
|
|
|||
Subordinated debentures
|
34,794
|
|
|
(877
|
)
|
|
33,917
|
|
|||
Accrued interest and other liabilities
|
31,057
|
|
|
(1,748
|
)
|
|
29,309
|
|
|||
Total liabilities assumed
|
3,125,207
|
|
|
(2,326
|
)
|
|
3,122,881
|
|
|||
Equity
|
256,682
|
|
|
(256,682
|
)
|
|
—
|
|
|||
Total equity assumed
|
256,682
|
|
|
(256,682
|
)
|
|
—
|
|
|||
Total liabilities and equity assumed
|
$
|
3,381,889
|
|
|
$
|
(259,008
|
)
|
|
$
|
3,122,881
|
|
Net assets acquired
|
|
|
|
|
284,439
|
|
|||||
Purchase price
|
|
|
|
|
415,779
|
|
|||||
Goodwill
|
|
|
|
|
$
|
131,340
|
|
(In thousands)
|
Acquired from Reliance
|
|
Fair Value Adjustments
|
|
Fair Value
|
||||||
Assets Acquired
|
|
|
|
|
|
||||||
Cash and due from banks
|
$
|
25,693
|
|
|
$
|
—
|
|
|
$
|
25,693
|
|
Due from banks - time
|
502
|
|
|
—
|
|
|
502
|
|
|||
Investment securities
|
287,983
|
|
|
(1,873
|
)
|
|
286,110
|
|
|||
Loans acquired
|
1,138,527
|
|
|
(41,657
|
)
|
|
1,096,870
|
|
|||
Allowance for loan losses
|
(10,808
|
)
|
|
10,808
|
|
|
—
|
|
|||
Foreclosed assets
|
11,092
|
|
|
(5,180
|
)
|
|
5,912
|
|
|||
Premises and equipment
|
32,452
|
|
|
(3,001
|
)
|
|
29,451
|
|
|||
Bank owned life insurance
|
39,348
|
|
|
—
|
|
|
39,348
|
|
|||
Core deposit intangible
|
—
|
|
|
18,350
|
|
|
18,350
|
|
|||
Other assets
|
25,165
|
|
|
6,911
|
|
|
32,076
|
|
|||
Total assets acquired
|
$
|
1,549,954
|
|
|
$
|
(15,642
|
)
|
|
$
|
1,534,312
|
|
|
|
|
|
|
|
(In thousands)
|
Acquired from Reliance
|
|
Fair Value Adjustments
|
|
Fair Value
|
||||||
Liabilities Assumed
|
|
|
|
|
|
||||||
Deposits:
|
|
|
|
|
|
||||||
Non-interest bearing transaction accounts
|
$
|
108,845
|
|
|
$
|
(33
|
)
|
|
$
|
108,812
|
|
Interest bearing transaction accounts and savings deposits
|
639,798
|
|
|
—
|
|
|
639,798
|
|
|||
Time deposits
|
478,415
|
|
|
(1,758
|
)
|
|
476,657
|
|
|||
Total deposits
|
1,227,058
|
|
|
(1,791
|
)
|
|
1,225,267
|
|
|||
Securities sold under agreement to repurchase
|
14,146
|
|
|
—
|
|
|
14,146
|
|
|||
Other borrowings
|
162,900
|
|
|
(5,500
|
)
|
|
157,400
|
|
|||
Accrued interest and other liabilities
|
8,185
|
|
|
268
|
|
|
8,453
|
|
|||
Total liabilities assumed
|
1,412,289
|
|
|
(7,023
|
)
|
|
1,405,266
|
|
|||
Equity
|
137,665
|
|
|
(137,665
|
)
|
|
—
|
|
|||
Total equity assumed
|
137,665
|
|
|
(137,665
|
)
|
|
—
|
|
|||
Total liabilities and equity assumed
|
$
|
1,549,954
|
|
|
$
|
(144,688
|
)
|
|
$
|
1,405,266
|
|
Net assets acquired
|
|
|
|
|
129,046
|
|
|||||
Purchase price
|
|
|
|
|
207,539
|
|
|||||
Goodwill
|
|
|
|
|
$
|
78,493
|
|
(In thousands)
|
|
Acquired from
OKSB
|
|
Fair Value
Adjustments
|
|
Fair
Value
|
||||||
Assets Acquired
|
|
|
|
|
|
|
||||||
Cash and due from banks
|
|
$
|
79,517
|
|
|
$
|
—
|
|
|
$
|
79,517
|
|
Investment securities
|
|
485,468
|
|
|
(1,295
|
)
|
|
484,173
|
|
|||
Loans acquired
|
|
2,039,524
|
|
|
(43,071
|
)
|
|
1,996,453
|
|
|||
Allowance for loan losses
|
|
(26,957
|
)
|
|
26,957
|
|
|
—
|
|
|||
Foreclosed assets
|
|
6,284
|
|
|
(1,127
|
)
|
|
5,157
|
|
|||
Premises and equipment
|
|
21,210
|
|
|
5,457
|
|
|
26,667
|
|
|||
Bank owned life insurance
|
|
28,704
|
|
|
—
|
|
|
28,704
|
|
|||
Goodwill
|
|
13,545
|
|
|
(13,545
|
)
|
|
—
|
|
|||
Core deposit intangible
|
|
1,933
|
|
|
40,191
|
|
|
42,124
|
|
|||
Other intangibles
|
|
3,806
|
|
|
—
|
|
|
3,806
|
|
|||
Other assets
|
|
33,455
|
|
|
(9,141
|
)
|
|
24,314
|
|
|||
Total assets acquired
|
|
$
|
2,686,489
|
|
|
$
|
4,426
|
|
|
$
|
2,690,915
|
|
Liabilities Assumed
|
|
|
|
|
|
|
|
|
|
|||
Deposits:
|
|
|
|
|
|
|
|
|
|
|||
Non-interest bearing transaction accounts
|
|
$
|
485,971
|
|
|
$
|
—
|
|
|
$
|
485,971
|
|
Interest bearing transaction accounts and savings deposits
|
|
869,252
|
|
|
—
|
|
|
869,252
|
|
|||
Time deposits
|
|
613,345
|
|
|
(2,213
|
)
|
|
611,132
|
|
|||
Total deposits
|
|
1,968,568
|
|
|
(2,213
|
)
|
|
1,966,355
|
|
|||
Securities sold under agreement to repurchase
|
|
11,256
|
|
|
—
|
|
|
11,256
|
|
|||
Other borrowings
|
|
347,000
|
|
|
—
|
|
|
347,000
|
|
|||
Subordinated debentures
|
|
46,393
|
|
|
—
|
|
|
46,393
|
|
|||
Accrued interest and other liabilities
|
|
17,440
|
|
|
5,364
|
|
|
22,804
|
|
|||
Total liabilities assumed
|
|
2,390,657
|
|
|
3,151
|
|
|
2,393,808
|
|
|||
Equity
|
|
295,832
|
|
|
(295,832
|
)
|
|
—
|
|
|||
Total equity assumed
|
|
295,832
|
|
|
(295,832
|
)
|
|
—
|
|
|||
Total liabilities and equity assumed
|
|
$
|
2,686,489
|
|
|
$
|
(292,681
|
)
|
|
$
|
2,393,808
|
|
Net assets acquired
|
|
|
|
|
|
297,107
|
|
|||||
Purchase price
|
|
|
|
|
|
526,251
|
|
|||||
Goodwill
|
|
|
|
|
|
$
|
229,144
|
|
(In thousands)
|
|
Acquired from
First Texas
|
|
Fair Value
Adjustments
|
|
Fair
Value
|
||||||
Assets Acquired
|
|
|
|
|
|
|
|
|
|
|||
Cash and due from banks
|
|
$
|
59,277
|
|
|
$
|
—
|
|
|
$
|
59,277
|
|
Investment securities
|
|
81,114
|
|
|
(596
|
)
|
|
80,518
|
|
|||
Loans acquired
|
|
2,246,212
|
|
|
(37,834
|
)
|
|
2,208,378
|
|
|||
Allowance for loan losses
|
|
(20,864
|
)
|
|
20,664
|
|
|
(200
|
)
|
|||
Premises and equipment
|
|
24,864
|
|
|
10,123
|
|
|
34,987
|
|
|||
Bank owned life insurance
|
|
7,190
|
|
|
—
|
|
|
7,190
|
|
|||
Goodwill
|
|
37,227
|
|
|
(37,227
|
)
|
|
—
|
|
|||
Core deposit intangible
|
|
—
|
|
|
7,328
|
|
|
7,328
|
|
|||
Other assets
|
|
18,263
|
|
|
11,485
|
|
|
29,748
|
|
|||
Total assets acquired
|
|
$
|
2,453,283
|
|
|
$
|
(26,057
|
)
|
|
$
|
2,427,226
|
|
|
|
|
|
|
|
|
||||||
Liabilities Assumed
|
|
|
|
|
|
|
|
|
|
|||
Deposits:
|
|
|
|
|
|
|
|
|
|
|||
Non-interest bearing transaction accounts
|
|
$
|
74,410
|
|
|
$
|
—
|
|
|
$
|
74,410
|
|
Interest bearing transaction accounts and savings deposits
|
|
1,683,298
|
|
|
—
|
|
|
1,683,298
|
|
|||
Time deposits
|
|
124,233
|
|
|
(283
|
)
|
|
123,950
|
|
|||
Total deposits
|
|
1,881,941
|
|
|
(283
|
)
|
|
1,881,658
|
|
|||
Securities sold under agreement to repurchase
|
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
Other borrowings
|
|
235,000
|
|
|
—
|
|
|
235,000
|
|
|||
Subordinated debentures
|
|
30,323
|
|
|
589
|
|
|
30,912
|
|
|||
Accrued interest and other liabilities
|
|
11,727
|
|
|
1,669
|
|
|
13,396
|
|
|||
Total liabilities assumed
|
|
2,208,991
|
|
|
1,975
|
|
|
2,210,966
|
|
|||
Equity
|
|
244,292
|
|
|
(244,292
|
)
|
|
—
|
|
|||
Total equity assumed
|
|
244,292
|
|
|
(244,292
|
)
|
|
—
|
|
|||
Total liabilities and equity assumed
|
|
$
|
2,453,283
|
|
|
$
|
(242,317
|
)
|
|
$
|
2,210,966
|
|
Net assets acquired
|
|
|
|
|
|
216,260
|
|
|||||
Purchase price
|
|
|
|
|
|
457,103
|
|
|||||
Goodwill
|
|
|
|
|
|
$
|
240,843
|
|
(In thousands)
|
|
Acquired from
Hardeman
|
|
Fair Value
Adjustments
|
|
Fair
Value
|
||||||
Assets Acquired
|
|
|
|
|
|
|
|
|
|
|||
Cash and due from banks
|
|
$
|
8,001
|
|
|
$
|
—
|
|
|
$
|
8,001
|
|
Interest bearing balances due from banks - time
|
|
1,984
|
|
|
—
|
|
|
1,984
|
|
|||
Investment securities
|
|
170,654
|
|
|
(285
|
)
|
|
170,369
|
|
|||
Loans acquired
|
|
257,641
|
|
|
(5,992
|
)
|
|
251,649
|
|
|||
Allowance for loan losses
|
|
(2,382
|
)
|
|
2,382
|
|
|
—
|
|
|||
Foreclosed assets
|
|
1,083
|
|
|
(452
|
)
|
|
631
|
|
|||
Premises and equipment
|
|
9,905
|
|
|
1,258
|
|
|
11,163
|
|
|||
Bank owned life insurance
|
|
7,819
|
|
|
—
|
|
|
7,819
|
|
|||
Goodwill
|
|
11,485
|
|
|
(11,485
|
)
|
|
—
|
|
|||
Core deposit intangible
|
|
—
|
|
|
7,840
|
|
|
7,840
|
|
|||
Other intangibles
|
|
—
|
|
|
830
|
|
|
830
|
|
|||
Other assets
|
|
2,639
|
|
|
(1
|
)
|
|
2,638
|
|
|||
Total assets acquired
|
|
$
|
468,829
|
|
|
$
|
(5,905
|
)
|
|
$
|
462,924
|
|
(In thousands)
|
|
Acquired from
Hardeman
|
|
Fair Value
Adjustments
|
|
Fair
Value
|
||||||
Liabilities Assumed
|
|
|
|
|
|
|
|
|
|
|||
Deposits:
|
|
|
|
|
|
|
|
|
|
|||
Non-interest bearing transaction accounts
|
|
$
|
76,555
|
|
|
$
|
—
|
|
|
$
|
76,555
|
|
Interest bearing transaction accounts and savings deposits
|
|
214,872
|
|
|
—
|
|
|
214,872
|
|
|||
Time deposits
|
|
97,917
|
|
|
(368
|
)
|
|
97,549
|
|
|||
Total deposits
|
|
389,344
|
|
|
(368
|
)
|
|
388,976
|
|
|||
Securities sold under agreement to repurchase
|
|
17,163
|
|
|
—
|
|
|
17,163
|
|
|||
Other borrowings
|
|
3,000
|
|
|
—
|
|
|
3,000
|
|
|||
Subordinated debentures
|
|
6,702
|
|
|
—
|
|
|
6,702
|
|
|||
Accrued interest and other liabilities
|
|
1,891
|
|
|
1,924
|
|
|
3,815
|
|
|||
Total liabilities assumed
|
|
418,100
|
|
|
1,556
|
|
|
419,656
|
|
|||
Equity
|
|
50,729
|
|
|
(50,729
|
)
|
|
—
|
|
|||
Total equity assumed
|
|
50,729
|
|
|
(50,729
|
)
|
|
—
|
|
|||
Total liabilities and equity assumed
|
|
$
|
468,829
|
|
|
$
|
(49,173
|
)
|
|
$
|
419,656
|
|
Net assets acquired
|
|
|
|
|
|
43,268
|
|
|||||
Purchase price
|
|
|
|
|
|
72,639
|
|
|||||
Goodwill
|
|
|
|
|
|
$
|
29,371
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||||||||||||||||
(In thousands)
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
(Losses)
|
|
Estimated
Fair
Value
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
(Losses)
|
|
Estimated
Fair
Value
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Held-to-Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. Government agencies
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,990
|
|
|
$
|
—
|
|
|
$
|
(49
|
)
|
|
$
|
16,941
|
|
Mortgage-backed securities
|
10,796
|
|
|
71
|
|
|
(59
|
)
|
|
10,808
|
|
|
13,346
|
|
|
5
|
|
|
(412
|
)
|
|
12,939
|
|
||||||||
State and political subdivisions
|
27,082
|
|
|
849
|
|
|
—
|
|
|
27,931
|
|
|
256,863
|
|
|
3,029
|
|
|
(954
|
)
|
|
258,938
|
|
||||||||
Other securities
|
3,049
|
|
|
67
|
|
|
—
|
|
|
3,116
|
|
|
1,995
|
|
|
17
|
|
|
—
|
|
|
2,012
