Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 18, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | PROSPERITY BANCSHARES INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 70,033,040 | ||
Entity Public Float | $4,110,000,000 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1068851 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $677,285 | $380,990 |
Federal funds sold | 569 | 400 |
Total cash and cash equivalents | 677,854 | 381,390 |
Available for sale securities, at fair value | 145,399 | 157,478 |
Held to maturity securities, at cost (fair value of $8,948,692 and $7,987,342 respectively) | 8,900,377 | 8,066,970 |
Total securities | 9,045,776 | 8,224,448 |
Loans held for sale | 8,602 | 2,210 |
Loans held for investment | 9,235,581 | 7,773,011 |
Total loans | 9,244,183 | 7,775,221 |
Less: allowance for credit losses | -80,762 | -67,282 |
Loans, net | 9,163,421 | 7,707,939 |
Accrued interest receivable | 51,941 | 49,246 |
Goodwill | 1,874,191 | 1,671,520 |
Core deposit intangibles, net | 58,947 | 42,049 |
Bank premises and equipment, net | 281,549 | 282,925 |
Other real estate owned | 3,237 | 7,299 |
Bank owned life insurance (BOLI) | 230,095 | 160,056 |
Federal Home Loan Bank of Dallas stock | 15,432 | 24,499 |
Other assets | 105,290 | 90,657 |
TOTAL ASSETS | 21,507,733 | 18,642,028 |
Deposits: | ||
Noninterest-bearing | 4,936,420 | 4,108,835 |
Interest-bearing | 12,756,738 | 11,182,436 |
Total deposits | 17,693,158 | 15,291,271 |
Fed funds purchased and other borrowings | 8,724 | 10,689 |
Securities sold under repurchase agreements | 315,523 | 364,357 |
Junior subordinated debentures | 167,531 | 124,231 |
Accrued interest payable | 3,190 | 2,500 |
Other liabilities | 74,781 | 62,162 |
Total liabilities | 18,262,907 | 15,855,210 |
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; 69,816,653 and 66,085,179 shares issued at December 31, 2014 and December 31, 2013, respectively; 69,779,565 and 66,048,091 shares outstanding at December 31, 2014 and December 31, 2013, respectively | 69,817 | 66,085 |
Capital surplus | 2,025,235 | 1,798,862 |
Retained earnings | 1,146,652 | 917,595 |
Accumulated other comprehensive income—net unrealized gain on available for sale securities, net of tax of $2,008 and $2,630, respectively | 3,729 | 4,883 |
Less treasury stock, at cost, 37,088 shares | -607 | -607 |
Total shareholders’ equity | 3,244,826 | 2,786,818 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $21,507,733 | $18,642,028 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Held to maturity securities, fair value (in Dollars) | $8,948,692 | $7,987,342 |
Preferred stock, par value (in Dollars per share) | $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 (in Dollars per share) | $1 | $1 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 69,816,653 | 66,085,179 |
Common stock, shares outstanding | 69,779,565 | 66,048,091 |
Accumulated other comprehensive income—net unrealized gain on available for sale securities, tax (in Dollars) | $2,008 | $2,630 |
Treasury stock, shares | 37,088 | 37,088 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
INTEREST INCOME: | |||
Loans, including fees | $525,716 | $376,117 | $271,324 |
Securities | 188,744 | 162,993 | 148,374 |
Federal funds sold | 335 | 187 | 144 |
Total interest income | 714,795 | 539,297 | 419,842 |
INTEREST EXPENSE: | |||
Deposits | 37,871 | 35,222 | 34,486 |
Other borrowings | 772 | 1,497 | 1,352 |
Securities sold under repurchase agreements | 938 | 1,201 | 705 |
Junior subordinated debentures | 4,060 | 2,551 | 2,593 |
Total interest expense | 43,641 | 40,471 | 39,136 |
NET INTEREST INCOME | 671,154 | 498,826 | 380,706 |
PROVISION FOR CREDIT LOSSES | 18,275 | 17,240 | 6,100 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 652,879 | 481,586 | 374,606 |
NONINTEREST INCOME: | |||
Nonsufficient funds (NSF) fees | 37,048 | 35,173 | 29,113 |
Credit card, debit card and ATM card income | 22,889 | 22,463 | 21,057 |
Service charges on deposit accounts | 16,452 | 12,864 | 11,112 |
Trust income | 8,108 | 4,356 | 1,746 |
Mortgage income | 4,264 | 4,038 | 2,681 |
Brokerage income | 5,868 | 1,518 | 648 |
Net gain (loss) on sale of assets | 4,658 | -13 | -231 |
Other | 23,585 | 15,028 | 9,409 |
Total noninterest income | 122,872 | 95,427 | 75,535 |
NONINTEREST EXPENSE: | |||
Salaries and employee benefits | 199,270 | 148,494 | 115,505 |
Net occupancy and equipment | 24,756 | 18,934 | 16,475 |
Credit and debit card, data processing and software amortization | 15,790 | 11,908 | 9,445 |
Regulatory assessments and FDIC insurance | 15,017 | 10,261 | 7,679 |
Core deposit intangibles amortization | 9,940 | 6,145 | 7,229 |
