Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 25, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PB | ||
Entity Registrant Name | PROSPERITY BANCSHARES INC | ||
Entity Central Index Key | 1,068,851 | ||
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 | 69,873,802 | ||
Entity Public Float | $ 3.8 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 562,544 | $ 677,285 |
Federal funds sold | 1,418 | 569 |
Total cash and cash equivalents | 563,962 | 677,854 |
Available for sale securities, at fair value | 103,064 | 145,399 |
Held to maturity securities, at cost (fair value of $9,393,175 and $8,948,692 respectively) | 9,399,363 | 8,900,377 |
Total securities | 9,502,427 | 9,045,776 |
Loans held for sale | 23,933 | 8,602 |
Loans held for investment | 9,414,656 | 9,235,581 |
Total loans | 9,438,589 | 9,244,183 |
Less: allowance for credit losses | (81,384) | (80,762) |
Loans, net | 9,357,205 | 9,163,421 |
Accrued interest receivable | 51,924 | 51,941 |
Goodwill | 1,868,827 | 1,874,191 |
Core deposit intangibles, net | 49,417 | 58,947 |
Bank premises and equipment, net | 267,996 | 281,549 |
Other real estate owned | 2,963 | 3,237 |
Bank owned life insurance (BOLI) | 235,429 | 230,095 |
Federal Home Loan Bank of Dallas stock | 68,413 | 15,432 |
Other assets | 68,653 | 105,290 |
TOTAL | 22,037,216 | 21,507,733 |
Deposits: | ||
Noninterest-bearing | 5,136,579 | 4,936,420 |
Interest-bearing | 12,544,540 | 12,756,738 |
Total deposits | 17,681,119 | 17,693,158 |
Fed funds purchased and other borrowings | 491,399 | 8,724 |
Securities sold under repurchase agreements | 315,253 | 315,523 |
Junior subordinated debentures | 167,531 | |
Accrued interest payable | 1,896 | 3,190 |
Other liabilities | 84,639 | 74,781 |
Total liabilities | $ 18,574,306 | $ 18,262,907 |
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; 70,058,761 and 69,816,653 shares issued at December 31, 2015 and December 31, 2014, respectively; 70,021,673 and 69,779,565 shares outstanding at December 31, 2015 and December 31, 2014, respectively | $ 70,059 | $ 69,817 |
Capital surplus | 2,036,378 | 2,025,235 |
Retained earnings | 1,355,040 | 1,146,652 |
Accumulated other comprehensive income-net unrealized gain on available for sale securities, net of tax of $1,098 and $2,008, respectively | 2,040 | 3,729 |
Less treasury stock, at cost, 37,088 shares | (607) | (607) |
Total shareholders' equity | 3,462,910 | 3,244,826 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 22,037,216 | $ 21,507,733 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Held to maturity securities, fair value | $ 9,393,175 | $ 8,948,692 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares 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 | 70,058,761 | 69,816,653 |
Common stock, shares outstanding | 70,021,673 | 69,779,565 |
Accumulated other comprehensive income-net unrealized gain on available for sale securities, tax | $ 1,098 | $ 2,008 |
Treasury stock, shares | 37,088 | 37,088 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
INTEREST INCOME: | |||
Loans, including fees | $ 475,427 | $ 525,716 | $ 376,117 |
Securities | 194,003 | 188,744 | 162,993 |
Federal funds sold | 271 | 335 | 187 |
Total income | 669,701 | 714,795 | 539,297 |
INTEREST EXPENSE: | |||
Deposits | 36,074 | 37,871 | 35,222 |
Other borrowings | 1,508 | 772 | 1,497 |
Securities sold under repurchase agreements | 818 | 938 | 1,201 |
Junior subordinated debentures | 791 | 4,060 | 2,551 |
Total interest expense | 39,191 | 43,641 | 40,471 |
NET INTEREST INCOME | 630,510 | 671,154 | 498,826 |
Provision for credit losses | 7,560 | 18,275 | 17,240 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 622,950 | 652,879 | 481,586 |
NONINTEREST INCOME: | |||
Nonsufficient funds (NSF) fees | 34,284 | 37,048 | 35,173 |
Credit card, debit card and ATM card income | 23,534 | 22,889 | 22,463 |
Service charges on deposit accounts | 17,095 | 16,452 | 12,864 |
Trust income | 8,030 | 8,108 | 4,356 |
Mortgage income | 5,720 | 4,264 | 4,038 |
Brokerage income | 5,953 | 5,868 | 1,518 |
Net gain (loss) on sale of assets | 2,403 | 4,658 | (13) |
Other | 23,762 | 21,545 | 15,028 |
Total noninterest income | 120,781 | 120,832 | 95,427 |
NONINTEREST EXPENSE: | |||
Salaries and employee benefits | 192,872 | 199,270 | 148,494 |
Net occupancy and equipment | 23,638 | 24,756 | 18,934 |
Credit and debit card, data processing and software amortization | 15,782 | 15,790 | 11,908 |
Regulatory assessments and FDIC insurance | 14,433 | 15,017 | 10,261 |
Core deposit intangibles amortization | 9,530 | 9,940 | 6,145 |
Depreciation | 12,959 | 13,730 | 10,593 |
Communications | 11,121 | 11,609 | 9,471 |
Other real estate expense | 625 | 1,019 | 711 |
Other | 32,576 | 36,831 | 30,679 |
Total noninterest expense | 313,536 | 327,962 | 247,196 |
INCOME BEFORE INCOME TAXES | 430,195 | 445,749 | 329,817 |
PROVISION FOR INCOME TAXES | 143,549 | 148,308 | 108,419 |
NET INCOME | $ 286,646 | $ 297,441 | $ 221,398 |
EARNINGS PER SHARE: | |||
Basic | $ 4.09 | $ 4.32 | $ 3.66 |
Diluted | $ 4.09 | $ 4.32 | $ 3.65 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 286,646 | $ 297,441 | $ 221,398 |
Securities available for sale: | |||
Change in unrealized gain during period | (2,599) | (1,776) | (6,312) |
Total other comprehensive loss | (2,599) | (1,776) | (6,312) |
Deferred tax benefit related to other comprehensive income | 910 | 622 | 2,209 |
Other comprehensive loss, net of tax | (1,689) | (1,154) | (4,103) |
Comprehensive income | $ 284,957 | $ 296,287 | $ 217,295 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total | East Texas Financial Services, Inc. [Member] | Coppermark Bancshares, Inc. [Member] | FVNB Corp. [Member] | F&M Bancorporation Inc. [Member] | Common Stock [Member] | Common Stock [Member]East Texas Financial Services, Inc. [Member] | Common Stock [Member]Coppermark Bancshares, Inc. [Member] | Common Stock [Member]FVNB Corp. [Member] | Common Stock [Member]F&M Bancorporation Inc. [Member] | Capital Surplus [Member] | Capital Surplus [Member]East Texas Financial Services, Inc. [Member] | Capital Surplus [Member]Coppermark Bancshares, Inc. [Member] | Capital Surplus [Member]FVNB Corp. [Member] | Capital Surplus [Member]F&M Bancorporation Inc. [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2012 | $ 2,089,389 | $ 56,484 | $ 1,274,290 | $ 750,236 | $ 8,986 | $ (607) | ||||||||||||
Balance (in 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 | |||||||||||||||||
Common stock issued in connection with the acquisition of Coppermark Bancshares, Inc. | $ 22,300 | $ 154,431 | $ 347,888 | $ 531 | $ 3,259 | $ 5,571 | $ 21,769 | $ 151,172 | $ 342,317 | |||||||||
Common stock issued in connection with the acquisition of Coppermark Bancshares, Inc. (in Shares) | 530,940 | 3,258,718 | 5,570,667 | |||||||||||||||
Stock based compensation expense | 4,175 | 4,175 | ||||||||||||||||
Cash dividends declared | (54,039) | (54,039) | ||||||||||||||||
Balance at Dec. 31, 2013 | 2,786,818 | $ 66,085 | 1,798,862 | 917,595 | 4,883 | (607) | ||||||||||||
Balance (in Shares) at Dec. 31, 2013 | 66,085,179 | |||||||||||||||||
Net income | 297,441 | 297,441 | ||||||||||||||||
Other comprehensive loss | (1,154) | (1,154) | ||||||||||||||||
Common stock issued in connection with the exercise of stock options and restricted stock awards | 3,705 | $ 434 | 3,271 | |||||||||||||||
Common stock issued in connection with the exercise of stock options and restricted stock awards (in Shares) | 433,452 | |||||||||||||||||
Common stock issued in connection with the acquisition of Coppermark Bancshares, Inc. | $ 218,164 | $ 3,298 | $ 214,866 | |||||||||||||||
Common stock issued in connection with the acquisition of Coppermark Bancshares, Inc. (in Shares) | 3,298,022 | |||||||||||||||||
Stock based compensation expense | 8,236 | 8,236 | ||||||||||||||||
Cash dividends declared | (68,384) | (68,384) | ||||||||||||||||
Balance at Dec. 31, 2014 | 3,244,826 | $ 69,817 | 2,025,235 | 1,146,652 | 3,729 | (607) | ||||||||||||
Balance (in Shares) at Dec. 31, 2014 | 69,816,653 | |||||||||||||||||
Net income | 286,646 | 286,646 | ||||||||||||||||
Other comprehensive loss | (1,689) | (1,689) | ||||||||||||||||
Common stock issued in connection with the exercise of stock options and restricted stock awards | 290 | $ 242 | 48 | |||||||||||||||
Common stock issued in connection with the exercise of stock options and restricted stock awards (in Shares) | 242,108 | |||||||||||||||||
Stock based compensation expense | 11,095 | 11,095 | ||||||||||||||||
Cash dividends declared | (78,258) | (78,258) | ||||||||||||||||
Balance at Dec. 31, 2015 | $ 3,462,910 | $ 70,059 | $ 2,036,378 | $ 1,355,040 | $ 2,040 | $ (607) | ||||||||||||
Balance (in Shares) at Dec. 31, 2015 | 70,058,761 |
Consolidated Statements of Cha7
Consolidated Statements of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared, per share | $ 1.1175 | $ 0.9925 | $ 0.8850 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 286,646 | $ 297,441 | $ 221,398 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and core deposit intangibles amortization | 22,489 | 23,670 | 16,738 |
Provision for credit losses | 7,560 | 18,275 | 17,240 |
Deferred income tax expense | 34,999 | 45,713 | 19,884 |
Net amortization of premium on investments | 58,229 | 51,680 | 68,703 |
(Gain) loss on sale or write down of premises, equipment and other real estate | (2,437) | (3,974) | 549 |
Net amortization of premium on deposits | (1,055) | (2,556) | (388) |
Net accretion of discount on loans | (52,122) | (95,876) | (62,723) |
Proceeds from sale of loans held for sale | 233,535 | 182,138 | 168,784 |
Originations of loans held for sale | (248,866) | (188,530) | (163,072) |
Stock based compensation expense | 11,095 | 8,236 | 4,175 |
(Increase) decrease in accrued interest receivable and other assets | (44,756) | 9,786 | 24,793 |
Increase (decrease) in accrued interest payable and other liabilities | 5,497 | 2,258 | (8,424) |
Net cash provided by operating activities | 310,814 | 348,261 | 307,657 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from maturities and principal paydowns of held to maturity securities | 1,654,471 | 1,365,005 | 2,125,086 |
Purchase of held to maturity securities | (2,211,731) | (2,218,105) | (2,702,521) |
Proceeds from maturities, sales and principal paydowns of available for sale securities | 7,974,775 | 7,050,232 | 3,523,871 |
Purchase of available for sale securities | (7,934,994) | (6,999,997) | (3,454,998) |
Net (increase) decrease in loans held for investment | (136,829) | 219,952 | (47,889) |
Purchase of bank premises and equipment | (9,357) | (12,075) | (24,007) |
Proceeds from the sale of Bankers Credit Card Services, Inc. | 6,440 | ||
Proceeds from sale of bank premises, equipment and other real estate | 13,037 | 28,765 | 12,359 |
Net cash (used in) provided by investing activities | (650,628) | (72,184) | 8,850 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase in noninterest-bearing deposits | 200,159 | 176,477 | 177,362 |
Net decrease in interest-bearing deposits | (211,143) | (40,612) | (10,221) |
Net proceeds (repayments of) from other short-term borrowings | 485,000 | (245,000) | |
Repayments of other long-term borrowings | (2,325) | (1,965) | (41,357) |
Net decrease in securities sold under repurchase agreements | (270) | (48,834) | (93,545) |
Redemption of junior subordinated debentures | (167,531) | ||
Proceeds from stock option exercises | 290 | 3,705 | 5,379 |
Payments of cash dividends | (78,258) | (68,384) | (54,039) |
Net cash provided by (used in) financing activities | 225,922 | 20,387 | (261,421) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (113,892) | 296,464 | 55,086 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 677,854 | 381,390 | 326,304 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 563,962 | 677,854 | 381,390 |
NONCASH ACTIVITIES: | |||
Acquisition of real estate through foreclosure of collateral | 2,591 | 6,914 | 3,119 |
SUPPLEMENTAL INFORMATION: | |||
Income taxes paid | 103,116 | 105,852 | 92,226 |
Interest paid | $ 44,277 | $ 43,209 | 39,687 |
East Texas Financial Services, Inc. [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash and cash equivalents acquired in connection with the acquisition | 3,471 | ||
NONCASH ACTIVITIES: | |||
Stock issued in connection with the acquisition | 22,300 | ||
Coppermark Bancshares, Inc. [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash and cash equivalents acquired in connection with the acquisition | 288,795 | ||
NONCASH ACTIVITIES: | |||
Stock issued in connection with the acquisition | 154,431 | ||
FVNB Corp. [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash and cash equivalents acquired in connection with the acquisition | 284,683 | ||
NONCASH ACTIVITIES: | |||
Stock issued in connection with the acquisition | $ 347,888 | ||
F&M Bancorporation Inc. [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash and cash equivalents acquired in connection with the acquisition | $ 487,599 | ||
NONCASH ACTIVITIES: | |||
Stock issued in connection with the acquisition | $ 218,164 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting and Reporting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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 ® ® As of December 31, 2015, the Bank operated 241 full-service banking locations; with 60 in the Houston area, including The Woodlands; 30 in the South Texas area including Corpus Christi and Victoria; 36 in the Dallas/Fort Worth, Texas area; 22 in the East Texas area; 29 in the Central Texas area, including Austin and San Antonio; 34 in the West Texas area including Lubbock, Midland-Odessa and Abilene; 16 in the Bryan/College Station area; 6 in the Central Oklahoma area and 8 in the Tulsa, Oklahoma area. Summary of Significant Accounting and Reporting Policies Basis of Presentation Use of Estimates Securities 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 OTTI 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 Investment The Company has two general categories of loans in its portfolio. Loans originated by the Bank and made pursuant to the Company’s loan policy and procedures in effect at the time the loan was made are referred to as “legacy loans” and loans acquired in a business combination are referred to as “acquired loans.” Acquired loans are initially recorded at fair value based on a discounted cash flow valuation methodology that considers, among other things, interest rates, projected default rates, loss given default, and recovery rates with no carryover of any existing allowance for credit losses. Those acquired loans that are renewed or substantially modified after the date of the business combination, which therefore causes them to become subject to the Company’s allowance for credit losses methodology, are referred to as “acquired legacy loans.” Modifications are reviewed for determination of troubled debt restructuring status independently of this process. In certain instances, acquired loans to one borrower may be combined or otherwise re-originated such that they are re-categorized as legacy loans. Acquired loans with a fair value discount or premium at the date of the business combination that remained at the reporting date are referred to as “fair-valued acquired loans.” All fair-valued acquired loans are further categorized into “Non-PCI loans” and “PCI loans” (purchased credit impaired loans). 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 PCI loans. The Company estimates the total cash flows expected to be collected from the PCI loans, which include undiscounted expected principal and interest, using credit risk, interest rate and prepayment risk assessments 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 credit losses, to the extent applicable, and a reclassification from nonaccretable difference to accretable yield, which is recognized prospectively over the then remaining life of the loan. Subsequent decreases in expected cash flows will result in an impairment charge to the provision for credit losses, resulting in an addition to the allowance for credit 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 from the balance sheet at its allocated carrying amount and accretion of any remaining fair value discount to income. Nonrefundable Fees and Costs Associated with Lending Activities 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 Restructured loans are those loans on which concessions in terms have been granted because of a borrower’s financial difficulty. Interest is generally not accrued on such loans in accordance with the new terms. Allowance for Credit Losses 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, 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 loan portfolio as of December 31, 2015. The Company’s allowance for credit losses consists of two elements: (1) specific valuation allowances based on probable losses on impaired loans; and (2) 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 credit losses is recorded for these loans at acquisition. These fair value estimates associated with acquired loans, based on a discounted cash flow model, include estimates related to market interest rates and undiscounted projections of future cash flows that incorporate expectations of prepayments and the amount and timing of principal, interest and other cash flows, as well as any shortfalls thereof. At period-end after acquisition, the fair-valued acquired loans from each acquisition are reassessed to determine whether an addition to the allowance for credit losses is appropriate due to further credit quality deterioration. Methods utilized to estimate any subsequently required allowance 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 Goodwill Under Accounting Standards Codification (“ASC”) topic 350-20, “Intangibles—Goodwill and Other—Goodwill” companies have 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 tools 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 Income Taxes 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 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 Cash and Cash Equivalents Earnings Per Common 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, 2015 2014 2013 (Amounts in thousands, except per share data) Amount Per Share Amount Per Share Amount Per Share Net income $ 286,646 $ 297,441 $ 221,399 Basic: Weighted average shares outstanding 70,033 $ 4.09 68,855 $ 4.32 60,421 $ 3.66 Diluted: Add incremental shares for: Effect of dilutive securities—options 16 56 157 Total 70,049 $ 4.09 68,911 $ 4.32 60,578 $ 3.65 There were no stock options exercisable at December 31, 2015, 2014 and 2013 that would have had an anti-dilutive effect on the above computation. New Accounting Standards Accounting Standards Updates (“ASU”) ASU 2016-01 “Financial Instruments—Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities” ASU 2015-16, “Business Combinations (Topic 805)—Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-01, “Income Statement—Extraordinary and Unusual Items (Subtopic 225-20)—Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2014-12 “Compensation-Stock Compensation (Topic 718)—Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU 2014-11 “Transfers and Servicing (Topic 860)—Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure. ASU 2014-09 “Revenue from Contract with Customers (Topic 606).” ASU 2014-04 “Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40)— Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
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 a non-pro rata basis over an estimated life of 10 to 15 years. 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 (1) twelve months from the date of the acquisition or (2) 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 following acquisitions were completed on the dates indicated: 2014 Acquisition Acquisition of F&M Bancorporation Inc. The Company acquired loans and deposits with fair values of $1.60 billion and $2.27 billion, respectively, at acquisition date. Under the terms of the definitive agreement, Bancshares issued 3,298,022 shares of its common stock plus $34.2 million in cash for all outstanding shares of FMBC capital stock for total merger consideration of $252.4 million based on Bancshares’ closing stock price of $66.15. During 2014, the Company recognized goodwill of $198.2 million. As of December 31, 2015, total goodwill related to the FMBC acquisition was $192.9 million, after recording $5.3 million of net measurement period adjustments during 2015. Goodwill 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. Additionally, the Company recognized $27.1 million of core deposit intangibles. Merger Related Expenses: FVNB Corp. $ 604 F&M Bancorporation Inc. 2,476 All other 34 $ 3,114 2013 Acquisitions Acquisition of East Texas Financial Services, Inc. The Company acquired loans and deposits with fair values of $122.1 million and $112.4 million, respectively, at acquisition date. Under the terms of the acquisition agreement, Bancshares issued 530,940 shares of its common stock for all outstanding shares of East Texas Financial Services capital stock, for total merger consideration of $22.3 million based on Bancshares’ closing stock price of $42.00. During 2013, the Company recognized goodwill of $15.0 million, to which no adjustments were made. Acquisition of Coppermark Bancshares, Inc The Company acquired loans and deposits with fair values of $801.9 million and $1.12 billion, respectively, at acquisition date. Under the terms of the acquisition agreement, Bancshares issued 3,258,718 shares of its 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 Bancshares’ closing stock price of $47.39. During 2013, the Company recognized goodwill of $117.5 million. As of December 31, 2015, total goodwill related to the Coppermark acquisition was $117.7 million, after recording a $109 thousand measurement period adjustment during the first quarter of 2014. Additionally, the Company recognized $1.5 million of core deposit intangibles. Acquisition of FVNB Corp. The Company acquired loans and deposits with fair values of $1.57 billion and $2.26 billion, respectively, at acquisition date. Under the terms of the acquisition agreement, Bancshares issued 5,570,667 shares of its 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 Bancshares’ closing stock price of $62.45. During 2013, the Company recognized goodwill of $323.0 million. As of December 31, 2015, total goodwill related to the FVNB acquisition was $327.3 million, after recording a $4.3 million measurement period adjustment during 2014. Additionally, the Company recognized $18.4 million of core deposit intangibles. Merger Related Expenses: East Texas Financial Services, Inc. $ 84 Coppermark Bancshares, Inc. 853 FVNB Corp. 2,000 All other 266 $ 3,203 Acquired Loans Acquired loans were preliminarily recorded at fair value based on a discounted cash flow valuation methodology that considers, among other things, interest rates, projected default rates, loss given default, and recovery rates (no allowance for credit losses was carried over from acquisitions completed during 2014). During the valuation process, the Company identified PCI and Non-PCI loans in the acquired loan portfolios. 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. Non-PCI loan identification considers the following factors: account types, remaining terms, annual interest rates or coupons, current market rates, interest types, past delinquencies, timing of principal and interest payments, loan to value ratios, loss exposures and remaining balances. 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. PCI Loans. December 31, December 31, (Dollars in thousands) PCI loans: Outstanding balance $ 79,802 $ 129,412 Less: discount 39,976 72,270 Recorded investment $ 39,826 $ 57,142 Changes in the accretable yield for PCI loans for the years ended December 31, 2015 and 2014 were as follows: Year Ended December 31, 2015 2014 (Dollars in thousands) Balance at beginning of period $ 9,867 $ 9,855 Additions — 7,158 Reclassifications from nonaccretable 13,691 24,074 Accretion (17,894 ) (31,220 ) Balance at December 31 $ 5,664 $ 9,867 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. Non-PCI Loans. December 31, December 31, (Dollars in thousands) Non-PCI loans: Outstanding balance $ 1,430,501 $ 2,186,111 Less: discount 54,734 89,105 Recorded investment $ 1,375,767 $ 2,097,006 Changes in the discount accretion for Non-PCI loans for the years ended December 31, 2015 and 2014 were as follows: Year Ended December 31, 2015 2014 (Dollars in thousands) Balance at beginning of period $ 89,105 $ 87,798 Additions — 65,962 Accretion charge-offs (143 ) — Accretion (34,228 ) (64,655 ) Balance at December 31 $ 54,734 $ 89,105 At December 31, 2015, the Company had $94.7 million of total outstanding discounts on Non-PCI and PCI loans, of which $60.4 million was accretable. |
GOODWILL AND CORE DEPOSIT INTAN
GOODWILL AND CORE DEPOSIT INTANGIBLES | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 and 2014 were as follows: Goodwill Core Deposit (Dollars in thousands) Balance as of December 31, 2013 $ 1,671,520 $ 42,049 Less: Amortization — (9,940 ) Add: Measurement period adjustments 4,426 (302 ) Acquisition of F&M Bancorporation Inc. 198,245 27,140 Balance as of December 31, 2014 1,874,191 58,947 Less: Amortization — (9,530 ) Add: Measurement period adjustments (5,364 ) — Balance as of December 31, 2015 $ 1,868,827 $ 49,417 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, 2015, there was no impairment recorded on goodwill and other intangibles. Core deposit intangibles are being amortized on a non-pro rata basis over their estimated lives, which the Company believes is between 10 and 15 years. The estimated aggregate future amortization expense for core deposit intangibles remaining as of December 31, 2015 is as follows (dollars in thousands): 2016 $ 8,519 2017 6,327 2018 5,400 2019 4,546 Thereafter 24,625 Total $ 49,417 |
Cash and Due from Banks
Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Due from Banks | 4. CASH AND DUE FROM BANKS The Federal Reserve Bank requires banks to maintain minimum average reserve balances. The amount of the required reserve balance for the Bank was $96.5 million and $167.5 million at December 31, 2015 and 2014, respectively. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | 5. SECURITIES The amortized cost and fair value of investment securities were as follows: December 31, 2015 Amortized Gross Gross Fair Value (Dollars in thousands) Available for Sale States and political subdivisions $ 5,463 $ 22 $ — $ 5,485 Collateralized mortgage obligations 25,991 25 (100 ) 25,916 Mortgage-backed securities 55,884 3,098 (11 ) 58,971 Other securities 12,588 150 (46 ) 12,692 Total $ 99,926 $ 3,295 $ (157 ) $ 103,064 Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 47,598 $ 798 $ — $ 48,396 States and political subdivisions 363,505 7,080 (542 ) 370,043 Collateralized mortgage obligations 2,107 17 (2 ) 2,122 Mortgage-backed securities 8,986,153 68,868 (82,407 ) 8,972,614 Total $ 9,399,363 $ 76,763 $ (82,951 ) $ 9,393,175 December 31, 2014 Amortized Gross Gross Fair Value (Dollars in thousands) Available for Sale States and political subdivisions $ 14,402 $ 183 $ — $ 14,585 Collateralized mortgage obligations 33,519 91 (37 ) 33,573 Mortgage-backed securities 79,153 5,344 (14 ) 84,483 Other securities 12,588 201 (31 ) 12,758 Total $ 139,662 $ 5,819 $ (82 ) $ 145,399 Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 52,353 $ 360 $ (74 ) $ 52,639 States and political subdivisions 404,356 6,147 (1,422 ) 409,081 Collateralized mortgage obligations 19,585 215 (8 ) 19,792 Mortgage-backed securities 8,424,083 96,650 (53,553 ) 8,467,180 Total $ 8,900,377 $ 103,372 $ (55,057 ) $ 8,948,692 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 analysis. 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, 2015, 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, 2015, 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, 2015 Less than 12 Months More than 12 Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (Dollars in thousands) Available for Sale Collateralized mortgage obligations $ 14,331 $ (100 ) $ 1 $ — $ 14,332 $ (100 ) Mortgage-backed securities 793 (1 ) 2,465 (10 ) 3,258 (11 ) Other securities — — 1,691 (46 ) 1,691 (46 ) Total $ 15,124 $ (101 ) $ 4,157 $ (56 ) $ 19,281 $ (157 ) Held to Maturity U.S. Treasury securities and obligations of U.S. government agencies $ — $ — $ — $ — $ — $ — States and political subdivisions 15,700 (82 ) 45,952 (460 ) 61,652 (542 ) Collateralized mortgage obligations 156 — 94 (2 ) 250 (2 ) Mortgage-backed securities 3,233,601 (36,016 ) 1,662,482 (46,391 ) 4,896,083 (82,407 ) Total $ 3,249,457 $ (36,098 ) $ 1,708,528 $ (46,853 ) $ 4,957,985 $ (82,951 ) December 31, 2014 Less than 12 Months More than 12 Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (Dollars in thousands) Available for Sale Collateralized mortgage obligations $ 6,675 $ (36 ) $ 45 $ (1 ) $ 6,720 $ (37 ) Mortgage-backed securities 358 — 2,837 (14 ) 3,195 (14 ) Other securities 1,706 (31 ) — — 1,706 (31 ) Total $ 8,739 $ (67 ) $ 2,882 $ (15 ) $ 11,621 $ (82 ) Held to Maturity U.S. Treasury securities and obligations of U.S. government agencies $ 17,098 $ (74 ) $ — $ — $ 17,098 $ (74 ) States and political subdivisions 45,680 (425 ) 44,760 (997 ) 90,440 (1,422 ) Collateralized mortgage obligations 670 (5 ) 322 (3 ) 992 (8 ) Mortgage-backed securities 1,149,380 (2,600 ) 2,349,143 (50,953 ) 3,498,523 (53,553 ) Total $ 1,212,828 $ (3,104 ) $ 2,394,225 $ (51,953 ) $ 3,607,053 $ (55,057 ) At December 31, 2015, there were 474 securities in an unrealized loss position for more than 12 months. The amortized cost and fair value of investment securities at December 31, 2015, 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 (Dollars in thousands) Due in one year or less $ 33,942 $ 34,057 $ 12,588 $ 12,692 Due after one year through five years 180,550 182,802 3,290 3,307 Due after five years through ten years 146,011 150,029 2,173 2,178 Due after ten years 50,600 51,551 — — Subtotal 411,103 418,439 18,051 18,177 Mortgage-backed securities and collateralized mortgage obligations 8,988,260 8,974,736 81,875 84,887 Total $ 9,399,363 $ 9,393,175 $ 99,926 $ 103,064 The Company recorded no gain or loss on the sale of securities for the year ended December 31, 2015. The Company recorded a net gain on the sale of securities of $7 thousand for the year ended December 31, 2014. The net gain was the result of a loss of $41 thousand on the sale of eight non-agency collateralized mortgage obligations with a total book value of $1.2 million offset by a gain of $48 thousand on the sale of an available for sale mortgage-backed security with a total book value of $490 thousand. The Company recorded no gain or loss on the sale of securities for the year ended December 31, 2013. At December 31, 2015 and 2014, 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 $5.81 billion and $5.08 billion and a fair value of $5.79 billion and $5.10 billion at December 31, 2015 and 2014, 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, 2015 | |
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 categorized by major type as follows: December 31, 2015 2014 (Dollars in thousands) Residential mortgage loans held for sale $ 23,933 $ 8,602 Commercial and industrial 1,692,246 1,806,267 Real estate: Construction, land development and other land loans 1,073,198 1,026,475 1-4 family residential (including home equity) 2,616,732 2,513,579 Commercial real estate (including multi-family residential) 3,131,083 3,030,340 Farmland 434,349 361,943 Agriculture 214,469 189,703 Consumer and other 252,579 307,274 Total loans held for investment 9,414,656 9,235,581 Total $ 9,438,589 $ 9,244,183 Loan Origination/Risk Management. 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 . (ii) Commercial Real Estate (iii) 1-4 Family Residential Loans . 1-4 family (iv) Construction, Land Development and Other Land Loans. (v) Agriculture Loans . (vi) Consumer Loans . The contractual maturity ranges of the Company’s loan portfolio by type of loan and the amount of such loans with predetermined interest rates and floating rates in each maturity range as of December 31, 2015 are summarized in the following table. Contractual maturities are based on contractual amounts outstanding and do not include loan purchase discounts of $94.7 million or loans held for sale of $23.9 million at December 31, 2015: One Year or Through After Five Total (Dollars in thousands) Commercial and industrial $ 731,217 $ 550,102 $ 448,385 $ 1,729,704 Real estate: Construction, land development and other land loans 392,126 203,575 480,272 1,075,973 1-4 family residential (includes home equity) 32,340 160,107 2,436,915 2,629,362 Commercial (includes multi-family residential) 132,036 397,469 2,637,566 3,167,071 Agriculture (includes farmland) 179,370 71,251 402,704 653,325 Consumer and other 91,853 87,907 74,171 253,931 Total $ 1,558,942 $ 1,470,411 $ 6,480,013 $ 9,509,366 Loans with a predetermined interest rate $ 452,884 $ 728,612 $ 2,721,442 $ 3,902,938 Loans with a floating interest rate 1,106,058 741,799 3,758,571 5,606,428 Total $ 1,558,942 $ 1,470,411 $ 6,480,013 $ 9,509,366 Concentrations of Credit. Foreign Loans. Related Party Loans. An analysis of activity with respect to these related-party loans is as follows: December 31, 2015 2014 (Dollars in thousands) Beginning balance on January 1 $ 4,940 $ 6,187 New loans 428 4,913 Repayments and reclassified related loans (1,305 ) (6,160 ) Ending balance $ 4,063 $ 4,940 Nonperforming Assets and Nonaccrual and Past Due Loans. 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 category of loan, in presented below: December 31, 2015 Loans Past Due and Still Accruing 30-89 Days 90 or More Total Past Nonaccrual Current Total Loans (Dollars in thousands) Construction, land development and other land loans $ 4,097 $ — $ 4,097 $ 134 $ 1,068,967 $ 1,073,198 Agriculture and agriculture real estate (includes farmland) 946 — 946 208 647,664 648,818 1-4 family (includes home equity) (1) 4,748 220 4,968 1,894 2,633,803 2,640,665 Commercial real estate (includes multi-family residential) 12,922 — 12,922 15,535 3,102,626 3,131,083 Commercial and industrial 4,793 394 5,187 21,692 1,665,367 1,692,246 Consumer and other 1,274 — 1,274 248 251,057 252,579 Total $ 28,780 $ 614 $ 29,394 $ 39,711 $ 9,369,484 $ 9,438,589 December 31, 2014 Loans Past Due and Still Accruing 30-89 Days 90 or More Total Past Nonaccrual Current Total Loans (Dollars in thousands) Construction, land development and other land loans $ 7,667 $ — $ 7,667 $ 526 $ 1,018,282 $ 1,026,475 Agriculture and agriculture real estate (includes farmland) 2,995 377 3,372 96 548,178 551,646 1-4 family (includes home equity) (1) 2,261 82 2,343 3,570 2,516,268 2,522,181 Commercial real estate (includes multi-family residential) 12,679 65 12,744 6,340 3,011,256 3,030,340 Commercial and industrial 18,305 869 19,174 20,537 1,766,556 1,806,267 Consumer and other 612 800 1,412 353 305,509 307,274 Total $ 44,519 $ 2,193 $ 46,712 $ 31,422 $ 9,166,049 $ 9,244,183 (1) Includes $23.9 million and $8.6 million of residential mortgage loans held for sale at December 31, 2015 and December 31, 2014, respectively. The following table presents information regarding nonperforming assets at the dates indicated: December 31, 2015 2014 2013 2012 2011 (Dollars in thousands) Nonaccrual loans (1) $ 39,711 $ 31,422 $ 10,231 $ 5,382 $ 3,578 Accruing loans 90 or more days past due 614 2,193 4,947 331 — Total nonperforming loans 40,325 33,615 15,178 5,713 3,578 Repossessed assets 171 67 27 68 146 Other real estate 2,963 3,237 7,299 7,234 8,328 Total nonperforming assets $ 43,459 $ 36,919 $ 22,504 $ 13,015 $ 12,052 Nonperforming assets to total loans and other real estate 0.46 % 0.40 % 0.29 % 0.25 % 0.32 % (1) Includes troubled debt restructurings of $681 thousand, $911 thousand, $1.4 million, $3.6 million and $5.3 million for the years ended December 31, 2015, 2014, 2013, 2012 and 2011, respectively. The Company had $43.5 million in nonperforming assets at December 31, 2015 compared with $36.9 million at December 31, 2014 and $22.5 million at December 31, 2013. Nonperforming assets were 0.46% of total loans and other real estate at December 31, 2015 compared with 0.40% of total loans and other real estate at December 31, 2014. The nonperforming assets consisted of 147 separate credits or ORE properties at December 31, 2015, compared with 169 at December 31, 2014 and 203 at December 31, 2013. These results are reflective of the Company’s conservative lending approach. If interest on nonaccrual loans had been accrued under the original loan terms, approximately $3.9 million, $2.7 million, and $440 thousand would have been recorded as income for the years ended December 31, 2015, 2014 and 2013, respectively. 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 tables below is reported on a year-to-date basis. December 31, 2015 Recorded Unpaid Related Average (Dollars in thousands) With no related allowance recorded: Construction, land development and other land loans $ 33 $ 346 $ — $ 142 Agriculture and agriculture real estate (includes farmland) 20 23 — 10 1-4 family (includes home equity) 1,206 1,365 — 1,458 Commercial real estate (includes multi-family residential) 15,115 15,398 — 10,104 Commercial and industrial 1,354 1,630 — 5,419 Consumer and other 58 131 — 4,101 Total 17,786 18,893 — 21,234 With an allowance recorded: Construction, land development and other land loans 7 11 2 141 Agriculture and agriculture real estate (includes farmland) 189 201 52 118 1-4 family (includes home equity) 379 386 93 902 Commercial real estate (includes multi-family residential) 262 1,857 262 162 Commercial and industrial 14,594 16,413 7,082 8,524 Consumer and other 181 220 44 208 Total 15,612 19,088 7,535 10,055 Total: Construction, land development and other land loans 40 357 2 283 Agriculture and agriculture real estate (includes farmland) 209 224 52 128 1-4 family (includes home equity) 1,585 1,751 93 2,360 Commercial real estate (includes multi-family residential) 15,377 17,255 262 10,266 Commercial and industrial 15,948 18,043 7,082 13,943 Consumer and other 239 351 44 4,309 $ 33,398 $ 37,981 $ 7,535 $ 31,289 December 31, 2014 Recorded Unpaid Related Average (Dollars in thousands) With no related allowance recorded: Construction, land development and other land loans $ 250 $ 256 $ — $ 264 Agriculture and agriculture real estate (includes farmland) — — — 7 1-4 family (includes home equity) 1,710 1,831 — 1,147 Commercial real estate (includes multi-family residential) 5,093 5,126 — 3,792 Commercial and industrial 9,485 9,678 — 4,794 Consumer and other 8,144 8,161 — 4,080 Total 24,682 25,052 — 14,084 With an allowance recorded: Construction, land development and other land loans 276 276 225 138 Agriculture and agriculture real estate (includes farmland) 46 55 24 34 1-4 family (includes home equity) 1,426 1,473 418 1,973 Commercial real estate (includes multi-family residential) 62 63 24 838 Commercial and industrial 2,454 4,182 1,597 1,783 Consumer and other 234 251 205 164 Total 4,498 6,300 2,493 4,930 Total: Construction, land development and other land loans 526 532 225 402 Agriculture and agriculture real estate (includes farmland) 46 55 24 41 1-4 family (includes home equity) 3,136 3,304 418 3,120 Commercial real estate (includes multi-family residential) 5,155 5,189 24 4,630 Commercial and industrial 11,939 13,860 1,597 6,577 Consumer and other 8,378 8,412 205 4,244 $ 29,180 $ 31,352 $ 2,493 $ 19,014 Credit Quality Indicators. The following is a general description of the loan grades used: Grade 1 Grade 2 Grade 3 Grade 4 Grade 5 Grade 6 Grade 7 Grade 8— Grade 9— The following table presents risk grades and PCI loans by category of loan at December 31, 2015. Impaired loans include loans in risk grades 7, 8 and 9, as well as any PCI loan that has a specific reserve allocated to it. Construction, Agriculture and 1-4 Family Commercial Commercial Consumer and Total (Dollars in thousands) Grade 1 $ — $ 12,733 $ — $ — $ 57,625 $ 44,389 $ 114,747 Grade 2 3,975 5,603 27,272 24,965 27,755 34,668 124,238 Grade 3 1,034,792 553,782 2,539,282 2,861,872 1,355,887 162,892 8,508,507 Grade 4 29,831 67,453 58,172 164,924 123,772 3,395 447,547 Grade 5 2,431 7,191 1,261 20,078 68,618 6,908 106,487 Grade 6 1,209 1,452 7,824 26,237 28,005 88 64,815 Grade 7 40 209 1,526 15,377 12,487 239 29,878 Grade 8 — — 59 — 2,485 — 2,544 Grade 9 — — — — — — — PCI Loans (2) 920 395 5,269 17,630 15,612 — 39,826 Total $ 1,073,198 $ 648,818 $ 2,640,665 $ 3,131,083 $ 1,692,246 $ 252,579 $ 9,438,589 (1) Includes $23.9 million of residential mortgage loans held for sale at December 31, 2015. (2) Of the total PCI loans, $7.3 million were classified as substandard at December 31, 2015, which includes $976 thousand with specific reserves allocated to them. The following table presents risk grades and PCI loans by category of loan at December 31, 2014. Impaired loans include loans in risk grades 7, 8 and 9. Construction, Agriculture and 1-4 Family Commercial Commercial Consumer and Total (Dollars in thousands) Grade 1 $ — $ 13,507 $ — $ — $ 61,697 $ 41,240 $ 116,444 Grade 2 — — — — — — — Grade 3 1,022,002 528,400 2,503,679 2,965,455 1,698,558 257,588 8,975,682 Grade 4 — — — — — — — Grade 5 497 4,265 1,174 10,424 3,266 18 19,644 Grade 6 2,308 4,921 8,266 25,839 4,707 50 46,091 Grade 7 526 46 3,136 5,155 11,834 8,378 29,075 Grade 8 — — — — 105 — 105 Grade 9 — — — — — — — PCI Loans (2) 1,142 507 5,926 23,467 26,100 — 57,142 Total $ 1,026,475 $ 551,646 $ 2,522,181 $ 3,030,340 $ 1,806,267 $ 307,274 $ 9,244,183 (1) Includes $8.6 million of residential mortgage loans held for sale at December 31, 2014. (2) Of the total PCI loans, $32.0 million were classified as substandard at December 31, 2014. Allowance for Credit Losses. 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 total loan portfolio and assigns risk grades to each loan. 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 certain impaired loans, 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 310-10, “ Receivables. In connection with this 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 determining the amount of the general valuation allowance, management considers factors such as historical loan loss experience, 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. 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. A change in the allowance for credit losses can be attributable to several factors, most notably (1) specific reserves identified for impaired loans, (2) historical credit loss information, (3) changes in environmental factors and (4) growth in the balance of legacy loans and the renewal or substantial modification of acquired loans (Non-PCI Changes in the Company’s asset quality are reflected in the allowance in several ways. Specific reserves that are calculated on a loan-by-loan basis and the qualitative assessment of all other loans reflect current changes in the credit quality of the loan portfolio. Historical credit losses, on the other hand, are based on a three-year look back period, which are then applied to estimate current credit losses inherent in the loan portfolio. A deterioration in the credit quality of the loan portfolio in the current period would increase the historical credit loss factor to be applied in future periods, just as an improvement in credit quality would decrease the historical credit loss factor. The allowance for credit losses is further determined by the size of the loan portfolio subject to the allowance methodology and environmental factors that include Company-specific risk indicators and general economic conditions, both of which are constantly changing. The Company evaluates the economic and portfolio-specific factors on a quarterly basis to determine a qualitative component of the general valuation allowance. The factors include economic metrics, business conditions, delinquency trends, credit concentrations, nature and volume of the portfolio and other adjustments for items not covered by specific reserves and historical loss experience. Management’s assessment of qualitative factors is a statistically based approach to determine the inherent probable loss associated with such factors. Based on the Company’s actual historical loan loss experience relative to economic and loan portfolio-specific factors at the time the losses occurred, management is able to identify the probabilities of default and loss severity based on current economic conditions. The correlation of historical loss experience with current economic conditions provides an estimate of inherent and probable losses that has not been previously factored into the general valuation allowance by the determination of specific reserves and recent historical losses. Additionally, the Company considers qualitative factors not easily quantified and the possibility of model imprecision. Utilizing the aggregation of specific reserves, historical loss experience and a qualitative component, management is able to determine the valuation allowance to reflect the full inherent probable loss. Loans acquired in business combinations are initially recorded at fair value, which includes an estimate of inherent credit losses expected to be realized over the remaining lives of the loans, and therefore no corresponding allowance for credit losses is recorded for these loans at acquisition. When a fair-valued acquired loan is renewed at its maturity date, the loan is re-categorized and is subject to the allowance methodology. When a fair-valued acquired loan is modified after acquisition, the loan is independently evaluated subsequent to the modification decision to determine whether the modification was, substantial, and therefore, requires that the loan be re-categorized as an acquired legacy loan. The determination is based on a discounted cash-flow analysis. Generally, when a change in discounted cash-flow of greater than 10% is identified, the fair-valued acquired loan becomes re-categorized and is evaluated at the time of renewal or modification in accordance with the Company’s allowance for credit losses methodology described above. Non-PCI loans which were not deemed impaired subsequent to the acquisition date are considered non-impaired and are evaluated as part of the general valuation allowance. Non-PCI loans that have not become impaired subsequent to acquisition are segregated into a pool for each acquisition for allowance calculation purposes. For each pool, the Company estimates a hypothetical allowance for credit losses also referred to as an “indicated reserve” that is calculated in accordance with GAAP requirements. The Company uses the acquired bank’s past loss history adjusted for qualitative factors to establish the indicated reserve. The indicated reserve for each pool of Non-PCI loans is compared with the remaining discount for the respective pool to test for credit quality deterioration and the possible need for a loan loss provision. To the extent the remaining discount of the pool is greater than the indicated reserve, no additional allowance is necessary. In the event that the remaining discount of the pool is less than the indicated reserve, the difference results in an increase to the allowance recorded through a provision for credit losses. Non-PCI loans that have deteriorated to an impaired status subsequent to acquisition are evaluated for a specific reserve on a quarterly basis which, when identified, is added to the allowance for credit losses. The Company reviews impaired Non-PCI loans on a loan-by-loan basis and determines the specific reserve based on the difference between the recorded investment in the loan and one of three factors: expected future cash flows, observable market price or fair value of the collateral. Because essentially all of the Company’s impaired Non-PCI loans have been collateral-dependent, the amount of the specific reserve historically has been determined by comparing the fair value of the collateral securing the Non-PCI loan with the recorded investment in such loan. In the future, the Company will continue to analyze impaired Non-PCI loans on a loan-by-loan basis and may use an alternative measurement method to determine the specific reserve, as appropriate and in accordance with applicable accounting standards. PCI loans are individually monitored on a quarterly basis to assess for deterioration subsequent to acquisition and are only subject to the Company’s allowance methodology when a deterioration in projected cash flows is identified. In the event that a deterioration in cash flows is identified, an additional provision for credit losses is made. PCI loans were recorded at their acquisition date fair values, which were based on expected cash flows and included estimates of expected future credit losses. The Company’s estimates of loan fair values at the acquisition date may be adjusted for a period of up to one year as the Company continues to evaluate its estimate of expected future cash flows at the acquisition date. If the Company determines that losses arose after the acquisition date, the additional losses will be reflected as a provision for credit losses. An allowance for credit losses is not calculated for PCI loans that have not experienced deterioration subsequent to the acquisition date. At December 31, 2015, the allowance for credit losses totaled $81.4 million or 0.86% of total loans, including acquired loans with discounts. At December 31, 2014, the allowance for credit losses totaled $80.8 million or 0.87% of total loans, and at December 31, 2013, the allowance aggregated $67.3 million or 0.87% of total loans, both including acquired loans with discounts. The allowance for credit losses totaled $81.4 million at December 31, 2015 compared with $80.8 million at December 31, 2014, an increase of $622 thousand or 0.8%. The following table details the recorded investment in loans, excluding $23.9 million and $8.6 million of residential mortgage loans held for sale, and activity in the allowance for credit losses by category of loan for the years ended December 31, 2015 and 2014, respectively. During the fourth quarter of 2014, the Company enhanced its allowance for credit losses methodology. Under the enhanced methodology, qualitative environmental factors have been more precisely aligned to portfolio segments based on a statistical analysis which was undertaken by management. Such enhancement captures inherent probable loss in the portfolio associated with qualitative factors based on empirical data which includes various economic indicators, loss history, and levels of concentration. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Construction, Land Agriculture 1-4 Family Commercial Multi-Family Commercial Consumer Total (Dollars in thousands) Allowance for credit losses: Balance January 1, 2015 $ 15,825 $ 3,722 $ 16,377 $ 12,744 $ 30,002 $ 2,092 $ 80,762 Provision for credit losses (736 ) (137 ) (1,277 ) 646 7,781 1,283 7,560 Charge-offs (366 ) (24 ) (262 ) (498 ) (7,696 ) (3,304 ) (12,150 ) Recoveries 159 284 53 104 3,322 1,290 5,212 Net charge-offs (207 ) 260 (209 ) (394 ) (4,374 ) (2,014 ) (6,938 ) Balance December 31, 2015 $ 14,882 $ 3,845 $ 14,891 $ 12,996 $ 33,409 $ 1,361 $ 81,384 Allowance for credit losses related to: December 31, 2015 Individually evaluated for impairment $ 2 $ 52 $ 93 $ 262 $ 7,082 $ 44 $ 7,535 Collectively evaluated for impairment 14,880 3,793 14,798 12,734 25,491 1,317 73,013 PCI loans — — — — 836 — 836 Total allowance for credit losses $ 14,882 $ 3,845 $ 14,891 $ 12,996 $ 33,409 $ 1,361 $ 81,384 Recorded investment in loans: December 31, 2015 Individually evaluated for impairment $ 40 $ 209 $ 1,585 $ 15,377 $ 15,948 $ 239 $ 33,398 Collectively evaluated for impairment 1,072,238 648,214 2,609,878 3,098,076 1,660,686 252,340 9,341,432 PCI loans 920 395 5,269 17,630 15,612 — 39,826 Total loans evaluated for impairment $ 1,073,198 $ 648,818 $ 2,616,732 $ 3,131,083 $ 1,692,246 $ 252,579 $ 9,414,656 Construction, Land Agriculture 1-4 Family Commercial Multi-Family Commercial Consumer Total (Dollars in thousands) Allowance for credit losses: Balance January 1, 2014 $ 14,353 $ 1,229 $ 17,046 $ 24,835 $ 8,167 $ 1,652 $ 67,282 Provision for credit losses 1,541 1,503 358 (10,300 ) 22,187 2,986 18,275 Charge-offs (155 ) (71 ) (1,223 ) (2,009 ) (818 ) (5,674 ) (9,950 ) Recoveries 86 1,061 196 218 466 3,128 5,155 Net charge-offs (69 ) 990 (1,027 ) (1,791 ) (352 ) (2,546 ) (4,795 ) Balance December 31, 2014 $ 15,825 $ 3,722 $ 16,377 $ 12,744 $ 30,002 $ 2,092 $ 80,762 Allowance for credit losses related to: December 31, 2014 Individually evaluated for impairment $ 225 $ 24 $ 418 $ 24 $ 1,597 $ 205 $ 2,493 Collectively evaluated for impairment 15,600 3,698 15,959 12,720 28,405 1,887 78,269 PCI loans — — — — — — — Total allowance for credit losses $ 15,825 $ 3,722 $ 16,377 $ 12,744 $ 30,002 $ 2,092 $ 80,762 Recorded investment in loans: December 31, 2014 Individually evaluated for impairment $ 526 $ 46 $ 3,136 $ 5,155 $ 11,939 $ 8,378 $ 29,180 Collectively evaluated for impairment 1,024,807 551,093 2,504,517 3,001,718 1,768,228 298,896 9,149,259 PCI loans 1,142 507 5,926 23,467 26,100 — 57,142 Total loans evaluated for impairment $ 1,026,475 $ 551,646 $ 2,513,579 $ 3,030,340 $ 1,806,267 $ 307,274 $ 9,235,581 An analysis of activity in the allowance for credit losses for the year ended December 31, 2013 is as follows (dollars in thousands): Construction, Land Agriculture 1-4 Family Commercial Multi-Family Commercial Consumer Total (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 Troubled Debt Restructurings. Receivables—Troubled Debt Restructurings by Creditors Years Ended December 31, 2015 2014 Number of Recorded Recorded Number of Recorded Recorded at Year-End (Dollars in thousands) Troubled Debt Restructurings Construction, land development and other land loans 1 $ 390 $ 20 — $ — $ — Agriculture and agriculture real estate — — — — — — 1-4 Family (includes home equity) — — — — — — Commercial real estate (commercial mortgage and multi-family) — — — 1 35 35 Commercial and industrial 1 250 250 2 34 33 Consumer and other 1 10 9 — — — Total 3 $ 650 $ 279 3 $ 69 $ 68 As of December 31, 2015, 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. At December 31, 2015 and 2014, the Company had $681 thousand and $911 thousand, respectively, in outstanding troubled debt restructurings. For the year ended December 31, 2015, the Company added 3 loans totaling $650 thousand as new troubled debt restructurings of which $279 thousand was still outstanding on December 31, 2015. 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, 2015 | |