|
|
||||||||
Total HTM
|
$
|
40,927
|
|
|
$
|
987
|
|
|
$
|
(59
|
)
|
|
$
|
41,855
|
|
|
$
|
289,194
|
|
|
$
|
3,051
|
|
|
$
|
(1,415
|
)
|
|
$
|
290,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Available-for-Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury
|
$
|
449,729
|
|
|
$
|
112
|
|
|
$
|
(112
|
)
|
|
$
|
449,729
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
U.S. Government agencies
|
194,207
|
|
|
1,313
|
|
|
(1,271
|
)
|
|
194,249
|
|
|
157,523
|
|
|
518
|
|
|
(3,740
|
)
|
|
154,301
|
|
||||||||
Mortgage-backed securities
|
1,738,584
|
|
|
8,510
|
|
|
(4,149
|
)
|
|
1,742,945
|
|
|
1,552,487
|
|
|
3,097
|
|
|
(32,684
|
)
|
|
1,522,900
|
|
||||||||
State and political subdivisions
|
860,539
|
|
|
20,983
|
|
|
(998
|
)
|
|
880,524
|
|
|
320,142
|
|
|
171
|
|
|
(5,470
|
)
|
|
314,843
|
|
||||||||
Other securities
|
185,087
|
|
|
822
|
|
|
(18
|
)
|
|
185,891
|
|
|
157,471
|
|
|
2,251
|
|
|
(14
|
)
|
|
159,708
|
|
||||||||
Total AFS
|
$
|
3,428,146
|
|
|
$
|
31,740
|
|
|
$
|
(6,548
|
)
|
|
$
|
3,453,338
|
|
|
$
|
2,187,623
|
|
|
$
|
6,037
|
|
|
$
|
(41,908
|
)
|
|
$
|
2,151,752
|
|
|
|
Less Than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
(In thousands)
|
|
Estimated
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Held-to-Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage-backed securities
|
|
$
|
3,489
|
|
|
$
|
(30
|
)
|
|
$
|
2,300
|
|
|
$
|
(29
|
)
|
|
$
|
5,789
|
|
|
$
|
(59
|
)
|
Total HTM
|
|
$
|
3,489
|
|
|
$
|
(30
|
)
|
|
$
|
2,300
|
|
|
$
|
(29
|
)
|
|
$
|
5,789
|
|
|
$
|
(59
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Available-for-Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Treasury
|
|
$
|
299,667
|
|
|
$
|
(112
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
299,667
|
|
|
$
|
(112
|
)
|
U.S. Government agencies
|
|
14,454
|
|
|
(130
|
)
|
|
86,239
|
|
|
(1,141
|
)
|
|
100,693
|
|
|
(1,271
|
)
|
||||||
Mortgage-backed securities
|
|
405,540
|
|
|
(1,326
|
)
|
|
349,293
|
|
|
(2,823
|
)
|
|
754,833
|
|
|
(4,149
|
)
|
||||||
State and political subdivisions
|
|
111,088
|
|
|
(975
|
)
|
|
2,730
|
|
|
(23
|
)
|
|
113,818
|
|
|
(998
|
)
|
||||||
Other securities
|
|
3,982
|
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
|
3,982
|
|
|
(18
|
)
|
||||||
Total AFS
|
|
$
|
834,731
|
|
|
$
|
(2,561
|
)
|
|
$
|
438,262
|
|
|
$
|
(3,987
|
)
|
|
$
|
1,272,993
|
|
|
$
|
(6,548
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Held-to-Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Government agencies
|
|
$
|
992
|
|
|
$
|
(2
|
)
|
|
$
|
15,948
|
|
|
$
|
(47
|
)
|
|
$
|
16,940
|
|
|
$
|
(49
|
)
|
Mortgage-backed securities
|
|
—
|
|
|
—
|
|
|
12,177
|
|
|
(412
|
)
|
|
12,177
|
|
|
(412
|
)
|
||||||
State and political subdivisions
|
|
39,149
|
|
|
(208
|
)
|
|
50,889
|
|
|
(746
|
)
|
|
90,038
|
|
|
(954
|
)
|
||||||
Total HTM
|
|
$
|
40,141
|
|
|
$
|
(210
|
)
|
|
$
|
79,014
|
|
|
$
|
(1,205
|
)
|
|
$
|
119,155
|
|
|
$
|
(1,415
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Available-for-Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Government agencies
|
|
$
|
26,562
|
|
|
$
|
(221
|
)
|
|
$
|
108,636
|
|
|
$
|
(3,519
|
)
|
|
$
|
135,198
|
|
|
$
|
(3,740
|
)
|
Mortgage-backed securities
|
|
163,560
|
|
|
(1,146
|
)
|
|
1,037,679
|
|
|
(31,538
|
)
|
|
1,201,239
|
|
|
(32,684
|
)
|
||||||
State and political subdivisions
|
|
129,075
|
|
|
(1,406
|
)
|
|
132,020
|
|
|
(4,064
|
)
|
|
261,095
|
|
|
(5,470
|
)
|
||||||
Other securities
|
|
65
|
|
|
(13
|
)
|
|
99
|
|
|
(1
|
)
|
|
164
|
|
|
(14
|
)
|
||||||
Total AFS
|
|
$
|
319,262
|
|
|
$
|
(2,786
|
)
|
|
$
|
1,278,434
|
|
|
$
|
(39,122
|
)
|
|
$
|
1,597,696
|
|
|
$
|
(41,908
|
)
|
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Taxable:
|
|
|
|
|
|
|
|
|
|
|||
Held-to-maturity
|
|
$
|
1,207
|
|
|
$
|
2,157
|
|
|
$
|
2,521
|
|
Available-for-sale
|
|
45,934
|
|
|
40,926
|
|
|
25,996
|
|
|||
|
|
|
|
|
|
|
||||||
Non-taxable:
|
|
|
|
|
|
|
||||||
Held-to-maturity
|
|
1,412
|
|
|
7,424
|
|
|
8,693
|
|
|||
Available-for-sale
|
|
18,345
|
|
|
6,811
|
|
|
2,905
|
|
|||
Total
|
|
$
|
66,898
|
|
|
$
|
57,318
|
|
|
$
|
40,115
|
|
|
|
Held-to-Maturity
|
|
Available-for-Sale
|
||||||||||||
(In thousands)
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
||||||||
One year or less
|
|
$
|
4,897
|
|
|
$
|
4,919
|
|
|
$
|
494,432
|
|
|
$
|
494,338
|
|
After one through five years
|
|
15,972
|
|
|
16,325
|
|
|
72,949
|
|
|
73,370
|
|
||||
After five through ten years
|
|
7,387
|
|
|
7,928
|
|
|
129,088
|
|
|
131,267
|
|
||||
After ten years
|
|
1,875
|
|
|
1,875
|
|
|
825,155
|
|
|
842,798
|
|
||||
Securities not due on a single maturity date
|
|
10,796
|
|
|
10,808
|
|
|
1,738,584
|
|
|
1,742,945
|
|
||||
Other securities (no maturity)
|
|
—
|
|
|
—
|
|
|
167,938
|
|
|
168,620
|
|
||||
Total
|
|
$
|
40,927
|
|
|
$
|
41,855
|
|
|
$
|
3,428,146
|
|
|
$
|
3,453,338
|
|
|
|
(In thousands)
|
|
2019
|
|
2018
|
||||
Consumer:
|
|
|
|
|
|
|
||
Credit cards
|
|
$
|
204,802
|
|
|
$
|
204,173
|
|
Other consumer
|
|
191,946
|
|
|
201,297
|
|
||
Total consumer
|
|
396,748
|
|
|
405,470
|
|
||
Real estate:
|
|
|
|
|
||||
Construction and development
|
|
1,760,894
|
|
|
1,300,723
|
|
||
Single family residential
|
|
1,444,620
|
|
|
1,440,443
|
|
||
Other commercial
|
|
3,678,908
|
|
|
3,225,287
|
|
||
Total real estate
|
|
6,884,422
|
|
|
5,966,453
|
|
||
Commercial:
|
|
|
|
|
||||
Commercial
|
|
1,909,796
|
|
|
1,774,909
|
|
||
Agricultural
|
|
163,396
|
|
|
164,514
|
|
||
Total commercial
|
|
2,073,192
|
|
|
1,939,423
|
|
||
Other
|
|
275,714
|
|
|
119,042
|
|
||
Loans
|
|
9,630,076
|
|
|
8,430,388
|
|
||
Loans acquired, net of discount and allowance (1)
|
|
4,795,184
|
|
|
3,292,783
|
|
||
Total loans
|
|
$
|
14,425,260
|
|
|
$
|
11,723,171
|
|
(In thousands)
|
|
2019
|
|
2018
|
||||
Consumer:
|
|
|
|
|
|
|
||
Credit cards
|
|
$
|
382
|
|
|
$
|
296
|
|
Other consumer
|
|
1,378
|
|
|
2,159
|
|
||
Total consumer
|
|
1,760
|
|
|
2,455
|
|
||
Real estate:
|
|
|
|
|
||||
Construction and development
|
|
4,538
|
|
|
1,269
|
|
||
Single family residential
|
|
18,102
|
|
|
11,939
|
|
||
Other commercial
|
|
9,361
|
|
|
7,205
|
|
||
Total real estate
|
|
32,001
|
|
|
20,413
|
|
||
Commercial:
|
|
|
|
|
||||
Commercial
|
|
36,575
|
|
|
10,049
|
|
||
Agricultural
|
|
500
|
|
|
1,284
|
|
||
Total commercial
|
|
37,075
|
|
|
11,333
|
|
||
Total
|
|
$
|
70,836
|
|
|
$
|
34,201
|
|
(In thousands)
|
|
Gross
30-89 Days
Past Due
|
|
90 Days
or More
Past Due
|
|
Total
Past Due
|
|
Current
|
|
Total
Loans
|
|
90 Days
Past Due &
Accruing
|
||||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Credit cards
|
|
$
|
848
|
|
|
$
|
641
|
|
|
$
|
1,489
|
|
|
$
|
203,313
|
|
|
$
|
204,802
|
|
|
$
|
259
|
|
Other consumer
|
|
4,057
|
|
|
595
|
|
|
4,652
|
|
|
187,294
|
|
|
191,946
|
|
|
—
|
|
||||||
Total consumer
|
|
4,905
|
|
|
1,236
|
|
|
6,141
|
|
|
390,607
|
|
|
396,748
|
|
|
259
|
|
||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and development
|
|
4,968
|
|
|
605
|
|
|
5,573
|
|
|
1,755,321
|
|
|
1,760,894
|
|
|
—
|
|
||||||
Single family residential
|
|
13,414
|
|
|
8,769
|
|
|
22,183
|
|
|
1,422,437
|
|
|
1,444,620
|
|
|
—
|
|
||||||
Other commercial
|
|
4,302
|
|
|
3,969
|
|
|
8,271
|
|
|
3,670,637
|
|
|
3,678,908
|
|
|
—
|
|
||||||
Total real estate
|
|
22,684
|
|
|
13,343
|
|
|
36,027
|
|
|
6,848,395
|
|
|
6,884,422
|
|
|
—
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
6,253
|
|
|
12,174
|
|
|
18,427
|
|
|
1,891,369
|
|
|
1,909,796
|
|
|
—
|
|
||||||
Agricultural
|
|
207
|
|
|
450
|
|
|
657
|
|
|
162,739
|
|
|
163,396
|
|
|
—
|
|
||||||
Total commercial
|
|
6,460
|
|
|
12,624
|
|
|
19,084
|
|
|
2,054,108
|
|
|
2,073,192
|
|
|
—
|
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
275,714
|
|
|
275,714
|
|
|
—
|
|
||||||
Total
|
|
$
|
34,049
|
|
|
$
|
27,203
|
|
|
$
|
61,252
|
|
|
$
|
9,568,824
|
|
|
$
|
9,630,076
|
|
|
$
|
259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Credit cards
|
|
$
|
1,033
|
|
|
$
|
506
|
|
|
$
|
1,539
|
|
|
$
|
202,634
|
|
|
$
|
204,173
|
|
|
$
|
209
|
|
Other consumer
|
|
4,264
|
|
|
896
|
|
|
5,160
|
|
|
196,137
|
|
|
201,297
|
|
|
4
|
|
||||||
Total consumer
|
|
5,297
|
|
|
1,402
|
|
|
6,699
|
|
|
398,771
|
|
|
405,470
|
|
|
213
|
|
||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and development
|
|
533
|
|
|
308
|
|
|
841
|
|
|
1,299,882
|
|
|
1,300,723
|
|
|
—
|
|
||||||
Single family residential
|
|
7,769
|
|
|
4,127
|
|
|
11,896
|
|
|
1,428,547
|
|
|
1,440,443
|
|
|
—
|
|
||||||
Other commercial
|
|
3,379
|
|
|
2,773
|
|
|
6,152
|
|
|
3,219,135
|
|
|
3,225,287
|
|
|
—
|
|
||||||
Total real estate
|
|
11,681
|
|
|
7,208
|
|
|
18,889
|
|
|
5,947,564
|
|
|
5,966,453
|
|
|
—
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
4,472
|
|
|
5,105
|
|
|
9,577
|
|
|
1,765,332
|
|
|
1,774,909
|
|
|
11
|
|
||||||
Agricultural
|
|
467
|
|
|
1,055
|
|
|
1,522
|
|
|
162,992
|
|
|
164,514
|
|
|
—
|
|
||||||
Total commercial
|
|
4,939
|
|
|
6,160
|
|
|
11,099
|
|
|
1,928,324
|
|
|
1,939,423
|
|
|
11
|
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119,042
|
|
|
119,042
|
|
|
—
|
|
||||||
Total
|
|
$
|
21,917
|
|
|
$
|
14,770
|
|
|
$
|
36,687
|
|
|
$
|
8,393,701
|
|
|
$
|
8,430,388
|
|
|
$
|
224
|
|
(In thousands)
|
Unpaid
Contractual
Principal
Balance
|
|
Recorded
Investment
With No
Allowance
|
|
Recorded
Investment
With
Allowance
|
|
Total
Recorded
Investment
|
|
Related
Allowance
|
|
Average
Investment in
Impaired
Loans
|
|
Interest
Income
Recognized
|
||||||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Credit cards
