Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 18, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'PB | ' | ' |
Entity Registrant Name | 'PROSPERITY BANCSHARES INC | ' | ' |
Entity Central Index Key | '0001068851 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 66,219,525 | ' |
Entity Public Float | ' | ' | $2.92 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $380,990 | $325,952 |
Federal funds sold | 400 | 352 |
Total cash and cash equivalents | 381,390 | 326,304 |
Available for sale securities, at fair value | 157,478 | 226,670 |
Held to maturity securities, at cost (fair value of $7,987,342 and $7,418,695, respectively) | 8,066,970 | 7,215,395 |
Total securities | 8,224,448 | 7,442,065 |
Loans held for sale | 2,210 | 10,433 |
Loans held for investment | 7,773,011 | 5,169,507 |
Total loans | 7,775,221 | 5,179,940 |
Less: allowance for credit losses | -67,282 | -52,564 |
Loans, net | 7,707,939 | 5,127,376 |
Accrued interest receivable | 49,246 | 42,337 |
Goodwill | 1,671,520 | 1,217,162 |
Core deposit intangibles, net | 42,049 | 26,159 |
Bank premises and equipment, net | 282,925 | 205,268 |
Other real estate owned | 7,299 | 7,234 |
Bank owned life insurance (BOLI) | 160,056 | 109,108 |
Federal Home Loan Bank of Dallas stock | 24,499 | 34,461 |
Other assets | 90,657 | 46,099 |
TOTAL ASSETS | 18,642,028 | 14,583,573 |
Deposits: | ' | ' |
Noninterest-bearing | 4,108,835 | 3,016,205 |
Interest-bearing | 11,182,436 | 8,625,639 |
Total deposits | 15,291,271 | 11,641,844 |
Other borrowings | 10,689 | 256,753 |
Securities sold under repurchase agreements | 364,357 | 454,502 |
Junior subordinated debentures | 124,231 | 85,055 |
Accrued interest payable | 2,500 | 1,904 |
Other liabilities | 62,162 | 54,126 |
Total liabilities | 15,855,210 | 12,494,184 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Preferred stock, $1 par value; 20,000,000 shares authorized; none issued or outstanding | ' | ' |
Common stock, $1 par value; 200,000,000 shares authorized; 66,085,179 and 56,484,234 shares issued at December 31, 2013 and December 31, 2012, respectively; 66,048,091 and 56,447,146 shares outstanding at December 31, 2013 and December 31, 2012, respectively | 66,085 | 56,484 |
Capital surplus | 1,798,862 | 1,274,290 |
Retained earnings | 917,595 | 750,236 |
Accumulated other comprehensive income-net unrealized gain on available for sale securities, net of tax of $2,630 and $4,839, respectively | 4,883 | 8,986 |
Less treasury stock, at cost, 37,088 shares | -607 | -607 |
Total shareholders' equity | 2,786,818 | 2,089,389 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $18,642,028 | $14,583,573 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Held to maturity securities, Fair value | $7,987,342 | $7,418,695 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 66,085,179 | 56,484,234 |
Common stock, shares outstanding | 66,048,091 | 56,447,146 |
Accumulated other comprehensive income - unrealized gain on available for sale securities, tax | $2,630 | $4,839 |
Treasury stock, shares | 37,088 | 37,088 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
INTEREST INCOME: | ' | ' | ' |
Loans, including fees | $376,117 | $271,324 | $214,273 |
Securities | 162,993 | 148,374 | 157,580 |
Federal funds sold | 187 | 144 | 55 |
Total income | 539,297 | 419,842 | 371,908 |
INTEREST EXPENSE: | ' | ' | ' |
Deposits | 35,222 | 34,486 | 40,975 |
Junior subordinated debentures | 2,551 | 2,593 | 2,984 |
Securities sold under repurchase agreements | 1,201 | 705 | 369 |
Other borrowings | 1,497 | 1,352 | 912 |
Total interest expense | 40,471 | 39,136 | 45,240 |
NET INTEREST INCOME | 498,826 | 380,706 | 326,668 |
Provision for credit losses | 17,240 | 6,100 | 5,200 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 481,586 | 374,606 | 321,468 |
NONINTEREST INCOME: | ' | ' | ' |
Nonsufficient funds (NSF) fees | 35,173 | 29,113 | 24,442 |
Credit card, debit card and ATM card income | 22,463 | 21,057 | 15,391 |
Service charges on deposit accounts | 12,864 | 11,112 | 9,981 |
Trust income | 4,356 | 1,746 | ' |
Mortgage income | 4,038 | 2,681 | 211 |
Brokerage income | 1,518 | 648 | 556 |
Net loss on sale of securities | 0 | 0 | -581 |
Other | 15,015 | 9,178 | 6,043 |
Total noninterest income | 95,427 | 75,535 | 56,043 |
NONINTEREST EXPENSE: | ' | ' | ' |
Salaries and employee benefits | 148,494 | 115,505 | 92,057 |
Net occupancy and equipment | 18,934 | 16,475 | 14,634 |
Debit card, data processing and software amortization | 11,908 | 9,445 | 6,823 |
Regulatory assessments and FDIC insurance | 10,261 | 7,679 | 8,901 |
Core deposit intangibles amortization | 6,145 | 7,229 | 7,780 |
Depreciation | 10,593 | 8,923 | 8,150 |
Communications | 9,471 | 8,158 | 6,946 |
Other real estate expense | 711 | 1,810 | 1,501 |
Other | 30,679 | 23,233 | 16,953 |
Total noninterest expense | 247,196 | 198,457 | 163,745 |
INCOME BEFORE INCOME TAXES | 329,817 | 251,684 | 213,766 |
PROVISION FOR INCOME TAXES | 108,419 | 83,783 | 72,017 |
NET INCOME | $221,398 | $167,901 | $141,749 |
EARNINGS PER SHARE: | ' | ' | ' |
Basic | $3.66 | $3.24 | $3.03 |
Diluted | $3.65 | $3.23 | $3.01 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $221,398 | $167,901 | $141,749 |
Securities available for sale: | ' | ' | ' |
Change in unrealized gain during period | -6,312 | -6,903 | -1,280 |
Total other comprehensive loss | -6,312 | -6,903 | -1,280 |
Deferred tax benefit related to other comprehensive income | 2,209 | 2,417 | 448 |
Other comprehensive loss, net of tax | -4,103 | -4,486 | -832 |
Comprehensive income | $217,295 | $163,415 | $140,917 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Texas Bankers, Inc. [Member] | The Bank Arlington [Member] | Community National Bank [Member] | East Texas Financial Services, Inc. [Member] | Coppermark Bancshares, Inc. [Member] | FVNB Corp. [Member] | American State Financial Corp [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Capital Surplus [Member] | Capital Surplus [Member] | Capital Surplus [Member] | Capital Surplus [Member] | Capital Surplus [Member] | Capital Surplus [Member] | Capital Surplus [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
In Thousands, except Share data | Texas Bankers, Inc. [Member] | The Bank Arlington [Member] | Community National Bank [Member] | East Texas Financial Services, Inc. [Member] | Coppermark Bancshares, Inc. [Member] | FVNB Corp. [Member] | American State Financial Corp [Member] | Texas Bankers, Inc. [Member] | The Bank Arlington [Member] | Community National Bank [Member] | East Texas Financial Services, Inc. [Member] | Coppermark Bancshares, Inc. [Member] | FVNB Corp. [Member] | American State Financial Corp [Member] | |||||||||||||
BALANCE at Dec. 31, 2010 | $1,452,339 | ' | ' | ' | ' | ' | ' | ' | $46,721 | ' | ' | ' | ' | ' | ' | ' | $876,050 | ' | ' | ' | ' | ' | ' | ' | $515,871 | $14,304 | ($607) |
BALANCE, Shares at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | 46,721,114 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 141,749 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 141,749 | ' | ' |
Other comprehensive loss | -832 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -832 | ' |
Common stock issued in connection with the exercise of stock options and restricted stock awards | 4,175 | ' | ' | ' | ' | ' | ' | ' | 226 | ' | ' | ' | ' | ' | ' | ' | 3,949 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued in connection with the exercise of stock options and restricted stock awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 226,301 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expense | 3,576 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,576 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends declared | -33,742 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -33,742 | ' | ' |
BALANCE at Dec. 31, 2011 | 1,567,265 | ' | ' | ' | ' | ' | ' | ' | 46,947 | ' | ' | ' | ' | ' | ' | ' | 883,575 | ' | ' | ' | ' | ' | ' | ' | 623,878 | 13,472 | -607 |
BALANCE, Shares at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | 46,947,415 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued in connection with the acquisition(in shares) | ' | ' | 135,347 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BALANCE at Mar. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BALANCE at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -607 |
Common stock issued in connection with the acquisition(in shares) | ' | ' | ' | 372,282 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BALANCE at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BALANCE at Dec. 31, 2011 | 1,567,265 | ' | ' | ' | ' | ' | ' | ' | 46,947 | ' | ' | ' | ' | ' | ' | ' | 883,575 | ' | ' | ' | ' | ' | ' | ' | 623,878 | 13,472 | -607 |
BALANCE, Shares at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | 46,947,415 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 167,901 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167,901 | ' | ' |
Other comprehensive loss | -4,486 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,486 | ' |
Common stock issued in connection with the exercise of stock options and restricted stock awards | 3,573 | ' | ' | ' | ' | ' | ' | ' | 190 | ' | ' | ' | ' | ' | ' | ' | 3,383 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued in connection with the exercise of stock options and restricted stock awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 189,402 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expense | 3,607 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,607 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued in connection with the acquisition | ' | 12,708 | 6,199 | 15,866 | ' | ' | ' | 358,299 | ' | 315 | 135 | 372 | ' | ' | ' | 8,525 | ' | 12,393 | 6,064 | 15,494 | ' | ' | ' | 349,774 | ' | ' | ' |
Cash dividends declared | -41,543 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -41,543 | ' | ' |
Common stock issued in connection with the acquisition(in shares) | 8,524,835 | ' | ' | ' | ' | ' | ' | ' | ' | 314,953 | 135,347 | 372,282 | ' | ' | ' | 8,524,835 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BALANCE at Dec. 31, 2012 | 2,089,389 | ' | ' | ' | ' | ' | ' | ' | 56,484 | ' | ' | ' | ' | ' | ' | ' | 1,274,290 | ' | ' | ' | ' | ' | ' | ' | 750,236 | 8,986 | -607 |
BALANCE, Shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | 56,484,234 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 221,398 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 221,398 | ' | ' |
Other comprehensive loss | -4,103 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,103 | ' |
Common stock issued in connection with the exercise of stock options and restricted stock awards | 5,379 | ' | ' | ' | ' | ' | ' | ' | 240 | ' | ' | ' | ' | ' | ' | ' | 5,139 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued in connection with the exercise of stock options and restricted stock awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 240,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expense | 4,175 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,175 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued in connection with the acquisition | ' | ' | ' | ' | 22,300 | 154,431 | 347,888 | ' | ' | ' | ' | ' | 531 | 3,259 | 5,571 | ' | ' | ' | ' | ' | 21,769 | 151,172 | 342,317 | ' | ' | ' | ' |
Cash dividends declared | -54,039 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -54,039 | ' | ' |
Common stock issued in connection with the acquisition(in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 530,940 | 3,258,718 | 5,570,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BALANCE at Dec. 31, 2013 | $2,786,818 | ' | ' | ' | ' | ' | ' | ' | $66,085 | ' | ' | ' | ' | ' | ' | ' | $1,798,862 | ' | ' | ' | ' | ' | ' | ' | $917,595 | $4,883 | ($607) |
BALANCE, Shares at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | 66,085,179 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement Of Stockholders Equity [Abstract] | ' | ' | ' |
Cash dividends declared, per share | $0.89 | $0.80 | $0.72 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $221,398 | $167,901 | $141,749 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and core deposit intangibles amortization | 16,738 | 16,152 | 15,930 |
Provision for credit losses | 17,240 | 6,100 | 5,200 |
Deferred income tax expense | 19,884 | 9,615 | 2,006 |
Net amortization of premium on investments | 68,703 | 66,893 | 28,675 |
Loss on sale or write down of premises, equipment and other real estate | 549 | 688 | 528 |
Loss on sale of securities | ' | ' | 581 |
Net amortization of premium on deposits | -388 | -109 | -33 |
Net accretion of discount on loans | -62,723 | -26,413 | ' |
Proceeds from sale of loans held for sale | 168,784 | 91,798 | ' |
Originations of loans held for sale | -163,072 | -88,461 | ' |
Stock based compensation expense | 4,175 | 3,607 | 3,576 |
Decrease (increase) in accrued interest receivable and other assets | 24,793 | -38,095 | 20,967 |
(Decrease) increase in accrued interest payable and other liabilities | -8,424 | 138 | -1,310 |
Net cash provided by operating activities | 307,657 | 209,814 | 217,869 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Proceeds from maturities and principal paydowns of held to maturity securities | 2,125,086 | 1,796,741 | 1,301,230 |
Purchase of held to maturity securities | -2,702,521 | -3,659,045 | -1,478,721 |
Proceeds from maturities, sales and principal paydowns of available for sale securities | 3,523,871 | 1,724,322 | 1,255,715 |
Purchase of available for sale securities | -3,454,998 | -1,109,999 | -1,150,000 |
Net increase in loans held for investment | -47,889 | -148,083 | -298,246 |
Purchase of bank premises and equipment | -24,007 | -12,441 | -9,480 |
Proceeds from sale of bank premises, equipment and other real estate | 12,359 | 16,855 | 14,202 |
Net cash provided by (used in) investing activities | 8,850 | -1,201,735 | -365,300 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net increase in noninterest-bearing deposits | 177,362 | 336,997 | 299,036 |
Net (decrease) increase in interest-bearing deposits | -10,221 | 480,866 | 306,665 |
Net (repayments of) proceeds from other short-term borrowings | -245,000 | 245,000 | -360,000 |
Repayments of other long-term borrowings | -41,357 | -1,037 | -1,643 |
Net (decrease) increase in securities sold under repurchase agreements | -93,545 | 80,927 | -5,776 |
Redemption of junior subordinated debentures | ' | ' | -7,210 |
Proceeds from stock option exercises | 5,379 | 3,573 | 4,175 |
Payments of cash dividends | -54,039 | -41,543 | -33,742 |
Net cash (used in) provided by financing activities | -261,421 | 1,104,783 | 201,505 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 55,086 | 112,862 | 54,074 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 326,304 | 213,442 | 159,368 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 381,390 | 326,304 | 213,442 |
NONCASH ACTIVITIES: | ' | ' | ' |
Acquisition of real estate through foreclosure of collateral | 3,119 | 12,049 | 14,051 |
SUPPLEMENTAL INFORMATION: | ' | ' | ' |
Income taxes paid | 92,226 | 75,743 | 70,324 |
Interest paid | 39,687 | 40,034 | 46,451 |
Texas Bankers, Inc [Member] | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Net cash and cash equivalents acquired in the purchase of subsidiary | ' | 44,550 | ' |
NONCASH ACTIVITIES: | ' | ' | ' |
Stock issued in connection with acquisition | ' | 12,708 | ' |
The Bank Arlington [Member] | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Net cash and cash equivalents acquired in the purchase of subsidiary | ' | 12,037 | ' |
NONCASH ACTIVITIES: | ' | ' | ' |
Stock issued in connection with acquisition | ' | 6,199 | ' |
American State Financial Corp [Member] | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Net cash and cash equivalents acquired in the purchase of subsidiary | ' | 123,023 | ' |
NONCASH ACTIVITIES: | ' | ' | ' |
Stock issued in connection with acquisition | ' | 358,299 | ' |
Community National Bank [Member] | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Net cash and cash equivalents acquired in the purchase of subsidiary | ' | 10,305 | ' |
NONCASH ACTIVITIES: | ' | ' | ' |
Stock issued in connection with acquisition | ' | 15,866 | ' |
East Texas Financial Services, Inc. [Member] | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Net cash and cash equivalents acquired in the purchase of subsidiary | 3,471 | ' | ' |
NONCASH ACTIVITIES: | ' | ' | ' |
Stock issued in connection with acquisition | 22,300 | ' | ' |
Coppermark Bancshares, Inc. [Member] | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Net cash and cash equivalents acquired in the purchase of subsidiary | 288,795 | ' | ' |
NONCASH ACTIVITIES: | ' | ' | ' |
Stock issued in connection with acquisition | 154,431 | ' | ' |
FVNB Corp. [Member] | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Net cash and cash equivalents acquired in the purchase of subsidiary | 284,683 | ' | ' |
NONCASH ACTIVITIES: | ' | ' | ' |
Stock issued in connection with acquisition | $347,888 | ' | ' |
NATURE_OF_OPERATIONS_AND_SUMMA
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES | ' | ||||||||||||||||||||||||
1 | NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES | ||||||||||||||||||||||||
Nature of Operations—Prosperity Bancshares, Inc.® (“Bancshares”) and its subsidiaries, Prosperity Holdings of Delaware, LLC (“Holdings”) and Prosperity Bank® (the “Bank”, and together with Bancshares and Holdings, collectively referred to as the “Company”) provide retail and commercial banking services. The Company operates its business as one domestic segment. | |||||||||||||||||||||||||
The Bank operated 238 full-service banking locations; with 63 in the Houston area, including The Woodlands, 26 in the South Texas area including Corpus Christi and Victoria, 36 in the Central Texas area, including Austin and San Antonio, 16 in the Bryan/College Station area, 22 in the East Texas area, 34 in the West Texas area including Lubbock, Midland-Odessa and Abilene, 35 in the Dallas/Fort Worth, Texas area; and 6 in the Central Oklahoma area. | |||||||||||||||||||||||||
Summary of Significant Accounting and Reporting Policies—The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and the prevailing practices within the financial services industry. A summary of significant accounting and reporting policies are as follows: | |||||||||||||||||||||||||
Basis of Presentation—The consolidated financial statements include the accounts of Bancshares and its subsidiaries. Intercompany transactions have been eliminated in consolidation. Operations are managed and financial performance is evaluated on a company-wide basis. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment. Because the overall banking operations comprise the vast majority of the consolidated operations, no separate segment disclosures are presented. | |||||||||||||||||||||||||
Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to certain fair value measures including the calculation of stock-based compensation, the valuation of goodwill and available for sale securities and the calculation of allowance for credit losses. Actual results could differ from these estimates. | |||||||||||||||||||||||||
Securities—Securities held to maturity are carried at cost, adjusted for the amortization of premiums and the accretion of discounts. Management has the positive intent and the Company has the ability to hold these assets as long-term securities until their estimated maturities. | |||||||||||||||||||||||||
Securities available for sale are carried at fair value. Unrealized gains and losses are excluded from earnings and reported, net of tax, as a separate component of shareholders’ equity until realized. Securities within the available for sale portfolio may be used as part of the Company’s asset/liability strategy and may be sold in response to changes in interest rate risk, prepayment risk or other similar economic factors. | |||||||||||||||||||||||||
For debt securities, when other-than-temporary impairment (“OTTI”) occurs, the amount of the other-than-temporary impairment recognized in earnings depends on whether an entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss. If an entity intends to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the OTTI shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the OTTI shall be separated into the amount representing the credit-related portion of the impairment loss (“credit loss”) and the noncredit portion of the impairment loss (“noncredit portion”). The amount of the total OTTI related to the credit loss is determined based on the difference between the present value of cash flows expected to be collected and the amortized cost basis and such difference is recognized in earnings. The amount of the total OTTI related to the noncredit portion is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings shall become the new amortized cost basis of the investment. | |||||||||||||||||||||||||
Premiums and discounts are amortized and accreted to operations using the level-yield method of accounting, adjusted for prepayments as applicable. The specific identification method of accounting is used to compute gains or losses on the sales of these assets. Interest earned on these assets is included in interest income. | |||||||||||||||||||||||||
Loans Held for Sale—Loans held for sale are carried at the lower of aggregate cost or market value. Premiums, discounts and loan fees (net of certain direct loan origination costs) on loans held for sale are deferred until the related loans are sold or repaid. Gains or losses on loan sales are recognized at the time of sale and determined using the specific identification method. | |||||||||||||||||||||||||
Loans Held for Investment—Loans originated and held for investment are stated at the principal amount outstanding, net of unearned discount and fees. The related interest income for multipayment loans is recognized principally by the simple interest method; for single payment loans, such income is recognized using the straight-line method. | |||||||||||||||||||||||||
Loans acquired in business combinations are initially recorded at fair value based on a discounted cash flow valuation methodology that considers, among other things, projected default rates, loss given defaults and recovery rates with no carryover of any existing allowance for loan losses. Acquired loans with evidence of credit quality deterioration at acquisition are reviewed to determine if it is probable that the Company will not be able to collect all contractual amounts due, including both principal and interest. When both conditions exist, such loans are accounted for as purchased credit-impaired (“PCI”). | |||||||||||||||||||||||||
The Company estimates the total cash flows expected to be collected from the acquired PCI loans, which include undiscounted expected principal and interest, using credit risk, interest rate and prepayment risk models that incorporate management’s best estimate of current key assumptions such as default rates, loss severity and payment speeds. The excess of the undiscounted total cash flows expected to be collected over the fair value of the related PCI loans represents the accretable yield, which is recognized as interest income on a level-yield basis over the life of the related loan. The difference between the undiscounted contractual principal and interest and the undiscounted total cash flows expected to be collected is the nonaccretable difference, which reflects the impact of estimated credit losses and other factors. Subsequent increases in expected cash flows will result in a recovery of any previously recorded allowance for loan losses, to the extent applicable, and a reclassification from nonaccretable difference to accretable yield, which is recognized prospectively over the then remaining lives of the loan. Subsequent decreases in expected cash flows will result in an impairment charge to the provision for loan losses, resulting in an addition to the allowance for loan losses, and a reclassification from accretable yield to nonaccretable difference. A loan disposal, which may include a loan sale, receipt of payment in full from the borrower or foreclosure, results in removal of the loan at its allocated carrying amount. | |||||||||||||||||||||||||
For acquired loans not deemed credit-impaired at acquisition, the difference between the initial fair value and the unpaid principal balance is recognized as interest income on a level-yield basis over the lives of the related loans. | |||||||||||||||||||||||||
Nonrefundable Fees and Costs Associated with Lending Activities—Loan origination fees in excess of the associated costs are recognized over the life of the related loan as an adjustment to yield using the interest method. | |||||||||||||||||||||||||
Loan commitment fees and loan origination costs are deferred and recognized as an adjustment of yield by the interest method over the related loan life or, if the commitment expires unexercised, recognized in income upon expiration of the commitment. | |||||||||||||||||||||||||
Nonperforming and Past Due Loans—Included in the nonperforming loan category are loans which have been categorized by management as nonaccrual because collection of interest is doubtful and loans which have been restructured to provide a reduction in the interest rate or a deferral of interest or principal payments. When the payment of principal or interest on a loan is delinquent for 90 days, or earlier in some cases, the loan is placed on nonaccrual status unless the loan is in the process of collection and the underlying collateral fully supports the carrying value of the loan. If the decision is made to continue accruing interest on the loan, periodic reviews are made to confirm the accruing status of the loan. When a loan is placed on nonaccrual status, interest accrued during the current year prior to the judgment of uncollectibility is charged to operations. Interest accrued during prior periods is charged to the allowance for credit losses. Any payments received on nonaccrual loans are applied first to outstanding loan amounts and next to the recovery of charged-off loan amounts. Any excess is treated as recovery of lost interest. | |||||||||||||||||||||||||
Restructured loans are those loans on which concessions in terms have been granted because of a borrower’s financial difficulty. Interest is generally accrued on such loans in accordance with the new terms. | |||||||||||||||||||||||||
Allowance for Credit Losses—The allowance for credit losses is a valuation allowance available for losses incurred on loans. All losses are charged to the allowance when the loss actually occurs or when a determination is made that such a loss is probable. Recoveries are credited to the allowance at the time of recovery. | |||||||||||||||||||||||||
Throughout the year, management estimates the probable level of losses to determine whether the allowance for credit losses is adequate to absorb losses inherent in the loan portfolio. Based on these estimates, an amount is charged to the provision for credit losses and credited to the allowance for credit losses in order to adjust the allowance to a level determined to be adequate to absorb losses. | |||||||||||||||||||||||||
In making its evaluation of the adequacy of the allowance for credit losses, management considers factors such as historical loan loss experience, industry diversification of the Company’s commercial loan portfolio, the amount of nonperforming assets and related collateral, the volume, growth and composition of the Company’s loan portfolio, current economic conditions that may affect the borrower’s ability to pay and the value of collateral, the evaluation of the Company’s loan portfolio through its internal loan review process and other relevant factors. | |||||||||||||||||||||||||
Estimates of credit losses involve an exercise of judgment. While it is possible that in the short term the Company may sustain losses which are substantial in relation to the allowance for credit losses, it is the judgment of management that the allowance for credit losses reflected in the consolidated balance sheets is adequate to absorb probable losses that exist in the current loan portfolio. | |||||||||||||||||||||||||
The Company’s allowance for credit losses consists of two elements: (i) specific valuation allowances based on probable losses on impaired loans; and (ii) a general valuation allowance based on historical loan loss experience, general economic conditions and other qualitative risk factors both internal and external to the Company. A loan is defined as impaired if, based on current information and events, it is probable that a creditor will be unable to collect all amounts due, both interest and principal, according to the contractual terms of the loan agreement. The allowance for credit losses related to impaired loans is determined based on the difference of carrying value of loans and the present value of expected cash flows discounted at the loan’s effective interest rate or, as a practical expedient, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. | |||||||||||||||||||||||||
Loans acquired in business combinations are initially recorded at fair value, which includes an estimate of credit losses expected to be realized over the remaining lives of the loans, and therefore no corresponding allowance for loan losses is recorded for these loans at acquisition. Methods utilized to estimate any subsequently required allowance for loan losses for acquired loans not deemed credit-impaired at acquisition are similar to originated loans; however, the estimate of loss is based on the unpaid principal balance and then compared to any remaining unaccreted purchase discount. To the extent that the calculated loss is greater than the remaining unaccreted purchase discount, an allowance is recorded for such difference. | |||||||||||||||||||||||||
Premises and Equipment—Premises and equipment are carried at cost less accumulated depreciation. Depreciation expense is computed principally using the straight-line method over the estimated useful lives of the assets which range from three to 39 years. Leasehold improvements are amortized using the straight-line method over the periods of the leases or the estimated useful lives, whichever is shorter. | |||||||||||||||||||||||||
Derivative Financial Instruments—The Company offers interest rate swaps to commercial customers who wish to obtain a loan at a fixed rate. In these transactions, the Company enters into an interest rate swap with a customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each swap transaction, the Company agrees to pay interest to the borrowing customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed interest rate. At the same time, the Company agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows the Company’s customer to effectively convert a variable-rate loan to a fixed-rate. Because the Company acts solely as an intermediary for its customer, changes in the fair value of the underlying derivative contracts offset each other and do not significantly impact the Company’s results of operations. | |||||||||||||||||||||||||
Goodwill—Goodwill is annually assessed for impairment or when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. | |||||||||||||||||||||||||
On January 1, 2012, the Company adopted Accounting Standard Update No. 2011-08, “Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment,” (ASU 2011-08), which allows companies to use a qualitative approach to assess goodwill for impairment. The provisions of ASU 2011-08 give companies the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining the need to perform step one of the annual test for goodwill impairment. An entity has an unconditional option to bypass the qualitative assessment described in the preceding paragraph for any reporting unit in any period and proceed directly to performing the first step of the goodwill impairment test. An entity may resume performing the qualitative assessment in any subsequent period. | |||||||||||||||||||||||||
If the Company bypasses the qualitative assessment, a two-step goodwill impairment test is performed. The first step of the goodwill impairment test compares the estimated fair value of the Company’s reporting unit to its carrying value. If the estimated fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the estimated fair value of the reporting unit is less than the carrying value, the second step must be performed to determine the implied fair value of the reporting unit’s goodwill and the amount of goodwill impairment, if any. | |||||||||||||||||||||||||
Estimating the fair value of the Company’s reporting unit is a subjective process involving the use of estimates and judgments, particularly related to future cash flows of the reporting units, discount rates (including market risk premiums) and market multiples. Material assumptions used in the valuation models included the comparable public company price multiples used in the terminal value, future cash flows and the market risk premium component of the discount rate. The estimated fair value of the reporting unit is determined using a blend of two commonly used valuation techniques: the market approach and the income approach. The Company gives consideration to both valuation techniques, as either technique can be an indicator of value. For the market approach, valuation is based on an analysis of relevant price multiples in market trades in companies with similar characteristics. For the income approach, estimated future cash flows (derived from internal forecasts and economic expectations) and terminal value (value at the end of the cash flow period, based on price multiples) are discounted. The discount rate was based on the imputed cost of equity capital. | |||||||||||||||||||||||||
Amortization of Core Deposit Intangibles—Core deposit intangibles are amortized using an accelerated amortization method over an 8 to 15 year period. | |||||||||||||||||||||||||
Income Taxes—The Company files a consolidated federal income tax return and a consolidated Oklahoma state income tax return. | |||||||||||||||||||||||||
Deferred tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are recorded in other assets on the Company’s consolidated balance sheets. The Company records uncertain tax positions in accordance with Accounting Standards Codification (“ASC”) 740 on the basis of a two-step process whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. | |||||||||||||||||||||||||
Realization of net deferred tax assets is based upon the level of historical income and on estimates of future taxable income. Although realization is not assured, management believes it is more likely than not that all of the net deferred tax assets will be realized. | |||||||||||||||||||||||||
Stock-Based Compensation—The Company accounts for stock-based employee compensation plans using the fair value-based method of accounting. The expense associated with stock-based compensation is recognized over the vesting period of each individual arrangement. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of subjective assumptions. The fair value of restricted stock awards is based on the current market price on the date of grant. | |||||||||||||||||||||||||
Cash and Cash Equivalents—For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks as well as federal funds sold that mature in three days or less. | |||||||||||||||||||||||||
Earnings Per Common Share—Basic earnings per common share are calculated using the two-class method. The two-class method provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of basic earnings per share. | |||||||||||||||||||||||||
Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock using the treasury stock method. Outstanding stock options issued by the Company represent the only dilutive effect reflected in diluted weighted average shares. | |||||||||||||||||||||||||
The following table illustrates the computation of basic and diluted earnings per share: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | Per Share | Amount | Per Share | Amount | Per Share | ||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||||||||||||
Net income | $ | 221,398 | $ | 167,901 | $ | 141,749 | |||||||||||||||||||
Basic: | |||||||||||||||||||||||||
Weighted average shares outstanding | 60,421 | $ | 3.66 | 51,794 | $ | 3.24 | 46,846 | $ | 3.03 | ||||||||||||||||
Diluted: | |||||||||||||||||||||||||
Add incremental shares for: | |||||||||||||||||||||||||
Effect of dilutive securities—options | 157 | 147 | 171 | ||||||||||||||||||||||
Total | 60,578 | $ | 3.65 | 51,941 | $ | 3.23 | 47,017 | $ | 3.01 | ||||||||||||||||
There were no stock options exercisable at December 31, 2013, 2012 and 2011 that would have had an anti-dilutive effect on the above computation. | |||||||||||||||||||||||||
New Accounting Standards | |||||||||||||||||||||||||
Accounting Standards Updates (“ASU”) | |||||||||||||||||||||||||
ASU 2012-02 “Intangibles—Goodwill and Other (Topic 350)—Testing Indefinite-Lived Intangible Assets for Impairment.” ASU 2012-02 give entities the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that an indefinite-lived intangible asset is impaired. If, after assessing the totality of events or circumstances, an entity determines it is more likely than not that an indefinite-lived intangible asset is impaired, then the entity must perform the quantitative impairment test. If, under the quantitative impairment test, the carrying amount of the intangible asset exceeds its fair value, an entity should recognize an impairment loss in the amount of that excess. Permitting an entity to assess qualitative factors when testing indefinite-lived intangible assets for impairment results in guidance that is similar to the goodwill impairment testing guidance in ASU 2011-08. ASU 2012-02 became effective for the Company beginning January 1, 2013 and did not have a significant impact on the Company’s financial statements. | |||||||||||||||||||||||||
ASU 2013-02 “Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 amends recent guidance related to the reporting of comprehensive income to enhance the reporting of reclassifications out of accumulated other comprehensive income. ASU 2013-02 became effective for the Company on January 1, 2013 and did not have a significant impact on the Company’s financial statements. See Note 16—Other Comprehensive (Loss) Income for applicable disclosures. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
ACQUISITIONS | ' | ||||||||
2 | ACQUISITIONS | ||||||||
Acquisitions are an integral part of the Company’s growth strategy. All acquisitions were accounted for using the acquisition method of accounting. Accordingly, the assets and liabilities of the acquired entities were recorded at their fair values at the acquisition date. The excess of the purchase price over the estimated fair value of the net assets for tax-free acquisitions was recorded as goodwill, none of which is deductible for tax purposes. The excess of the purchase price over the estimated fair value of the net assets for taxable acquisitions was also recorded as goodwill, and is deductible for tax purposes. The identified core deposit intangibles for each acquisition are being amortized using an accelerated amortization method over an eight to fifteen year life. The results of operations for each acquisition have been included in the Company’s consolidated financial results beginning on the respective acquisition date. | |||||||||
The measurement period for the Company to determine the fair values of acquired identifiable assets and assumed liabilities will end at the earlier of (i) twelve months from the date of the acquisition or (ii) as soon as the Company receives the information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not obtainable. The Company is currently in the process of obtaining fair values for certain acquired assets and assumed liabilities and therefore the following estimates are preliminary. The following acquisitions were completed on the dates indicated: | |||||||||
2013 Acquisitions | |||||||||
Acquisition of East Texas Financial Services, Inc.—On January 1, 2013, the Company completed the acquisition of East Texas Financial Services, Inc. (OTC BB: FFBT) and its wholly-owned subsidiary, First Federal Bank Texas (collectively, “East Texas Financial Services”). East Texas Financial Services operated 4 banking offices in the Tyler MSA, including 3 locations in Tyler, Texas and 1 location in Gilmer, Texas. The Company acquired East Texas Financial Services to increase its market share in the East Texas area. The acquisition is not considered significant to the Company’s financial statements and therefore pro forma financial data is not included. | |||||||||
As of December 31, 2012, East Texas Financial Services reported, on a consolidated basis, total assets of $165.0 million, total loans of $129.3 million and total deposits of $112.2 million. Under the terms of the acquisition agreement, the Company issued 530,940 shares of the Company common stock for all outstanding shares of East Texas Financial Services capital stock, for total merger consideration of $22.3 million based on the Company’s closing stock price of $42.00. The Company recognized goodwill of $15.0 million which is calculated as the excess of both the consideration exchanged and liabilities assumed as compared to the fair value of identifiable assets acquired, none of which is expected to be deductible for tax purposes. | |||||||||
Acquisition of Coppermark Bancshares Inc.—On April 1, 2013, the Company completed the acquisition of Coppermark Bancshares, Inc. and its wholly-owned subsidiary, Coppermark Bank (collectively, “Coppermark”). Coppermark operated 9 full-service banking offices: 6 in Oklahoma City, Oklahoma and surrounding areas and 3 in the Dallas, Texas area. The Company acquired Coppermark to expand its market into Oklahoma. The acquisition is not considered significant to the Company’s financial statements and therefore pro forma financial data is not included. | |||||||||
As of March 31, 2013, Coppermark reported, on a consolidated basis, total assets of $1.25 billion, total loans of $847.6 million and total deposits of $1.12 billion. Under the terms of the acquisition agreement, the Company issued 3,258,718 shares of Company common stock plus $60.0 million in cash for all outstanding shares of Coppermark Bancshares, Inc. capital stock, for total merger consideration of $214.4 million based on the Company’s closing stock price of $47.39. As of December 31, 2013, the Company recognized goodwill of $117.5 million which does not include subsequent fair value adjustments that are still being finalized. Additionally, the Company recognized $1.5 million of core deposit intangibles. | |||||||||
Acquisition of FVNB Corp.—On November 1, 2013, the Company completed the acquisition of FVNB Corp. and its wholly owned subsidiary, First Victoria National Bank (collectively, “FVNB”) headquartered in Victoria, Texas. FVNB operated 33 banking locations: 4 in Victoria, Texas; 7 in the South Texas area including Corpus Christi; 6 in the Bryan/College Station area; 5 in the Central Texas area including New Braunfels; and 11 in the Houston area including The Woodlands. The Company acquired FVNB to expand its Central and South Texas markets. The acquisition is not considered significant to the Company’s financial statements and therefore pro forma financial data is not included. | |||||||||
As of September 30, 2013, FVNB, on a consolidated basis, reported total assets of $2.47 billion, total loans of $1.65 billion and total deposits of $2.20 billion. Under the terms of the acquisition agreement, the Company issued 5,570,667 shares of Company common stock plus $91.3 million in cash for all outstanding shares of FVNB Corp. capital stock for total merger consideration of $439.2 million based on the Company’s closing stock price of $62.45. As of December 31, 2013, the Company recognized goodwill of $323.0 million which does not include subsequent fair value adjustments that are still being finalized. Additionally, the Company recognized $18.4 million of core deposit intangibles. | |||||||||