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 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 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, 2015 Level 1 Level 2 Level 3 Total (Dollars in thousands) Available for sale securities: States and political subdivisions $ — $ 5,485 $ — $ 5,485 Collateralized mortgage obligations — 25,916 — 25,916 Mortgage-backed securities — 58,971 — 58,971 Other securities 12,692 — — 12,692 As of December 31, 2014 Level 1 Level 2 Level 3 Total (Dollars in thousands) Available for sale securities: States and political subdivisions $ — $ 14,585 $ — $ 14,585 Collateralized mortgage obligations — 33,573 — 33,573 Mortgage-backed securities — 84,483 — 84,483 Other securities 12,758 — — 12,758 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, 2015, the Company had additions to other real estate owned of $2.6 million, of which $1.4 million were outstanding as of December 31, 2015. For the year ended December 31, 2015, the Company had additions to impaired loans of $31.7 million, of which $23.8 million were outstanding as of December 31, 2015. The remaining financial assets and liabilities measured at fair value on a non-recurring basis that were recorded in 2015 and remained outstanding at December 31, 2015 were not significant. The following tables summarize the carrying values and estimated fair values of certain financial instruments not recorded at fair value on a recurring basis: As of December 31, 2015 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Cash and due from banks $ 562,544 $ 562,544 $ — $ — $ 562,544 Federal funds sold 1,418 1,418 — — 1,418 Held to maturity securities 9,399,363 — 9,393,175 — 9,393,175 Loans held for sale 23,933 — 23,933 — 23,933 Loans held for investment, net of allowance 9,333,272 — — 9,365,758 9,365,758 Other real estate owned 2,963 — 2,963 — 2,963 Liabilities Deposits: Noninterest-bearing $ 5,136,579 $ — $ 5,136,579 $ — $ 5,136,579 Interest-bearing 12,544,540 — 12,548,050 — 12,548,050 Other borrowings 491,399 — 492,061 — 492,061 Securities sold under repurchase agreements 315,253 — 315,241 — 315,241 Junior subordinated debentures — — — — — As of December 31, 2014 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Cash and due from banks $ 677,285 $ 677,285 $ — $ — $ 677,285 Federal funds sold 569 569 — — 569 Held to maturity securities 8,900,377 — 8,948,692 — 8,948,692 Loans held for sale 8,602 — 8,602 — 8,602 Loans held for investment, net of allowance 9,154,819 — — 9,192,231 9,192,231 Other real estate owned 3,237 — 3,237 — 3,237 Liabilities Deposits: Noninterest-bearing $ 4,936,420 $ — $ 4,936,420 $ — $ 4,936,420 Interest-bearing 12,756,738 — 12,767,961 — 12,767,961 Other borrowings 8,724 — 10,000 — 10,000 Securities sold under repurchase agreements 315,523 — 315,543 — 315,543 Junior subordinated debentures 167,531 — 159,740 — 159,740 Entities may choose to measure eligible financial instruments at fair value at specified election dates. The fair value measurement option (1) may be applied instrument by instrument, with certain exceptions, (2) is generally irrevocable and (3) 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 Federal funds sold Securities Securities available for sale are recorded at fair value on a recurring basis. Loans held for sale Loans held for investment 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. Other real estate owned Deposits Other borrowings Securities sold under repurchase agreements Junior subordinated debentures Off-balance sheet financial instruments |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | 8. PREMISES AND EQUIPMENT Premises and equipment are summarized as follows: December 31, 2015 2014 (Dollars in thousands) Land $ 88,897 $ 91,491 Buildings 202,555 204,904 Furniture, fixtures and equipment 63,212 60,296 Construction in progress 1,998 2,409 Total 356,662 359,100 Less accumulated depreciation (88,666 ) (77,551 ) Premises and equipment, net $ 267,996 $ 281,549 Depreciation expense was $13.0 million, $13.7 million and $10.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 were as follows (dollars in thousands): Three months or less $ 434,680 29.9 % Over three through six months 316,201 21.7 Over six through 12 months 354,227 24.3 Over 12 months 351,601 24.1 Total $ 1,456,709 100.0 % Interest expense for certificates of deposit in excess of $100,000 was $9.6 million, $11.6 million and $9.4 million, for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, the Company had $148.3 million of deposits classified as brokered deposits for regulatory purposes, and there are no major concentrations of deposits with any one depositor. |
Other Borrowings and Securities
Other Borrowings and Securities Sold under Repurchase Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Brokers and Dealers [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, 2015 and 2014: December 31, 2015 2014 (Dollars in thousands) FHLB advances $ 485,000 $ — FHLB long-term notes payable 6,399 8,724 Total other borrowings 491,399 8,724 Securities sold under repurchase agreements 315,253 315,523 Total $ 806,652 $ 324,247 FHLB advances and long-term notes payable Securities sold under repurchase agreements with Company customers |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 (Dollars in thousands) Current $ 108,550 $ 102,595 $ 88,535 Deferred 34,999 45,713 19,884 Total $ 143,549 $ 148,308 $ 108,419 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, 2015 2014 2013 (Dollars in thousands) Taxes calculated at statutory rate $ 150,568 $ 156,012 $ 115,436 (Decrease) increase resulting from: Tax-exempt interest (6,351 ) (7,102 ) (6,360 ) Qualified School Construction Bond credit (1,239 ) (794 ) (530 ) Non taxable death benefits (60 ) (677 ) — BOLI income (1,917 ) (1,788 ) (1,244 ) Qualified stock options 2 6 12 Merger related expenses — 86 185 State tax, net 1,193 1,898 864 Other, net 1,353 667 56 Total $ 143,549 $ 148,308 $ 108,419 Deferred tax assets and liabilities are as follows: December 31, 2015 2014 (Dollars in thousands) Deferred tax assets: Loan purchase discounts $ 33,149 $ 56,553 Allowance for credit losses 25,847 27,324 Accrued liabilities 4,364 8,704 Restricted stock 9,423 6,620 Deferred compensation 3,873 3,755 Certificates of Deposit 244 613 Net operating losses 688 5,055 ORE write-downs 30 1,418 Investments in partnerships 215 95 Other 560 1,428 Total deferred tax assets 78,393 111,565 Deferred tax liabilities: Goodwill and core deposit intangibles (34,579 ) (31,868 ) Bank premises and equipment (11,312 ) (9,325 ) Securities (2,176 ) (4,405 ) Unrealized gain on available for sale securities (1,098 ) (2,008 ) Prepaid expenses (1,396 ) (1,260 ) Deferred loan fees and costs (3,202 ) (1,299 ) Total deferred tax liabilities (53,763 ) (50,165 ) Net deferred tax assets $ 24,630 $ 61,400 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, 2015. Net operating loss carryforwards expire on various dates beginning in 2027 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, 2015 or December 31, 2014 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, 2015 and 2014, 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 periods subject to examination for the Company’s federal return are the 2011 through 2014 tax years. The Company has assumed to net operating loss carryforwards, “acquired NOLs”, through its acquisitions. The tax periods of the acquired entities from which these acquired NOLs originated are considered open years for purposes of adjusting the amount of the acquired NOLs used in the Company’s open years. The Company is currently under two Internal Revenue Service examinations. One is related to F&M’s federal income tax return for the final short period ended April 1, 2014 and for tax years 2013 and 2012. The second is related to the Company’s federal income tax return for the tax year 2013. |
Stock Incentive Programs
Stock Incentive Programs | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Programs | 12. STOCK INCENTIVE PROGRAMS At December 31, 2015, the Company had two stock-based employee compensation plans with awards outstanding. One of these plans adopted by the Company has expired and therefore no additional awards may be issued under that plan. 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 $11.1 million, $8.2 million and $4.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. There was approximately $3.9 million, $2.9 million and $1.5 million of income tax benefit recorded for the stock-based compensation expense for the same periods, respectively. In December 2004, Bancshares’ Board of Directors established the Prosperity Bancshares, Inc. 2004 Stock Incentive Plan (the “2004 Plan”), which was approved by Bancshares’ shareholders on February 23, 2005. The 2004 Plan authorized 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 provided 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 provided 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 844,801 shares of restricted stock have been granted under the 2004 Plan as of December 31, 2015. Options to purchase a total of 28,800 shares of common stock of Bancshares granted under the 2004 Plan were outstanding at December 31, 2015, all of which were exercisable. The 2004 Plan has expired and therefore no additional shares may be issued from the 2004 Plan. On February 22, 2012, Bancshares’ Board of Directors adopted the Prosperity Bancshares, Inc. 2012 Stock Incentive Plan (the “2012 Plan”), which was approved by Bancshares’ 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. A total of 301,751 shares of restricted stock have been granted under the 2012 Plan as of December 31, 2015. Stock Options 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. The 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, 2015, 2014 and 2013. A summary of changes in outstanding vested and unvested options during the three year period ended December 31, 2015 is set forth below: Number of Weighted Weighted Term Aggregate (In thousands) (In years) (In thousands) Options outstanding, January 1, 2013 386 $ 28.39 3.20 $ 5,247 Options granted — — Options forfeited (4 ) 30.97 Options exercised (194 ) 27.69 Options outstanding, December 31, 2013 188 $ 28.88 3.70 6,500 Options granted — — Options forfeited (5 ) 23.88 Options exercised (130 ) 28.46 Options outstanding, December 31, 2014 53 $ 27.68 2.69 1,473 Options granted — — Options forfeited (15 ) 27.15 Options exercised (9 ) 29.92 Options outstanding, December 31, 2015 29 $ 32.14 2.60 $ 453 Shares vested or expected to vest, December 31, 2015 28 $ 32.07 2.61 $ 441 Shares exercisable, December 31, 2015 29 $ 32.14 2.60 $ 453 The total intrinsic value of the options exercised during the year ended December 31, 2015 and 2014 was $174 thousand and $3.5 million, respectively. The total fair value of options vested during the year ended December 31, 2015 was $88 thousand. There were no unvested options forfeited during the years ended December 31, 2015 and 2014. The total fair value of unvested options forfeited during the year ended December 31, 2013 were $26 thousand. The Company received $290 thousand, $3.7 million and $5.4 million in cash from the exercise of stock options during the years ended December 31, 2015, 2014 and 2013, respectively. There was no tax benefit realized from exercises of the stock-based compensation arrangements during the years ended December 31, 2015, 2014 and 2013. Restricted Stock The Company has granted 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 $11.1 million, $8.2 million and $4.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. A summary of the status of nonvested shares of restricted stock as of December 31, 2015, and changes during the year then ended is as follows: Number of Weighted (Shares in thousands) Nonvested share awards outstanding, December 31, 2014 446 $ 57.97 Share awards granted 308 54.92 Unvested share awards forfeited (75 ) 58.02 Share awards vested (62 ) 51.60 Nonvested shares outstanding, December 31, 2015 617 $ 57.31 The total fair value of restricted stock awards that fully vested during the year ended December 31, 2015 was $3.3 million. As of December 31, 2015, there was $19.2 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 1.54 years. |
Other Noninterest Income and Ex
Other Noninterest Income and Expense | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Other Noninterest Income and Expense | 13. OTHER NONINTEREST INCOME AND EXPENSE Other noninterest income and expense totals are more fully detailed in the following tables. Any components of these totals exceeding 1% of the aggregate of total net interest income and total noninterest income for any of the years presented, as well as amounts the Company elected to present, are stated separately. Years Ended December 31, 2015 2014 2013 (Dollars in thousands) Other noninterest income Banking related service fees $ 4,690 $ 4,796 $ 3,502 Bank Owned Life Insurance (BOLI) 5,548 5,189 3,635 Rental income 2,594 2,378 1,990 Other 10,930 9,182 5,901 Total $ 23,762 $ 21,545 $ 15,028 Other noninterest expense Advertising $ 2,974 $ 3,016 $ 2,642 Losses 3,361 4,143 2,138 Printing and supplies 2,158 2,427 2,616 Professional and legal fees 3,044 5,636 3,573 Property taxes 7,028 7,410 5,827 Travel and development 4,434 4,848 3,629 Other 9,577 9,351 10,254 Total $ 32,576 $ 36,831 $ 30,679 |
Profit Sharing Plan
Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [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 $4.3 million, $4.6 million and $3.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Off-Balance Sheet Arrangements,
Off-Balance Sheet Arrangements, Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 (other than deposit obligations and securities sold under repurchase agreements). The Company’s future cash payments associated with its contractual obligations pursuant to its FHLB notes payable and operating leases as of December 31, 2015 are summarized below. Payments for FHLB notes payable include interest of $1.0 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 3 years or 5 years Total (Dollars in thousands) Federal Home Loan Bank notes payable $ 485,978 $ 5,201 $ 980 $ 277 $ 492,436 Operating leases 6,123 8,810 5,717 7,183 27,833 Total $ 492,101 $ 14,011 $ 6,697 $ 7,460 $ 520,269 Off-Balance Sheet Items In the normal course of business, the Company enters into various transactions, which, in accordance with GAAP, 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, 2015 are summarized below. 1 year or less More than 3 years or 5 years or Total (Dollars in thousands) Standby letters of credit $ 89,258 $ 3,912 $ 1,116 $ — $ 94,286 Commitments to extend credit 1,054,490 337,416 69,908 497,332 1,959,146 Total $ 1,143,748 $ 341,328 $ 71,024 $ 497,332 $ 2,053,432 Standby Letters of Credit. Commitments to Extend Credit. 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 2016 $ 6,123 2017 4,908 2018 3,902 2019 3,244 2020 2,473 Thereafter 7,183 $ 27,833 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 $7.4 million for the year ended December 31, 2015, $7.5 million for the year ended December 31, 2014 and $5.8 million for the year ended December 31, 2013. Litigation— |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Other Comprehensive (Loss) Income | 16. OTHER COMPREHENSIVE (LOSS) INCOME For the Years Ended December 31, 2015 2014 2013 Before Tax Tax Benefit Net of Tax Before Tax Tax Benefit Net of Tax Before Tax Tax Benefit Net of Tax (Dollars in thousands) Other comprehensive loss: Securities available for sale: Change in unrealized gain during period $ (2,599 ) $ 910 $ (1,689 ) $ (1,776 ) $ 622 $ (1,154 ) $ (6,312 ) $ 2,209 $ (4,103 ) Total securities available for sale (2,599 ) 910 (1,689 ) (1,776 ) 622 (1,154 ) (6,312 ) 2,209 (4,103 ) Total other comprehensive loss $ (2,599 ) $ 910 $ (1,689 ) $ (1,776 ) $ 622 $ (1,154 ) $ (6,312 ) $ 2,209 $ (4,103 ) Activity in accumulated other comprehensive income, net of tax, was as follows: Securities Accumulated (Dollars in thousands) Balance at January 1, 2015 $ 3,729 $ 3,729 Other comprehensive loss (1,689 ) (1,689 ) Balance at December 31, 2015 $ 2,040 $ 2,040 Balance at January 1, 2014 $ 4,883 $ 4,883 Other comprehensive loss (1,154 ) (1,154 ) Balance at December 31, 2014 $ 3,729 $ 3,729 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 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | 17. 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. The Basel III Capital Rules adopted by the federal regulatory authorities in 2013 substantially revised the risk-based capital requirements applicable to the Company and the Bank. The Basel III Capital Rules became effective for the Company and the bank on January 1, 2015, subject to a phase-in period for certain provisions. Among other things, the Basel III Capital Rules introduced a new capital measure called “Common Equity Tier 1” (“CET1”), which is a comparison of the sum of certain equity capital components to total risk-weighted assets, and revised the risk-weighting approach of the capital ratios with a more risk-sensitive approach that expanded the risk-weighting categories from the previous Basel I derived categories to a much larger and more risk-sensitive number of categories, depending on the nature of the assets. To meet the capital adequacy requirements, the Company and the Bank must maintain minimum capital amounts and ratios of CET1, Tier 1 and Total capital to risk weighted assets, and of Tier 1 capital to adjusted quarterly average assets as defined in the regulations. As of December 31, 2015, the Company and the Bank met all capital adequacy requirements to which they were subject. The CET1, 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, 2015, 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 CET1 risk-based, Tier 1 risk-based, total risk-based and Tier 1 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, 2015 and 2014: Actual For Capital To Be Categorized As Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) CONSOLIDATED: As of December 31, 2015 (1) CET1 Capital (to Risk Weighted Assets) (2) $ 1,578,312 13.55 % $ 524,089 4.50 % N/A N/A Tier 1 Capital (to Risk Weighted Assets) 1,578,312 13.55 % 698,785 6.00 % N/A N/A Total Capital (to Risk Weighted Assets) 1,659,695 14.25 % 931,714 8.00 % N/A N/A Tier 1 Capital (to Average Tangible Assets) 1,578,312 7.97 % 792,102 4.00 % N/A N/A As of December 31, 2014 (3) Tier 1 Capital (to Risk Weighted Assets) 1,475,321 13.80 % $ 427,545 4.00 % N/A N/A Total Capital (to Risk Weighted Assets) $ 1,556,083 14.56 % 855,091 8.00 % N/A N/A Tier 1 Capital (to Average Tangible Assets) 1,475,321 7.69 % 767,086 4.00 % N/A N/A PROSPERITY BANK ® As of December 31, 2015 (1) CET1 Capital (to Risk Weighted Assets) (2) 1,524,298 13.10 % $ 523,660 4.50 % 756,398 6.50 % Tier 1 Capital (to Risk Weighted Assets) 1,524,298 13.10 % 698,214 6.00 % 930,952 8.00 % Total Capital (to Risk Weighted Assets) $ 1,605,682 13.80 % 930,952 8.00 % $ 1,163,689 10.00 % Tier 1 Capital (to Average Tangible Assets) 1,524,298 7.70 % 791,721 4.00 % 989,652 5.00 % As of December 31, 2014 (3) Tier 1 Capital (to Risk Weighted Assets) 1,437,141 13.46 % $ 427,119 4.00 % 640,678 6.00 % Total Capital (to Risk Weighted Assets) $ 1,517,903 14.22 % 854,237 8.00 % $ 1,067,797 10.00 % Tier 1 Capital (to Average Tangible Assets) 1,437,141 7.50 % 766,664 4.00 % 958,329 5.00 % (1) Calculated pursuant to the phase-in provisions of the Basel III Capital Rules. (2) CET1 capital ratio is required under the Basel III Capital Rules effective January 1, 2015. (3) Calculated pursuant to prior capital rules in effect at December 31, 2014. 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, 2015, 2014 and 2013 were $78.3 million, $68.4 million and $54.0 million, respectively. Dividends paid by the Bank to Bancshares during the years ended December 31, 2015, 2014 and 2013 were $258.3 million, $103.1 million and $203.5 million, respectively. |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Statements | 18. PARENT COMPANY ONLY FINANCIAL STATEMENTS PROSPERITY BANCSHARES, INC. (Parent Company Only) CONDENSED BALANCE SHEETS December 31, 2015 2014 (Dollars in thousands) ASSETS Cash $ 40,157 $ 21,334 Investment in subsidiary 3,404,913 3,370,227 Investment in capital and statutory trusts — 5,031 Goodwill 3,982 3,982 Other assets 13,858 12,092 TOTAL $ 3,462,910 $ 3,412,666 LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES: Accrued interest payable and other liabilities $ — $ 309 Junior subordinated debentures — 167,531 Total liabilities — 167,840 SHAREHOLDERS’ EQUITY: Common stock 70,059 69,817 Capital surplus 2,036,378 2,025,235 Retained earnings 1,355,040 1,146,652 Unrealized gain on available for sale securities, net of tax benefit 2,040 3,729 Less treasury stock, at cost, 37,088 shares (607 ) (607 ) Total shareholders’ equity 3,462,910 3,244,826 TOTAL $ 3,462,910 $ 3,412,666 PROSPERITY BANCSHARES, INC. (Parent Company Only) CONDENSED STATEMENTS OF INCOME For the Years Ended December 31, 2015 2014 2013 (Dollars in thousands) OPERATING INCOME: Dividends from subsidiary $ 258,250 $ 103,100 $ 203,500 Other income 69 159 115 Total income 258,319 103,259 203,615 OPERATING EXPENSE: Junior subordinated debentures interest expense 791 4,060 2,551 Stock based compensation expense (includes restricted stock) 11,095 8,236 4,175 Other expenses 526 608 515 Total operating expense 12,412 12,904 7,241 INCOME BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES 245,907 90,355 196,374 FEDERAL INCOME TAX BENEFIT 4,331 4,468 2,495 INCOME BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES 250,238 94,823 198,869 EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES 36,408 202,618 22,529 NET INCOME $ 286,646 $ 297,441 $ 221,398 PROSPERITY BANCSHARES, INC. (Parent Company Only) CONDENSED STATEMENTS OF COMPREHENSIVE INCOME For the Years Ended December 31, 2015 2014 2013 (Dollars in thousands) Net income $ 286,646 $ 297,441 $ 221,398 Other comprehensive loss, before tax: Securities available for sale: Change in unrealized gain during period (2,599 ) (1,776 ) (6,312 ) Total other comprehensive loss (2,599 ) (1,776 ) (6,312 ) Deferred tax benefit related to other comprehensive income 910 622 2,209 Other comprehensive loss, net of tax (1,689 ) (1,154 ) (4,103 ) Comprehensive income $ 284,957 $ 296,287 $ 217,295 PROSPERITY BANCSHARES, INC. (Parent Company Only) CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2015 2014 2013 (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 286,646 $ 297,441 $ 221,398 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (36,408 ) (202,618 ) (22,529 ) Stock based compensation expense (includes restricted stock) 11,095 8,236 4,175 Decrease (increase) in other assets 3,298 4,838 (2,382 ) (Decrease) increase in accrued interest payable and other liabilities (309 ) (968 ) 3,135 Net cash provided by operating activities 264,322 106,929 203,797 CASH FLOWS FROM INVESTING ACTIVITIES: Cash paid for acquisitions — (34,246 ) (152,807 ) Cash acquired from acquisitions — 2,733 7,441 Net cash used in investing activities — (31,513 ) (145,366 ) CASH FLOWS FROM FINANCING ACTIVITIES: Redemption of junior subordinated debentures (167,531 ) — — Proceeds from stock option exercises 290 3,705 5,379 Payments of cash dividends (78,258 ) (68,384 ) (54,039 ) Net cash used in financing activities (245,499 ) (64,679 ) (48,660 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 18,823 10,737 9,771 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 21,334 10,597 826 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 40,157 $ 21,334 $ 10,597 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. SUBSEQUENT EVENTS Acquisition of Tradition Bancshares, Inc. Under the terms of the definitive agreement, Bancshares issued 679,528 shares of Bancshares common stock plus $39.0 million in cash for all outstanding shares of Tradition capital stock, for a total merger consideration of $71.5 million, based on Bancshares’ closing stock price of $47.86. On the effective date, the Company recognized preliminary goodwill of $27.5 million, which is calculated as the excess of both the consideration exchanged and liabilities assumed compared with the fair value of the assets acquired. The Company is currently in the process of obtaining fair values for certain acquired assets and assumed liabilities and, therefore, the estimates are preliminary. On January 1, 2016, in connection with the acquisition of Tradition, the Company assumed $7.2 million in junior subordinated debentures. The Company has given irrevocable notice of its intent to redeem the outstanding debentures on April 7, 2016 and has advised the Federal Reserve Board of its redemption intent and timing. The Federal Reserve Board had no objections to the redemption. The Company will fund the redemption of the trust preferred securities through a dividend from the Bank. |
Nature of Operations and Summ28
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations ® ® As of December 31, 2015, the Bank operated 241 full-service banking locations; with 60 in the Houston area, including The Woodlands; 30 in the South Texas area including Corpus Christi and Victoria; 36 in the Dallas/Fort Worth, Texas area; 22 in the East Texas area; 29 in the Central Texas area, including Austin and San Antonio; 34 in the West Texas area including Lubbock, Midland-Odessa and Abilene; 16 in the Bryan/College Station area; 6 in the Central Oklahoma area and 8 in the Tulsa, Oklahoma area. |
Summary of Significant Accounting and Reporting Policies | Summary of Significant Accounting and Reporting Policies |
Basis of Presentation | Basis of Presentation |
Use of Estimates | Use of Estimates |
Securities | Securities 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 OTTI 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 Investment | Loans Held for Investment The Company has two general categories of loans in its portfolio. Loans originated by the Bank and made pursuant to the Company’s loan policy and procedures in effect at the time the loan was made are referred to as “legacy loans” and loans acquired in a business combination are referred to as “acquired loans.” Acquired loans are initially recorded at fair value based on a discounted cash flow valuation methodology that considers, among other things, interest rates, projected default rates, loss given default, and recovery rates with no carryover of any existing allowance for credit losses. Those acquired loans that are renewed or substantially modified after the date of the business combination, which therefore causes them to become subject to the Company’s allowance for credit losses methodology, are referred to as “acquired legacy loans.” Modifications are reviewed for determination of troubled debt restructuring status independently of this process. In certain instances, acquired loans to one borrower may be combined or otherwise re-originated such that they are re-categorized as legacy loans. Acquired loans with a fair value discount or premium at the date of the business combination that remained at the reporting date are referred to as “fair-valued acquired loans.” All fair-valued acquired loans are further categorized into “Non-PCI loans” and “PCI loans” (purchased credit impaired loans). 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 PCI loans. The Company estimates the total cash flows expected to be collected from the PCI loans, which include undiscounted expected principal and interest, using credit risk, interest rate and prepayment risk assessments 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 credit losses, to the extent applicable, and a reclassification from nonaccretable difference to accretable yield, which is recognized prospectively over the then remaining life of the loan. Subsequent decreases in expected cash flows will result in an impairment charge to the provision for credit losses, resulting in an addition to the allowance for credit 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 from the balance sheet at its allocated carrying amount and accretion of any remaining fair value discount to income. |