|
$
|
382
|
|
|
$
|
382
|
|
|
$
|
—
|
|
|
$
|
382
|
|
|
$
|
—
|
|
|
$
|
373
|
|
|
$
|
50
|
|
Other consumer
|
1,537
|
|
|
1,378
|
|
|
—
|
|
|
1,378
|
|
|
—
|
|
|
1,659
|
|
|
41
|
|
|||||||
Total consumer
|
1,919
|
|
|
1,760
|
|
|
—
|
|
|
1,760
|
|
|
—
|
|
|
2,032
|
|
|
91
|
|
|||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and development
|
4,648
|
|
|
4,466
|
|
|
72
|
|
|
4,538
|
|
|
4
|
|
|
2,464
|
|
|
61
|
|
|||||||
Single family residential
|
19,466
|
|
|
15,139
|
|
|
2,963
|
|
|
18,102
|
|
|
42
|
|
|
15,470
|
|
|
382
|
|
|||||||
Other commercial
|
10,645
|
|
|
4,713
|
|
|
3,740
|
|
|
8,453
|
|
|
694
|
|
|
9,983
|
|
|
247
|
|
|||||||
Total real estate
|
34,759
|
|
|
24,318
|
|
|
6,775
|
|
|
31,093
|
|
|
740
|
|
|
27,917
|
|
|
690
|
|
|||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial
|
53,436
|
|
|
6,582
|
|
|
28,998
|
|
|
35,580
|
|
|
5,007
|
|
|
28,219
|
|
|
697
|
|
|||||||
Agricultural
|
525
|
|
|
383
|
|
|
116
|
|
|
499
|
|
|
—
|
|
|
908
|
|
|
22
|
|
|||||||
Total commercial
|
53,961
|
|
|
6,965
|
|
|
29,114
|
|
|
36,079
|
|
|
5,007
|
|
|
29,127
|
|
|
719
|
|
|||||||
Total
|
$
|
90,639
|
|
|
$
|
33,043
|
|
|
$
|
35,889
|
|
|
$
|
68,932
|
|
|
$
|
5,747
|
|
|
$
|
59,076
|
|
|
$
|
1,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Credit cards
|
$
|
296
|
|
|
$
|
296
|
|
|
$
|
—
|
|
|
$
|
296
|
|
|
$
|
—
|
|
|
$
|
266
|
|
|
$
|
85
|
|
Other consumer
|
2,311
|
|
|
2,159
|
|
|
—
|
|
|
2,159
|
|
|
—
|
|
|
3,719
|
|
|
112
|
|
|||||||
Total consumer
|
2,607
|
|
|
2,455
|
|
|
—
|
|
|
2,455
|
|
|
—
|
|
|
3,985
|
|
|
197
|
|
|||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Construction and development
|
1,344
|
|
|
784
|
|
|
485
|
|
|
1,269
|
|
|
211
|
|
|
1,651
|
|
|
50
|
|
|||||||
Single family residential
|
12,906
|
|
|
11,468
|
|
|
616
|
|
|
12,084
|
|
|
36
|
|
|
13,257
|
|
|
399
|
|
|||||||
Other commercial
|
8,434
|
|
|
2,976
|
|
|
5,458
|
|
|
8,434
|
|
|
—
|
|
|
13,608
|
|
|
410
|
|
|||||||
Total real estate
|
22,684
|
|
|
15,228
|
|
|
6,559
|
|
|
21,787
|
|
|
247
|
|
|
28,516
|
|
|
859
|
|
|||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial
|
10,361
|
|
|
5,733
|
|
|
4,628
|
|
|
10,361
|
|
|
437
|
|
|
10,003
|
|
|
301
|
|
|||||||
Agricultural
|
2,419
|
|
|
1,180
|
|
|
—
|
|
|
1,180
|
|
|
—
|
|
|
1,412
|
|
|
43
|
|
|||||||
Total commercial
|
12,780
|
|
|
6,913
|
|
|
4,628
|
|
|
11,541
|
|
|
437
|
|
|
11,415
|
|
|
344
|
|
|||||||
Total
|
$
|
38,071
|
|
|
$
|
24,596
|
|
|
$
|
11,187
|
|
|
$
|
35,783
|
|
|
$
|
684
|
|
|
$
|
43,916
|
|
|
$
|
1,400
|
|
|
|
Accruing TDR Loans
|
|
Nonaccrual TDR Loans
|
|
Total TDR Loans
|
|||||||||||||||
(Dollars in thousands)
|
|
Number
|
|
Balance
|
|
Number
|
|
Balance
|
|
Number
|
|
Balance
|
|||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Construction and development
|
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
72
|
|
|
1
|
|
|
$
|
72
|
|
Single-family residential
|
|
7
|
|
|
1,151
|
|
|
12
|
|
|
671
|
|
|
19
|
|
|
1,822
|
|
|||
Other commercial
|
|
1
|
|
|
476
|
|
|
2
|
|
|
80
|
|
|
3
|
|
|
556
|
|
|||
Total real estate
|
|
8
|
|
|
1,627
|
|
|
15
|
|
|
823
|
|
|
23
|
|
|
2,450
|
|
|||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial
|
|
4
|
|
|
2,784
|
|
|
3
|
|
|
79
|
|
|
7
|
|
|
2,863
|
|
|||
Total commercial
|
|
4
|
|
|
2,784
|
|
|
3
|
|
|
79
|
|
|
7
|
|
|
2,863
|
|
|||
Total
|
|
12
|
|
|
$
|
4,411
|
|
|
18
|
|
|
$
|
902
|
|
|
30
|
|
|
$
|
5,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Construction and development
|
|
—
|
|
|
$
|
—
|
|
|
3
|
|
|
$
|
485
|
|
|
3
|
|
|
$
|
485
|
|
Single-family residential
|
|
6
|
|
|
230
|
|
|
10
|
|
|
616
|
|
|
16
|
|
|
846
|
|
|||
Other commercial
|
|
2
|
|
|
3,306
|
|
|
2
|
|
|
1,027
|
|
|
4
|
|
|
4,333
|
|
|||
Total real estate
|
|
8
|
|
|
3,536
|
|
|
15
|
|
|
2,128
|
|
|
23
|
|
|
5,664
|
|
|||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial
|
|
4
|
|
|
2,833
|
|
|
6
|
|
|
718
|
|
|
10
|
|
|
3,551
|
|
|||
Total commercial
|
|
4
|
|
|
2,833
|
|
|
6
|
|
|
718
|
|
|
10
|
|
|
3,551
|
|
|||
Total
|
|
12
|
|
|
$
|
6,369
|
|
|
21
|
|
|
$
|
2,846
|
|
|
33
|
|
|
$
|
9,215
|
|
|
|
|
|
|
|
|
|
Modification Type
|
|
|
|||||||||||||
(Dollars in thousands)
|
|
Number of
Loans
|
|
Balance Prior
to TDR
|
|
Balance at December 31,
|
|
Change in
Maturity
Date
|
|
Change in
Rate
|
|
Financial Impact
on Date of
Restructure
|
|||||||||||
Year Ended December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Single-family residential
|
|
4
|
|
|
$
|
997
|
|
|
$
|
996
|
|
|
$
|
996
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total real estate
|
|
4
|
|
|
997
|
|
|
996
|
|
|
996
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
4
|
|
|
$
|
997
|
|
|
$
|
996
|
|
|
$
|
996
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Other consumer
|
|
1
|
|
|
$
|
91
|
|
|
$
|
91
|
|
|
$
|
91
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total consumer
|
|
1
|
|
|
91
|
|
|
91
|
|
|
91
|
|
|
—
|
|
|
—
|
|
|||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and development
|
|
1
|
|
|
99
|
|
|
98
|
|
|
98
|
|
|
—
|
|
|
—
|
|
|||||
Single-family residential
|
|
1
|
|
|
61
|
|
|
62
|
|
|
62
|
|
|
—
|
|
|
—
|
|
|||||
Other commercial
|
|
2
|
|
|
392
|
|
|
390
|
|
|
390
|
|
|
—
|
|
|
212
|
|
|||||
Total real estate
|
|
4
|
|
|
552
|
|
|
550
|
|
|
550
|
|
|
—
|
|
|
212
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
|
3
|
|
|
2,363
|
|
|
2,358
|
|
|
2,358
|
|
|
—
|
|
|
190
|
|
|||||
Total commercial
|
|
3
|
|
|
2,363
|
|
|
2,358
|
|
|
2,358
|
|
|
—
|
|
|
190
|
|
|||||
Total
|
|
8
|
|
|
$
|
3,006
|
|
|
$
|
2,999
|
|
|
$
|
2,999
|
|
|
$
|
—
|
|
|
$
|
402
|
|
•
|
Risk Rate 1 – Pass (Excellent) – This category includes loans which are virtually free of credit risk. Borrowers in this category represent the highest credit quality and greatest financial strength.
|
•
|
Risk Rate 2 – Pass (Good) - Loans under this category possess a nominal risk of default. This category includes borrowers with strong financial strength and superior financial ratios and trends. These loans are generally fully secured by cash or equivalents (other than those rated “excellent”).
|
•
|
Risk Rate 3 – Pass (Acceptable – Average) - Loans in this category are considered to possess a normal level of risk. Borrowers in this category have satisfactory financial strength and adequate cash flow coverage to service debt requirements. If secured, the perfected collateral should be of acceptable quality and within established borrowing parameters.
|
•
|
Risk Rate 4 – Pass (Monitor) - Loans in the Watch (Monitor) category exhibit an overall acceptable level of risk, but that risk may be increased by certain conditions, which represent “red flags”. These “red flags” require a higher level of supervision or monitoring than the normal “Pass” rated credit. The borrower may be experiencing these conditions for the first time, or it may be recovering from weakness, which at one time justified a higher rating. These conditions may include: weaknesses in financial trends; marginal cash flow; one-time negative operating results; non-compliance with policy or borrowing agreements; poor diversity in operations; lack of adequate monitoring information or lender supervision; questionable management ability/stability.
|
•
|
Risk Rate 5 – Special Mention - A loan in this category has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special Mention loans are not adversely classified (although they are “criticized”) and do not expose an institution to sufficient risk to warrant adverse classification. Borrowers may be experiencing adverse operating trends, or an ill-proportioned balance sheet. Non-financial characteristics of a Special Mention rating may include management problems, pending litigation, a non-existent, or ineffective loan agreement or other material structural weakness, and/or other significant deviation from prudent lending practices.
|
•
|
Risk Rate 6 – Substandard - A Substandard loan is inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Loans so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. The loans are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. This does not imply ultimate loss of the principal, but may involve burdensome administrative expenses and the accompanying cost to carry the loan.
|
•
|
Risk Rate 7 – Doubtful - A loan classified Doubtful has all the weaknesses inherent in a substandard loan except that the weaknesses make collection or liquidation in full (on the basis of currently existing facts, conditions, and values) highly questionable and improbable. Doubtful borrowers are usually in default, lack adequate liquidity, or capital, and lack the resources necessary to remain an operating entity. The possibility of loss is extremely high, but because of specific pending events that may strengthen the asset, its classification as loss is deferred. Pending factors include: proposed merger or acquisition; liquidation procedures; capital injection; perfection of liens on additional collateral; and refinancing plans. Loans classified as Doubtful are placed on nonaccrual status.
|
•
|
Risk Rate 8 – Loss - Loans classified Loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loans has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless loan, even though partial recovery may be affected in the future. Borrowers in the Loss category are often in bankruptcy, have formally suspended debt repayments, or have otherwise ceased normal business operations. Loans should be classified as Loss and charged-off in the period in which they become uncollectible.