Merger Related Expenses: The Company incurred $3.2 million of pre-tax merger related expenses during 2013. The merger expenses are reflected on the Company’s income statement for the applicable periods and are reported primarily in the categories of salaries and benefits, data processing and professional fees. Merger related costs by acquisition are presented in the table below (dollars in thousands). | |||||||||
East Texas Financial Services, Inc. | $ | 84 | |||||||
Coppermark Bancshares, Inc. | 853 | ||||||||
FVNB Corp. | 2,000 | ||||||||
All other | 266 | ||||||||
$ | 3,203 | ||||||||
Acquired Loans and Purchase Credit Impaired Loans: Acquired loans were preliminarily recorded at fair value based on a discounted cash flow valuation methodology that considers, among other things, projected default rates, loss given defaults and recovery rates. No allowance for credit losses was carried over from acquisitions completed during 2013. | |||||||||
The Company has identified certain loans acquired from East Texas Financial Services, Coppermark and FVNB which have experienced credit deterioration since origination (“purchased credit impaired loans” or “PCI loans”). PCI loan identification considers the following factors: payment history and past due status, debt service coverage, loan grading, collateral values and other factors that may indicate deterioration of credit quality since origination. Accretion of purchased discounts on PCI loans will be based on estimated future cash flows, regardless of contractual maturities. Accretion of purchased discounts on non-PCI loans will be recognized on a level-yield basis based on contractual maturity of individual loans. | |||||||||
The carrying amount of acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at December 31, 2013, are presented in the table below. The outstanding balance represents the total amount owed as of December 31, 2013, including accrued but unpaid interest and any amounts previously charged off. No allowance for credit losses was required on any of the acquired PCI loan pools at December 31, 2013 (dollars in thousands). | |||||||||
Acquired PCI loans: | |||||||||
Carrying amount | $ | 41,483 | |||||||
Outstanding balance | 86,980 | ||||||||
Net of discount | $ | 45,497 | |||||||
Changes in the accretable yield for acquired PCI loans for the year ended December 31, 2013, were as follows (dollars in thousands): | |||||||||
Balance at beginning of period | $ | 7,459 | |||||||
Additions | 9,998 | ||||||||
Reclassifications from nonaccretable | 8,440 | ||||||||
Accretion | (16,042 | ) | |||||||
Balance at December 31, 2013 | $ | 9,855 | |||||||
The process for identifying, valuing and determining pools (if any) of the loans that were (or may be) considered PCI loans as of the acquisition date remains on-going. Income recognition on PCI loans is subject to the Company’s ability to reasonably estimate both the timing and amount of future cash flows. PCI loans for which the Company is accruing interest income are not considered non-performing or impaired. The non-accretable difference represents contractual principal and interest the Company does not expect to collect. | |||||||||
2012 Acquisitions | |||||||||
Acquisition of Texas Bankers, Inc.—On January 1, 2012, the Company completed the acquisition of Texas Bankers, Inc. and its wholly-owned subsidiary, Bank of Texas, Austin, Texas. The three (3) Bank of Texas banking offices in the Austin, Texas CMSA consisted of a location in Rollingwood, which was consolidated with the Company’s Westlake location and remains in Bank of Texas’ Rollingwood banking office; one banking center in downtown Austin, which was consolidated into the Company’s downtown Austin location; and another banking center in Thorndale. The Company acquired Texas Bankers, Inc. to increase is its market share in the Central Texas area. The acquisition is not considered significant to the Company’s financial statements and therefore pro forma financial data and related disclosures are not included. | |||||||||
Texas Bankers, Inc. on a consolidated basis, reported total assets of $77.0 million, total loans of $27.6 million and total deposits of $70.4 million as of December 31, 2011. Under the terms of the acquisition agreement, the Company issued 314,953 shares of Company common stock for all outstanding shares of Texas Bankers capital stock, resulting in an acquisition date fair value of $12.7 million, based on the Company’s closing stock price of $40.35. In 2012, the Company recognized goodwill of $6.1 million which is calculated as the excess of both the consideration exchanged and liabilities assumed as compared to the fair value of identifiable assets acquired, none of which is expected to be deductible for tax purposes. | |||||||||
Acquisition of The Bank Arlington—On April 1, 2012, the Company completed the acquisition of The Bank Arlington. The Bank Arlington operated one banking office in Arlington, Texas, in the Dallas/Fort Worth CMSA. The Company acquired The Bank Arlington to increase its market share in the Dallas/Fort Worth area. The acquisition is not considered significant to the Company’s financial statements and therefore pro forma financial data and related disclosures are not included. | |||||||||
As of March 31, 2012, The Bank Arlington reported total assets of $37.3 million, total loans of $22.9 million and total deposits of $33.2 million. Under the terms of the agreement, the Company issued 135,347 shares of Company common stock for all outstanding shares of The Bank Arlington capital stock, resulting in an acquisition date fair value of $6.2 million, based on the Company’s closing stock price of $45.80. The Company recognized goodwill of $2.1 million which is calculated as the excess of both the consideration exchanged and liabilities assumed as compared to the fair value of identifiable assets acquired, none of which is expected to be deductible for tax purposes. As of December 31, 2013, total goodwill related to The Bank Arlington was $2.0 million after a $130 thousand measurement period adjustment recorded during 2013. | |||||||||
Acquisition of Community National Bank—On October 1, 2012, the Company completed the acquisition of Community National Bank, Bellaire, Texas. Community National Bank operated one (1) banking office in Bellaire, Texas, in the Houston Metropolitan Area. The Company acquired Community National Bank to increase its market share in the Houston area. The acquisition is not considered significant to the Company’s financial statements and therefore pro forma financial data is not included. | |||||||||
As of September 30, 2012, Community National Bank reported total assets of $182.0 million, total loans of $68.0 million and total deposits of $164.6 million. Under the terms of the acquisition agreement, the Company issued 372,282 shares of Company common stock plus $11.4 million in cash for all outstanding shares of Community National Bank capital stock, for total merger consideration of $27.3 million, based on the Company’s closing stock price of $42.62. The Company recognized goodwill of $10.3 million which is calculated as the excess of both the consideration exchanged and liabilities assumed as compared to the fair value of identifiable assets acquired, none of which is expected to be deductible for tax purposes. As of December 31, 2013, total goodwill related to Community National Bank was $12.3 million after a $2.0 million measurement period adjustment recorded during 2013. | |||||||||
Acquisition of American State Financial Corporation—On July 1, 2012, the Company completed the acquisition of American State Financial Corporation and its wholly owned subsidiary American State Bank (collectively referred to as “ASB”). ASB operated thirty-seven (37) full service banking offices in eighteen (18) counties across West Texas. | |||||||||
Under the terms of the acquisition agreement, the Company issued 8,524,835 shares of Company common stock plus $178.5 million in cash for all outstanding shares of American State Financial Corporation capital stock, for total merger consideration of $536.8 million based on the Company’s closing stock price of $42.03. | |||||||||
The assets and liabilities of ASB were recorded on the consolidated balance sheet at estimated fair value on the acquisition date. The purchase price allocation may change as additional information becomes available and additional analyses are completed. As of December 31, 2012, the following table presents the amounts recorded on the consolidated balance sheet on the acquisition date (dollars in thousands). | |||||||||
Fair value of consideration paid: | |||||||||
Common stock issued (8,524,835 shares) | $ | 358,299 | |||||||
Cash | 178,507 | ||||||||
Total consideration paid | $ | 536,806 | |||||||
Fair value of assets acquired: | |||||||||
Cash and due from banks | $ | 98,720 | |||||||
Federal funds sold | 202,810 | ||||||||
Total cash and cash equivalents | 301,530 | ||||||||
Securities available for sale | 524,959 | ||||||||
Securities held to maturity | 994,873 | ||||||||
Loans held for sale | 13,770 | ||||||||
Loans held for investment | 1,133,867 | ||||||||
Bank premises and equipment | 36,502 | ||||||||
Other real estate owned | 1,232 | ||||||||
Core deposit intangibles | 12,392 | ||||||||
Federal Home Loan Bank stock | 2,355 | ||||||||
Other assets | 83,803 | ||||||||
Total assets acquired | 3,105,283 | ||||||||
Fair value of liabilities assumed: | |||||||||
Deposits | 2,495,652 | ||||||||
Other borrowings | 318,692 | ||||||||
Other liabilities | 28,252 | ||||||||
Total liabilities assumed | 2,842,596 | ||||||||
Fair value of net assets acquired | $ | 262,687 | |||||||
Goodwill resulting from acquisition | $ | 274,119 | |||||||
The Company recognized goodwill of $274.1 million which is calculated as the excess of both the consideration exchanged and liabilities assumed as compared to the fair value of identifiable assets acquired. Goodwill resulted from a combination of expected operational synergies, an enhanced branching network, and cross-selling opportunities. Goodwill is not expected to be deductible for tax purposes. As of December 31, 2013, total goodwill related to ASB was $271.0 million after a $3.1 million measurement period adjustment recorded during 2013. Additionally, as of December 31, 2013, total core deposit intangibles related to ASB was $14.5 million as the Company recorded a $2.1 million measurement period adjustment during 2013. | |||||||||
Pro Forma Information: The following pro forma information presents the results of operations for the year ended December 31, 2012, as if the ASB acquisition occurred on January 1, 2012. The Bank Arlington and Community National Bank are not deemed material individually or in the aggregate and are therefore excluded from the pro forma information in the table below (dollars in thousands, except per share amounts). | |||||||||
2012 | 2011 | ||||||||
Net interest income | $ | 447,471 | $ | 454,408 | |||||
Net income | 213,830 | 200,964 | |||||||
Basic earnings per share | 3.81 | 3.63 | |||||||
Diluted earnings per share | 3.8 | 3.62 | |||||||
The above pro forma results are presented for illustrative purposes and are not intended to represent or be indicative of the actual results of operations of the merged companies that would have been achieved had the acquisition occurred at January 1, 2011, nor are they intended to represent or be indicative of future results of operations. The pro forma results do not include expected operating cost savings as a result of the acquisition. These pro forma results require significant estimates and judgments particularly as it relates to valuation and accretion of income associated with acquired loans. Pro forma adjustments principally included: | |||||||||
• | Reversing interest income and interest expense as previously recorded by ASB and recording interest income and interest expense based on impact of estimated fair values of the acquired interest-earning assets and assumed interest-bearing liabilities. | ||||||||
• | Reversing depreciation and amortization expense recorded by ASB and reporting depreciation and amortization based on estimated fair values and remaining lives of acquired premises, equipment, and leasehold improvements. | ||||||||
• | Reversing core deposit intangible amortization as previously recorded by ASB and recording amortization expense as it relates to the core deposit intangible recognized from the acquisition. | ||||||||
• | Reporting acquisition-related charges and professional fees related to the acquisition as if they were incurred in 2011. | ||||||||
Merger Related Expenses: The Company incurred $7.0 million of pre-tax merger related expenses during 2012. The merger expenses are reflected on the Company’s income statement for the applicable periods and are reported primarily in the categories of salaries and benefits, data processing and professional fees. Merger related costs by acquisition are presented in the table below (dollars in thousands). | |||||||||
Texas Bankers, Inc. | $ | 392 | |||||||
The Bank Arlington | 168 | ||||||||
Community National Bank | 250 | ||||||||
American State Financial Corp | 5,889 | ||||||||
All other | 321 | ||||||||
$ | 7,020 | ||||||||
The Company completed no acquisitions in 2011. |
GOODWILL_AND_CORE_DEPOSIT_INTA
GOODWILL AND CORE DEPOSIT INTANGIBLES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
GOODWILL AND CORE DEPOSIT INTANGIBLES | ' | ||||||||
3 | GOODWILL AND CORE DEPOSIT INTANGIBLES | ||||||||
Changes in the carrying amount of the Company’s goodwill and core deposit intangibles for fiscal years 2013 and 2012 were as follows: | |||||||||
Goodwill | Core Deposit | ||||||||
Intangibles | |||||||||
(Dollars in thousands) | |||||||||
Balance as of December 31, 2011 | $ | 924,537 | $ | 20,996 | |||||
Less: | |||||||||
Amortization | — | (7,229 | ) | ||||||
Add: | |||||||||
Acquisition of Texas Bankers, Inc. | 6,077 | — | |||||||
Acquisition of The Bank Arlington | 2,102 | — | |||||||
Acquisition of ASB | 274,119 | 12,392 | |||||||
Acquisition of Community National Bank | 10,327 | — | |||||||
Balance as of December 31, 2012 | 1,217,162 | 26,159 | |||||||
Less: | |||||||||
Amortization | — | (6,145 | ) | ||||||
Add: | |||||||||
Measurement period adjustments | (1,225 | ) | 2,110 | ||||||
Acquisition of East Texas Financial Services, Inc. | 15,007 | — | |||||||
Acquisition of Coppermark Bancshares, Inc. | 117,544 | 1,514 | |||||||
Acquisition of FVNB Corp. | 323,032 | 18,411 | |||||||
Balance as of December 31, 2013 | $ | 1,671,520 | $ | 42,049 | |||||
Management performs an evaluation annually and more frequently if a triggering event occurs, of whether any impairment of the goodwill and other intangibles has occurred. If any such impairment is determined, a write down is recorded. As of December 31, 2013, there was no impairment recorded on goodwill. | |||||||||
Core deposit intangibles (“CDI”) are amortized on an accelerated basis over their estimated lives, which the Company believes is between 8 and 15 years. The estimated aggregate future amortization expense for CDI remaining as of December 31, 2013 is as follows (dollars in thousands): | |||||||||
2014 | $ | 7,656 | |||||||
2015 | 6,602 | ||||||||
2016 | 5,844 | ||||||||
2017 | 3,883 | ||||||||
2018 | 3,168 | ||||||||
Thereafter | 14,896 | ||||||||
Total | $ | 42,049 | |||||||
CASH_AND_DUE_FROM_BANKS
CASH AND DUE FROM BANKS | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
CASH AND DUE FROM BANKS | ' |
4. CASH AND DUE FROM BANKS | |
The Bank is required by the Federal Reserve Bank of Dallas to maintain average reserve balances. “Cash and due from banks” in the consolidated balance sheets includes restricted amounts of $132.0 million and $87.7 million at December 31, 2013 and 2012, respectively. |
SECURITIES
SECURITIES | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
SECURITIES | ' | ||||||||||||||||||||||||
5 | SECURITIES | ||||||||||||||||||||||||
The amortized cost and fair value of investment securities were as follows (dollars in thousands): | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
States and political subdivisions | $ | 28,578 | $ | 797 | $ | — | $ | 29,375 | |||||||||||||||||
Collateralized mortgage obligations | 483 | 7 | (1 | ) | 489 | ||||||||||||||||||||
Mortgage-backed securities | 108,316 | 6,843 | (22 | ) | 115,137 | ||||||||||||||||||||
Other securities | 12,589 | 14 | (126 | ) | 12,477 | ||||||||||||||||||||
Total | $ | 149,966 | $ | 7,661 | $ | (149 | ) | $ | 157,478 | ||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies | $ | 62,931 | $ | 46 | $ | (935 | ) | $ | 62,042 | ||||||||||||||||
States and political subdivisions | 426,335 | 3,176 | (2,207 | ) | 427,304 | ||||||||||||||||||||
Corporate debt securities | 513 | 5 | — | 518 | |||||||||||||||||||||
Collateralized mortgage obligations | 50,034 | 1,017 | (58 | ) | 50,993 | ||||||||||||||||||||
Mortgage-backed securities | 7,514,257 | 84,166 | (165,979 | ) | 7,432,444 | ||||||||||||||||||||
Qualified School Construction Bonds (QSCB) | 12,900 | 1,141 | — | 14,041 | |||||||||||||||||||||
Total | $ | 8,066,970 | $ | 89,551 | $ | (169,179 | ) | $ | 7,987,342 | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
States and political subdivisions | $ | 34,743 | $ | 1,691 | $ | — | $ | 36,434 | |||||||||||||||||
Collateralized mortgage obligations | 616 | — | (12 | ) | 604 | ||||||||||||||||||||
Mortgage-backed securities | 168,701 | 11,742 | (27 | ) | 180,416 | ||||||||||||||||||||
Other securities | 8,786 | 430 | — | 9,216 | |||||||||||||||||||||
Total | $ | 212,846 | $ | 13,863 | $ | (39 | ) | $ | 226,670 | ||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies | $ | 7,061 | $ | 160 | $ | — | $ | 7,221 | |||||||||||||||||
States and political subdivisions | 391,510 | 7,074 | (354 | ) | 398,230 | ||||||||||||||||||||
Corporate debt securities | 1,500 | 28 | — | 1,528 | |||||||||||||||||||||
Collateralized mortgage obligations | 125,912 | 2,304 | (50 | ) | 128,166 | ||||||||||||||||||||
Mortgage-backed securities | 6,676,512 | 196,206 | (4,517 | ) | 6,868,201 | ||||||||||||||||||||
Qualified School Construction Bonds (QSCB) | 12,900 | 2,449 | — | 15,349 | |||||||||||||||||||||
Total | $ | 7,215,395 | $ | 208,221 | $ | (4,921 | ) | $ | 7,418,695 | ||||||||||||||||
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The investment securities portfolio is evaluated for OTTI by segregating the portfolio into two general segments and applying the appropriate OTTI model. Investment securities classified as available for sale or held to maturity are evaluated for OTTI under Financial Accounting Standards Board (“FASB”): ASC Topic 320, “Investments—Debt and Equity Securities.” | |||||||||||||||||||||||||
In determining OTTI, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the entity has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time. | |||||||||||||||||||||||||
When OTTI occurs, the amount of the other-than-temporary impairment recognized in earnings depends on whether an entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss. | |||||||||||||||||||||||||
As of December 31, 2013, the Company does not intend to sell any debt securities and management believes that the Company more likely than not will not be required to sell any debt securities before their anticipated recovery, at which time the Company will receive full value for the securities. Furthermore, as of December 31, 2013, management does not have the intent to sell any of its securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of December 31, 2013, management believes any impairment in the Company’s securities is temporary and no impairment loss has been realized in the Company’s consolidated statements of income. | |||||||||||||||||||||||||
Securities with unrealized losses segregated by length of time such securities have been in a continuous loss position were as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 5 | $ | — | $ | 50 | $ | (1 | ) | $ | 55 | $ | (1 | ) | |||||||||||
Mortgage-backed securities | 651 | (1 | ) | 3,313 | (21 | ) | 3,964 | (22 | ) | ||||||||||||||||
Other securities | 6,911 | (126 | ) | — | — | 6,911 | (126 | ) | |||||||||||||||||
Total | $ | 7,567 | $ | (127 | ) | $ | 3,363 | $ | (22 | ) | $ | 10,930 | $ | (149 | ) | ||||||||||
Held to Maturity | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | $ | 48,389 | $ | (935 | ) | $ | — | $ | — | $ | 48,389 | $ | (935 | ) | |||||||||||
States and political subdivisions | 113,063 | (1,581 | ) | 28,639 | (626 | ) | 141,702 | (2,207 | ) | ||||||||||||||||
Collateralized mortgage obligations | 2,109 | (32 | ) | 433 | (26 | ) | 2,542 | (58 | ) | ||||||||||||||||
Mortgage-backed securities | 3,702,569 | (106,816 | ) | 998,380 | (59,163 | ) | 4,700,949 | (165,979 | ) | ||||||||||||||||
Total | $ | 3,866,130 | $ | (109,364 | ) | $ | 1,027,452 | $ | (59,815 | ) | $ | 4,893,582 | $ | (169,179 | ) | ||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Collateralized mortgage obligations | $ | — | $ | — | $ | 603 | $ | (12 | ) | $ | 603 | $ | (12 | ) | |||||||||||
Mortgage-backed securities | 224 | — | 3,964 | (27 | ) | 4,188 | (27 | ) | |||||||||||||||||
Total | $ | 224 | $ | — | $ | 4,567 | $ | (39 | ) | $ | 4,791 | $ | (39 | ) | |||||||||||
Held to Maturity | |||||||||||||||||||||||||
States and political subdivisions | $ | 37,322 | $ | (335 | ) | $ | 1,140 | $ | (19 | ) | $ | 38,462 | $ | (354 | ) | ||||||||||
Collateralized mortgage obligations | 2,366 | (50 | ) | — | — | 2,366 | (50 | ) | |||||||||||||||||
Mortgage-backed securities | 1,081,414 | (4,516 | ) | 234 | (1 | ) | 1,081,648 | (4,517 | ) | ||||||||||||||||
Total | $ | 1,121,102 | $ | (4,901 | ) | $ | 1,374 | $ | (20 | ) | $ | 1,122,476 | $ | (4,921 | ) | ||||||||||
At December 31, 2013, there were 450 securities in an unrealized loss position for more than 12 months. | |||||||||||||||||||||||||
The amortized cost and fair value of investment securities at December 31, 2013, by contractual maturity, are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations at any time with or without call or prepayment penalties. | |||||||||||||||||||||||||
Held to Maturity | Available for Sale | ||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Due in one year or less | $ | 28,834 | $ | 28,878 | $ | 12,684 | $ | 12,574 | |||||||||||||||||
Due after one year through five years | 158,033 | 158,289 | 4,991 | 5,138 | |||||||||||||||||||||
Due after five years through ten years | 228,346 | 227,983 | 20,446 | 21,028 | |||||||||||||||||||||
Due after ten years | 87,466 | 88,755 | 3,046 | 3,112 | |||||||||||||||||||||
Subtotal | 502,679 | 503,905 | 41,167 | 41,852 | |||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 7,564,291 | 7,483,437 | 108,799 | 115,626 | |||||||||||||||||||||
Total | $ | 8,066,970 | $ | 7,987,342 | $ | 149,966 | $ | 157,478 | |||||||||||||||||
The Company recorded no gain or loss on sale of securities for the twelve months ended December 31, 2013 and 2012. The Company recorded a loss on sale of securities of $581 thousand for the twelve months ended December 31, 2011. The Company sold two non-agency collateralized mortgage obligations (“CMO’s”) with a total book value of $3.2 million due to a downgrade of the CMO’s to less than investment grade in the second quarter of 2011. At December 31, 2013, the Company had eight non-agency CMO’s with a remaining book value of $1.7 million and a fair value of $1.7 million. | |||||||||||||||||||||||||
At December 31, 2013 and 2012, the Company did not own securities of any one issuer (other than the U.S. government and its agencies) for which aggregate adjusted cost exceeded 10% of the consolidated shareholders’ equity at such respective dates. | |||||||||||||||||||||||||
Securities with an amortized cost of $4.46 billion and $4.13 billion and a fair value of $4.47 billion and $4.27 billion at December 31, 2013 and 2012, respectively, were pledged to collateralize public deposits and for other purposes required or permitted by law. |
LOANS_AND_ALLOWANCE_FOR_CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | ' | ||||||||||||||||||||||||||||
6 | LOANS AND ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||||||||||||
The loan portfolio consists of various types of loans made principally to borrowers located within the states of Texas and Oklahoma and is classified by major type as follows: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Residential mortgage loans held for sale | $ | 2,210 | $ | 10,433 | |||||||||||||||||||||||||
Commercial and industrial | 1,279,777 | 771,114 | |||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | 865,511 | 550,768 | |||||||||||||||||||||||||||
1-4 family residential (including home equity) | 2,129,510 | 1,432,133 | |||||||||||||||||||||||||||
Commercial real estate (including multi-family residential) | 2,753,797 | 1,990,642 | |||||||||||||||||||||||||||
Farmland | 332,648 | 211,156 | |||||||||||||||||||||||||||
Agriculture | 198,610 | 74,481 | |||||||||||||||||||||||||||
Consumer and other (net of unearned discount) | 213,158 | 139,213 | |||||||||||||||||||||||||||
Total loans held for investment | 7,773,011 | 5,169,507 | |||||||||||||||||||||||||||
Total | $ | 7,775,221 | $ | 5,179,940 | |||||||||||||||||||||||||
Loan Origination/Risk Management. The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and non-performing and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions. All loans over $1.0 million and below $3.5 million are evaluated and acted upon on a daily basis by two of the company-wide loan concurrence officers. All loans above $3.5 million are evaluated and acted upon by an officers’ loan committee which meets weekly. In addition to the officers’ loan committee evaluation, loans from $25.0 million to $50.0 million are evaluated and acted upon by the directors’ loan committee which consists of three directors of the Bank and meets as necessary. Total loan relationships over $50.0 million are evaluated and acted upon by the Bank’s board of directors either at a regularly scheduled monthly board meeting or by teleconference or written consent. | |||||||||||||||||||||||||||||
The Company maintains an independent loan review department that reviews and validates the credit risk program on a periodic basis. Results of these reviews are presented to management. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Company’s policies and procedures. | |||||||||||||||||||||||||||||
(i) Commercial and Industrial Loans. In nearly all cases, the Company’s commercial loans are made in the Company’s market areas and are underwritten on the basis of the borrower’s ability to service the debt from income. As a general practice, the Company takes as collateral a lien on any available real estate, equipment or other assets owned by the borrower and obtains a personal guaranty of the borrower or principal. Working capital loans are primarily collateralized by short-term assets whereas term loans are primarily collateralized by long-term assets. In general, commercial loans involve more credit risk than residential mortgage loans and commercial mortgage loans and, therefore, usually yield a higher return. The increased risk in commercial loans is due to the type of collateral securing these loans. The increased risk also derives from the expectation that commercial loans generally will be serviced principally from the operations of the business, and those operations may not be successful. Historical trends have shown these types of loans to have higher delinquencies than mortgage loans. As a result of these additional complexities, variables and risks, commercial loans require more thorough underwriting and servicing than other types of loans. | |||||||||||||||||||||||||||||
(ii) Commercial Real Estate. The Company makes commercial real estate loans collateralized by owner-occupied and nonowner-occupied real estate to finance the purchase of real estate. The Company’s commercial real estate loans are collateralized by first liens on real estate, typically have variable interest rates (or five year or less fixed rates) and amortize over a 15 to 20 year period. Payments on loans secured by nonowner-occupied properties are often dependent on the successful operation or management of the properties. Accordingly, repayment of these loans may be subject to adverse conditions in the real estate market or the economy to a greater extent than other types of loans. The Company seeks to minimize these risks in a variety of ways, including giving careful consideration to the property’s operating history, future operating projections, current and projected occupancy, location and physical condition in connection with underwriting these loans. The underwriting analysis also includes credit verification, analysis of global cash flow, appraisals and a review of the financial condition of the borrower. At December 31, 2013, approximately 52.8% of the outstanding principal balance of the Company’s commercial real estate loans were secured by owner-occupied properties. At December 31, 2013, the Company had total commercial real estate loans totaling $3.62 billion which include the categories of construction, land development and other land loans, commercial real estate loans and multi-family residential loans. | |||||||||||||||||||||||||||||
(iii) 1-4 Family Residential Loans. The Company’s lending activities also include the origination of 1-4 family residential mortgage loans (including home equity loans) collateralized by owner-occupied residential properties located in the Company’s market areas. The Company offers a variety of mortgage loan portfolio products which generally are amortized over five to 25 years. Loans collateralized by 1-4 family residential real estate generally have been originated in amounts of no more than 89% of appraised value or have mortgage insurance. The Company requires mortgage title insurance and hazard insurance. The Company retains these portfolio loans for its own account rather than selling them into the secondary market. By doing so, the Company incurs interest rate risk as well as the risks associated with nonpayments on such loans. The Company’s Home Loan Center offers a variety of mortgage loan products which are generally amortized over 30 years, including FHA and VA loans. The Company sells the loans originated by the Home Loan Center into the secondary market. | |||||||||||||||||||||||||||||
(iv) Construction, Land Development and Other Land Loans. The Company makes loans to finance the construction of residential and, to a lesser extent, nonresidential properties. Construction loans generally are collateralized by first liens on real estate and have floating interest rates. The Company conducts periodic inspections, either directly or through an agent, prior to approval of periodic draws on these loans. Underwriting guidelines similar to those described above are also used in the Company’s construction lending activities. Construction loans involve additional risks attributable to the fact that loan funds are advanced upon the security of a project under construction, and the project is of uncertain value prior to its completion. Because of uncertainties inherent in estimating construction costs, the market value of the completed project and the effects of governmental regulation on real property, it can be difficult to accurately evaluate the total funds required to complete a project and the related loan to value ratio. As a result of these uncertainties, construction lending often involves the disbursement of substantial funds with repayment dependent, in part, on the success of the ultimate project rather than the ability of a borrower or guarantor to repay the loan. If the Company is forced to foreclose on a project prior to completion, there is no assurance that the Company will be able to recover all of the unpaid portion of the loan. In addition, the Company may be required to fund additional amounts to complete a project and may have to hold the property for an indeterminate period of time. While the Company has underwriting procedures designed to identify what it believes to be acceptable levels of risks in construction lending, no assurance can be given that these procedures will prevent losses from the risks described above. | |||||||||||||||||||||||||||||
(v) Agriculture Loans. The Company provides agriculture loans for short-term crop production, including rice, cotton, milo and corn, farm equipment financing and agriculture real estate financing. The Company evaluates agriculture borrowers primarily based on their historical profitability, level of experience in their particular agriculture industry, overall financial capacity and the availability of secondary collateral to withstand economic and natural variations common to the industry. Because agriculture loans present a higher level of risk associated with events caused by nature, the Company routinely makes on-site visits and inspections in order to identify and monitor such risks. | |||||||||||||||||||||||||||||
(vi) Consumer Loans. Consumer loans made by the Company include direct “A”-credit automobile loans, recreational vehicle loans, boat loans, home improvement loans, personal loans (collateralized and uncollateralized) and deposit account collateralized loans. The terms of these loans typically range from 12 to 180 months and vary based upon the nature of collateral and size of loan. Generally, consumer loans entail greater risk than do real estate secured loans, particularly in the case of consumer loans that are unsecured or collateralized by rapidly depreciating assets such as automobiles. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan balance. The remaining deficiency often does not warrant further substantial collection efforts against the borrower beyond obtaining a deficiency judgment. In addition, consumer loan collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws may limit the amount which can be recovered on such loans. | |||||||||||||||||||||||||||||
The contractual maturity ranges of the commercial and industrial, construction, land development and other land loans, 1-4 family residential (including home equity), commercial real estate (including multi-family residential), agriculture (including farmland) and consumer and other portfolios and the amount of such loans with predetermined interest rates and floating rates in each maturity range as of December 31, 2013 are summarized in the following table. Contractual maturities are based on contractual amounts outstanding and do not include loan purchase discounts of $133.3 million or loans held for sale of $2.2 million at December 31, 2013: | |||||||||||||||||||||||||||||
One Year | Through | After Five | Total | ||||||||||||||||||||||||||
or Less | Five Years | Years | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 505,151 | $ | 472,113 | $ | 335,844 | $ | 1,313,108 | |||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | 280,838 | 172,245 | 421,675 | 874,758 | |||||||||||||||||||||||||
1-4 family residential (includes home equity) | 30,352 | 134,488 | 1,976,539 | 2,141,379 | |||||||||||||||||||||||||
Commercial (includes multi-family residential) | 113,892 | 498,971 | 2,209,798 | 2,822,661 | |||||||||||||||||||||||||
Agriculture (includes farmland) | 172,535 | 72,384 | 294,350 | 539,269 | |||||||||||||||||||||||||
Consumer and other | 68,314 | 95,742 | 51,072 | 215,128 | |||||||||||||||||||||||||
Total | $ | 1,171,082 | $ | 1,445,943 | $ | 5,289,278 | $ | 7,906,303 | |||||||||||||||||||||
Loans with a predetermined interest rate | $ | 373,155 | $ | 721,115 | $ | 2,356,926 | $ | 3,451,196 | |||||||||||||||||||||
Loans with a floating interest rate | 797,927 | 724,828 | 2,932,352 | 4,455,107 | |||||||||||||||||||||||||
Total | $ | 1,171,082 | $ | 1,445,943 | $ | 5,289,278 | $ | 7,906,303 | |||||||||||||||||||||
Concentrations of Credit. Most of the Company’s lending activity occurs within the states of Texas and Oklahoma. The majority of the Company’s loan portfolio consists of commercial and industrial, commercial real estate and 1-4 family residential loans. As of December 31, 2013 and 2012, there were no concentrations of loans related to any single industry in excess of 10% of total loans. | |||||||||||||||||||||||||||||
Foreign Loans. The Company has U.S. dollar denominated loans and commitments to borrowers in Mexico. The outstanding balance of these loans and the unfunded amounts available under these commitments was not significant at December 31, 2013 or 2012. | |||||||||||||||||||||||||||||
Related Party Loans. As of December 31, 2013 and 2012, loans outstanding to directors, officers and their affiliates totaled $6.2 million and $6.7 million, respectively. All transactions entered into between the Company and such related parties are done in the ordinary course of business and made on the same terms and conditions as similar transactions with unaffiliated persons. | |||||||||||||||||||||||||||||
An analysis of activity with respect to these related-party loans is as follows: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Beginning balance on January 1 | $ | 6,682 | $ | 9,809 | |||||||||||||||||||||||||
New loans and reclassified related loans | 306 | 967 | |||||||||||||||||||||||||||
Repayments | (801 | ) | (4,094 | ) | |||||||||||||||||||||||||
Ending balance | $ | 6,187 | $ | 6,682 | |||||||||||||||||||||||||
Nonperforming Assets and Non-Accrual and Past Due Loans. The Company has several procedures in place to assist it in maintaining the overall quality of its loan portfolio. The Company has established underwriting guidelines to be followed by its officers, and the Company also monitors its delinquency levels for any negative or adverse trends. There can be no assurance, however, that the Company’s loan portfolio will not become subject to increasing pressures from deteriorating borrower credit due to general economic conditions. | |||||||||||||||||||||||||||||
The Company generally places a loan on nonaccrual status and ceases accruing interest when the payment of principal or interest is delinquent for 90 days, or earlier in some cases, unless the loan is in the process of collection and the underlying collateral fully supports the carrying value of the loan. | |||||||||||||||||||||||||||||
The Company requires appraisals on loans collateralized by real estate. With respect to potential problem loans, an evaluation of the borrower’s overall financial condition is made to determine the need, if any, for possible writedowns or appropriate additions to the allowance for credit losses. | |||||||||||||||||||||||||||||
An aging analysis of past due loans, segregated by class of loans, was as follows: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Loans Past Due and Still Accruing | |||||||||||||||||||||||||||||
90 or More | Total Past | Nonaccrual | Current | Total | |||||||||||||||||||||||||
30-89 Days | Days | Due Loans | Loans | Loans | Loans | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Construction, land development and other land loans | $ | 6,258 | $ | 2 | $ | 6,260 | $ | 386 | $ | 858,865 | $ | 865,511 | |||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 5,634 | 218 | 5,852 | 62 | 525,344 | 531,258 | |||||||||||||||||||||||
1-4 family (includes home equity)(1) | 8,684 | 2,012 | 10,696 | 3,086 | 2,117,938 | 2,131,720 | |||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 8,163 | 1,752 | 9,915 | 4,333 | 2,739,549 | 2,753,797 | |||||||||||||||||||||||
Commercial and industrial | 9,552 | 933 | 10,485 | 2,208 | 1,267,084 | 1,279,777 | |||||||||||||||||||||||
Consumer and other | 1,344 | 30 | 1,374 | 156 | 211,628 | 213,158 | |||||||||||||||||||||||
Total | $ | 39,635 | $ | 4,947 | $ | 44,582 | $ | 10,231 | $ | 7,720,408 | $ | 7,775,221 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Loans Past Due and Still Accruing | |||||||||||||||||||||||||||||
90 or More | Total Past | Nonaccrual | Current | Total | |||||||||||||||||||||||||
30-89 Days | Days | Due Loans | Loans | Loans | Loans | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Construction, land development and other land loans | $ | 3,863 | $ | — | $ | 3,863 | $ | 1,170 | $ | 545,735 | $ | 550,768 | |||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 310 | 21 | 331 | 396 | 284,910 | 285,637 | |||||||||||||||||||||||
1-4 family (includes home equity)(1) | 2,307 | 310 | 2,617 | 1,598 | 1,438,351 | 1,442,566 | |||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 9,163 | — | 9,163 | — | 1,981,479 | 1,990,642 | |||||||||||||||||||||||
Commercial and industrial | 4,843 | — | 4,843 | 1,469 | 764,802 | 771,114 | |||||||||||||||||||||||
Consumer and other | 856 | — | 856 | 749 | 137,608 | 139,213 | |||||||||||||||||||||||
Total | $ | 21,342 | $ | 331 | $ | 21,673 | $ | 5,382 | $ | 5,152,885 | $ | 5,179,940 | |||||||||||||||||
-1 | Includes $2,210 and $10,433 of residential mortgage loans held for sale at December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||
The following table presents information regarding nonperforming assets at the dates indicated: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Nonaccrual loans | $ | 10,231 | $ | 5,382 | $ | 3,578 | $ | 4,439 | $ | 6,079 | |||||||||||||||||||
Accruing loans 90 or more days past due | 4,947 | 331 | — | 189 | 2,332 | ||||||||||||||||||||||||
Total nonperforming loans | 15,178 | 5,713 | 3,578 | 4,628 | 8,411 | ||||||||||||||||||||||||
Repossessed assets | 27 | 68 | 146 | 161 | 116 | ||||||||||||||||||||||||
Other real estate | 7,299 | 7,234 | 8,328 | 11,053 | 7,829 | ||||||||||||||||||||||||
Total nonperforming assets | $ | 22,504 | $ | 13,015 | $ | 12,052 | $ | 15,842 | $ | 16,356 | |||||||||||||||||||
Nonperforming assets to total loans and other real estate | 0.29 | % | 0.25 | % | 0.32 | % | 0.45 | % | 0.48 | % | |||||||||||||||||||
The Company’s conservative lending approach has resulted in sound asset quality. The Company had $22.5 million in nonperforming assets at December 31, 2013 compared with $13.0 million at December 31, 2012 and $12.1 million at December 31, 2011. The nonperforming assets at December 31, 2013 consisted of 40 separate credits or ORE properties. | |||||||||||||||||||||||||||||
If interest on nonaccrual loans had been accrued under the original loan terms, approximately $440 thousand, $270 thousand, and $253 thousand would have been recorded as income for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
Impaired Loans. Loans are considered impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. Impairment is evaluated in total for smaller-balance loans of a similar nature and on an individual loan basis for other loans. If a loan is impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Interest payments on impaired loans are typically applied to principal unless collectibility of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Impaired loans, or portions thereof, are charged off when deemed uncollectible. | |||||||||||||||||||||||||||||
Year-end impaired loans are set forth in the following tables. No interest income was recognized on impaired loans subsequent to their classification as impaired. The average recorded investment presented in the table below is reported on a year-to-date basis. | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal | Related | Average Recorded | ||||||||||||||||||||||||||
Balance | Allowance | Investment | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | $ | 277 | $ | 289 | $ | — | $ | 711 | |||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 14 | 57 | — | 46 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 584 | 664 | — | 538 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 2,490 | 3,798 | — | 1,470 | |||||||||||||||||||||||||
Commercial and industrial | 103 | 122 | — | 95 | |||||||||||||||||||||||||
Consumer and other | 15 | 16 | — | 13 | |||||||||||||||||||||||||
Total | 3,483 | 4,946 | — | 2,873 | |||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | — | — | — | — | |||||||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 21 | 27 | 18 | 28 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 2,519 | 2,548 | 890 | 1,759 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 1,613 | 1,615 | 445 | 2,032 | |||||||||||||||||||||||||