Nonrefundable Fees and Costs Associated with Lending Activities | Nonrefundable Fees and Costs Associated with Lending Activities 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 Restructured loans are those loans on which concessions in terms have been granted because of a borrower’s financial difficulty. Interest is generally not accrued on such loans in accordance with the new terms. |
Allowance for Credit Losses | Allowance for Credit Losses 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, 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 loan portfolio as of December 31, 2015. The Company’s allowance for credit losses consists of two elements: (1) specific valuation allowances based on probable losses on impaired loans; and (2) 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 credit losses is recorded for these loans at acquisition. These fair value estimates associated with acquired loans, based on a discounted cash flow model, include estimates related to market interest rates and undiscounted projections of future cash flows that incorporate expectations of prepayments and the amount and timing of principal, interest and other cash flows, as well as any shortfalls thereof. At period-end after acquisition, the fair-valued acquired loans from each acquisition are reassessed to determine whether an addition to the allowance for credit losses is appropriate due to further credit quality deterioration. Methods utilized to estimate any subsequently required allowance 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 |
Goodwill | Goodwill Under Accounting Standards Codification (“ASC”) topic 350-20, “Intangibles—Goodwill and Other—Goodwill” companies have 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 tools 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 |
Income Taxes | Income Taxes 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 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 |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Earnings Per Common Share | Earnings Per Common 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, 2015 2014 2013 (Amounts in thousands, except per share data) Per Share Per Share Per Share Amount Amount Amount Amount Amount Amount Net income $ 286,646 $ 297,441 $ 221,399 Basic: Weighted average shares outstanding 70,033 $ 4.09 68,855 $ 4.32 60,421 $ 3.66 Diluted: Add incremental shares for: Effect of dilutive securities - options 16 56 157 Total 70,049 $ 4.09 68,911 $ 4.32 60,578 $ 3.65 There were no stock options exercisable at December 31, 2015, 2014 and 2013 that would have had an anti-dilutive effect on the above computation. |
New Accounting Standards | New Accounting Standards Accounting Standards Updates (“ASU”) ASU 2016-01 “Financial Instruments—Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities” ASU 2015-16, “Business Combinations (Topic 805)—Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-01, “Income Statement—Extraordinary and Unusual Items (Subtopic 225-20)—Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2014-12 “Compensation-Stock Compensation (Topic 718)—Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU 2014-11 “Transfers and Servicing (Topic 860)—Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure. ASU 2014-09 “Revenue from Contract with Customers (Topic 606).” ASU 2014-04 “Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40)— Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” |
Nature of Operations and Summ29
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table illustrates the computation of basic and diluted earnings per share: Year Ended December 31, 2015 2014 2013 (Amounts in thousands, except per share data) Amount Per Share Amount Per Share Amount Per Share Net income $ 286,646 $ 297,441 $ 221,399 Basic: Weighted average shares outstanding 70,033 $ 4.09 68,855 $ 4.32 60,421 $ 3.66 Diluted: Add incremental shares for: Effect of dilutive securities—options 16 56 157 Total 70,049 $ 4.09 68,911 $ 4.32 60,578 $ 3.65 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | Merger related costs incurred during 2014 are presented in the table below by acquisition (dollars in thousands). FVNB Corp. $ 604 F&M Bancorporation Inc. 2,476 All other 34 $ 3,114 Merger related costs incurred during 2013 are presented in the table below by acquisition (dollars in thousands). East Texas Financial Services, Inc. $ 84 Coppermark Bancshares, Inc. 853 FVNB Corp. 2,000 All other 266 $ 3,203 |
Carrying Value and Outstanding Balance for Purchased Credit Impaired Loans and Non Purchased Credit Impaired Loans | The outstanding balance represents the total amount owed as of December 31, 2015 and 2014, including accrued but unpaid interest and any amounts previously charged off. December 31, 2015 December 31, 2014 (Dollars in thousands) PCI loans: Outstanding balance $ 79,802 $ 129,412 Less: discount 39,976 72,270 Recorded investment $ 39,826 $ 57,142 The outstanding balance represents the total amount owed as of December 31, 2015 and 2014, including accrued but unpaid interest and any amounts previously charged off. December 31, 2015 December 31, 2014 (Dollars in thousands) Non-PCI loans: Outstanding balance $ 1,430,501 $ 2,186,111 Less: discount 54,734 89,105 Recorded investment $ 1,375,767 $ 2,097,006 |
Summary of Changes in Accretable Yields of Acquired Loans | Changes in the accretable yield for PCI loans for the years ended December 31, 2015 and 2014 were as follows: Year Ended December 31, 2015 2014 (Dollars in thousands) Balance at beginning of period $ 9,867 $ 9,855 Additions — 7,158 Reclassifications from nonaccretable 13,691 24,074 Accretion (17,894 ) (31,220 ) Balance at December 31 $ 5,664 $ 9,867 Changes in the discount accretion for Non-PCI loans for the years ended December 31, 2015 and 2014 were as follows: Year Ended 2015 2014 (Dollars in thousands) Balance at beginning of period $ 89,105 $ 87,798 Additions — 65,962 Accretion charge-offs (143 ) — Accretion (34,228 ) (64,655 ) Balance at December 31 $ 54,734 $ 89,105 |
GOODWILL AND CORE DEPOSIT INT31
GOODWILL AND CORE DEPOSIT INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Intangible Assets And Goodwill | Changes in the carrying amount of the Company’s goodwill and core deposit intangibles for fiscal years 2015 and 2014 were as follows: Goodwill Core Deposit (Dollars in thousands) Balance as of December 31, 2013 $ 1,671,520 $ 42,049 Less: Amortization — (9,940 ) Add: Measurement period adjustments 4,426 (302 ) Acquisition of F&M Bancorporation Inc. 198,245 27,140 Balance as of December 31, 2014 1,874,191 58,947 Less: Amortization — (9,530 ) Add: Measurement period adjustments (5,364 ) — Balance as of December 31, 2015 $ 1,868,827 $ 49,417 |
Schedule of Finite Lived Intangible Assets Future Amortization Expense | The estimated aggregate future amortization expense for core deposit intangibles remaining as of December 31, 2015 is as follows (dollars in thousands): 2016 $ 8,519 2017 6,327 2018 5,400 2019 4,546 Thereafter 24,625 Total $ 49,417 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Investment Securities | The amortized cost and fair value of investment securities were as follows: December 31, 2015 Amortized Gross Gross Fair Value (Dollars in thousands) Available for Sale States and political subdivisions $ 5,463 $ 22 $ — $ 5,485 Collateralized mortgage obligations 25,991 25 (100 ) 25,916 Mortgage-backed securities 55,884 3,098 (11 ) 58,971 Other securities 12,588 150 (46 ) 12,692 Total $ 99,926 $ 3,295 $ (157 ) $ 103,064 Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 47,598 $ 798 $ — $ 48,396 States and political subdivisions 363,505 7,080 (542 ) 370,043 Collateralized mortgage obligations 2,107 17 (2 ) 2,122 Mortgage-backed securities 8,986,153 68,868 (82,407 ) 8,972,614 Total $ 9,399,363 $ 76,763 $ (82,951 ) $ 9,393,175 December 31, 2014 Amortized Gross Gross Fair Value (Dollars in thousands) Available for Sale States and political subdivisions $ 14,402 $ 183 $ — $ 14,585 Collateralized mortgage obligations 33,519 91 (37 ) 33,573 Mortgage-backed securities 79,153 5,344 (14 ) 84,483 Other securities 12,588 201 (31 ) 12,758 Total $ 139,662 $ 5,819 $ (82 ) $ 145,399 Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 52,353 $ 360 $ (74 ) $ 52,639 States and political subdivisions 404,356 6,147 (1,422 ) 409,081 Collateralized mortgage obligations 19,585 215 (8 ) 19,792 Mortgage-backed securities 8,424,083 96,650 (53,553 ) 8,467,180 Total $ 8,900,377 $ 103,372 $ (55,057 ) $ 8,948,692 |
Schedule of Unrealized Losses on Investments | Securities with unrealized losses segregated by length of time such securities have been in a continuous loss position were as follows: December 31, 2015 Less than 12 Months More than 12 Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (Dollars in thousands) Available for Sale Collateralized mortgage obligations $ 14,331 $ (100 ) $ 1 $ — $ 14,332 $ (100 ) Mortgage-backed securities 793 (1 ) 2,465 (10 ) 3,258 (11 ) Other securities — — 1,691 (46 ) 1,691 (46 ) Total $ 15,124 $ (101 ) $ 4,157 $ (56 ) $ 19,281 $ (157 ) Held to Maturity U.S. Treasury securities and obligations of U.S. government agencies $ — $ — $ — $ — $ — $ — States and political subdivisions 15,700 (82 ) 45,952 (460 ) 61,652 (542 ) Collateralized mortgage obligations 156 — 94 (2 ) 250 (2 ) Mortgage-backed securities 3,233,601 (36,016 ) 1,662,482 (46,391 ) 4,896,083 (82,407 ) Total $ 3,249,457 $ (36,098 ) $ 1,708,528 $ (46,853 ) $ 4,957,985 $ (82,951 ) December 31, 2014 Less than 12 Months More than 12 Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (Dollars in thousands) Available for Sale Collateralized mortgage obligations $ 6,675 $ (36 ) $ 45 $ (1 ) $ 6,720 $ (37 ) Mortgage-backed securities 358 — 2,837 (14 ) 3,195 (14 ) Other securities 1,706 (31 ) — — 1,706 (31 ) Total $ 8,739 $ (67 ) $ 2,882 $ (15 ) $ 11,621 $ (82 ) Held to Maturity U.S. Treasury securities and obligations of U.S. government agencies $ 17,098 $ (74 ) $ — $ — $ 17,098 $ (74 ) States and political subdivisions 45,680 (425 ) 44,760 (997 ) 90,440 (1,422 ) Collateralized mortgage obligations 670 (5 ) 322 (3 ) 992 (8 ) Mortgage-backed securities 1,149,380 (2,600 ) 2,349,143 (50,953 ) 3,498,523 (53,553 ) Total $ 1,212,828 $ (3,104 ) $ 2,394,225 $ (51,953 ) $ 3,607,053 $ (55,057 ) |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of investment securities at December 31, 2015, 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 (Dollars in thousands) Due in one year or less $ 33,942 $ 34,057 $ 12,588 $ 12,692 Due after one year through five years 180,550 182,802 3,290 3,307 Due after five years through ten years 146,011 150,029 2,173 2,178 Due after ten years 50,600 51,551 — — Subtotal 411,103 418,439 18,051 18,177 Mortgage-backed securities and collateralized mortgage obligations 8,988,260 8,974,736 81,875 84,887 Total $ 9,399,363 $ 9,393,175 $ 99,926 $ 103,064 |
Loans and Allowance for Credi33
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The loan portfolio consists of various types of loans made principally to borrowers located within the states of Texas and Oklahoma and is categorized by major type as follows: December 31, 2015 2014 (Dollars in thousands) Residential mortgage loans held for sale $ 23,933 $ 8,602 Commercial and industrial 1,692,246 1,806,267 Real estate: Construction, land development and other land loans 1,073,198 1,026,475 1-4 family residential (including home equity) 2,616,732 2,513,579 Commercial real estate (including multi-family residential) 3,131,083 3,030,340 Farmland 434,349 361,943 Agriculture 214,469 189,703 Consumer and other 252,579 307,274 Total loans held for investment 9,414,656 9,235,581 Total $ 9,438,589 $ 9,244,183 |
Schedule of Contractual Maturities of Loans Classified by Major Type | The contractual maturity ranges of the Company’s loan portfolio by type of loan and the amount of such loans with predetermined interest rates and floating rates in each maturity range as of December 31, 2015 are summarized in the following table. Contractual maturities are based on contractual amounts outstanding and do not include loan purchase discounts of $94.7 million or loans held for sale of $23.9 million at December 31, 2015: One Year Through After Five or Less Five Years Years Total (Dollars in thousands) Commercial and industrial $ 731,217 $ 550,102 $ 448,385 $ 1,729,704 Real estate: Construction, land development and other land loans 392,126 203,575 480,272 1,075,973 1-4 family residential (includes home equity) 32,340 160,107 2,436,915 2,629,362 Commercial (includes multi-family residential) 132,036 397,469 2,637,566 3,167,071 Agriculture (includes farmland) 179,370 71,251 402,704 653,325 Consumer and other 91,853 87,907 74,171 253,931 Total $ 1,558,942 $ 1,470,411 $ 6,480,013 $ 9,509,366 Loans with a predetermined interest rate $ 452,884 $ 728,612 $ 2,721,442 $ 3,902,938 Loans with a floating interest rate 1,106,058 741,799 3,758,571 5,606,428 Total $ 1,558,942 $ 1,470,411 $ 6,480,013 $ 9,509,366 |
Schedule of Related Party Loans | An analysis of activity with respect to these related-party loans is as follows: December 31, 2015 2014 (Dollars in thousands) Beginning balance on January 1 $ 4,940 $ 6,187 New loans 428 4,913 Repayments and reclassified related loans (1,305 ) (6,160 ) Ending balance $ 4,063 $ 4,940 |
Past Due Financing Receivables | An aging analysis of past due loans, segregated by category of loan, in presented below: December 31, 2015 Loans Past Due and Still Accruing 30-89 Days 90 or More Total Past Nonaccrual Current Total Loans (Dollars in thousands) Construction, land development and other land loans $ 4,097 $ — $ 4,097 $ 134 $ 1,068,967 $ 1,073,198 Agriculture and agriculture real estate (includes farmland) 946 — 946 208 647,664 648,818 1-4 family (includes home equity) (1) 4,748 220 4,968 1,894 2,633,803 2,640,665 Commercial real estate (includes multi-family residential) 12,922 — 12,922 15,535 3,102,626 3,131,083 Commercial and industrial 4,793 394 5,187 21,692 1,665,367 1,692,246 Consumer and other 1,274 — 1,274 248 251,057 252,579 Total $ 28,780 $ 614 $ 29,394 $ 39,711 $ 9,369,484 $ 9,438,589 December 31, 2014 Loans Past Due and Still Accruing 30-89 Days 90 or More Total Past Nonaccrual Current Total Loans (Dollars in thousands) Construction, land development and other land loans $ 7,667 $ — $ 7,667 $ 526 $ 1,018,282 $ 1,026,475 Agriculture and agriculture real estate (includes farmland) 2,995 377 3,372 96 548,178 551,646 1-4 family (includes home equity) (1) 2,261 82 2,343 3,570 2,516,268 2,522,181 Commercial real estate (includes multi-family residential) 12,679 65 12,744 6,340 3,011,256 3,030,340 Commercial and industrial 18,305 869 19,174 20,537 1,766,556 1,806,267 Consumer and other 612 800 1,412 353 305,509 307,274 Total $ 44,519 $ 2,193 $ 46,712 $ 31,422 $ 9,166,049 $ 9,244,183 (1) Includes $23.9 million and $8.6 million of residential mortgage loans held for sale at December 31, 2015 and December 31, 2014, respectively. |
Schedule of Nonperforming Assets | The following table presents information regarding nonperforming assets at the dates indicated: December 31, 2015 2014 2013 2012 2011 (Dollars in thousands) Nonaccrual loans (1) $ 39,711 $ 31,422 $ 10,231 $ 5,382 $ 3,578 Accruing loans 90 or more days past due 614 2,193 4,947 331 — Total nonperforming loans 40,325 33,615 15,178 5,713 3,578 Repossessed assets 171 67 27 68 146 Other real estate 2,963 3,237 7,299 7,234 8,328 Total nonperforming assets $ 43,459 $ 36,919 $ 22,504 $ 13,015 $ 12,052 Nonperforming assets to total loans and other real estate 0.46 % 0.40 % 0.29 % 0.25 % 0.32 % (1) Includes troubled debt restructurings of $681 thousand, $911 thousand, $1.4 million, $3.6 million and $5.3 million for the years ended December 31, 2015, 2014, 2013, 2012 and 2011, respectively. |
Impaired Financing Receivables | 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 tables below is reported on a year-to-date basis. December 31, 2015 Recorded Unpaid Related Average (Dollars in thousands) With no related allowance recorded: Construction, land development and other land loans $ 33 $ 346 $ — $ 142 Agriculture and agriculture real estate (includes farmland) 20 23 — 10 1-4 family (includes home equity) 1,206 1,365 — 1,458 Commercial real estate (includes multi-family residential) 15,115 15,398 — 10,104 Commercial and industrial 1,354 1,630 — 5,419 Consumer and other 58 131 — 4,101 Total 17,786 18,893 — 21,234 With an allowance recorded: Construction, land development and other land loans 7 11 2 141 Agriculture and agriculture real estate (includes farmland) 189 201 52 118 1-4 family (includes home equity) 379 386 93 902 Commercial real estate (includes multi-family residential) 262 1,857 262 162 Commercial and industrial 14,594 16,413 7,082 8,524 Consumer and other 181 220 44 208 Total 15,612 19,088 7,535 10,055 Total: Construction, land development and other land loans 40 357 2 283 Agriculture and agriculture real estate (includes farmland) 209 224 52 128 1-4 family (includes home equity) 1,585 1,751 93 2,360 Commercial real estate (includes multi-family residential) 15,377 17,255 262 10,266 Commercial and industrial 15,948 18,043 7,082 13,943 Consumer and other 239 351 44 4,309 $ 33,398 $ 37,981 $ 7,535 $ 31,289 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (Dollars in thousands) With no related allowance recorded: Construction, land development and other land loans $ 250 $ 256 $ — $ 264 Agriculture and agriculture real estate (includes farmland) — — — 7 1-4 family (includes home equity) 1,710 1,831 — 1,147 Commercial real estate (includes multi-family residential) 5,093 5,126 — 3,792 Commercial and industrial 9,485 9,678 — 4,794 Consumer and other 8,144 8,161 — 4,080 Total 24,682 25,052 — 14,084 With an allowance recorded: Construction, land development and other land loans 276 276 225 138 Agriculture and agriculture real estate (includes farmland) 46 55 24 34 1-4 family (includes home equity) 1,426 1,473 418 1,973 Commercial real estate (includes multi-family residential) 62 63 24 838 Commercial and industrial 2,454 4,182 1,597 1,783 Consumer and other 234 251 205 164 Total 4,498 6,300 2,493 4,930 Total: Construction, land development and other land loans 526 532 225 402 Agriculture and agriculture real estate (includes farmland) 46 55 24 41 1-4 family (includes home equity) 3,136 3,304 418 3,120 Commercial real estate (includes multi-family residential) 5,155 5,189 24 4,630 Commercial and industrial 11,939 13,860 1,597 6,577 Consumer and other 8,378 8,412 205 4,244 $ 29,180 $ 31,352 $ 2,493 $ 19,014 |
Financing Receivable Credit Quality Indicators | The following table presents risk grades and PCI loans by category of loan at December 31, 2015. Impaired loans include loans in risk grades 7, 8 and 9, as well as any PCI loan that has a specific reserve allocated to it. Construction, Agriculture and 1-4 Family Commercial Commercial Consumer and Total (Dollars in thousands) Grade 1 $ — $ 12,733 $ — $ — $ 57,625 $ 44,389 $ 114,747 Grade 2 3,975 5,603 27,272 24,965 27,755 34,668 124,238 Grade 3 1,034,792 553,782 2,539,282 2,861,872 1,355,887 162,892 8,508,507 Grade 4 29,831 67,453 58,172 164,924 123,772 3,395 447,547 Grade 5 2,431 7,191 1,261 20,078 68,618 6,908 106,487 Grade 6 1,209 1,452 7,824 26,237 28,005 88 64,815 Grade 7 40 209 1,526 15,377 12,487 239 29,878 Grade 8 — — 59 — 2,485 — 2,544 Grade 9 — — — — — — — PCI Loans (2) 920 395 5,269 17,630 15,612 — 39,826 Total $ 1,073,198 $ 648,818 $ 2,640,665 $ 3,131,083 $ 1,692,246 $ 252,579 $ 9,438,589 (1) Includes $23.9 million of residential mortgage loans held for sale at December 31, 2015. (2) Of the total PCI loans, $7.3 million were classified as substandard at December 31, 2015, which includes $976 thousand with specific reserves allocated to them. The following table presents risk grades and PCI loans by category of loan at December 31, 2014. Impaired loans include loans in risk grades 7, 8 and 9. Construction, Agriculture and 1-4 Family Commercial Commercial Consumer and Total (Dollars in thousands) Grade 1 $ — $ 13,507 $ — $ — $ 61,697 $ 41,240 $ 116,444 Grade 2 — — — — — — — Grade 3 1,022,002 528,400 2,503,679 2,965,455 1,698,558 257,588 8,975,682 Grade 4 — — — — — — — Grade 5 497 4,265 1,174 10,424 3,266 18 19,644 Grade 6 2,308 4,921 8,266 25,839 4,707 50 46,091 Grade 7 526 46 3,136 5,155 11,834 8,378 29,075 Grade 8 — — — — 105 — 105 Grade 9 — — — — — — — PCI Loans (2) 1,142 507 5,926 23,467 26,100 — 57,142 Total $ 1,026,475 $ 551,646 $ 2,522,181 $ 3,030,340 $ 1,806,267 $ 307,274 $ 9,244,183 (1) Includes $8.6 million of residential mortgage loans held for sale at December 31, 2014. (2) Of the total PCI loans, $32.0 million were classified as substandard at December 31, 2014. |
Schedule of Investment in Loans and Activity in Allowance for Credit Losses by Portfolio Segment | The following table details the recorded investment in loans, excluding $23.9 million and $8.6 million of residential mortgage loans held for sale, and activity in the allowance for credit losses by category of loan for the years ended December 31, 2015 and 2014, respectively. During the fourth quarter of 2014, the Company enhanced its allowance for credit losses methodology. Under the enhanced methodology, qualitative environmental factors have been more precisely aligned to portfolio segments based on a statistical analysis which was undertaken by management. Such enhancement captures inherent probable loss in the portfolio associated with qualitative factors based on empirical data which includes various economic indicators, loss history, and levels of concentration. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Construction, Land Agriculture 1-4 Family Commercial Multi-Family Commercial Consumer Total (Dollars in thousands) Allowance for credit losses: Balance January 1, 2015 $ 15,825 $ 3,722 $ 16,377 $ 12,744 $ 30,002 $ 2,092 $ 80,762 Provision for credit losses (736 ) (137 ) (1,277 ) 646 7,781 1,283 7,560 Charge-offs (366 ) (24 ) (262 ) (498 ) (7,696 ) (3,304 ) (12,150 ) Recoveries 159 284 53 104 3,322 1,290 5,212 Net charge-offs (207 ) 260 (209 ) (394 ) (4,374 ) (2,014 ) (6,938 ) Balance December 31, 2015 $ 14,882 $ 3,845 $ 14,891 $ 12,996 $ 33,409 $ 1,361 $ 81,384 Allowance for credit losses related to: December 31, 2015 Individually evaluated for impairment $ 2 $ 52 $ 93 $ 262 $ 7,082 $ 44 $ 7,535 Collectively evaluated for impairment 14,880 3,793 14,798 12,734 25,491 1,317 73,013 PCI loans — — — — 836 — 836 Total allowance for credit losses $ 14,882 $ 3,845 $ 14,891 $ 12,996 $ 33,409 $ 1,361 $ 81,384 Recorded investment in loans: December 31, 2015 Individually evaluated for impairment $ 40 $ 209 $ 1,585 $ 15,377 $ 15,948 $ 239 $ 33,398 Collectively evaluated for impairment 1,072,238 648,214 2,609,878 3,098,076 1,660,686 252,340 9,341,432 PCI loans 920 395 5,269 17,630 15,612 — 39,826 Total loans evaluated for impairment $ 1,073,198 $ 648,818 $ 2,616,732 $ 3,131,083 $ 1,692,246 $ 252,579 $ 9,414,656 Construction, Land Agriculture 1-4 Family Commercial Multi-Family Commercial Consumer Total (Dollars in thousands) Allowance for credit losses: Balance January 1, 2014 $ 14,353 $ 1,229 $ 17,046 $ 24,835 $ 8,167 $ 1,652 $ 67,282 Provision for credit losses 1,541 1,503 358 (10,300 ) 22,187 2,986 18,275 Charge-offs (155 ) (71 ) (1,223 ) (2,009 ) (818 ) (5,674 ) (9,950 ) Recoveries 86 1,061 196 218 466 3,128 5,155 Net charge-offs (69 ) 990 (1,027 ) (1,791 ) (352 ) (2,546 ) (4,795 ) Balance December 31, 2014 $ 15,825 $ 3,722 $ 16,377 $ 12,744 $ 30,002 $ 2,092 $ 80,762 Allowance for credit losses related to: December 31, 2014 Individually evaluated for impairment $ 225 $ 24 $ 418 $ 24 $ 1,597 $ 205 $ 2,493 Collectively evaluated for impairment 15,600 3,698 15,959 12,720 28,405 1,887 78,269 PCI loans — — — — — — — Total allowance for credit losses $ 15,825 $ 3,722 $ 16,377 $ 12,744 $ 30,002 $ 2,092 $ 80,762 Recorded investment in loans: December 31, 2014 Individually evaluated for impairment $ 526 $ 46 $ 3,136 $ 5,155 $ 11,939 $ 8,378 $ 29,180 Collectively evaluated for impairment 1,024,807 551,093 2,504,517 3,001,718 1,768,228 298,896 9,149,259 PCI loans 1,142 507 5,926 23,467 26,100 — 57,142 Total loans evaluated for impairment $ 1,026,475 $ 551,646 $ 2,513,579 $ 3,030,340 $ 1,806,267 $ 307,274 $ 9,235,581 |
Allowance for Credit Losses on Financing Receivables | An analysis of activity in the allowance for credit losses for the year ended December 31, 2013 is as follows (dollars in thousands): Construction, Land Agriculture 1-4 Family Commercial Multi-Family Commercial Consumer Total (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 |
Troubled Debt Restructurings on Financing Receivables | The following table presents information regarding the recorded investment at December 31, 2015 and 2014 of loans modified in a troubled debt restructuring during the years ended December 31, 2015 and 2014: Years Ended December 31, 2015 2014 Number of Loans Recorded Investment at Date of Restructure Recorded Investment at Year-End Number of Loans Recorded Investment at Date of Restructure Recorded Investment at Year-End (Dollars in thousands) Troubled Debt Restructurings Construction, land development and other land loans 1 $ 390 $ 20 — $ — $ — Agriculture and agriculture real estate — — — — — — 1-4 Family (includes home equity) — — — — — — Commercial real estate (commercial mortgage and multi-family) — — — 1 35 35 Commercial and industrial 1 250 250 2 34 33 Consumer and other 1 10 9 — — — Total 3 $ 650 $ 279 3 $ 69 $ 68 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Values for Assets Measured on Recurring Basis | The following tables present fair values for assets measured at fair value on a recurring basis: As of December 31, 2015 Level 1 Level 2 Level 3 Total (Dollars in thousands) Available for sale securities: States and political subdivisions $ — $ 5,485 $ — $ 5,485 Collateralized mortgage obligations — 25,916 — 25,916 Mortgage-backed securities — 58,971 — 58,971 Other securities 12,692 — — 12,692 As of December 31, 2014 Level 1 Level 2 Level 3 Total (Dollars in thousands) Available for sale securities: States and political subdivisions $ — $ 14,585 $ — $ 14,585 Collateralized mortgage obligations — 33,573 — 33,573 Mortgage-backed securities — 84,483 — 84,483 Other securities 12,758 — — 12,758 |