|
(In thousands)
|
|
Risk Rate
1-4
|
|
Risk Rate
5
|
|
Risk Rate
6
|
|
Risk Rate
7
|
|
Risk Rate
8
|
|
Total
|
||||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Credit cards
|
|
$
|
204,161
|
|
|
$
|
—
|
|
|
$
|
641
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
204,802
|
|
Other consumer
|
|
190,350
|
|
|
—
|
|
|
1,596
|
|
|
—
|
|
|
—
|
|
|
191,946
|
|
||||||
Total consumer
|
|
394,511
|
|
|
—
|
|
|
2,237
|
|
|
—
|
|
|
—
|
|
|
396,748
|
|
||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and development
|
|
1,754,269
|
|
|
49
|
|
|
6,576
|
|
|
—
|
|
|
—
|
|
|
1,760,894
|
|
||||||
Single family residential
|
|
1,415,603
|
|
|
4,868
|
|
|
24,146
|
|
|
3
|
|
|
—
|
|
|
1,444,620
|
|
||||||
Other commercial
|
|
3,621,296
|
|
|
28,873
|
|
|
28,739
|
|
|
—
|
|
|
—
|
|
|
3,678,908
|
|
||||||
Total real estate
|
|
6,791,168
|
|
|
33,790
|
|
|
59,461
|
|
|
3
|
|
|
—
|
|
|
6,884,422
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
1,835,335
|
|
|
25,185
|
|
|
49,276
|
|
|
—
|
|
|
—
|
|
|
1,909,796
|
|
||||||
Agricultural
|
|
162,808
|
|
|
41
|
|
|
547
|
|
|
—
|
|
|
—
|
|
|
163,396
|
|
||||||
Total commercial
|
|
1,998,143
|
|
|
25,226
|
|
|
49,823
|
|
|
—
|
|
|
—
|
|
|
2,073,192
|
|
||||||
Other
|
|
275,714
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
275,714
|
|
||||||
Loans acquired
|
|
4,653,295
|
|
|
43,602
|
|
|
97,900
|
|
|
170
|
|
|
217
|
|
|
4,795,184
|
|
||||||
Total
|
|
$
|
14,112,831
|
|
|
$
|
102,618
|
|
|
$
|
209,421
|
|
|
$
|
173
|
|
|
$
|
217
|
|
|
$
|
14,425,260
|
|
(In thousands)
|
|
Risk Rate
1-4
|
|
Risk Rate
5
|
|
Risk Rate
6
|
|
Risk Rate
7
|
|
Risk Rate
8
|
|
Total
|
||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Credit cards
|
|
$
|
203,667
|
|
|
$
|
—
|
|
|
$
|
506
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
204,173
|
|
Other consumer
|
|
198,840
|
|
|
—
|
|
|
2,457
|
|
|
—
|
|
|
—
|
|
|
201,297
|
|
||||||
Total consumer
|
|
402,507
|
|
|
—
|
|
|
2,963
|
|
|
—
|
|
|
—
|
|
|
405,470
|
|
||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and development
|
|
1,296,988
|
|
|
1,910
|
|
|
1,825
|
|
|
—
|
|
|
—
|
|
|
1,300,723
|
|
||||||
Single family residential
|
|
1,420,052
|
|
|
1,628
|
|
|
18,528
|
|
|
235
|
|
|
—
|
|
|
1,440,443
|
|
||||||
Other commercial
|
|
3,193,289
|
|
|
17,169
|
|
|
14,829
|
|
|
—
|
|
|
—
|
|
|
3,225,287
|
|
||||||
Total real estate
|
|
5,910,329
|
|
|
20,707
|
|
|
35,182
|
|
|
235
|
|
|
—
|
|
|
5,966,453
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
1,742,002
|
|
|
8,357
|
|
|
24,550
|
|
|
—
|
|
|
—
|
|
|
1,774,909
|
|
||||||
Agricultural
|
|
162,824
|
|
|
75
|
|
|
1,615
|
|
|
—
|
|
|
—
|
|
|
164,514
|
|
||||||
Total commercial
|
|
1,904,826
|
|
|
8,432
|
|
|
26,165
|
|
|
—
|
|
|
—
|
|
|
1,939,423
|
|
||||||
Other
|
|
119,042
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119,042
|
|
||||||
Loans acquired
|
|
3,187,083
|
|
|
51,255
|
|
|
54,097
|
|
|
348
|
|
|
—
|
|
|
3,292,783
|
|
||||||
Total
|
|
$
|
11,523,787
|
|
|
$
|
80,394
|
|
|
$
|
118,407
|
|
|
$
|
583
|
|
|
$
|
—
|
|
|
$
|
11,723,171
|
|
(In thousands)
|
2019
|
|
2018
|
||||
Consumer:
|
|
|
|
|
|
||
Credit cards
|
$
|
(3,564
|
)
|
|
$
|
(3,046
|
)
|
Other consumer
|
(2,537
|
)
|
|
(6,080
|
)
|
||
Total consumer
|
(6,101
|
)
|
|
(9,126
|
)
|
||
Real estate:
|
|
|
|
||||
Construction and development
|
(375
|
)
|
|
(1,775
|
)
|
||
Single family residential
|
(703
|
)
|
|
(494
|
)
|
||
Other commercial
|
(745
|
)
|
|
(2,645
|
)
|
||
Total real estate
|
(1,823
|
)
|
|
(4,914
|
)
|
||
Commercial:
|
|
|
|
||||
Commercial
|
(21,651
|
)
|
|
(5,878
|
)
|
||
Agricultural
|
—
|
|
|
—
|
|
||
Total commercial
|
(21,651
|
)
|
|
(5,878
|
)
|
||
Total
|
$
|
(29,575
|
)
|
|
$
|
(19,918
|
)
|
(In thousands)
|
Commercial
|
|
Real
Estate
|
|
Credit
Card
|
|
Other
Consumer
and Other
|
|
Total
|
||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance, beginning of year (2)
|
$
|
20,514
|
|
|
$
|
29,743
|
|
|
$
|
3,923
|
|
|
$
|
2,419
|
|
|
$
|
56,599
|
|
Provision for loan losses (1)
|
24,000
|
|
|
10,797
|
|
|
3,692
|
|
|
2,287
|
|
|
40,776
|
|
|||||
Charge-offs
|
(22,023
|
)
|
|
(2,319
|
)
|
|
(4,585
|
)
|
|
(4,894
|
)
|
|
(33,821
|
)
|
|||||
Recoveries
|
372
|
|
|
496
|
|
|
1,021
|
|
|
2,357
|
|
|
4,246
|
|
|||||
Net charge-offs
|
(21,651
|
)
|
|
(1,823
|
)
|
|
(3,564
|
)
|
|
(2,537
|
)
|
|
(29,575
|
)
|
|||||
Balance, end of year (2)
|
$
|
22,863
|
|
|
$
|
38,717
|
|
|
$
|
4,051
|
|
|
$
|
2,169
|
|
|
$
|
67,800
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Period-end amount allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans individually evaluated for impairment
|
$
|
5,007
|
|
|
$
|
740
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,747
|
|
Loans collectively evaluated for impairment
|
17,856
|
|
|
37,977
|
|
|
4,051
|
|
|
2,169
|
|
|
62,053
|
|
|||||
Balance, end of year (2)
|
$
|
22,863
|
|
|
$
|
38,717
|
|
|
$
|
4,051
|
|
|
$
|
2,169
|
|
|
$
|
67,800
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance, beginning of year (2)
|
$
|
7,007
|
|
|
$
|
27,281
|
|
|
$
|
3,784
|
|
|
$
|
3,596
|
|
|
$
|
41,668
|
|
Provision for loan losses (1)
|
19,385
|
|
|
7,376
|
|
|
3,185
|
|
|
4,903
|
|
|
34,849
|
|
|||||
Charge-offs
|
(6,623
|
)
|
|
(5,905
|
)
|
|
(4,051
|
)
|
|
(6,637
|
)
|
|
(23,216
|
)
|
|||||
Recoveries
|
745
|
|
|
991
|
|
|
1,005
|
|
|
557
|
|
|
3,298
|
|
|||||
Net charge-offs
|
(5,878
|
)
|
|
(4,914
|
)
|
|
(3,046
|
)
|
|
(6,080
|
)
|
|
(19,918
|
)
|
|||||
Balance, end of year (2)
|
$
|
20,514
|
|
|
$
|
29,743
|
|
|
$
|
3,923
|
|
|
$
|
2,419
|
|
|
$
|
56,599
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Period-end amount allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans individually evaluated for impairment
|
$
|
437
|
|
|
$
|
247
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
684
|
|
Loans collectively evaluated for impairment
|
20,077
|
|
|
29,496
|
|
|
3,923
|
|
|
2,419
|
|
|
55,915
|
|
|||||
Balance, end of year (2)
|
$
|
20,514
|
|
|
$
|
29,743
|
|
|
$
|
3,923
|
|
|
$
|
2,419
|
|
|
$
|
56,599
|
|
(In thousands)
|
|
Commercial
|
|
Real
Estate
|
|
Credit
Card
|
|
Other
Consumer
and Other
|
|
Total
|
||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance, beginning of year (2)
|
|
$
|
7,739
|
|
|
$
|
21,817
|
|
|
$
|
3,779
|
|
|
$
|
2,951
|
|
|
$
|
36,286
|
|
Provision for loan losses (1)
|
|
7,002
|
|
|
12,463
|
|
|
2,889
|
|
|
2,173
|
|
|
24,527
|
|
|||||
Charge-offs
|
|
(7,837
|
)
|
|
(7,989
|
)
|
|
(3,905
|
)
|
|
(3,767
|
)
|
|
(23,498
|
)
|
|||||
Recoveries
|
|
103
|
|
|
990
|
|
|
1,021
|
|
|
2,239
|
|
|
4,353
|
|
|||||
Net charge-offs
|
|
(7,734
|
)
|
|
(6,999
|
)
|
|
(2,884
|
)
|
|
(1,528
|
)
|
|
(19,145
|
)
|
|||||
Balance, end of year (2)
|
|
$
|
7,007
|
|
|
$
|
27,281
|
|
|
$
|
3,784
|
|
|
$
|
3,596
|
|
|
$
|
41,668
|
|
(In thousands)
|
|
Commercial
|
|
Real
Estate
|
|
Credit
Card
|
|
Other
Consumer
and Other
|
|
Total
|
||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans individually evaluated for impairment
|
|
$
|
36,079
|
|
|
$
|
31,093
|
|
|
$
|
382
|
|
|
$
|
1,378
|
|
|
$
|
68,932
|
|
Loans collectively evaluated for impairment
|
|
2,037,113
|
|
|
6,853,329
|
|
|
204,420
|
|
|
466,282
|
|
|
9,561,144
|
|
|||||
Balance, end of period
|
|
$
|
2,073,192
|
|
|
$
|
6,884,422
|
|
|
$
|
204,802
|
|
|
$
|
467,660
|
|
|
$
|
9,630,076
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans individually evaluated for impairment
|
|
$
|
13,062
|
|
|
$
|
24,253
|
|
|
$
|
296
|
|
|
$
|
2,159
|
|
|
$
|
39,770
|
|
Loans collectively evaluated for impairment
|
|
1,926,361
|
|
|
5,942,200
|
|
|
203,877
|
|
|
318,180
|
|
|
8,390,618
|
|
|||||
Balance, end of period
|
|
$
|
1,939,423
|
|
|
$
|
5,966,453
|
|
|
$
|
204,173
|
|
|
$
|
320,339
|
|
|
$
|
8,430,388
|
|
|
|
|
Loans Acquired
At December 31,
|
||||||
(In thousands)
|
|
2019
|
|
2018
|
||||
Consumer:
|
|
|
|
|
|
|
||
Other consumer
|
|
$
|
57,748
|
|
|
$
|
15,658
|
|
Real estate:
|
|
|
|
|
||||
Construction and development
|
|
475,967
|
|
|
429,605
|
|
||
Single family residential
|
|
997,444
|
|
|
566,188
|
|
||
Other commercial
|
|
2,526,247
|
|
|
1,848,679
|
|
||
Total real estate
|
|
3,999,658
|
|
|
2,844,472
|
|
||
Commercial:
|
|
|
|
|
||||
Commercial
|
|
585,720
|
|
|
430,914
|
|
||
Agricultural
|
|
152,058
|
|
|
1,739
|
|
||
Total commercial
|
|
737,778
|
|
|
432,653
|
|
||
Total loans acquired (1)
|
|
$
|
4,795,184
|
|
|
$
|
3,292,783
|
|
(In thousands)
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Consumer:
|
|
|
|
|
|
|
||
Other consumer
|
|
$
|
327
|
|
|
$
|
140
|
|
Real estate:
|
|
|
|
|
||||
Construction and development
|
|
751
|
|
|
114
|
|
||
Single family residential
|
|
9,593
|
|
|
6,603
|
|
||
Other commercial
|
|
7,221
|
|
|
1,167
|
|
||
Total real estate
|
|
17,565
|
|
|
7,884
|
|
||
Commercial:
|
|
|
|
|
||||
Commercial
|
|
4,349
|
|
|
13,578
|
|
||
Agricultural
|
|
253
|
|
|
38
|
|
||
Total commercial
|
|
4,602
|
|
|
13,616
|
|
||
Total
|
|
$
|
22,494
|
|
|
$
|
21,640
|
|
(In thousands)
|
|
Gross
30-89 Days
Past Due
|
|
90 Days
or More
Past Due
|
|
Total
Past Due
|
|
Current
|
|
Total
Loans
|
|
90 Days
Past Due &
Accruing
|
||||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other consumer
|
|
$
|
827
|
|
|
$
|
140
|
|
|
$
|
967
|
|
|
$
|
56,781
|
|
|
$
|
57,748
|
|
|
$
|
—
|
|
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and development
|
|
824
|
|
|
473
|
|
|
1,297
|
|
|
474,670
|
|
|
475,967
|
|
|
—
|
|
||||||
Single family residential
|
|
12,904
|
|
|
5,020
|
|
|
17,924
|
|
|
979,520
|
|
|
997,444
|
|
|
597
|
|
||||||
Other commercial
|
|
3,343
|
|
|
2,481
|
|
|
5,824
|
|
|
2,520,423
|
|
|
2,526,247
|
|
|
—
|
|
||||||
Total real estate
|
|
17,071
|
|
|
7,974
|
|
|
25,045
|
|
|
3,974,613
|
|
|
3,999,658
|
|
|
597
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
4,326
|
|
|
1,377
|
|
|
5,703
|
|
|
580,017
|
|
|
585,720
|
|
|
—
|
|
||||||
Agricultural
|
|
1,016
|
|
|
6
|
|
|
1,022
|
|
|
151,036
|
|
|
152,058
|
|
|
—
|
|
||||||
Total commercial
|
|
5,342
|
|
|
1,383
|
|
|
6,725
|
|
|
731,053
|
|
|
737,778
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
$
|
23,240
|
|
|
$
|
9,497
|
|
|
$
|
32,737
|
|
|
$
|
4,762,447
|
|
|
$
|
4,795,184
|
|
|
$
|
597
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other consumer
|
|
$
|
337
|
|
|
$
|
49
|
|
|
$
|
386
|
|
|
$
|
15,272
|
|
|
$
|
15,658
|
|
|
$
|
2
|
|
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and development
|
|
8,283
|
|
|
27
|
|
|
8,310
|
|
|
421,295
|
|
|
429,605
|
|
|
—
|
|
||||||
Single family residential
|
|
4,706
|
|
|
3,049
|
|
|
7,755
|
|
|
558,433
|
|
|
566,188
|
|
|
—
|
|
||||||
Other commercial
|
|
168
|
|
|
577
|
|
|
745
|
|
|
1,847,934
|
|
|
1,848,679
|
|
|
—
|
|
||||||
Total real estate
|
|
13,157
|
|
|
3,653
|
|
|
16,810
|
|
|
2,827,662
|
|
|
2,844,472
|
|
|
—
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
1,302
|
|
|
9,542
|
|
|
10,844
|
|
|
420,070
|
|
|
430,914
|
|
|
—
|
|
||||||
Agricultural
|
|
31
|
|
|
5
|
|
|
36
|
|
|
1,703
|
|
|
1,739
|
|
|
—
|
|
||||||
Total commercial
|
|
1,333
|
|
|
9,547
|
|
|
10,880
|
|
|
421,773
|
|
|
432,653
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
$
|
14,827
|
|
|
$
|
13,249
|
|
|
$
|
28,076
|
|
|
$
|
3,264,707
|
|
|
$
|
3,292,783
|
|
|
$
|
2
|
|
(In thousands)
|
|
Risk Rate
1-4
|
|
Risk Rate
5
|
|
Risk Rate
6
|
|
Risk Rate
7
|
|
Risk Rate
8
|
|
Total
|
||||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other consumer
|
|
$
|
57,318
|
|
|
$
|
—
|
|
|
$
|
430
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
57,748
|
|
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and development
|
|
474,750
|
|
|
21
|
|
|
1,159
|
|
|
—
|
|
|
37
|
|
|
475,967
|
|
||||||
Single family residential
|
|
978,681
|
|
|
1,181
|
|
|
17,455
|
|
|
127
|
|
|
—
|
|
|
997,444
|
|
||||||
Other commercial
|
|
2,446,685
|
|
|
40,872
|
|
|
38,690
|