Commercial and industrial | 1,111 | 1,192 | 1,029 | 1,077 | |||||||||||||||||||||||||
Consumer and other | 95 | 113 | 77 | 81 | |||||||||||||||||||||||||
Total | 5,359 | 5,495 | 2,459 | 4,977 | |||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | 277 | 289 | — | 711 | |||||||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 35 | 84 | 18 | 74 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 3,103 | 3,212 | 890 | 2,297 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 4,103 | 5,413 | 445 | 3,502 | |||||||||||||||||||||||||
Commercial and industrial | 1,214 | 1,314 | 1,029 | 1,172 | |||||||||||||||||||||||||
Consumer and other | 110 | 129 | 77 | 94 | |||||||||||||||||||||||||
$ | 8,842 | $ | 10,441 | $ | 2,459 | $ | 7,850 | ||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal | Related | Average Recorded | ||||||||||||||||||||||||||
Balance | Allowance | Investment | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | $ | 1,144 | $ | 1,175 | $ | — | $ | 368 | |||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 77 | 77 | — | 34 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 491 | 522 | — | 381 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 450 | 476 | — | 676 | |||||||||||||||||||||||||
Commercial and industrial | 87 | 89 | — | 75 | |||||||||||||||||||||||||
Consumer and other | 10 | 10 | — | 3 | |||||||||||||||||||||||||
Total | 2,259 | 2,349 | — | 1,537 | |||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | — | — | — | 451 | |||||||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 34 | 41 | 29 | 45 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 999 | 1,017 | 273 | 720 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 2,450 | 2,451 | 610 | 2,725 | |||||||||||||||||||||||||
Commercial and industrial | 1,043 | 1,079 | 1,002 | 782 | |||||||||||||||||||||||||
Consumer and other | 66 | 81 | 67 | 21 | |||||||||||||||||||||||||
Total | 4,592 | 4,669 | 1,981 | 4,744 | |||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | 1,144 | 1,175 | — | 819 | |||||||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 111 | 118 | 29 | 79 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 1,490 | 1,539 | 273 | 1,101 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 2,900 | 2,927 | 610 | 3,401 | |||||||||||||||||||||||||
Commercial and industrial | 1,130 | 1,168 | 1,002 | 857 | |||||||||||||||||||||||||
Consumer and other | 76 | 91 | 67 | 24 | |||||||||||||||||||||||||
$ | 6,851 | $ | 7,018 | $ | 1,981 | $ | 6,281 | ||||||||||||||||||||||
Credit Quality Indicators. As part of the on-going monitoring of the credit quality of the Company’s loan portfolio and methodology for calculating the allowance for credit losses, management assigns and tracks loan grades to be used as credit quality indicators. | |||||||||||||||||||||||||||||
In 2013, the Company adopted a new loan review policy whereby two new loan grade credit classifications were created. The Company added a new “Pass-High Quality” loan grade classification, Grade 2, which represents high quality non-cash secured loans. In addition, a new “Pass/Watch” classification, Grade 4, was added. These credits have primary and secondary sources of repayment that are currently of sufficient quantity, quality, and liquidity to protect the Bank against loss of principal and interest. The loan grade classifications in prior financial statements have not been reclassified to conform to the current presentation. | |||||||||||||||||||||||||||||
The following is a general description of the loan grades used: | |||||||||||||||||||||||||||||
Grade 1—Credits in this category have risk potential that is virtually nonexistent. These loans may be secured by insured certificates of deposit, insured savings accounts, U.S. Government securities and highly rated municipal bonds. | |||||||||||||||||||||||||||||
Grade 2—Credits in this category are of the highest quality. These borrowers represent top rated companies and individuals with unquestionable financial standing with excellent global cash flow coverage, net worth, liquidity and collateral coverage. | |||||||||||||||||||||||||||||
Grade 3 (Prior to 2013, these credits were classified as Grade 2)—Credits in this category are not immune from risk but are well protected by the collateral and paying capacity of the borrower. These loans may exhibit a minor unfavorable credit factor, but the overall credit is sufficiently strong to minimize the possibility of loss. | |||||||||||||||||||||||||||||
Grade 4—Credits in this category are considered “pass/watch”. Loans in this category have sources of repayment that remain sufficient to preclude a larger than normal probability of default and secondary sources are likewise currently of sufficient quantity, quality, and liquidity to protect the Company against loss of principal and interest. These borrowers have specific risk factors, but the overall strength of the credit is acceptable based on other mitigating credit and/or collateral factors and can repay the debt in the normal course of business. | |||||||||||||||||||||||||||||
Grade 5 (Prior to 2013, these credits were classified as Grade 3)—Credits in this category constitute an undue and unwarranted credit risk; however the factors do not rise to a level of substandard. These credits have potential weaknesses and/or declining trends that, if not corrected, could expose the Bank to risk at a future date. These loans are monitored on the Bank’s internally-generated watch list and evaluated on a quarterly basis. | |||||||||||||||||||||||||||||
Grade 6 (Prior to 2013, these credits were classified as Grade 4)—Credits in this category are considered “substandard” but “non-impaired” loans in accordance with regulatory guidelines. Loans in this category have well-defined weakness that, if not corrected, could make default of principal and interest possible. Loans in this category are still accruing interest and may be dependent upon secondary sources of repayment and/or collateral liquidation. | |||||||||||||||||||||||||||||
Grade 7 (Prior to 2013, these credits were classified as Grade 5)—Credits in this category are deemed “substandard” and “impaired” pursuant to regulatory guidelines. As such, the Bank has determined that it is probable that less than 100% of the contractual principal and interest will be collected. These loans are individually evaluated for a specific reserve and will typically have the accrual of interest stopped. | |||||||||||||||||||||||||||||
Grade 8 (Prior to 2013, these credits were classified as Grade 6)—Credits in this category include “doubtful” loans in accordance with regulatory guidance. Such loans are no longer accruing interest and factors indicate a loss is imminent. These loans are also deemed “impaired.” While a specific reserve may be in place while the loan and collateral is being evaluated these loans are typically charged down to an amount the Bank estimates is collectible. | |||||||||||||||||||||||||||||
Grade 9 (Prior to 2013, these credits were classified as Grade 7)—Credits in this category are deemed a “loss” in accordance with regulatory guidelines and have been charged off or charged down. The Bank may continue collection efforts and may have partial recovery in the future. | |||||||||||||||||||||||||||||
The following table presents risk grades and classified loans by class of loan at December 31, 2013. Impaired loans according to the new loan grade policy include loans in risk grades 7, 8 and 9. | |||||||||||||||||||||||||||||
Construction, | Agriculture and | 1-4 Family | Commercial | Commercial | Consumer and | Total | |||||||||||||||||||||||
Land | Agriculture | (includes | Real Estate | and Industrial | Other | ||||||||||||||||||||||||
Development | Real Estate | Home Equity)(1) | (includes Multi- | ||||||||||||||||||||||||||
and other | (includes | Family | |||||||||||||||||||||||||||
land loans | Farmland) | Residential) | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Grade 1 | $ | — | $ | 5,225 | $ | — | $ | — | $ | 50,131 | $ | 31,362 | $ | 86,718 | |||||||||||||||
Grade 2 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Grade 3 | 858,712 | 520,921 | 2,113,698 | 2,697,664 | 1,202,604 | 181,406 | 7,575,005 | ||||||||||||||||||||||
Grade 4 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Grade 5 | 1,141 | 3,427 | 6,337 | 10,798 | 17,179 | 146 | 39,028 | ||||||||||||||||||||||
Grade 6 | 1,616 | 1,043 | 4,504 | 14,316 | 2,423 | 134 | 24,036 | ||||||||||||||||||||||
Grade 7 | 277 | 35 | 3,093 | 4,103 | 1,214 | 110 | 8,832 | ||||||||||||||||||||||
Grade 8 | — | — | 10 | — | — | — | 10 | ||||||||||||||||||||||
Grade 9 | — | — | — | — | — | — | — | ||||||||||||||||||||||
PCI Loans(2) | 3,765 | 607 | 4,078 | 26,916 | 6,226 | — | 41,592 | ||||||||||||||||||||||
Total | $ | 865,511 | $ | 531,258 | $ | 2,131,720 | $ | 2,753,797 | $ | 1,279,777 | $ | 213,158 | $ | 7,775,221 | |||||||||||||||
-1 | Includes $2.2 million of residential mortgage loans held for sale at December 31, 2013. | ||||||||||||||||||||||||||||
-2 | Of the total PCI loans, $17.6 million were classifed as substandard at December 31, 2013. | ||||||||||||||||||||||||||||
The following table presents risk grades and classified loans by class of loan at December 31, 2012. Impaired loans according to the loan policy in effect in 2012 include loans in risk grades 5, 6 and 7. | |||||||||||||||||||||||||||||
Construction, | Agriculture and | 1-4 Family | Commercial | Commercial | Consumer and | Total | |||||||||||||||||||||||
Land | Agriculture | (includes | Real Estate | and Industrial | Other | ||||||||||||||||||||||||
Development | Real Estate | Home Equity)(1) | (includes Multi- | ||||||||||||||||||||||||||
and other | (includes | Family | |||||||||||||||||||||||||||
land loans | Farmland) | Residential) | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Grade 1 | $ | 476 | $ | 4,195 | $ | 515 | $ | — | $ | 53,965 | $ | 38,789 | $ | 97,940 | |||||||||||||||
Grade 2 | 537,340 | 277,333 | 1,431,095 | 1,945,319 | 702,587 | 100,163 | 4,993,837 | ||||||||||||||||||||||
Grade 3 | 7,250 | 2,024 | 4,947 | 11,760 | 8,926 | — | 34,907 | ||||||||||||||||||||||
Grade 4 | 4,256 | 1,694 | 4,303 | 11,711 | 1,385 | 176 | 23,525 | ||||||||||||||||||||||
Grade 5 | 1,144 | 111 | 1,477 | 2,900 | 1,130 | 76 | 6,838 | ||||||||||||||||||||||
Grade 6 | — | — | 13 | — | — | — | 13 | ||||||||||||||||||||||
Grade 7 | — | — | — | — | — | — | — | ||||||||||||||||||||||
PCI Loans | 302 | 280 | 216 | 18,952 | 3,121 | 9 | 22,880 | ||||||||||||||||||||||
Total | $ | 550,768 | $ | 285,637 | $ | 1,442,566 | $ | 1,990,642 | $ | 771,114 | $ | 139,213 | $ | 5,179,940 | |||||||||||||||
-1 | Includes $10.4 million of residential mortgage loans held for sale at December 31, 2012. | ||||||||||||||||||||||||||||
Allowance for Possible Credit Losses. The allowance for credit losses is established through charges to earnings in the form of a provision for credit losses. Management has established an allowance for credit losses which it believes is adequate for estimated losses in the Company’s loan portfolio. The amount of the allowance for credit losses is affected by the following: (i) charge-offs of loans that occur when loans are deemed uncollectible and decrease the allowance, (ii) recoveries on loans previously charged off that increase the allowance and (iii) provisions for credit losses charged to earnings that increase the allowance. Based on an evaluation of the loan portfolio and consideration of the factors listed below, management presents a quarterly review of the allowance for credit losses to the Bank’s Board of Directors, indicating any change in the allowance since the last review and any recommendations as to adjustments in the allowance. | |||||||||||||||||||||||||||||
The Company’s allowance for credit losses consists of two components: a specific valuation allowance based on probable losses on specifically identified loans and a general valuation allowance based on historical loan loss experience, general economic conditions and other qualitative risk factors both internal and external to the Company. | |||||||||||||||||||||||||||||
In setting the specific valuation allowance, the Company follows a loan review program to evaluate the credit risk in the loan portfolio. Through this loan review process, the Company maintains an internal list of impaired loans which, along with the delinquency list of loans, helps management assess the overall quality of the loan portfolio and the adequacy of the allowance for credit losses. All loans that have been identified as impaired are reviewed on a quarterly basis in order to determine whether a specific reserve is required. For each impaired loan, the Company allocates a specific loan loss reserve primarily based on the value of the collateral securing the impaired loan in accordance with ASC Topic 310, “Receivables”. The specific reserves are determined on an individual loan basis. Loans for which specific reserves are provided are excluded from the general valuation allowance described below. | |||||||||||||||||||||||||||||
In determining the amount of the general valuation allowance, management considers factors such as historical loan loss experience, industry diversification of the Company’s commercial loan portfolio, concentration risk of specific loan types, the volume, growth and composition of the Company’s loan portfolio, current economic conditions that may affect the borrower’s ability to pay and the value of collateral, the evaluation of the Company’s loan portfolio through its internal loan review process, general economic conditions and other qualitative risk factors both internal and external to the Company and other relevant factors in accordance with ASC Topic 450, “Contingencies”. Based on a review of these factors for each loan type, the Company applies an estimated percentage to the outstanding balance of each loan type, excluding any loan that has a specific reserve allocated to it. The Company uses this information to establish the amount of the general valuation allowance. | |||||||||||||||||||||||||||||
In connection with its review of the loan portfolio, the Company considers risk elements attributable to particular loan types or categories in assessing the quality of individual loans. Some of the risk elements include: | |||||||||||||||||||||||||||||
• | for 1-4 family residential mortgage loans, the borrower’s ability to repay the loan, including a consideration of the debt to income ratio and employment and income stability, the loan to value ratio, and the age, condition and marketability of collateral; | ||||||||||||||||||||||||||||
• | for commercial real estate loans and multifamily residential loans, the debt service coverage ratio (income from the property in excess of operating expenses compared to loan payment requirements), operating results of the owner in the case of owner-occupied properties, the loan to value ratio, the age and condition of the collateral and the volatility of income, property value and future operating results typical of properties of that type; | ||||||||||||||||||||||||||||
• | for construction, land development and other land loans, the perceived feasibility of the project including the ability to sell developed lots or improvements constructed for resale or the ability to lease property constructed for lease, the quality and nature of contracts for presale or prelease, if any, experience and ability of the developer and loan to value ratio; | ||||||||||||||||||||||||||||
• | for commercial and industrial loans, the operating results of the commercial, industrial or professional enterprise, the borrower’s business, professional and financial ability and expertise, the specific risks and volatility of income and operating results typical for businesses in that category and the value, nature and marketability of collateral; | ||||||||||||||||||||||||||||
• | for agricultural real estate loans, the experience and financial capability of the borrower, projected debt service coverage of the operations of the borrower and loan to value ratio; and | ||||||||||||||||||||||||||||
• | for non-real estate agricultural loans, the operating results, experience and financial capability of the borrower, historical and expected market conditions and the value, nature and marketability of collateral. | ||||||||||||||||||||||||||||
In addition, for each category, the Company considers secondary sources of income and the financial strength and credit history of the borrower and any guarantors. | |||||||||||||||||||||||||||||
At December 31, 2013, the allowance for credit losses totaled $67.3 million, or 0.87% of total loans. At December 31, 2012, the allowance aggregated $52.6 million or 1.01% of total loans. | |||||||||||||||||||||||||||||
The following table details the recorded investment in loans, excluding $2.2 million and $10.4 million of residential mortgage loans held for sale, and activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2013 and 2012, respectively. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
Construction, | Agriculture | 1-4 Family | Commercial | Commercial and | Consumer and | Total | |||||||||||||||||||||||
Land | and | (includes Home | Real Estate | Industrial | Other | ||||||||||||||||||||||||
Development | Agriculture | Equity) | (includes | ||||||||||||||||||||||||||
and other | Real Estate | Multi-Family | |||||||||||||||||||||||||||
land loans | (includes | Residential) | |||||||||||||||||||||||||||
Farmland) | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Balance January 1, 2013 | $ | 11,909 | $ | 764 | $ | 13,942 | $ | 19,607 | $ | 5,777 | $ | 565 | $ | 52,564 | |||||||||||||||
Provision for credit losses | 2,470 | 399 | 3,277 | 5,189 | 2,714 | 3,191 | 17,240 | ||||||||||||||||||||||
Charge-offs | (271 | ) | (48 | ) | (211 | ) | (894 | ) | (672 | ) | (3,397 | ) | (5,493 | ) | |||||||||||||||
Recoveries | 245 | 114 | 38 | 933 | 348 | 1,293 | 2,971 | ||||||||||||||||||||||
Net charge-offs | (26 | ) | 66 | (173 | ) | 39 | (324 | ) | (2,104 | ) | (2,522 | ) | |||||||||||||||||
Balance December 31, 2013 | $ | 14,353 | $ | 1,229 | $ | 17,046 | $ | 24,835 | $ | 8,167 | $ | 1,652 | $ | 67,282 | |||||||||||||||
Allowance for credit losses related to: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 18 | $ | 890 | $ | 445 | $ | 1,029 | $ | 77 | $ | 2,459 | |||||||||||||||
Collectively evaluated for impairment | 14,353 | 1,211 | 16,156 | 24,390 | 7,138 | 1,575 | 64,823 | ||||||||||||||||||||||
PCI loans | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total allowance for credit losses | $ | 14,353 | $ | 1,229 | $ | 17,046 | $ | 24,835 | $ | 8,167 | $ | 1,652 | $ | 67,282 | |||||||||||||||
Recorded investment in loans: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 277 | $ | 35 | $ | 3,103 | $ | 4,103 | $ | 1,214 | $ | 110 | $ | 8,842 | |||||||||||||||
Collectively evaluated for impairment | 861,469 | 530,616 | 2,122,329 | 2,722,778 | 1,272,337 | 213,048 | 7,722,577 | ||||||||||||||||||||||
PCI loans | 3,765 | 607 | 4,078 | 26,916 | 6,226 | — | 41,592 | ||||||||||||||||||||||
Total loans evaluated for impairment | $ | 865,511 | $ | 531,258 | $ | 2,129,510 | $ | 2,753,797 | $ | 1,279,777 | $ | 213,158 | $ | 7,773,011 | |||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Balance January 1, 2012 | $ | 12,094 | $ | 511 | $ | 12,645 | $ | 21,460 | $ | 3,826 | $ | 1,058 | $ | 51,594 | |||||||||||||||
Provision for credit losses | 1,190 | 290 | 1,754 | 273 | 1,810 | 783 | 6,100 | ||||||||||||||||||||||
Charge-offs | (1,392 | ) | (82 | ) | (569 | ) | (2,294 | ) | (674 | ) | (2,885 | ) | (7,896 | ) | |||||||||||||||
Recoveries | 17 | 45 | 112 | 168 | 815 | 1,609 | 2,766 | ||||||||||||||||||||||
Net charge-offs | (1,375 | ) | (37 | ) | (457 | ) | (2,126 | ) | 141 | (1,276 | ) | (5,130 | ) | ||||||||||||||||
Balance December 31, 2012 | $ | 11,909 | $ | 764 | $ | 13,942 | $ | 19,607 | $ | 5,777 | $ | 565 | $ | 52,564 | |||||||||||||||
Allowance for credit losses related to: | |||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 29 | $ | 273 | $ | 610 | $ | 1,002 | $ | 67 | $ | 1,981 | |||||||||||||||
Collectively evaluated for impairment | 11,909 | 735 | 13,669 | 18,997 | 4,775 | 498 | 50,583 | ||||||||||||||||||||||
PCI loans | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total allowance for credit losses | $ | 11,909 | $ | 764 | $ | 13,942 | $ | 19,607 | $ | 5,777 | $ | 565 | $ | 52,564 | |||||||||||||||
Recorded investment in loans: | |||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,144 | $ | 111 | $ | 1,490 | $ | 2,900 | $ | 1,130 | $ | 76 | $ | 6,851 | |||||||||||||||
Collectively evaluated for impairment | 549,322 | 285,246 | 1,430,427 | 1,968,790 | 766,863 | 139,128 | 5,139,776 | ||||||||||||||||||||||
PCI loans | 302 | 280 | 216 | 18,952 | 3,121 | 9 | 22,880 | ||||||||||||||||||||||
Total loans evaluated for impairment | $ | 550,768 | $ | 285,637 | $ | 1,432,133 | $ | 1,990,642 | $ | 771,114 | $ | 139,213 | $ | 5,169,507 | |||||||||||||||
An analysis of activity in the allowance for credit losses for the year ended December 31, 2011 is as follows (dollars in thousands): | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 51,584 | |||||||||||||||||||||||||||
Addition—provision charged to operations | 5,200 | ||||||||||||||||||||||||||||
Charge-offs and recoveries: | |||||||||||||||||||||||||||||
Loans charged-off | (6,850 | ) | |||||||||||||||||||||||||||
Loan recoveries | 1,660 | ||||||||||||||||||||||||||||
Net charge-offs | (5,190 | ) | |||||||||||||||||||||||||||
Balance at end of year | $ | 51,594 | |||||||||||||||||||||||||||
Troubled Debt Restructurings. The restructuring of a loan is considered a “troubled debt restructuring” if both (i) the borrower is experiencing financial difficulties and (ii) the creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses. Effective July 1, 2011, the Company adopted the provisions of ASU No. 2011-02, “Receivables (Topic 310)—A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring.” As such, the Company reassessed all loan modifications occurring since January 1, 2011 for identification as troubled debt restructurings. The following table presents information regarding the recorded balance at December 31, 2013 and 2012 of loans modified in a troubled debt restructuring during the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Number of | Recorded | Recorded | ||||||||||||||||||||||||
Contracts | Investment | Investment | Contracts | Investment | Investment | ||||||||||||||||||||||||
at Date of | at Year-End | at Date of | at Year-End | ||||||||||||||||||||||||||
Restructure | Restructure | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||
Construction, land development and other land loans | 1 | $ | 251 | $ | 236 | — | $ | — | $ | — | |||||||||||||||||||
Agriculture and agriculture real estate | — | — | — | — | — | — | |||||||||||||||||||||||
1-4 Family (includes home equity) | — | — | — | — | — | — | |||||||||||||||||||||||
Commercial real estate (commercial mortgage and multi-family) | 1 | 450 | 450 | 1 | 52 | 51 | |||||||||||||||||||||||
Commercial and industrial | 1 | 15 | 14 | 4 | 1,007 | 951 | |||||||||||||||||||||||
Consumer and other | — | — | — | 1 | 64 | 63 | |||||||||||||||||||||||
Total | 3 | $ | 716 | $ | 700 | 6 | $ | 1,123 | $ | 1,065 | |||||||||||||||||||
As of December 31, 2013, there have been no defaults on any loans that were modified as troubled debt restructurings during the preceding twelve months. Default is determined at 90 or more days past due. The modifications primarily related to extending the amortization periods of the loans, which includes loans modified during bankruptcy. The Company did not grant principal reductions on any restructured loans. For the year ended December 31, 2013, the Company added $716 thousand in new troubled debt restructurings all of which were still outstanding on December 31, 2013. The remaining restructured loans are performing and accruing loans. These modifications did not have a material impact on the Company’s determination of the allowance for credit losses. |
FAIR_VALUE
FAIR VALUE | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
FAIR VALUE | ' | ||||||||||||||||||||
7 | FAIR VALUE | ||||||||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. Fair values represent the estimated price that would be received from selling an asset or paid to transfer a liability, otherwise known as an “exit price.” Securities available for sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write downs of individual assets. ASC Topic 820, “Fair Value Measurements and Disclosures” establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: | |||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||
The Company groups financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: | |||||||||||||||||||||
• | Level 1—Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||
• | Level 2—Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities) or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||||
The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. | |||||||||||||||||||||
The fair value disclosures below represent the Company’s estimates based on relevant market information and information about the financial instruments. Fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of the various instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in the above methodologies and assumptions could significantly affect the estimates. | |||||||||||||||||||||
The following tables present fair values for assets measured at fair value on a recurring basis: | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
States and political subdivisions | $ | — | $ | 29,375 | $ | — | $ | 29,375 | |||||||||||||
Collateralized mortgage obligations | — | 489 | — | 489 | |||||||||||||||||
Mortgage-backed securities | — | 115,137 | — | 115,137 | |||||||||||||||||
Other securities | 12,477 | — | — | 12,477 | |||||||||||||||||
Non-hedging interest rate swap | — | 38 | — | 38 | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
States and political subdivisions | $ | — | $ | 36,434 | $ | — | $ | 36,434 | |||||||||||||
Collateralized mortgage obligations | — | 604 | — | 604 | |||||||||||||||||
Mortgage-backed securities | — | 180,416 | — | 180,416 | |||||||||||||||||
Other securities | 7,688 | 1,528 | — | 9,216 | |||||||||||||||||
Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These instruments include other real estate owned, repossessed assets, held to maturity debt securities, loans held for sale, and impaired loans. For the year ended December 31, 2013, the Company had additions to other real estate owned of $3.1 million of which $1.4 million were outstanding as of December 31, 2013. For the year ended December 31, 2013, the Company had additions to impaired loans of $11.8 million, of which $7.1 million were outstanding as of December 31, 2013. The remaining financial assets and liabilities measured at fair value on a non-recurring basis that were recorded in 2013 and remained outstanding at December 31, 2013, were not significant. During the reported periods, all fair value measurements for assets remeasured at fair value on a non-recurring basis utilized Level 2 inputs. | |||||||||||||||||||||
The following table summarizes the carrying values and estimated fair values of certain financial instruments not recorded at fair value on a regular basis: | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 380,990 | $ | 380,990 | $ | — | $ | — | $ | 380,990 | |||||||||||
Federal funds sold | 400 | 400 | — | — | 400 | ||||||||||||||||
Held to maturity securities | 8,066,970 | — | 7,987,342 | — | 7,987,342 | ||||||||||||||||
Loans held for sale | 2,210 | 2,210 | — | — | 2,210 | ||||||||||||||||
Loans held for investment, net of allowance | 7,705,729 | — | — | 7,749,786 | 7,749,786 | ||||||||||||||||
Federal Home Loan Bank of Dallas stock | 24,499 | 24,499 | — | — | 24,499 | ||||||||||||||||
Other real estate owned | 7,299 | — | 7,299 | — | 7,299 | ||||||||||||||||
Non-hedging interest rate swap | 38 | — | 38 | — | 38 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Noninterest-bearing | $ | 4,108,835 | $ | — | $ | 4,108,835 | $ | — | $ | 4,108,835 | |||||||||||
Interest-bearing | 11,182,436 | — | 11,196,241 | — | 11,196,241 | ||||||||||||||||
Other borrowings | 10,689 | — | 12,014 | — | 12,014 | ||||||||||||||||
Securities sold under repurchase agreements | 364,357 | — | 364,477 | — | 364,477 | ||||||||||||||||
Junior subordinated debentures | 124,231 | — | 119,325 | — | 119,325 | ||||||||||||||||
Non-hedging interest rate swap | 38 | — | 38 | — | 38 | ||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 325,952 | $ | 325,952 | $ | — | $ | — | $ | 325,952 | |||||||||||
Federal funds sold | 352 | 352 | — | — | 352 | ||||||||||||||||
Held to maturity securities | 7,215,395 | — | 7,418,695 | — | 7,418,695 | ||||||||||||||||
Loans held for sale | 10,433 | 10,433 | — | — | 10,433 | ||||||||||||||||
Loans held for investment, net of allowance | 5,116,943 | — | — | 5,186,779 | 5,186,779 | ||||||||||||||||
Federal Home Loan Bank of Dallas stock | 34,461 | 34,461 | — | — | 34,461 | ||||||||||||||||
Other real estate owned | 7,234 | — | 7,234 | — | 7,234 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Noninterest-bearing | $ | 3,016,205 | $ | — | $ | 3,016,205 | $ | — | $ | 3,016,205 | |||||||||||
Interest-bearing | 8,625,639 | — | 8,640,625 | — | 8,640,625 | ||||||||||||||||
Other borrowings | 256,753 | — | 258,819 | — | 258,819 | ||||||||||||||||
Securities sold under repurchase agreements | 454,502 | — | 454,596 | — | 454,596 | ||||||||||||||||
Junior subordinated debentures | 85,055 | — | 72,705 | — | 72,705 | ||||||||||||||||
Entities may choose to measure eligible financial instruments at fair value at specified election dates. The fair value measurement option (i) may be applied instrument by instrument, with certain exceptions, (ii) is generally irrevocable and (iii) is applied only to entire instruments and not to portions of instruments. Unrealized gains and losses on items for which the fair value measurement option has been elected must be reported in earnings at each subsequent reporting date. During the reported periods, the Company had no financial instruments measured at fair value under the fair value measurement option. | |||||||||||||||||||||
The fair value estimates presented herein are based on pertinent information available to management as of the dates indicated. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since those dates and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. | |||||||||||||||||||||
The following is a description of valuation methodologies used for assets and liabilities recorded at fair value, non-financial assets and non-financial liabilities, and for estimating fair value for financial instruments not recorded at fair value: | |||||||||||||||||||||
Cash and due from banks—For these short-term instruments, the carrying amount is a reasonable estimate of fair value. The Company classifies the estimated fair value of these instruments as Level 1. | |||||||||||||||||||||
Federal funds sold—For these short-term instruments, the carrying amount is a reasonable estimate of fair value. The Company classifies the estimated fair value of these instruments as Level 1. | |||||||||||||||||||||
Securities—Fair value measurements based upon quoted prices are considered Level 1 inputs. Level 1 securities consist of U.S. Treasury securities and certain equity securities which are included in the available for sale portfolio. For all other available for sale and held to maturity securities, if quoted prices are not available, fair values are measured using Level 2 inputs. For these securities, the Company generally obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness. | |||||||||||||||||||||
Securities available for sale are recorded at fair value on a recurring basis. | |||||||||||||||||||||
Loans held for investment—The Company does not record loans at fair value on a recurring basis. As such, valuation techniques discussed herein for loans are primarily for estimating fair value disclosures. However, from time to time, the Company records nonrecurring fair value adjustments to impaired loans to reflect (1) partial write downs that are based on the observable market price or current appraised value of the collateral, or (2) the full charge-off of the loan carrying value. Where appraisals are not available, estimated cash flows are discounted using a rate commensurate with the credit risk associated with those cash flows. Assumptions regarding credit risk, cash flows and discount rates are judgmentally determined using available market information and specific borrower information. | |||||||||||||||||||||
The estimated fair value approximates carrying value for variable-rate loans that reprice frequently and with no significant change in credit risk. The fair value of fixed-rate loans and variable-rate loans which reprice on an infrequent basis is estimated by discounting future cash flows using the current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality. An overall valuation adjustment is made for specific credit risks as well as general portfolio credit risk. The Company classifies the estimated fair value of loans held for investment as Level 3. | |||||||||||||||||||||
Loans held for sale—Loans held for sale are carried at the lower of cost or estimated fair value. Fair value for consumer mortgages held for sale is based on commitments on hand from investors or prevailing market prices. As such, the Company classifies loans subjected to nonrecurring fair value adjustments as Level 1. | |||||||||||||||||||||
Federal Home Loan Bank of Dallas Stock—The fair value of FHLB stock is estimated to be equal to its carrying amount as reported in the accompanying Consolidated Balance Sheets, given it is not a publicly traded equity security, it has an adjustable dividend rate, and all transactions in the stock are executed at the stated par value. FHLB stock is considered a Level 1 fair value. | |||||||||||||||||||||
Other real estate owned—Other real estate owned is primarily foreclosed properties securing residential loans and commercial real estate. Foreclosed assets are adjusted to fair value less estimated costs to sell upon transfer of the loans to other real estate owned. Subsequently, these assets are carried at the lower of carrying value or fair value less estimated costs to sell. Other real estate carried at fair value based on an observable market price or a current appraised value is classified by the Company as Level 2. When management determines that the fair value of other real estate requires additional adjustments, either as a result of a non-current appraisal or when there is no observable market price, the Company classifies the other real estate as Level 3. | |||||||||||||||||||||
Deposits—The fair value of demand deposits, savings accounts and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. Deposits fair value measurements utilize Level 2 inputs. | |||||||||||||||||||||
Junior subordinated debentures—The fair value of the junior subordinated debentures was calculated using the quoted market prices, if available. If quoted market prices are not available, fair value is estimated using quoted market prices for similar subordinated debentures. Junior subordinated debentures fair value measurements utilize Level 2 inputs. | |||||||||||||||||||||
Other borrowings—Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of other borrowings using a discounted cash flows methodology and are measured utilizing Level 2 inputs. | |||||||||||||||||||||
Securities sold under repurchase agreements—The fair value of securities sold under repurchase agreements is the amount payable on demand at the reporting date and are measured utilizing Level 2 inputs. | |||||||||||||||||||||
Derivative financial instruments—The fair value of the underlying non-hedging derivative contracts offset each other and are measured utilizing Level 2 inputs. | |||||||||||||||||||||
Off-balance sheet financial instruments—The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreement and the present creditworthiness of the counterparties. The Company has reviewed the unfunded portion of commitments to extend credit as well as standby and other letters of credit, and has determined that the fair value of such financial instruments is not material. The Company classifies the estimated fair value of credit-related financial instruments as Level 3. |
PREMISES_AND_EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
PREMISES AND EQUIPMENT | ' | ||||||||
8 | PREMISES AND EQUIPMENT | ||||||||
Premises and equipment are summarized as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Land | $ | 97,000 | $ | 66,694 | |||||
Buildings | 193,817 | 156,140 | |||||||
Furniture, fixtures and equipment | 51,418 | 33,056 | |||||||
Construction in progress | 5,600 | 4,334 | |||||||
Total | 347,835 | 260,224 | |||||||
Less accumulated depreciation | (64,910 | ) | (54,956 | ) | |||||
Premises and equipment, net | $ | 282,925 | $ | 205,268 | |||||
Depreciation expense was $10.6 million, $8.9 million and $8.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
DEPOSITS
DEPOSITS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Banking And Thrift [Abstract] | ' | ||||||||
DEPOSITS | ' | ||||||||
9 | DEPOSITS | ||||||||
Included in interest-bearing deposits are certificates of deposit in amounts of $100,000 or more. These certificates and their remaining maturities at December 31, 2013 were as follows (dollars in thousands): | |||||||||
Three months or less | $ | 401,488 | 25.5 | % | |||||
Over three through six months. | 818,602 | 52.2 | % | ||||||
Over six through 12 months | 243,024 | 15.5 | % | ||||||
Over 12 months | 106,009 | 6.8 | % | ||||||
Total | $ | 1,569,123 | 100 | % | |||||
Interest expense for certificates of deposit in excess of $100,000 was $9.4 million, $8.9 million and $11.6 million, for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
The Company has $234 thousand of brokered deposits and there are no major concentrations of deposits with any one depositor. |
OTHER_BORROWINGS_AND_SECURITIE
OTHER BORROWINGS AND SECURITIES SOLD UNDER REPURCHASE AGREEMENTS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Banking And Thrift [Abstract] | ' | ||||||||
OTHER BORROWINGS AND SECURITIES SOLD UNDER REPURCHASE AGREEMENTS | ' | ||||||||
10. OTHER BORROWINGS AND SECURITIES SOLD UNDER REPURCHASE AGREEMENTS | |||||||||
The Company utilizes borrowings to supplement deposits to fund its lending and investment activities. Borrowings consist of funds from the Federal Home Loan Bank (“FHLB”) and securities sold under repurchase agreements. | |||||||||
The following table presents the Company’s borrowings at December 31, 2013 and 2012: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
FHLB advances | $ | — | $ | 245,000 | |||||
FHLB long-term notes payable | 10,689 | 11,753 | |||||||
Total other borrowings | 10,689 | 256,753 | |||||||
Securities sold under repurchase agreements | 364,357 | 454,502 | |||||||
Total | $ | 375,046 | $ | 711,255 | |||||
FHLB advances and long-term notes payable—The Company has an available line of credit with the FHLB of Dallas, which allows the Company to borrow on a collateralized basis. FHLB advances are considered short-term, overnight borrowings and used to manage liquidity as needed. Maturing advances are replaced by drawing on available cash, making additional borrowings or through increased customer deposits. At December 31, 2013, the Company had total funds of $4.67 billion available under this agreement of which a total amount of $10.7 million was outstanding at December 31, 2013. At December 31, 2013, there were no short-term overnight FHLB advances outstanding. Long-term notes payable were $10.7 million at December 31, 2013, with a weighted average interest rate of 5.24%. The maturity dates on the FHLB notes payable range from the years 2014 to 2028 and have interest rates ranging from 4.08% to 6.10%. | |||||||||
Securities sold under repurchase agreements—At December 31, 2013, the Company had $364.4 million in securities sold under repurchase agreements compared with $454.5 million at December 31, 2012 with average rates paid of 0.27% for each of the years ended December 31, 2013 and 2012, respectively. Repurchase agreements with banking customers are generally settled on the following business day. Approximately, $62.8 million of repurchase agreements outstanding at December 31, 2013, have maturity dates ranging from 6 to 48 months. All securities sold under agreements to repurchase are collateralized by certain pledged securities. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
11. INCOME TAXES | |||||||||||||
The components of the provision for federal income taxes are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current | $ | 88,535 | $ | 74,168 | $ | 70,011 | |||||||
Deferred | 19,884 | 9,615 | 2,006 | ||||||||||
Total | $ | 108,419 | $ | 83,783 | $ | 72,017 | |||||||
The provision for federal income taxes differs from the amount computed by applying the federal income tax statutory rate of 35% to income before income taxes as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Taxes calculated at statutory rate | $ | 115,436 | $ | 88,089 | $ | 74,818 | |||||||
Increase (decrease) resulting from: | |||||||||||||
Tax-exempt interest | (6,360 | ) | (3,836 | ) | (2,344 | ) | |||||||
Qualified Zone Academy Bond credit | — | — | (373 | ) | |||||||||
Qualified School Construction Bond credit | (530 | ) | (504 | ) | (504 | ) | |||||||
BOLI income | (1,244 | ) | (936 | ) | (484 | ) | |||||||
Qualified stock options | 12 | 22 | 55 | ||||||||||
Merger related expenses | 185 | 538 | — | ||||||||||
Other, net | 920 | 410 | 849 | ||||||||||
Total | $ | 108,419 | $ | 83,783 | $ | 72,017 | |||||||
Deferred tax assets and liabilities are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Loan purchase discounts | $ | 46,653 | $ | 28,557 | |||||||||
Allowance for credit losses | 22,565 | 18,239 | |||||||||||
Accrued liabilities | 6,294 | 5,566 | |||||||||||
Restricted stock | 4,242 | 3,192 | |||||||||||
Deferred compensation | 5,075 | 3,153 | |||||||||||
Certificates of Deposit | 42 | — | |||||||||||
Net operating losses | 8,818 | 1,887 | |||||||||||
Self insurance reserve | 1,075 | 1,043 | |||||||||||
ORE write-downs | 5,826 | 967 | |||||||||||
Investments in partnerships | 30 | — | |||||||||||
Other | 300 | 211 | |||||||||||
Total deferred tax assets | 100,920 | 62,815 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Goodwill and core deposit intangibles | (20,801 | ) | (20,559 | ) | |||||||||
Bank premises and equipment | (13,020 | ) | (10,610 | ) | |||||||||
Securities | (6,823 | ) | (9,901 | ) | |||||||||
Investments in partnerships | — | (9,296 | ) | ||||||||||
Unrealized gain on available for sale securities | (2,629 | ) | (4,838 | ) | |||||||||
Prepaid expenses | (1,430 | ) | (941 | ) | |||||||||
Deferred loan fees and costs | (1,283 | ) | (652 | ) | |||||||||
Total deferred tax liabilities | (45,986 | ) | (56,797 | ) | |||||||||
Net deferred tax assets | $ | 54,934 | $ | 6,018 | |||||||||
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and estimates of future taxable income over the periods for which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences at December 31, 2013. | |||||||||||||
Net operating loss carryforwards expire on various dates beginning in 2025 through 2032. | |||||||||||||
Benefits from tax positions are recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The Company had no tax positions at December 31, 2013 or December 31, 2012 that did not meet the more-likely-than not recognition threshold. ASC Topic 740 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of income before taxes. Penalties are recorded in other (gains) losses and interest paid or received is recorded in interest expense or interest income, respectively, in the consolidated statement of income. As of December 31, 2013 and 2012, the Company has not accrued any interest and penalties related to unrecognized tax benefits. The Company has identified its federal tax return and its state tax returns in Texas and Oklahoma as “major” tax jurisdictions, as defined. The only periods subject to examination for the Company’s federal return are the 2010 through 2012 tax years. |