Depreciation | 13,730 | 10,593 | 8,923 |
Communications | 11,609 | 9,471 | 8,158 |
Other real estate expense | 1,019 | 711 | 1,810 |
Other | 38,871 | 30,679 | 23,233 |
Total noninterest expense | 330,002 | 247,196 | 198,457 |
INCOME BEFORE INCOME TAXES | 445,749 | 329,817 | 251,684 |
PROVISION FOR INCOME TAXES | 148,308 | 108,419 | 83,783 |
NET INCOME | $297,441 | $221,398 | $167,901 |
EARNINGS PER SHARE: | |||
Basic (in Dollars per share) | $4.32 | $3.66 | $3.24 |
Diluted (in Dollars per share) | $4.32 | $3.65 | $3.23 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other comprehensive loss, before tax: | $297,441 | $221,398 | $167,901 |
Securities available for sale: | |||
Change in unrealized gain during period | -1,776 | -6,312 | -6,903 |
Total other comprehensive loss | -1,776 | -6,312 | -6,903 |
Deferred tax benefit related to other comprehensive income | 622 | 2,209 | 2,417 |
Other comprehensive loss, net of tax | -1,154 | -4,103 | -4,486 |
Comprehensive income | $296,287 | $217,295 | $163,415 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Texas Bankers, Inc [Member] | The Bank of Arlington [Member] | American State Financial Corporation [Member] | Community National Bank [Member] | East Texas Financial Services, Inc. [Member] | Coppermark Bancshares, Inc. [Member] | FVNB Corp. [Member] | FM Bancorporation [Member] | Total |
In Thousands | Texas Bankers, Inc [Member] | The Bank of Arlington [Member] | American State Financial Corporation [Member] | Community National Bank [Member] | East Texas Financial Services, Inc. [Member] | Coppermark Bancshares, Inc. [Member] | FVNB Corp. [Member] | FM Bancorporation [Member] | Texas Bankers, Inc [Member] | The Bank of Arlington [Member] | American State Financial Corporation [Member] | Community National Bank [Member] | East Texas Financial Services, Inc. [Member] | Coppermark Bancshares, Inc. [Member] | FVNB Corp. [Member] | FM Bancorporation [Member] | ||||||||||||||
Balance at Dec. 31, 2011 | $46,947 | $883,575 | $623,878 | $13,472 | ($607) | $1,567,265 | ||||||||||||||||||||||||
Balance (in Shares) at Dec. 31, 2011 | 46,947,415 | |||||||||||||||||||||||||||||
Net income | 167,901 | 167,901 | ||||||||||||||||||||||||||||
Other comprehensive loss | -4,486 | -4,486 | ||||||||||||||||||||||||||||
Common stock issued in connection with the exercise of stock options and restricted stock awards | 190 | 3,383 | 3,573 | |||||||||||||||||||||||||||
Common stock issued in connection with the exercise of stock options and restricted stock awards (in Shares) | 189,402 | |||||||||||||||||||||||||||||
Common stock issued in connection with the acquisition | 315 | 135 | 8,525 | 372 | 12,393 | 6,064 | 349,774 | 15,494 | 12,708 | 6,199 | 358,299 | 15,866 | ||||||||||||||||||
Common stock issued in connection with the acquisition (in Shares) | 314,953 | 135,347 | 8,524,835 | 372,282 | ||||||||||||||||||||||||||
Stock based compensation expense | 3,607 | 3,607 | ||||||||||||||||||||||||||||
Cash dividends declared | -41,543 | -41,543 | ||||||||||||||||||||||||||||
Balance at Dec. 31, 2012 | 56,484 | 1,274,290 | 750,236 | 8,986 | -607 | 2,089,389 | ||||||||||||||||||||||||
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 | 240 | 5,139 | 5,379 | |||||||||||||||||||||||||||
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 | 531 | 3,259 | 5,571 | 21,769 | 151,172 | 342,317 | 22,300 | 154,431 | 347,888 | |||||||||||||||||||||
Common stock issued in connection with the acquisition (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 | 66,085 | 1,798,862 | 917,595 | 4,883 | -607 | 2,786,818 | ||||||||||||||||||||||||
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 | 434 | 3,271 | 3,705 | |||||||||||||||||||||||||||
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 | 3,298 | 214,866 | 218,164 | |||||||||||||||||||||||||||
Common stock issued in connection with the acquisition (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 | $69,817 | $2,025,235 | $1,146,652 | $3,729 | ($607) | $3,244,826 | ||||||||||||||||||||||||
Balance (in Shares) at Dec. 31, 2014 | 69,816,653 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) (Common Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Common Stock [Member] | |||
Cash dividends declared, per share | $0.99 | $0.89 | $0.80 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $297,441 | $221,398 | $167,901 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and core deposit intangibles amortization | 23,670 | 16,738 | 16,152 |
Provision for credit losses | 18,275 | 17,240 | 6,100 |
Deferred income tax expense | 45,713 | 19,884 | 9,615 |