|
|
—
|
|
|
—
|
|
|
2,526,247
|
|
||||||
Total real estate
|
|
3,900,116
|
|
|
42,074
|
|
|
57,304
|
|
|
127
|
|
|
37
|
|
|
3,999,658
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
548,928
|
|
|
1,528
|
|
|
35,041
|
|
|
43
|
|
|
180
|
|
|
585,720
|
|
||||||
Agricultural
|
|
146,933
|
|
|
—
|
|
|
5,125
|
|
|
—
|
|
|
—
|
|
|
152,058
|
|
||||||
Total commercial
|
|
695,861
|
|
|
1,528
|
|
|
40,166
|
|
|
43
|
|
|
180
|
|
|
737,778
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
$
|
4,653,295
|
|
|
$
|
43,602
|
|
|
$
|
97,900
|
|
|
$
|
170
|
|
|
$
|
217
|
|
|
$
|
4,795,184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other consumer
|
|
$
|
15,380
|
|
|
$
|
—
|
|
|
$
|
278
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,658
|
|
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and development
|
|
393,122
|
|
|
27,621
|
|
|
8,862
|
|
|
—
|
|
|
—
|
|
|
429,605
|
|
||||||
Single family residential
|
|
553,460
|
|
|
2,081
|
|
|
10,299
|
|
|
348
|
|
|
—
|
|
|
566,188
|
|
||||||
Other commercial
|
|
1,822,179
|
|
|
9,137
|
|
|
17,363
|
|
|
—
|
|
|
—
|
|
|
1,848,679
|
|
||||||
Total real estate
|
|
2,768,761
|
|
|
38,839
|
|
|
36,524
|
|
|
348
|
|
|
—
|
|
|
2,844,472
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
401,300
|
|
|
12,416
|
|
|
17,198
|
|
|
—
|
|
|
—
|
|
|
430,914
|
|
||||||
Agricultural
|
|
1,642
|
|
|
—
|
|
|
97
|
|
|
—
|
|
|
—
|
|
|
1,739
|
|
||||||
Total commercial
|
|
402,942
|
|
|
12,416
|
|
|
17,295
|
|
|
—
|
|
|
—
|
|
|
432,653
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
$
|
3,187,083
|
|
|
$
|
51,255
|
|
|
$
|
54,097
|
|
|
$
|
348
|
|
|
$
|
—
|
|
|
$
|
3,292,783
|
|
(In thousands)
|
|
Not Impaired
|
|
Impaired
|
||||
Contractually required principal and interest at acquisition
|
|
$
|
2,033,315
|
|
|
$
|
15,822
|
|
Non-accretable difference (expected losses and foregone interest)
|
|
—
|
|
|
(4,646
|
)
|
||
Cash flows expected to be collected at acquisition
|
|
2,033,315
|
|
|
11,176
|
|
||
Accretable yield
|
|
(38,555
|
)
|
|
—
|
|
||
Basis in acquired loans at acquisition
|
|
$
|
1,994,760
|
|
|
$
|
11,176
|
|
(In thousands)
|
|
Not Impaired
|
|
Impaired
|
||||
Contractually required principal and interest at acquisition
|
|
$
|
1,138,142
|
|
|
$
|
385
|
|
Non-accretable difference (expected losses and foregone interest)
|
|
—
|
|
|
(210
|
)
|
||
Cash flows expected to be collected at acquisition
|
|
1,138,142
|
|
|
175
|
|
||
Accretable yield
|
|
(41,447
|
)
|
|
|
|
||
Basis in acquired loans at acquisition
|
|
$
|
1,096,695
|
|
|
$
|
175
|
|
(In thousands)
|
|
Not Impaired
|
|
Impaired
|
||||
Contractually required principal and interest at acquisition
|
|
$
|
2,021,388
|
|
|
$
|
18,136
|
|
Non-accretable difference (expected losses and foregone interest)
|
|
—
|
|
|
(6,731
|
)
|
||
Cash flows expected to be collected at acquisition
|
|
2,021,388
|
|
|
11,405
|
|
||
Accretable yield
|
|
(36,340
|
)
|
|
—
|
|
||
Basis in acquired loans at acquisition
|
|
$
|
1,985,048
|
|
|
$
|
11,405
|
|
(In thousands)
|
|
Not Impaired
|
|
Impaired
|
||||
Contractually required principal and interest at acquisition
|
|
$
|
2,246,212
|
|
|
$
|
—
|
|
Non-accretable difference (expected losses and foregone interest)
|
|
—
|
|
|
—
|
|
||
Cash flows expected to be collected at acquisition
|
|
2,246,212
|
|
|
—
|
|
||
Accretable yield
|
|
(37,834
|
)
|
|
—
|
|
||
Basis in acquired loans at acquisition
|
|
$
|
2,208,378
|
|
|
$
|
—
|
|
(In thousands)
|
|
Not Impaired
|
|
Impaired
|
||||
Contractually required principal and interest at acquisition
|
|
$
|
254,189
|
|
|
$
|
3,452
|
|
Non-accretable difference (expected losses and foregone interest)
|
|
—
|
|
|
(990
|
)
|
||
Cash flows expected to be collected at acquisition
|
|
254,189
|
|
|
2,462
|
|
||
Accretable yield
|
|
(5,002
|
)
|
|
—
|
|
||
Basis in acquired loans at acquisition
|
|
$
|
249,187
|
|
|
$
|
2,462
|
|
(In thousands)
|
|
Accretable
Yield
|
|
Carrying
Amount of
Loans
|
||||
Balance, January 1, 2017
|
|
$
|
1,655
|
|
|
$
|
17,802
|
|
Additions
|
|
—
|
|
|
13,793
|
|
||
Accretable yield adjustments
|
|
4,893
|
|
|
—
|
|
||
Accretion
|
|
(5,928
|
)
|
|
5,928
|
|
||
Payments and other reductions, net
|
|
—
|
|
|
(20,407
|
)
|
||
Balance, December 31, 2017
|
|
620
|
|
|
17,116
|
|
||
|
|
|
|
|
||||
Additions
|
|
—
|
|
|
—
|
|
||
Accretable yield adjustments
|
|
2,045
|
|
|
—
|
|
||
Accretion
|
|
(1,205
|
)
|
|
1,205
|
|
||
Payments and other reductions, net
|
|
—
|
|
|
(14,271
|
)
|
||
Balance, December 31, 2018
|
|
1,460
|
|
|
4,050
|
|
||
|
|
|
|
|
||||
Additions
|
|
—
|
|
|
11,351
|
|
||
Accretable yield adjustments
|
|
39
|
|
|
—
|
|
||
Accretion
|
|
(51
|
)
|
|
51
|
|
||
Payments and other reductions, net
|
|
—
|
|
|
(2,068
|
)
|
||
Balance, December 31, 2019
|
|
$
|
1,448
|
|
|
$
|
13,384
|
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Operating lease cost for the years ended December 31
|
|
$
|
13,560,000
|
|
|
$
|
13,378,000
|
|
|
$
|
7,780,000
|
|
|
|
|
|
|
|
|
||||||
Weighted average remaining lease term
|
|
8.37 years
|
|
|
|
|
|
|||||
Weighted average discount rate
|
|
3.27
|
%
|
|
|
|
|
Year
|
(In thousands)
|
||
2020
|
$
|
10,071
|
|
2021
|
8,394
|
|
|
2022
|
7,095
|
|
|
2023
|
5,236
|
|
|
2024
|
3,345
|
|
|
Thereafter
|
13,659
|
|
|
Total undiscounted minimum lease payments
|
47,800
|
|
|
Less: Net present value adjustment
|
6,946
|
|
|
Lease liability included in other liabilities
|
$
|
40,854
|
|
|
(In thousands)
|
2019
|
|
2018
|
||||
Core deposit premiums:
|
|
|
|
||||
Balance, beginning of year
|
$
|
79,807
|
|
|
$
|
89,325
|
|
Acquisitions(1)
|
42,695
|
|
|
—
|
|
||
Amortization
|
(10,694
|
)
|
|
(9,518
|
)
|
||
Balance, end of year
|
111,808
|
|
|
79,807
|
|
||
Books of business and other intangibles:
|
|
|
|
||||
Balance, beginning of year
|
11,527
|
|
|
16,746
|
|
||
Acquisitions(2)
|
5,116
|
|
|
—
|
|
||
Disposition of intangible asset
|
—
|
|
|
(3,849
|
)
|
||
Amortization
|
(1,111
|
)
|
|
(1,370
|
)
|
||
Balance, end of year
|
15,532
|
|
|
11,527
|
|
||
Total other intangible assets, net
|
$
|
127,340
|
|
|
$
|
91,334
|
|
(In thousands)
|
2019
|
|
2018
|
||||
Core deposit premiums:
|
|
|
|
||||
Gross carrying amount
|
$
|
148,679
|
|
|
$
|
105,984
|
|
Accumulated amortization
|
(36,871
|
)
|
|
(26,177
|
)
|
||
Core deposit premiums, net
|
111,808
|
|
|
79,807
|
|
||
Books of business and other intangibles:
|
|
|
|
||||
Gross carrying amount
|
20,350
|
|
|
15,234
|
|
||
Accumulated amortization
|
(4,818
|
)
|
|
(3,707
|
)
|
||
Books of business and other intangibles, net
|
15,532
|
|
|
11,527
|
|
||
Total other intangible assets, net
|
$
|
127,340
|
|
|
$
|
91,334
|
|
Year
|
(In thousands)
|
||
2020
|
$
|
13,712
|
|
2021
|
13,650
|
|
|
2022
|
13,598
|
|
|
2023
|
13,316
|
|
|
2024
|
12,413
|
|
|
Thereafter
|
60,651
|
|
|
Total
|
$
|
127,340
|
|
|
|
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Income taxes currently payable
|
$
|
29,354
|
|
|
$
|
41,946
|
|
|
$
|
38,732
|
|
Deferred income taxes
|
34,911
|
|
|
8,412
|
|
|
23,251
|
|
|||
Provision for income taxes
|
$
|
64,265
|
|
|
$
|
50,358
|
|
|
$
|
61,983
|
|
(In thousands)
|
|
2019
|
|
2018
|
||||
Deferred tax assets:
|
|
|
|
|
|
|
||
Loans acquired
|
|
$
|
20,783
|
|
|
$
|
12,536
|
|
Allowance for loan losses
|
|
16,732
|
|
|
13,947
|
|
||
Valuation of foreclosed assets
|
|
2,626
|
|
|
1,474
|
|
||
Tax NOLs from acquisition
|
|
18,118
|
|
|
7,242
|
|
||
Deferred compensation payable
|
|
2,750
|
|
|
2,707
|
|
||
Accrued equity and other compensation
|
|
6,677
|
|
|
8,182
|
|
||
Acquired securities
|
|
3,393
|
|
|
397
|
|
||
Unrealized loss on available-for-sale securities
|
|
—
|
|
|
9,196
|
|
||
Right-of-use lease liability
|
|
10,221
|
|
|
—
|
|
||
Other
|
|
7,886
|
|
|
7,042
|
|
||
Gross deferred tax assets
|
|
89,186
|
|
|
62,723
|
|
||
Deferred tax liabilities:
|
|
|
|
|
|
|
||
Goodwill and other intangible amortization
|
|
(41,221
|
)
|
|
(30,471
|
)
|
||
Accumulated depreciation
|
|
(36,554
|
)
|
|
(13,361
|
)
|
||
Right-of-use lease asset
|
|
(10,176
|
)
|
|
—
|
|
||
Unrealized gain on available-for-sale securities
|
|
(3,720
|
)
|
|
—
|
|
||
Other
|
|
(7,651
|
)
|
|
(5,360
|
)
|
||
Gross deferred tax liabilities
|
|
(99,322
|
)
|
|
(49,192
|
)
|
||
Net deferred tax (liability) asset
|
|
$
|
(10,136
|
)
|
|
$
|
13,531
|
|
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Computed at the statutory rate (1)
|
|
$
|
63,442
|
|
|
$
|
55,875
|
|
|
$
|
54,223
|
|
Increase (decrease) in taxes resulting from:
|
|
|
|
|
|
|
|
|
|
|||
State income taxes, net of federal tax benefit
|
|
5,860
|
|
|
5,015
|
|
|
1,582
|
|
|||
Discrete items related to ASU 2016-09
|
|
(38
|
)
|
|
(2,439
|
)
|
|
(1,480
|
)
|
|||
Tax exempt interest income
|
|
(4,390
|
)
|
|
(3,168
|
)
|
|
(4,209
|
)
|
|||
Tax exempt earnings on BOLI
|
|
(852
|
)
|
|
(869
|
)
|
|
(926
|
)
|
|||
Federal tax credits
|
|
(2,933
|
)
|
|
(3,003
|
)
|
|
(1,586
|
)
|
|||
Impact of DTA remeasurement
|
|
—
|
|
|
—
|
|
|
11,471
|
|
|||
Other differences, net
|
|
3,176
|
|
|
(1,053
|
)
|
|
2,908
|
|
|||
Actual tax provision
|
|
$
|
64,265
|
|
|
$
|
50,358
|
|
|
$
|
61,983
|
|
|
|
|
Remaining Contractual Maturity of the Agreements
|
||||||||||||||||||
(In thousands)
|
|
Overnight and
Continuous
|
|
Up to 30 Days
|
|
30-90 Days
|
|
Greater than
90 Days
|
|
Total
|
||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase agreements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Government agencies
|
|
$
|
133,220
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
133,220
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Repurchase agreements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Government agencies
|
|
$
|
95,542
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
95,542
|
|
|
(In thousands)
|
|
2019
|
|
2018
|
||||
Other Borrowings
|
|
|
|
|
|
|
||
FHLB advances, net of discount, due 2020 to 2033, 0.55% to 7.37%, secured by real estate loans
|
|
$
|
1,262,691
|
|
|
$
|
1,345,450
|
|
Other long-term debt
|
|
34,908
|
|
|
—
|
|
||
Total other borrowings
|
|
1,297,599
|
|
|
1,345,450
|
|
||
|
|
|
|
|
||||
Subordinated Notes and Debentures
|
|
|
|
|
|
|
||
Subordinated notes payable, due 4/1/2028, fixed-to-floating rate (fixed rate of 5.00% through 3/31/2023, floating rate of 2.15% above the three month LIBOR rate, reset quarterly)
|
|
330,000
|
|
|
330,000
|
|
||
Trust preferred securities, net of discount, due 9/15/2037, floating rate of 1.37% above the three month LIBOR rate, reset quarterly
|
|
10,310
|
|
|
10,310
|
|
||
Trust preferred securities, net of discount, due 6/6/2037, floating rate of 1.57% above the three month LIBOR rate, reset quarterly, callable without penalty
|
|
10,310
|
|
|
10,310
|
|
||
Trust preferred securities, due 12/15/2035, floating rate of 1.45% above the three month LIBOR rate, reset quarterly, callable without penalty
|
|
6,702
|
|
|
6,702
|
|
||
Trust preferred securities, net of discount, due 6/15/2037, floating rate of 1.85% above the three month LIBOR rate, reset quarterly, callable without penalty
|
|
25,015
|
|
|
—
|
|
||
Trust preferred securities, net of discount, due 12/15/2036, floating rate of 1.85% above the three month LIBOR rate, reset quarterly, callable without penalty
|
|
3,004
|
|
|
—
|
|
||
Other subordinated debentures, due 12/31/36, floating rate of prime rate minus 1.1%, reset quarterly
|
|
5,927
|
|
|
—
|
|
||
Unamortized debt issuance costs
|
|
(3,008
|
)
|
|
(3,372
|
)
|
||
Total subordinated notes and debentures
|
|
388,260
|
|
|
353,950
|
|
||
Total other borrowings and subordinated debt
|
|
$
|
1,685,859
|
|
|
$
|
1,699,400
|
|
Year
|
(In thousands)
|
||
2020
|
$
|
3,299
|
|
2021
|
3,016
|
|
|
2022
|
2,187
|
|
|
2023
|
2,366
|
|
|
2024
|
2,446
|
|
|
Thereafter
|
422,545
|
|
|
Total
|
$
|
435,859
|
|
|
|
(In thousands)
|
2019
|
|
2018
|
||||
Balance, beginning of year