STOCK_INCENTIVE_PROGRAMS
STOCK INCENTIVE PROGRAMS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
STOCK INCENTIVE PROGRAMS | ' | ||||||||||||||||
12. STOCK INCENTIVE PROGRAMS | |||||||||||||||||
At December 31, 2013, the Company had four stock-based employee compensation plans and one stock option plan assumed in connection with acquisitions under which no additional options will be granted. Two of the four plans adopted by the Company have expired and therefore no additional awards may be issued under those plans. The Company accounts for stock-based employee compensation plans using the fair value-based method of accounting. The Company recognized stock-based compensation expense of $4.2 million, $3.6 million and $3.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. There was approximately $1.5 million, $1.2 million and $1.2 million of income tax benefit recorded for the stock-based compensation expense for the same periods, respectively. | |||||||||||||||||
During 1995, the Company’s Board of Directors approved a stock option plan (the “1995 Plan”) for executive officers and key associates to purchase common stock of Bancshares. The maximum number of shares reserved for issuance pursuant to options granted under the 1995 Plan was 680,000 (after two-for-one and four-for-one stock splits) and a total of 675,000 options were granted under the 1995 Plan. Options to purchase a total of 3,750 shares of common stock of Bancshares granted under the 1995 Plan were outstanding and exercisable at December 31, 2013. The 1995 Plan has expired and therefore no additional options may be issued from the 1995 Plan. | |||||||||||||||||
During 1998, the Company’s Board of Directors and shareholders approved the Prosperity Bancshares, Inc. 1998 Stock Incentive Plan (the “1998 Plan”) which authorized the issuance of up to 920,000 (after two-for-one stock split) shares of the common stock of Bancshares under both non-qualified and incentive stock options to employees and non-qualified stock options to directors who are not employees. The 1998 Plan also provided for the granting of restricted stock awards, stock appreciation rights, phantom stock awards and performance awards on substantially similar terms. A total of 819,500 options were granted under the 1998 Plan. Options to purchase a total of 65,630 shares of common stock of Bancshares granted under the 1998 Plan were outstanding and exercisable at December 31, 2013. The 1998 Plan has expired and therefore no additional options may be issued from the 1998 Plan. | |||||||||||||||||
In December 2004, the Company’s Board of Directors established the Prosperity Bancshares, Inc. 2004 Stock Incentive Plan (the “2004 Plan”), which was approved by the Company’s shareholders on February 23, 2005. The 2004 Plan authorizes the issuance of up to 1,250,000 shares of common stock upon the exercise of options granted under the 2004 Plan or upon the grant or exercise, as the case may be, of other awards granted under the 2004 Plan. The 2004 Plan provides for the granting of incentive and nonqualified stock options to employees and nonqualified stock options to directors who are not employees. The 2004 Plan also provides for the granting of shares of restricted stock, stock appreciation rights, phantom stock awards and performance awards on substantially similar terms. A total of 191,625 options and 610,924 shares of restricted stock have been granted under the 2004 Plan as of December 31, 2013. Options to purchase a total of 112,000 shares of common stock of Bancshares granted under the 2004 Plan were outstanding at December 31, 2013, of which 78,750 were exercisable. Remaining shares available for grant under the 2004 Plan totaled 447,451 at December 31, 2013. | |||||||||||||||||
On April 1, 2006, the Company acquired SNB Bancshares, Inc. The options to purchase shares of SNB Bancshares, Inc. common stock outstanding at the effective time of the transaction were converted into options to purchase a total of 467,578 shares of Bancshares common stock at exercise prices ranging from $8.15 to $17.63 per share. The converted options are governed by the original plan under which they were issued. Options to purchase a total of 6,950 shares of common stock of Bancshares granted under the 2004 Plan were outstanding and exercisable at December 31, 2013. | |||||||||||||||||
On February 22, 2012, the Company’s Board of Directors adopted the Prosperity Bancshares, Inc. 2012 Stock Incentive Plan (the “2012 Plan”), subject to approval by the Company’s shareholders. The Company’s shareholders approved the 2012 Plan at the annual meeting of shareholders on April 17, 2012. The 2012 Plan authorizes the issuance of up to 1,250,000 shares of common stock upon the exercise of options granted under the 2012 Plan or pursuant to the grant or exercise, as the case may be, of other awards granted under the 2012 Plan, including restricted stock, stock appreciation rights, phantom stock awards and performance awards. As of December 31, 2013, no options or other awards have been granted under the 2012 Plan. | |||||||||||||||||
Stock options are issued at the current market price on the date of the grant, subject to a pre-determined vesting period with a contractual term of 10 years. Options assumed in connection with acquisitions have contractual terms as established in the original option grant agreements entered into prior to acquisition. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. Black-scholes pricing model utilizes certain assumptions including expected life of the option, risk free interest rate, volatility and dividend yield. Stock-based compensation expense is recognized ratably over the requisite service period for all awards. There were no options issued for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||
A summary of changes in outstanding vested and unvested options during the three year period ended December 31, 2013 is set forth below: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||||||
Options outstanding, January 1, 2011 | 696 | $ | 27.24 | 4.48 | $ | 8,374 | |||||||||||
Options granted | — | — | |||||||||||||||
Options forfeited | — | — | |||||||||||||||
Options exercised | (171 | ) | 24.48 | ||||||||||||||
Options outstanding, December 31, 2011 | 525 | $ | 28.18 | 3.88 | 6,391 | ||||||||||||
Options granted | — | — | |||||||||||||||
Options forfeited | (8 | ) | 30.93 | ||||||||||||||
Options exercised | (131 | ) | 27.36 | ||||||||||||||
Options outstanding, December 31, 2012 | 386 | 28.39 | 3.2 | 5,247 | |||||||||||||
Options granted | — | — | |||||||||||||||
Options forfeited | (4 | ) | 30.97 | ||||||||||||||
Options exercised | (194 | ) | 27.69 | ||||||||||||||
Options outstanding, December 31, 2013 | 188 | $ | 28.88 | 3.7 | $ | 6,500 | |||||||||||
Shares vested or expected to vest, December 31, 2013 | 183 | $ | 24.86 | 3.68 | $ | 7,039 | |||||||||||
Shares exercisable, December 31, 2013 | 155 | $ | 27.68 | 2.85 | $ | 5,539 | |||||||||||
The total intrinsic value of the options exercised during the year ended December 31, 2013 and 2012 was $6.9 million and $2.2 million, respectively. The total fair value of shares vested during the year ended December 31, 2013 was $148 thousand. The total fair value of unvested shares forfeited during the year ended December 31, 2013 and 2012 was $26 thousand and $39 thousand, respectively. There were no forfeitures for the year ended December 31, 2011. | |||||||||||||||||
The Company received $5.4 million, $3.6 million and $4.2 million in cash from the exercise of stock options during the years ended December 31, 2013, 2012 and 2011, respectively. There was no tax benefit realized from exercises of the stock-based compensation arrangements during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||
Share Awards | |||||||||||||||||
The Company also grants shares of restricted stock pursuant to the 2004 and 2012 Plans. These shares of restricted stock generally vest over a period of one to five years. The Company accounts for restricted stock grants by recording the fair value of the grant as compensation expense over the vesting period. Compensation expense related to restricted stock was $4.2 million, $3.6 million and $3.6 million for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||
A summary of the status of nonvested shares of restricted stock as of December 31, 2013, and changes during the year then ended is as follows: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average Grant | ||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
(Shares in thousands) | |||||||||||||||||
Nonvested share awards outstanding, December 31, 2012 | 432 | $ | 38.12 | ||||||||||||||
Share awards granted | 52 | 54.17 | |||||||||||||||
Unvested share awards forfeited | (6 | ) | 40.94 | ||||||||||||||
Share awards vested | (26 | ) | 43.27 | ||||||||||||||
Nonvested shares outstanding, December 31, 2013 | 452 | $ | 39.08 | ||||||||||||||
The total fair value of restricted stock awards that fully vested during the year ended December 31, 2013 was $1.2 million. | |||||||||||||||||
As of December 31, 2013, there was $6.4 million of total unrecognized compensation expense related to stock-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 2.79 years. |
OTHER_NONINTEREST_INCOME_AND_E
OTHER NONINTEREST INCOME AND EXPENSE | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
OTHER NONINTEREST INCOME AND EXPENSE | ' | ||||||||||||
13. OTHER NONINTEREST INCOME AND EXPENSE | |||||||||||||
Other noninterest income and expense totals are presented in the following tables. Components of these totals exceeding 1% of the aggregate of total net interest income and total noninterest income for any of the years presented and other amounts the Company elected to present are stated separately. | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Other noninterest income | |||||||||||||
Banking related service fees | $ | 3,502 | $ | 2,650 | $ | 2,184 | |||||||
Bank Owned Life Insurance (BOLI) | 3,635 | 2,673 | 1,382 | ||||||||||
Net loss on sale of assets | (13 | ) | (231 | ) | (527 | ) | |||||||
Rental income | 1,990 | 1,667 | 1,424 | ||||||||||
Other | 5,901 | 2,419 | 1,580 | ||||||||||
Total | $ | 15,015 | $ | 9,178 | $ | 6,043 | |||||||
Other noninterest expense | |||||||||||||
Advertising | $ | 2,642 | $ | 1,670 | $ | 969 | |||||||
Losses | 2,138 | 1,314 | 1,110 | ||||||||||
Printing and supplies | 2,616 | 2,586 | 1,807 | ||||||||||
Professional fees | 3,573 | 4,118 | 2,598 | ||||||||||
Property taxes | 5,827 | 4,623 | 3,823 | ||||||||||
Travel and development | 3,629 | 2,179 | 1,539 | ||||||||||
Other | 10,254 | 6,743 | 5,107 | ||||||||||
Total | $ | 30,679 | $ | 23,233 | $ | 16,953 | |||||||
PROFIT_SHARING_PLAN
PROFIT SHARING PLAN | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
PROFIT SHARING PLAN | ' |
14. PROFIT SHARING PLAN | |
The Company has adopted a profit sharing plan pursuant to Section 401(k) of the Internal Revenue Code whereby the participants may contribute a percentage of their compensation as permitted under the Code. Matching contributions are made at the discretion of the Company. Presently, the Company matches 50% of an employee’s contributions, up to 15% of such employee’s compensation, not to exceed the maximum allowable pursuant to the Internal Revenue Code and excluding catch-up contributions. Such matching contributions were approximately $3.3 million, $2.4 million and $1.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
OFFBALANCE_SHEET_ARRANGEMENTS_
OFF-BALANCE SHEET ARRANGEMENTS, COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
OFF-BALANCE SHEET ARRANGEMENTS, COMMITMENTS AND CONTINGENCIES | ' | ||||||||||||||||||||
15. OFF-BALANCE SHEET ARRANGEMENTS, COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||||
The following table summarizes the Company’s contractual obligations and other commitments to make future payments as of December 31, 2013 (other than deposit obligations and securities sold under repurchase agreements). The Company’s future cash payments associated with its contractual obligations pursuant to its junior subordinated debentures, FHLB notes payable and operating leases as of December 31, 2013 are summarized below. Payments for junior subordinated debentures include interest of $61.4 million that will be paid over the future periods. The future interest payments were calculated using the current rate in effect at December 31, 2013. The current principal balance of the junior subordinated debentures at December 31, 2013 was $124.2 million. Payments for FHLB notes payable include interest of $2.4 million that will be paid over the future periods. Payments related to leases are based on actual payments specified in underlying contracts. | |||||||||||||||||||||
1 year or less | More than 1 | 3 years or | 5 years or | Total | |||||||||||||||||
year but less | more but less | more | |||||||||||||||||||
than 3 years | than 5 years | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Junior subordinated debentures | $ | 3,009 | $ | 6,017 | $ | 6,016 | $ | 170,540 | $ | 185,582 | |||||||||||
Federal Home Loan Bank notes payable | 1,590 | 3,456 | 5,665 | 2,337 | 13,048 | ||||||||||||||||
Operating leases | 5,747 | 7,806 | 3,405 | 6,532 | 23,490 | ||||||||||||||||
Total | $ | 10,346 | $ | 17,279 | $ | 15,086 | $ | 179,409 | $ | 222,120 | |||||||||||
Off-Balance Sheet Items | |||||||||||||||||||||
In the normal course of business, the Company enters into various transactions, which, in accordance with accounting principles generally accepted in the United States, are not included in its consolidated balance sheets. The Company enters into these transactions to meet the financing needs of its customers. These transactions include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. | |||||||||||||||||||||
The Company’s commitments associated with outstanding standby letters of credit and commitments to extend credit expiring by period as of December 31, 2013 are summarized below. | |||||||||||||||||||||
1 year or less | More than 1 | 3 years or | 5 years or | Total | |||||||||||||||||
year but less | more but less | more | |||||||||||||||||||
than 3 years | than 5 years | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Standby letters of credit | $ | 41,140 | $ | 5,904 | $ | 83 | $ | — | $ | 47,127 | |||||||||||
Commitments to extend credit | 935,847 | 154,367 | 77,998 | 348,841 | 1,517,053 | ||||||||||||||||
Total | $ | 976,987 | $ | 160,271 | $ | 78,081 | $ | 348,841 | $ | 1,564,180 | |||||||||||
Standby Letters of Credit. Standby letters of credit are written conditional commitments issued by the Company to guarantee the performance of a customer to a third party. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount of the commitment. If the commitment is funded, the Company would be entitled to seek recovery from the customer. The Company’s policies generally require that standby letter of credit arrangements contain security and debt covenants similar to those contained in loan agreements. | |||||||||||||||||||||
Commitments to Extend Credit. The Company enters into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Substantially all of the Company’s commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of loan funding. The Company minimizes its exposure to loss under these commitments by subjecting them to credit approval and monitoring procedures. Management assesses the credit risk associated with certain commitments to extend credit in determining the level of the allowance for credit losses. Since many of the commitments are expected to expire without being fully drawn upon, the total commitment amounts disclosed above do not necessarily represent future cash funding requirements. At December 31, 2013, $256.8 million of commitments to extend credit have fixed rates ranging from 1.4% to 18.0%. | |||||||||||||||||||||
The Company evaluates customer creditworthiness on a case-by-case basis. The amount of collateral obtained, if considered necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer. | |||||||||||||||||||||
Leases—The following table presents a summary of non-cancelable future operating lease commitments as of December 31, 2013 (dollars in thousands): | |||||||||||||||||||||
2014 | $ | 5,747 | |||||||||||||||||||
2015 | 4,516 | ||||||||||||||||||||
2016 | 3,290 | ||||||||||||||||||||
2017 | 2,129 | ||||||||||||||||||||
2018 | 1,276 | ||||||||||||||||||||
Thereafter | 6,532 | ||||||||||||||||||||
$ | 23,490 | ||||||||||||||||||||
It is expected that in the normal course of business, expiring leases will be renewed or replaced by leases on other property or equipment. | |||||||||||||||||||||
Rent expense under all noncancelable operating lease obligations aggregated approximately $5.8 million for the year ended December 31, 2013, $5.4 million for the year ended December 31, 2012 and $5.2 million for the year ended December 31, 2011. | |||||||||||||||||||||
Litigation—The Company and the Bank are defendants, from time to time, in legal actions arising from transactions conducted in the ordinary course of business. The Company and the Bank believe, after consultations with legal counsel, that the ultimate liability, if any, arising from such actions will not have a material adverse effect on their financial statements. | |||||||||||||||||||||
OTHER_COMPREHENSIVE_LOSS_INCOM
OTHER COMPREHENSIVE (LOSS) INCOME | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ' | ||||||||||||||||||||||||||||||||||||
16. OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Before Tax | Tax | Net of Tax | Before Tax | Tax | Net of Tax | Before Tax | Tax | Net of Tax | |||||||||||||||||||||||||||||
Amount | Benefit | Amount | Amount | Benefit | Amount | Amount | Benefit | Amount | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||||||||||||||
Change in unrealized gain during period | $ | (6,312 | ) | $ | 2,209 | $ | (4,103 | ) | $ | (6,903 | ) | $ | 2,417 | $ | (4,486 | ) | $ | (1,280 | ) | $ | 448 | $ | (832 | ) | |||||||||||||
Total securities available for sale | (6,312 | ) | 2,209 | (4,103 | ) | (6,903 | ) | 2,417 | (4,486 | ) | (1,280 | ) | 448 | (832 | ) | ||||||||||||||||||||||
Total other comprehensive loss | $ | (6,312 | ) | $ | 2,209 | $ | (4,103 | ) | $ | (6,903 | ) | $ | 2,417 | $ | (4,486 | ) | $ | (1,280 | ) | $ | 448 | $ | (832 | ) | |||||||||||||
Activity in accumulated other comprehensive income, net of tax, was as follows: | |||||||||||||||||||||||||||||||||||||
Securities | Accumulated | ||||||||||||||||||||||||||||||||||||
Available for | Other | ||||||||||||||||||||||||||||||||||||
Sale | Comprehensive | ||||||||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 8,986 | $ | 8,986 | |||||||||||||||||||||||||||||||||
Other comprehensive loss | (4,103 | ) | (4,103 | ) | |||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 4,883 | $ | 4,883 | |||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 13,472 | $ | 13,472 | |||||||||||||||||||||||||||||||||
Other comprehensive loss | (4,486 | ) | (4,486 | ) | |||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 8,986 | $ | 8,986 | |||||||||||||||||||||||||||||||||
Balance at January 1, 2011 | $ | 14,304 | $ | 14,304 | |||||||||||||||||||||||||||||||||
Other comprehensive loss | (832 | ) | (832 | ) | |||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 13,472 | $ | 13,472 | |||||||||||||||||||||||||||||||||
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | ||||||||||||||||
17. DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||||||
During the year, the Company acquired FVNB and assumed the following derivative contracts relating to loans made to certain of its commercial customers. The interest rate derivative contracts outstanding at December 31, 2013 are presented in the following table (dollars in thousands): | |||||||||||||||||
Current | Estimated | Maturity Date | Fixed Pay | Variable Rate | |||||||||||||
Notional | Fair Value | Rate | Received | ||||||||||||||
Amount | |||||||||||||||||
Commercial Loan Interest Rate Swap | $ | 4,387 | $ | 48 | 1-Aug-20 | 4.3 | % | 1-Month USD— | |||||||||
LIBOR BBA+2.50 | |||||||||||||||||
Commercial Loan Interest Rate Swap | 1,618 | 28 | 15-Aug-20 | 5.49 | % | 1-Month USD— | |||||||||||
LIBOR BBA+3.00 | |||||||||||||||||
Commercial Loan Interest Rate Swap | 1,463 | 7 | August 15, 2020 | 4.3 | % | 1-Month USD— | |||||||||||
LIBOR BBA+2.50 | |||||||||||||||||
Commercial Loan Interest Rate Swap | 1,898 | (45 | ) | 1-May-22 | 5.6 | % | 1-Month USD— | ||||||||||
LIBOR BBA+3.50 | |||||||||||||||||
$ | 9,366 | $ | 38 | ||||||||||||||
In these transactions, the Company enters into an interest rate swap with a customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each swap transaction, the Company agrees to pay interest to the borrowing customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed interest rate. At the same time, the Company agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows the Company’s customer to effectively convert a variable-rate loan to a fixed-rate. Because the Company acts solely as an intermediary for its customer, changes in the fair value of the underlying derivative contracts offset each other and do not significantly impact the Company’s results of operations. The notional amounts and estimated fair values of interest rate derivative contracts outstanding at December 31, 2013 are presented in the following table (dollars in thousands): | |||||||||||||||||
Current | Estimated | ||||||||||||||||
Notional | Fair Value | ||||||||||||||||
Amount | |||||||||||||||||
Financial Institution Counterparties: | |||||||||||||||||
Swaps—assets | $ | 1,898 | $ | 45 | |||||||||||||
Swaps—liabilities | 7,468 | (83 | ) | ||||||||||||||
Bank Customer Counterparties: | |||||||||||||||||
Swaps—assets | $ | 7,468 | $ | 83 | |||||||||||||
Swaps—liabilities | 1,898 | (45 | ) |
REGULATORY_MATTERS
REGULATORY MATTERS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
REGULATORY MATTERS | ' | ||||||||||||||||||||||||
18. REGULATORY MATTERS | |||||||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Any institution that fails to meet its minimum capital requirements is subject to actions by regulators that could have a direct material effect on the Company’s financial statements. Under the capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines based on the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and the Bank’s classification under the regulatory framework for prompt corrective action are also subject to qualitative judgments by the regulators about the components, risk weightings and other factors. | |||||||||||||||||||||||||
To meet the capital adequacy requirements, the Company and the Bank must maintain minimum capital amounts and ratios of Total and Tier 1 capital to risk weighted assets, and of Tier 1 capital to adjusted quarterly average assets as defined in the regulations. As of December 31, 2013, the Company and the Bank met all capital adequacy requirements to which they were subject. | |||||||||||||||||||||||||
The Tier 1 and total capital ratios are calculated by dividing the respective capital amounts by risk weighted assets. Risk weighted assets include total assets, excluding goodwill and other intangible assets, allocated by risk weight category, and certain off-balance-sheet items. The leverage ratio is calculated by dividing Tier 1 capital by adjusted quarterly average total assets, excluding goodwill and other intangible assets. | |||||||||||||||||||||||||
As of December 31, 2013, the most recent notification from the FDIC categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. There have been no conditions or events since that notification which management believes have changed the Bank’s category. To be categorized as well capitalized the Bank must maintain minimum total risk-based, Tier I risk-based and Tier I leverage ratios as set forth in the table below. | |||||||||||||||||||||||||
The following is a summary of the Company’s and the Bank’s capital ratios at December 31, 2013 and 2012: | |||||||||||||||||||||||||
Actual | For Capital | To Be Categorized As | |||||||||||||||||||||||
Adequacy Purposes | Well Capitalized Under | ||||||||||||||||||||||||
Prompt Corrective | |||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
CONSOLIDATED: | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital | $ | 1,259,768 | 14.02 | % | $ | 719,005 | 8 | % | N/A | N/A | |||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Tier I Capital | 1,192,486 | 13.27 | % | 359,502 | 4 | % | N/A | N/A | |||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Tier I Capital | 1,192,486 | 7.42 | % | 481,892 | 3 | % | N/A | N/A | |||||||||||||||||
(to Average Tangible Assets) | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Total Capital | $ | 974,702 | 15.22 | % | $ | 512,171 | 8 | % | N/A | N/A | |||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Tier I Capital | 922,138 | 14.4 | % | 256,086 | 4 | % | N/A | N/A | |||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Tier I Capital | 922,138 | 7.1 | % | 389,831 | 3 | % | N/A | N/A | |||||||||||||||||
(to Average Tangible Assets) | |||||||||||||||||||||||||
PROSPERITY BANK® ONLY: | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital | $ | 1,229,752 | 13.7 | % | $ | 718,334 | 8 | % | $ | 897,917 | 10 | % | |||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Tier I Capital | 1,162,470 | 12.95 | % | 359,167 | 4 | % | 538,750 | 6 | % | ||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Tier I Capital | 1,162,470 | 7.24 | % | 481,640 | 3 | % | 802,733 | 5 | % | ||||||||||||||||
(to Average Tangible Assets) | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Total Capital | $ | 959,907 | 15.01 | % | $ | 511,612 | 8 | % | $ | 639,516 | 10 | % | |||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Tier I Capital | 907,343 | 14.19 | % | 255,806 | 4 | % | 383,709 | 6 | % | ||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Tier I Capital | 907,343 | 6.99 | % | 389,622 | 3 | % | 649,370 | 5 | % | ||||||||||||||||
(to Average Tangible Assets) | |||||||||||||||||||||||||
Dividends paid by Bancshares and the Bank are subject to restrictions by certain regulatory agencies. Dividends paid by Bancshares during the years ended December 31, 2013, 2012 and 2011 were $54.0 million, $41.5 million and $33.7 million, respectively. Dividends paid by the Bank to Bancshares during the years ended December 31, 2013, 2012 and 2011 were $203.5 million, $228.5 million and $35.8 million, respectively. |
JUNIOR_SUBORDINATED_DEBENTURES
JUNIOR SUBORDINATED DEBENTURES | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Brokers And Dealers [Abstract] | ' | ||||||||||||||
JUNIOR SUBORDINATED DEBENTURES | ' | ||||||||||||||
19. JUNIOR SUBORDINATED DEBENTURES | |||||||||||||||
At both December 31, 2013 and 2012, the Company had outstanding $124.2 million and $85.1 million in junior subordinated debentures issued to the Company’s unconsolidated subsidiary trusts, respectively. On November 1, 2013, the Company acquired FVNB Corp. and assumed FVNB Capital Trust II and FVNB Capital Trust III. On March 7, 2011, the Company redeemed $7.2 million in junior subordinated debentures held by TXUI Statutory Trust I that bore a fixed interest rate of 10.60%. A penalty of $383 thousand was incurred in connection with the payoff and recorded as interest expense. | |||||||||||||||
A summary of pertinent information related to the Company’s nine issues of junior subordinated debentures outstanding at December 31, 2013 is set forth in the table below: | |||||||||||||||
Description | Issuance Date | Trust | Interest Rate(1) | Junior | Maturity Date(2) | ||||||||||
Preferred | Subordinated | ||||||||||||||
Securities | Debt Owed | ||||||||||||||
Outstanding | to Trusts | ||||||||||||||
(Dollars in thousands) | |||||||||||||||
Prosperity Statutory Trust II | July 31, 2001 | $ | 15,000 | 3 month LIBOR | $ | 15,464 | 31-Jul-31 | ||||||||
+ 3.58%, not to exceed | |||||||||||||||
12.50% | |||||||||||||||
Prosperity Statutory Trust III | 15-Aug-03 | 12,500 | 3 month LIBOR + 3.00% | 12,887 | September 17, 2033 | ||||||||||
Prosperity Statutory Trust IV | 30-Dec-03 | 12,500 | 3 month LIBOR + 2.85% | 12,887 | 30-Dec-33 | ||||||||||
SNB Capital Trust IV | September 25, 2003 | 10,000 | 3 month LIBOR + 3.00% | 10,310 | 25-Sep-33 | ||||||||||
TXUI Statutory Trust II | 19-Dec-03 | 5,000 | 3 month LIBOR + 2.85% | 5,155 | 19-Dec-33 | ||||||||||
TXUI Statutory Trust III | 30-Nov-05 | 15,500 | 3 month LIBOR + 1.39% | 15,980 | 15-Dec-35 | ||||||||||
TXUI Statutory Trust IV | 31-Mar-06 | 12,000 | 3 month LIBOR + 1.39% | 12,372 | 30-Jun-36 | ||||||||||
FVNB Capital Trust II(3) | 14-Jun-05 | 18,000 | 3 month LIBOR + 1.68% | 18,557 | 15-Jun-35 | ||||||||||
FVNB Capital Trust III(3) | 23-Jun-06 | 20,000 | 3 month LIBOR + 1.60% | 20,619 | 7-Jul-36 | ||||||||||
$ | 124,231 | ||||||||||||||
-1 | The 3-month LIBOR in effect as of December 31, 2013 was 0.244%. | ||||||||||||||
-2 | All debentures are callable five years from issuance date. | ||||||||||||||
-3 | Assumed in connection with the FVNB acquisition on November 1, 2013. | ||||||||||||||
Each of the trusts is a capital or statutory business trust organized for the sole purpose of issuing trust securities and investing the proceeds in the Company’s junior subordinated debentures. The preferred trust securities of each trust represent preferred beneficial interests in the assets of the respective trusts and are subject to mandatory redemption upon payment of the junior subordinated debentures held by the trust. The common securities of each trust are wholly owned by the Company. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payment on the related junior subordinated debentures. The debentures, which are the only assets of each trust, are subordinate and junior in right of payment to all of the Company’s present and future senior indebtedness. The Company has fully and unconditionally guaranteed each trust’s obligations under the trust securities issued by such trust to the extent not paid or made by each trust, provided such trust has funds available for such obligations. | |||||||||||||||
Under the provisions of each issue of the debentures, the Company has the right to defer payment of interest on the debentures at any time, or from time to time, for periods not exceeding five years. If interest payments on either issue of the debentures are deferred, the distributions on the applicable trust preferred securities and common securities will also be deferred. |
PARENT_COMPANY_ONLY_FINANCIAL_
PARENT COMPANY ONLY FINANCIAL STATEMENTS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
PARENT COMPANY ONLY FINANCIAL STATEMENTS | ' | ||||||||||||
20 | PARENT COMPANY ONLY FINANCIAL STATEMENTS | ||||||||||||
PROSPERITY BANCSHARES, INC. | |||||||||||||
(Parent Company Only) | |||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
ASSETS | |||||||||||||
Cash | $ | 10,597 | $ | 826 | |||||||||
Investment in subsidiary | 2,877,089 | 2,155,701 | |||||||||||
Investment in capital and statutory trusts | 3,731 | 2,555 | |||||||||||
Goodwill | 3,982 | 3,982 | |||||||||||
Other assets | 16,927 | 11,898 | |||||||||||
TOTAL | $ | 2,912,326 | $ | 2,174,962 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
LIABILITIES: | |||||||||||||
Accrued interest payable and other liabilities | $ | 1,277 | $ | 518 | |||||||||
Junior subordinated debentures | 124,231 | 85,055 | |||||||||||
Total liabilities | 125,508 | 85,573 | |||||||||||
SHAREHOLDERS’ EQUITY: | |||||||||||||
Common stock | 66,085 | 56,484 | |||||||||||
Capital surplus. | 1,798,862 | 1,274,290 | |||||||||||
Retained earnings | 917,595 | 750,236 | |||||||||||
Unrealized gain on available for sale securities, net of tax benefit | 4,883 | 8,986 | |||||||||||
Less treasury stock, at cost, 37,088 shares | (607 | ) | (607 | ) | |||||||||
Total shareholders’ equity | 2,786,818 | 2,089,389 | |||||||||||
TOTAL | $ | 2,912,326 | $ | 2,174,962 | |||||||||
PROSPERITY BANCSHARES, INC. | |||||||||||||
(Parent Company Only) | |||||||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
OPERATING INCOME: | |||||||||||||
Dividends from subsidiaries | $ | 203,500 | $ | 228,450 | $ | 35,800 | |||||||
Other income | 115 | 131 | 142 | ||||||||||
Total income | 203,615 | 228,581 | 35,942 | ||||||||||
OPERATING EXPENSE: | |||||||||||||
Junior subordinated debentures interest expense | 2,551 | 2,593 | 2,984 | ||||||||||
Stock based compensation expense (includes restricted stock) | 4,175 | 3,607 | 3,576 | ||||||||||
Other expenses | 515 | 593 | 404 | ||||||||||
Total operating expense | 7,241 | 6,793 | 6,964 | ||||||||||
INCOME BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 196,374 | 221,788 | 28,978 | ||||||||||
FEDERAL INCOME TAX BENEFIT | 2,495 | 2,325 | 2,350 | ||||||||||
INCOME BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 198,869 | 224,113 | 31,328 | ||||||||||
EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 22,529 | (56,212 | ) | 110,421 | |||||||||
NET INCOME | $ | 221,398 | $ | 167,901 | $ | 141,749 | |||||||
PROSPERITY BANCSHARES, INC. | |||||||||||||
(Parent Company Only) | |||||||||||||
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Net income | $ | 221,398 | $ | 167,901 | $ | 141,749 | |||||||
Other comprehensive loss, before tax: | |||||||||||||
Securities available for sale: | |||||||||||||
Change in unrealized gain during period | (6,312 | ) | (6,903 | ) | (1,280 | ) | |||||||
Total other comprehensive loss | (6,312 | ) | (6,903 | ) | (1,280 | ) | |||||||
Deferred tax benefit related to other comprehensive income | 2,209 | 2,417 | 448 | ||||||||||
Other comprehensive loss, net of tax | (4,103 | ) | (4,486 | ) | (832 | ) | |||||||
Comprehensive income | $ | 217,295 | $ | 163,415 | $ | 140,917 | |||||||
PROSPERITY BANCSHARES, INC. | |||||||||||||
(Parent Company Only) | |||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
Net income | $ | 221,398 | $ | 167,901 | $ | 141,749 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed earnings of subsidiaries | (22,529 | ) | 56,212 | (110,421 | ) | ||||||||
Stock based compensation expense (includes restricted stock) | 4,175 | 3,607 | 3,576 | ||||||||||
(Increase) decrease in other assets | (2,382 | ) | 3,727 | 2,147 | |||||||||
Increase (decrease) in accrued interest payable and other liabilities | 3,135 | (5,266 | ) | (223 | ) | ||||||||
Net cash provided by operating activities | 203,797 | 226,181 | 36,828 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||
Cash paid for acquisitions | (152,807 | ) | (189,966 | ) | — | ||||||||
Cash acquired from acquisitions | 7,441 | 1,372 | — | ||||||||||
Net cash used in investing activities | (145,366 | ) | (188,594 | ) | — | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||
Proceeds from stock option exercises | 5,379 | 3,573 | 4,175 | ||||||||||
Redemption of junior subordinated debentures (net) | — | — | (7,210 | ) | |||||||||
Payments of cash dividends | (54,039 | ) | (41,543 | ) | (33,742 | ) | |||||||
Net cash used in financing activities | (48,660 | ) | (37,970 | ) | (36,777 | ) | |||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 9,771 | (383 | ) | 51 | |||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 826 | 1,209 | 1,158 | ||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 10,597 | $ | 826 | $ | 1,209 | |||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Events [Abstract] | ' | |
SUBSEQUENT EVENTS | ' | |
21 | SUBSEQUENT EVENTS | |
Pending Acquisition of F&M Bancorporation Inc.—On August 29, 2013, the Company entered into a definitive agreement to acquire F&M Bancorporation Inc. (“FMBC”) and its wholly-owned subsidiary, The F&M Bank & Trust Company (collectively, “F&M Bank”) headquartered in Tulsa, Oklahoma. F&M Bank operates 13 full-service banking offices: 9 in Tulsa, Oklahoma and surrounding areas; 1 (a loan production office) in Oklahoma City, Oklahoma; and 3 in Dallas, Texas. As of December 31, 2013, FMBC on a consolidated basis, reported total assets of $2.57 billion, total loans of $1.76 billion and total deposits of $2.33 billion. | ||
Under the terms of the definitive agreement, the Company will issue approximately 3,298,246 shares of the Company’s common stock plus $47.0 million in cash for all outstanding shares of FMBC capital stock, subject to certain conditions and potential adjustments. The acquisition is subject to customary closing conditions, including the receipt of regulatory approvals and approval by FMBC’s stockholders. |
NATURE_OF_OPERATIONS_AND_SUMMA1
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Policies) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Nature of Operations | ' | ||||||||||||||||||||||||
Nature of Operations—Prosperity Bancshares, Inc.® (“Bancshares”) and its subsidiaries, Prosperity Holdings of Delaware, LLC (“Holdings”) and Prosperity Bank® (the “Bank”, and together with Bancshares and Holdings, collectively referred to as the “Company”) provide retail and commercial banking services. The Company operates its business as one domestic segment. | |||||||||||||||||||||||||
The Bank operated 238 full-service banking locations; with 63 in the Houston area, including The Woodlands, 26 in the South Texas area including Corpus Christi and Victoria, 36 in the Central Texas area, including Austin and San Antonio, 16 in the Bryan/College Station area, 22 in the East Texas area, 34 in the West Texas area including Lubbock, Midland-Odessa and Abilene, 35 in the Dallas/Fort Worth, Texas area; and 6 in the Central Oklahoma area. | |||||||||||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||||||||||
Basis of Presentation—The consolidated financial statements include the accounts of Bancshares and its subsidiaries. Intercompany transactions have been eliminated in consolidation. Operations are managed and financial performance is evaluated on a company-wide basis. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment. Because the overall banking operations comprise the vast majority of the consolidated operations, no separate segment disclosures are presented. | |||||||||||||||||||||||||
Use of Estimates | ' | ||||||||||||||||||||||||
Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to certain fair value measures including the calculation of stock-based compensation, the valuation of goodwill and available for sale securities and the calculation of allowance for credit losses. Actual results could differ from these estimates. | |||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
Securities —Securities held to maturity are carried at cost, adjusted for the amortization of premiums and the accretion of discounts. Management has the positive intent and the Company has the ability to hold these assets as long-term securities until their estimated maturities. | |||||||||||||||||||||||||
Securities available for sale are carried at fair value. Unrealized gains and losses are excluded from earnings and reported, net of tax, as a separate component of shareholders’ equity until realized. Securities within the available for sale portfolio may be used as part of the Company’s asset/liability strategy and may be sold in response to changes in interest rate risk, prepayment risk or other similar economic factors. | |||||||||||||||||||||||||
For debt securities, when other-than-temporary impairment (“OTTI”) occurs, the amount of the other-than-temporary impairment recognized in earnings depends on whether an entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss. If an entity intends to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the OTTI shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the OTTI shall be separated into the amount representing the credit-related portion of the impairment loss (“credit loss”) and the noncredit portion of the impairment loss (“noncredit portion”). The amount of the total OTTI related to the credit loss is determined based on the difference between the present value of cash flows expected to be collected and the amortized cost basis and such difference is recognized in earnings. The amount of the total OTTI related to the noncredit portion is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings shall become the new amortized cost basis of the investment. | |||||||||||||||||||||||||
Premiums and discounts are amortized and accreted to operations using the level-yield method of accounting, adjusted for prepayments as applicable. The specific identification method of accounting is used to compute gains or losses on the sales of these assets. Interest earned on these assets is included in interest income. | |||||||||||||||||||||||||
Loans Held for Sale | ' | ||||||||||||||||||||||||
Loans Held for Sale—Loans held for sale are carried at the lower of aggregate cost or market value. Premiums, discounts and loan fees (net of certain direct loan origination costs) on loans held for sale are deferred until the related loans are sold or repaid. Gains or losses on loan sales are recognized at the time of sale and determined using the specific identification method. | |||||||||||||||||||||||||
Loans Held for Investment | ' | ||||||||||||||||||||||||
Loans Held for Investment—Loans originated and held for investment are stated at the principal amount outstanding, net of unearned discount and fees. The related interest income for multipayment loans is recognized principally by the simple interest method; for single payment loans, such income is recognized using the straight-line method. | |||||||||||||||||||||||||
Loans acquired in business combinations are initially recorded at fair value based on a discounted cash flow valuation methodology that considers, among other things, projected default rates, loss given defaults and recovery rates with no carryover of any existing allowance for loan losses. Acquired loans with evidence of credit quality deterioration at acquisition are reviewed to determine if it is probable that the Company will not be able to collect all contractual amounts due, including both principal and interest. When both conditions exist, such loans are accounted for as purchased credit-impaired (“PCI”). | |||||||||||||||||||||||||
The Company estimates the total cash flows expected to be collected from the acquired PCI loans, which include undiscounted expected principal and interest, using credit risk, interest rate and prepayment risk models that incorporate management’s best estimate of current key assumptions such as default rates, loss severity and payment speeds. The excess of the undiscounted total cash flows expected to be collected over the fair value of the related PCI loans represents the accretable yield, which is recognized as interest income on a level-yield basis over the life of the related loan. The difference between the undiscounted contractual principal and interest and the undiscounted total cash flows expected to be collected is the nonaccretable difference, which reflects the impact of estimated credit losses and other factors. Subsequent increases in expected cash flows will result in a recovery of any previously recorded allowance for loan losses, to the extent applicable, and a reclassification from nonaccretable difference to accretable yield, which is recognized prospectively over the then remaining lives of the loan. Subsequent decreases in expected cash flows will result in an impairment charge to the provision for loan losses, resulting in an addition to the allowance for loan losses, and a reclassification from accretable yield to nonaccretable difference. A loan disposal, which may include a loan sale, receipt of payment in full from the borrower or foreclosure, results in removal of the loan at its allocated carrying amount. | |||||||||||||||||||||||||
For acquired loans not deemed credit-impaired at acquisition, the difference between the initial fair value and the unpaid principal balance is recognized as interest income on a level-yield basis over the lives of the related loans. | |||||||||||||||||||||||||