Net amortization of premium on investments | 51,680 | 68,703 | 66,893 |
(Gain) loss on sale or write down of premises, equipment and other real estate | -3,974 | 549 | 688 |
Net amortization of premium on deposits | -2,556 | -388 | -109 |
Net accretion of discount on loans | -95,876 | -62,723 | -26,413 |
Proceeds from sale of loans held for sale | 182,138 | 168,784 | 91,798 |
Originations of loans held for sale | -188,530 | -163,072 | -88,461 |
Stock based compensation expense | 8,236 | 4,175 | 3,607 |
Decrease (increase) in accrued interest receivable and other assets | 9,786 | 24,793 | -38,095 |
Increase (decrease) in accrued interest payable and other liabilities | 2,258 | -8,424 | 138 |
Net cash provided by operating activities | 348,261 | 307,657 | 209,814 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from maturities and principal paydowns of held to maturity securities | 1,365,005 | 2,125,086 | 1,796,741 |
Purchase of held to maturity securities | -2,218,105 | -2,702,521 | -3,659,045 |
Proceeds from maturities, sales and principal paydowns of available for sale securities | 7,050,232 | 3,523,871 | 1,724,322 |
Purchase of available for sale securities | -6,999,997 | -3,454,998 | -1,109,999 |
Net decrease (increase) in loans held for investment | 219,952 | -47,889 | -148,083 |
Purchase of bank premises and equipment | -12,075 | -24,007 | -12,441 |
Proceeds from the sale of Bankers Credit Card Services, Inc. | 6,440 | ||
Proceeds from sale of bank premises, equipment and other real estate | 28,765 | 12,359 | 16,855 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase in noninterest-bearing deposits | 176,477 | 177,362 | 336,997 |
Net (decrease) increase in interest-bearing deposits | -40,612 | -10,221 | 480,866 |
Net (repayments of) proceeds from other short-term borrowings | -245,000 | 245,000 | |
Repayments of other long-term borrowings | -1,965 | -41,357 | -1,037 |
Net (decrease) increase in securities sold under repurchase agreements | -48,834 | -93,545 | 80,927 |
Proceeds from stock option exercises | 3,705 | 5,379 | 3,573 |
Payments of cash dividends | -68,384 | -54,039 | -41,543 |
Net cash provided by (used in) financing activities | 20,387 | -261,421 | 1,104,783 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 296,464 | 55,086 | 112,862 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 381,390 | 326,304 | 213,442 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 677,854 | 381,390 | 326,304 |
NONCASH ACTIVITIES: | |||
Acquisition of real estate through foreclosure of collateral | 6,914 | 3,119 | 12,049 |
SUPPLEMENTAL INFORMATION: | |||
Income taxes paid | 105,852 | 92,226 | 75,743 |
Interest paid | 43,209 | 39,687 | 40,034 |
Texas Bankers, Inc [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash and cash equivalents acquired in connection with the acquisition | 44,550 | ||
NONCASH ACTIVITIES: | |||
Stock issued in connection with the acquisition | 12,708 | ||
The Bank of Arlington [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash and cash equivalents acquired in connection with the acquisition | 12,037 | ||
NONCASH ACTIVITIES: | |||
Stock issued in connection with the acquisition | 6,199 | ||
American State Financial Corporation [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash and cash equivalents acquired in connection with the acquisition | 123,023 | ||
NONCASH ACTIVITIES: | |||
Stock issued in connection with the acquisition | 358,299 | ||
Community National Bank [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash and cash equivalents acquired in connection with the acquisition | 10,305 | ||
NONCASH ACTIVITIES: | |||
Stock issued in connection with the acquisition | 15,866 | ||
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 | ||
FM Bancorporation [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash and cash equivalents acquired in connection with the acquisition | 487,599 | ||
Net cash (used in) provided by investing activities | -72,184 | 8,850 | -1,201,735 |
NONCASH ACTIVITIES: | |||
Stock issued in connection with the acquisition | $218,164 |
Note_1_Nature_of_Operations_an
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES | ||||||||||||||||||||||||
Nature of Operations—Prosperity Bancshares, Inc.® (“Bancshares”) and its subsidiary, Prosperity Bank® (the “Bank”, collectively referred to as the “Company”) provide retail and commercial banking services. The Company operates its business as one domestic segment. | |||||||||||||||||||||||||
As of December 31, 2014, the Bank operated 245 full-service banking locations; with 62 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; 30 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 9 in the Tulsa, Oklahoma area. | |||||||||||||||||||||||||