|
$
|
66,391
|
|
|
$
|
58,867
|
|
New extensions of credit
|
2,503
|
|
|
7,661
|
|
||
Repayments
|
(48,756
|
)
|
|
(137
|
)
|
||
Balance, end of year
|
$
|
20,138
|
|
|
$
|
66,391
|
|
|
|
|
Stock Options
Outstanding
|
|
Stock Awards
Outstanding
|
|
Stock Units
Outstanding
|
|||||||||||||||
(Shares in thousands)
|
|
Number of Shares
|
|
Weighted
Average
Exercise
Price
|
|
Number of Shares
|
|
Weighted
Average
Exercise
Price
|
|
Number of Shares
|
|
Weighted
Average
Exercise
Price
|
|||||||||
Balance, December 31, 2016
|
|
946
|
|
|
$
|
21.43
|
|
|
278
|
|
|
$
|
20.48
|
|
|
406
|
|
|
$
|
22.70
|
|
Granted
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
906
|
|
|
28.86
|
|
|||
Stock options exercised
|
|
(122
|
)
|
|
17.66
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Stock awards/units vested (earned)
|
|
—
|
|
|
—
|
|
|
(91
|
)
|
|
19.40
|
|
|
(449
|
)
|
|
27.13
|
|
|||
Forfeited/expired
|
|
(12
|
)
|
|
22.67
|
|
|
(25
|
)
|
|
21.91
|
|
|
(35
|
)
|
|
25.76
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, December 31, 2017
|
|
812
|
|
|
21.98
|
|
|
162
|
|
|
20.85
|
|
|
828
|
|
|
26.13
|
|
|||
Granted
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
429
|
|
|
29.16
|
|
|||
Stock options exercised
|
|
(112
|
)
|
|
19.22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Stock awards/units vested (earned)
|
|
—
|
|
|
—
|
|
|
(80
|
)
|
|
20.41
|
|
|
(311
|
)
|
|
25.56
|
|
|||
Forfeited/expired
|
|
(5
|
)
|
|
21.73
|
|
|
(10
|
)
|
|
20.12
|
|
|
(129
|
)
|
|
27.95
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, December 31, 2018
|
|
695
|
|
|
22.42
|
|
|
72
|
|
|
21.45
|
|
|
817
|
|
|
27.65
|
|
|||
Granted
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
842
|
|
|
26.05
|
|
|||
Stock options exercised
|
|
(3
|
)
|
|
12.79
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Stock awards/units vested (earned)
|
|
—
|
|
|
—
|
|
|
(49
|
)
|
|
20.72
|
|
|
(405
|
)
|
|
26.75
|
|
|||
Forfeited/expired
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
21.82
|
|
|
(102
|
)
|
|
28.10
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, December 31, 2019
|
|
692
|
|
|
$
|
22.46
|
|
|
21
|
|
|
$
|
23.19
|
|
|
1,152
|
|
|
$
|
26.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Exercisable, December 31, 2019
|
|
692
|
|
|
$
|
22.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||
Range of Exercise Prices
|
|
Number
of Shares
(In thousands)
|
|
Weighted
Average
Remaining
Contractual
Life (Years)
|
|
Weighted
Average
Exercise
Price
|
|
Number
of Shares
(In thousands)
|
|
Weighted
Average
Exercise
Price
|
||||||||
$
|
9.46
|
|
|
—
|
|
$
|
9.46
|
|
|
1
|
|
2.04
|
|
$9.46
|
|
1
|
|
$9.46
|
10.65
|
|
|
—
|
|
10.65
|
|
|
3
|
|
3.07
|
|
10.65
|
|
3
|
|
10.65
|
||
10.76
|
|
|
—
|
|
10.76
|
|
|
1
|
|
0.05
|
|
10.76
|
|
1
|
|
10.76
|
||
20.29
|
|
|
—
|
|
20.29
|
|
|
71
|
|
5.00
|
|
20.29
|
|
71
|
|
20.29
|
||
20.36
|
|
|
—
|
|
20.36
|
|
|
2
|
|
4.88
|
|
20.36
|
|
2
|
|
20.36
|
||
22.20
|
|
|
—
|
|
22.20
|
|
|
74
|
|
5.23
|
|
22.20
|
|
74
|
|
22.20
|
||
22.75
|
|
|
—
|
|
22.75
|
|
|
436
|
|
5.61
|
|
22.75
|
|
436
|
|
22.75
|
||
23.51
|
|
|
—
|
|
23.51
|
|
|
97
|
|
6.05
|
|
23.51
|
|
97
|
|
23.51
|
||
24.07
|
|
|
—
|
|
24.07
|
|
|
7
|
|
5.71
|
|
24.07
|
|
7
|
|
24.07
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
$
|
9.46
|
|
|
—
|
|
$
|
24.07
|
|
|
692
|
|
5.55
|
|
$22.46
|
|
692
|
|
$22.46
|
(In thousands)
|
|
Performance Stock Units
|
|
Non-vested, December 31, 2016
|
|
181
|
|
Granted
|
|
57
|
|
Vested (earned)
|
|
(57
|
)
|
Forfeited
|
|
(4
|
)
|
|
|
|
|
Non-vested, December 31, 2017
|
|
177
|
|
Granted
|
|
72
|
|
Vested (earned)
|
|
(55
|
)
|
Forfeited
|
|
(17
|
)
|
|
|
|
|
Non-vested, December 31, 2018
|
|
177
|
|
Granted
|
|
118
|
|
Vested (earned)
|
|
(93
|
)
|
Forfeited
|
|
(3
|
)
|
|
|
|
|
Non-vested, December 31, 2019
|
|
199
|
|
|
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Interest paid
|
$
|
182,541
|
|
|
$
|
122,801
|
|
|
$
|
39,384
|
|
Income taxes paid
|
51,999
|
|
|
25,718
|
|
|
35,770
|
|
|||
Transfers of loans to foreclosed assets held for sale
|
4,760
|
|
|
16,858
|
|
|
6,983
|
|
|||
Transfers of premises to foreclosed assets and other real estate owned
|
647
|
|
|
3,690
|
|
|
5,422
|
|
|||
Transfers of premises held for sale to foreclosed assets and other real estate owned
|
—
|
|
|
—
|
|
|
3,188
|
|
|||
Right-of-use lease assets obtained in exchange for lessee operating lease liabilities (adoption of ASU 2016-02)
|
32,757
|
|
|
—
|
|
|
—
|
|
|||
Transfers of held-to-maturity to available-for-sale securities
|
216,373
|
|
|
—
|
|
|
—
|
|
|||
Transfers of loans to other assets held for sale
|
259,939
|
|
|
—
|
|
|
—
|
|
|||
Transfers of deposits to other liabilities held for sale
|
159,853
|
|
|
—
|
|
|
—
|
|
|
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Professional services
|
|
$
|
16,897
|
|
|
$
|
16,685
|
|
|
$
|
19,500
|
|
Postage
|
|
6,363
|
|
|
5,785
|
|
|
4,686
|
|
|||
Telephone
|
|
7,685
|
|
|
5,947
|
|
|
4,262
|
|
|||
Credit card expense
|
|
16,163
|
|
|
14,338
|
|
|
12,188
|
|
|||
Marketing
|
|
16,499
|
|
|
8,410
|
|
|
11,141
|
|
|||
Software and technology
|
|
25,146
|
|
|
15,558
|
|
|
2,204
|
|
|||
Operating supplies
|
|
2,322
|
|
|
2,346
|
|
|
1,980
|
|
|||
Amortization of intangibles
|
|
11,805
|
|
|
11,009
|
|
|
7,668
|
|
|||
Branch right sizing expense
|
|
3,129
|
|
|
1,341
|
|
|
434
|
|
|||
Other expense
|
|
32,843
|
|
|
30,156
|
|
|
24,816
|
|
|||
Total other operating expenses
|
|
$
|
138,852
|
|
|
$
|
111,575
|
|
|
$
|
88,879
|
|
|
•
|
Level 1 Inputs – Quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2 Inputs – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
•
|
Level 3 Inputs – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
|
|
|
|
|
Fair Value Measurements
|
||||||||||||
(In thousands)
|
|
Fair Value
|
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury
|
|
$
|
449,729
|
|
|
$
|
449,729
|
|
|
$
|
—
|
|
|
$
|
—
|
|
U.S. Government agencies
|
|
194,249
|
|
|
—
|
|
|
194,249
|
|
|
—
|
|
||||
Mortgage-backed securities
|
|
1,742,945
|
|
|
—
|
|
|
1,742,945
|
|
|
—
|
|
||||
States and political subdivisions
|
|
880,524
|
|
|
—
|
|
|
880,524
|
|
|
—
|
|
||||
Other securities
|
|
185,891
|
|
|
—
|
|
|
185,891
|
|
|
—
|
|
||||
Other assets held for sale
|
|
260,332
|
|
|
—
|
|
|
—
|
|
|
260,332
|
|
||||
Derivative asset
|
|
14,903
|
|
|
—
|
|
|
14,903
|
|
|
—
|
|
||||
Other liabilities held for sale
|
|
(159,853
|
)
|
|
—
|
|
|
—
|
|
|
(159,853
|
)
|
||||
Derivative liability
|
|
(12,650
|
)
|
|
—
|
|
|
(12,650
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Government agencies
|
|
$
|
154,301
|
|
|
$
|
—
|
|
|
$
|
154,301
|
|
|
$
|
—
|
|
Mortgage-backed securities
|
|
1,522,900
|
|
|
—
|
|
|
1,522,900
|
|
|
—
|
|
||||
States and political subdivisions
|
|
314,843
|
|
|
—
|
|
|
314,843
|
|
|
—
|
|
||||
Other securities
|
|
159,708
|
|
|
—
|
|
|
159,708
|
|
|
—
|
|
||||
Other assets held for sale
|
|
1,790
|
|
|
—
|
|
|
—
|
|
|
1,790
|
|
||||
Derivative asset
|
|
6,242
|
|
|
—
|
|
|
6,242
|
|
|
—
|
|
||||
Other liabilities held for sale
|
|
(162
|
)
|
|
—
|
|
|
—
|
|
|
(162
|
)
|
||||
Derivative liability
|
|
(5,283
|
)
|
|
—
|
|
|
(5,283
|
)
|
|
—
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||
(In thousands)
|
|
Fair Value
|
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impaired loans (1) (2) (collateral dependent)
|
|
$
|
49,190
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
49,190
|
|
Foreclosed assets and other real estate owned (1)
|
|
18,798
|
|
|
—
|
|
|
—
|
|
|
18,798
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impaired loans (1) (2) (collateral dependent)
|
|
$
|
17,789
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,789
|
|
Foreclosed assets and other real estate owned (1)
|
|
23,714
|
|
|
—
|
|
|
—
|
|
|
23,714
|
|
|
|
Carrying
|
|
Fair Value Measurements
|
||||||||||||||||
(In thousands)
|
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
|
$
|
996,623
|
|
|
$
|
996,623
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
996,623
|
|
Interest bearing balances due from banks - time
|
|
4,554
|
|
|
—
|
|
|
4,554
|
|
|
—
|
|
|
4,554
|
|
|||||
Held-to-maturity securities
|
|
40,927
|
|
|
—
|
|
|
41,855
|
|
|
—
|
|
|
41,855
|
|
|||||
Mortgage loans held for sale
|
|
58,102
|
|
|
—
|
|
|
—
|
|
|
58,102
|
|
|
58,102
|
|
|||||
Interest receivable
|
|
62,707
|
|
|
—
|
|
|
62,707
|
|
|
—
|
|
|
62,707
|
|
|||||
Legacy loans, net
|
|
9,562,276
|
|
|
—
|
|
|
—
|
|
|
9,517,472
|
|
|
9,517,472
|
|
|||||
Loans acquired, net
|
|
4,795,184
|
|
|
—
|
|
|
—
|
|
|
4,772,716
|
|
|
4,772,716
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest bearing transaction accounts
|
|
3,741,093
|
|
|
—
|
|
|
3,741,093
|
|
|
—
|
|
|
3,741,093
|
|
|||||
Interest bearing transaction accounts and savings deposits
|
|
9,090,878
|
|
|
—
|
|
|
9,090,878
|
|
|
—
|
|
|
9,090,878
|
|
|||||
Time deposits
|
|
3,276,969
|
|
|
—
|
|
|
—
|
|
|
3,270,333
|
|
|
3,270,333
|
|
|||||
Federal funds purchased and securities sold under agreements to repurchase
|
|
150,145
|
|
|
—
|
|
|
150,145
|
|
|
—
|
|
|
150,145
|
|
|||||
Other borrowings
|
|
1,297,599
|
|
|
—
|
|
|
1,298,011
|
|
|
—
|
|
|
1,298,011
|
|
|||||
Subordinated notes and debentures
|
|
388,260
|
|
|
—
|
|
|
397,088
|
|
|
—
|
|
|
397,088
|
|
|||||
Interest payable
|
|
12,898
|
|
|
—
|
|
|
12,898
|
|
|
—
|
|
|
12,898
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
|
$
|
833,458
|
|
|
$
|
833,458
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
833,458
|
|
Interest bearing balances due from banks - time
|
|
4,934
|
|
|
—
|
|
|
4,934
|
|
|
—
|
|
|
4,934
|
|
|||||
Held-to-maturity securities
|
|
289,194
|
|
|
—
|
|
|
290,830
|
|
|
—
|
|
|
290,830
|
|
|||||
Mortgage loans held for sale
|
|
26,799
|
|
|
—
|
|
|
—
|
|
|
26,799
|
|
|
26,799
|
|
|||||
Interest receivable
|
|
49,938
|
|
|
—
|
|
|
49,938
|
|
|
—
|
|
|
49,938
|
|
|||||
Legacy loans, net
|
|
8,373,789
|
|
|
—
|
|
|
—
|
|
|
8,280,690
|
|
|
8,280,690
|
|
|||||
Loans acquired, net
|
|
3,292,783
|
|
|
—
|
|
|
—
|
|
|
3,256,174
|
|
|
3,256,174
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest bearing transaction accounts
|
|
2,672,405
|
|
|
—
|
|
|
2,672,405
|
|
|
—
|
|
|
2,672,405
|
|
|||||
Interest bearing transaction accounts and savings deposits
|
|
6,830,191
|
|
|
—
|
|
|
6,830,191
|
|
|
—
|
|
|
6,830,191
|
|
|||||
Time deposits
|
|
2,896,156
|
|
|
—
|
|
|
—
|
|
|
2,872,342
|
|
|
2,872,342
|
|
|||||
Federal funds purchased and securities sold under agreements to repurchase
|
|
95,792
|
|
|
—
|
|
|
95,792
|
|
|
—
|
|
|
95,792
|
|
|||||
Other borrowings
|
|
1,345,450
|
|
|
—
|
|
|
1,342,868
|
|
|
—
|
|
|
1,342,868
|
|
|||||
Subordinated debentures
|
|
353,950
|
|
|
—
|
|
|
355,812
|
|
|
—
|
|
|
355,812
|
|
|||||
Interest payable
|
|
9,897
|
|
|
—
|
|
|
9,897
|
|
|
—
|
|
|
9,897
|
|
|
|
•
|
Loan Segmentation - Loans with similar risk characteristics are aggregated into homogeneous segments for collective assessment.
|
•
|
Reasonable and Supportable Forecast - Economic variables that are correlated with the historical loss performance of the portfolio segments are forecast utilizing a blended macroeconomic scenario over a one-year forecast horizon for all portfolio segments.
|
•
|
Reversion to Historical Loss Experience - The Company has elected to utilize a one-year straight-line reversion to historical loss experience over the remaining contractual life, adjusted for prepayments.
|
•
|
Individual Assessment - Loans that no longer share similar risk characteristics are individually assessed for estimated credit losses over the remaining life of the loans.
|
•
|
Qualitative Adjustments - The Company has elected qualitative adjustments to provide consideration for factors that have not been fully accounted for in the quantitative modeling process.