Nonrefundable Fees and Costs Associated with Lending Activities | ' | ||||||||||||||||||||||||
Nonrefundable Fees and Costs Associated with Lending Activities—Loan origination fees in excess of the associated costs are recognized over the life of the related loan as an adjustment to yield using the interest method. | |||||||||||||||||||||||||
Loan commitment fees and loan origination costs are deferred and recognized as an adjustment of yield by the interest method over the related loan life or, if the commitment expires unexercised, recognized in income upon expiration of the commitment. | |||||||||||||||||||||||||
Nonperforming and Past Due Loans | ' | ||||||||||||||||||||||||
Nonperforming and Past Due Loans—Included in the nonperforming loan category are loans which have been categorized by management as nonaccrual because collection of interest is doubtful and loans which have been restructured to provide a reduction in the interest rate or a deferral of interest or principal payments. When the payment of principal or interest on a loan is delinquent for 90 days, or earlier in some cases, the loan is placed on nonaccrual status unless the loan is in the process of collection and the underlying collateral fully supports the carrying value of the loan. If the decision is made to continue accruing interest on the loan, periodic reviews are made to confirm the accruing status of the loan. When a loan is placed on nonaccrual status, interest accrued during the current year prior to the judgment of uncollectibility is charged to operations. Interest accrued during prior periods is charged to the allowance for credit losses. Any payments received on nonaccrual loans are applied first to outstanding loan amounts and next to the recovery of charged-off loan amounts. Any excess is treated as recovery of lost interest. | |||||||||||||||||||||||||
Restructured loans are those loans on which concessions in terms have been granted because of a borrower’s financial difficulty. Interest is generally accrued on such loans in accordance with the new terms. | |||||||||||||||||||||||||
Allowance for Credit Losses | ' | ||||||||||||||||||||||||
Allowance for Credit Losses—The allowance for credit losses is a valuation allowance available for losses incurred on loans. All losses are charged to the allowance when the loss actually occurs or when a determination is made that such a loss is probable. Recoveries are credited to the allowance at the time of recovery. | |||||||||||||||||||||||||
Throughout the year, management estimates the probable level of losses to determine whether the allowance for credit losses is adequate to absorb losses inherent in the loan portfolio. Based on these estimates, an amount is charged to the provision for credit losses and credited to the allowance for credit losses in order to adjust the allowance to a level determined to be adequate to absorb losses. | |||||||||||||||||||||||||
In making its evaluation of the adequacy of the allowance for credit losses, management considers factors such as historical loan loss experience, industry diversification of the Company’s commercial loan portfolio, the amount of nonperforming assets and related collateral, the volume, growth and composition of the Company’s loan portfolio, current economic conditions that may affect the borrower’s ability to pay and the value of collateral, the evaluation of the Company’s loan portfolio through its internal loan review process and other relevant factors. | |||||||||||||||||||||||||
Estimates of credit losses involve an exercise of judgment. While it is possible that in the short term the Company may sustain losses which are substantial in relation to the allowance for credit losses, it is the judgment of management that the allowance for credit losses reflected in the consolidated balance sheets is adequate to absorb probable losses that exist in the current loan portfolio. | |||||||||||||||||||||||||
The Company’s allowance for credit losses consists of two elements: (i) specific valuation allowances based on probable losses on impaired loans; and (ii) a general valuation allowance based on historical loan loss experience, general economic conditions and other qualitative risk factors both internal and external to the Company. A loan is defined as impaired if, based on current information and events, it is probable that a creditor will be unable to collect all amounts due, both interest and principal, according to the contractual terms of the loan agreement. The allowance for credit losses related to impaired loans is determined based on the difference of carrying value of loans and the present value of expected cash flows discounted at the loan’s effective interest rate or, as a practical expedient, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. | |||||||||||||||||||||||||
Loans acquired in business combinations are initially recorded at fair value, which includes an estimate of credit losses expected to be realized over the remaining lives of the loans, and therefore no corresponding allowance for loan losses is recorded for these loans at acquisition. Methods utilized to estimate any subsequently required allowance for loan losses for acquired loans not deemed credit-impaired at acquisition are similar to originated loans; however, the estimate of loss is based on the unpaid principal balance and then compared to any remaining unaccreted purchase discount. To the extent that the calculated loss is greater than the remaining unaccreted purchase discount, an allowance is recorded for such difference. | |||||||||||||||||||||||||
Premises and Equipment | ' | ||||||||||||||||||||||||
Premises and Equipment—Premises and equipment are carried at cost less accumulated depreciation. Depreciation expense is computed principally using the straight-line method over the estimated useful lives of the assets which range from three to 39 years. Leasehold improvements are amortized using the straight-line method over the periods of the leases or the estimated useful lives, whichever is shorter. | |||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||
Derivative Financial Instruments—The Company offers interest rate swaps to commercial customers who wish to obtain a loan at a fixed rate. In these transactions, the Company enters into an interest rate swap with a customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each swap transaction, the Company agrees to pay interest to the borrowing customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed interest rate. At the same time, the Company agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows the Company’s customer to effectively convert a variable-rate loan to a fixed-rate. Because the Company acts solely as an intermediary for its customer, changes in the fair value of the underlying derivative contracts offset each other and do not significantly impact the Company’s results of operations. | |||||||||||||||||||||||||
Goodwill | ' | ||||||||||||||||||||||||
Goodwill—Goodwill is annually assessed for impairment or when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. | |||||||||||||||||||||||||
On January 1, 2012, the Company adopted Accounting Standard Update No. 2011-08, “Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment,” (ASU 2011-08), which allows companies to use a qualitative approach to assess goodwill for impairment. The provisions of ASU 2011-08 give companies the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining the need to perform step one of the annual test for goodwill impairment. An entity has an unconditional option to bypass the qualitative assessment described in the preceding paragraph for any reporting unit in any period and proceed directly to performing the first step of the goodwill impairment test. An entity may resume performing the qualitative assessment in any subsequent period. | |||||||||||||||||||||||||
If the Company bypasses the qualitative assessment, a two-step goodwill impairment test is performed. The first step of the goodwill impairment test compares the estimated fair value of the Company’s reporting unit to its carrying value. If the estimated fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the estimated fair value of the reporting unit is less than the carrying value, the second step must be performed to determine the implied fair value of the reporting unit’s goodwill and the amount of goodwill impairment, if any. | |||||||||||||||||||||||||
Estimating the fair value of the Company’s reporting unit is a subjective process involving the use of estimates and judgments, particularly related to future cash flows of the reporting units, discount rates (including market risk premiums) and market multiples. Material assumptions used in the valuation models included the comparable public company price multiples used in the terminal value, future cash flows and the market risk premium component of the discount rate. The estimated fair value of the reporting unit is determined using a blend of two commonly used valuation techniques: the market approach and the income approach. The Company gives consideration to both valuation techniques, as either technique can be an indicator of value. For the market approach, valuation is based on an analysis of relevant price multiples in market trades in companies with similar characteristics. For the income approach, estimated future cash flows (derived from internal forecasts and economic expectations) and terminal value (value at the end of the cash flow period, based on price multiples) are discounted. The discount rate was based on the imputed cost of equity capital. | |||||||||||||||||||||||||
Amortization of Core Deposit Intangibles | ' | ||||||||||||||||||||||||
Amortization of Core Deposit Intangibles—Core deposit intangibles are amortized using an accelerated amortization method over an 8 to 15 year period. | |||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
Income Taxes—The Company files a consolidated federal income tax return and a consolidated Oklahoma state income tax return. | |||||||||||||||||||||||||
Deferred tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are recorded in other assets on the Company’s consolidated balance sheets. The Company records uncertain tax positions in accordance with Accounting Standards Codification (“ASC”) 740 on the basis of a two-step process whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. | |||||||||||||||||||||||||
Realization of net deferred tax assets is based upon the level of historical income and on estimates of future taxable income. Although realization is not assured, management believes it is more likely than not that all of the net deferred tax assets will be realized. | |||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||
Stock-Based Compensation—The Company accounts for stock-based employee compensation plans using the fair value-based method of accounting. The expense associated with stock-based compensation is recognized over the vesting period of each individual arrangement. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of subjective assumptions. The fair value of restricted stock awards is based on the current market price on the date of grant. | |||||||||||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||||||||||
Cash and Cash Equivalents—For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks as well as federal funds sold that mature in three days or less. | |||||||||||||||||||||||||
Earnings Per Common Share | ' | ||||||||||||||||||||||||
Earnings Per Common Share—Basic earnings per common share are calculated using the two-class method. The two-class method provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of basic earnings per share. | |||||||||||||||||||||||||
Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock using the treasury stock method. Outstanding stock options issued by the Company represent the only dilutive effect reflected in diluted weighted average shares. | |||||||||||||||||||||||||
The following table illustrates the computation of basic and diluted earnings per share: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | Per Share | Amount | Per Share | Amount | Per Share | ||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||||||||||||
Net income | $ | 221,398 | $ | 167,901 | $ | 141,749 | |||||||||||||||||||
Basic: | |||||||||||||||||||||||||
Weighted average shares outstanding | 60,421 | $ | 3.66 | 51,794 | $ | 3.24 | 46,846 | $ | 3.03 | ||||||||||||||||
Diluted: | |||||||||||||||||||||||||
Add incremental shares for: | |||||||||||||||||||||||||
Effect of dilutive securities—options | 157 | 147 | 171 | ||||||||||||||||||||||
Total | 60,578 | $ | 3.65 | 51,941 | $ | 3.23 | 47,017 | $ | 3.01 | ||||||||||||||||
There were no stock options exercisable at December 31, 2013, 2012 and 2011 that would have had an anti-dilutive effect on the above computation. | |||||||||||||||||||||||||
New Accounting Standards | ' | ||||||||||||||||||||||||
New Accounting Standards | |||||||||||||||||||||||||
Accounting Standards Updates (“ASU”) | |||||||||||||||||||||||||
ASU 2012-02 “Intangibles—Goodwill and Other (Topic 350)—Testing Indefinite-Lived Intangible Assets for Impairment.” ASU 2012-02 give entities the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that an indefinite-lived intangible asset is impaired. If, after assessing the totality of events or circumstances, an entity determines it is more likely than not that an indefinite-lived intangible asset is impaired, then the entity must perform the quantitative impairment test. If, under the quantitative impairment test, the carrying amount of the intangible asset exceeds its fair value, an entity should recognize an impairment loss in the amount of that excess. Permitting an entity to assess qualitative factors when testing indefinite-lived intangible assets for impairment results in guidance that is similar to the goodwill impairment testing guidance in ASU 2011-08. ASU 2012-02 became effective for the Company beginning January 1, 2013 and did not have a significant impact on the Company’s financial statements. | |||||||||||||||||||||||||
ASU 2013-02 “Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 amends recent guidance related to the reporting of comprehensive income to enhance the reporting of reclassifications out of accumulated other comprehensive income. ASU 2013-02 became effective for the Company on January 1, 2013 and did not have a significant impact on the Company’s financial statements. See Note 16—Other Comprehensive (Loss) Income for applicable disclosures. |
NATURE_OF_OPERATIONS_AND_SUMMA2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||||||||||
The following table illustrates the computation of basic and diluted earnings per share: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | Per Share | Amount | Per Share | Amount | Per Share | ||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||||||||||||
Net income | $ | 221,398 | $ | 167,901 | $ | 141,749 | |||||||||||||||||||
Basic: | |||||||||||||||||||||||||
Weighted average shares outstanding | 60,421 | $ | 3.66 | 51,794 | $ | 3.24 | 46,846 | $ | 3.03 | ||||||||||||||||
Diluted: | |||||||||||||||||||||||||
Add incremental shares for: | |||||||||||||||||||||||||
Effect of dilutive securities—options | 157 | 147 | 171 | ||||||||||||||||||||||
Total | 60,578 | $ | 3.65 | 51,941 | $ | 3.23 | 47,017 | $ | 3.01 | ||||||||||||||||
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Information Regarding Results of Operations on Acquisition | ' | ||||||||
The following pro forma information presents the results of operations for the year ended December 31, 2012, as if the ASB acquisition occurred on January 1, 2012. The Bank Arlington and Community National Bank are not deemed material individually or in the aggregate and are therefore excluded from the pro forma information in the table below (dollars in thousands, except per share amounts). | |||||||||
2012 | 2011 | ||||||||
Net interest income | $ | 447,471 | $ | 454,408 | |||||
Net income | 213,830 | 200,964 | |||||||
Basic earnings per share | 3.81 | 3.63 | |||||||
Diluted earnings per share | 3.8 | 3.62 | |||||||
Schedule of Merger Related Costs by Acquisition | ' | ||||||||
Merger related costs by acquisition are presented in the table below (dollars in thousands). | |||||||||
Texas Bankers, Inc. | $ | 392 | |||||||
The Bank Arlington | 168 | ||||||||
Community National Bank | 250 | ||||||||
American State Financial Corp | 5,889 | ||||||||
All other | 321 | ||||||||
$ | 7,020 | ||||||||
Summary of Merger Related Costs by Acquisition | ' | ||||||||
Merger related costs by acquisition are presented in the table below (dollars in thousands). | |||||||||
East Texas Financial Services, Inc. | $ | 84 | |||||||
Coppermark Bancshares, Inc. | 853 | ||||||||
FVNB Corp. | 2,000 | ||||||||
All other | 266 | ||||||||
$ | 3,203 | ||||||||
Summary of Carrying Value and Outstanding Balance for Purchased Credit Impaired Loans | ' | ||||||||
The carrying amount of acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at December 31, 2013, are presented in the table below. The outstanding balance represents the total amount owed as of December 31, 2013, including accrued but unpaid interest and any amounts previously charged off. No allowance for credit losses was required on any of the acquired PCI loan pools at December 31, 2013 (dollars in thousands). | |||||||||
Acquired PCI loans: | |||||||||
Carrying amount | $ | 41,483 | |||||||
Outstanding balance | 86,980 | ||||||||
Net of discount | $ | 45,497 | |||||||
Summary of Changes in Accretable Yield for Acquired PCI Loans | ' | ||||||||
Changes in the accretable yield for acquired PCI loans for the year ended December 31, 2013, were as follows (dollars in thousands): | |||||||||
Balance at beginning of period | $ | 7,459 | |||||||
Additions | 9,998 | ||||||||
Reclassifications from nonaccretable | 8,440 | ||||||||
Accretion | (16,042 | ) | |||||||
Balance at December 31, 2013 | $ | 9,855 | |||||||
Schedule of Amounts Recorded on Consolidated Balance Sheet on Acquisition Date | ' | ||||||||
As of December 31, 2012, the following table presents the amounts recorded on the consolidated balance sheet on the acquisition date (dollars in thousands). | |||||||||
Fair value of consideration paid: | |||||||||
Common stock issued (8,524,835 shares) | $ | 358,299 | |||||||
Cash | 178,507 | ||||||||
Total consideration paid | $ | 536,806 | |||||||
Fair value of assets acquired: | |||||||||
Cash and due from banks | $ | 98,720 | |||||||
Federal funds sold | 202,810 | ||||||||
Total cash and cash equivalents | 301,530 | ||||||||
Securities available for sale | 524,959 | ||||||||
Securities held to maturity | 994,873 | ||||||||
Loans held for sale | 13,770 | ||||||||
Loans held for investment | 1,133,867 | ||||||||
Bank premises and equipment | 36,502 | ||||||||
Other real estate owned | 1,232 | ||||||||
Core deposit intangibles | 12,392 | ||||||||
Federal Home Loan Bank stock | 2,355 | ||||||||
Other assets | 83,803 | ||||||||
Total assets acquired | 3,105,283 | ||||||||
Fair value of liabilities assumed: | |||||||||
Deposits | 2,495,652 | ||||||||
Other borrowings | 318,692 | ||||||||
Other liabilities | 28,252 | ||||||||
Total liabilities assumed | 2,842,596 | ||||||||
Fair value of net assets acquired | $ | 262,687 | |||||||
Goodwill resulting from acquisition | $ | 274,119 | |||||||
GOODWILL_AND_CORE_DEPOSIT_INTA1
GOODWILL AND CORE DEPOSIT INTANGIBLES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Goodwill and Core Deposit Intangibles | ' | ||||||||
Changes in the carrying amount of the Company’s goodwill and core deposit intangibles for fiscal years 2013 and 2012 were as follows: | |||||||||
Goodwill | Core Deposit | ||||||||
Intangibles | |||||||||
(Dollars in thousands) | |||||||||
Balance as of December 31, 2011 | $ | 924,537 | $ | 20,996 | |||||
Less: | |||||||||
Amortization | — | (7,229 | ) | ||||||
Add: | |||||||||
Acquisition of Texas Bankers, Inc. | 6,077 | — | |||||||
Acquisition of The Bank Arlington | 2,102 | — | |||||||
Acquisition of ASB | 274,119 | 12,392 | |||||||
Acquisition of Community National Bank | 10,327 | — | |||||||
Balance as of December 31, 2012 | 1,217,162 | 26,159 | |||||||
Less: | |||||||||
Amortization | — | (6,145 | ) | ||||||
Add: | |||||||||
Measurement period adjustments | (1,225 | ) | 2,110 | ||||||
Acquisition of East Texas Financial Services, Inc. | 15,007 | — | |||||||
Acquisition of Coppermark Bancshares, Inc. | 117,544 | 1,514 | |||||||
Acquisition of FVNB Corp. | 323,032 | 18,411 | |||||||
Balance as of December 31, 2013 | $ | 1,671,520 | $ | 42,049 | |||||
Schedule of Estimated Aggregate Future Amortization Expense for Intangible Assets | ' | ||||||||
Core deposit intangibles (“CDI”) are amortized on an accelerated basis over their estimated lives, which the Company believes is between 8 and 15 years. The estimated aggregate future amortization expense for CDI remaining as of December 31, 2013 is as follows (dollars in thousands): | |||||||||
2014 | $ | 7,656 | |||||||
2015 | 6,602 | ||||||||
2016 | 5,844 | ||||||||
2017 | 3,883 | ||||||||
2018 | 3,168 | ||||||||
Thereafter | 14,896 | ||||||||
Total | $ | 42,049 | |||||||
SECURITIES_Tables
SECURITIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Investment Securities | ' | ||||||||||||||||||||||||
The amortized cost and fair value of investment securities were as follows (dollars in thousands): | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
States and political subdivisions | $ | 28,578 | $ | 797 | $ | — | $ | 29,375 | |||||||||||||||||
Collateralized mortgage obligations | 483 | 7 | (1 | ) | 489 | ||||||||||||||||||||
Mortgage-backed securities | 108,316 | 6,843 | (22 | ) | 115,137 | ||||||||||||||||||||
Other securities | 12,589 | 14 | (126 | ) | 12,477 | ||||||||||||||||||||
Total | $ | 149,966 | $ | 7,661 | $ | (149 | ) | $ | 157,478 | ||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies | $ | 62,931 | $ | 46 | $ | (935 | ) | $ | 62,042 | ||||||||||||||||
States and political subdivisions | 426,335 | 3,176 | (2,207 | ) | 427,304 | ||||||||||||||||||||
Corporate debt securities | 513 | 5 | — | 518 | |||||||||||||||||||||
Collateralized mortgage obligations | 50,034 | 1,017 | (58 | ) | 50,993 | ||||||||||||||||||||
Mortgage-backed securities | 7,514,257 | 84,166 | (165,979 | ) | 7,432,444 | ||||||||||||||||||||
Qualified School Construction Bonds (QSCB) | 12,900 | 1,141 | — | 14,041 | |||||||||||||||||||||
Total | $ | 8,066,970 | $ | 89,551 | $ | (169,179 | ) | $ | 7,987,342 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
States and political subdivisions | $ | 34,743 | $ | 1,691 | $ | — | $ | 36,434 | |||||||||||||||||
Collateralized mortgage obligations | 616 | — | (12 | ) | 604 | ||||||||||||||||||||
Mortgage-backed securities | 168,701 | 11,742 | (27 | ) | 180,416 | ||||||||||||||||||||
Other securities | 8,786 | 430 | — | 9,216 | |||||||||||||||||||||
Total | $ | 212,846 | $ | 13,863 | $ | (39 | ) | $ | 226,670 | ||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies | $ | 7,061 | $ | 160 | $ | — | $ | 7,221 | |||||||||||||||||
States and political subdivisions | 391,510 | 7,074 | (354 | ) | 398,230 | ||||||||||||||||||||
Corporate debt securities | 1,500 | 28 | — | 1,528 | |||||||||||||||||||||
Collateralized mortgage obligations | 125,912 | 2,304 | (50 | ) | 128,166 | ||||||||||||||||||||
Mortgage-backed securities | 6,676,512 | 196,206 | (4,517 | ) | 6,868,201 | ||||||||||||||||||||
Qualified School Construction Bonds (QSCB) | 12,900 | 2,449 | — | 15,349 | |||||||||||||||||||||
Total | $ | 7,215,395 | $ | 208,221 | $ | (4,921 | ) | $ | 7,418,695 | ||||||||||||||||
Schedule of Securities with Unrealized Losses | ' | ||||||||||||||||||||||||
Securities with unrealized losses segregated by length of time such securities have been in a continuous loss position were as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 5 | $ | — | $ | 50 | $ | (1 | ) | $ | 55 | $ | (1 | ) | |||||||||||
Mortgage-backed securities | 651 | (1 | ) | 3,313 | (21 | ) | 3,964 | (22 | ) | ||||||||||||||||
Other securities | 6,911 | (126 | ) | — | — | 6,911 | (126 | ) | |||||||||||||||||
Total | $ | 7,567 | $ | (127 | ) | $ | 3,363 | $ | (22 | ) | $ | 10,930 | $ | (149 | ) | ||||||||||
Held to Maturity | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | $ | 48,389 | $ | (935 | ) | $ | — | $ | — | $ | 48,389 | $ | (935 | ) | |||||||||||
States and political subdivisions | 113,063 | (1,581 | ) | 28,639 | (626 | ) | 141,702 | (2,207 | ) | ||||||||||||||||
Collateralized mortgage obligations | 2,109 | (32 | ) | 433 | (26 | ) | 2,542 | (58 | ) | ||||||||||||||||
Mortgage-backed securities | 3,702,569 | (106,816 | ) | 998,380 | (59,163 | ) | 4,700,949 | (165,979 | ) | ||||||||||||||||
Total | $ | 3,866,130 | $ | (109,364 | ) | $ | 1,027,452 | $ | (59,815 | ) | $ | 4,893,582 | $ | (169,179 | ) | ||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Collateralized mortgage obligations | $ | — | $ | — | $ | 603 | $ | (12 | ) | $ | 603 | $ | (12 | ) | |||||||||||
Mortgage-backed securities | 224 | — | 3,964 | (27 | ) | 4,188 | (27 | ) | |||||||||||||||||
Total | $ | 224 | $ | — | $ | 4,567 | $ | (39 | ) | $ | 4,791 | $ | (39 | ) | |||||||||||
Held to Maturity | |||||||||||||||||||||||||
States and political subdivisions | $ | 37,322 | $ | (335 | ) | $ | 1,140 | $ | (19 | ) | $ | 38,462 | $ | (354 | ) | ||||||||||
Collateralized mortgage obligations | 2,366 | (50 | ) | — | — | 2,366 | (50 | ) | |||||||||||||||||
Mortgage-backed securities | 1,081,414 | (4,516 | ) | 234 | (1 | ) | 1,081,648 | (4,517 | ) | ||||||||||||||||
Total | $ | 1,121,102 | $ | (4,901 | ) | $ | 1,374 | $ | (20 | ) | $ | 1,122,476 | $ | (4,921 | ) | ||||||||||
Amortized Cost and Fair Value of Investment Securities by Contractual Maturity | ' | ||||||||||||||||||||||||
The amortized cost and fair value of investment securities at December 31, 2013, by contractual maturity, are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations at any time with or without call or prepayment penalties. | |||||||||||||||||||||||||
Held to Maturity | Available for Sale | ||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Due in one year or less | $ | 28,834 | $ | 28,878 | $ | 12,684 | $ | 12,574 | |||||||||||||||||
Due after one year through five years | 158,033 | 158,289 | 4,991 | 5,138 | |||||||||||||||||||||
Due after five years through ten years | 228,346 | 227,983 | 20,446 | 21,028 | |||||||||||||||||||||
Due after ten years | 87,466 | 88,755 | 3,046 | 3,112 | |||||||||||||||||||||
Subtotal | 502,679 | 503,905 | 41,167 | 41,852 | |||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 7,564,291 | 7,483,437 | 108,799 | 115,626 | |||||||||||||||||||||
Total | $ | 8,066,970 | $ | 7,987,342 | $ | 149,966 | $ | 157,478 | |||||||||||||||||
LOANS_AND_ALLOWANCE_FOR_CREDIT1
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Types of Loans in Loan Portfolio | ' | ||||||||||||||||||||||||||||
The loan portfolio consists of various types of loans made principally to borrowers located within the states of Texas and Oklahoma and is classified by major type as follows: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Residential mortgage loans held for sale | $ | 2,210 | $ | 10,433 | |||||||||||||||||||||||||
Commercial and industrial | 1,279,777 | 771,114 | |||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | 865,511 | 550,768 | |||||||||||||||||||||||||||
1-4 family residential (including home equity) | 2,129,510 | 1,432,133 | |||||||||||||||||||||||||||
Commercial real estate (including multi-family residential) | 2,753,797 | 1,990,642 | |||||||||||||||||||||||||||
Farmland | 332,648 | 211,156 | |||||||||||||||||||||||||||
Agriculture | 198,610 | 74,481 | |||||||||||||||||||||||||||
Consumer and other (net of unearned discount) | 213,158 | 139,213 | |||||||||||||||||||||||||||
Total loans held for investment | 7,773,011 | 5,169,507 | |||||||||||||||||||||||||||
Total | $ | 7,775,221 | $ | 5,179,940 | |||||||||||||||||||||||||
Schedule of Contractual Maturities of Loans | ' | ||||||||||||||||||||||||||||
The contractual maturity ranges of the commercial and industrial, construction, land development and other land loans, 1-4 family residential (including home equity), commercial real estate (including multi-family residential), agriculture (including farmland) and consumer and other portfolios and the amount of such loans with predetermined interest rates and floating rates in each maturity range as of December 31, 2013 are summarized in the following table. Contractual maturities are based on contractual amounts outstanding and do not include loan purchase discounts of $133.3 million or loans held for sale of $2.2 million at December 31, 2013: | |||||||||||||||||||||||||||||
One Year | Through | After Five | Total | ||||||||||||||||||||||||||
or Less | Five Years | Years | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 505,151 | $ | 472,113 | $ | 335,844 | $ | 1,313,108 | |||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | 280,838 | 172,245 | 421,675 | 874,758 | |||||||||||||||||||||||||
1-4 family residential (includes home equity) | 30,352 | 134,488 | 1,976,539 | 2,141,379 | |||||||||||||||||||||||||
Commercial (includes multi-family residential) | 113,892 | 498,971 | 2,209,798 | 2,822,661 | |||||||||||||||||||||||||
Agriculture (includes farmland) | 172,535 | 72,384 | 294,350 | 539,269 | |||||||||||||||||||||||||
Consumer and other | 68,314 | 95,742 | 51,072 | 215,128 | |||||||||||||||||||||||||
Total | $ | 1,171,082 | $ | 1,445,943 | $ | 5,289,278 | $ | 7,906,303 | |||||||||||||||||||||
Loans with a predetermined interest rate | $ | 373,155 | $ | 721,115 | $ | 2,356,926 | $ | 3,451,196 | |||||||||||||||||||||
Loans with a floating interest rate | 797,927 | 724,828 | 2,932,352 | 4,455,107 | |||||||||||||||||||||||||
Total | $ | 1,171,082 | $ | 1,445,943 | $ | 5,289,278 | $ | 7,906,303 | |||||||||||||||||||||
Schedule of Activity with Respect to Related-Party Loans | ' | ||||||||||||||||||||||||||||
An analysis of activity with respect to these related-party loans is as follows: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Beginning balance on January 1 | $ | 6,682 | $ | 9,809 | |||||||||||||||||||||||||
New loans and reclassified related loans | 306 | 967 | |||||||||||||||||||||||||||
Repayments | (801 | ) | (4,094 | ) | |||||||||||||||||||||||||
Ending balance | $ | 6,187 | $ | 6,682 | |||||||||||||||||||||||||
Schedule of Past Due Loans with Age Analysis, Segregated by Class of Loans | ' | ||||||||||||||||||||||||||||
An aging analysis of past due loans, segregated by class of loans, was as follows: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Loans Past Due and Still Accruing | |||||||||||||||||||||||||||||
90 or More | Total Past | Nonaccrual | Current | Total | |||||||||||||||||||||||||
30-89 Days | Days | Due Loans | Loans | Loans | Loans | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Construction, land development and other land loans | $ | 6,258 | $ | 2 | $ | 6,260 | $ | 386 | $ | 858,865 | $ | 865,511 | |||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 5,634 | 218 | 5,852 | 62 | 525,344 | 531,258 | |||||||||||||||||||||||
1-4 family (includes home equity)(1) | 8,684 | 2,012 | 10,696 | 3,086 | 2,117,938 | 2,131,720 | |||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 8,163 | 1,752 | 9,915 | 4,333 | 2,739,549 | 2,753,797 | |||||||||||||||||||||||
Commercial and industrial | 9,552 | 933 | 10,485 | 2,208 | 1,267,084 | 1,279,777 | |||||||||||||||||||||||
Consumer and other | 1,344 | 30 | 1,374 | 156 | 211,628 | 213,158 | |||||||||||||||||||||||
Total | $ | 39,635 | $ | 4,947 | $ | 44,582 | $ | 10,231 | $ | 7,720,408 | $ | 7,775,221 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Loans Past Due and Still Accruing | |||||||||||||||||||||||||||||
90 or More | Total Past | Nonaccrual | Current | Total | |||||||||||||||||||||||||
30-89 Days | Days | Due Loans | Loans | Loans | Loans | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Construction, land development and other land loans | $ | 3,863 | $ | — | $ | 3,863 | $ | 1,170 | $ | 545,735 | $ | 550,768 | |||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 310 | 21 | 331 | 396 | 284,910 | 285,637 | |||||||||||||||||||||||
1-4 family (includes home equity)(1) | 2,307 | 310 | 2,617 | 1,598 | 1,438,351 | 1,442,566 | |||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 9,163 | — | 9,163 | — | 1,981,479 | 1,990,642 | |||||||||||||||||||||||
Commercial and industrial | 4,843 | — | 4,843 | 1,469 | 764,802 | 771,114 | |||||||||||||||||||||||
Consumer and other | 856 | — | 856 | 749 | 137,608 | 139,213 | |||||||||||||||||||||||
Total | $ | 21,342 | $ | 331 | $ | 21,673 | $ | 5,382 | $ | 5,152,885 | $ | 5,179,940 | |||||||||||||||||
-1 | Includes $2,210 and $10,433 of residential mortgage loans held for sale at December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||
Schedule of Nonperforming Assets | ' | ||||||||||||||||||||||||||||
The following table presents information regarding nonperforming assets at the dates indicated: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Nonaccrual loans | $ | 10,231 | $ | 5,382 | $ | 3,578 | $ | 4,439 | $ | 6,079 | |||||||||||||||||||
Accruing loans 90 or more days past due | 4,947 | 331 | — | 189 | 2,332 | ||||||||||||||||||||||||
Total nonperforming loans | 15,178 | 5,713 | 3,578 | 4,628 | 8,411 | ||||||||||||||||||||||||
Repossessed assets | 27 | 68 | 146 | 161 | 116 | ||||||||||||||||||||||||
Other real estate | 7,299 | 7,234 | 8,328 | 11,053 | 7,829 | ||||||||||||||||||||||||
Total nonperforming assets | $ | 22,504 | $ | 13,015 | $ | 12,052 | $ | 15,842 | $ | 16,356 | |||||||||||||||||||
Nonperforming assets to total loans and other real estate | 0.29 | % | 0.25 | % | 0.32 | % | 0.45 | % | 0.48 | % | |||||||||||||||||||
Schedule of Impaired Loans | ' | ||||||||||||||||||||||||||||
Year-end impaired loans are set forth in the following tables. No interest income was recognized on impaired loans subsequent to their classification as impaired. The average recorded investment presented in the table below is reported on a year-to-date basis. | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal | Related | Average Recorded | ||||||||||||||||||||||||||
Balance | Allowance | Investment | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | $ | 277 | $ | 289 | $ | — | $ | 711 | |||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 14 | 57 | — | 46 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 584 | 664 | — | 538 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 2,490 | 3,798 | — | 1,470 | |||||||||||||||||||||||||
Commercial and industrial | 103 | 122 | — | 95 | |||||||||||||||||||||||||
Consumer and other | 15 | 16 | — | 13 | |||||||||||||||||||||||||
Total | 3,483 | 4,946 | — | 2,873 | |||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | — | — | — | — | |||||||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 21 | 27 | 18 | 28 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 2,519 | 2,548 | 890 | 1,759 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 1,613 | 1,615 | 445 | 2,032 | |||||||||||||||||||||||||
Commercial and industrial | 1,111 | 1,192 | 1,029 | 1,077 | |||||||||||||||||||||||||
Consumer and other | 95 | 113 | 77 | 81 | |||||||||||||||||||||||||
Total | 5,359 | 5,495 | 2,459 | 4,977 | |||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | 277 | 289 | — | 711 | |||||||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 35 | 84 | 18 | 74 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 3,103 | 3,212 | 890 | 2,297 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 4,103 | 5,413 | 445 | 3,502 | |||||||||||||||||||||||||
Commercial and industrial | 1,214 | 1,314 | 1,029 | 1,172 | |||||||||||||||||||||||||
Consumer and other | 110 | 129 | 77 | 94 | |||||||||||||||||||||||||
$ | 8,842 | $ | 10,441 | $ | 2,459 | $ | 7,850 | ||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal | Related | Average Recorded | ||||||||||||||||||||||||||
Balance | Allowance | Investment | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | $ | 1,144 | $ | 1,175 | $ | — | $ | 368 | |||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 77 | 77 | — | 34 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 491 | 522 | — | 381 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 450 | 476 | — | 676 | |||||||||||||||||||||||||
Commercial and industrial | 87 | 89 | — | 75 | |||||||||||||||||||||||||
Consumer and other | 10 | 10 | — | 3 | |||||||||||||||||||||||||
Total | 2,259 | 2,349 | — | 1,537 | |||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | — | — | — | 451 | |||||||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 34 | 41 | 29 | 45 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 999 | 1,017 | 273 | 720 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 2,450 | 2,451 | 610 | 2,725 | |||||||||||||||||||||||||
Commercial and industrial | 1,043 | 1,079 | 1,002 | 782 | |||||||||||||||||||||||||
Consumer and other | 66 | 81 | 67 | 21 | |||||||||||||||||||||||||
Total | 4,592 | 4,669 | 1,981 | 4,744 | |||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | 1,144 | 1,175 | — | 819 | |||||||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 111 | 118 | 29 | 79 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 1,490 | 1,539 | 273 | 1,101 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 2,900 | 2,927 | 610 | 3,401 | |||||||||||||||||||||||||
Commercial and industrial | 1,130 | 1,168 | 1,002 | 857 | |||||||||||||||||||||||||
Consumer and other | 76 | 91 | 67 | 24 | |||||||||||||||||||||||||
$ | 6,851 | $ | 7,018 | $ | 1,981 | $ | 6,281 | ||||||||||||||||||||||
Schedule Showing Risk Grades and Classified Loans by Class of Loan | ' | ||||||||||||||||||||||||||||
The following table presents risk grades and classified loans by class of loan at December 31, 2013. Impaired loans according to the new loan grade policy include loans in risk grades 7, 8 and 9. | |||||||||||||||||||||||||||||
Construction, | Agriculture and | 1-4 Family | Commercial | Commercial | Consumer and | Total | |||||||||||||||||||||||
Land | Agriculture | (includes | Real Estate | and Industrial | Other | ||||||||||||||||||||||||
Development | Real Estate | Home Equity)(1) | (includes Multi- | ||||||||||||||||||||||||||
and other | (includes | Family | |||||||||||||||||||||||||||
land loans | Farmland) | Residential) | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Grade 1 | $ | — | $ | 5,225 | $ | — | $ | — | $ | 50,131 | $ | 31,362 | $ | 86,718 | |||||||||||||||
Grade 2 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Grade 3 | 858,712 | 520,921 | 2,113,698 | 2,697,664 | 1,202,604 | 181,406 | 7,575,005 | ||||||||||||||||||||||
Grade 4 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Grade 5 | 1,141 | 3,427 | 6,337 | 10,798 | 17,179 | 146 | 39,028 | ||||||||||||||||||||||
Grade 6 | 1,616 | 1,043 | 4,504 | 14,316 | 2,423 | 134 | 24,036 | ||||||||||||||||||||||
Grade 7 | 277 | 35 | 3,093 | 4,103 | 1,214 | 110 | 8,832 | ||||||||||||||||||||||
Grade 8 | — | — | 10 | — | — | — | 10 | ||||||||||||||||||||||
Grade 9 | — | — | — | — | — | — | — | ||||||||||||||||||||||
PCI Loans(2) | 3,765 | 607 | 4,078 | 26,916 | 6,226 | — | 41,592 | ||||||||||||||||||||||
Total | $ | 865,511 | $ | 531,258 | $ | 2,131,720 | $ | 2,753,797 | $ | 1,279,777 | $ | 213,158 | $ | 7,775,221 | |||||||||||||||
-1 | Includes $2.2 million of residential mortgage loans held for sale at December 31, 2013. | ||||||||||||||||||||||||||||
-2 | Of the total PCI loans, $17.6 million were classifed as substandard at December 31, 2013. | ||||||||||||||||||||||||||||
The following table presents risk grades and classified loans by class of loan at December 31, 2012. Impaired loans according to the loan policy in effect in 2012 include loans in risk grades 5, 6 and 7. | |||||||||||||||||||||||||||||
Construction, | Agriculture and | 1-4 Family | Commercial | Commercial | Consumer and | Total | |||||||||||||||||||||||
Land | Agriculture | (includes | Real Estate | and Industrial | Other | ||||||||||||||||||||||||
Development | Real Estate | Home Equity)(1) | (includes Multi- | ||||||||||||||||||||||||||
and other | (includes | Family | |||||||||||||||||||||||||||
land loans | Farmland) | Residential) | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Grade 1 | $ | 476 | $ | 4,195 | $ | 515 | $ | — | $ | 53,965 | $ | 38,789 | $ | 97,940 | |||||||||||||||
Grade 2 | 537,340 | 277,333 | 1,431,095 | 1,945,319 | 702,587 | 100,163 | 4,993,837 | ||||||||||||||||||||||
Grade 3 | 7,250 | 2,024 | 4,947 | 11,760 | 8,926 | — | 34,907 | ||||||||||||||||||||||
Grade 4 | 4,256 | 1,694 | 4,303 | 11,711 | 1,385 | 176 | 23,525 | ||||||||||||||||||||||
Grade 5 | 1,144 | 111 | 1,477 | 2,900 | 1,130 | 76 | 6,838 | ||||||||||||||||||||||
Grade 6 | — | — | 13 | — | — | — | 13 | ||||||||||||||||||||||
Grade 7 | — | — | — | — | — | — | — | ||||||||||||||||||||||
PCI Loans | 302 | 280 | 216 | 18,952 | 3,121 | 9 | 22,880 | ||||||||||||||||||||||
Total | $ | 550,768 | $ | 285,637 | $ | 1,442,566 | $ | 1,990,642 | $ | 771,114 | $ | 139,213 | $ | 5,179,940 | |||||||||||||||
-1 | Includes $10.4 million of residential mortgage loans held for sale at December 31, 2012. | ||||||||||||||||||||||||||||
Schedule of Recorded Investment in Loans and Activity in Allowance for Credit Losses by Portfolio Segment | ' | ||||||||||||||||||||||||||||
The following table details the recorded investment in loans, excluding $2.2 million and $10.4 million of residential mortgage loans held for sale, and activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2013 and 2012, respectively. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
Construction, | Agriculture | 1-4 Family | Commercial | Commercial and | Consumer and | Total | |||||||||||||||||||||||
Land | and | (includes Home | Real Estate | Industrial | Other | ||||||||||||||||||||||||
Development | Agriculture | Equity) | (includes | ||||||||||||||||||||||||||
and other | Real Estate | Multi-Family | |||||||||||||||||||||||||||
land loans | (includes | Residential) | |||||||||||||||||||||||||||
Farmland) | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Balance January 1, 2013 | $ | 11,909 | $ | 764 | $ | 13,942 | $ | 19,607 | $ | 5,777 | $ | 565 | $ | 52,564 | |||||||||||||||
Provision for credit losses | 2,470 | 399 | 3,277 | 5,189 | 2,714 | 3,191 | 17,240 | ||||||||||||||||||||||
Charge-offs | (271 | ) | (48 | ) | (211 | ) | (894 | ) | (672 | ) | (3,397 | ) | (5,493 | ) | |||||||||||||||
Recoveries | 245 | 114 | 38 | 933 | 348 | 1,293 | 2,971 | ||||||||||||||||||||||
Net charge-offs | (26 | ) | 66 | (173 | ) | 39 | (324 | ) | (2,104 | ) | (2,522 | ) | |||||||||||||||||
Balance December 31, 2013 | $ | 14,353 | $ | 1,229 | $ | 17,046 | $ | 24,835 | $ | 8,167 | $ | 1,652 | $ | 67,282 | |||||||||||||||
Allowance for credit losses related to: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 18 | $ | 890 | $ | 445 | $ | 1,029 | $ | 77 | $ | 2,459 | |||||||||||||||
Collectively evaluated for impairment | 14,353 | 1,211 | 16,156 | 24,390 | 7,138 | 1,575 | 64,823 | ||||||||||||||||||||||
PCI loans | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total allowance for credit losses | $ | 14,353 | $ | 1,229 | $ | 17,046 | $ | 24,835 | $ | 8,167 | $ | 1,652 | $ | 67,282 | |||||||||||||||
Recorded investment in loans: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 277 | $ | 35 | $ | 3,103 | $ | 4,103 | $ | 1,214 | $ | 110 | $ | 8,842 | |||||||||||||||
Collectively evaluated for impairment | 861,469 | 530,616 | 2,122,329 | 2,722,778 | 1,272,337 | 213,048 | 7,722,577 | ||||||||||||||||||||||
PCI loans | 3,765 | 607 | 4,078 | 26,916 | 6,226 | — | 41,592 | ||||||||||||||||||||||
Total loans evaluated for impairment | $ | 865,511 | $ | 531,258 | $ | 2,129,510 | $ | 2,753,797 | $ | 1,279,777 | $ | 213,158 | $ | 7,773,011 | |||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Balance January 1, 2012 | $ | 12,094 | $ | 511 | $ | 12,645 | $ | 21,460 | $ | 3,826 | $ | 1,058 | $ | 51,594 | |||||||||||||||