Summary of Significant Accounting and Reporting Policies—The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and the prevailing practices within the financial services industry. A summary of significant accounting and reporting policies are as follows: | |||||||||||||||||||||||||
Basis of Presentation—The consolidated financial statements include the accounts of Bancshares and its subsidiaries. Intercompany transactions have been eliminated in consolidation. Operations are managed and financial performance is evaluated on a company-wide basis. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment. Because the overall banking operations comprise the vast majority of the consolidated operations, no separate segment disclosures are presented. | |||||||||||||||||||||||||
Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to certain fair value measures including the calculation of stock-based compensation, the valuation of goodwill and available for sale securities and the calculation of allowance for credit losses. Actual results could differ from these estimates. | |||||||||||||||||||||||||
Securities —Securities held to maturity are carried at cost, adjusted for the amortization of premiums and the accretion of discounts. Management has the positive intent and the Company has the ability to hold these assets until their estimated maturities. | |||||||||||||||||||||||||
Securities available for sale are carried at fair value. Unrealized gains and losses are excluded from earnings and reported, net of tax, as a separate component of shareholders’ equity until realized. Securities within the available for sale portfolio may be used as part of the Company’s asset/liability strategy and may be sold in response to changes in interest rate risk, prepayment risk or other similar economic factors. | |||||||||||||||||||||||||
For debt securities, when other-than-temporary impairment (“OTTI”) occurs, the amount of the other-than-temporary impairment recognized in earnings depends on whether an entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss. If an entity intends to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the OTTI shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the OTTI shall be separated into the amount representing the credit-related portion of the impairment loss (“credit loss”) and the noncredit portion of the impairment loss (“noncredit portion”). The amount of the total OTTI related to the credit loss is determined based on the difference between the present value of cash flows expected to be collected and the amortized cost basis and such difference is recognized in earnings. The amount of the total OTTI related to the noncredit portion is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings shall become the new amortized cost basis of the investment. | |||||||||||||||||||||||||
Premiums and discounts are amortized and accreted to operations using the level-yield method of accounting, adjusted for prepayments as applicable. The specific identification method of accounting is used to compute gains or losses on the sales of these assets. Interest earned on these assets is included in interest income. | |||||||||||||||||||||||||
Loans Held for Sale—Loans held for sale are carried at the lower of aggregate cost or market value. Premiums, discounts and loan fees (net of certain direct loan origination costs) on loans held for sale are deferred until the related loans are sold or repaid. Gains or losses on loan sales are recognized at the time of sale and determined using the specific identification method. | |||||||||||||||||||||||||
Loans Held for Investment—Loans originated and held for investment are stated at the principal amount outstanding, net of unearned fees. The related interest income for multipayment loans is recognized principally by the simple interest method; for single payment loans, such income is recognized using the straight-line method. | |||||||||||||||||||||||||
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 origination fees in excess of the associated costs are recognized over the life of the related loan as an adjustment to yield using the interest method. | |||||||||||||||||||||||||
Loan commitment fees and loan origination costs are deferred and recognized as an adjustment of yield by the interest method over the related loan life or, if the commitment expires unexercised, recognized in income upon expiration of the commitment. | |||||||||||||||||||||||||