Summary of Carrying Values and Estimated Fair Values of Financial Instruments on Non-Recurring Basis | The following tables summarize the carrying values and estimated fair values of certain financial instruments not recorded at fair value on a recurring basis: As of December 31, 2015 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Cash and due from banks $ 562,544 $ 562,544 $ — $ — $ 562,544 Federal funds sold 1,418 1,418 — — 1,418 Held to maturity securities 9,399,363 — 9,393,175 — 9,393,175 Loans held for sale 23,933 — 23,933 — 23,933 Loans held for investment, net of allowance 9,333,272 — — 9,365,758 9,365,758 Other real estate owned 2,963 — 2,963 — 2,963 Liabilities Deposits: Noninterest-bearing $ 5,136,579 $ — $ 5,136,579 $ — $ 5,136,579 Interest-bearing 12,544,540 — 12,548,050 — 12,548,050 Other borrowings 491,399 — 492,061 — 492,061 Securities sold under repurchase agreements 315,253 — 315,241 — 315,241 Junior subordinated debentures — — — — — As of December 31, 2014 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Cash and due from banks $ 677,285 $ 677,285 $ — $ — $ 677,285 Federal funds sold 569 569 — — 569 Held to maturity securities 8,900,377 — 8,948,692 — 8,948,692 Loans held for sale 8,602 — 8,602 — 8,602 Loans held for investment, net of allowance 9,154,819 — — 9,192,231 9,192,231 Other real estate owned 3,237 — 3,237 — 3,237 Liabilities Deposits: Noninterest-bearing $ 4,936,420 $ — $ 4,936,420 $ — $ 4,936,420 Interest-bearing 12,756,738 — 12,767,961 — 12,767,961 Other borrowings 8,724 — 10,000 — 10,000 Securities sold under repurchase agreements 315,523 — 315,543 — 315,543 Junior subordinated debentures 167,531 — 159,740 — 159,740 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment are summarized as follows: December 31, 2015 2014 (Dollars in thousands) Land $ 88,897 $ 91,491 Buildings 202,555 204,904 Furniture, fixtures and equipment 63,212 60,296 Construction in progress 1,998 2,409 Total 356,662 359,100 Less accumulated depreciation (88,666 ) (77,551 ) Premises and equipment, net $ 267,996 $ 281,549 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Certificates and Their Remaining Maturities | These certificates and their remaining maturities at December 31, 2015 were as follows (dollars in thousands): Three months or less $ 434,680 29.9 % Over three through six months 316,201 21.7 Over six through 12 months 354,227 24.3 Over 12 months 351,601 24.1 Total $ 1,456,709 100.0 % |
Other Borrowings and Securiti37
Other Borrowings and Securities Sold under Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Brokers and Dealers [Abstract] | |
Schedule of Borrowings | The following table presents the Company’s borrowings at December 31, 2015 and 2014: December 31, 2015 2014 (Dollars in thousands) FHLB advances $ 485,000 $ — FHLB long-term notes payable 6,399 8,724 Total other borrowings 491,399 8,724 Securities sold under repurchase agreements 315,253 315,523 Total $ 806,653 $ 324,247 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 (Dollars in thousands) Current $ 108,550 $ 102,595 $ 88,535 Deferred 34,999 45,713 19,884 Total $ 143,549 $ 148,308 $ 108,419 |
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, 2015 2014 2013 (Dollars in thousands) Taxes calculated at statutory rate $ 150,568 $ 156,012 $ 115,436 (Decrease) increase resulting from: Tax-exempt interest (6,351 ) (7,102 ) (6,360 ) Qualified School Construction Bond credit (1,239 ) (794 ) (530 ) Non taxable death benefits (60 ) (677 ) — BOLI income (1,917 ) (1,788 ) (1,244 ) Qualified stock options 2 6 12 Merger related expenses — 86 185 State tax, net 1,193 1,898 864 Other, net 1,353 667 56 Total $ 143,549 $ 148,308 $ 108,419 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities are as follows: December 31, 2015 2014 (Dollars in thousands) Deferred tax assets: Loan purchase discounts $ 33,149 $ 56,553 Allowance for credit losses 25,847 27,324 Accrued liabilities 4,364 8,704 Restricted stock 9,423 6,620 Deferred compensation 3,873 3,755 Certificates of Deposit 244 613 Net operating losses 688 5,055 ORE write-downs 30 1,418 Investments in partnerships 215 95 Other 560 1,428 Total deferred tax assets 78,393 111,565 Deferred tax liabilities: Goodwill and core deposit intangibles (34,579 ) (31,868 ) Bank premises and equipment (11,312 ) (9,325 ) Securities (2,176 ) (4,405 ) Unrealized gain on available for sale securities (1,098 ) (2,008 ) Prepaid expenses (1,396 ) (1,260 ) Deferred loan fees and costs (3,202 ) (1,299 ) Total deferred tax liabilities (53,763 ) (50,165 ) Net deferred tax assets $ 24,630 $ 61,400 |
Stock Incentive Programs (Table
Stock Incentive Programs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based 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, 2015 is set forth below: Number of Weighted Weighted Term Aggregate (In thousands) (In years) (In thousands) Options outstanding, January 1, 2013 386 $ 28.39 3.20 $ 5,247 Options granted — — Options forfeited (4 ) 30.97 Options exercised (194 ) 27.69 Options outstanding, December 31, 2013 188 $ 28.88 3.70 6,500 Options granted — — Options forfeited (5 ) 23.88 Options exercised (130 ) 28.46 Options outstanding, December 31, 2014 53 $ 27.68 2.69 1,473 Options granted — — Options forfeited (15 ) 27.15 Options exercised (9 ) 29.92 Options outstanding, December 31, 2015 29 $ 32.14 2.60 $ 453 Shares vested or expected to vest, December 31, 2015 28 $ 32.07 2.61 $ 441 Shares exercisable, December 31, 2015 29 $ 32.14 2.60 $ 453 |
Summary of the Status of Nonvested Shares of Restricted Stock | A summary of the status of nonvested shares of restricted stock as of December 31, 2015, and changes during the year then ended is as follows: Number of Weighted (Shares in thousands) Nonvested share awards outstanding, December 31, 2014 446 $ 57.97 Share awards granted 308 54.92 Unvested share awards forfeited (75 ) 58.02 Share awards vested (62 ) 51.60 Nonvested shares outstanding, December 31, 2015 617 $ 57.31 |
Other Noninterest Income and 40
Other Noninterest Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Schedule of Noninterest Income Expense Other | Any 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 as well as amounts the Company elected to present, are stated separately. Years Ended December 31, 2015 2014 2013 (Dollars in thousands) Other noninterest income Banking related service fees $ 4,690 $ 4,796 $ 3,502 Bank Owned Life Insurance (BOLI) 5,548 5,189 3,635 Rental income 2,594 2,378 1,990 Other 10,930 9,182 5,901 Total $ 23,762 $ 21,545 $ 15,028 Other noninterest expense Advertising $ 2,974 $ 3,016 $ 2,642 Losses 3,361 4,143 2,138 Printing and supplies 2,158 2,427 2,616 Professional and legal fees 3,044 5,636 3,573 Property taxes 7,028 7,410 5,827 Travel and development 4,434 4,848 3,629 Other 9,577 9,351 10,254 Total $ 32,576 $ 36,831 $ 30,679 |
Off-Balance Sheet Arrangement41
Off-Balance Sheet Arrangements, Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Contractual Obligations and Other Commitments | The following table summarizes the Company’s contractual obligations and other commitments to make future payments as of December 31, 2015 (other than deposit obligations and securities sold under repurchase agreements). 1 year or less More than 3 years or 5 years Total (Dollars in thousands) Federal Home Loan Bank notes payable $ 485,978 $ 5,201 $ 980 $ 277 $ 492,436 Operating leases 6,123 8,810 5,717 7,183 27,833 Total $ 492,101 $ 14,011 $ 6,697 $ 7,460 $ 520,269 |
Summary of Commitments Associated with Outstanding Standby Letters of Credit and Commitments to Extend Credit | The Company’s commitments associated with outstanding standby letters of credit and commitments to extend credit expiring by period as of December 31, 2015 are summarized below. 1 year or less More than 1 3 years or 5 years or more Total (Dollars in thousands) Standby letters of credit $ 89,258 $ 3,912 $ 1,116 $ — $ 94,286 Commitments to extend credit 1,054,490 337,416 69,908 497,332 1,959,146 Total $ 1,143,748 $ 341,328 $ 71,024 $ 497,332 $ 2,053,432 |
Summary of Non-Cancelable Future Operating Lease Commitments | Leases 2016 $ 6,123 2017 4,908 2018 3,902 2019 3,244 2020 2,473 Thereafter 7,183 $ 27,833 |
Other Comprehensive (Loss) In42
Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Tax Effects Allocated to Each Component of Other Comprehensive Income | For the Years Ended December 31, 2015 2014 2013 Before Tax Tax Benefit Net of Tax Before Tax Tax Benefit Net of Tax Before Tax Tax Benefit Net of Tax (Dollars in thousands) Other comprehensive loss: Securities available for sale: Change in unrealized gain during period $ (2,599 ) $ 910 $ (1,689 ) $ (1,776 ) $ 622 $ (1,154 ) $ (6,312 ) $ 2,209 $ (4,103 ) Total securities available for sale (2,599 ) 910 (1,689 ) (1,776 ) 622 (1,154 ) (6,312 ) 2,209 (4,103 ) Total other comprehensive loss $ (2,599 ) $ 910 $ (1,689 ) $ (1,776 ) $ 622 $ (1,154 ) $ (6,312 ) $ 2,209 $ (4,103 ) |
Activity in Accumulated Other Comprehensive Income, Net of Tax | Activity in accumulated other comprehensive income, net of tax, was as follows: Securities Accumulated (Dollars in thousands) Balance at January 1, 2015 $ 3,729 $ 3,729 Other comprehensive loss (1,689 ) (1,689 ) Balance at December 31, 2015 $ 2,040 $ 2,040 Balance at January 1, 2014 $ 4,883 $ 4,883 Other comprehensive loss (1,154 ) (1,154 ) Balance at December 31, 2014 $ 3,729 $ 3,729 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 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Capital Ratios | The following is a summary of the Company’s and the Bank’s capital ratios at December 31, 2015 and 2014: Actual For Capital To Be Categorized As Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) CONSOLIDATED: As of December 31, 2015 (1) CET1 Capital (to Risk Weighted Assets) (2) $ 1,578,312 13.55 % $ 524,089 4.50 % N/A N/A Tier 1 Capital (to Risk Weighted Assets) 1,578,312 13.55 % 698,785 6.00 % N/A N/A Total Capital (to Risk Weighted Assets) 1,659,695 14.25 % 931,714 8.00 % N/A N/A Tier 1 Capital (to Average Tangible Assets) 1,578,312 7.97 % 792,102 4.00 % N/A N/A As of December 31, 2014 (3) Tier 1 Capital (to Risk Weighted Assets) 1,475,321 13.80 % $ 427,545 4.00 % N/A N/A Total Capital (to Risk Weighted Assets) $ 1,556,083 14.56 % 855,091 8.00 % N/A N/A Tier 1 Capital (to Average Tangible Assets) 1,475,321 7.69 % 767,086 4.00 % N/A N/A PROSPERITY BANK ® As of December 31, 2015 (1) CET1 Capital (to Risk Weighted Assets) (2) 1,524,298 13.10 % $ 523,660 4.50 % 756,398 6.50 % Tier 1 Capital (to Risk Weighted Assets) 1,524,298 13.10 % 698,214 6.00 % 930,952 8.00 % Total Capital (to Risk Weighted Assets) $ 1,605,682 13.80 % 930,952 8.00 % $ 1,163,689 10.00 % Tier 1 Capital (to Average Tangible Assets) 1,524,298 7.70 % 791,721 4.00 % 989,652 5.00 % As of December 31, 2014 (3) Tier 1 Capital (to Risk Weighted Assets) 1,437,141 13.46 % $ 427,119 4.00 % 640,678 6.00 % Total Capital (to Risk Weighted Assets) $ 1,517,903 14.22 % 854,237 8.00 % $ 1,067,797 10.00 % Tier 1 Capital (to Average Tangible Assets) 1,437,141 7.50 % 766,664 4.00 % 958,329 5.00 % (1) Calculated pursuant to the phase-in provisions of the Basel III Capital Rules. (2) CET1 capital ratio is required under the Basel III Capital Rules effective January 1, 2015. (3) Calculated pursuant to prior capital rules in effect at December 31, 2014. |
Parent Company Only Financial44
Parent Company Only Financial Statements (Tables) - Parent Company [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS December 31, 2015 2014 (Dollars in thousands) ASSETS Cash $ 40,157 $ 21,334 Investment in subsidiary 3,404,913 3,370,227 Investment in capital and statutory trusts — 5,031 Goodwill 3,982 3,982 Other assets 13,858 12,092 TOTAL $ 3,462,910 $ 3,412,666 LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES: Accrued interest payable and other liabilities $ — $ 309 Junior subordinated debentures — 167,531 Total liabilities — 167,840 SHAREHOLDERS’ EQUITY: Common stock 70,059 69,817 Capital surplus 2,036,378 2,025,235 Retained earnings 1,355,040 1,146,652 Unrealized gain on available for sale securities, net of tax benefit 2,040 3,729 Less treasury stock, at cost, 37,088 shares (607 ) (607 ) Total shareholders’ equity 3,462,910 3,244,826 TOTAL $ 3,462,910 $ 3,412,666 |
Condensed Statements of Income | CONDENSED STATEMENTS OF INCOME For the Years Ended December 31, 2015 2014 2013 (Dollars in thousands) OPERATING INCOME: Dividends from subsidiary $ 258,250 $ 103,100 $ 203,500 Other income 69 159 115 Total income 258,319 103,259 203,615 OPERATING EXPENSE: Junior subordinated debentures interest expense 791 4,060 2,551 Stock based compensation expense (includes restricted stock) 11,095 8,236 4,175 Other expenses 526 608 515 Total operating expense 12,412 12,904 7,241 INCOME BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES 245,907 90,355 196,374 FEDERAL INCOME TAX BENEFIT 4,331 4,468 2,495 INCOME BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES 250,238 94,823 198,869 EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES 36,408 202,618 22,529 NET INCOME $ 286,646 $ 297,441 $ 221,398 |
Condensed Statements of Comprehensive Income | CONDENSED STATEMENTS OF COMPREHENSIVE INCOME For the Years Ended December 31, 2015 2014 2013 (Dollars in thousands) Net income $ 286,646 $ 297,441 $ 221,398 Other comprehensive loss, before tax: Securities available for sale: Change in unrealized gain during period (2,599 ) (1,776 ) (6,312 ) Total other comprehensive loss (2,599 ) (1,776 ) (6,312 ) Deferred tax benefit related to other comprehensive income 910 622 2,209 Other comprehensive loss, net of tax (1,689 ) (1,154 ) (4,103 ) Comprehensive income $ 284,957 $ 296,287 $ 217,295 |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2015 2014 2013 (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 286,646 $ 297,441 $ 221,398 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (36,408 ) (202,618 ) (22,529 ) Stock based compensation expense (includes restricted stock) 11,095 8,236 4,175 Decrease (increase) in other assets 3,298 4,838 (2,382 ) (Decrease) increase in accrued interest payable and other liabilities (309 ) (968 ) 3,135 Net cash provided by operating activities 264,322 106,929 203,797 CASH FLOWS FROM INVESTING ACTIVITIES: Cash paid for acquisitions — (34,246 ) (152,807 ) Cash acquired from acquisitions — 2,733 7,441 Net cash used in investing activities — (31,513 ) (145,366 ) CASH FLOWS FROM FINANCING ACTIVITIES: Redemption of junior subordinated debentures (167,531 ) — — Proceeds from stock option exercises 290 3,705 5,379 Payments of cash dividends (78,258 ) (68,384 ) (54,039 ) Net cash used in financing activities (245,499 ) (64,679 ) (48,660 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 18,823 10,737 9,771 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 21,334 10,597 826 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 40,157 $ 21,334 $ 10,597 |
Nature of Operations and Summ45
Nature of Operations and Summary of Significant Accounting and Reporting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015SegmentBranchesshares | Dec. 31, 2014shares | Dec. 31, 2013shares | |
Summary of Accounting and Financial Policies [Line Items] | |||
Number of operating segments | Segment | 1 | ||
Number of Operating Banking Offices | 241 | ||
Number of Reportable Segments | Segment | 1 | ||
Minimum Percentage Likelihood of Tax Benefit to be Realized Upon Final Settlement | 50.00% | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 0 | 0 | 0 |
Minimum [Member] | |||
Summary of Accounting and Financial Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Core Deposits [Member] | |||
Summary of Accounting and Financial Policies [Line Items] | |||
Finite-lived intangible asset, useful life | 10 years | ||
Maximum [Member] | |||
Summary of Accounting and Financial Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 39 years | ||
Maximum [Member] | Core Deposits [Member] | |||
Summary of Accounting and Financial Policies [Line Items] | |||
Finite-lived intangible asset, useful life | 15 years | ||
Houston [Member] | |||
Summary of Accounting and Financial Policies [Line Items] | |||
Number of Operating Banking Offices | 60 | ||
South Texas [Member] | |||
Summary of Accounting and Financial Policies [Line Items] | |||
Number of Operating Banking Offices | 30 | ||
Dallas, Texas [Member] | |||
Summary of Accounting and Financial Policies [Line Items] | |||
Number of Operating Banking Offices | 36 | ||
East Texas [Member] | |||
Summary of Accounting and Financial Policies [Line Items] | |||
Number of Operating Banking Offices | 22 | ||
Central Texas [Member] | |||
Summary of Accounting and Financial Policies [Line Items] | |||
Number of Operating Banking Offices | 29 | ||
West Texas [Member] | |||
Summary of Accounting and Financial Policies [Line Items] | |||
Number of Operating Banking Offices | 34 | ||
Bryan/College Station [Member] | |||
Summary of Accounting and Financial Policies [Line Items] | |||
Number of Operating Banking Offices | 16 | ||
Central Oklahoma [Member] | |||
Summary of Accounting and Financial Policies [Line Items] | |||
Number of Operating Banking Offices | 6 | ||
Tulsa, Oklahoma [Member] | |||
Summary of Accounting and Financial Policies [Line Items] | |||
Number of Operating Banking Offices | 8 |
Nature of Operations and Summ46
Nature of Operations and Summary of Significant Accounting and Reporting Policies - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Computation Of Basic And Diluted Earnings Per Share [Abstract] | |||
Net income | $ 286,646 | $ 297,441 | $ 221,398 |
Weighted average shares outstanding | 70,033 | 68,855 | 60,421 |
Effect of dilutive securities - options | 16 | 56 | 157 |
Total | 70,049 | 68,911 | 60,578 |
Weighted average shares outstanding | $ 4.09 | $ 4.32 | $ 3.66 |
Total | $ 4.09 | $ 4.32 | $ 3.65 |
Acquisitions (Summary) - Additi
Acquisitions (Summary) - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | |
Business Acquisition [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Maximum [Member] | |
Business Acquisition [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years |
Acquisitions (2014 Acquisitions
Acquisitions (2014 Acquisitions) - Additional Information (Detail) $ / shares in Units, $ in Thousands | Apr. 01, 2014Bank | Dec. 31, 2015USD ($)Branches | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | ||||
Number of Operating Banking Offices | Branches | 241 | |||
Goodwill | $ 1,868,827 | $ 1,874,191 | $ 1,671,520 | |
Goodwill, Purchase Accounting Adjustments | $ (5,364) | 4,426 | ||
Business Combination, Acquisition Related Costs | 3,114 | $ 3,203 | ||
Tulsa, Oklahoma [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of Operating Banking Offices | Branches | 8 | |||
Dallas, Texas [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of Operating Banking Offices | Branches | 36 | |||
F&M Bancorporation Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 1,600,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | $ 2,270,000 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | shares | 3,298,022 | |||
Payments to Acquire Businesses, Gross | $ 34,200 | |||
Business Combination, Consideration Transferred | $ 252,400 | |||
Business Acquisition, Share Price | $ / shares | $ 66.15 | |||
Goodwill | $ 192,900 | $ 198,200 | ||
Goodwill, Purchase Accounting Adjustments | 5,300 | |||
Business Combination, Acquisition Related Costs | 2,476 | |||
F&M Bancorporation Inc. [Member] | Core Deposits [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 27,100 | $ 27,140 | ||
F&M Bancorporation Inc. [Member] | Tulsa, Oklahoma [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of Operating Banking Offices | Bank | 9 | |||
F&M Bancorporation Inc. [Member] | Oklahoma City, Oklahoma [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of Operating Banking Offices | Bank | 1 | |||
F&M Bancorporation Inc. [Member] | Dallas, Texas [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of Operating Banking Offices | Bank | 3 |
Acquisitions (2014 Acquisitio49
Acquisitions (2014 Acquisitions) - Schedule of Business Acquisitions, by Acquisition (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||
Merger related expenses | $ 3,114 | $ 3,203 |
FVNB Corp. [Member] | ||
Business Acquisition [Line Items] | ||
Merger related expenses | 604 | 2,000 |
F&M Bancorporation Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Merger related expenses | 2,476 | |
All other [Member] | ||
Business Acquisition [Line Items] | ||
Merger related expenses | $ 34 | $ 266 |
Acquisitions (2013 Acquisitions
Acquisitions (2013 Acquisitions) - Additional Information (Detail) $ / shares in Units, $ in Thousands | Nov. 01, 2013USD ($)$ / sharesBankshares | Apr. 01, 2013USD ($)$ / sharesBankshares | Jan. 01, 2013USD ($)$ / sharesBankshares | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)Branches | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | |||||||
Number of banking offices | Branches | 241 | ||||||
Goodwill | $ 1,868,827 | $ 1,874,191 | $ 1,671,520 | ||||
Goodwill, Purchase Accounting Adjustments | $ (5,364) | 4,426 | |||||
Business Combination, Acquisition Related Costs | 3,114 | 3,203 | |||||
Dallas, Texas [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | Branches | 36 | ||||||
South Texas [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | Branches | 30 | ||||||
Bryan/College Station [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | Branches | 16 | ||||||
Houston [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | Branches | 60 | ||||||
East Texas Financial Services, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | $ 122,100 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | $ 112,400 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 530,940 | ||||||
Business Combination, Consideration Transferred | $ 22,300 | ||||||
Business Acquisition, Share Price | $ / shares | $ 42 | ||||||
Goodwill | 15,000 | ||||||
Business Combination, Acquisition Related Costs | 84 | ||||||
East Texas Financial Services, Inc. [Member] | Tyler Metropolitan Statistical Area [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | Bank | 4 | ||||||
East Texas Financial Services, Inc. [Member] | Tyler, Texas [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | Bank | 3 | ||||||
East Texas Financial Services, Inc. [Member] | Gilmer, Texas [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | Bank | 1 | ||||||
Coppermark Bancshares, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | Bank | 9 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | $ 801,900 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | $ 1,120,000 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 3,258,718 | ||||||
Business Combination, Consideration Transferred | $ 214,400 | ||||||
Business Acquisition, Share Price | $ / shares | $ 47.39 | ||||||
Goodwill | $ 117,700 | 117,500 | |||||
Payments to Acquire Businesses, Gross | $ 60,000 | ||||||
Goodwill, Purchase Accounting Adjustments | $ 109 | ||||||
Finite-lived Intangible Assets Acquired | 1,500 | ||||||
Business Combination, Acquisition Related Costs | 853 | ||||||
Coppermark Bancshares, Inc. [Member] | Oklahoma City, Oklahoma [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | Bank | 6 | ||||||
Coppermark Bancshares, Inc. [Member] | Dallas, Texas [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | Bank | 3 | ||||||
FVNB Corp. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | Bank | 33 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | $ 1,570,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | $ 2,260,000 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 5,570,667 | ||||||
Business Combination, Consideration Transferred | $ 439,200 | ||||||
Business Acquisition, Share Price | $ / shares | $ 62.45 | ||||||
Goodwill | 327,300 | 323,000 | |||||
Payments to Acquire Businesses, Gross | $ 91,300 | ||||||
Goodwill, Purchase Accounting Adjustments | 4,300 | ||||||
Finite-lived Intangible Assets Acquired | $ 18,400 | ||||||
Business Combination, Acquisition Related Costs | $ 604 | $ 2,000 | |||||
FVNB Corp. [Member] | Victoria, Texas [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | Bank | 4 | ||||||
FVNB Corp. [Member] | South Texas [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | Bank | 7 | ||||||
FVNB Corp. [Member] | Bryan/College Station [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | Bank | 6 | ||||||
FVNB Corp. [Member] | Central Texas Area including New Braunfels [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | Bank | 5 | ||||||
FVNB Corp. [Member] | Houston [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | Bank | 11 |
Acquisitions (2013 Acquisitio51
Acquisitions (2013 Acquisitions) - Schedule of Business Acquisitions, by Acquisition (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||
Merger related expenses | $ 3,114 | $ 3,203 |
East Texas Financial Services, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Merger related expenses | 84 | |
Coppermark Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Merger related expenses | 853 | |
FVNB Corp. [Member] | ||
Business Acquisition [Line Items] | ||
Merger related expenses | 604 | 2,000 |
All other [Member] | ||
Business Acquisition [Line Items] | ||
Merger related expenses | $ 34 | $ 266 |
Acquisitions - Carrying Value a
Acquisitions - Carrying Value and Outstanding Balance for Purchased Credit Impaired Loans and Non Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
PCI Loans [Member] | ||
Purchased And Non Purchased Credit Impaired Loans [Line Items] | ||
Outstanding balance | $ 79,802 | $ 129,412 |
Less: discount | 39,976 | 72,270 |
Recorded investment | 39,826 | 57,142 |
Non PCI Loans [Member] | ||
Purchased And Non Purchased Credit Impaired Loans [Line Items] | ||
Outstanding balance | 1,430,501 | 2,186,111 |
Less: discount | 54,734 | 89,105 |
Recorded investment | $ 1,375,767 | $ 2,097,006 |
Acquisitions - Summary of Chang
Acquisitions - Summary of Changes in Accretable Yields of Acquired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
PCI Loans [Member] | ||
Changes In Accretable Yield for PCI And Non PCI Loans [Line Items] | ||
Balance at beginning of period | $ 9,867 | $ 9,855 |
Additions | 7,158 | |
Reclassifications from nonaccretable | 13,691 | 24,074 |
Accretion | (17,894) | (31,220) |
Balance at December 31 | 5,664 | 9,867 |
Non PCI Loans [Member] | ||
Changes In Accretable Yield for PCI And Non PCI Loans [Line Items] | ||
Balance at beginning of period | 89,105 | 87,798 |
Additions | 65,962 | |
Accretion charge-offs | (143) | |
Accretion | (34,228) | (64,655) |
Balance at December 31 | $ 54,734 | $ 89,105 |
Acquisitions (Acquired Loans) -
Acquisitions (Acquired Loans) - Additional Information (Detail) - Non PCI and PCI Loans [Member] $ in Millions | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |
Outstanding Discount on Loans | $ 94.7 |
Accretable Discount on Loans | $ 60.4 |
Goodwill and Core Deposit Int55
Goodwill and Core Deposit Intangibles - Schedule of Changes in Carrying Amount of Company's Goodwill and Core Deposit Intangibles (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill And Intangible Assets [Line Items] | |||
Goodwill, Beginning Balance | $ 1,874,191 | $ 1,671,520 | |
Goodwill, Measurement period adjustments | (5,364) | 4,426 | |
Goodwill, Ending Balance | 1,868,827 | 1,874,191 | $ 1,671,520 |
Core Deposit Intangibles, Beginning Balance | 58,947 | ||
Core Deposit Intangibles, Amortization | (9,530) | (9,940) | (6,145) |
Core Deposit Intangibles, Ending Balance | 49,417 | 58,947 | |
Core Deposits [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Core Deposit Intangibles, Beginning Balance | 58,947 | 42,049 | |
Core Deposit Intangibles, Amortization | (9,530) | (9,940) | |
Core Deposit Intangibles, Measurement period adjustments | (302) | ||
Core Deposit Intangibles, Ending Balance | 49,417 | 58,947 | $ 42,049 |
F&M Bancorporation Inc. [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Goodwill, Beginning Balance | 198,200 | ||
Goodwill, Measurement period adjustments | 5,300 | ||
Goodwill, Acquisition | 198,245 | ||
Goodwill, Ending Balance | 192,900 | 198,200 | |
F&M Bancorporation Inc. [Member] | Core Deposits [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Core Deposit Intangibles, Acquisition | $ 27,100 | $ 27,140 |
Goodwill and Core Deposit Int56