Provision for credit losses | 1,190 | 290 | 1,754 | 273 | 1,810 | 783 | 6,100 | ||||||||||||||||||||||
Charge-offs | (1,392 | ) | (82 | ) | (569 | ) | (2,294 | ) | (674 | ) | (2,885 | ) | (7,896 | ) | |||||||||||||||
Recoveries | 17 | 45 | 112 | 168 | 815 | 1,609 | 2,766 | ||||||||||||||||||||||
Net charge-offs | (1,375 | ) | (37 | ) | (457 | ) | (2,126 | ) | 141 | (1,276 | ) | (5,130 | ) | ||||||||||||||||
Balance December 31, 2012 | $ | 11,909 | $ | 764 | $ | 13,942 | $ | 19,607 | $ | 5,777 | $ | 565 | $ | 52,564 | |||||||||||||||
Allowance for credit losses related to: | |||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 29 | $ | 273 | $ | 610 | $ | 1,002 | $ | 67 | $ | 1,981 | |||||||||||||||
Collectively evaluated for impairment | 11,909 | 735 | 13,669 | 18,997 | 4,775 | 498 | 50,583 | ||||||||||||||||||||||
PCI loans | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total allowance for credit losses | $ | 11,909 | $ | 764 | $ | 13,942 | $ | 19,607 | $ | 5,777 | $ | 565 | $ | 52,564 | |||||||||||||||
Recorded investment in loans: | |||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,144 | $ | 111 | $ | 1,490 | $ | 2,900 | $ | 1,130 | $ | 76 | $ | 6,851 | |||||||||||||||
Collectively evaluated for impairment | 549,322 | 285,246 | 1,430,427 | 1,968,790 | 766,863 | 139,128 | 5,139,776 | ||||||||||||||||||||||
PCI loans | 302 | 280 | 216 | 18,952 | 3,121 | 9 | 22,880 | ||||||||||||||||||||||
Total loans evaluated for impairment | $ | 550,768 | $ | 285,637 | $ | 1,432,133 | $ | 1,990,642 | $ | 771,114 | $ | 139,213 | $ | 5,169,507 | |||||||||||||||
Schedule of activity in allowance for credit losses | ' | ||||||||||||||||||||||||||||
An analysis of activity in the allowance for credit losses for the year ended December 31, 2011 is as follows (dollars in thousands): | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 51,584 | |||||||||||||||||||||||||||
Addition—provision charged to operations | 5,200 | ||||||||||||||||||||||||||||
Charge-offs and recoveries: | |||||||||||||||||||||||||||||
Loans charged-off | (6,850 | ) | |||||||||||||||||||||||||||
Loan recoveries | 1,660 | ||||||||||||||||||||||||||||
Net charge-offs | (5,190 | ) | |||||||||||||||||||||||||||
Balance at end of year | $ | 51,594 | |||||||||||||||||||||||||||
Schedule of Loans Modified in Troubled Debt Restructuring | ' | ||||||||||||||||||||||||||||
The following table presents information regarding the recorded balance at December 31, 2013 and 2012 of loans modified in a troubled debt restructuring during the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Number of | Recorded | Recorded | Number of | Recorded | Recorded | ||||||||||||||||||||||||
Contracts | Investment | Investment | Contracts | Investment | Investment | ||||||||||||||||||||||||
at Date of | at Year-End | at Date of | at Year-End | ||||||||||||||||||||||||||
Restructure | Restructure | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||
Construction, land development and other land loans | 1 | $ | 251 | $ | 236 | — | $ | — | $ | — | |||||||||||||||||||
Agriculture and agriculture real estate | — | — | — | — | — | — | |||||||||||||||||||||||
1-4 Family (includes home equity) | — | — | — | — | — | — | |||||||||||||||||||||||
Commercial real estate (commercial mortgage and multi-family) | 1 | 450 | 450 | 1 | 52 | 51 | |||||||||||||||||||||||
Commercial and industrial | 1 | 15 | 14 | 4 | 1,007 | 951 | |||||||||||||||||||||||
Consumer and other | — | — | — | 1 | 64 | 63 | |||||||||||||||||||||||
Total | 3 | $ | 716 | $ | 700 | 6 | $ | 1,123 | $ | 1,065 | |||||||||||||||||||
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||||||
The following tables present fair values for assets measured at fair value on a recurring basis: | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
States and political subdivisions | $ | — | $ | 29,375 | $ | — | $ | 29,375 | |||||||||||||
Collateralized mortgage obligations | — | 489 | — | 489 | |||||||||||||||||
Mortgage-backed securities | — | 115,137 | — | 115,137 | |||||||||||||||||
Other securities | 12,477 | — | — | 12,477 | |||||||||||||||||
Non-hedging interest rate swap | — | 38 | — | 38 | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
States and political subdivisions | $ | — | $ | 36,434 | $ | — | $ | 36,434 | |||||||||||||
Collateralized mortgage obligations | — | 604 | — | 604 | |||||||||||||||||
Mortgage-backed securities | — | 180,416 | — | 180,416 | |||||||||||||||||
Other securities | 7,688 | 1,528 | — | 9,216 | |||||||||||||||||
Summary of Financial Assets and Liabilities Measured on Recurring and Non-Recurring Basis | ' | ||||||||||||||||||||
The following table summarizes the carrying values and estimated fair values of certain financial instruments not recorded at fair value on a regular basis: | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 380,990 | $ | 380,990 | $ | — | $ | — | $ | 380,990 | |||||||||||
Federal funds sold | 400 | 400 | — | — | 400 | ||||||||||||||||
Held to maturity securities | 8,066,970 | — | 7,987,342 | — | 7,987,342 | ||||||||||||||||
Loans held for sale | 2,210 | 2,210 | — | — | 2,210 | ||||||||||||||||
Loans held for investment, net of allowance | 7,705,729 | — | — | 7,749,786 | 7,749,786 | ||||||||||||||||
Federal Home Loan Bank of Dallas stock | 24,499 | 24,499 | — | — | 24,499 | ||||||||||||||||
Other real estate owned | 7,299 | — | 7,299 | — | 7,299 | ||||||||||||||||
Non-hedging interest rate swap | 38 | — | 38 | — | 38 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Noninterest-bearing | $ | 4,108,835 | $ | — | $ | 4,108,835 | $ | — | $ | 4,108,835 | |||||||||||
Interest-bearing | 11,182,436 | — | 11,196,241 | — | 11,196,241 | ||||||||||||||||
Other borrowings | 10,689 | — | 12,014 | — | 12,014 | ||||||||||||||||
Securities sold under repurchase agreements | 364,357 | — | 364,477 | — | 364,477 | ||||||||||||||||
Junior subordinated debentures | 124,231 | — | 119,325 | — | 119,325 | ||||||||||||||||
Non-hedging interest rate swap | 38 | — | 38 | — | 38 | ||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 325,952 | $ | 325,952 | $ | — | $ | — | $ | 325,952 | |||||||||||
Federal funds sold | 352 | 352 | — | — | 352 | ||||||||||||||||
Held to maturity securities | 7,215,395 | — | 7,418,695 | — | 7,418,695 | ||||||||||||||||
Loans held for sale | 10,433 | 10,433 | — | — | 10,433 | ||||||||||||||||
Loans held for investment, net of allowance | 5,116,943 | — | — | 5,186,779 | 5,186,779 | ||||||||||||||||
Federal Home Loan Bank of Dallas stock | 34,461 | 34,461 | — | — | 34,461 | ||||||||||||||||
Other real estate owned | 7,234 | — | 7,234 | — | 7,234 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Noninterest-bearing | $ | 3,016,205 | $ | — | $ | 3,016,205 | $ | — | $ | 3,016,205 | |||||||||||
Interest-bearing | 8,625,639 | — | 8,640,625 | — | 8,640,625 | ||||||||||||||||
Other borrowings | 256,753 | — | 258,819 | — | 258,819 | ||||||||||||||||
Securities sold under repurchase agreements | 454,502 | — | 454,596 | — | 454,596 | ||||||||||||||||
Junior subordinated debentures | 85,055 | — | 72,705 | — | 72,705 |
PREMISES_AND_EQUIPMENT_Tables
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Schedule of Premises and Equipment | ' | ||||||||
Premises and equipment are summarized as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Land | $ | 97,000 | $ | 66,694 | |||||
Buildings | 193,817 | 156,140 | |||||||
Furniture, fixtures and equipment | 51,418 | 33,056 | |||||||
Construction in progress | 5,600 | 4,334 | |||||||
Total | 347,835 | 260,224 | |||||||
Less accumulated depreciation | (64,910 | ) | (54,956 | ) | |||||
Premises and equipment, net | $ | 282,925 | $ | 205,268 | |||||
DEPOSITS_Tables
DEPOSITS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Banking And Thrift [Abstract] | ' | ||||||||
Certificates and Their Remaining Maturities | ' | ||||||||
These certificates and their remaining maturities at December 31, 2013 were as follows (dollars in thousands): | |||||||||
Three months or less | $ | 401,488 | 25.5 | % | |||||
Over three through six months. | 818,602 | 52.2 | % | ||||||
Over six through 12 months | 243,024 | 15.5 | % | ||||||
Over 12 months | 106,009 | 6.8 | % | ||||||
Total | $ | 1,569,123 | 100 | % | |||||
OTHER_BORROWINGS_AND_SECURITIE1
OTHER BORROWINGS AND SECURITIES SOLD UNDER REPURCHASE AGREEMENTS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Banking And Thrift [Abstract] | ' | ||||||||
Schedule of Borrowings | ' | ||||||||
The following table presents the Company’s borrowings at December 31, 2013 and 2012: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
FHLB advances | $ | — | $ | 245,000 | |||||
FHLB long-term notes payable | 10,689 | 11,753 | |||||||
Total other borrowings | 10,689 | 256,753 | |||||||
Securities sold under repurchase agreements | 364,357 | 454,502 | |||||||
Total | $ | 375,046 | $ | 711,255 | |||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Provision for Federal Income Taxes | ' | ||||||||||||
The components of the provision for federal income taxes are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current | $ | 88,535 | $ | 74,168 | $ | 70,011 | |||||||
Deferred | 19,884 | 9,615 | 2,006 | ||||||||||
Total | $ | 108,419 | $ | 83,783 | $ | 72,017 | |||||||
Schedule of Income Tax Reconciliation | ' | ||||||||||||
The provision for federal income taxes differs from the amount computed by applying the federal income tax statutory rate of 35% to income before income taxes as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Taxes calculated at statutory rate | $ | 115,436 | $ | 88,089 | $ | 74,818 | |||||||
Increase (decrease) resulting from: | |||||||||||||
Tax-exempt interest | (6,360 | ) | (3,836 | ) | (2,344 | ) | |||||||
Qualified Zone Academy Bond credit | — | — | (373 | ) | |||||||||
Qualified School Construction Bond credit | (530 | ) | (504 | ) | (504 | ) | |||||||
BOLI income | (1,244 | ) | (936 | ) | (484 | ) | |||||||
Qualified stock options | 12 | 22 | 55 | ||||||||||
Merger related expenses | 185 | 538 | — | ||||||||||
Other, net | 920 | 410 | 849 | ||||||||||
Total | $ | 108,419 | $ | 83,783 | $ | 72,017 | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
Deferred tax assets and liabilities are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Loan purchase discounts | $ | 46,653 | $ | 28,557 | |||||||||
Allowance for credit losses | 22,565 | 18,239 | |||||||||||
Accrued liabilities | 6,294 | 5,566 | |||||||||||
Restricted stock | 4,242 | 3,192 | |||||||||||
Deferred compensation | 5,075 | 3,153 | |||||||||||
Certificates of Deposit | 42 | — | |||||||||||
Net operating losses | 8,818 | 1,887 | |||||||||||
Self insurance reserve | 1,075 | 1,043 | |||||||||||
ORE write-downs | 5,826 | 967 | |||||||||||
Investments in partnerships | 30 | — | |||||||||||
Other | 300 | 211 | |||||||||||
Total deferred tax assets | 100,920 | 62,815 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Goodwill and core deposit intangibles | (20,801 | ) | (20,559 | ) | |||||||||
Bank premises and equipment | (13,020 | ) | (10,610 | ) | |||||||||
Securities | (6,823 | ) | (9,901 | ) | |||||||||
Investments in partnerships | — | (9,296 | ) | ||||||||||
Unrealized gain on available for sale securities | (2,629 | ) | (4,838 | ) | |||||||||
Prepaid expenses | (1,430 | ) | (941 | ) | |||||||||
Deferred loan fees and costs | (1,283 | ) | (652 | ) | |||||||||
Total deferred tax liabilities | (45,986 | ) | (56,797 | ) | |||||||||
Net deferred tax assets | $ | 54,934 | $ | 6,018 | |||||||||
STOCK_INCENTIVE_PROGRAMS_Table
STOCK INCENTIVE PROGRAMS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Changes in Outstanding Vested and Unvested Options | ' | ||||||||||||||||
A summary of changes in outstanding vested and unvested options during the three year period ended December 31, 2013 is set forth below: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||||||
Options outstanding, January 1, 2011 | 696 | $ | 27.24 | 4.48 | $ | 8,374 | |||||||||||
Options granted | — | — | |||||||||||||||
Options forfeited | — | — | |||||||||||||||
Options exercised | (171 | ) | 24.48 | ||||||||||||||
Options outstanding, December 31, 2011 | 525 | $ | 28.18 | 3.88 | 6,391 | ||||||||||||
Options granted | — | — | |||||||||||||||
Options forfeited | (8 | ) | 30.93 | ||||||||||||||
Options exercised | (131 | ) | 27.36 | ||||||||||||||
Options outstanding, December 31, 2012 | 386 | 28.39 | 3.2 | 5,247 | |||||||||||||
Options granted | — | — | |||||||||||||||
Options forfeited | (4 | ) | 30.97 | ||||||||||||||
Options exercised | (194 | ) | 27.69 | ||||||||||||||
Options outstanding, December 31, 2013 | 188 | $ | 28.88 | 3.7 | $ | 6,500 | |||||||||||
Shares vested or expected to vest, December 31, 2013 | 183 | $ | 24.86 | 3.68 | $ | 7,039 | |||||||||||
Shares exercisable, December 31, 2013 | 155 | $ | 27.68 | 2.85 | $ | 5,539 | |||||||||||
Summary of Nonvested Shares of Restricted Stock and Changes During Year | ' | ||||||||||||||||
A summary of the status of nonvested shares of restricted stock as of December 31, 2013, and changes during the year then ended is as follows: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average Grant | ||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
(Shares in thousands) | |||||||||||||||||
Nonvested share awards outstanding, December 31, 2012 | 432 | $ | 38.12 | ||||||||||||||
Share awards granted | 52 | 54.17 | |||||||||||||||
Unvested share awards forfeited | (6 | ) | 40.94 | ||||||||||||||
Share awards vested | (26 | ) | 43.27 | ||||||||||||||
Nonvested shares outstanding, December 31, 2013 | 452 | $ | 39.08 |
OTHER_NONINTEREST_INCOME_AND_E1
OTHER NONINTEREST INCOME AND EXPENSE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Schedule of Other Noninterest Income and Expense | ' | ||||||||||||
Components of these totals exceeding 1% of the aggregate of total net interest income and total noninterest income for any of the years presented and other amounts the Company elected to present are stated separately. | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Other noninterest income | |||||||||||||
Banking related service fees | $ | 3,502 | $ | 2,650 | $ | 2,184 | |||||||
Bank Owned Life Insurance (BOLI) | 3,635 | 2,673 | 1,382 | ||||||||||
Net loss on sale of assets | (13 | ) | (231 | ) | (527 | ) | |||||||
Rental income | 1,990 | 1,667 | 1,424 | ||||||||||
Other | 5,901 | 2,419 | 1,580 | ||||||||||
Total | $ | 15,015 | $ | 9,178 | $ | 6,043 | |||||||
Other noninterest expense | |||||||||||||
Advertising | $ | 2,642 | $ | 1,670 | $ | 969 | |||||||
Losses | 2,138 | 1,314 | 1,110 | ||||||||||
Printing and supplies | 2,616 | 2,586 | 1,807 | ||||||||||
Professional fees | 3,573 | 4,118 | 2,598 | ||||||||||
Property taxes | 5,827 | 4,623 | 3,823 | ||||||||||
Travel and development | 3,629 | 2,179 | 1,539 | ||||||||||
Other | 10,254 | 6,743 | 5,107 | ||||||||||
Total | $ | 30,679 | $ | 23,233 | $ | 16,953 |
OFFBALANCE_SHEET_ARRANGEMENTS_1
OFF-BALANCE SHEET ARRANGEMENTS, COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Contractual Obligations and Other Commitments | ' | ||||||||||||||||||||
Payments related to leases are based on actual payments specified in underlying contracts. | |||||||||||||||||||||
1 year or less | More than 1 | 3 years or | 5 years or | Total | |||||||||||||||||
year but less | more but less | more | |||||||||||||||||||
than 3 years | than 5 years | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Junior subordinated debentures | $ | 3,009 | $ | 6,017 | $ | 6,016 | $ | 170,540 | $ | 185,582 | |||||||||||
Federal Home Loan Bank notes payable | 1,590 | 3,456 | 5,665 | 2,337 | 13,048 | ||||||||||||||||
Operating leases | 5,747 | 7,806 | 3,405 | 6,532 | 23,490 | ||||||||||||||||
Total | $ | 10,346 | $ | 17,279 | $ | 15,086 | $ | 179,409 | $ | 222,120 | |||||||||||
Letters of Credit and Commitments | ' | ||||||||||||||||||||
The Company’s commitments associated with outstanding standby letters of credit and commitments to extend credit expiring by period as of December 31, 2013 are summarized below. | |||||||||||||||||||||
1 year or less | More than 1 | 3 years or | 5 years or | Total | |||||||||||||||||
year but less | more but less | more | |||||||||||||||||||
than 3 years | than 5 years | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Standby letters of credit | $ | 41,140 | $ | 5,904 | $ | 83 | $ | — | $ | 47,127 | |||||||||||
Commitments to extend credit | 935,847 | 154,367 | 77,998 | 348,841 | 1,517,053 | ||||||||||||||||
Total | $ | 976,987 | $ | 160,271 | $ | 78,081 | $ | 348,841 | $ | 1,564,180 | |||||||||||
Non-Cancelable Future Operating Lease Commitments | ' | ||||||||||||||||||||
Leases—The following table presents a summary of non-cancelable future operating lease commitments as of December 31, 2013 (dollars in thousands): | |||||||||||||||||||||
2014 | $ | 5,747 | |||||||||||||||||||
2015 | 4,516 | ||||||||||||||||||||
2016 | 3,290 | ||||||||||||||||||||
2017 | 2,129 | ||||||||||||||||||||
2018 | 1,276 | ||||||||||||||||||||
Thereafter | 6,532 | ||||||||||||||||||||
$ | 23,490 | ||||||||||||||||||||
PARENT_COMPANY_ONLY_FINANCIAL_1
PARENT COMPANY ONLY FINANCIAL STATEMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Condensed Comprehensive Income | ' | ||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Before Tax | Tax | Net of Tax | Before Tax | Tax | Net of Tax | Before Tax | Tax | Net of Tax | |||||||||||||||||||||||||||||
Amount | Benefit | Amount | Amount | Benefit | Amount | Amount | Benefit | Amount | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||||||||||||||
Change in unrealized gain during period | $ | (6,312 | ) | $ | 2,209 | $ | (4,103 | ) | $ | (6,903 | ) | $ | 2,417 | $ | (4,486 | ) | $ | (1,280 | ) | $ | 448 | $ | (832 | ) | |||||||||||||
Total securities available for sale | (6,312 | ) | 2,209 | (4,103 | ) | (6,903 | ) | 2,417 | (4,486 | ) | (1,280 | ) | 448 | (832 | ) | ||||||||||||||||||||||
Total other comprehensive loss | $ | (6,312 | ) | $ | 2,209 | $ | (4,103 | ) | $ | (6,903 | ) | $ | 2,417 | $ | (4,486 | ) | $ | (1,280 | ) | $ | 448 | $ | (832 | ) | |||||||||||||
Prosperity Bancshares Inc. [Member] | ' | ||||||||||||||||||||||||||||||||||||
Condensed Comprehensive Income | ' | ||||||||||||||||||||||||||||||||||||
PROSPERITY BANCSHARES, INC. | |||||||||||||||||||||||||||||||||||||
(Parent Company Only) | |||||||||||||||||||||||||||||||||||||
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Net income | $ | 221,398 | $ | 167,901 | $ | 141,749 | |||||||||||||||||||||||||||||||
Other comprehensive loss, before tax: | |||||||||||||||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||||||||||||||
Change in unrealized gain during period | (6,312 | ) | (6,903 | ) | (1,280 | ) | |||||||||||||||||||||||||||||||
Total other comprehensive loss | (6,312 | ) | (6,903 | ) | (1,280 | ) | |||||||||||||||||||||||||||||||
Deferred tax benefit related to other comprehensive income | 2,209 | 2,417 | 448 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (4,103 | ) | (4,486 | ) | (832 | ) | |||||||||||||||||||||||||||||||
Comprehensive income | $ | 217,295 | $ | 163,415 | $ | 140,917 | |||||||||||||||||||||||||||||||
Condensed Balance Sheets | ' | ||||||||||||||||||||||||||||||||||||
PROSPERITY BANCSHARES, INC. | |||||||||||||||||||||||||||||||||||||
(Parent Company Only) | |||||||||||||||||||||||||||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||
Cash | $ | 10,597 | $ | 826 | |||||||||||||||||||||||||||||||||
Investment in subsidiary | 2,877,089 | 2,155,701 | |||||||||||||||||||||||||||||||||||
Investment in capital and statutory trusts | 3,731 | 2,555 | |||||||||||||||||||||||||||||||||||
Goodwill | 3,982 | 3,982 | |||||||||||||||||||||||||||||||||||
Other assets | 16,927 | 11,898 | |||||||||||||||||||||||||||||||||||
TOTAL | $ | 2,912,326 | $ | 2,174,962 | |||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||
LIABILITIES: | |||||||||||||||||||||||||||||||||||||
Accrued interest payable and other liabilities | $ | 1,277 | $ | 518 | |||||||||||||||||||||||||||||||||
Junior subordinated debentures | 124,231 | 85,055 | |||||||||||||||||||||||||||||||||||
Total liabilities | 125,508 | 85,573 | |||||||||||||||||||||||||||||||||||
SHAREHOLDERS’ EQUITY: | |||||||||||||||||||||||||||||||||||||
Common stock | 66,085 | 56,484 | |||||||||||||||||||||||||||||||||||
Capital surplus. | 1,798,862 | 1,274,290 | |||||||||||||||||||||||||||||||||||
Retained earnings | 917,595 | 750,236 | |||||||||||||||||||||||||||||||||||
Unrealized gain on available for sale securities, net of tax benefit | 4,883 | 8,986 | |||||||||||||||||||||||||||||||||||
Less treasury stock, at cost, 37,088 shares | (607 | ) | (607 | ) | |||||||||||||||||||||||||||||||||
Total shareholders’ equity | 2,786,818 | 2,089,389 | |||||||||||||||||||||||||||||||||||
TOTAL | $ | 2,912,326 | $ | 2,174,962 | |||||||||||||||||||||||||||||||||
Condensed Statements of Income | ' | ||||||||||||||||||||||||||||||||||||
PROSPERITY BANCSHARES, INC. | |||||||||||||||||||||||||||||||||||||
(Parent Company Only) | |||||||||||||||||||||||||||||||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
OPERATING INCOME: | |||||||||||||||||||||||||||||||||||||
Dividends from subsidiaries | $ | 203,500 | $ | 228,450 | $ | 35,800 | |||||||||||||||||||||||||||||||
Other income | 115 | 131 | 142 | ||||||||||||||||||||||||||||||||||
Total income | 203,615 | 228,581 | 35,942 | ||||||||||||||||||||||||||||||||||
OPERATING EXPENSE: | |||||||||||||||||||||||||||||||||||||
Junior subordinated debentures interest expense | 2,551 | 2,593 | 2,984 | ||||||||||||||||||||||||||||||||||
Stock based compensation expense (includes restricted stock) | 4,175 | 3,607 | 3,576 | ||||||||||||||||||||||||||||||||||
Other expenses | 515 | 593 | 404 | ||||||||||||||||||||||||||||||||||
Total operating expense | 7,241 | 6,793 | 6,964 | ||||||||||||||||||||||||||||||||||
INCOME BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 196,374 | 221,788 | 28,978 | ||||||||||||||||||||||||||||||||||
FEDERAL INCOME TAX BENEFIT | 2,495 | 2,325 | 2,350 | ||||||||||||||||||||||||||||||||||
INCOME BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 198,869 | 224,113 | 31,328 | ||||||||||||||||||||||||||||||||||
EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 22,529 | (56,212 | ) | 110,421 | |||||||||||||||||||||||||||||||||
NET INCOME | $ | 221,398 | $ | 167,901 | $ | 141,749 | |||||||||||||||||||||||||||||||
Condensed Statements of Cash Flows | ' | ||||||||||||||||||||||||||||||||||||
PROSPERITY BANCSHARES, INC. | |||||||||||||||||||||||||||||||||||||
(Parent Company Only) | |||||||||||||||||||||||||||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||
Net income | $ | 221,398 | $ | 167,901 | $ | 141,749 | |||||||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||||||||||||||||
Equity in undistributed earnings of subsidiaries | (22,529 | ) | 56,212 | (110,421 | ) | ||||||||||||||||||||||||||||||||
Stock based compensation expense (includes restricted stock) | 4,175 | 3,607 | 3,576 | ||||||||||||||||||||||||||||||||||
(Increase) decrease in other assets | (2,382 | ) | 3,727 | 2,147 | |||||||||||||||||||||||||||||||||
Increase (decrease) in accrued interest payable and other liabilities | 3,135 | (5,266 | ) | (223 | ) | ||||||||||||||||||||||||||||||||
Net cash provided by operating activities | 203,797 | 226,181 | 36,828 | ||||||||||||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||
Cash paid for acquisitions | (152,807 | ) | (189,966 | ) | — | ||||||||||||||||||||||||||||||||
Cash acquired from acquisitions | 7,441 | 1,372 | — | ||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (145,366 | ) | (188,594 | ) | — | ||||||||||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||
Proceeds from stock option exercises | 5,379 | 3,573 | 4,175 | ||||||||||||||||||||||||||||||||||
Redemption of junior subordinated debentures (net) | — | — | (7,210 | ) | |||||||||||||||||||||||||||||||||
Payments of cash dividends | (54,039 | ) | (41,543 | ) | (33,742 | ) | |||||||||||||||||||||||||||||||
Net cash used in financing activities | (48,660 | ) | (37,970 | ) | (36,777 | ) | |||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 9,771 | (383 | ) | 51 | |||||||||||||||||||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 826 | 1,209 | 1,158 | ||||||||||||||||||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 10,597 | $ | 826 | $ | 1,209 | |||||||||||||||||||||||||||||||
OTHER_COMPREHENSIVE_LOSS_INCOM1
OTHER COMPREHENSIVE (LOSS) INCOME (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Activity in Accumulated Other Comprehensive Income, Net of Tax | ' | ||||||||
Activity in accumulated other comprehensive income, net of tax, was as follows: | |||||||||
Securities | Accumulated | ||||||||
Available for | Other | ||||||||
Sale | Comprehensive | ||||||||
Income | |||||||||
(Dollars in thousands) | |||||||||
Balance at January 1, 2013 | $ | 8,986 | $ | 8,986 | |||||
Other comprehensive loss | (4,103 | ) | (4,103 | ) | |||||
Balance at December 31, 2013 | $ | 4,883 | $ | 4,883 | |||||
Balance at January 1, 2012 | $ | 13,472 | $ | 13,472 | |||||
Other comprehensive loss | (4,486 | ) | (4,486 | ) | |||||
Balance at December 31, 2012 | $ | 8,986 | $ | 8,986 | |||||
Balance at January 1, 2011 | $ | 14,304 | $ | 14,304 | |||||
Other comprehensive loss | (832 | ) | (832 | ) | |||||
Balance at December 31, 2011 | $ | 13,472 | $ | 13,472 | |||||
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Interest Rate Derivative Contracts Outstanding | ' | ||||||||||||||||
The interest rate derivative contracts outstanding at December 31, 2013 are presented in the following table (dollars in thousands): | |||||||||||||||||
Current | Estimated | Maturity Date | Fixed Pay | Variable Rate | |||||||||||||
Notional | Fair Value | Rate | Received | ||||||||||||||
Amount | |||||||||||||||||
Commercial Loan Interest Rate Swap | $ | 4,387 | $ | 48 | 1-Aug-20 | 4.3 | % | 1-Month USD— | |||||||||
LIBOR BBA+2.50 | |||||||||||||||||
Commercial Loan Interest Rate Swap | 1,618 | 28 | 15-Aug-20 | 5.49 | % | 1-Month USD— | |||||||||||
LIBOR BBA+3.00 | |||||||||||||||||
Commercial Loan Interest Rate Swap | 1,463 | 7 | August 15, 2020 | 4.3 | % | 1-Month USD— | |||||||||||
LIBOR BBA+2.50 | |||||||||||||||||
Commercial Loan Interest Rate Swap | 1,898 | (45 | ) | 1-May-22 | 5.6 | % | 1-Month USD— | ||||||||||
LIBOR BBA+3.50 | |||||||||||||||||
$ | 9,366 | $ | 38 | ||||||||||||||
Notional Amounts and Estimated Fair Values of Interest Rate Derivative Contracts Outstanding | ' | ||||||||||||||||
The notional amounts and estimated fair values of interest rate derivative contracts outstanding at December 31, 2013 are presented in the following table (dollars in thousands): | |||||||||||||||||
Current | Estimated | ||||||||||||||||
Notional | Fair Value | ||||||||||||||||
Amount | |||||||||||||||||
Financial Institution Counterparties: | |||||||||||||||||
Swaps—assets | $ | 1,898 | $ | 45 | |||||||||||||
Swaps—liabilities | 7,468 | (83 | ) | ||||||||||||||
Bank Customer Counterparties: | |||||||||||||||||
Swaps—assets | $ | 7,468 | $ | 83 | |||||||||||||
Swaps—liabilities | 1,898 | (45 | ) |
REGULATORY_MATTERS_Tables
REGULATORY MATTERS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Company and Bank Capital Ratios | ' | ||||||||||||||||||||||||
The following is a summary of the Company’s and the Bank’s capital ratios at December 31, 2013 and 2012: | |||||||||||||||||||||||||
Actual | For Capital | To Be Categorized As | |||||||||||||||||||||||
Adequacy Purposes | Well Capitalized Under | ||||||||||||||||||||||||
Prompt Corrective | |||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
CONSOLIDATED: | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital | $ | 1,259,768 | 14.02 | % | $ | 719,005 | 8 | % | N/A | N/A | |||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Tier I Capital | 1,192,486 | 13.27 | % | 359,502 | 4 | % | N/A | N/A | |||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Tier I Capital | 1,192,486 | 7.42 | % | 481,892 | 3 | % | N/A | N/A | |||||||||||||||||
(to Average Tangible Assets) | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Total Capital | $ | 974,702 | 15.22 | % | $ | 512,171 | 8 | % | N/A | N/A | |||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Tier I Capital | 922,138 | 14.4 | % | 256,086 | 4 | % | N/A | N/A | |||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Tier I Capital | 922,138 | 7.1 | % | 389,831 | 3 | % | N/A | N/A | |||||||||||||||||
(to Average Tangible Assets) | |||||||||||||||||||||||||
PROSPERITY BANK® ONLY: | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital | $ | 1,229,752 | 13.7 | % | $ | 718,334 | 8 | % | $ | 897,917 | 10 | % | |||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Tier I Capital | 1,162,470 | 12.95 | % | 359,167 | 4 | % | 538,750 | 6 | % | ||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Tier I Capital | 1,162,470 | 7.24 | % | 481,640 | 3 | % | 802,733 | 5 | % | ||||||||||||||||
(to Average Tangible Assets) | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Total Capital | $ | 959,907 | 15.01 | % | $ | 511,612 | 8 | % | $ | 639,516 | 10 | % | |||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Tier I Capital | 907,343 | 14.19 | % | 255,806 | 4 | % | 383,709 | 6 | % | ||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||||||
Tier I Capital | 907,343 | 6.99 | % | 389,622 | 3 | % | 649,370 | 5 | % | ||||||||||||||||
(to Average Tangible Assets) |
JUNIOR_SUBORDINATED_DEBENTURES1
JUNIOR SUBORDINATED DEBENTURES (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Brokers And Dealers [Abstract] | ' | ||||||||||||||
Schedule of Junior Subordinated Debentures | ' | ||||||||||||||
A summary of pertinent information related to the Company’s nine issues of junior subordinated debentures outstanding at December 31, 2013 is set forth in the table below: | |||||||||||||||
Description | Issuance Date | Trust | Interest Rate(1) | Junior | Maturity Date(2) | ||||||||||
Preferred | Subordinated | ||||||||||||||
Securities | Debt Owed | ||||||||||||||
Outstanding | to Trusts | ||||||||||||||
(Dollars in thousands) | |||||||||||||||
Prosperity Statutory Trust II | July 31, 2001 | $ | 15,000 | 3 month LIBOR | $ | 15,464 | 31-Jul-31 | ||||||||
+ 3.58%, not to exceed | |||||||||||||||
12.50% | |||||||||||||||
Prosperity Statutory Trust III | 15-Aug-03 | 12,500 | 3 month LIBOR + 3.00% | 12,887 | September 17, 2033 | ||||||||||
Prosperity Statutory Trust IV | 30-Dec-03 | 12,500 | 3 month LIBOR + 2.85% | 12,887 | 30-Dec-33 | ||||||||||
SNB Capital Trust IV | September 25, 2003 | 10,000 | 3 month LIBOR + 3.00% | 10,310 | 25-Sep-33 | ||||||||||
TXUI Statutory Trust II | 19-Dec-03 | 5,000 | 3 month LIBOR + 2.85% | 5,155 | 19-Dec-33 | ||||||||||
TXUI Statutory Trust III | 30-Nov-05 | 15,500 | 3 month LIBOR + 1.39% | 15,980 | 15-Dec-35 | ||||||||||
TXUI Statutory Trust IV | 31-Mar-06 | 12,000 | 3 month LIBOR + 1.39% | 12,372 | 30-Jun-36 | ||||||||||
FVNB Capital Trust II(3) | 14-Jun-05 | 18,000 | 3 month LIBOR + 1.68% | 18,557 | 15-Jun-35 | ||||||||||
FVNB Capital Trust III(3) | 23-Jun-06 | 20,000 | 3 month LIBOR + 1.60% | 20,619 | 7-Jul-36 | ||||||||||
$ | 124,231 | ||||||||||||||
-1 | The 3-month LIBOR in effect as of December 31, 2013 was 0.244%. | ||||||||||||||
-2 | All debentures are callable five years from issuance date. | ||||||||||||||
-3 | Assumed in connection with the FVNB acquisition on November 1, 2013. |
Recovered_Sheet1
Nature of Operations and Summary of Significant Accounting and Reporting Policies - Additional Information (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | |||
Branches | |||
Summary of Accounting and Financial Policies [Line Items] | ' | ' | ' |
Number of domestic operating segments | 1 | ' | ' |
Number of full-service banking locations | 238 | ' | ' |
Nonperforming and past due loans | 'When the payment of principal or interest on a loan is delinquent for 90 days, or earlier in some cases, the loan is placed on nonaccrual status unless the loan is in the process of collection and the underlying collateral fully supports the carrying value of the loan. | ' | ' |
Minimum percentage likelihood of tax benefit to be realized upon final settlement | 50.00% | ' | ' |
Cash and cash equivalents maturity period | 'Cash and cash equivalents include cash and due from banks as well as federal funds sold that mature in three days or less | ' | ' |
Stock options exercisable that would have had an anti-dilutive effect | 0 | 0 | 0 |
Houston Texas [Member] | ' | ' | ' |
Summary of Accounting and Financial Policies [Line Items] | ' | ' | ' |
Number of full-service banking locations | 63 | ' | ' |
South Texas [Member] | ' | ' | ' |
Summary of Accounting and Financial Policies [Line Items] | ' | ' | ' |
Number of full-service banking locations | 26 | ' | ' |
Central Texas [Member] | ' | ' | ' |
Summary of Accounting and Financial Policies [Line Items] | ' | ' | ' |
Number of full-service banking locations | 36 | ' | ' |
Bryan/College Station [Member] | ' | ' | ' |
Summary of Accounting and Financial Policies [Line Items] | ' | ' | ' |
Number of full-service banking locations | 16 | ' | ' |
East Texas [Member] | ' | ' | ' |
Summary of Accounting and Financial Policies [Line Items] | ' | ' | ' |
Number of full-service banking locations | 22 | ' | ' |
West Texas [Member] | ' | ' | ' |
Summary of Accounting and Financial Policies [Line Items] | ' | ' | ' |
Number of full-service banking locations | 34 | ' | ' |
Dallas/Fort Worth Texas [Member] | ' | ' | ' |
Summary of Accounting and Financial Policies [Line Items] | ' | ' | ' |
Number of full-service banking locations | 35 | ' | ' |
Central Oklahoma [Member] | ' | ' | ' |
Summary of Accounting and Financial Policies [Line Items] | ' | ' | ' |
Number of full-service banking locations | 6 | ' | ' |
Minimum [Member] | ' | ' | ' |
Summary of Accounting and Financial Policies [Line Items] | ' | ' | ' |
Estimated useful lives of the assets | '3 years | ' | ' |
Amortization period of identifiable core deposit intangibles | '8 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Summary of Accounting and Financial Policies [Line Items] | ' | ' | ' |
Estimated useful lives of the assets | '39 years | ' | ' |
Amortization period of identifiable core deposit intangibles | '15 years | ' | ' |
Recovered_Sheet2
Nature of Operations and Summary of Significant Accounting and Reporting Policies - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Net income | $221,398 | $167,901 | $141,749 |
Weighted average shares outstanding (basic) | 60,421 | 51,794 | 46,846 |
Effect of dilutive securities-options | 157 | 147 | 171 |
Total | 60,578 | 51,941 | 47,017 |
Basic earnings per common share | $3.66 | $3.24 | $3.03 |
Diluted earnings per common share | $3.65 | $3.23 | $3.01 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 01, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Nov. 01, 2013 | Nov. 01, 2013 | Nov. 01, 2013 | Nov. 01, 2013 | Nov. 01, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Apr. 02, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 02, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Apr. 02, 2013 | Apr. 02, 2013 | |
American State Financial Corp [Member] | American State Financial Corp [Member] | Minimum [Member] | Maximum [Member] | FVNB Corp. [Member] | FVNB Corp. [Member] | FVNB Corp. [Member] | FVNB Corp. [Member] | FVNB Corp. [Member] | FVNB Corp. [Member] | FVNB Corp. [Member] | FVNB Corp. [Member] | Texas Bankers, Inc [Member] | Texas Bankers, Inc [Member] | The Bank Arlington [Member] | The Bank Arlington [Member] | The Bank Arlington [Member] | The Bank Arlington [Member] | Community National Bank [Member] | Community National Bank [Member] | Community National Bank [Member] | East Texas Financial Services, Inc. [Member] | East Texas Financial Services, Inc. [Member] | East Texas Financial Services, Inc. [Member] | East Texas Financial Services, Inc. [Member] | Coppermark Bancshares, Inc. [Member] | Coppermark Bancshares, Inc. [Member] | Coppermark Bancshares, Inc. [Member] | Coppermark Bancshares, Inc. [Member] | Coppermark Bancshares, Inc. [Member] | ||||
Core Deposits [Member] | Bank | Victoria Texas [Member] | South Texas [Member] | Bryan/College Station [Member] | Central Texas Area including New Braunfels [Member] | Houston [Member] | Austin Texas [Member] | Bank | Bank | Tyler, Texas [Member] | Gilmer, Texas [Member] | Bank | Oklahoma City, Oklahoma [Member] | Dallas, Texas [Member] | |||||||||||||||||||
Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period of identifiable core deposit intangibles | ' | ' | ' | ' | ' | '8 years | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of banking offices | ' | ' | ' | ' | ' | ' | ' | 33 | ' | ' | 4 | 7 | 6 | 5 | 11 | ' | 3 | 1 | ' | ' | ' | 1 | ' | ' | ' | ' | 3 | 1 | 9 | ' | ' | 6 | 3 |
Total assets | ' | $3,105,283,000 | ' | ' | ' | ' | ' | ' | $2,470,000,000 | ' | ' | ' | ' | ' | ' | $77,000,000 | ' | ' | $37,300,000 | ' | ' | ' | $182,000,000 | ' | ' | $165,000,000 | ' | ' | ' | $1,250,000,000 | ' | ' | ' |
Total loans | ' | ' | ' | ' | ' | ' | ' | ' | 1,650,000,000 | ' | ' | ' | ' | ' | ' | 27,600,000 | ' | ' | 22,900,000 | ' | ' | ' | 68,000,000 | ' | ' | 129,300,000 | ' | ' | ' | 847,600,000 | ' | ' | ' |
Total deposits | ' | 2,495,652,000 | ' | ' | ' | ' | ' | ' | 2,200,000,000 | ' | ' | ' | ' | ' | ' | 70,400,000 | ' | ' | 33,200,000 | ' | ' | ' | 164,600,000 | ' | ' | 112,200,000 | ' | ' | ' | 1,120,000,000 | ' | ' | ' |
Common stock shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,570,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 530,940 | ' | ' | ' | 3,258,718 | ' | ' | ' |
Total merger consideration | ' | ' | ' | ' | ' | ' | ' | ' | 439,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,300,000 | ' | ' | ' | 214,400,000 | ' | ' | ' |
Closing stock price per share | ' | $42.03 | ' | ' | ' | ' | ' | ' | $62.45 | ' | ' | ' | ' | ' | ' | $40.35 | ' | ' | $45.80 | ' | ' | ' | $42.62 | ' | ' | $42 | ' | ' | ' | $47.39 | ' | ' | ' |
Goodwill | 1,671,520,000 | 1,217,162,000 | 924,537,000 | 271,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 | ' | ' | 2,100,000 | 2,000,000 | ' | ' | 12,300,000 | ' | ' | 15,000,000 | ' | ' | ' | ' | 117,500,000 | ' | ' |
Cash | ' | 178,507,000 | ' | ' | ' | ' | ' | ' | 91,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | ' |
Core deposit intangibles | ' | 12,392,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' |
Goodwill resulting from acquisition | ' | 274,119,000 | ' | 274,119,000 | ' | ' | ' | ' | ' | 323,032,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,327,000 | 15,007,000 | ' | ' | ' | ' | ' | 117,544,000 | ' | ' |
Core Deposit Intangibles, Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,411,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,514,000 | ' | ' |
Merger related cost | 3,203,000 | 7,020,000 | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 168,000 | ' | ' | 250,000 | 84,000 | ' | ' | ' | ' | ' | 853,000 | ' | ' |
Merger Related Expense | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued in connection with the acquisition(in shares) | ' | 8,524,835 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 314,953 | ' | ' | 135,347 | ' | ' | ' | 372,282 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger Consideration | ' | 536,806,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill adjustment | -1,225,000 | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130,000 | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangibles | ' | ' | ' | ' | 14.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangibles period adjustments | ' | ' | ' | ' | 2.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition date fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,700,000 | ' | ' | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payment to acquire shares | ' | $358,299,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Information_Regar
Acquisitions - Information Regarding Results of Operations on Acquisition (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Business Combinations [Abstract] | ' | ' |
Net interest income | $447,471 | $454,408 |
Net income | $213,830 | $200,964 |
Basic earnings per share | $3.81 | $3.63 |
Diluted earnings per share | $3.80 | $3.62 |
Acquisitions_Schedule_of_Amoun
Acquisitions - Schedule of Amounts Recoreded on Balance Sheet (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Fair value of consideration paid: | ' |
Common stock issued (8,524,835 shares) | $358,299 |
Cash | 178,507 |
Total consideration paid | 536,806 |
Fair value of assets acquired: | ' |
Cash and due from banks | 98,720 |
Federal funds sold | 202,810 |
Total cash and cash equivalents | 301,530 |
Securities available for sale | 524,959 |
Securities held to maturity | 994,873 |
Loans held for sale | 13,770 |
Loans held for investment | 1,133,867 |
Bank premises and equipment | 36,502 |
Other real estate owned | 1,232 |
Core deposit intangibles | 12,392 |
Federal Home Loan Bank stock | 2,355 |
Other assets | 83,803 |
Total assets acquired | 3,105,283 |
Fair value of liabilities assumed: | ' |
Deposits | 2,495,652 |
Other borrowings | 318,692 |
Other liabilities | 28,252 |
Total liabilities assumed | 2,842,596 |
Fair value of net assets acquired | 262,687 |
Goodwill resulting from acquisition | $274,119 |
Acquisitions_Schedule_of_Amoun1
Acquisitions - Schedule of Amounts Recoreded on Balance Sheet (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2012 | |
Business Combinations [Abstract] | ' |
Common stock issued in connection with the acquisition(in shares) | 8,524,835 |
Acquisitions_Schedule_of_Merge
Acquisitions - Schedule of Merger Related Costs by Acquisition (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ' | ' |
Merger related cost | $3,203 | $7,020 |
East Texas Financial Services, Inc. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Merger related cost | 84 | ' |
Coppermark Bancshares, Inc. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Merger related cost | 853 | ' |
FVNB Corp. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Merger related cost | 2,000 | ' |
All other [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Merger related cost | 266 | 321 |
Texas Bankers, Inc. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Merger related cost | ' | 392 |
The Bank Arlington [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Merger related cost | ' | 168 |
Community National Bank [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Merger related cost | ' | 250 |
American State Financial Corp [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Merger related cost | ' | $5,889 |
Acquisitions_Summary_of_Carryi
Acquisitions - Summary of Carrying Value and Outstanding Balance for Purchased Credit Impaired Loans (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Acquired PCI loans: | ' |
Carrying amount | $41,483 |
Outstanding balance | 86,980 |
Net of discount | $45,497 |
Acquisitions_Summary_of_Change
Acquisitions - Summary of Changes in Accretable Yield for Acquired PCI Loans (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Business Combination [Abstract] | ' |
Balance at beginning of period | $7,459 |
Additions | 9,998 |
Reclassifications from nonaccretable | 8,440 |
Accretion | -16,042 |
Balance at December 31, 2013 | $9,855 |
Recovered_Sheet3
Goodwill and Core Deposit Intangibles - Schedule of Goodwill and Core Deposit Intangibles (Detail) (USD $) | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Texas Bankers, Inc. [Member] | The Bank Arlington [Member] | American State Financial Corporation [Member] | Community National Bank [Member] | Community National Bank [Member] | East Texas Financial Services, Inc. [Member] | Coppermark Bancshares, Inc. [Member] | FVNB Corp. [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Beginning Balance | $1,217,162 | $924,537 | ' | ' | ' | ' | ' | ' | $15,000 | ' | ' |
Goodwill, Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Measurement period adjustment | -1,225 | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' |
Goodwill, Acquisition | ' | 274,119 | ' | 6,077 | 2,102 | 274,119 | ' | 10,327 | 15,007 | 117,544 | 323,032 |
Goodwill, Ending Balance | 1,671,520 | 1,217,162 | 924,537 | ' | ' | ' | 12,300 | ' | ' | 117,500 | ' |