Nonperforming and Past Due Loans—Included in the nonperforming loan category are loans which have been categorized by management as nonaccrual because collection of interest is doubtful and loans which have been restructured to provide a reduction in the interest rate or a deferral of interest or principal payments. When the payment of principal or interest on a loan is delinquent for 90 days, or earlier in some cases, the loan is placed on nonaccrual status unless the loan is in the process of collection and the underlying collateral fully supports the carrying value of the loan. If the decision is made to continue accruing interest on the loan, periodic reviews are made to confirm the accruing status of the loan. When a loan is placed on nonaccrual status, interest accrued but not yet collected prior to the determination of uncollectibility is charged to operations. Interest accrued during prior periods is charged to the allowance for credit losses. Any payments received on nonaccrual loans are applied first to outstanding principal of the loan amount, next to the recovery of charged-off loan amounts and finally, any excess is treated as recovery of lost interest. | |||||||||||||||||||||||||
Restructured loans are those loans on which concessions in terms have been granted because of a borrower’s financial difficulty. Interest is generally not accrued on such loans in accordance with the new terms. | |||||||||||||||||||||||||
Allowance for Credit Losses—The allowance for credit losses is a valuation allowance available for losses incurred on loans. All losses are charged to the allowance when the loss actually occurs or when a determination is made that such a loss is probable. Recoveries are credited to the allowance at the time of recovery. | |||||||||||||||||||||||||
Throughout the year, management estimates the probable level of losses to determine whether the allowance for credit losses is adequate to absorb losses inherent in the loan portfolio. Based on these estimates, an amount is charged to the provision for credit losses and credited to the allowance for credit losses in order to adjust the allowance to a level determined to be adequate to absorb losses. | |||||||||||||||||||||||||
In making its evaluation of the adequacy of the allowance for credit losses, management considers factors such as historical loan loss experience, the amount of nonperforming assets and related collateral, the volume, growth and composition of the Company’s loan portfolio, current economic conditions that may affect the borrower’s ability to pay and the value of collateral, the evaluation of the Company’s loan portfolio through its internal loan review process and other relevant factors. | |||||||||||||||||||||||||
Estimates of credit losses involve an exercise of judgment. While it is possible that in the short term the Company may sustain losses which are substantial in relation to the allowance for credit losses, it is the judgment of management that the allowance for credit losses reflected in the consolidated balance sheets is adequate to absorb probable losses that exist in the current loan portfolio. | |||||||||||||||||||||||||
The Company’s allowance for legacy 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 credit losses for acquired loans not deemed credit-impaired at acquisition are similar to originated loans; however, the estimate of loss is based on the unpaid principal balance and then compared to any remaining unaccreted purchase discount. To the extent that the calculated loss is greater than the remaining unaccreted purchase discount, an allowance is recorded for such difference. | |||||||||||||||||||||||||
Premises and Equipment—Premises and equipment are carried at cost less accumulated depreciation. Depreciation expense is computed principally using the straight-line method over the estimated useful lives of the assets which range from three to 39 years. Leasehold improvements are amortized using the straight-line method over the periods of the leases or the estimated useful lives, whichever is shorter. | |||||||||||||||||||||||||
Derivative Financial Instruments—The Company inherited interest rate swaps with certain commercial customers of acquired institutions who wished to obtain a loan at a fixed rate. In these transactions, the acquired institution entered into an interest rate swap with the customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each swap transaction, the Company agrees to pay interest to the borrowing customer on a notional amount at a variable interest rate and receives interest from the customer on the same notional amount at a fixed interest rate. At the same time, the acquired institution agreed to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows the customer to effectively convert a variable-rate loan to a fixed-rate. Because the Company acts solely as an intermediary for its customer, changes in the fair value of the underlying derivative contracts offset each other and do not significantly impact the Company’s results of operations. | |||||||||||||||||||||||||