Goodwill and Core Deposit Intangibles - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Goodwill And Intangible Assets [Line Items] | |
Goodwill, impaired, accumulated impairment loss | $ 0 |
Core Deposits [Member] | Minimum [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 10 years |
Core Deposits [Member] | Maximum [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 15 years |
Goodwill and Core Deposit Int57
Goodwill and Core Deposit Intangibles - Estimated Aggregate Future Amortization Expense for Core Deposit Intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,016 | $ 8,519 | |
2,017 | 6,327 | |
2,018 | 5,400 | |
2,019 | 4,546 | |
Thereafter | 24,625 | |
Total | $ 49,417 | $ 58,947 |
Cash and Due from Banks - Addit
Cash and Due from Banks - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Cash And Due From Banks [Line Items] | ||
Cash and due from banks | $ 562,544 | $ 677,285 |
Federal Reserve Bank of Dallas [Member] | ||
Cash And Due From Banks [Line Items] | ||
Cash and due from banks | $ 96,500 | $ 167,500 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost | $ 99,926 | $ 139,662 |
Available for Sale, Gross Unrealized Gains | 3,295 | 5,819 |
Available for Sale, Gross Unrealized Losses | (157) | (82) |
Available for Sale, Fair Value | 103,064 | 145,399 |
Held to Maturity, Amortized Cost | 9,399,363 | 8,900,377 |
Held to Maturity, Gross Unrealized Gains | 76,763 | 103,372 |
Held to Maturity, Gross Unrealized Losses | (82,951) | (55,057) |
Held to Maturity, Fair Value | 9,393,175 | 8,948,692 |
States and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost | 5,463 | 14,402 |
Available for Sale, Gross Unrealized Gains | 22 | 183 |
Available for Sale, Fair Value | 5,485 | 14,585 |
Held to Maturity, Amortized Cost | 363,505 | 404,356 |
Held to Maturity, Gross Unrealized Gains | 7,080 | 6,147 |
Held to Maturity, Gross Unrealized Losses | (542) | (1,422) |
Held to Maturity, Fair Value | 370,043 | 409,081 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost | 25,991 | 33,519 |
Available for Sale, Gross Unrealized Gains | 25 | 91 |
Available for Sale, Gross Unrealized Losses | (100) | (37) |
Available for Sale, Fair Value | 25,916 | 33,573 |
Held to Maturity, Amortized Cost | 2,107 | 19,585 |
Held to Maturity, Gross Unrealized Gains | 17 | 215 |
Held to Maturity, Gross Unrealized Losses | (2) | (8) |
Held to Maturity, Fair Value | 2,122 | 19,792 |
Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost | 55,884 | 79,153 |
Available for Sale, Gross Unrealized Gains | 3,098 | 5,344 |
Available for Sale, Gross Unrealized Losses | (11) | (14) |
Available for Sale, Fair Value | 58,971 | 84,483 |
Held to Maturity, Amortized Cost | 8,986,153 | 8,424,083 |
Held to Maturity, Gross Unrealized Gains | 68,868 | 96,650 |
Held to Maturity, Gross Unrealized Losses | (82,407) | (53,553) |
Held to Maturity, Fair Value | 8,972,614 | 8,467,180 |
Other Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost | 12,588 | 12,588 |
Available for Sale, Gross Unrealized Gains | 150 | 201 |
Available for Sale, Gross Unrealized Losses | (46) | (31) |
Available for Sale, Fair Value | 12,692 | 12,758 |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Held to Maturity, Amortized Cost | 47,598 | 52,353 |
Held to Maturity, Gross Unrealized Gains | 798 | 360 |
Held to Maturity, Gross Unrealized Losses | (74) | |
Held to Maturity, Fair Value | $ 48,396 | $ 52,639 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)SecuritySegment | Dec. 31, 2014USD ($)Investment | Dec. 31, 2013USD ($) | |
Schedule of Investments [Line Items] | |||
Number of investment securities segments | Segment | 2 | ||
Securities in unrealized loss position | Security | 474 | ||
Gain (loss) on sale of securities, net | $ 0 | $ 7,000 | $ 0 |
Available-for-sale Securities, amortized cost basis | 99,926,000 | 139,662,000 | |
Available for sale securities | $ 103,064,000 | $ 145,399,000 | |
Stockholders' Equity, Total [Member] | Securities Concentration Risk [Member] | |||
Schedule of Investments [Line Items] | |||
Concentration risk, percentage | 10.00% | 10.00% | |
Collateralized Mortgage Obligations [Member] | |||
Schedule of Investments [Line Items] | |||
Gain (loss) on sale of securities, net | $ (41,000) | ||
Book value of remaining non-agency collateralized mortgage obligations | $ 1,200,000 | ||
Number of non-agency collateralized mortgage obligations | Investment | 8 | ||
Available-for-sale Securities, amortized cost basis | $ 25,991,000 | $ 33,519,000 | |
Available for sale securities | 25,916,000 | 33,573,000 | |
Mortgage-backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Gain (loss) on sale of securities, net | 48,000 | ||
Securities sold during period, book value | 490,000 | ||
Available-for-sale Securities, amortized cost basis | 55,884,000 | 79,153,000 | |
Available for sale securities | 58,971,000 | 84,483,000 | |
Collateralized Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale Securities, amortized cost basis | 5,810,000,000 | 5,080,000,000 | |
Available for sale securities | $ 5,790,000,000 | $ 5,100,000,000 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Losses on Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Available for Sale, Estimated Fair Value, Less than 12 Months | $ 15,124 | $ 8,739 |
Available for Sale, Unrealized Losses, Less than 12 Months | (101) | (67) |
Available for Sale, Estimated Fair Value, More than 12 Months | 4,157 | 2,882 |
Available for Sale, Unrealized Losses, More than 12 Months | (56) | (15) |
Available for Sale, Estimated Fair Value, Total | 19,281 | 11,621 |
Available for Sale, Unrealized Losses, Total | (157) | (82) |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 3,249,457 | 1,212,828 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (36,098) | (3,104) |
Held to Maturity, Estimated Fair Value, More than 12 Months | 1,708,528 | 2,394,225 |
Held to Maturity, Unrealized Losses, More than 12 Months | (46,853) | (51,953) |
Held to Maturity, Estimated Fair Value, Total | 4,957,985 | 3,607,053 |
Held to Maturity, Unrealized Losses, Total | (82,951) | (55,057) |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Estimated Fair Value, Less than 12 Months | 14,331 | 6,675 |
Available for Sale, Unrealized Losses, Less than 12 Months | (100) | (36) |
Available for Sale, Estimated Fair Value, More than 12 Months | 1 | 45 |
Available for Sale, Unrealized Losses, More than 12 Months | (1) | |
Available for Sale, Estimated Fair Value, Total | 14,332 | 6,720 |
Available for Sale, Unrealized Losses, Total | (100) | (37) |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 156 | 670 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (5) | |
Held to Maturity, Estimated Fair Value, More than 12 Months | 94 | 322 |
Held to Maturity, Unrealized Losses, More than 12 Months | (2) | (3) |
Held to Maturity, Estimated Fair Value, Total | 250 | 992 |
Held to Maturity, Unrealized Losses, Total | (2) | (8) |
Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Estimated Fair Value, Less than 12 Months | 793 | 358 |
Available for Sale, Unrealized Losses, Less than 12 Months | (1) | |
Available for Sale, Estimated Fair Value, More than 12 Months | 2,465 | 2,837 |
Available for Sale, Unrealized Losses, More than 12 Months | (10) | (14) |
Available for Sale, Estimated Fair Value, Total | 3,258 | 3,195 |
Available for Sale, Unrealized Losses, Total | (11) | (14) |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 3,233,601 | 1,149,380 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (36,016) | (2,600) |
Held to Maturity, Estimated Fair Value, More than 12 Months | 1,662,482 | 2,349,143 |
Held to Maturity, Unrealized Losses, More than 12 Months | (46,391) | (50,953) |
Held to Maturity, Estimated Fair Value, Total | 4,896,083 | 3,498,523 |
Held to Maturity, Unrealized Losses, Total | (82,407) | (53,553) |
Other Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Estimated Fair Value, Less than 12 Months | 1,706 | |
Available for Sale, Unrealized Losses, Less than 12 Months | (31) | |
Available for Sale, Estimated Fair Value, More than 12 Months | 1,691 | |
Available for Sale, Unrealized Losses, More than 12 Months | (46) | |
Available for Sale, Estimated Fair Value, Total | 1,691 | 1,706 |
Available for Sale, Unrealized Losses, Total | (46) | (31) |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Held to Maturity, Estimated Fair Value, Less than 12 Months | 17,098 | |
Held to Maturity, Unrealized Losses, Less than 12 Months | (74) | |
Held to Maturity, Estimated Fair Value, Total | 17,098 | |
Held to Maturity, Unrealized Losses, Total | (74) | |
States and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Held to Maturity, Estimated Fair Value, Less than 12 Months | 15,700 | 45,680 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (82) | (425) |
Held to Maturity, Estimated Fair Value, More than 12 Months | 45,952 | 44,760 |
Held to Maturity, Unrealized Losses, More than 12 Months | (460) | (997) |
Held to Maturity, Estimated Fair Value, Total | 61,652 | 90,440 |
Held to Maturity, Unrealized Losses, Total | $ (542) | $ (1,422) |
Securities - Investments Classi
Securities - Investments Classified by Contractual Maturity Date (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment Securities By Contractual Maturity [Abstract] | ||
Due in one year or less, Held to Maturity, Amortized Cost | $ 33,942 | |
Due after one year through five years, Held to Maturity, Amortized Cost | 180,550 | |
Due after five years through ten years, Held to Maturity, Amortized Cost | 146,011 | |
Due after ten years, Held to Maturity, Amortized Cost | 50,600 | |
Subtotal, Held to Maturity, Amortized Cost | 411,103 | |
Mortgage-backed securities and collateralized mortgage obligations, Held to Maturity, Amortized Cost | 8,988,260 | |
Held to Maturity, Amortized Cost | 9,399,363 | $ 8,900,377 |
Due in one year or less, Held to Maturity, Fair Value | 34,057 | |
Due after one year through five years, Held to Maturity, Fair Value | 182,802 | |
Due after five years through ten years, Held to Maturity, Fair Value | 150,029 | |
Due after ten years, Held to Maturity, Fair Value | 51,551 | |
Subtotal, Held to Maturity, Fair Value | 418,439 | |
Mortgage-backed securities and collateralized mortgage obligations, Held to Maturity, Fair Value | 8,974,736 | |
Total, Held to Maturity, Fair Value | 9,393,175 | 8,948,692 |
Due in one year or less, Available for Sale, Amortized Cost | 12,588 | |
Due after one year through five years, Available for Sale, Amortized Cost | 3,290 | |
Due after five years through ten years, Available for Sale, Amortized Cost | 2,173 | |
Due after ten years, Available for Sale, Amortized Cost | 0 | |
Subtotal, Available for Sale, Amortized Cost | 18,051 | |
Mortgage-backed securities and collateralized mortgage obligations, Available for Sale, Amortized Cost | 81,875 | |
Total, Available for Sale, Amortized Cost | 99,926 | |
Due in one year or less, Available for Sale, Fair Value | 12,692 | |
Due after one year through five years, Available for Sale, Fair Value | 3,307 | |
Due after five years through ten years, Available for Sale, Fair Value | 2,178 | |
Due after ten years, Available for Sale, Fair Value | 0 | |
Subtotal, Available for Sale, Fair Value | 18,177 | |
Mortgage-backed securities and collateralized mortgage obligations, Available for Sale, Fair Value | 84,887 | |
Total, Available for Sale, Fair Value | $ 103,064 | $ 145,399 |
Loans and Allowance for Credi63
Loans and Allowance for Credit Losses - Schedule of Accounts, Notes, Loans and Financing Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Residential mortgage loans held for sale | $ 23,933 | $ 8,602 | ||
Total loans held for investment | 9,414,656 | 9,235,581 | $ 7,773,011 | |
Total | 9,438,589 | 9,244,183 | ||
Residential Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Residential mortgage loans held for sale | 23,933 | 8,602 | ||
Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 1,692,246 | 1,806,267 | 1,279,777 | |
Total | 1,692,246 | 1,806,267 | ||
Construction, Land Development and Other Land Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 1,073,198 | 1,026,475 | 865,511 | |
Total | 1,073,198 | 1,026,475 | ||
1-4 Family Residential (Includes Home Equity) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 2,616,732 | 2,513,579 | 2,129,510 | |
Total | [1] | 2,640,665 | 2,522,181 | |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 3,131,083 | 3,030,340 | 2,753,797 | |
Total | 3,131,083 | 3,030,340 | ||
Farmland [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 434,349 | 361,943 | ||
Agriculture [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 214,469 | 189,703 | ||
Consumer and Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for investment | 252,579 | 307,274 | $ 213,158 | |
Total | $ 252,579 | $ 307,274 | ||
[1] | Includes $23.9 million and $8.6 million of residential mortgage loans held for sale at December 31, 2015 and December 31, 2014, respectively. |
Loans and Allowance for Credi64
Loans and Allowance for Credit Losses - Additional Information (Detail) | 12 Months Ended | |||||
Dec. 31, 2015USD ($)AssetsContract | Dec. 31, 2014USD ($)AssetsTDRs | Dec. 31, 2013USD ($)Assets | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of outstanding principal balance commercial real estate loans | 39.90% | |||||
Loans and leases receivable, gross | $ 9,438,589,000 | $ 9,244,183,000 | ||||
Loan purchase discounts | 94,700,000 | |||||
Loans held for sale | $ 23,933,000 | $ 8,602,000 | ||||
Percentage of loans related to single industry on total loans, maximum | 10.00% | 10.00% | ||||
Loans outstanding to directors, officers and affiliates | $ 4,063,000 | $ 4,940,000 | $ 6,187,000 | |||
Minimum period for ceases accruing interest, in days | 90 days | |||||
Loans and leases receivable, impaired, interest lost on nonaccrual loans | $ 3,900,000 | 2,700,000 | 440,000 | |||
Maximum contractual principal and interest collected | 100.00% | |||||
Allowance for credit losses totaled | $ 81,400,000 | $ 80,800,000 | $ 67,300,000 | |||
Allowance for credit losses as a percentage of total loans | 0.86% | 0.87% | 0.87% | |||
Allowance for credit losses, Period increase | $ 622,000 | |||||
Allowance for credit losses, Period increase percent | 0.80% | |||||
Outstanding troubled debt restructurings | $ 39,711,000 | $ 31,422,000 | ||||
Financing receivable, modifications, Number of contracts | 3 | 3 | ||||
Troubled debt restructurings | $ 650,000 | $ 69,000 | ||||
Troubled debt restructurings, Outstanding | $ 279,000 | |||||
Determined period of default, minimum number of days past due | 90 days | |||||
Nonperforming Financial Instruments [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonperforming assets | $ 43,459,000 | $ 36,919,000 | $ 22,504,000 | $ 13,015,000 | $ 12,052,000 | |
Financing Receivable, Ratio of Nonperforming Loans to All Loans and Other Real Estate | 0.46% | 0.40% | ||||
Nonperforming assets, number of credits or ORE properties | Assets | 147 | 169 | 203 | |||
Outstanding troubled debt restructurings | [1] | $ 39,711,000 | $ 31,422,000 | $ 10,231,000 | 5,382,000 | 3,578,000 |
Troubled Debt Restructuring [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Outstanding troubled debt restructurings | 681,000 | 911,000 | $ 1,400,000 | $ 3,600,000 | $ 5,300,000 | |
Residential Mortgage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans held for sale | 23,900,000 | 8,600,000 | ||||
1-4 Family Residential (Includes Home Equity) [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans held for sale | 23,900,000 | |||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | $ 3,570,000,000 | |||||
Residential Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan collateralized | 89.00% | |||||
Loans held for sale | $ 23,933,000 | 8,602,000 | ||||
Residential Portfolio Segment [Member] | FHA and VA Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Debt instrument, term | 30 years | |||||
Consumer Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | $ 252,579,000 | 307,274,000 | ||||
Outstanding troubled debt restructurings | 248,000 | $ 353,000 | ||||
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 | |||||
Change in discounted cash-flow | 10.00% | |||||
Minimum [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Debt instrument, term | 15 years | |||||
Minimum [Member] | Residential Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Debt instrument, term | 5 years | |||||
Minimum [Member] | Consumer Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Debt instrument, term | 12 months | |||||
Maximum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan evaluation by loan concurrence officers | $ 3,500,000 | |||||
Loan evaluation by directors loan committee | $ 50,000,000 | |||||
Maximum [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Period of fixed interest | 5 years | |||||
Debt instrument, term | 20 years | |||||
Maximum [Member] | Residential Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Debt instrument, term | 25 years | |||||
Maximum [Member] | Consumer Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Debt instrument, term | 180 months | |||||
[1] | Includes troubled debt restructurings of $2.0 million, $911 thousand, $1.4 million, $3.6 million and $5.3 million for the years ended December 31, 2015, 2014, 2013, 2012 and 2011, respectively. |
Loans and Allowance for Credi65
Loans and Allowance for Credit Losses - Schedule of Contractual Maturities of Loans Classified by Major Type (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | $ 9,509,366 |
Loans with a predetermined interest rate | 3,902,938 |
Loans with a floating interest rate | 5,606,428 |
Total | 9,509,366 |
Commercial and Industrial [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 1,729,704 |
Total | 1,729,704 |
Construction, Land Development and Other Land Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 1,075,973 |
Total | 1,075,973 |
1-4 Family Residential (Includes Home Equity) [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 2,629,362 |
Total | 2,629,362 |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 3,167,071 |
Total | 3,167,071 |
Agriculture [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 653,325 |
Total | 653,325 |
Consumer and Other [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 253,931 |
Total | 253,931 |
Financing Receivable, Maturity of One Year or Less [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 1,558,942 |
Loans with a predetermined interest rate | 452,884 |
Loans with a floating interest rate | 1,106,058 |
Total | 1,558,942 |
Financing Receivable, Maturity of One Year or Less [Member] | Commercial and Industrial [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 731,217 |
Total | 731,217 |
Financing Receivable, Maturity of One Year or Less [Member] | Construction, Land Development and Other Land Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 392,126 |
Total | 392,126 |
Financing Receivable, Maturity of One Year or Less [Member] | 1-4 Family Residential (Includes Home Equity) [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 32,340 |
Total | 32,340 |
Financing Receivable, Maturity of One Year or Less [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 132,036 |
Total | 132,036 |
Financing Receivable, Maturity of One Year or Less [Member] | Agriculture [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 179,370 |
Total | 179,370 |
Financing Receivable, Maturity of One Year or Less [Member] | Consumer and Other [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 91,853 |
Total | 91,853 |
Financing Receivable, Maturity of One Through Five Years [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 1,470,411 |
Loans with a predetermined interest rate | 728,612 |
Loans with a floating interest rate | 741,799 |
Total | 1,470,411 |
Financing Receivable, Maturity of One Through Five Years [Member] | Commercial and Industrial [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 550,102 |
Total | 550,102 |
Financing Receivable, Maturity of One Through Five Years [Member] | Construction, Land Development and Other Land Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 203,575 |
Total | 203,575 |
Financing Receivable, Maturity of One Through Five Years [Member] | 1-4 Family Residential (Includes Home Equity) [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 160,107 |
Total | 160,107 |
Financing Receivable, Maturity of One Through Five Years [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 397,469 |
Total | 397,469 |
Financing Receivable, Maturity of One Through Five Years [Member] | Agriculture [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 71,251 |
Total | 71,251 |
Financing Receivable, Maturity of One Through Five Years [Member] | Consumer and Other [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 87,907 |
Total | 87,907 |
Financing Receivable, Maturity After Five Years [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 6,480,013 |
Loans with a predetermined interest rate | 2,721,442 |
Loans with a floating interest rate | 3,758,571 |
Total | 6,480,013 |
Financing Receivable, Maturity After Five Years [Member] | Commercial and Industrial [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 448,385 |
Total | 448,385 |
Financing Receivable, Maturity After Five Years [Member] | Construction, Land Development and Other Land Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 480,272 |
Total | 480,272 |
Financing Receivable, Maturity After Five Years [Member] | 1-4 Family Residential (Includes Home Equity) [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 2,436,915 |
Total | 2,436,915 |
Financing Receivable, Maturity After Five Years [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 2,637,566 |
Total | 2,637,566 |
Financing Receivable, Maturity After Five Years [Member] | Agriculture [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 402,704 |
Total | 402,704 |
Financing Receivable, Maturity After Five Years [Member] | Consumer and Other [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan receivable | 74,171 |
Total | $ 74,171 |
Loans and Allowance for Credi66
Loans and Allowance for Credit Losses - Schedule of Related Party Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Loans [Abstract] | ||
Beginning balance on January 1 | $ 4,940 | $ 6,187 |
New loans | 428 | 4,913 |
Repayments and reclassified related loans | (1,305) | (6,160) |
Ending balance | $ 4,063 | $ 4,940 |
Loans and Allowance for Credi67
Loans and Allowance for Credit Losses - Past Due Financing Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | $ 29,394 | $ 46,712 | |
Nonaccrual loans | 39,711 | 31,422 | |
Current loans | 9,369,484 | 9,166,049 | |
Total loans | 9,438,589 | 9,244,183 | |
Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 28,780 | 44,519 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 614 | 2,193 | |
Construction, Land Development and Other Land Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 4,097 | 7,667 | |
Nonaccrual loans | 134 | 526 | |
Current loans | 1,068,967 | 1,018,282 | |
Total loans | 1,073,198 | 1,026,475 | |
Construction, Land Development and Other Land Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 4,097 | 7,667 | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 946 | 3,372 | |
Nonaccrual loans | 208 | 96 | |
Current loans | 647,664 | 548,178 | |
Total loans | 648,818 | 551,646 | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 946 | 2,995 | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 377 | ||
1-4 Family Residential (Includes Home Equity) [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [1] | 4,968 | 2,343 |
Nonaccrual loans | [1] | 1,894 | 3,570 |
Current loans | [1] | 2,633,803 | 2,516,268 |
Total loans | [1] | 2,640,665 | 2,522,181 |
1-4 Family Residential (Includes Home Equity) [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [1] | 4,748 | 2,261 |
1-4 Family Residential (Includes Home Equity) [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | [1] | 220 | 82 |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 12,922 | 12,744 | |
Nonaccrual loans | 15,535 | 6,340 | |
Current loans | 3,102,626 | 3,011,256 | |
Total loans | 3,131,083 | 3,030,340 | |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 12,922 | 12,679 | |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 65 | ||
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 5,187 | 19,174 | |
Nonaccrual loans | 21,692 | 20,537 | |
Current loans | 1,665,367 | 1,766,556 | |
Total loans | 1,692,246 | 1,806,267 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 4,793 | 18,305 | |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 394 | 869 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | 1,274 | 1,412 | |
Nonaccrual loans | 248 | 353 | |
Current loans | 251,057 | 305,509 | |
Total loans | 252,579 | 307,274 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | $ 1,274 | 612 | |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans past due and still accruing | $ 800 | ||
[1] | Includes $23.9 million and $8.6 million of residential mortgage loans held for sale at December 31, 2015 and December 31, 2014, respectively. |
Loans and Allowance for Credi68
Loans and Allowance for Credit Losses - Past Due Financing Receivables (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 23,933 | $ 8,602 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 23,933 | $ 8,602 |
Loans and Allowance for Credi69
Loans and Allowance for Credit Losses - Schedule of Nonperforming Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | $ 39,711 | $ 31,422 | ||||
Other real estate | 2,963 | 3,237 | ||||
Nonperforming Financial Instruments [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual loans | [1] | 39,711 | 31,422 | $ 10,231 | $ 5,382 | $ 3,578 |
Accruing loans 90 or more days past due | 614 | 2,193 | 4,947 | 331 | ||
Total nonperforming loans | 40,325 | 33,615 | 15,178 | 5,713 | 3,578 | |
Repossessed assets | 171 | 67 | 27 | 68 | 146 | |
Other real estate | 2,963 | 3,237 | 7,299 | 7,234 | 8,328 | |
Total nonperforming assets | $ 43,459 | $ 36,919 | $ 22,504 | $ 13,015 | $ 12,052 | |
Nonperforming assets to total loans and other real estate | 0.46% | 0.40% | 0.29% | 0.25% | 0.32% | |
[1] | Includes troubled debt restructurings of $2.0 million, $911 thousand, $1.4 million, $3.6 million and $5.3 million for the years ended December 31, 2015, 2014, 2013, 2012 and 2011, respectively. |
Loans and Allowance for Credi70
Loans and Allowance for Credit Losses - Schedule of Nonperforming Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 39,711 | $ 31,422 | |||
Troubled Debt Restructuring [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 681 | $ 911 | $ 1,400 | $ 3,600 | $ 5,300 |
Loans and Allowance for Credi71
Loans and Allowance for Credit Losses - Impaired Financing Receivables (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, recorded investment | $ 17,786 | $ 24,682 |
Impaired loans with no related allowance, unpaid principal balance | 18,893 | 25,052 |
Impaired loans with no related allowance, average recorded investment | 21,234 | 14,084 |
Impaired loans with related allowance, recorded investment | 15,612 | 4,498 |
Impaired loans with related allowance, unpaid principal balance | 19,088 | 6,300 |
Impaired loans, related allowance | 7,535 | 2,493 |
Impaired loans with related allowance, average recorded investment | 10,055 | 4,930 |
Impaired loans, recorded investment | 33,398 | 29,180 |
Impaired loans, unpaid principal balance | 37,981 | 31,352 |
Impaired loans, related allowance | 7,535 | 2,493 |