Core Deposit Intangibles, Beginning Balance | 26,159 | 20,996 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Core Deposit Intangibles, Acquisition | ' | ' | ' | ' | ' | 12,392 | ' | ' | ' | 1,514 | 18,411 |
Core Deposit Intangibles, Amortization | -6,145 | -7,229 | -7,780 | ' | ' | ' | ' | ' | ' | ' | ' |
Core Deposit Intangibles, Measurement period adjustment | 2,110 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Core Deposit Intangibles, Ending Balance | $42,049 | $26,159 | $20,996 | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet4
Goodwill and Core Deposit Intangibles - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Goodwill And Other Intangible Asset [Line Items] | ' |
Impairment recorded on goodwill | 0 |
Minimum [Member] | ' |
Goodwill And Other Intangible Asset [Line Items] | ' |
Intangible assets, estimated life in years | '8 years |
Maximum [Member] | ' |
Goodwill And Other Intangible Asset [Line Items] | ' |
Intangible assets, estimated life in years | '15 years |
Goodwill_and_Core_Deposit_Inta2
Goodwill and Core Deposit Intangibles - Schedule of Estimated Aggregate Future Amortization Expense for Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
2014 | $7,656 | ' | ' |
2015 | 6,602 | ' | ' |
2016 | 5,844 | ' | ' |
2017 | 3,883 | ' | ' |
2018 | 3,168 | ' | ' |
Thereafter | 14,896 | ' | ' |
Total | $42,049 | $26,159 | $20,996 |
Cash_and_Due_from_Banks_Additi
Cash and Due from Banks - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash And Due From Banks [Line Items] | ' | ' |
Cash and due from banks | $380,990 | $325,952 |
Federal Reserve Bank of Dallas [Member] | ' | ' |
Cash And Due From Banks [Line Items] | ' | ' |
Cash and due from banks | $132,000 | $87,700 |
Securities_Schedule_of_Investm
Securities - Schedule of Investment Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment Securities [Line Items] | ' | ' |
Amortized Cost | $149,966 | $212,846 |
Gross Unrealized Gains | 7,661 | 13,863 |
Gross Unrealized Losses | -149 | -39 |
Fair Value | 157,478 | 226,670 |
States and Political Subdivisions [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 28,578 | 34,743 |
Gross Unrealized Gains | 797 | 1,691 |
Gross Unrealized Losses | ' | ' |
Fair Value | 29,375 | 36,434 |
Collateralized Mortgage Obligations [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 483 | 616 |
Gross Unrealized Gains | 7 | ' |
Gross Unrealized Losses | -1 | -12 |
Fair Value | 489 | 604 |
Mortgage-backed Securities [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 108,316 | 168,701 |
Gross Unrealized Gains | 6,843 | 11,742 |
Gross Unrealized Losses | -22 | -27 |
Fair Value | 115,137 | 180,416 |
Other Securities [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 12,589 | 8,786 |
Gross Unrealized Gains | 14 | 430 |
Gross Unrealized Losses | -126 | ' |
Fair Value | 12,477 | 9,216 |
Held to Maturity Securities [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 8,066,970 | 7,215,395 |
Gross Unrealized Gains | 89,551 | 208,221 |
Gross Unrealized Losses | -169,179 | -4,921 |
Fair Value | 7,987,342 | 7,418,695 |
Held to Maturity Securities [Member] | States and Political Subdivisions [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 426,335 | 391,510 |
Gross Unrealized Gains | 3,176 | 7,074 |
Gross Unrealized Losses | -2,207 | -354 |
Fair Value | 427,304 | 398,230 |
Held to Maturity Securities [Member] | Collateralized Mortgage Obligations [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 50,034 | 125,912 |
Gross Unrealized Gains | 1,017 | 2,304 |
Gross Unrealized Losses | -58 | -50 |
Fair Value | 50,993 | 128,166 |
Held to Maturity Securities [Member] | Mortgage-backed Securities [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 7,514,257 | 6,676,512 |
Gross Unrealized Gains | 84,166 | 196,206 |
Gross Unrealized Losses | -165,979 | -4,517 |
Fair Value | 7,432,444 | 6,868,201 |
Held to Maturity Securities [Member] | U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 62,931 | 7,061 |
Gross Unrealized Gains | 46 | 160 |
Gross Unrealized Losses | -935 | ' |
Fair Value | 62,042 | 7,221 |
Held to Maturity Securities [Member] | Corporate Debt Securities [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 513 | 1,500 |
Gross Unrealized Gains | 5 | 28 |
Gross Unrealized Losses | ' | ' |
Fair Value | 518 | 1,528 |
Held to Maturity Securities [Member] | Qualified School Construction Bonds (QSCB) [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Amortized Cost | 12,900 | 12,900 |
Gross Unrealized Gains | 1,141 | 2,449 |
Gross Unrealized Losses | ' | ' |
Fair Value | $14,041 | $15,349 |
Securities_Schedule_of_Securit
Securities - Schedule of Securities with Unrealized Losses (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment Securities [Line Items] | ' | ' |
Available for Sale, Estimated Fair Value, Less than 12 Months | $7,567 | $224 |
Available for Sale, Unrealized Losses, Less than 12 Months | -127 | ' |
Available for Sale, Estimated Fair Value, More than 12 Months | 3,363 | 4,567 |
Available for Sale, Unrealized Losses, More than 12 Months | -22 | -39 |
Available for Sale, Estimated Fair Value, Total | 10,930 | 4,791 |
Available for Sale, Unrealized Losses, Total | -149 | -39 |
Held to Maturity Securities [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 3,866,130 | 1,121,102 |
Held to Maturity, Unrealized Losses, Less than 12 Months | -109,364 | -4,901 |
Held to Maturity, Estimated Fair Value, More than 12 Months | 1,027,452 | 1,374 |
Held to Maturity, Unrealized Losses, More than 12 Months | -59,815 | -20 |
Held to Maturity, Estimated Fair Value, Total | 4,893,582 | 1,122,476 |
Held to Maturity, Unrealized Losses, Total | -169,179 | -4,921 |
Collateralized Mortgage Obligations [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Available for Sale, Estimated Fair Value, Less than 12 Months | 5 | ' |
Available for Sale, Unrealized Losses, Less than 12 Months | ' | ' |
Available for Sale, Estimated Fair Value, More than 12 Months | 50 | 603 |
Available for Sale, Unrealized Losses, More than 12 Months | -1 | -12 |
Available for Sale, Estimated Fair Value, Total | 55 | 603 |
Available for Sale, Unrealized Losses, Total | -1 | -12 |
Collateralized Mortgage Obligations [Member] | Held to Maturity Securities [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 2,109 | 2,366 |
Held to Maturity, Unrealized Losses, Less than 12 Months | -32 | -50 |
Held to Maturity, Estimated Fair Value, More than 12 Months | 433 | ' |
Held to Maturity, Unrealized Losses, More than 12 Months | -26 | ' |
Held to Maturity, Estimated Fair Value, Total | 2,542 | 2,366 |
Held to Maturity, Unrealized Losses, Total | -58 | -50 |
Mortgage-backed Securities [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Available for Sale, Estimated Fair Value, Less than 12 Months | 651 | 224 |
Available for Sale, Unrealized Losses, Less than 12 Months | -1 | ' |
Available for Sale, Estimated Fair Value, More than 12 Months | 3,313 | 3,964 |
Available for Sale, Unrealized Losses, More than 12 Months | -21 | -27 |
Available for Sale, Estimated Fair Value, Total | 3,964 | 4,188 |
Available for Sale, Unrealized Losses, Total | -22 | -27 |
Mortgage-backed Securities [Member] | Held to Maturity Securities [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 3,702,569 | 1,081,414 |
Held to Maturity, Unrealized Losses, Less than 12 Months | -106,816 | -4,516 |
Held to Maturity, Estimated Fair Value, More than 12 Months | 998,380 | 234 |
Held to Maturity, Unrealized Losses, More than 12 Months | -59,163 | -1 |
Held to Maturity, Estimated Fair Value, Total | 4,700,949 | 1,081,648 |
Held to Maturity, Unrealized Losses, Total | -165,979 | -4,517 |
Other Securities [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Available for Sale, Estimated Fair Value, Less than 12 Months | 6,911 | ' |
Available for Sale, Unrealized Losses, Less than 12 Months | -126 | ' |
Available for Sale, Estimated Fair Value, More than 12 Months | ' | ' |
Available for Sale, Unrealized Losses, More than 12 Months | ' | ' |
Available for Sale, Estimated Fair Value, Total | 6,911 | ' |
Available for Sale, Unrealized Losses, Total | -126 | ' |
U.S. Treasury securities and obligations of U.S. government agencies [Member] | Held to Maturity Securities [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 48,389 | ' |
Held to Maturity, Unrealized Losses, Less than 12 Months | -935 | ' |
Held to Maturity, Estimated Fair Value, More than 12 Months | ' | ' |
Held to Maturity, Unrealized Losses, More than 12 Months | ' | ' |
Held to Maturity, Estimated Fair Value, Total | 48,389 | ' |
Held to Maturity, Unrealized Losses, Total | -935 | ' |
States and Political Subdivisions [Member] | Held to Maturity Securities [Member] | ' | ' |
Investment Securities [Line Items] | ' | ' |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 113,063 | 37,322 |
Held to Maturity, Unrealized Losses, Less than 12 Months | -1,581 | -335 |
Held to Maturity, Estimated Fair Value, More than 12 Months | 28,639 | 1,140 |
Held to Maturity, Unrealized Losses, More than 12 Months | -626 | -19 |
Held to Maturity, Estimated Fair Value, Total | 141,702 | 38,462 |
Held to Maturity, Unrealized Losses, Total | ($2,207) | ($354) |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | |
Security | ||||
Investment | ||||
Investment Securities [Line Items] | ' | ' | ' | ' |
Securities in unrealized loss position | 450 | ' | ' | ' |
Gain (Loss) on sale of securities | $0 | $0 | ($581,000) | ' |
Number of non-agency collateralized mortgage obligations sold | 2 | ' | ' | ' |
Book value of non agency CMO's Sold | ' | ' | ' | 3,200,000 |
Number of non-agency collateralized mortgage obligations | 8 | ' | ' | ' |
Book value of remaining non agency CMO's | 1,700,000 | ' | ' | ' |
Fair value of remaining non-agency CMO's | 1,700,000 | ' | ' | ' |
Aggregate adjusted cost exceeded consolidated shareholders' equity | 10.00% | 10.00% | ' | ' |
Amortized Cost | 149,966,000 | 212,846,000 | ' | ' |
Available for sale securities | 157,478,000 | 226,670,000 | ' | ' |
Collateralized Securities [Member] | ' | ' | ' | ' |
Investment Securities [Line Items] | ' | ' | ' | ' |
Amortized Cost | 4,460,000,000 | 4,130,000,000 | ' | ' |
Available for sale securities | $4,470,000,000 | $4,270,000,000 | ' | ' |
Securities_Amortized_Cost_and_
Securities - Amortized Cost and Fair Value of Investment Securities by Contractual Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amortized Cost And Fair Value Debt Securities [Abstract] | ' | ' |
Due in one year or less, Held to Maturity, Amortized Cost | $28,834 | ' |
Due after one year through five years, Held to Maturity, Amortized Cost | 158,033 | ' |
Due after five years through ten years, Held to Maturity, Amortized Cost | 228,346 | ' |
Due after ten years, Held to Maturity, Amortized Cost | 87,466 | ' |
Subtotal, Held to Maturity, Amortized Cost | 502,679 | ' |
Mortgage-backed securities and collateralized mortgage obligations, Held to Maturity, Amortized Cost | 7,564,291 | ' |
Total, Held to Maturity, Amortized Cost | 8,066,970 | 7,215,395 |
Due in one year or less, Held to Maturity, Fair Value | 28,878 | ' |
Due after one year through five years, Held to Maturity, Fair Value | 158,289 | ' |
Due after five years through ten years, Held to Maturity, Fair Value | 227,983 | ' |
Due after ten years, Held to Maturity, Fair Value | 88,755 | ' |
Subtotal, Held to Maturity, Fair Value | 503,905 | ' |
Mortgage-backed securities and collateralized mortgage obligations, Held to Maturity, Fair Value | 7,483,437 | ' |
Total, Held to Maturity, Fair Value | 7,987,342 | 7,418,695 |
Due in one year or less, Available for Sale, Amortized Cost | 12,684 | ' |
Due after one year through five years, Available for Sale, Amortized Cost | 4,991 | ' |
Due after five years through ten years, Available for Sale, Amortized Cost | 20,446 | ' |
Due after ten years, Available for Sale, Amortized Cost | 3,046 | ' |
Subtotal, Available for Sale, Amortized Cost | 41,167 | ' |
Mortgage-backed securities and collateralized mortgage obligations, Available for Sale, Amortized Cost | 108,799 | ' |
Total, Available for Sale, Amortized Cost | 149,966 | ' |
Due in one year or less, Available for Sale, Fair Value | 12,574 | ' |
Due after one year through five years, Available for Sale, Fair Value | 5,138 | ' |
Due after five years through ten years, Available for Sale, Fair Value | 21,028 | ' |
Due after ten years, Available for Sale, Fair Value | 3,112 | ' |
Subtotal, Available for Sale, Fair Value | 41,852 | ' |
Mortgage-backed securities and collateralized mortgage obligations, Available for Sale, Fair Value | 115,626 | ' |
Fair Value | $157,478 | $226,670 |
Recovered_Sheet5
Loans and Allowance for Credit Losses - Schedule of Types of Loans in Loan Portfolio (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial and industrial | $1,279,777 | $771,114 |
Agriculture | 198,610 | 74,481 |
Consumer and other (net of unearned discount) | 213,158 | 139,213 |
Total loans held for investment | 7,773,011 | 5,169,507 |
Total | 7,775,221 | 5,179,940 |
Residential mortgage loans held for sale [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Residential mortgage loans held for sale | 2,210 | 10,433 |
Construction, land development and other land loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Real estate | 865,511 | 550,768 |
Total loans held for investment | 865,511 | ' |
Total | 865,511 | 550,768 |
1-4 Family residential (includes home equity) [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Real estate | 2,129,510 | 1,432,133 |
Total loans held for investment | 2,129,510 | 1,432,133 |
Total | 2,131,720 | 1,442,566 |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Real estate | 2,753,797 | 1,990,642 |
Total loans held for investment | 2,753,797 | 1,990,642 |
Total | 2,753,797 | 1,990,642 |
Farmland [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Real estate | $332,648 | $211,156 |
Recovered_Sheet6
Loans and Allowance for Credit Losses - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Y | |||||
Assets | |||||
D | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Fixed rate, in years | 5 | ' | ' | ' | ' |
Contractual amounts outstanding not included loan purchase discounts | $133,300,000 | ' | ' | ' | ' |
Loans held for sale | 2,200,000 | ' | ' | ' | ' |
Percentage of loans related to single industry on total loans, maximum | 10.00% | 10.00% | ' | ' | ' |
Loans outstanding to directors, officers and affiliates | 6,187,000 | 6,682,000 | 9,809,000 | ' | ' |
Minimum period for ceases accruing interest, in days | 90 | ' | ' | ' | ' |
Total nonperforming assets | 22,504,000 | 13,015,000 | 12,052,000 | 15,842,000 | 16,356,000 |
Number of nonperforming assets | 40 | ' | ' | ' | ' |
Interest on nonaccrual loans | 440,000 | 270,000 | 253,000 | ' | ' |
Maximum principal and interest collectible on substandard impaired loans, percentage | 100.00% | ' | ' | ' | ' |
Allowance for credit losses totaled | 67,300,000 | 52,600,000 | ' | ' | ' |
Allowance for credit losses as a percentage of total loans | 0.87% | 1.01% | ' | ' | ' |
Determined period of default, minimum number of days past due | '90 days | ' | ' | ' | ' |
New troubled debt restructurings | 716,000 | ' | ' | ' | ' |
Outstanding troubled debt restructurings | 716,000 | ' | ' | ' | ' |
Residential mortgage loans held for sale [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Residential mortgage loans held for sale | 2,210,000 | 10,433,000 | ' | ' | ' |
1-4 Family Residential Loans [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Originated loan maximum percentage of appraised value | 89.00% | ' | ' | ' | ' |
Veteran Administration And Federal Housing Administration Loan [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Term of consumer loans | 30 | ' | ' | ' | ' |
Commercial Mortgages [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Percentage of outstanding principal balance, commercial real estate loans | 52.80% | ' | ' | ' | ' |
Commercial real estate loans, net | 3,620,000,000 | ' | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Loan evaluation by loan concurrence officers | 1,000,000 | ' | ' | ' | ' |
Loan evaluation by directors' loan committee | 25,000,000 | ' | ' | ' | ' |
Term of consumer loans | 12 | ' | ' | ' | ' |
Minimum [Member] | 1-4 Family Residential Loans [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Term of consumer loans | 5 | ' | ' | ' | ' |
Minimum [Member] | Commercial Mortgages [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Term of consumer loans | 15 | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Loan evaluation by loan concurrence officers | 3,500,000 | ' | ' | ' | ' |
Loan evaluation by board of directors | $50,000,000 | ' | ' | ' | ' |
Term of consumer loans | 180 | ' | ' | ' | ' |
Maximum [Member] | 1-4 Family Residential Loans [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Term of consumer loans | 25 | ' | ' | ' | ' |
Maximum [Member] | Commercial Mortgages [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Term of consumer loans | 20 | ' | ' | ' | ' |
Loans_and_Allowance_for_Credit2
Loans and Allowance for Credit Losses - Schedule of Contractual Maturities of Loans (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | $7,906,303 |
Loans with a predetermined interest rate | 3,451,196 |
Loans with a floating interest rate | 4,455,107 |
Total | 7,906,303 |
Commercial and Industrial [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 1,313,108 |
Construction, land development and other land loans [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 874,758 |
1-4 Family residential (includes home equity) [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 2,141,379 |
Commercial (includes multi-family residential) [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 2,822,661 |
Agriculture (includes farmland) [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 539,269 |
Consumer and other [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 215,128 |
One Year Or Less [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 1,171,082 |
Loans with a predetermined interest rate | 373,155 |
Loans with a floating interest rate | 797,927 |
Total | 1,171,082 |
One Year Or Less [Member] | Commercial and Industrial [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 505,151 |
One Year Or Less [Member] | Construction, land development and other land loans [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 280,838 |
One Year Or Less [Member] | 1-4 Family residential (includes home equity) [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 30,352 |
One Year Or Less [Member] | Commercial (includes multi-family residential) [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 113,892 |
One Year Or Less [Member] | Agriculture (includes farmland) [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 172,535 |
One Year Or Less [Member] | Consumer and other [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 68,314 |
After One Through Five Years [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 1,445,943 |
Loans with a predetermined interest rate | 721,115 |
Loans with a floating interest rate | 724,828 |
Total | 1,445,943 |
After One Through Five Years [Member] | Commercial and Industrial [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 472,113 |
After One Through Five Years [Member] | Construction, land development and other land loans [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 172,245 |
After One Through Five Years [Member] | 1-4 Family residential (includes home equity) [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 134,488 |
After One Through Five Years [Member] | Commercial (includes multi-family residential) [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 498,971 |
After One Through Five Years [Member] | Agriculture (includes farmland) [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 72,384 |
After One Through Five Years [Member] | Consumer and other [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 95,742 |
After Five Years [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 5,289,278 |
Loans with a predetermined interest rate | 2,356,926 |
Loans with a floating interest rate | 2,932,352 |
Total | 5,289,278 |
After Five Years [Member] | Commercial and Industrial [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 335,844 |
After Five Years [Member] | Construction, land development and other land loans [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 421,675 |
After Five Years [Member] | 1-4 Family residential (includes home equity) [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 1,976,539 |
After Five Years [Member] | Commercial (includes multi-family residential) [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 2,209,798 |
After Five Years [Member] | Agriculture (includes farmland) [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | 294,350 |
After Five Years [Member] | Consumer and other [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Loans receivable gross of acquired loan discount and fair value | $51,072 |
Loans_and_Allowance_for_Credit3
Loans and Allowance for Credit Losses - Schedule of Activity with Respect to Related-Party Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | ' | ' |
Beginning balance | $6,682 | $9,809 |
New loans and reclassified related loans | 306 | 967 |
Repayments | -801 | -4,094 |
Ending balance | $6,187 | $6,682 |
Loans_and_Allowance_for_Credit4
Loans and Allowance for Credit Losses - Schedule of Past Due Loans with Age Analysis, Segregated by Class of Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
30-89 Days | $39,635 | $21,342 | ' | ' | ' |
90 or More Days | 4,947 | 331 | ' | ' | ' |
Total Past Due Loans | 44,582 | 21,673 | ' | ' | ' |
Nonaccrual Loans | 10,231 | 5,382 | 3,578 | 4,439 | 6,079 |
Current Loans | 7,720,408 | 5,152,885 | ' | ' | ' |
Total Loans | 7,775,221 | 5,179,940 | ' | ' | ' |
Construction, land development and other land loans [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
30-89 Days | 6,258 | 3,863 | ' | ' | ' |
90 or More Days | 2 | ' | ' | ' | ' |
Total Past Due Loans | 6,260 | 3,863 | ' | ' | ' |
Nonaccrual Loans | 386 | 1,170 | ' | ' | ' |
Current Loans | 858,865 | 545,735 | ' | ' | ' |
Total Loans | 865,511 | 550,768 | ' | ' | ' |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
30-89 Days | 5,634 | 310 | ' | ' | ' |
90 or More Days | 218 | 21 | ' | ' | ' |
Total Past Due Loans | 5,852 | 331 | ' | ' | ' |
Nonaccrual Loans | 62 | 396 | ' | ' | ' |
Current Loans | 525,344 | 284,910 | ' | ' | ' |
Total Loans | 531,258 | 285,637 | ' | ' | ' |
1-4 Family residential (includes home equity) [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
30-89 Days | 8,684 | 2,307 | ' | ' | ' |
90 or More Days | 2,012 | 310 | ' | ' | ' |
Total Past Due Loans | 10,696 | 2,617 | ' | ' | ' |
Nonaccrual Loans | 3,086 | 1,598 | ' | ' | ' |
Current Loans | 2,117,938 | 1,438,351 | ' | ' | ' |
Total Loans | 2,131,720 | 1,442,566 | ' | ' | ' |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
30-89 Days | 8,163 | 9,163 | ' | ' | ' |
90 or More Days | 1,752 | ' | ' | ' | ' |
Total Past Due Loans | 9,915 | 9,163 | ' | ' | ' |
Nonaccrual Loans | 4,333 | ' | ' | ' | ' |
Current Loans | 2,739,549 | 1,981,479 | ' | ' | ' |
Total Loans | 2,753,797 | 1,990,642 | ' | ' | ' |
Commercial and Industrial [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
30-89 Days | 9,552 | 4,843 | ' | ' | ' |
90 or More Days | 933 | ' | ' | ' | ' |
Total Past Due Loans | 10,485 | 4,843 | ' | ' | ' |
Nonaccrual Loans | 2,208 | 1,469 | ' | ' | ' |
Current Loans | 1,267,084 | 764,802 | ' | ' | ' |
Total Loans | 1,279,777 | 771,114 | ' | ' | ' |
Consumer and other [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
30-89 Days | 1,344 | 856 | ' | ' | ' |
90 or More Days | 30 | ' | ' | ' | ' |
Total Past Due Loans | 1,374 | 856 | ' | ' | ' |
Nonaccrual Loans | 156 | 749 | ' | ' | ' |
Current Loans | 211,628 | 137,608 | ' | ' | ' |
Total Loans | $213,158 | $139,213 | ' | ' | ' |
Loans_and_Allowance_for_Credit5
Loans and Allowance for Credit Losses - Schedule of Past Due Loans with Age Analysis, Segregated by Class of Loans (Parenthetical) (Detail) (Residential mortgage loans held for sale [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Residential mortgage loans held for sale [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Residential mortgage loans held for sale | $2,210 | $10,433 |
Loans_and_Allowance_for_Credit6
Loans and Allowance for Credit Losses - Schedule of Nonperforming Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | |||||
Receivables [Abstract] | ' | ' | ' | ' | ' |
Nonaccrual Loans | $10,231 | $5,382 | $3,578 | $4,439 | $6,079 |
Accruing loans 90 or more days past due | 4,947 | 331 | ' | 189 | 2,332 |
Total nonperforming loans | 15,178 | 5,713 | 3,578 | 4,628 | 8,411 |
Repossessed assets | 27 | 68 | 146 | 161 | 116 |
Other real estate | 7,299 | 7,234 | 8,328 | 11,053 | 7,829 |
Total nonperforming assets | $22,504 | $13,015 | $12,052 | $15,842 | $16,356 |
Nonperforming assets to total loans and other real estate | 0.29% | 0.25% | 0.32% | 0.45% | 0.48% |
Loans_and_Allowances_for_Credi
Loans and Allowances for Credit Losses - Schedule of Impaired Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | $8,842 | $6,851 |
Unpaid Principal Balance | 10,441 | 7,018 |
Related Allowance | 2,459 | 1,981 |
Average Recorded Investment | 7,850 | 6,281 |
Construction, land development and other land loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 277 | 1,144 |
Unpaid Principal Balance | 289 | 1,175 |
Related Allowance | ' | ' |
Average Recorded Investment | 711 | 819 |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 35 | 111 |
Unpaid Principal Balance | 84 | 118 |
Related Allowance | 18 | 29 |
Average Recorded Investment | 74 | 79 |
1-4 Family residential (includes home equity) [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 3,103 | 1,490 |
Unpaid Principal Balance | 3,212 | 1,539 |
Related Allowance | 890 | 273 |
Average Recorded Investment | 2,297 | 1,101 |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 4,103 | 2,900 |
Unpaid Principal Balance | 5,413 | 2,927 |
Related Allowance | 445 | 610 |
Average Recorded Investment | 3,502 | 3,401 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 1,214 | 1,130 |
Unpaid Principal Balance | 1,314 | 1,168 |
Related Allowance | 1,029 | 1,002 |
Average Recorded Investment | 1,172 | 857 |
Consumer and other [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 110 | 76 |
Unpaid Principal Balance | 129 | 91 |
Related Allowance | 77 | 67 |
Average Recorded Investment | 94 | 24 |
With No Related Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 3,483 | 2,259 |
Unpaid Principal Balance | 4,946 | 2,349 |
Related Allowance | ' | ' |
Average Recorded Investment | 2,873 | 1,537 |
With No Related Allowance Recorded [Member] | Construction, land development and other land loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 277 | 1,144 |
Unpaid Principal Balance | 289 | 1,175 |
Related Allowance | ' | ' |
Average Recorded Investment | 711 | 368 |
With No Related Allowance Recorded [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 14 | 77 |
Unpaid Principal Balance | 57 | 77 |
Related Allowance | ' | ' |
Average Recorded Investment | 46 | 34 |
With No Related Allowance Recorded [Member] | 1-4 Family residential (includes home equity) [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 584 | 491 |
Unpaid Principal Balance | 664 | 522 |
Related Allowance | ' | ' |
Average Recorded Investment | 538 | 381 |
With No Related Allowance Recorded [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 2,490 | 450 |
Unpaid Principal Balance | 3,798 | 476 |
Related Allowance | ' | ' |
Average Recorded Investment | 1,470 | 676 |
With No Related Allowance Recorded [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 103 | 87 |
Unpaid Principal Balance | 122 | 89 |
Related Allowance | ' | ' |
Average Recorded Investment | 95 | 75 |
With No Related Allowance Recorded [Member] | Consumer and other [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 15 | 10 |
Unpaid Principal Balance | 16 | 10 |
Related Allowance | ' | ' |
Average Recorded Investment | 13 | 3 |
With an Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 5,359 | 4,592 |
Unpaid Principal Balance | 5,495 | 4,669 |
Related Allowance | 2,459 | 1,981 |
Average Recorded Investment | 4,977 | 4,744 |
With an Allowance Recorded [Member] | Construction, land development and other land loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Average Recorded Investment | ' | 451 |
With an Allowance Recorded [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 21 | 34 |
Unpaid Principal Balance | 27 | 41 |
Related Allowance | 18 | 29 |
Average Recorded Investment | 28 | 45 |
With an Allowance Recorded [Member] | 1-4 Family residential (includes home equity) [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 2,519 | 999 |
Unpaid Principal Balance | 2,548 | 1,017 |
Related Allowance | 890 | 273 |
Average Recorded Investment | 1,759 | 720 |
With an Allowance Recorded [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 1,613 | 2,450 |
Unpaid Principal Balance | 1,615 | 2,451 |
Related Allowance | 445 | 610 |
Average Recorded Investment | 2,032 | 2,725 |
With an Allowance Recorded [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 1,111 | 1,043 |
Unpaid Principal Balance | 1,192 | 1,079 |
Related Allowance | 1,029 | 1,002 |
Average Recorded Investment | 1,077 | 782 |
With an Allowance Recorded [Member] | Consumer and other [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | 95 | 66 |
Unpaid Principal Balance | 113 | 81 |
Related Allowance | 77 | 67 |
Average Recorded Investment | $81 | $21 |
Loans_and_Allowance_for_Credit7
Loans and Allowance for Credit Losses - Schedule Showing Risk Grades and Impaired Loans by Class of Loan (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | $7,775,221 | $5,179,940 |
Construction, land development and other land loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 865,511 | 550,768 |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 531,258 | 285,637 |
1-4 Family residential (includes home equity) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 2,131,720 | 1,442,566 |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 2,753,797 | 1,990,642 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 1,279,777 | 771,114 |
Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 213,158 | 139,213 |
Grade 1 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 86,718 | 97,940 |
Grade 1 [Member] | Construction, land development and other land loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 476 |
Grade 1 [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 5,225 | 4,195 |
Grade 1 [Member] | 1-4 Family residential (includes home equity) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 515 |
Grade 1 [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | ' |
Grade 1 [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 50,131 | 53,965 |
Grade 1 [Member] | Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 31,362 | 38,789 |
Grade 2 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 4,993,837 |
Grade 2 [Member] | Construction, land development and other land loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 537,340 |
Grade 2 [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 277,333 |
Grade 2 [Member] | 1-4 Family residential (includes home equity) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 1,431,095 |
Grade 2 [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 1,945,319 |
Grade 2 [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 702,587 |
Grade 2 [Member] | Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 100,163 |
Grade 3 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 7,575,005 | 34,907 |
Grade 3 [Member] | Construction, land development and other land loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 858,712 | 7,250 |
Grade 3 [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 520,921 | 2,024 |
Grade 3 [Member] | 1-4 Family residential (includes home equity) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 2,113,698 | 4,947 |
Grade 3 [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 2,697,664 | 11,760 |
Grade 3 [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 1,202,604 | 8,926 |
Grade 3 [Member] | Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 181,406 | ' |
Grade 4 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 23,525 |
Grade 4 [Member] | Construction, land development and other land loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 4,256 |
Grade 4 [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 1,694 |
Grade 4 [Member] | 1-4 Family residential (includes home equity) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 4,303 |
Grade 4 [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 11,711 |
Grade 4 [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 1,385 |
Grade 4 [Member] | Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 176 |
Grade 5 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 39,028 | 6,838 |
Grade 5 [Member] | Construction, land development and other land loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 1,141 | 1,144 |
Grade 5 [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 3,427 | 111 |
Grade 5 [Member] | 1-4 Family residential (includes home equity) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 6,337 | 1,477 |
Grade 5 [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 10,798 | 2,900 |
Grade 5 [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 17,179 | 1,130 |
Grade 5 [Member] | Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 146 | 76 |
Grade 6 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 24,036 | 13 |
Grade 6 [Member] | Construction, land development and other land loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 1,616 | ' |
Grade 6 [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 1,043 | ' |
Grade 6 [Member] | 1-4 Family residential (includes home equity) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 4,504 | 13 |
Grade 6 [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 14,316 | ' |
Grade 6 [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 2,423 | ' |
Grade 6 [Member] | Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 134 | ' |
Grade 7 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 8,832 | ' |
Grade 7 [Member] | Construction, land development and other land loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 277 | ' |
Grade 7 [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 35 | ' |
Grade 7 [Member] | 1-4 Family residential (includes home equity) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 3,093 | ' |
Grade 7 [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 4,103 | ' |
Grade 7 [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 1,214 | ' |
Grade 7 [Member] | Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 110 | ' |
PCI Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 41,592 | 22,880 |
PCI Loans [Member] | Construction, land development and other land loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 3,765 | 302 |
PCI Loans [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 607 | 280 |
PCI Loans [Member] | 1-4 Family residential (includes home equity) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 4,078 | 216 |
PCI Loans [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 26,916 | 18,952 |
PCI Loans [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 6,226 | 3,121 |
PCI Loans [Member] | Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | 9 |
Grade 8 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 10 | ' |
Grade 8 [Member] | Construction, land development and other land loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | ' |
Grade 8 [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | ' |
Grade 8 [Member] | 1-4 Family residential (includes home equity) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | 10 | ' |
Grade 8 [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | ' |
Grade 8 [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | ' |
Grade 8 [Member] | Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | ' |
Grade 9 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | ' |
Grade 9 [Member] | Construction, land development and other land loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | ' |
Grade 9 [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | ' |
Grade 9 [Member] | 1-4 Family residential (includes home equity) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | ' |
Grade 9 [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | ' |
Grade 9 [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | ' |
Grade 9 [Member] | Consumer and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans held for investment | ' | ' |
Loans_and_Allowance_for_Credit8
Loans and Allowance for Credit Losses - Schedule Showing Risk Grades and Impaired Loans by Class of Loan (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Mortgage loans held for sale | $2,200,000 | $10,400,000 |
Substandard loan | 7,775,221,000 | 5,179,940,000 |
PCI Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Substandard loan | 41,592,000 | 22,880,000 |
PCI Loans [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Substandard loan | $17,600,000 | ' |
Loans_and_Allowance_for_Credit9
Loans and Allowance for Credit Losses - Schedule of Recorded Investment in Loans and Activity in Allowance for Credit Losses by Portfolio Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance for credit losses, Beginning Balance | $52,564 | $51,594 | $51,584 |
Provision for credit losses | 17,240 | 6,100 | 5,200 |
Charge-offs | -5,493 | -7,896 | -6,850 |
Recoveries | 2,971 | 2,766 | 1,660 |
Net charge-offs | -2,522 | -5,130 | ' |
Allowance for credit losses, Ending Balance | 67,282 | 52,564 | 51,594 |
Individually evaluated for impairment | 2,459 | 1,981 | ' |
Collectively evaluated for impairment | 64,823 | 50,583 | ' |
PCI loans | -41,592 | -22,880 | ' |
Total allowance for credit losses | 67,282 | 52,564 | 51,594 |
PCI loans | 41,592 | 22,880 | ' |
Total loans evaluated for impairment | 7,773,011 | 5,169,507 | ' |
Loans [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Individually evaluated for impairment | 8,842 | 6,851 | ' |
Collectively evaluated for impairment | 7,722,577 | 5,139,776 | ' |
Construction, land development and other land loans [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance for credit losses, Beginning Balance | ' | 12,094 | ' |
Provision for credit losses | ' | 1,190 | ' |
Charge-offs | ' | -1,392 | ' |
Recoveries | ' | 17 | ' |
Net charge-offs | ' | -1,375 | ' |
Allowance for credit losses, Ending Balance | ' | 11,909 | ' |
Individually evaluated for impairment | ' | ' | ' |
Collectively evaluated for impairment | ' | 11,909 | ' |
PCI loans | ' | -302 | ' |
Total allowance for credit losses | ' | 11,909 | ' |
PCI loans | ' | 302 | ' |
Total loans evaluated for impairment | ' | 550,768 | ' |
Construction, land development and other land loans [Member] | Loans [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Individually evaluated for impairment | ' | 1,144 | ' |
Collectively evaluated for impairment | ' | 549,322 | ' |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance for credit losses, Beginning Balance | 764 | 511 | ' |
Provision for credit losses | 399 | 290 | ' |
Charge-offs | -48 | -82 | ' |
Recoveries | 114 | 45 | ' |
Net charge-offs | 66 | -37 | ' |
Allowance for credit losses, Ending Balance | 1,229 | 764 | ' |
Individually evaluated for impairment | 18 | 29 | ' |
Collectively evaluated for impairment | 1,211 | 735 | ' |
PCI loans | -607 | -280 | ' |
Total allowance for credit losses | 1,229 | 764 | ' |
PCI loans | 607 | 280 | ' |
Total loans evaluated for impairment | 531,258 | 285,637 | ' |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Loans [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Individually evaluated for impairment | 35 | 111 | ' |
Collectively evaluated for impairment | 530,616 | 285,246 | ' |
1-4 Family residential (includes home equity) [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance for credit losses, Beginning Balance | 13,942 | 12,645 | ' |
Provision for credit losses | 3,277 | 1,754 | ' |
Charge-offs | -211 | -569 | ' |
Recoveries | 38 | 112 | ' |
Net charge-offs | -173 | -457 | ' |
Allowance for credit losses, Ending Balance | 17,046 | 13,942 | ' |
Individually evaluated for impairment | 890 | 273 | ' |
Collectively evaluated for impairment | 16,156 | 13,669 | ' |
PCI loans | -4,078 | -216 | ' |
Total allowance for credit losses | 17,046 | 13,942 | ' |
PCI loans | 4,078 | 216 | ' |
Total loans evaluated for impairment | 2,129,510 | 1,432,133 | ' |
1-4 Family residential (includes home equity) [Member] | Loans [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Individually evaluated for impairment | 3,103 | 1,490 | ' |
Collectively evaluated for impairment | 2,122,329 | 1,430,427 | ' |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance for credit losses, Beginning Balance | 19,607 | 21,460 | ' |
Provision for credit losses | 5,189 | 273 | ' |
Charge-offs | -894 | -2,294 | ' |
Recoveries | 933 | 168 | ' |
Net charge-offs | 39 | -2,126 | ' |
Allowance for credit losses, Ending Balance | 24,835 | 19,607 | ' |
Individually evaluated for impairment | 445 | 610 | ' |
Collectively evaluated for impairment | 24,390 | 18,997 | ' |
PCI loans | -26,916 | -18,952 | ' |
Total allowance for credit losses | 24,835 | 19,607 | ' |
PCI loans | 26,916 | 18,952 | ' |
Total loans evaluated for impairment | 2,753,797 | 1,990,642 | ' |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Loans [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Individually evaluated for impairment | 4,103 | 2,900 | ' |
Collectively evaluated for impairment | 2,722,778 | 1,968,790 | ' |
Commercial and Industrial [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance for credit losses, Beginning Balance | 5,777 | 3,826 | ' |
Provision for credit losses | 2,714 | 1,810 | ' |
Charge-offs | -672 | -674 | ' |
Recoveries | 348 | 815 | ' |
Net charge-offs | -324 | 141 | ' |
Allowance for credit losses, Ending Balance | 8,167 | 5,777 | ' |
Individually evaluated for impairment | 1,029 | 1,002 | ' |
Collectively evaluated for impairment | 7,138 | 4,775 | ' |
PCI loans | -6,226 | -3,121 | ' |
Total allowance for credit losses | 8,167 | 5,777 | ' |
PCI loans | 6,226 | 3,121 | ' |
Total loans evaluated for impairment | 1,279,777 | 771,114 | ' |
Commercial and Industrial [Member] | Loans [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Individually evaluated for impairment | 1,214 | 1,130 | ' |
Collectively evaluated for impairment | 1,272,337 | 766,863 | ' |
Consumer and other [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance for credit losses, Beginning Balance | 565 | 1,058 | ' |
Provision for credit losses | 3,191 | 783 | ' |
Charge-offs | -3,397 | -2,885 | ' |
Recoveries | 1,293 | 1,609 | ' |
Net charge-offs | -2,104 | -1,276 | ' |
Allowance for credit losses, Ending Balance | 1,652 | 565 | ' |
Individually evaluated for impairment | 77 | 67 | ' |
Collectively evaluated for impairment | 1,575 | 498 | ' |
PCI loans | ' | -9 | ' |
Total allowance for credit losses | 1,652 | 565 | ' |
PCI loans | ' | 9 | ' |
Total loans evaluated for impairment | 213,158 | 139,213 | ' |
Consumer and other [Member] | Loans [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Individually evaluated for impairment | 110 | 76 | ' |
Collectively evaluated for impairment | 213,048 | 139,128 | ' |
Construction, land development and other land loans [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Allowance for credit losses, Beginning Balance | 11,909 | ' | ' |
Provision for credit losses | 2,470 | ' | ' |
Charge-offs | -271 | ' | ' |
Recoveries | 245 | ' | ' |
Net charge-offs | -26 | ' | ' |
Allowance for credit losses, Ending Balance | 14,353 | ' | ' |
Individually evaluated for impairment | ' | ' | ' |
Collectively evaluated for impairment | 14,353 | ' | ' |
PCI loans | -3,765 | ' | ' |
Total allowance for credit losses | 14,353 | ' | ' |
PCI loans | 3,765 | ' | ' |
Total loans evaluated for impairment | 865,511 | ' | ' |