Goodwill —Goodwill is annually assessed for impairment or when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. | |||||||||||||||||||||||||
On January 1, 2012, the Company adopted Accounting Standard Update No. 2011-08, "Intangibles - Goodwill and Other (Topic 350): Testing Goodwill for Impairment," (ASU 2011-08), which allows companies in certain circumstances to use a qualitative approach to assess goodwill for impairment. The provisions of ASU 2011-08 give companies the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining the need to perform step one of the annual test for goodwill impairment. An entity has an unconditional option to bypass the qualitative assessment described in the preceding paragraph for any reporting unit in any period and proceed directly to performing the first step of the goodwill impairment test. An entity may resume performing the qualitative assessment in any subsequent period. | |||||||||||||||||||||||||
If the Company bypasses the qualitative assessment, a two-step goodwill impairment test is performed. The first step of the goodwill impairment test compares the estimated fair value of the Company’s reporting unit to its carrying value. If the estimated fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the estimated fair value of the reporting unit is less than the carrying value, the second step must be performed to determine the implied fair value of the reporting unit’s goodwill and the amount of goodwill impairment, if any. | |||||||||||||||||||||||||
Estimating the fair value of the Company’s reporting unit is a subjective process involving the use of estimates and judgments, particularly related to future cash flows of the reporting units, discount rates (including market risk premiums) and market multiples. Material assumptions used in the valuation 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—Core deposit intangibles are being amortized on a non-pro rata basis over an estimated life of 10 to 15 years. | |||||||||||||||||||||||||
Income Taxes—The Company files a consolidated federal income tax return and a consolidated Oklahoma state income tax return. | |||||||||||||||||||||||||
Deferred tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are recorded in other assets on the Company’s consolidated balance sheets. The Company records uncertain tax positions in accordance with Accounting Standards Codification (“ASC”) 740 on the basis of a two-step process whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. | |||||||||||||||||||||||||
Realization of net deferred tax assets is based upon the level of historical income and on estimates of future taxable income. Although realization is not assured, management believes it is more likely than not that all of the net deferred tax assets will be realized. | |||||||||||||||||||||||||
Stock-Based Compensation—The Company accounts for stock-based employee compensation plans using the fair value-based method of accounting. The expense associated with stock-based compensation is recognized over the vesting period of each individual arrangement. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of subjective assumptions. The fair value of restricted stock awards is based on the current market price on the date of grant. | |||||||||||||||||||||||||
Cash and Cash Equivalents—For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks as well as federal funds sold that mature in three days or less. | |||||||||||||||||||||||||
Earnings Per Common Share—Basic earnings per common share are calculated using the two-class method. The two-class method provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of basic earnings per share. | |||||||||||||||||||||||||
Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock using the treasury stock method. Outstanding stock options issued by the Company represent the only dilutive effect reflected in diluted weighted average shares. | |||||||||||||||||||||||||
The following table illustrates the computation of basic and diluted earnings per share: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||||||||||||
Per | Per | Per | |||||||||||||||||||||||
Share | Share | Share | |||||||||||||||||||||||
Amount | Amount | Amount | Amount | Amount | Amount | ||||||||||||||||||||