Impaired loans, average recorded investment | 31,289 | 19,014 |
Construction, Land Development and Other Land Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, recorded investment | 33 | 250 |
Impaired loans with no related allowance, unpaid principal balance | 346 | 256 |
Impaired loans with no related allowance, average recorded investment | 142 | 264 |
Impaired loans with related allowance, recorded investment | 7 | 276 |
Impaired loans with related allowance, unpaid principal balance | 11 | 276 |
Impaired loans, related allowance | 2 | 225 |
Impaired loans with related allowance, average recorded investment | 141 | 138 |
Impaired loans, recorded investment | 40 | 526 |
Impaired loans, unpaid principal balance | 357 | 532 |
Impaired loans, related allowance | 2 | 225 |
Impaired loans, average recorded investment | 283 | 402 |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, recorded investment | 20 | |
Impaired loans with no related allowance, unpaid principal balance | 23 | |
Impaired loans with no related allowance, average recorded investment | 10 | 7 |
Impaired loans with related allowance, recorded investment | 189 | 46 |
Impaired loans with related allowance, unpaid principal balance | 201 | 55 |
Impaired loans, related allowance | 52 | 24 |
Impaired loans with related allowance, average recorded investment | 118 | 34 |
Impaired loans, recorded investment | 209 | 46 |
Impaired loans, unpaid principal balance | 224 | 55 |
Impaired loans, related allowance | 52 | 24 |
Impaired loans, average recorded investment | 128 | 41 |
1-4 Family Residential (Includes Home Equity) [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, recorded investment | 1,206 | 1,710 |
Impaired loans with no related allowance, unpaid principal balance | 1,365 | 1,831 |
Impaired loans with no related allowance, average recorded investment | 1,458 | 1,147 |
Impaired loans with related allowance, recorded investment | 379 | 1,426 |
Impaired loans with related allowance, unpaid principal balance | 386 | 1,473 |
Impaired loans, related allowance | 93 | 418 |
Impaired loans with related allowance, average recorded investment | 902 | 1,973 |
Impaired loans, recorded investment | 1,585 | 3,136 |
Impaired loans, unpaid principal balance | 1,751 | 3,304 |
Impaired loans, related allowance | 93 | 418 |
Impaired loans, average recorded investment | 2,360 | 3,120 |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, recorded investment | 15,115 | 5,093 |
Impaired loans with no related allowance, unpaid principal balance | 15,398 | 5,126 |
Impaired loans with no related allowance, average recorded investment | 10,104 | 3,792 |
Impaired loans with related allowance, recorded investment | 262 | 62 |
Impaired loans with related allowance, unpaid principal balance | 1,857 | 63 |
Impaired loans, related allowance | 262 | 24 |
Impaired loans with related allowance, average recorded investment | 162 | 838 |
Impaired loans, recorded investment | 15,377 | 5,155 |
Impaired loans, unpaid principal balance | 17,255 | 5,189 |
Impaired loans, related allowance | 262 | 24 |
Impaired loans, average recorded investment | 10,266 | 4,630 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, recorded investment | 1,354 | 9,485 |
Impaired loans with no related allowance, unpaid principal balance | 1,630 | 9,678 |
Impaired loans with no related allowance, average recorded investment | 5,419 | 4,794 |
Impaired loans with related allowance, recorded investment | 14,594 | 2,454 |
Impaired loans with related allowance, unpaid principal balance | 16,413 | 4,182 |
Impaired loans, related allowance | 7,082 | 1,597 |
Impaired loans with related allowance, average recorded investment | 8,524 | 1,783 |
Impaired loans, recorded investment | 15,948 | 11,939 |
Impaired loans, unpaid principal balance | 18,043 | 13,860 |
Impaired loans, related allowance | 7,082 | 1,597 |
Impaired loans, average recorded investment | 13,943 | 6,577 |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, recorded investment | 58 | 8,144 |
Impaired loans with no related allowance, unpaid principal balance | 131 | 8,161 |
Impaired loans with no related allowance, average recorded investment | 4,101 | 4,080 |
Impaired loans with related allowance, recorded investment | 181 | 234 |
Impaired loans with related allowance, unpaid principal balance | 220 | 251 |
Impaired loans, related allowance | 44 | 205 |
Impaired loans with related allowance, average recorded investment | 208 | 164 |
Impaired loans, recorded investment | 239 | 8,378 |
Impaired loans, unpaid principal balance | 351 | 8,412 |
Impaired loans, related allowance | 44 | 205 |
Impaired loans, average recorded investment | $ 4,309 | $ 4,244 |
Loans and Allowance for Credi72
Loans and Allowance for Credit Losses - Risk Grades and Impaired Loans by Class of Loan (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 9,438,589 | $ 9,244,183 | |
Grade 1 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 114,747 | 116,444 | |
Grade 2 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 124,238 | ||
Grade 3 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 8,508,507 | 8,975,682 | |
Grade 4 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 447,547 | ||
Grade 5 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 106,487 | 19,644 | |
Grade 6 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 64,815 | 46,091 | |
Grade 7 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 29,878 | 29,075 | |
Grade 8 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,544 | 105 | |
PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 39,826 | 57,142 | |
Construction, Land Development and Other Land Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,073,198 | 1,026,475 | |
Construction, Land Development and Other Land Loans [Member] | Grade 2 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,975 | ||
Construction, Land Development and Other Land Loans [Member] | Grade 3 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,034,792 | 1,022,002 | |
Construction, Land Development and Other Land Loans [Member] | Grade 4 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 29,831 | ||
Construction, Land Development and Other Land Loans [Member] | Grade 5 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,431 | 497 | |
Construction, Land Development and Other Land Loans [Member] | Grade 6 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,209 | 2,308 | |
Construction, Land Development and Other Land Loans [Member] | Grade 7 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 40 | 526 | |
Construction, Land Development and Other Land Loans [Member] | PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 920 | 1,142 | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 648,818 | 551,646 | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 1 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 12,733 | 13,507 | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 2 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,603 | ||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 3 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 553,782 | 528,400 | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 4 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 67,453 | ||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 5 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 7,191 | 4,265 | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 6 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,452 | 4,921 | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 7 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 209 | 46 | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 395 | 507 | |
1-4 Family Residential (Includes Home Equity) [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [1] | 2,640,665 | 2,522,181 |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 2 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 27,272 | ||
1-4 Family Residential (Includes Home Equity) [Member] | Grade 3 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,539,282 | 2,503,679 | |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 4 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 58,172 | ||
1-4 Family Residential (Includes Home Equity) [Member] | Grade 5 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,261 | 1,174 | |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 6 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 7,824 | 8,266 | |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 7 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,526 | 3,136 | |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 8 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 59 | ||
1-4 Family Residential (Includes Home Equity) [Member] | PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,269 | 5,926 | |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,131,083 | 3,030,340 | |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Grade 2 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 24,965 | ||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Grade 3 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,861,872 | 2,965,455 | |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Grade 4 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 164,924 | ||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Grade 5 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 20,078 | 10,424 | |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Grade 6 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 26,237 | 25,839 | |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Grade 7 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 15,377 | 5,155 | |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 17,630 | 23,467 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,692,246 | 1,806,267 | |
Commercial and Industrial [Member] | Grade 1 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 57,625 | 61,697 | |
Commercial and Industrial [Member] | Grade 2 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 27,755 | ||
Commercial and Industrial [Member] | Grade 3 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,355,887 | 1,698,558 | |
Commercial and Industrial [Member] | Grade 4 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 123,772 | ||
Commercial and Industrial [Member] | Grade 5 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 68,618 | 3,266 | |
Commercial and Industrial [Member] | Grade 6 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 28,005 | 4,707 | |
Commercial and Industrial [Member] | Grade 7 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 12,487 | 11,834 | |
Commercial and Industrial [Member] | Grade 8 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,485 | 105 | |
Commercial and Industrial [Member] | PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 15,612 | 26,100 | |
Consumer and Other [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 252,579 | 307,274 | |
Consumer and Other [Member] | Grade 1 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 44,389 | 41,240 | |
Consumer and Other [Member] | Grade 2 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 34,668 | ||
Consumer and Other [Member] | Grade 3 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 162,892 | 257,588 | |
Consumer and Other [Member] | Grade 4 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,395 | ||
Consumer and Other [Member] | Grade 5 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 6,908 | 18 | |
Consumer and Other [Member] | Grade 6 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 88 | 50 | |
Consumer and Other [Member] | Grade 7 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 239 | $ 8,378 | |
[1] | Includes $23.9 million and $8.6 million of residential mortgage loans held for sale at December 31, 2015 and December 31, 2014, respectively. |
Loans and Allowance for Credi73
Loans and Allowance for Credit Losses - Risk Grades and Impaired Loans by Class of Loan (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Mortgage loans held for sale | $ 23.9 | $ 8.6 |
PCI Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Substandard loan | $ 7.3 | $ 32 |
Loans and Allowance for Credi74
Loans and Allowance for Credit Losses - Schedule of Recorded Investment in Loans and Activity in Allowance for Credit Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses, Beginning Balance | $ 80,762 | $ 67,282 | $ 52,564 | |||
Provision for credit losses | 7,560 | 18,275 | 17,240 | |||
Charge-offs | (12,150) | |||||
Charge-offs | (9,950) | (5,493) | ||||
Recoveries | 5,212 | |||||
Recoveries | 5,155 | 2,971 | ||||
Net charge-offs | (6,938) | (4,795) | (2,522) | |||
Allowance for credit losses, Beginning Balance | 81,384 | 80,762 | 67,282 | |||
Allowance for credit losses individually evaluated for impairment | $ 7,535 | $ 2,493 | $ 2,459 | |||
Allowance for credit losses collectively evaluated for impairment | 73,013 | 78,269 | 64,823 | |||
PCI loans | 39,826 | 57,142 | 41,592 | |||
Total allowance for credit losses | 80,762 | 67,282 | 52,564 | 81,384 | 80,762 | 67,282 |
PCI loans | 39,826 | 57,142 | 41,592 | |||
Total loans evaluated for impairment | 9,414,656 | 9,235,581 | 7,773,011 | |||
Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 33,398 | 29,180 | 8,842 | |||
Loans collectively evaluated for impairment | 9,341,432 | 9,149,259 | 7,722,577 | |||
Construction, Land Development and Other Land Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses, Beginning Balance | 15,825 | 14,353 | 11,909 | |||
Provision for credit losses | (736) | 1,541 | 2,470 | |||
Charge-offs | (366) | |||||
Charge-offs | (155) | (271) | ||||
Recoveries | 159 | |||||
Recoveries | 86 | 245 | ||||
Net charge-offs | (207) | (69) | (26) | |||
Allowance for credit losses, Beginning Balance | 14,882 | 15,825 | 14,353 | |||
Allowance for credit losses individually evaluated for impairment | 2 | 225 | ||||
Allowance for credit losses collectively evaluated for impairment | 14,880 | 15,600 | 14,353 | |||
PCI loans | 920 | 1,142 | 3,765 | |||
Total allowance for credit losses | 15,825 | 14,353 | 11,909 | 14,882 | 15,825 | 14,353 |
PCI loans | 920 | 1,142 | 3,765 | |||
Total loans evaluated for impairment | 1,073,198 | 1,026,475 | 865,511 | |||
Construction, Land Development and Other Land Loans [Member] | Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 40 | 526 | 277 | |||
Loans collectively evaluated for impairment | 1,072,238 | 1,024,807 | 861,469 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses, Beginning Balance | 3,722 | 1,229 | 764 | |||
Provision for credit losses | (137) | 1,503 | 399 | |||
Charge-offs | (24) | |||||
Charge-offs | (71) | (48) | ||||
Recoveries | 284 | |||||
Recoveries | 1,061 | 114 | ||||
Net charge-offs | 260 | 990 | 66 | |||
Allowance for credit losses, Beginning Balance | 3,845 | 3,722 | 1,229 | |||
Allowance for credit losses individually evaluated for impairment | 52 | 24 | 18 | |||
Allowance for credit losses collectively evaluated for impairment | 3,793 | 3,698 | 1,211 | |||
PCI loans | 395 | 507 | 607 | |||
Total allowance for credit losses | 3,722 | 1,229 | 764 | 3,845 | 3,722 | 1,229 |
PCI loans | 395 | 507 | 607 | |||
Total loans evaluated for impairment | 648,818 | 551,646 | 531,258 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 209 | 46 | 35 | |||
Loans collectively evaluated for impairment | 648,214 | 551,093 | 530,616 | |||
1-4 Family Residential (Includes Home Equity) [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses, Beginning Balance | 16,377 | 17,046 | 13,942 | |||
Provision for credit losses | (1,277) | 358 | 3,277 | |||
Charge-offs | (262) | |||||
Charge-offs | (1,223) | (211) | ||||
Recoveries | 53 | |||||
Recoveries | 196 | 38 | ||||
Net charge-offs | (209) | (1,027) | (173) | |||
Allowance for credit losses, Beginning Balance | 14,891 | 16,377 | 17,046 | |||
Allowance for credit losses individually evaluated for impairment | 93 | 418 | 890 | |||
Allowance for credit losses collectively evaluated for impairment | 14,798 | 15,959 | 16,156 | |||
PCI loans | 5,269 | 5,926 | 4,078 | |||
Total allowance for credit losses | 16,377 | 17,046 | 13,942 | 14,891 | 16,377 | 17,046 |
PCI loans | 5,269 | 5,926 | 4,078 | |||
Total loans evaluated for impairment | 2,616,732 | 2,513,579 | 2,129,510 | |||
1-4 Family Residential (Includes Home Equity) [Member] | Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 1,585 | 3,136 | 3,103 | |||
Loans collectively evaluated for impairment | 2,609,878 | 2,504,517 | 2,122,329 | |||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses, Beginning Balance | 12,744 | 24,835 | 19,607 | |||
Provision for credit losses | 646 | (10,300) | 5,189 | |||
Charge-offs | (498) | |||||
Charge-offs | (2,009) | (894) | ||||
Recoveries | 104 | |||||
Recoveries | 218 | 933 | ||||
Net charge-offs | (394) | (1,791) | 39 | |||
Allowance for credit losses, Beginning Balance | 12,996 | 12,744 | 24,835 | |||
Allowance for credit losses individually evaluated for impairment | 262 | 24 | 445 | |||
Allowance for credit losses collectively evaluated for impairment | 12,734 | 12,720 | 24,390 | |||
PCI loans | 17,630 | 23,467 | 26,916 | |||
Total allowance for credit losses | 12,744 | 24,835 | 19,607 | 12,996 | 12,744 | 24,835 |
PCI loans | 17,630 | 23,467 | 26,916 | |||
Total loans evaluated for impairment | 3,131,083 | 3,030,340 | 2,753,797 | |||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 15,377 | 5,155 | 4,103 | |||
Loans collectively evaluated for impairment | 3,098,076 | 3,001,718 | 2,722,778 | |||
Commercial and Industrial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses, Beginning Balance | 30,002 | 8,167 | 5,777 | |||
Provision for credit losses | 7,781 | 22,187 | 2,714 | |||
Charge-offs | (7,696) | |||||
Charge-offs | (818) | (672) | ||||
Recoveries | 3,322 | |||||
Recoveries | 466 | 348 | ||||
Net charge-offs | (4,374) | (352) | (324) | |||
Allowance for credit losses, Beginning Balance | 33,409 | 30,002 | 8,167 | |||
Allowance for credit losses individually evaluated for impairment | 7,082 | 1,597 | 1,029 | |||
Allowance for credit losses collectively evaluated for impairment | 25,491 | 28,405 | 7,138 | |||
PCI loans | 15,612 | 26,100 | 6,226 | |||
Total allowance for credit losses | 30,002 | 8,167 | 5,777 | 33,409 | 30,002 | 8,167 |
PCI loans | 15,612 | 26,100 | 6,226 | |||
Total loans evaluated for impairment | 1,692,246 | 1,806,267 | 1,279,777 | |||
Commercial and Industrial [Member] | Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 15,948 | 11,939 | 1,214 | |||
Loans collectively evaluated for impairment | 1,660,686 | 1,768,228 | 1,272,337 | |||
Consumer and Other [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses, Beginning Balance | 2,092 | 1,652 | 565 | |||
Provision for credit losses | 1,283 | 2,986 | 3,191 | |||
Charge-offs | (3,304) | |||||
Charge-offs | (5,674) | (3,397) | ||||
Recoveries | 1,290 | |||||
Recoveries | 3,128 | 1,293 | ||||
Net charge-offs | (2,014) | (2,546) | (2,104) | |||
Allowance for credit losses, Beginning Balance | 1,361 | 2,092 | 1,652 | |||
Allowance for credit losses individually evaluated for impairment | 44 | 205 | 77 | |||
Allowance for credit losses collectively evaluated for impairment | 1,317 | 1,887 | 1,575 | |||
Total allowance for credit losses | $ 2,092 | $ 1,652 | $ 565 | 1,361 | 2,092 | 1,652 |
Total loans evaluated for impairment | 252,579 | 307,274 | 213,158 | |||
Consumer and Other [Member] | Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 239 | 8,378 | 110 | |||
Loans collectively evaluated for impairment | $ 252,340 | $ 298,896 | $ 213,048 |
Loans and Allowance for Credi75
Loans and Allowance for Credit Losses - Schedule of Loans Modified in Troubled Debt Restructuring (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)TDRsContract | Dec. 31, 2014USD ($)TDRs | |
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, number of contracts | 3 | 3 |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 650 | $ 69 |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 279 | $ 68 |
Construction, Land Development and Other Land Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, number of contracts | TDRs | 1 | |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 390 | |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 20 | |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, number of contracts | TDRs | 1 | |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 35 | |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 35 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, number of contracts | TDRs | 1 | 2 |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 250 | $ 34 |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 250 | $ 33 |
Consumer and Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, number of contracts | TDRs | 1 | |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 10 | |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 9 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Values for Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | $ 103,064 | $ 145,399 |
States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 5,485 | 14,585 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 25,916 | 33,573 |
Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 58,971 | 84,483 |
Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 12,692 | 12,758 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 336 | 303 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 336 | 303 |
Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 5,485 | 14,585 |
Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 5,485 | 14,585 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 25,916 | 33,573 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 25,916 | 33,573 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 58,971 | 84,483 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 58,971 | 84,483 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 12,692 | 12,758 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | $ 12,692 | $ 12,758 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value Disclosures [Abstract] | |
Other real estate, additions | $ 2.6 |
Real estate owned outstanding | 1.4 |
Additions to impaired loans | 31.7 |
Impaired loans, outstanding | $ 23.8 |
Fair Value - Summary of Carryin
Fair Value - Summary of Carrying Values and Estimated Fair Values of Financial Instruments on Non-Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and due from banks | $ 562,544 | $ 677,285 |
Federal funds sold | 1,418 | 569 |
Held to maturity securities | 9,399,363 | 8,900,377 |
Loans held for sale | 23,933 | 8,602 |
Other real estate owned | 2,963 | 3,237 |
Noninterest-bearing | 5,136,579 | 4,936,420 |
Interest-bearing | 12,544,540 | 12,756,738 |
Other borrowings | 491,399 | 8,724 |
Securities sold under repurchase agreements | 315,253 | 315,523 |
Junior subordinated debentures | 167,531 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and due from banks | 562,544 | 677,285 |
Federal funds sold | 1,418 | 569 |
Held to maturity securities | 9,399,363 | 8,900,377 |
Loans held for sale | 23,933 | 8,602 |
Loans held for investment, net of allowance | 9,333,272 | 9,154,819 |
Other real estate owned | 2,963 | 3,237 |
Noninterest-bearing | 5,136,579 | 4,936,420 |
Interest-bearing | 12,544,540 | 12,756,738 |
Other borrowings | 491,399 | 8,724 |
Securities sold under repurchase agreements | 315,253 | 315,523 |
Junior subordinated debentures | 167,531 | |
Estimated Fair Value [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and due from banks | 562,544 | 677,285 |
Federal funds sold | 1,418 | 569 |
Held to maturity securities | 9,393,175 | 8,948,692 |
Loans held for sale | 23,933 | 8,602 |
Loans held for investment, net of allowance | 9,365,758 | 9,192,231 |
Other real estate owned | 2,963 | 3,237 |
Noninterest-bearing | 5,136,579 | 4,936,420 |
Interest-bearing | 12,548,050 | 12,767,961 |
Other borrowings | 492,061 | 10,000 |
Securities sold under repurchase agreements | 315,241 | 315,543 |
Junior subordinated debentures | 159,740 | |
Estimated Fair Value [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and due from banks | 562,544 | 677,285 |
Federal funds sold | 1,418 | 569 |
Estimated Fair Value [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity securities | 9,393,175 | 8,948,692 |
Loans held for sale | 23,933 | 8,602 |
Other real estate owned | 2,963 | 3,237 |
Noninterest-bearing | 5,136,579 | 4,936,420 |
Interest-bearing | 12,548,050 | 12,767,961 |
Other borrowings | 492,061 | 10,000 |
Securities sold under repurchase agreements | 315,241 | 315,543 |
Junior subordinated debentures | 159,740 | |
Estimated Fair Value [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment, net of allowance | $ 9,365,758 | $ 9,192,231 |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 356,662 | $ 359,100 |
Less accumulated depreciation | (88,666) | (77,551) |
Premises and equipment, net | 267,996 | 281,549 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 88,897 | 91,491 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 202,555 | 204,904 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 63,212 | 60,296 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 1,998 | $ 2,409 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 13 | $ 13.7 | $ 10.6 |
Deposits - Schedule of Certific
Deposits - Schedule of Certificates and Their Remaining Maturities (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Banking and Thrift [Abstract] | |
Three months or less | $ 434,680 |
Over three through six months | 316,201 |
Over six through 12 months | 354,227 |
Over 12 months | 351,601 |
Total | $ 1,456,709 |
Three months or less, interest rate | 29.90% |
Over three through six months, interest rate | 21.70% |
Over six through 12 months, interest rate | 24.30% |
Over 12 months, interest rate | 24.10% |
Total, interest rate | 100.00% |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Banking and Thrift [Abstract] | |||
Interest expense, Time deposits, $100,000 or more | $ 9.6 | $ 11.6 | $ 9.4 |
Deposits assets | $ 148.3 |
Other Borrowings and Securiti83
Other Borrowings and Securities Sold Under Repurchase Agreements - Schedule of Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
FHLB advances | $ 485,000 | |
FHLB long-term notes payable | 6,399 | $ 8,724 |
Total other borrowings | 491,399 | 8,724 |
Securities sold under repurchase agreements | 315,253 | 315,523 |
Total | $ 806,653 | $ 324,247 |
Other Borrowings and Securiti84
Other Borrowings and Securities Sold Under Repurchase Agreements (FHLB advances and long-term notes payable) - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Funds available on other borrowings and securities | $ 5,250,000 | |
Funds outstanding under agreement | 491,400 | |
Federal Home Loan Bank advances | $ 485,000 | |
Federal Home Loan Bank, advances, branch of FHLB bank,weighted average interest rate | 5.64% | |
Long-term Federal Home Loan Bank advances, noncurrent | $ 6,399 | $ 8,724 |
Federal Home Loan Bank, advances, branch of FHLB bank,interest rate, range from | 4.51% | |
Federal Home Loan Bank, advances, branch of FHLB bank, interest rate, range to | 6.10% | |
Short-term Debt [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Federal Home Loan Bank, advances, branch of FHLB bank,weighted average interest rate | 0.31% |
Other Borrowings and Securiti85
Other Borrowings and Securities Sold Under Repurchase Agreements (Securities sold under repurchase agreements with Company customers) - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 315,253 | $ 315,523 |