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
(In thousands)
|
Notional
|
|
Fair Value
|
|
Notional
|
|
Fair Value
|
||||||||
Derivative assets
|
$
|
401,969
|
|
|
$
|
14,903
|
|
|
$
|
274,247
|
|
|
$
|
6,242
|
|
Derivative liabilities
|
387,075
|
|
|
12,650
|
|
|
245,717
|
|
|
5,283
|
|
|
|
|
|
Actual
|
|
Minimum
For Capital
Adequacy Purposes
|
|
To Be Well
Capitalized Under
Prompt Corrective
Action Provision
|
|||||||||||
(In thousands)
|
|
Amount
|
|
Ratio (%)
|
|
Amount
|
|
Ratio (%)
|
|
Amount
|
|
Ratio (%)
|
|||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Risk-Based Capital Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Simmons First National Corporation
|
|
$
|
2,272,858
|
|
|
13.7
|
|
$
|
1,327,216
|
|
|
8.0
|
|
N/A
|
|
|
|
Simmons Bank
|
|
1,852,880
|
|
|
12.9
|
|
1,149,073
|
|
|
8.0
|
|
1,436,341
|
|
|
10.0
|
||
Landmark Bank
|
|
291,378
|
|
|
13.9
|
|
167,700
|
|
|
8.0
|
|
209,624
|
|
|
10.0
|
||
Tier 1 Risk-Based Capital Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Simmons First National Corporation
|
|
1,807,954
|
|
|
10.9
|
|
995,204
|
|
|
6.0
|
|
N/A
|
|
|
|
||
Simmons Bank
|
|
1,777,602
|
|
|
12.3
|
|
867,123
|
|
|
6.0
|
|
1,156,164
|
|
|
8.0
|
||
Landmark Bank
|
|
290,016
|
|
|
13.8
|
|
126,094
|
|
|
6.0
|
|
168,125
|
|
|
8.0
|
||
Common Equity Tier 1 Capital Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Simmons First National Corporation
|
|
1,807,187
|
|
|
10.9
|
|
746,086
|
|
|
4.5
|
|
N/A
|
|
|
|
||
Simmons Bank
|
|
1,777,602
|
|
|
12.3
|
|
650,342
|
|
|
4.5
|
|
939,383
|
|
|
6.5
|
||
Landmark Bank
|
|
270,016
|
|
|
12.9
|
|
94,192
|
|
|
4.5
|
|
136,055
|
|
|
6.5
|
||
Tier 1 Leverage Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Simmons First National Corporation
|
|
1,807,954
|
|
|
9.6
|
|
753,314
|
|
|
4.0
|
|
N/A
|
|
|
|
||
Simmons Bank
|
|
1,777,602
|
|
|
10.7
|
|
664,524
|
|
|
4.0
|
|
830,655
|
|
|
5.0
|
||
Landmark Bank
|
|
290,016
|
|
|
8.8
|
|
131,825
|
|
|
4.0
|
|
164,782
|
|
|
5.0
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Risk-Based Capital Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Simmons First National Corporation
|
|
$
|
1,778,938
|
|
|
13.3
|
|
$
|
1,070,038
|
|
|
8.0
|
|
N/A
|
|
|
|
Simmons Bank
|
|
1,532,864
|
|
|
11.5
|
|
1,066,340
|
|
|
8.0
|
|
1,332,925
|
|
|
10.0
|
||
Tier 1 Risk-Based Capital Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Simmons First National Corporation
|
|
1,361,380
|
|
|
10.2
|
|
800,812
|
|
|
6.0
|
|
N/A
|
|
|
|
||
Simmons Bank
|
|
1,469,260
|
|
|
11.0
|
|
801,415
|
|
|
6.0
|
|
1,068,553
|
|
|
8.0
|
||
Common Equity Tier 1 Capital Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Simmons First National Corporation
|
|
1,361,380
|
|
|
10.2
|
|
600,609
|
|
|
4.5
|
|
N/A
|
|
|
|
||
Simmons Bank
|
|
1,469,260
|
|
|
11.0
|
|
601,061
|
|
|
4.5
|
|
868,199
|
|
|
6.5
|
||
Tier 1 Leverage Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Simmons First National Corporation
|
|
1,361,380
|
|
|
8.8
|
|
618,809
|
|
|
4.0
|
|
N/A
|
|
|
|
||
Simmons Bank
|
|
1,469,260
|
|
|
9.5
|
|
618,636
|
|
|
4.0
|
|
773,295
|
|
|
5.0
|
|
(In thousands)
|
|
2019
|
|
2018
|
||||
ASSETS
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
104,068
|
|
|
$
|
219,063
|
|
Investment securities
|
|
743
|
|
|
2,848
|
|
||
Investments in wholly-owned subsidiaries
|
|
3,269,224
|
|
|
2,368,870
|
|
||
Loans
|
|
657
|
|
|
774
|
|
||
Intangible assets, net
|
|
133
|
|
|
133
|
|
||
Premises and equipment
|
|
27,351
|
|
|
5,804
|
|
||
Other assets
|
|
31,738
|
|
|
29,974
|
|
||
TOTAL ASSETS
|
|
$
|
3,433,914
|
|
|
$
|
2,627,466
|
|
|
|
|
|
|
||||
LIABILITIES
|
|
|
|
|
||||
Long-term debt
|
|
$
|
413,760
|
|
|
$
|
353,950
|
|
Other liabilities
|
|
31,230
|
|
|
27,082
|
|
||
Total liabilities
|
|
444,990
|
|
|
381,032
|
|
||
|
|
|
|
|
||||
STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
Preferred stock
|
|
767
|
|
|
—
|
|
||
Common stock
|
|
1,136
|
|
|
923
|
|
||
Surplus
|
|
2,117,282
|
|
|
1,597,944
|
|
||
Undivided profits
|
|
848,848
|
|
|
674,941
|
|
||
Accumulated other comprehensive gain (loss):
|
|
|
|
|
||||
Unrealized appreciation (depreciation) on available-for-sale securities, net of income taxes of $7,392 and ($9,686) at December 31, 2019 and 2018 respectively
|
|
20,891
|
|
|
(27,374
|
)
|
||
Total stockholders’ equity
|
|
2,988,924
|
|
|
2,246,434
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
3,433,914
|
|
|
$
|
2,627,466
|
|
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
INCOME
|
|
|
|
|
|
|
|
|
|
|||
Dividends from subsidiaries
|
|
$
|
67,893
|
|
|
$
|
145,980
|
|
|
$
|
69,107
|
|
Other income
|
|
13,658
|
|
|
658
|
|
|
4,111
|
|
|||
Income
|
|
81,551
|
|
|
146,638
|
|
|
73,218
|
|
|||
EXPENSE
|
|
40,594
|
|
|
32,714
|
|
|
32,234
|
|
|||
Income before income taxes and equity in undistributed net income of subsidiaries
|
|
40,957
|
|
|
113,924
|
|
|
40,984
|
|
|||
Provision for income taxes
|
|
(5,680
|
)
|
|
(10,732
|
)
|
|
(12,311
|
)
|
|||
|
|
|
|
|
|
|
||||||
Income before equity in undistributed net income of subsidiaries
|
|
46,637
|
|
|
124,656
|
|
|
53,295
|
|
|||
Equity in undistributed net income of subsidiaries
|
|
191,530
|
|
|
91,057
|
|
|
39,645
|
|
|||
|
|
|
|
|
|
|
||||||
NET INCOME
|
|
238,167
|
|
|
215,713
|
|
|
92,940
|
|
|||
Preferred stock dividends
|
|
339
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
|
|
$
|
237,828
|
|
|
$
|
215,713
|
|
|
$
|
92,940
|
|
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
NET INCOME
|
|
$
|
238,167
|
|
|
$
|
215,713
|
|
|
$
|
92,940
|
|
|
|
|
|
|
|
|
||||||
OTHER COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
||||||
Equity in other comprehensive income (loss) of subsidiaries
|
|
48,265
|
|
|
(10,110
|
)
|
|
964
|
|
|||
|
|
|
|
|
|
|
||||||
COMPREHENSIVE INCOME
|
|
$
|
286,432
|
|
|
$
|
205,603
|
|
|
$
|
93,904
|
|
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
238,167
|
|
|
$
|
215,713
|
|
|
$
|
92,940
|
|
Items not requiring (providing) cash
|
|
|
|
|
|
|
||||||
Stock-based compensation expense
|
|
12,921
|
|
|
9,725
|
|
|
10,681
|
|
|||
Depreciation and amortization
|
|
1,637
|
|
|
880
|
|
|
1,183
|
|
|||
Deferred income taxes
|
|
(3,632
|
)
|
|
26
|
|
|
1,190
|
|
|||
Equity in undistributed net income of bank subsidiaries
|
|
(191,530
|
)
|
|
(91,057
|
)
|
|
(39,645
|
)
|
|||
|
|
|
|
|
|
|
||||||
Changes in:
|
|
|
|
|
|
|
||||||
Other assets
|
|
3,299
|
|
|
1,524
|
|
|
8,585
|
|
|||
Other liabilities
|
|
(2,648
|
)
|
|
17,340
|
|
|
(6,769
|
)
|
|||
Net cash provided by operating activities
|
|
58,214
|
|
|
154,151
|
|
|
68,165
|
|
|||
|
|
|
|
|
|
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
Net originations of loans
|
|
117
|
|
|
219
|
|
|
90
|
|
|||
Net (purchases of) proceeds from premises and equipment
|
|
(23,184
|
)
|
|
3,342
|
|
|
(18
|
)
|
|||
Repayment of (advances to) subsidiaries
|
|
—
|
|
|
2,667
|
|
|
(15,000
|
)
|
|||
Proceeds from maturities of available-for-sale securities
|
|
2,544
|
|
|
152
|
|
|
42
|
|
|||
Purchases of available-for-sale securities
|
|
(439
|
)
|
|
(211
|
)
|
|
(2,752
|
)
|
|||
Cash paid in business combinations
|
|
(36,811
|
)
|
|
—
|
|
|
(100,468
|
)
|
|||
Other, net
|
|
29
|
|
|
(1,903
|
)
|
|
—
|
|
|||
Net cash (used in) provided by investing activities
|
|
(57,744
|
)
|
|
4,266
|
|
|
(118,106
|
)
|
|||
|
|
|
|
|
|
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
Proceeds from issuance of subordinated notes
|
|
—
|
|
|
326,355
|
|
|
—
|
|
|||
Issuance (repayment) of long-term debt, net
|
|
2,000
|
|
|
(231,352
|
)
|
|
8,014
|
|
|||
(Cancellation) issuance of common stock, net
|
|
(1,077
|
)
|
|
2,188
|
|
|
2,878
|
|
|||
Stock repurchases
|
|
(10,128
|
)
|
|
—
|
|
|
—
|
|
|||
Dividends paid on preferred stock
|
|
(339
|
)
|
|
—
|
|
|
—
|
|
|||
Dividends paid on common stock
|
|
(63,921
|
)
|
|
(55,646
|
)
|
|
(35,116
|
)
|
|||
Preferred stock retirement
|
|
(42,000
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash (used in) provided by financing activities
|
|
(115,465
|
)
|
|
41,545
|
|
|
(24,224
|
)
|
|||
|
|
|
|
|
|
|
||||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
|
(114,995
|
)
|
|
199,962
|
|
|
(74,165
|
)
|
|||
|
|
|
|
|
|
|
||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
|
219,063
|
|
|
19,101
|
|
|
93,266
|
|
|||
|
|
|
|
|
|
|
||||||
CASH AND CASH EQUIVALENTS, END OF YEAR
|
|
$
|
104,068
|
|
|
$
|
219,063
|
|
|
$
|
19,101
|
|
Exhibit No.
|
|
Description
|
|
|
|
|
Agreement and Plan of Merger, dated as of May 6, 2014, by and between Simmons First National Corporation and Community First Bancshares, Inc., as amended on September 11, 2014 (incorporated by reference to Annex A to the Joint Proxy Statement/Prospectus filed by Simmons First National Corporation on October 8, 2014 (File No. 000-06253)).
|
|
|
|
|
|
Agreement and Plan of Merger, dated as of May 27, 2014, by and between Simmons First National Corporation and Liberty Bancshares, Inc., as amended on September 11, 2014 (incorporated by reference to Annex B to the Joint Proxy Statement/Prospectus filed by Simmons First National Corporation on October 8, 2014 (File No. 000-06253)).
|
|
|
|
|
|
Agreement and Plan of Merger, dated as of April 28, 2015, by and between Simmons First National Corporation and Ozark Trust & Investment Corporation (incorporated by reference to Exhibit 10.1 to Simmons First National Corporation’s Current Report on Form 8-K for April 29, 2015 (File No. 000-06253)).
|
|
|
|
|
|
Stock Purchase Agreement by and among Citizens National Bank, Citizens National Bancorp, Inc. and Simmons First National Corporation, dated as of May 18, 2016 (incorporated by reference to Exhibit 2.1 to Simmons First National Corporation’s Current Report on Form 8-K for May 18, 2016 (File No. 000-06253)).
|
|
|
|
|
|
Agreement and Plan of Merger, dated as of November 17, 2016, by and between Simmons First National Corporation and Hardeman County Investment Company, Inc. (incorporated by reference to Exhibit 2.1 to Simmons First National Corporation’s Current Report on Form 8-K for November 17, 2016 (File No. 000-06253)).
|
|
|
|
|
|
Agreement and Plan of Merger, dated as of December 14, 2016, by and between Simmons First National Corporation and Southwest Bancorp, Inc., as amended on July 19, 2017 (incorporated by reference to Exhibit 2.11 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the Quarter ended June 30, 2017 (File No. 000-06253)).
|
|
|
|
|
|
Agreement and Plan of Merger, dated as of January 23, 2017, by and between Simmons First National Corporation and First Texas, BHC, Inc., as amended on July 19, 2017 (incorporated by reference to Exhibit 2.12 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the Quarter ended June 30, 2017 (File No. 000-06253)).
|
|
|
|
|
|
Agreement and Plan of Merger, dated as of November 13, 2018, by and between Simmons First National Corporation and Reliance Bancshares, Inc., as amended on February 11, 2019 (incorporated by reference to Annex A to the Proxy Statement/Prospectus filed pursuant to Rule 424(b)(3) by Simmons First National Corporation for March 4, 2019 (File No. 333-229378)).