Net income | $ | 297,441 | $ | 221,399 | $ | 167,901 | |||||||||||||||||||
Basic: | |||||||||||||||||||||||||
Weighted average shares outstanding | 68,855 | $ | 4.32 | 60,421 | $ | 3.66 | 51,794 | $ | 3.24 | ||||||||||||||||
Diluted: | |||||||||||||||||||||||||
Add incremental shares for: | |||||||||||||||||||||||||
Effect of dilutive securities - options | 56 | 157 | 147 | ||||||||||||||||||||||
Total | 68,911 | $ | 4.32 | 60,578 | $ | 3.65 | 51,941 | $ | 3.23 | ||||||||||||||||
There were no stock options exercisable at December 31, 2014, 2013 and 2012 that would have had an anti-dilutive effect on the above computation. | |||||||||||||||||||||||||
New Accounting Standards | |||||||||||||||||||||||||
Accounting Standards Updates (“ASU”) | |||||||||||||||||||||||||
ASU 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2015-01 eliminates from U.S. GAAP the concept of extraordinary items, which, among other things, required an entity to segregate extraordinary items considered to be unusual and infrequent from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. ASU 2015-01 is effective for the Company beginning January 1, 2016, though early adoption is permitted. ASU 2015-01 is not expected to have a significant impact on the Company’s financial statements. | |||||||||||||||||||||||||
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 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. ASU 2014-12 is effective for the Company beginning after January 1, 2016 and is not expected to have a significant impact on the Company’s financial statements. | |||||||||||||||||||||||||
ASU 2014-11 “Transfers and Servicing (Topic 860) - Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure.” ASU 2014-11 changes the accounting for repurchase-to-maturity transactions to secured borrowing accounting. It also requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting and disclosure for the repurchase agreement. ASU 2014-11 is effective for the Company beginning after January 1, 2016 and is not expected to have a significant impact on the Company’s financial statements. | |||||||||||||||||||||||||
ASU 2014-09 “Revenue from Contract with Customers (Topic 606).” ASU 2014-09 supersedes the revenue recognition requirements in Revenue Recognition (Topic 605), and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, ASU 2014-09 supersedes some cost guidance included in Revenue Recognition—Construction-Type and Production-Type Contracts (Subtopic 605-35). In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer are amended to be consistent with the guidance on recognition and measurement. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for the Company beginning after January 1, 2017, with retrospective application to each prior reporting period presented, and the Company is still evaluating the potential impact on the Company's financial statements. | |||||||||||||||||||||||||
ASU 2014-04 “Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40) — Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” ASU 2014-04 intends to reduce diversity by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. ASU 2014-04 is effective for the Company on January 1, 2015 and is not expected to have a significant impact on the Company’s financial statements. |
Note_2_Acquisitions
Note 2 - Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Business Combination Disclosure [Text Block] | 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 ten to fifteen 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 Company is currently in the process of obtaining fair values for certain acquired assets and assumed liabilities and therefore the following estimates for the 2014 acquisition are preliminary. The following acquisitions were completed on the dates indicated: | |||||||||
2014 Acquisition | |||||||||
Acquisition of F&M Bancorporation Inc. – On April 1, 2014, the Company completed the acquisition of F&M Bancorporation Inc. (“FMBC”) and its wholly-owned subsidiary The F&M Bank & Trust Company (collectively, “F&M”) headquartered in Tulsa, Oklahoma. F&M operated 13 banking locations: 9 in Tulsa, Oklahoma and surrounding areas; 1 (a loan production office) in Oklahoma City, Oklahoma; and 3 in Dallas, Texas. The Company acquired FMBC to further expand its Oklahoma and Dallas, Texas area markets. The acquisition is not considered significant to the Company’s financial statements and therefore pro forma financial data is not included. | |||||||||