Assets sold under agreements to repurchase, interest rate | 0.25% | 0.26% |
Minimum [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreement counterparty, weighted average maturity of agreements | 10 months | |
Maximum [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreement counterparty, weighted average maturity of agreements | 24 months | |
Repurchase Agreement with 3 To 24 Maturity Months [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 10,900 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Federal Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 108,550 | $ 102,595 | $ 88,535 |
Deferred | 34,999 | 45,713 | 19,884 |
Total | $ 143,549 | $ 148,308 | $ 108,419 |
Income Taxes - Additional infor
Income Taxes - Additional information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 35.00% | |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 0 | $ 0 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Taxes calculated at statutory rate | $ 150,568 | $ 156,012 | $ 115,436 |
(Decrease) increase resulting from: | |||
Tax-exempt interest | (6,351) | (7,102) | (6,360) |
Qualified School Construction Bond credit | (1,239) | (794) | (530) |
Non taxable death benefits | (60) | (677) | |
BOLI income | (1,917) | (1,788) | (1,244) |
Qualified stock options | 2 | 6 | 12 |
Merger related expenses | 86 | 185 | |
State tax, net | 1,193 | 1,898 | 864 |
Other, net | 1,353 | 667 | 56 |
Total | $ 143,549 | $ 148,308 | $ 108,419 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Loan purchase discounts | $ 33,149 | $ 56,553 |
Allowance for credit losses | 25,847 | 27,324 |
Accrued liabilities | 4,364 | 8,704 |
Restricted stock | 9,423 | 6,620 |
Deferred compensation | 3,873 | 3,755 |
Certificates of Deposit | 244 | 613 |
Net operating losses | 688 | 5,055 |
ORE write-downs | 30 | 1,418 |
Investments in partnerships | 215 | 95 |
Other | 560 | 1,428 |
Total deferred tax assets | 78,393 | 111,565 |
Deferred tax liabilities: | ||
Goodwill and core deposit intangibles | (34,579) | (31,868) |
Bank premises and equipment | (11,312) | (9,325) |
Securities | (2,176) | (4,405) |
Unrealized gain on available for sale securities | (1,098) | (2,008) |
Prepaid expenses | (1,396) | (1,260) |
Deferred loan fees and costs | (3,202) | (1,299) |
Total deferred tax liabilities | (53,763) | (50,165) |
Net deferred tax assets | $ 24,630 | $ 61,400 |
Stock Incentive Programs - Addi
Stock Incentive Programs - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2015USD ($)OptionPlansshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Dec. 31, 2012USD ($)shares | |
Stock Incentive Programs Details [Line Items] | ||||
Number of stock-based employee compensation plans | OptionPlans | 2 | |||
Number of stock-based employee compensation plans expired | OptionPlans | 1 | |||
Allocated share-based compensation expense | $ | $ 11,100,000 | $ 8,200,000 | $ 4,200,000 | |
Income tax benefit recorded for stock-based compensation expense | $ | $ 3,900,000 | $ 2,900,000 | $ 1,500,000 | |
Options granted | 0 | 0 | 0 | |
Number of shares outstanding | 29,000 | 53,000 | 188,000 | 386,000 |
Number of shares exercisable | 29,000 | |||
Total intrinsic value of options exercised | $ | $ 174,000 | $ 3,500,000 | ||
Total fair value of options vested | $ | 88,000 | |||
Total fair vale of unvested options forfeited | $ | 0 | 0 | $ 26,000 | |
Cash received from exercise of stock options | $ | 289,000 | 3,700,000 | 5,400,000 | |
Tax benefit realized from exercises of stock-based compensation arrangements | $ | 0 | $ 0 | 0 | |
Total unrecognized compensation expense related to stock-based compensation arrangements | $ | $ 19,200,000 | |||
Weighted-average period of cost expected to be recognized | 1 year 6 months 15 days | |||
Restricted Stock [Member] | ||||
Stock Incentive Programs Details [Line Items] | ||||
Allocated share-based compensation expense | $ | $ 11,100,000 | $ 8,200,000 | $ 4,200,000 | |
Other than options granted | 308,000 | |||
Total fair value of options vested | $ | $ 3,300,000 | |||
Employee Stock Option [Member] | ||||
Stock Incentive Programs Details [Line Items] | ||||
Vesting period | 10 years | |||
Minimum [Member] | Restricted Stock [Member] | ||||
Stock Incentive Programs Details [Line Items] | ||||
Vesting period | 1 year | |||
Maximum [Member] | Restricted Stock [Member] | ||||
Stock Incentive Programs Details [Line Items] | ||||
Vesting period | 5 years | |||
2004 Stock Incentive Plan [Member] | ||||
Stock Incentive Programs Details [Line Items] | ||||
Number of shares authorized | 1,250,000 | |||
Options granted | 191,625 | |||
Number of shares outstanding | 28,800 | |||
Number of shares exercisable | 28,800 | |||
Remaining shares available for grant under the 2004 plan | 0 | |||
2004 Stock Incentive Plan [Member] | Restricted Stock [Member] | ||||
Stock Incentive Programs Details [Line Items] | ||||
Other than options granted | 844,801 | |||
2012 Stock Incentive Plan [Member] | ||||
Stock Incentive Programs Details [Line Items] | ||||
Number of shares authorized | 1,250,000 | |||
Options granted | 301,751 |
Stock Incentive Programs - Summ
Stock Incentive Programs - Summary of Changes in Outstanding Vested and Unvested Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Option Activity [Abstract] | ||||
Number of Options outstanding, beginning balance | 53,000 | 188,000 | 386,000 | |
Number of Options, granted | 0 | 0 | 0 | |
Number of Options, forfeited | (15,000) | (5,000) | (4,000) | |
Number of Options, exercised | (9,000) | (130,000) | (194,000) | |
Number of Options outstanding, ending balance | 29,000 | 53,000 | 188,000 | 386,000 |
Weighted Average Exercise Price, Options outstanding, Beginning balance | $ 27.68 | $ 28.88 | $ 28.39 | |
Number of Options, Shares vested or expected to vest, ending balance | 28,000 | |||
Weighted Average Exercise Price, Options granted | $ 0 | 0 | 0 | |
Number of Options, Shares exercisable, ending balance | 29,000 | |||
Weighted Average Exercise Price, Options forfeited | $ 27.15 | 23.88 | 30.97 | |
Weighted Average Exercise Price, Options exercised | 29.92 | 28.46 | 27.69 | |
Weighted Average Exercise Price, Options outstanding, ending balance | 32.14 | $ 27.68 | $ 28.88 | $ 28.39 |
Weighted Average Exercise Price, Shares vested or expected to vest | 32.07 | |||
Weighted Average Exercise Price, Shares exercisable | $ 32.14 | |||
Weighted Average Contractual Term (in years) | 2 years 7 months 6 days | 2 years 8 months 9 days | 3 years 8 months 12 days | 3 years 2 months 12 days |
Weighted Average Contractual Term (in years), Shares vested or expected to vest | 2 years 7 months 10 days | |||
Weighted Average Contractual Term (in years), Shares exercisable | 2 years 7 months 6 days | |||
Aggregate Intrinsic Value, Options outstanding | $ 453 | $ 1,473 | $ 6,500 | $ 5,247 |
Aggregate Intrinsic Value, Shares vested or expected to vest | 441 | |||
Aggregate Intrinsic Value, Shares exercisable | $ 453 |
Stock Incentive Programs - Su92
Stock Incentive Programs - Summary of the Status of Nonvested Shares of Restricted Stock (Detail) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Stock Incentive Programs Details Restricted Stock Activity [Line Items] | |
Number of Shares, Nonvested share awards outstanding, beginning balance | shares | 446 |
Number of Shares, Share awards granted | shares | 308 |
Number of Shares, Unvested share awards forfeited | shares | (75) |
Number of Shares, Share awards vested | shares | (62) |
Number of Shares, Nonvested share awards outstanding, ending balance | shares | 617 |
Weighted Average Grant Date Fair Value, Nonvested shares awards outstanding, beginning balance | $ / shares | $ 57.97 |
Weighted Average Grant Date Fair Value, Share awards granted | $ / shares | 54.92 |
Weighted Average Grant Date Fair Value, Unvested share awards forfeited | $ / shares | 58.02 |
Weighted Average Grant Date Fair Value, Share awards vested | $ / shares | 51.60 |
Weighted Average Grant Date Fair Value, Nonvested shares outstanding, ending balance | $ / shares | $ 57.31 |
Other Noninterest Income and 93
Other Noninterest Income and Expense - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Noninterest Income Expense Other [Abstract] | |
Percentage of other noninterest income and expense exceeding net interest income and noninterest income | 1.00% |
Other Noninterest Income and 94
Other Noninterest Income and Expense - Other Noninterest Income and Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other noninterest income | |||
Banking related service fees | $ 4,690 | $ 4,796 | $ 3,502 |
Bank Owned Life Insurance (BOLI) | 5,548 | 5,189 | 3,635 |
Rental income | 2,594 | 2,378 | 1,990 |
Other | 10,930 | 9,182 | 5,901 |
Total | 23,762 | 21,545 | 15,028 |
Other noninterest expense | |||
Advertising | 2,974 | 3,016 | 2,642 |
Losses | 3,361 | 4,143 | 2,138 |
Printing and supplies | 2,158 | 2,427 | 2,616 |
Professional and legal fees | 3,044 | 5,636 | 3,573 |
Property taxes | 7,028 | 7,410 | 5,827 |
Travel and development | 4,434 | 4,848 | 3,629 |
Other | 9,577 | 9,351 | 10,254 |
Total | $ 32,576 | $ 36,831 | $ 30,679 |
Profit Sharing Plan - Additiona
Profit Sharing Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Employer matching contribution, percent of match | 50.00% | ||
Employer matching contribution, percent of employees' gross pay | 15.00% | ||
Matching contribution amounts | $ 4.3 | $ 4.6 | $ 3.3 |
Off-balance Sheet Arrangement96
Off-balance Sheet Arrangements, Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Offbalance Sheet Arrangements Commitments And Contingencies Details [Line Items] | |||
Aggregate rent expense of noncancelable operating lease | $ 7.4 | $ 7.5 | $ 5.8 |
Commitments to Extend Credit [Member] | |||
Offbalance Sheet Arrangements Commitments And Contingencies Details [Line Items] | |||
Amount of commitment to extend credit | $ 253.2 | ||
Commitments to Extend Credit [Member] | Minimum [Member] | |||
Offbalance Sheet Arrangements Commitments And Contingencies Details [Line Items] | |||
Percentage of commitments to extend credit fixed rate | 1.40% | ||
Commitments to Extend Credit [Member] | Maximum [Member] | |||
Offbalance Sheet Arrangements Commitments And Contingencies Details [Line Items] | |||
Percentage of commitments to extend credit fixed rate | 21.00% | ||
Federal Home Loan Bank Notes Payable [Member] | |||
Offbalance Sheet Arrangements Commitments And Contingencies Details [Line Items] | |||
Interest payable | $ 1 |
Off-balance Sheet Arrangement97
Off-balance Sheet Arrangements, Commitments and Contingencies - Contractual Obligations and Other Commitments (Detail) - Lease Total [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Offbalance Sheet Arrangements Commitments And Contingencies Details Contractual Obligations And Other Commitments [Line Items] | |
1 year or less | $ 492,101 |
More than 1 year but less than 3 years | 14,011 |
3 years or more but less than 5 years | 6,697 |
5 years or more | 7,460 |
Total | 520,269 |
Federal Home Loan Bank Notes Payable [Member] | |
Offbalance Sheet Arrangements Commitments And Contingencies Details Contractual Obligations And Other Commitments [Line Items] | |
1 year or less | 485,978 |
More than 1 year but less than 3 years | 5,201 |
3 years or more but less than 5 years | 980 |
5 years or more | 277 |
Total | 492,436 |
Operating Leases [Member] | |
Offbalance Sheet Arrangements Commitments And Contingencies Details Contractual Obligations And Other Commitments [Line Items] | |
1 year or less | 6,123 |
More than 1 year but less than 3 years | 8,810 |
3 years or more but less than 5 years | 5,717 |
5 years or more | 7,183 |
Total | $ 27,833 |
Off-balance Sheet Arrangement98
Off-balance Sheet Arrangements, Commitments and Contingencies - Summary of Commitments Associated with Outstanding Standby Letters of Credit and Commitments to Extend Credit (Detail) - Guarantee Obligations [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Offbalance Sheet Arrangements Commitments And Contingencies Details Contractual Obligations And Other Commitments [Line Items] | |
1 year or less | $ 1,143,748 |
More than 1 year but less than 3 years | 341,328 |
3 years or more but less than 5 years | 71,024 |
5 years or more | 497,332 |
Total | 2,053,432 |
Standby Letters of Credit [Member] | |
Offbalance Sheet Arrangements Commitments And Contingencies Details Contractual Obligations And Other Commitments [Line Items] | |
1 year or less | 89,258 |
More than 1 year but less than 3 years | 3,912 |
3 years or more but less than 5 years | 1,116 |
Total | 94,286 |
Financial Guarantee [Member] | |
Offbalance Sheet Arrangements Commitments And Contingencies Details Contractual Obligations And Other Commitments [Line Items] | |
1 year or less | 1,054,490 |
More than 1 year but less than 3 years | 337,416 |
3 years or more but less than 5 years | 69,908 |
5 years or more | 497,332 |
Total | $ 1,959,146 |
Off-balance Sheet Arrangement99
Off-balance Sheet Arrangements, Commitments and Contingencies - Summary of Non-Cancelable Future Operating Lease Commitments (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 6,123 |
2,017 | 4,908 |
2,018 | 3,902 |
2,019 | 3,244 |
2,020 | 2,473 |
Thereafter | 7,183 |
Total | $ 27,833 |
Other Comprehensive (Loss) I100
Other Comprehensive (Loss) Income - Tax Effects Allocated to Each Component of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Securities Available For Sale [Abstract] | |||
Change in unrealized gain during period, net of tax | $ (1,689) | $ (1,154) | $ (4,103) |
Total securities available for sale, net of tax | (1,689) | (1,154) | (4,103) |
Total other comprehensive loss, net of tax | (1,689) | (1,154) | (4,103) |
Change in unrealized gain during period, tax | 910 | 622 | 2,209 |
Total securities available for sale, tax | 910 | 622 | 2,209 |
Total other comprehensive loss, tax | 910 | 622 | 2,209 |
Change in unrealized gain during period, before tax | (2,599) | (1,776) | (6,312) |
Total securities available for sale, before tax | (2,599) | (1,776) | (6,312) |
Total other comprehensive loss, before tax | $ (2,599) | $ (1,776) | $ (6,312) |
Other Comprehensive (Loss) I101
Other Comprehensive (Loss) Income - Activity in Accumulated Other Comprehensive Income, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, accumulated other comprehensive income | $ 3,729 | $ 4,883 | $ 8,986 |
Other comprehensive loss | (1,689) | (1,154) | (4,103) |
Ending balance, accumulated other comprehensive income | 2,040 | 3,729 | 4,883 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, accumulated other comprehensive income | 3,729 | 4,883 | 8,986 |
Other comprehensive loss | (1,689) | (1,154) | (4,103) |
Ending balance, accumulated other comprehensive income | $ 2,040 | $ 3,729 | $ 4,883 |
Regulatory Matters - Capital Ra
Regulatory Matters - Capital Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Consolidated [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 Capital (to Risk Weighted Assets), Actual Amount | $ 1,578,312 | |
Tier I Capital (to Risk Weighted Assets), Actual Amount | 1,578,312 | $ 1,475,321 |
Total Capital (to Risk Weighted Assets), Actual Amount | 1,659,695 | 1,556,083 |
Tier I Capital (to Average Tangible Assets), Actual Amount | $ 1,578,312 | $ 1,475,321 |
CET1 Capital (to Risk Weighted Assets), Actual Ratio | 13.55% | |
Tier I Capital (to Risk Weighted Assets), Actual Ratio | 13.55% | 13.80% |
Total Capital (to Risk Weighted Assets), Actual Ratio | 14.25% | 14.56% |
Tier I Capital (to Average Tangible Assets), Actual Ratio | 7.97% | 7.69% |
CET1 Capital (to Risk Weighted Assets) (1), Amount For Capital Adequacy Purposes | $ 524,089 | |
Tier I Capital (to Risk Weighted Assets), Amount For Capital Adequacy Purposes | 698,785 | $ 427,545 |
Total Capital (to Risk Weighted Assets), Amount For Capital Adequacy Purposes | 931,714 | 855,091 |
Tier I Capital (to Average Tangible Assets), Amount For Capital Adequacy Purposes | $ 792,102 | $ 767,086 |
CET1 Capital (to Risk Weighted Assets), Ratio For Capital Adequacy Purposes | 4.50% | |
Tier I Capital (to Risk Weighted Assets), Ratio For Capital Adequacy Purposes | 6.00% | 4.00% |
Total Capital (to Risk Weighted Assets), Ratio For Capital Adequacy Purposes | 8.00% | 8.00% |
Tier I Capital (to Average Tangible Assets), Ratio For Capital Adequacy Purposes | 4.00% | 4.00% |
Prosperity Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 Capital (to Risk Weighted Assets), Actual Amount | $ 1,524,298 | |
Tier I Capital (to Risk Weighted Assets), Actual Amount | 1,524,298 | $ 1,437,141 |
Total Capital (to Risk Weighted Assets), Actual Amount | 1,605,682 | 1,517,903 |
Tier I Capital (to Average Tangible Assets), Actual Amount | $ 1,524,298 | $ 1,437,141 |
CET1 Capital (to Risk Weighted Assets), Actual Ratio | 13.10% | |
Tier I Capital (to Risk Weighted Assets), Actual Ratio | 13.10% | 13.46% |
Total Capital (to Risk Weighted Assets), Actual Ratio | 13.80% | 14.22% |
Tier I Capital (to Average Tangible Assets), Actual Ratio | 7.70% | 7.50% |
CET1 Capital (to Risk Weighted Assets) (1), Amount For Capital Adequacy Purposes | $ 523,660 | |
Tier I Capital (to Risk Weighted Assets), Amount For Capital Adequacy Purposes | 698,214 | $ 427,119 |
Total Capital (to Risk Weighted Assets), Amount For Capital Adequacy Purposes | 930,952 | 854,237 |
Tier I Capital (to Average Tangible Assets), Amount For Capital Adequacy Purposes | $ 791,721 | $ 766,664 |
CET1 Capital (to Risk Weighted Assets), Ratio For Capital Adequacy Purposes | 4.50% | |
Tier I Capital (to Risk Weighted Assets), Ratio For Capital Adequacy Purposes | 6.00% | 4.00% |
Total Capital (to Risk Weighted Assets), Ratio For Capital Adequacy Purposes | 8.00% | 8.00% |
Tier I Capital (to Average Tangible Assets), Ratio For Capital Adequacy Purposes | 4.00% | 4.00% |
CET1 Capital (to Risk Weighted Assets), Amount To Be Categorized As Well Capitalized Under Prompt Corrective Action Provisions | $ 756,398 | |
Tier I Capital (to Risk Weighted Assets), Amount To Be Categorized As Well Capitalized Under Prompt Corrective Action Provisions | 930,952 | $ 640,678 |
Total Capital (to Risk Weighted Assets), Amount To Be Categorized As Well Capitalized Under Prompt Corrective Action Provisions | 1,163,689 | 1,067,797 |
Tier I Capital (to Average Tangible Assets), Amount To Be Categorized As Well Capitalized Under Prompt Corrective Action Provisions | $ 989,652 | $ 958,329 |
CET1 Capital (to Risk Weighted Assets), Ratio To Be Categorized As Well Capitalized Under Prompt Corrective Action Provisions | 6.50% | |
Tier I Capital (to Risk Weighted Assets), Ratio To Be Categorized As Well Capitalized Under Prompt Corrective Action Provisions | 8.00% | 6.00% |
Total Capital (to Risk Weighted Assets), Ratio To Be Categorized As Well Capitalized Under Prompt Corrective Action Provisions | 10.00% | 10.00% |
Tier I Capital (to Average Tangible Assets), Ratio To Be Categorized As Well Capitalized Under Prompt Corrective Action Provisions | 5.00% | 5.00% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | |||
Payments of dividends | $ 78,258 | $ 68,384 | $ 54,039 |
Cash dividends paid to parent company | $ 258,300 | $ 103,100 | $ 203,500 |
Parent Company Only Financia104
Parent Company Only Financial Statements - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ||||
Goodwill | $ 1,868,827 | $ 1,874,191 | $ 1,671,520 | |
Other assets | 68,653 | 105,290 | ||
TOTAL | 22,037,216 | 21,507,733 | ||
LIABILITIES: | ||||
Junior subordinated debentures | 167,531 | |||
Total liabilities | 18,574,306 | 18,262,907 | ||
SHAREHOLDERS' EQUITY: | ||||
Common stock | 70,059 | 69,817 | ||
Capital surplus | 2,036,378 | 2,025,235 | ||
Retained earnings | 1,355,040 | 1,146,652 | ||
Unrealized gain on available for sale securities, net of tax benefit | 2,040 | 3,729 | 4,883 | $ 8,986 |
Less treasury stock, at cost, 37,088 shares | (607) | (607) | ||
Total shareholders' equity | 3,462,910 | 3,244,826 | $ 2,786,818 | $ 2,089,389 |
TOTAL | 22,037,216 | 21,507,733 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash | 40,157 | 21,334 | ||
Investment in subsidiary | 3,404,913 | 3,370,227 | ||
Investment in capital and statutory trusts | 5,031 | |||
Goodwill | 3,982 | 3,982 | ||
Other assets | 13,858 | 12,092 | ||
TOTAL | 3,462,910 | 3,412,666 | ||
LIABILITIES: | ||||
Accrued interest payable and other liabilities | 309 | |||
Junior subordinated debentures | 167,531 | |||
Total liabilities | 167,840 | |||
SHAREHOLDERS' EQUITY: | ||||
Common stock | 70,059 | 69,817 | ||
Capital surplus | 2,036,378 | 2,025,235 | ||
Retained earnings | 1,355,040 | 1,146,652 | ||
Unrealized gain on available for sale securities, net of tax benefit | 2,040 | 3,729 | ||
Less treasury stock, at cost, 37,088 shares | (607) | (607) | ||
Total shareholders' equity | 3,462,910 | 3,244,826 | ||
TOTAL | $ 3,462,910 | $ 3,412,666 |
Parent Company Only Financia105
Parent Company Only Financial Statements - Condensed Balance Sheets (Parenthetical) (Detail) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Treasury stock, shares | 37,088 | 37,088 |
Parent Company [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Treasury stock, shares | 37,088 | 37,088 |
Parent Company Only Financia106
Parent Company Only Financial Statements - Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING INCOME: | |||
Total income | $ 669,701 | $ 714,795 | $ 539,297 |
OPERATING EXPENSE: | |||
Junior subordinated debentures interest expense | 791 | 4,060 | 2,551 |
Stock based compensation expense (includes restricted stock) | 11,100 | 8,200 | 4,200 |
INCOME BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 430,195 | 445,749 | 329,817 |
FEDERAL INCOME TAX BENEFIT | (143,549) | (148,308) | (108,419) |
NET INCOME | 286,646 | 297,441 | 221,398 |
Parent Company [Member] | |||
OPERATING INCOME: | |||
Dividends from subsidiary | 258,250 | 103,100 | 203,500 |
Other income | 69 | 159 | 115 |
Total income | 258,319 | 103,259 | 203,615 |
OPERATING EXPENSE: | |||
Junior subordinated debentures interest expense | 791 | 4,060 | 2,551 |
Stock based compensation expense (includes restricted stock) | 11,095 | 8,236 | 4,175 |
Other expenses | 526 | 608 | 515 |
Total operating expense | 12,412 | 12,904 | 7,241 |
INCOME BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 245,907 | 90,355 | 196,374 |
FEDERAL INCOME TAX BENEFIT | 4,331 | 4,468 | 2,495 |
INCOME BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 250,238 | 94,823 | 198,869 |
EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 36,408 | 202,618 | 22,529 |
NET INCOME | $ 286,646 | $ 297,441 | $ 221,398 |
Parent Company Only Financia107
Parent Company Only Financial Statements - Condensed Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Statement of Income Captions [Line Items] | |||
Net income | $ 286,646 | $ 297,441 | $ 221,398 |
Securities available for sale: | |||
Change in unrealized gain during period | (2,599) | (1,776) | (6,312) |
Total other comprehensive loss | (2,599) | (1,776) | (6,312) |
Deferred tax benefit related to other comprehensive income | 910 | 622 | 2,209 |
Other comprehensive loss, net of tax | (1,689) | (1,154) | (4,103) |
Comprehensive income | 284,957 | 296,287 | 217,295 |
Parent Company [Member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income | 286,646 | 297,441 | 221,398 |
Securities available for sale: | |||
Change in unrealized gain during period | (2,599) | (1,776) | (6,312) |
Total other comprehensive loss | (2,599) | (1,776) | (6,312) |
Deferred tax benefit related to other comprehensive income | 910 | 622 | 2,209 |
Other comprehensive loss, net of tax | (1,689) | (1,154) | (4,103) |
Comprehensive income | $ 284,957 | $ 296,287 | $ 217,295 |
Parent Company Only Financia108
Parent Company Only Financial Statements - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 286,646 | $ 297,441 | $ 221,398 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock based compensation expense (includes restricted stock) | 11,095 | 8,236 | 4,175 |
Decrease (increase) in other assets | (44,756) | 9,786 | 24,793 |
(Decrease) increase in accrued interest payable and other liabilities | 5,497 | 2,258 | (8,424) |
Net cash provided by operating activities | 310,814 | 348,261 | 307,657 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash (used in) provided by investing activities | (650,628) | (72,184) | 8,850 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Redemption of junior subordinated debentures | (167,531) | ||
Proceeds from stock option exercises | 290 | 3,705 | 5,379 |
Payments of cash dividends | (78,258) | (68,384) | (54,039) |
Net cash provided by (used in) financing activities | 225,922 | 20,387 | (261,421) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (113,892) | 296,464 | 55,086 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 677,854 | 381,390 | 326,304 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 563,962 | 677,854 | 381,390 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 286,646 | 297,441 | 221,398 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of subsidiaries | (36,408) | (202,618) | (22,529) |
Stock based compensation expense (includes restricted stock) | 11,095 | 8,236 | 4,175 |
Decrease (increase) in other assets | 3,298 | 4,838 | (2,382) |
(Decrease) increase in accrued interest payable and other liabilities | (309) | (968) | 3,135 |
Net cash provided by operating activities | 264,322 | 106,929 | 203,797 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Cash paid for acquisitions | (34,246) | (152,807) | |
Cash acquired from acquisitions | 2,733 | 7,441 | |
Net cash (used in) provided by investing activities | (31,513) | (145,366) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Redemption of junior subordinated debentures | (167,531) | ||
Proceeds from stock option exercises | 290 | 3,705 | 5,379 |
Payments of cash dividends | (78,258) | (68,384) | (54,039) |
Net cash provided by (used in) financing activities | (245,499) | (64,679) | (48,660) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 18,823 | 10,737 | 9,771 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 21,334 | 10,597 | 826 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 40,157 | $ 21,334 | $ 10,597 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jan. 01, 2016USD ($)$ / sharesBankshares | Dec. 31, 2015USD ($)Branches | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Subsequent Event [Line Items] | ||||
Number of Operating Banking Offices | Branches | 241 | |||
Goodwill | $ 1,868,827 | $ 1,874,191 | $ 1,671,520 | |
Junior subordinated debentures | $ 167,531 | |||
Houston [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of Operating Banking Offices | Branches | 60 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 679,528 | |||
Business Combination, Consideration Reserved for Purchase | $ 39,000 | |||
Total merger consideration | $ 71,500 | |||
Closing stock price | $ / shares | $ 47.86 | |||
Goodwill | $ 27,500 | |||
Junior subordinated debentures | $ 7,200 | |||
Subsequent Event [Member] | Tradition Bancshares Inc [Member] | Houston [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of Operating Banking Offices | Bank | 7 | |||
Subsequent Event [Member] | Tradition Bancshares Inc [Member] | Katy [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of Operating Banking Offices | Bank | 3 | |||
Subsequent Event [Member] | Tradition Bancshares Inc [Member] | The Woodlands [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of Operating Banking Offices | Bank | 1 |