|
|
|
|
|
|
Agreement and Plan of Merger, dated as of July 30, 2019, by and between Simmons First National Corporation and The Landrum Company (incorporated by reference to Exhibit 2.1 to Simmons First National Corporation’s Current Report on Form 8-K for July 30, 2019 (File No. 000-6253)).
|
|
|
|
|
|
Amended and Restated Articles of Incorporation of Simmons First National Corporation, as amended on October 29, 2019 (incorporated by reference to Exhibit 3.1 to Simmons First National Corporation’s Current Report on Form 8-K on November 1, 2019 (File No. 000-06253)).
|
|
|
|
|
|
As Amended By-Laws of Simmons First National Corporation (incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-4 (File No. 333-233559) filed by Simmons First National Corporation on August 30, 2019 (File No. 000-06253)).
|
|
|
|
|
Exhibit No.
|
|
Description
|
4.1
|
|
Instruments defining the rights of security holders, including indentures. Simmons First National Corporation hereby agrees to furnish copies of instruments defining the rights of holders of long-term debt of the Corporation and its consolidated subsidiaries to the U.S. Securities and Exchange Commission upon request. No issuance of debt exceeds ten percent of the total assets of the Corporation and its subsidiaries on a consolidated basis.
|
|
|
|
|
Description of Registrant’s Securities. *
|
|
|
|
|
|
Simmons First National Corporation 2015 Incentive Plan, as amended (incorporated by reference to Simmons’ definitive proxy statement on Schedule 14A filed on March 14, 2017 (File No. 000-06253)).
|
|
|
|
|
|
Deferred Compensation Agreement for Marty D. Casteel dated January 22, 2018 (incorporated by reference to Exhibit 10.3 to Simmons First National Corporation’s Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 000-06253).
|
|
|
|
|
|
Deferred Compensation Agreement for George A. Makris, Jr. dated January 2, 2013 (incorporated by reference to Exhibit 10.2 to Simmons First National Corporation’s Current Report on Form 8-K for January 2, 2013 (File No. 000-06253)).
|
|
|
|
|
|
Amendment to Deferred Compensation Agreement for George A. Makris, Jr. dated January 25, 2018 (incorporated by reference to Exhibit 10.4 to Simmons First National Corporation’s Annual Report on Form 10-K for the Year ended December 31, 2017 (File No. 000-06253)).
|
|
|
|
|
|
Amended and Restated Deferred Compensation Agreement for Robert A. Fehlman effective February 27, 2017 (incorporated by reference to Exhibit 10.25 to Simmons First National Corporation’s Annual Report on Form 10-K for the Year ended December 31, 2016 (File No. 000-06253)).
|
|
|
|
|
|
Executive Severance Agreement for George A. Makris, Jr. (incorporated by reference to Exhibit 10.1 to Simmons First National Corporation’s Current Report on Form 8-K filed February 11, 2016 (File No. 000-06253)).
|
|
|
|
|
|
Executive Severance Agreement for Stephen C. Massanelli (incorporated by reference to Exhibit 10.2 to Simmons First National Corporation’s Current Report on Form 8-K filed February 11, 2016 (File No. 000-06253)).
|
|
|
|
|
|
Deferred Compensation Agreement, adopted January 25, 2010, between Simmons First National Corporation and Marty D. Casteel (incorporated by reference to Exhibit 10.3 to Simmons First National Corporation’s Current Report on Form 8-K for January 25, 2010 (File No. 000-06253)).
|
|
|
|
|
|
Change in Control Agreement for Robert A. Fehlman (incorporated by reference to Exhibit 10.2 to Simmons First National Corporation’s Current Report on Form 8-K filed January 29, 2010 (File No. 000-06253)).
|
|
|
|
|
|
Change in Control Agreement for Marty D. Casteel (incorporated by reference to Exhibit 10.3 to Simmons First National Corporation’s Current Report on Form 8-K filed January 29, 2010 (File No. 000-06253)).
|
|
|
|
|
|
Deferred Compensation Agreement for Jena Compton dated February 28, 2017.*
|
|
|
|
|
|
Executive Severance Agreement for Jena Compton dated February 5, 2016.*
|
|
|
|
|
|
Executive Severance Agreement for Paul Kanneman dated January 2, 2017.*
|
|
|
|
|
|
Amended Executive Severance Agreement for David Garner dated April 30, 2014.*
|
|
|
|
|
|
Executive Severance Agreement for Patrick Burrow dated December 29, 2014.*
|
|
|
|
|
|
Branch Purchase and Assumption Agreement, dated as of December 20, 2019, by and between Spirit of Texas Bank, SSB and Simmons Bank (incorporated by reference to Exhibit 2.1 to Simmons First National Corporation’s Current Report on Form 8-K filed December 23, 2019 (File No. 000-06253)).
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Amended and Restated Simmons First National Corporation Code of Ethics (incorporated by reference to Exhibit 14.1 to Simmons First National Corporation’s Current Report on Form 8-K on July 19, 2018 (File No. 000-06253)).
|
|
|
|
|
|
Finance Group Code of Ethics, dated July 2003 (incorporated by reference to Exhibit 14 to Simmons First National Corporation’s Annual Report on Form 10-K for the Year ended December 31, 2003 (File No. 000-06253)).
|
|
|
|
|
|
Subsidiaries of the Registrant.*
|
|
|
|
|
|
Consent of BKD, LLP.*
|
|
|
|
|
|
Rule 13a-15(e) and 15d-15(e) Certification – George A. Makris, Jr., Chairman and Chief Executive Officer.*
|
|
|
|
|
|
Rule 13a-15(e) and 15d-15(e) Certification – Robert A. Fehlman, Senior Executive Vice President, Chief Financial Officer, Chief Operating Officer and Treasurer.*
|
|
|
|
|
|
Rule 13a-15(e) and 15d-15(e) Certification – David W. Garner, Executive Vice President, Executive Director of Finance and Accounting and Chief Accounting Officer.*
|
|
|
|
|
|
Certification Pursuant to 18 U.S.C. Sections 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – George A. Makris, Jr., Chairman and Chief Executive Officer.*
|
|
|
|
|
|
Certification Pursuant to 18 U.S.C. Sections 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Robert A. Fehlman, Senior Executive Vice President, Chief Financial Officer, Chief Operating Officer and Treasurer.*
|
|
|
|
|
|
Certification Pursuant to 18 U.S.C. Sections 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – David W. Garner, Executive Vice President, Executive Director of Finance and Accounting and Chief Accounting Officer.*
|
|
|
|
|
101.INS
|
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. **
|
|
|
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema.**
|
|
|
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase.**
|
|
|
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase.**
|
|
|
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Labels Linkbase. **
|
|
|
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase.**
|
|
|
|
104
|
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). **
|
*
|
|
Filed herewith
|
|
|
|
**
|
|
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
|
/s/ Patrick A. Burrow
|
|
February 27, 2020
|
|
Patrick A. Burrow, Secretary
|
|
|
Signature
|
|
Title
|
|
|
|
/s/ George A. Makris, Jr.
|
|
Chairman, Chief Executive Officer
|
George A. Makris, Jr.
|
|
and Director (Principal Executive Officer)
|
|
|
|
/s/ Robert A. Fehlman
|
|
Senior Executive Vice President,
|
Robert A. Fehlman
|
|
Chief Financial Officer, Chief Operating Officer and
|
|
|
Treasurer (Principal Financial Officer)
|
|
|
|
/s/ David W. Garner
|
|
Executive Vice President, Executive Director of Finance and
|
David W. Garner
|
|
and Accounting and Chief Accounting Officer
|
|
|
(Principal Accounting Officer)
|
|
|
|
/s/ Jay D. Burchfield
|
|
Director
|
Jay D. Burchfield
|
|
|
|
|
|
/s/ Marty D. Casteel
|
|
Director
|
Marty D. Casteel
|
|
|
|
|
|
/s/ William E. Clark II
|
|
Director
|
William E. Clark II
|
|
|
|
|
|
|
|
Director
|
Steven A. Cossé
|
|
|
|
|
|
/s/ Mark C. Doramus
|
|
Director
|
Mark C. Doramus
|
|
|
|
|
|
/s/ Edward Drilling
|
|
Director
|
Edward Drilling
|
|
|
|
|
|
/s/ Eugene Hunt
|
|
Director
|
Eugene Hunt
|
|
|
|
|
|
/s/ Jerry M. Hunter
|
|
Director
|
Jerry M. Hunter
|
|
|
|
|
|
/s/ Susan S. Lanigan
|
|
Director
|
Susan S. Lanigan
|
|
|
|
|
|
|
|
Director
|
W. Scott McGeorge
|
|
|
|
|
|
/s/ Tom Purvis
|
|
Director
|
Tom Purvis
|
|
|
|
|
|
/s/ Robert L. Shoptaw
|
|
Director
|
Robert L. Shoptaw
|
|
|
|
|
|
/s/ Russell Teubner
|
|
Director
|
Russell Teubner
|
|
|
|
|
|
/s/ Malynda K. West
|
|
Director
|
Malynda K. West
|
|
|
•
|
the likely impact on us, our subsidiaries, shareholders and employees and the communities served by us;
|
•
|
the timeliness of the proposed transaction considering the business climate and our strategic plans;
|
•
|
the possibility of any legal defects or regulatory issues involved in the proposed transaction;
|
•
|
the risk of non-consummation of the transaction due to lack of financing, regulatory issues or other identified risks;
|
•
|
current market price of our common stock and consolidated assets;
|
•
|
book value of our common stock;
|
•
|
the relationship of the offered price for our common stock to our board of directors’ opinion of our current value in a negotiated transaction;
|
•
|
the relationship of the offered price for our common stock to our board of directors’ opinion of our future value as an independent entity; and
|
•
|
such other factors as our board of directors may deem pertinent.
|
ii.
|
Employee's Disability prior to age 60 while still in the employ of Employer, or
|
(a)
|
the failure by the Board to reelect or appoint the Executive to a position with duties, functions and responsibilities substantially equivalent to the position held by the Executive on the Control Change Date;
|
(b)
|
a material modification by the Board of the duties, functions responsibilities of the Executive without his consent;
|
(c)
|
the failure of the Company to permit the Executive to exercise such responsibilities as are consistent with the Executive's position and are of such a nature as are usually associated with such office of a corporation engaged in substantially the same business as the Company;
|
(d)
|
the Company requires the Executive to relocate his employment more than fifty (50) miles from his place of employment, without the consent of the Executive, excluding reasonably required business travel or temporary assignments for a reasonable period of time;
|
(e)
|
a reduction in Executive's compensation or benefits; or
|
(f)
|
the Company shall fail to make a payment when due to the Executive.
|
(a)
|
the Executive’s employment is involuntarily terminated as specified in Section 2.2, or
|
(b)
|
the Executive voluntarily terminates employment as specified in Section 2.3.
|
(a)
|
the failure by the Board to reelect or appoint the Executive to a position with duties, functions and responsibilities substantially equivalent to the position held by the Executive on the Control Change Date;
|
(b)
|
a material modification by the Board of the duties, functions responsibilities of the Executive without his consent;
|
(c)
|
the failure of the Company to permit the Executive to exercise such responsibilities as are consistent with the Executive’s position and are of such a nature as are usually associated with such office of a corporation engaged in substantially the same business as the Company;
|
(d)
|
the Company requires the Executive to relocate his employment more than fifty (50) miles from his place of employment, without the consent of the Executive, excluding reasonably required business travel or temporary assignments for a reasonable period of time;
|
(e)
|
a reduction in Executive’s compensation or benefits; or
|
(a)
|
delivered in full, or
|
(a)
|
If to the Executive:
|
(b)
|
If to the Company:
|
EXECUTIVE:
|
/s/ Paul Kanneman
|
Paul Kanneman
|
SIMMONS FIRST NATIONAL CORPORATION
|
/s/ Robert Fehlman
|
Robert Fehlman, SEVP and CFO
|
EXECUTIVE:
|
/s/ David W. Garner
|
David W. Garner
|
SIMMONS FIRST NATIONAL CORPORATION
|
/s/ George A. Makris, Jr.
|
George A. Makris, Jr., Chairman and CEO
|
(a)
|
the failure by the Board to reelect or appoint the Executive to a position with duties, functions and responsibilities substantially equivalent to the position held by the Executive on the Control Change Date;
|
(b)
|
a material modification by the Board of the duties, functions responsibilities of the Executive without his consent;
|
(c)
|
the failure of the Company to permit the Executive to exercise such responsibilities as are consistent with the Executive's position and are of such a nature as are usually associated with such office of a corporation engaged in substantially the same business as the Company;
|
(d)
|
the Company requires the Executive to relocate his employment more than fifty (50) miles from his place of employment, without the consent of the Executive, excluding reasonably required business travel or temporary assignments for a reasonable period of time;
|
(e)
|
a reduction in Executive's compensation or benefits; or
|
(f)
|
the Company shall fail to make a payment when due to the Executive.
|
Name of Direct or Indirect Subsidiary
|
State of Incorporation or Organization
|
Simmons Bank
|
AR
|
Simmons First Investment Group, Inc.
|
AR
|
Simmons First Insurance Services, Inc.
|
AR
|
Simmons First Properties, Inc.
|
TN
|
Simmons First Insurance Services of TN, LLC
|
TN
|
FS Providence PCC of Grenada, LLC
|
TN
|
PGR, LLC
|
AR
|
El Toro Holdings, LLC
|
FL
|
Simmons First Special Assets, Inc.
|
TN
|
PSH LLC
|
MO
|
Simmons First Auto, Inc.
|
TN
|
Simmons First Investments, Inc.
|
NV
|
Simmons First REIT of MO, LLC
|
MO
|
Simmons First SW REIT, Inc.
|
DE
|
Simmons First REIT of TN, Inc.
|
MD
|
104 A, LLC
|
MO
|
DHF LLC
|
MO
|
Harob, Inc.
|
TX
|
Heartland Insurance, LLC
|
AR
|
Simmons NMTC Holding, LLC
|
AR
|
Stillwater NMTC, LLC
|
OK
|
RB RE Holdings, LLC
|
MO
|
Santa Ana Holdings, LLC
|
MO
|
SDB Real Estate, LLC
|
TX
|
SHD LLC
|
TX
|
SWC PPR, LLC
|
AZ
|
Rockwell Community Development, Inc.
|
OK
|
FNBE Real Estate, Inc.
|
OK
|
Quad J Holdings, LLC
|
OK
|
Venture Holding Company, LLC
|
TN
|
MU Investment Property, LLC
|
MO
|
Big Creek Investors, LLC
|
MO
|
CRK Properties, Inc.
|
OK
|
WHNH, LLC
|
AR
|
Heartland Bank Liquidating Trust
|
AR
|
Montesano Investment, LLC
|
AR
|
Zwolle Investment, LLC
|
AR
|
Landmark Bank
|
MO
|
Landmark Agency of Texas, Inc.
|
TX
|
Landmark Agency, Inc.
|
OK
|
Cradduck LMB Investment Fund 2, LLC
|
MO
|
|
BKD, LLP
/s/ BKD, LLP
|