Construction, land development and other land loans [Member] | Loans [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Individually evaluated for impairment | 277 | ' | ' |
Collectively evaluated for impairment | $861,469 | ' | ' |
Recovered_Sheet7
Loans and Allowance for Credit Losses - Schedule of activity in allowance for credit losses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Receivables [Abstract] | ' | ' | ' |
Allowance for credit losses, Beginning Balance | $52,564 | $51,594 | $51,584 |
Addition-provision charged to operations | ' | ' | 5,200 |
Loans charged-off | -5,493 | -7,896 | -6,850 |
Loan recoveries | 2,971 | 2,766 | 1,660 |
Net charge-offs | ' | ' | -5,190 |
Allowance for credit losses, Ending Balance | $67,282 | $52,564 | $51,594 |
Recovered_Sheet8
Loans and Allowance for Credit Losses - Schedule of Loans Modified in Troubled Debt Restructuring (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
TDRs | TDRs | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 3 | 6 |
Recorded Investment at Date of Restructure | $716 | $1,123 |
Recorded Investment at Year End | 700 | 1,065 |
Construction, land development and other land loans [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 1 | ' |
Recorded Investment at Date of Restructure | 251 | ' |
Recorded Investment at Year End | 236 | ' |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | ' | ' |
Recorded Investment at Date of Restructure | ' | ' |
Recorded Investment at Year End | ' | ' |
1-4 Family residential (includes home equity) [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | ' | ' |
Recorded Investment at Date of Restructure | ' | ' |
Recorded Investment at Year End | ' | ' |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 1 | 1 |
Recorded Investment at Date of Restructure | 450 | 52 |
Recorded Investment at Year End | 450 | 51 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 1 | 4 |
Recorded Investment at Date of Restructure | 15 | 1,007 |
Recorded Investment at Year End | 14 | 951 |
Consumer and other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | ' | 1 |
Recorded Investment at Date of Restructure | ' | 64 |
Recorded Investment at Year End | ' | $63 |
Fair_Value_Schedule_of_Fair_Va
Fair Value - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | $157,478,000 | $226,670,000 |
Estimated Fair Value | 38,000 | ' |
States and Political Subdivisions [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 29,375,000 | 36,434,000 |
Collateralized Mortgage Obligations [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 489,000 | 604,000 |
Mortgage - Backed Securities [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 115,137,000 | 180,416,000 |
Other Securities [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 12,477,000 | 9,216,000 |
Non Hedging Interest Rate Swaps [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Estimated Fair Value | 38,000 | ' |
Level 1 [Member] | States and Political Subdivisions [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Level 1 [Member] | Collateralized Mortgage Obligations [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Level 1 [Member] | Mortgage - Backed Securities [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Level 1 [Member] | Other Securities [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 12,477,000 | 7,688,000 |
Level 1 [Member] | Non Hedging Interest Rate Swaps [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Estimated Fair Value | ' | ' |
Level 2 [Member] | States and Political Subdivisions [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 29,375,000 | 36,434,000 |
Level 2 [Member] | Collateralized Mortgage Obligations [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 489,000 | 604,000 |
Level 2 [Member] | Mortgage - Backed Securities [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | 115,137,000 | 180,416,000 |
Level 2 [Member] | Other Securities [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | 1,528,000 |
Level 2 [Member] | Non Hedging Interest Rate Swaps [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Estimated Fair Value | 38,000 | ' |
Level 3 [Member] | States and Political Subdivisions [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Level 3 [Member] | Collateralized Mortgage Obligations [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Level 3 [Member] | Mortgage - Backed Securities [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Level 3 [Member] | Other Securities [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Available for sale securities | ' | ' |
Level 3 [Member] | Non Hedging Interest Rate Swaps [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Estimated Fair Value | ' | ' |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' |
Additions to other real estate | $3.10 |
Real estate owned outstanding | 1.4 |
Additions to impaired loans | 11.8 |
Impaired loans, outstanding | $7.10 |
Fair_Value_Summary_of_Financia
Fair Value - Summary of Financial Assets and Liabilities Measured on Recurring and Non-Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | |||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Cash and due from banks | $380,990 | $325,952 | ' | ' | ' |
Federal funds sold | 400 | 352 | ' | ' | ' |
Held to maturity securities | 7,987,342 | 7,418,695 | ' | ' | ' |
Federal Home Loan Bank of Dallas stock | 24,499 | 34,461 | ' | ' | ' |
Other real estate owned | 7,299 | 7,234 | 8,328 | 11,053 | 7,829 |
Noninterest-bearing | 4,108,835 | 3,016,205 | ' | ' | ' |
Interest-bearing | 11,182,436 | 8,625,639 | ' | ' | ' |
Other borrowings | 10,689 | 256,753 | ' | ' | ' |
Securities sold under repurchase agreements | 364,357 | 454,502 | ' | ' | ' |
Junior subordinated debentures | 124,231 | 85,055 | ' | ' | ' |
Carrying Amount [Member] | ' | ' | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Cash and due from banks | 380,990 | 325,952 | ' | ' | ' |
Federal funds sold | 400 | 352 | ' | ' | ' |
Held to maturity securities | 8,066,970 | 7,215,395 | ' | ' | ' |
Loans held for sale | 2,210 | 10,433 | ' | ' | ' |
Loans held for investment, net of allowance | 7,705,729 | 5,116,943 | ' | ' | ' |
Federal Home Loan Bank of Dallas stock | 24,499 | 34,461 | ' | ' | ' |
Other real estate owned | 7,299 | 7,234 | ' | ' | ' |
Non-hedging interest rate swap | 38 | ' | ' | ' | ' |
Noninterest-bearing | 4,108,835 | 3,016,205 | ' | ' | ' |
Interest-bearing | 11,182,436 | 8,625,639 | ' | ' | ' |
Other borrowings | 10,689 | 256,753 | ' | ' | ' |
Securities sold under repurchase agreements | 364,357 | 454,502 | ' | ' | ' |
Junior subordinated debentures | 124,231 | 85,055 | ' | ' | ' |
Non-hedging interest rate swap | 38 | ' | ' | ' | ' |
Estimated Fair Value [Member] | ' | ' | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Cash and due from banks | 380,990 | 325,952 | ' | ' | ' |
Federal funds sold | 400 | 352 | ' | ' | ' |
Held to maturity securities | 7,987,342 | 7,418,695 | ' | ' | ' |
Loans held for sale | 2,210 | 10,433 | ' | ' | ' |
Loans held for investment, net of allowance | 7,749,786 | 5,186,779 | ' | ' | ' |
Federal Home Loan Bank of Dallas stock | 24,499 | 34,461 | ' | ' | ' |
Other real estate owned | 7,299 | 7,234 | ' | ' | ' |
Non-hedging interest rate swap | 38 | ' | ' | ' | ' |
Noninterest-bearing | 4,108,835 | 3,016,205 | ' | ' | ' |
Interest-bearing | 11,196,241 | 8,640,625 | ' | ' | ' |
Other borrowings | 12,014 | 258,819 | ' | ' | ' |
Securities sold under repurchase agreements | 364,477 | 454,596 | ' | ' | ' |
Junior subordinated debentures | 119,325 | 72,705 | ' | ' | ' |
Non-hedging interest rate swap | 38 | ' | ' | ' | ' |
Estimated Fair Value [Member] | Level 1 [Member] | ' | ' | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Cash and due from banks | 380,990 | 325,952 | ' | ' | ' |
Federal funds sold | 400 | 352 | ' | ' | ' |
Held to maturity securities | ' | ' | ' | ' | ' |
Loans held for sale | 2,210 | 10,433 | ' | ' | ' |
Loans held for investment, net of allowance | ' | ' | ' | ' | ' |
Federal Home Loan Bank of Dallas stock | 24,499 | 34,461 | ' | ' | ' |
Other real estate owned | ' | ' | ' | ' | ' |
Non-hedging interest rate swap | ' | ' | ' | ' | ' |
Noninterest-bearing | ' | ' | ' | ' | ' |
Interest-bearing | ' | ' | ' | ' | ' |
Other borrowings | ' | ' | ' | ' | ' |
Securities sold under repurchase agreements | ' | ' | ' | ' | ' |
Junior subordinated debentures | ' | ' | ' | ' | ' |
Non-hedging interest rate swap | ' | ' | ' | ' | ' |
Estimated Fair Value [Member] | Level 2 [Member] | ' | ' | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Cash and due from banks | ' | ' | ' | ' | ' |
Federal funds sold | ' | ' | ' | ' | ' |
Held to maturity securities | 7,987,342 | 7,418,695 | ' | ' | ' |
Loans held for sale | ' | ' | ' | ' | ' |
Loans held for investment, net of allowance | ' | ' | ' | ' | ' |
Federal Home Loan Bank of Dallas stock | ' | ' | ' | ' | ' |
Other real estate owned | 7,299 | 7,234 | ' | ' | ' |
Non-hedging interest rate swap | 38 | ' | ' | ' | ' |
Noninterest-bearing | 4,108,835 | 3,016,205 | ' | ' | ' |
Interest-bearing | 11,196,241 | 8,640,625 | ' | ' | ' |
Other borrowings | 12,014 | 258,819 | ' | ' | ' |
Securities sold under repurchase agreements | 364,477 | 454,596 | ' | ' | ' |
Junior subordinated debentures | 119,325 | 72,705 | ' | ' | ' |
Non-hedging interest rate swap | 38 | ' | ' | ' | ' |
Estimated Fair Value [Member] | Level 3 [Member] | ' | ' | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Cash and due from banks | ' | ' | ' | ' | ' |
Federal funds sold | ' | ' | ' | ' | ' |
Held to maturity securities | ' | ' | ' | ' | ' |
Loans held for sale | ' | ' | ' | ' | ' |
Loans held for investment, net of allowance | 7,749,786 | 5,186,779 | ' | ' | ' |
Federal Home Loan Bank of Dallas stock | ' | ' | ' | ' | ' |
Other real estate owned | ' | ' | ' | ' | ' |
Non-hedging interest rate swap | ' | ' | ' | ' | ' |
Noninterest-bearing | ' | ' | ' | ' | ' |
Interest-bearing | ' | ' | ' | ' | ' |
Other borrowings | ' | ' | ' | ' | ' |
Securities sold under repurchase agreements | ' | ' | ' | ' | ' |
Junior subordinated debentures | ' | ' | ' | ' | ' |
Non-hedging interest rate swap | ' | ' | ' | ' | ' |
Premises_and_Equipment_Schedul
Premises and Equipment - Schedule of Premises and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' |
Land | $97,000 | $66,694 |
Buildings | 193,817 | 156,140 |
Furniture, fixtures and equipment | 51,418 | 33,056 |
Construction in progress | 5,600 | 4,334 |
Total | 347,835 | 260,224 |
Less accumulated depreciation | -64,910 | -54,956 |
Premises and equipment, net | $282,925 | $205,268 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' | ' |
Depreciation expense | $10,593 | $8,923 | $8,150 |
Deposits_Certificates_and_Thei
Deposits - Certificates and Their Remaining Maturities (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Call Loans And Funds Sold And Call Money And Funds Purchased [Abstract] | ' |
Three months or less | $401,488 |
Over three through six months. | 818,602 |
Over six through 12 months | 243,024 |
Over 12 months | 106,009 |
Total | $1,569,123 |
Three months or less | 25.50% |
Over three through six months. | 52.20% |
Over six through 12 months | 15.50% |
Over 12 months | 6.80% |
Total | 100.00% |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Call Loans And Funds Sold And Call Money And Funds Purchased [Abstract] | ' | ' | ' |
Interest expense for certificates of deposit in excess of $100,000 | $9,400,000 | $8,900,000 | $11,600,000 |
Brokered Deposits | $234,000 | ' | ' |
Recovered_Sheet9
Other Borrowings and Securities Sold Under Repurchase Agreements - Schedule of Borrowings (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Call Loans And Funds Sold And Call Money And Funds Purchased [Abstract] | ' | ' |
FHLB advances | $0 | $245,000 |
FHLB long-term notes payable | 10,689 | 11,753 |
Total other borrowings | 10,689 | 256,753 |
Securities sold under repurchase agreements | 364,357 | 454,502 |
Total | $375,046 | $711,255 |
Recovered_Sheet10
Other Borrowings and Securities Sold Under Repurchase Agreements - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Minimum [Member] | Maximum [Member] | |||
Federal Home Loan Bank Borrowings By Year Of Maturity And Applicable Interest Rate [Line Items] | ' | ' | ' | ' |
Total funds available | $4,670,000,000 | ' | ' | ' |
Funds outstanding under agreement | 10,700,000 | ' | ' | ' |
FHLB short-term overnight borrowings | 0 | 245,000,000 | ' | ' |
Long-term Federal Home Loan Bank Advances, Noncurrent | 10,689,000 | 11,753,000 | ' | ' |
Weighted average interest rate paid on the FHLB notes payable | 5.24% | ' | ' | ' |
Interest rate minimum | 4.08% | ' | ' | ' |
Interest rate maximum | 6.10% | ' | ' | ' |
Securities sold under repurchase agreements | 364,357,000 | 454,502,000 | ' | ' |
Average rate paid | 0.27% | 0.27% | ' | ' |
Repurchase agreements outstanding | $62,800,000 | ' | ' | ' |
Repurchase agreements Maturity Dates | ' | ' | '6 months | '48 months |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision for Federal Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current | $88,535 | $74,168 | $70,011 |
Deferred | 19,884 | 9,615 | 2,006 |
Total | $108,419 | $83,783 | $72,017 |
Income_Taxes_Additional_inform
Income Taxes - Additional information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
federal income tax statutory rate | 35.00% |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income Tax Reconciliation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Taxes calculated at statutory rate | $115,436 | $88,089 | $74,818 |
Tax-exempt interest | -6,360 | -3,836 | -2,344 |
Qualified Zone Academy Bond credit | ' | ' | -373 |
Qualified School Construction Bond credit | -530 | -504 | -504 |
BOLI income | -1,244 | -936 | -484 |
Qualified stock options | 12 | 22 | 55 |
Merger related expenses | 185 | 538 | ' |
Other, net | 920 | 410 | 849 |
Total | $108,419 | $83,783 | $72,017 |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Loan purchase discounts | $46,653 | $28,557 |
Allowance for credit losses | 22,565 | 18,239 |
Accrued liabilities | 6,294 | 5,566 |
Restricted stock | 4,242 | 3,192 |
Deferred compensation | 5,075 | 3,153 |
Certificates of Deposit | 42 | ' |
Net operating losses | 8,818 | 1,887 |
Self insurance reserve | 1,075 | 1,043 |
ORE write-downs | 5,826 | 967 |
Investments in partnerships | 30 | ' |
Other | 300 | 211 |
Total deferred tax assets | 100,920 | 62,815 |
Goodwill and core deposit intangibles | -20,801 | -20,559 |
Bank premises and equipment | -13,020 | -10,610 |
Securities | -6,823 | -9,901 |
Investments in partnerships | ' | -9,296 |
Unrealized gain on available for sale securities | -2,629 | -4,838 |
Prepaid expenses | -1,430 | -941 |
Deferred loan fees and costs | -1,283 | -652 |
Total deferred tax liabilities | -45,986 | -56,797 |
Net deferred tax assets | $54,934 | $6,018 |
Stock_Incentive_Programs_Addit
Stock Incentive Programs - Additional information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
OptionPlans | |||
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Number of stock-based employee compensation plans | 4 | ' | ' |
Number of stock option plans | 1 | ' | ' |
Number of stock-based employee compensation plans expired | 2 | ' | ' |
Allocated stock-based compensation expense | $4,200,000 | $3,600,000 | $3,600,000 |
Employee service stock-based compensation tax benefit from compensation expense | 1,500,000 | 1,200,000 | 1,200,000 |
Options exercisable | 155,000 | ' | ' |
Contractual term of stock options, years | '10 years | ' | ' |
Intrinsic value of options exercised | 6,900,000 | 2,200,000 | ' |
Total fair value of restricted stock awards | 148,000 | ' | ' |
Total fair value of unvested shares forfeited | 26,000 | 39,000 | 0 |
Proceeds from stock options exercised | 5,379,000 | 3,573,000 | 4,175,000 |
Tax benefit from option exercises | 0 | 0 | 0 |
Unrecognized compensation expense | 6,400,000 | ' | ' |
Expected weighted average period of unrecognized compensation expense recognized, in years | '2 years 9 months 15 days | ' | ' |
SNB Bancshares, Inc. [Member] | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Number of shares converted into stock options | 467,578 | ' | ' |
Range of Exercise Prices per share, Lower limit | $8.15 | ' | ' |
Range of Exercise Prices per share, Upper limit | $17.63 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Allocated stock-based compensation expense | 4,200,000 | 3,600,000 | 3,600,000 |
Number of other than shares granted during the period | 52,000 | ' | ' |
Total fair value of restricted stock awards | $1,200,000 | ' | ' |
Stock Option [Member] | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Options issued | 0 | 0 | 0 |
1995 Stock Option Plan [Member] | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Number of shares authorized for issuance | 680,000 | ' | ' |
Number of options granted during the period | 675,000 | ' | ' |
Stock splits | 'Two-for-one and four-for-one | ' | ' |
Number of shares converted into stock options | 3,750 | ' | ' |
1998 Stock Incentive Plan [Member] | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Number of shares authorized for issuance | 920,000 | ' | ' |
Number of options granted during the period | 819,500 | ' | ' |
Stock splits | 'Two-for-one | ' | ' |
Number of shares converted into stock options | 65,630 | ' | ' |
2004 Stock Incentive Plan [Member] | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Number of options granted during the period | 191,625 | ' | ' |
Option to purchase shares of common stock | 112,000 | ' | ' |
Options exercisable | 78,750 | ' | ' |
Remaining shares available for grant under the 2004 Plan | 447,451 | ' | ' |
2004 Stock Incentive Plan [Member] | SNB Bancshares, Inc. [Member] | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Number of shares converted into stock options | 6,950 | ' | ' |
2004 Stock Incentive Plan [Member] | Restricted Stock [Member] | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Number of other than shares granted during the period | 610,924 | ' | ' |
2004 Stock Incentive Plan [Member] | Maximum [Member] | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Number of shares authorized for issuance | 1,250,000 | ' | ' |
2012 Plan [Member] | ' | ' | ' |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' |
Number of shares authorized for issuance | 1,250,000 | ' | ' |
Stock_Incentive_Programs_Summa
Stock Incentive Programs - Summary of Changes in Outstanding Vested and Unvested Options (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
Number of Options outstanding, beginning of period | 386 | 525 | 696 | ' |
Options granted, Number of Options | ' | ' | ' | ' |
Options forfeited, Number of Options | -4 | -8 | ' | ' |
Options exercised, Number of Options | -194 | -131 | -171 | ' |
Number of Options outstanding, end of period | 188 | 386 | 525 | 696 |
Options outstanding, Weighted Average Exercise Price, beginning of period | $28.39 | $28.18 | $27.24 | ' |
Shares vested or expected to vest, Number of Options | 183 | ' | ' | ' |
Options granted, Weighted Average Exercise Price | ' | ' | ' | ' |
Shares exercisable, end of period, Number of Options | 155 | ' | ' | ' |
Options forfeited, Weighted Average Exercise Price | $30.97 | $30.93 | ' | ' |
Options exercised, Weighted Average Exercise Price | $27.69 | $27.36 | $24.48 | ' |
Options outstanding, Weighted Average Exercise Price, end of period | $28.88 | $28.39 | $28.18 | $27.24 |
Shares vested or expected to vest, Weighted Average Exercise Price | $24.86 | ' | ' | ' |
Shares exercisable, Weighted Average Exercise Price, end of period | $27.68 | ' | ' | ' |
Options outstanding, Weighted Average Remaining Contractual Term (in years), end of period | '3 years 8 months 12 days | '3 years 2 months 12 days | '3 years 10 months 17 days | '4 years 5 months 23 days |
Shares vested or expected to vest, Weighted Average Remaining Contractual Term (in years) | '3 years 8 months 5 days | ' | ' | ' |
Shares exercisable, Weighted Average Remaining Contractual Term (in years), end of period | '2 years 10 months 6 days | ' | ' | ' |
Options outstanding, Average Intrinsic Value, end of period | $6,500 | $5,247 | $6,391 | $8,374 |
Shares vested or expected to vest, Average Intrinsic Value | 7,039 | ' | ' | ' |
Shares exercisable, Average Intrinsic Value, end of period | $5,539 | ' | ' | ' |
Stock_Incentive_Programs_Summa1
Stock Incentive Programs - Summary of Nonvested Shares of Restricted Stock and Changes During Year (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Stock [Member] | ' |
Nonvested Restricted Stock Units Activity [Line Items] | ' |
Nonvested share awards outstanding, beginning balance | 432,000 |
Share awards granted | 52,000 |
Unvested share awards forfeited | -6,000 |
Share awards vested | -26,000 |
Nonvested shares outstanding, ending balance | 452,000 |
Nonvested share awards outstanding, Weighted average grant date fair value, beginning balance | $38.12 |
Share awards granted, Weighted average grant date fair value | $54.17 |
Unvested share awards forfeited, Weighted average grant date fair value | $40.94 |
Share awards vested, Weighted average grant date fair value | $43.27 |
Nonvested shares outstanding, Weighted average grant date fair value, ending balance | $39.08 |
Recovered_Sheet11
Other Noninterest Income and Expense - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Other Nonoperating Income Expense [Abstract] | ' |
Other noninterest income and expense exceeding percentage | 1.00% |
Recovered_Sheet12
Other Noninterest Income and Expense - Schedule of Other Noninterest Income and Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Nonoperating Income Expense [Abstract] | ' | ' | ' |
Banking related service fees | $3,502 | $2,650 | $2,184 |
Bank Owned Life Insurance (BOLI) | 3,635 | 2,673 | 1,382 |
Net loss on sale of assets | -13 | -231 | -527 |
Rental income | 1,990 | 1,667 | 1,424 |
Other | 5,901 | 2,419 | 1,580 |
Total | 15,015 | 9,178 | 6,043 |
Advertising | 2,642 | 1,670 | 969 |
Losses | 2,138 | 1,314 | 1,110 |
Printing and supplies | 2,616 | 2,586 | 1,807 |
Professional fees | 3,573 | 4,118 | 2,598 |
Property taxes | 5,827 | 4,623 | 3,823 |
Travel and development | 3,629 | 2,179 | 1,539 |
Other | 10,254 | 6,743 | 5,107 |
Total | $30,679 | $23,233 | $16,953 |
Profit_Sharing_Plan_Additional
Profit Sharing Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Savings And Profit Sharing Plans [Abstract] | ' | ' | ' |
Percent company match of employee contributions to 401(k) | 50.00% | ' | ' |
Maximum percentage of employee's compensation | 15.00% | ' | ' |
Matching contribution amounts | $3.30 | $2.40 | $1.80 |
Recovered_Sheet13
Off-Balance Sheet Arrangements, Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments And Guarantee Obligations [Line Items] | ' | ' | ' |
Interest portion of junior subordinated | $2,551,000 | $2,593,000 | $2,984,000 |
Interest to be paid over future periods included in FHLB payments | 2,400,000 | ' | ' |
Commitments to extend credit | 256,800,000 | ' | ' |
Rent expense noncancelable operating lease obligations | 5,800,000 | 5,400,000 | 5,200,000 |
Minimum [Member] | ' | ' | ' |
Commitments And Guarantee Obligations [Line Items] | ' | ' | ' |
Percentage of commitments to extend credit | 1.40% | ' | ' |
Maximum [Member] | ' | ' | ' |
Commitments And Guarantee Obligations [Line Items] | ' | ' | ' |
Percentage of commitments to extend credit | 18.00% | ' | ' |
Contractual Obligations [Member] | ' | ' | ' |
Commitments And Guarantee Obligations [Line Items] | ' | ' | ' |
Interest portion of junior subordinated | 61,400,000 | ' | ' |
Current principal balance of the junior subordinated debentures | $124,200,000 | ' | ' |
Recovered_Sheet14
Off-Balance Sheet Arrangements, Commitments and Contingencies - Contractual Obligations and Other Commitments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Guarantee Obligations [Line Items] | ' |
1 year or less | $976,987 |
More than 1 year but less than 3 years | 160,271 |
3 years or more but less than 5 years | 78,081 |
5 years or more | 348,841 |
Total | 1,564,180 |
Federal Home Loan Bank notes payable [Member] | ' |
Commitments And Guarantee Obligations [Line Items] | ' |
1 year or less | 1,590 |
More than 1 year but less than 3 years | 3,456 |
3 years or more but less than 5 years | 5,665 |
5 years or more | 2,337 |
Total | 13,048 |
Operating leases [Member] | ' |
Commitments And Guarantee Obligations [Line Items] | ' |
1 year or less | 5,747 |
More than 1 year but less than 3 years | 7,806 |
3 years or more but less than 5 years | 3,405 |
5 years or more | 6,532 |
Total | 23,490 |
Junior subordinated debentures [Member] | ' |
Commitments And Guarantee Obligations [Line Items] | ' |
1 year or less | 3,009 |
More than 1 year but less than 3 years | 6,017 |
3 years or more but less than 5 years | 6,016 |
5 years or more | 170,540 |
Total | 185,582 |
Lease, Total [Member] | ' |
Commitments And Guarantee Obligations [Line Items] | ' |
1 year or less | 10,346 |
More than 1 year but less than 3 years | 17,279 |
3 years or more but less than 5 years | 15,086 |
5 years or more | 179,409 |
Total | $222,120 |
OffBalance_Sheet_Arrangements_2
Off-Balance Sheet Arrangements, Commitments and Contingencies - Letters of Credit and Commitments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Contractual Obligation Fiscal Year Maturity [Line Items] | ' |
1 year or less | $976,987 |
More than 1 year but less than 3 years | 160,271 |
3 years or more but less than 5 years | 78,081 |
5 years or more | 348,841 |
Total | 1,564,180 |
Commitments to extend credit [Member] | ' |
Contractual Obligation Fiscal Year Maturity [Line Items] | ' |
1 year or less | 935,847 |
More than 1 year but less than 3 years | 154,367 |
3 years or more but less than 5 years | 77,998 |
5 years or more | 348,841 |
Total | 1,517,053 |
Standby letters of credit [Member] | ' |
Contractual Obligation Fiscal Year Maturity [Line Items] | ' |
1 year or less | 41,140 |
More than 1 year but less than 3 years | 5,904 |
3 years or more but less than 5 years | 83 |
5 years or more | ' |
Total | $47,127 |
OffBalance_Sheet_Arrangements_3
Off-Balance Sheet Arrangements, Commitments and Contingencies - Non-Cancelable Future Operating Lease Commitments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Contractors [Abstract] | ' |
2014 | $5,747 |
2015 | 4,516 |
2016 | 3,290 |
2017 | 2,129 |
2018 | 1,276 |
Thereafter | 6,532 |
Total | $23,490 |
Recovered_Sheet15
Other Comprehensive (Loss) Income - Schedule of Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Text Block [Abstract] | ' | ' | ' |
Change in unrealized gain during period, Before Tax Amount | ($6,312) | ($6,903) | ($1,280) |
Total securities available for sale, Before Tax Amount | -6,312 | -6,903 | -1,280 |
Total other comprehensive loss, Before Tax Amount | -6,312 | -6,903 | -1,280 |
Change in unrealized gain during period, Tax Benefit | 2,209 | 2,417 | 448 |
Total securities available for sale, Tax Benefit | 2,209 | 2,417 | 448 |
Total other comprehensive loss, Tax Benefit | 2,209 | 2,417 | 448 |
Change in unrealized gain during period, Net of Tax Amount | -4,103 | -4,486 | -832 |
Total securities available for sale, Net of Tax Amount | -4,103 | -4,486 | -832 |
Total other comprehensive loss, Net of Tax Amount | ($4,103) | ($4,486) | ($832) |
Recovered_Sheet16
Other Comprehensive (Loss) Income - Activity in Accumulated Other Comprehensive Income, Net of Tax (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Text Block [Abstract] | ' | ' | ' |
Beginning Balance, Securities Available for Sale | $8,986 | $13,472 | $14,304 |
Other comprehensive loss, Securities Available for Sale | -4,103 | -4,486 | -832 |
Ending Balance, Securities Available for Sale | 4,883 | 8,986 | 13,472 |
Beginning Balance, Accumulated Other Comprehensive Income | 8,986 | 13,472 | 14,304 |
Other comprehensive loss, Accumulated Other Comprehensive Income | -4,103 | -4,486 | -832 |
Ending Balance, Accumulated Other Comprehensive Income | $4,883 | $8,986 | $13,472 |
Recovered_Sheet17
Derivative Financial Instruments - Interest Rate Derivative Contracts Outstanding (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Derivative Financial Instruments [Line Items] | ' |
Notional Amount | $9,366,000 |
Estimated Fair Value | 38,000 |
Commercial Loan Interest Rate Swap [Member] | Derivative Instrument Maturity Date August 1, 2020 [Member] | ' |
Derivative Financial Instruments [Line Items] | ' |
Notional Amount | 4,387,000 |
Estimated Fair Value | 48,000 |
Maturity Date | 1-Aug-20 |
Fixed Pay Rate | 4.30% |
Variable Rate Received | '1-Month USD - LIBOR BBA+2.50 |
Commercial Loan Interest Rate Swap [Member] | Derivative Instrument Maturity Date August 15, 2020 [Member] | ' |
Derivative Financial Instruments [Line Items] | ' |
Notional Amount | 1,618,000 |
Estimated Fair Value | 28,000 |
Maturity Date | 15-Aug-20 |
Fixed Pay Rate | 5.49% |
Variable Rate Received | '1-Month USD - LIBOR BBA+3.00 |
Commercial Loan Interest Rate Swap [Member] | Derivative Instrument Maturity Date August 15, 2020 [Member] | ' |
Derivative Financial Instruments [Line Items] | ' |
Notional Amount | 1,463,000 |
Estimated Fair Value | 7,000 |
Maturity Date | 15-Aug-20 |
Fixed Pay Rate | 4.30% |
Variable Rate Received | '1-Month USD - LIBOR BBA+2.50 |
Commercial Loan Interest Rate Swap [Member] | Derivative Instrument Maturity Date May 01, 2022 [Member] | ' |
Derivative Financial Instruments [Line Items] | ' |
Notional Amount | 1,898,000 |
Estimated Fair Value | ($45,000) |
Maturity Date | 1-May-22 |
Fixed Pay Rate | 5.60% |
Variable Rate Received | '1-Month USD - LIBOR BBA+3.50 |
Recovered_Sheet18
Derivative Financial Instruments - Notional Amounts and Estimated Fair Values of Interest Rate Derivative Contracts (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Financial Institution Counterparties [Member] | Derivative Financial Instruments, Assets [Member] | ' |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ' |
Estimated fair value of interest rate derivatives, Assets | $45 |
Notional amount of interest rate derivative contracts, Assets | 1,898 |
Financial Institution Counterparties [Member] | Derivative Financial Instruments, Liabilities [Member] | ' |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ' |
Estimated fair value of interest rate derivatives, Liabilities | -83 |
Notional amount of interest rate derivative contracts, Liabilities | 7,468 |
Interest Rate Swaps With Bank Customers [Member] | Derivative Financial Instruments, Assets [Member] | ' |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ' |
Estimated fair value of interest rate derivatives, Assets | 83 |
Notional amount of interest rate derivative contracts, Assets | 7,468 |
Interest Rate Swaps With Bank Customers [Member] | Derivative Financial Instruments, Liabilities [Member] | ' |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ' |
Estimated fair value of interest rate derivatives, Liabilities | -45 |
Notional amount of interest rate derivative contracts, Liabilities | $4,898 |
Regulatory_Matters_Schedule_of
Regulatory Matters - Schedule of Company and Bank Capital Ratios (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Prosperity Bank Only [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital (to Risk Weighted Assets), Amount, Actual | $1,229,752 | $959,907 |
Tier I Capital (to Risk Weighted Assets), Amount, Actual | 1,162,470 | 907,343 |
Tier I Capital (to Average Tangible Assets), Amount, Actual | 1,162,470 | 907,343 |
Total Capital (to Risk Weighted Assets), Ratio, Actual | 13.70% | 15.01% |
Tier I Capital (to Risk Weighted Assets), Ratio, Actual | 12.95% | 14.19% |
Tier I Capital (to Average Tangible Assets), Ratio, Actual | 7.24% | 6.99% |
For Capital Adequacy Purposes, Total Capital (to Risk Weighted Assets), Amount | 718,334 | 511,612 |
For Capital Adequacy Purposes, Tier I Capital (to Risk Weighted Assets), Amount | 359,167 | 255,806 |
For Capital Adequacy Purposes, Tier I Capital (to Average Tangible Assets), Amount | 481,640 | 389,622 |
For Capital Adequacy Purposes, Total Capital (to Risk Weighted Assets), Ratio | 8.00% | 8.00% |
For Capital Adequacy Purposes, Tier I Capital (to Risk Weighted Assets), Ratio | 4.00% | 4.00% |
For Capital Adequacy Purposes, Tier I Capital (to Average Tangible Assets), Ratio | 3.00% | 3.00% |
To Be Categorized As Well Capitalized Under Prompt Corrective Action Provisions, Amount | 897,917 | 639,516 |
To Be Categorized As Well Capitalized Under Prompt Corrective Action Provisions, Tier I Capital (to Risk Weighted Assets), Amount | 538,750 | 383,709 |
To Be Categorized As Well Capitalized Under Prompt Corrective Action Provisions, Tier I Capital (to Average Tangible Assets), Amount | 802,733 | 649,370 |
To Be Categorized As Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
To Be Categorized As Well Capitalized Under Prompt Corrective Action Provisions, Tier I Capital (to Risk Weighted Assets), Ratio | 6.00% | 6.00% |
To Be Categorized As Well Capitalized Under Prompt Corrective Action Provisions, Tier I Capital (to Average Tangible Assets), Ratio | 5.00% | 5.00% |
Consolidated [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital (to Risk Weighted Assets), Amount, Actual | 1,259,768 | 974,702 |
Tier I Capital (to Risk Weighted Assets), Amount, Actual | 1,192,486 | 922,138 |
Tier I Capital (to Average Tangible Assets), Amount, Actual | 1,192,486 | 922,138 |
Total Capital (to Risk Weighted Assets), Ratio, Actual | 14.02% | 15.22% |
Tier I Capital (to Risk Weighted Assets), Ratio, Actual | 13.27% | 14.40% |
Tier I Capital (to Average Tangible Assets), Ratio, Actual | 7.42% | 7.10% |
For Capital Adequacy Purposes, Total Capital (to Risk Weighted Assets), Amount | 719,005 | 512,171 |
For Capital Adequacy Purposes, Tier I Capital (to Risk Weighted Assets), Amount | 359,502 | 256,086 |
For Capital Adequacy Purposes, Tier I Capital (to Average Tangible Assets), Amount | $481,892 | $389,831 |
For Capital Adequacy Purposes, Total Capital (to Risk Weighted Assets), Ratio | 8.00% | 8.00% |
For Capital Adequacy Purposes, Tier I Capital (to Risk Weighted Assets), Ratio | 4.00% | 4.00% |
For Capital Adequacy Purposes, Tier I Capital (to Average Tangible Assets), Ratio | 3.00% | 3.00% |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Regulatory Matters [Abstract] | ' | ' | ' |
Payments of cash dividends | ($54,039,000) | ($41,543,000) | ($33,742,000) |
Dividends paid by the Bank to Bancshares | $203,500,000 | $228,500,000 | $35,800,000 |
Recovered_Sheet19
Junior Subordinated Debentures - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 07, 2011 |
TXUI Statutory Trust I [Member] | TXUI Statutory Trust I [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Junior subordinated debentures | $124,231 | $85,055 | ' | $7,200 |
Junior subordinated debentures fixed interest rate | ' | ' | 10.60% | ' |
Debt interest expense | ' | ' | $383 | ' |
Debenture interest payment deferral period (in years) | '5 years | ' | ' | ' |
Recovered_Sheet20
Junior Subordinated Debentures - Schedule of Junior Subordinated Debentures (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Prosperity Statutory Trust II [Member] | Prosperity Statutory Trust III [Member] | Prosperity Statutory Trust IV [Member] | SNB Capital Trust IV [Member] | TXUI Statutory Trust II [Member] | TXUI Statutory Trust III [Member] | TXUI Statutory Trust IV [Member] | FVNB Capital Trust II [Member] | FVNB Capital Trust III [Member] | Minimum [Member] | Maximum [Member] | ||
Prosperity Statutory Trust II [Member] | Prosperity Statutory Trust II [Member] | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance Date | ' | ' | 31-Jul-01 | 15-Aug-03 | 30-Dec-03 | 25-Sep-03 | 19-Dec-03 | 30-Nov-05 | 31-Mar-06 | 14-Jun-05 | 23-Jun-06 | ' | ' |
Trust Preferred Securities Outstanding | ' | ' | $15,000 | $12,500 | $12,500 | $10,000 | $5,000 | $15,500 | $12,000 | $18,000 | $20,000 | ' | ' |
Interest Rate | ' | ' | '3 month LIBOR + 3.58%, not to exceed 12.50% | '3 month LIBOR + 3.00% | '3 month LIBOR + 2.85% | '3 month LIBOR + 3.00% | '3 month LIBOR + 2.85% | '3 month LIBOR + 1.39% | '3 month LIBOR + 1.39% | '3 month LIBOR + 1.68% | '3 month LIBOR + 1.60% | ' | ' |
Junior Subordinated Debentures, Basis Spread | ' | ' | ' | 3.00% | 2.85% | 3.00% | 2.85% | 1.39% | 1.39% | 1.68% | 1.60% | 3.58% | 12.50% |
Junior Subordinated Debt Owed to Trusts | $124,231 | $85,055 | $15,464 | $12,887 | $12,887 | $10,310 | $5,155 | $15,980 | $12,372 | $18,557 | $20,619 | ' | ' |
Maturity Date | ' | ' | 'July 31, 2031 | 'September 17, 2033 | 'December 30, 2033 | 'September 25, 2033 | 'December 19, 2033 | 'December 15, 2035 | 'June 30, 2036 | 'June 15, 2035 | 'July 7, 2036 | ' | ' |
Junior_Subordinated_Debentures2
Junior Subordinated Debentures - Schedule of Junior Subordinated Debentures (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Y | |
Debt Instrument [Line Items] | ' |
Amount of time from issuance date until debenture is callable, in years | 5 |
LIBOR [Member] | ' |
Debt Instrument [Line Items] | ' |
LIBOR in effect | 0.24% |
Recovered_Sheet21
Parent Company Only Financial Statements - Condensed Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Prosperity Bancshares Inc. [Member] | Prosperity Bancshares Inc. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | $10,597 | $826 |
Investment in subsidiary | ' | ' | ' | ' | 2,877,089 | 2,155,701 |
Investment in capital and statutory trusts | ' | ' | ' | ' | 3,731 | 2,555 |
Goodwill | 1,671,520 | 1,217,162 | 924,537 | ' | 3,982 | 3,982 |
Other assets | 90,657 | 46,099 | ' | ' | 16,927 | 11,898 |
TOTAL | 18,642,028 | 14,583,573 | ' | ' | 2,912,326 | 2,174,962 |
Accrued interest payable and other liabilities | ' | ' | ' | ' | 1,277 | 518 |
Junior subordinated debentures | 124,231 | 85,055 | ' | ' | 124,231 | 85,055 |
Total liabilities | 15,855,210 | 12,494,184 | ' | ' | 125,508 | 85,573 |
Common stock | 66,085 | 56,484 | ' | ' | 66,085 | 56,484 |
Capital surplus | 1,798,862 | 1,274,290 | ' | ' | 1,798,862 | 1,274,290 |
Retained earnings | 917,595 | 750,236 | ' | ' | 917,595 | 750,236 |
Unrealized gain on available for sale securities, net of tax benefit | ' | ' | ' | ' | 4,883 | 8,986 |
Less treasury stock, at cost, 37,088 shares | -607 | -607 | ' | ' | -607 | -607 |
Total shareholders' equity | 2,786,818 | 2,089,389 | 1,567,265 | 1,452,339 | 2,786,818 | 2,089,389 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $18,642,028 | $14,583,573 | ' | ' | $2,912,326 | $2,174,962 |
Recovered_Sheet22
Parent Company Only Financial Statements - Condensed Balance Sheets (Parenthetical) (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Treasury stock, shares | 37,088 | 37,088 |
Prosperity Bancshares Inc. [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Treasury stock, shares | 37,088 | 37,088 |
Parent_Company_Only_Financial_2
Parent Company Only Financial Statements - Condensed Statements of Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Total income | $539,297 | $419,842 | $371,908 |
Junior subordinated debentures interest expense | 2,551 | 2,593 | 2,984 |
Stock-based compensation expense (includes restricted stock) | 4,175 | 3,607 | 3,576 |
INCOME BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 329,817 | 251,684 | 213,766 |
Prosperity Bancshares Inc. [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Dividends from subsidiaries | 203,500 | 228,450 | 35,800 |
Other income | 115 | 131 | 142 |
Total income | 203,615 | 228,581 | 35,942 |
Junior subordinated debentures interest expense | 2,551 | 2,593 | 2,984 |
Stock-based compensation expense (includes restricted stock) | 4,175 | 3,607 | 3,576 |
Other expenses | 515 | 593 | 404 |
Total operating expense | 7,241 | 6,793 | 6,964 |
INCOME BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 196,374 | 221,788 | 28,978 |
FEDERAL INCOME TAX BENEFIT | 2,495 | 2,325 | 2,350 |
INCOME BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 198,869 | 224,113 | 31,328 |
EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 22,529 | -56,212 | 110,421 |
NET INCOME | $221,398 | $167,901 | $141,749 |
Parent_Company_Only_Financial_3
Parent Company Only Financial Statements - Condensed Statements of Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income | $221,398 | $167,901 | $141,749 |
Securities available for sale: | ' | ' | ' |
Change in unrealized gain during period | -6,312 | -6,903 | -1,280 |
Total other comprehensive loss | -6,312 | -6,903 | -1,280 |
Deferred tax benefit related to other comprehensive income | 2,209 | 2,417 | 448 |
Other comprehensive loss, net of tax | -4,103 | -4,486 | -832 |
Comprehensive income | 217,295 | 163,415 | 140,917 |
Prosperity Bancshares Inc. [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income | 221,398 | 167,901 | 141,749 |
Securities available for sale: | ' | ' | ' |
Change in unrealized gain during period | -6,312 | -6,903 | -1,280 |
Total other comprehensive loss | -6,312 | -6,903 | -1,280 |
Deferred tax benefit related to other comprehensive income | 2,209 | 2,417 | 448 |
Other comprehensive loss, net of tax | -4,103 | -4,486 | -832 |
Comprehensive income | $217,295 | $163,415 | $140,917 |
Parent_Company_Only_Financial_4
Parent Company Only Financial Statements - Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Stock based compensation expense (includes restricted stock) | $4,175 | $3,607 | $3,576 |
Increase (decrease) in accrued interest payable and other liabilities | -8,424 | 138 | -1,310 |
Net cash provided by operating activities | 307,657 | 209,814 | 217,869 |
Cash paid for acquisitions | ' | -178,507 | ' |
Net cash used in investing activities | 8,850 | -1,201,735 | -365,300 |
Proceeds from stock option exercises | 5,379 | 3,573 | 4,175 |
Redemption of junior subordinated debentures (net) | ' | ' | -7,210 |
Payments of cash dividends | -54,039 | -41,543 | -33,742 |
Net cash (used in) provided by financing activities | -261,421 | 1,104,783 | 201,505 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 55,086 | 112,862 | 54,074 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 326,304 | 213,442 | 159,368 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 381,390 | 326,304 | 213,442 |
Prosperity Bancshares Inc. [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income | 221,398 | 167,901 | 141,749 |
Equity in undistributed earnings of subsidiaries | -22,529 | 56,212 | -110,421 |
Stock based compensation expense (includes restricted stock) | 4,175 | 3,607 | 3,576 |
(Increase) decrease in other assets | -2,382 | 3,727 | 2,147 |
Increase (decrease) in accrued interest payable and other liabilities | 3,135 | -5,266 | -223 |
Net cash provided by operating activities | 203,797 | 226,181 | 36,828 |
Cash paid for acquisitions | -152,807 | -189,966 | ' |
Cash acquired from acquisitions | 7,441 | 1,372 | ' |
Net cash used in investing activities | -145,366 | -188,594 | ' |
Proceeds from stock option exercises | 5,379 | 3,573 | 4,175 |
Redemption of junior subordinated debentures (net) | ' | ' | -7,210 |
Payments of cash dividends | -54,039 | -41,543 | -33,742 |
Net cash (used in) provided by financing activities | -48,660 | -37,970 | -36,777 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 9,771 | -383 | 51 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 826 | 1,209 | 1,158 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $10,597 | $826 | $1,209 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2012 | Aug. 29, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 29, 2013 | Aug. 29, 2013 | Aug. 29, 2013 | |
F&M Bancorporation Inc. [Member] | F&M Bancorporation Inc. [Member] | FMBC Capital Stock [Member] | Oklahoma City, Oklahoma [Member] | Dallas [Member] | Tulsa, Oklahoma [Member] | ||
Branch_office | Loan Production Office [Member] | Branch_office | Branch_office | ||||
Branch_office | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Full-service banking offices | ' | 13 | ' | ' | 1 | 3 | 9 |
Loan production office | ' | ' | ' | ' | 1 | ' | ' |
Total assets | $3,105,283,000 | ' | $2,570,000,000 | ' | ' | ' | ' |
Total loans | 2,842,596,000 | ' | 1,760,000,000 | ' | ' | ' | ' |
Total deposits | ' | ' | 2,330,000,000 | ' | ' | ' | ' |
Common stock shares issued | ' | ' | ' | 3,298,246 | ' | ' | ' |
Cash payment to acquire shares | $178,507,000 | ' | ' | $47,000,000 | ' | ' | ' |