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, the Company issued 3,298,022 shares of Company 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 the Company’s closing stock price of $66.15. As of December 31, 2014, the Company recognized goodwill of $198.2 million, which does not include subsequent fair value adjustments that are still being finalized. 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. For the year ended December 31, 2014, the Company incurred approximately $2.5 million of pre-tax merger related expenses in connection with the FMBC acquisition. | |||||||||
Merger Related Expenses: The Company incurred $3.1 million of pre-tax merger related expenses during 2014. The merger expenses are reflected on the Company’s income statement for the applicable periods and are reported primarily in the categories of salaries and benefits, data processing and professional and legal fees. 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 | ||||||||
2013 Acquisitions | |||||||||
Acquisition of East Texas Financial Services, Inc. - On January 1, 2013, the Company completed the acquisition of East Texas Financial Services, Inc. (OTC BB: FFBT) and its wholly-owned subsidiary, First Federal Bank Texas (collectively, “East Texas Financial Services”). East Texas Financial Services operated 4 banking offices in the Tyler MSA, including 3 locations in Tyler, Texas and 1 location in Gilmer, Texas. The Company acquired East Texas Financial Services to increase its market share in the East Texas area. The acquisition is not considered significant to the Company’s financial statements and therefore pro forma financial data is not included. | |||||||||
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, the Company issued 530,940 shares of the Company common stock for all outstanding shares of East Texas Financial Services capital stock, for total merger consideration of $22.3 million based on the Company’s closing stock price of $42.00. During 2013, the Company recognized goodwill of $15.0 million, to which no adjustments were made. | |||||||||
Acquisition of Coppermark Bancshares Inc. - On April 1, 2013, the Company completed the acquisition of Coppermark Bancshares, Inc. and its wholly-owned subsidiary, Coppermark Bank (collectively, “Coppermark”). Coppermark operated 9 full-service banking offices: 6 in Oklahoma City, Oklahoma and surrounding areas and 3 in the Dallas, Texas area. The Company acquired Coppermark to expand its market into Oklahoma. The acquisition is not considered significant to the Company’s financial statements and therefore pro forma financial data is not included. | |||||||||
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, the Company issued 3,258,718 shares of Company common stock plus $60.0 million in cash for all outstanding shares of Coppermark Bancshares, Inc. capital stock, for total merger consideration of $214.4 million based on the Company’s closing stock price of $47.39. During 2013, the Company recognized goodwill of $117.5 million. As of December 31, 2014, 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. – On November 1, 2013, the Company completed the acquisition of FVNB Corp. and its wholly owned subsidiary, First Victoria National Bank (collectively, “FVNB”) headquartered in Victoria, Texas. FVNB operated 33 banking locations: 4 in Victoria, Texas; 7 in the South Texas area including Corpus Christi; 6 in the Bryan/College Station area; 5 in the Central Texas area including New Braunfels; and 11 in the Houston area including The Woodlands. The Company acquired FVNB to expand its Central and South Texas markets. The acquisition is not considered significant to the Company’s financial statements and therefore pro forma financial data is not included. | |||||||||
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, the Company issued 5,570,667 shares of Company common stock plus $91.3 million in cash for all outstanding shares of FVNB Corp. capital stock for total merger consideration of $439.2 million based on the Company’s closing stock price of $62.45. During 2013, the Company recognized goodwill of $323.0 million. As of December 31, 2014, 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: The Company incurred $3.2 million of pre-tax merger related expenses during 2013. The merger expenses are reflected on the Company’s income statement for the applicable periods and are reported primarily in the categories of salaries and benefits, data processing and professional and legal fees. 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 | ||||||||
2012 Acquisitions | |||||||||
Acquisition of Texas Bankers, Inc.—On January 1, 2012, the Company completed the acquisition of Texas Bankers, Inc. and its wholly-owned subsidiary, Bank of Texas, Austin, Texas. The three (3) Bank of Texas banking offices in the Austin, Texas CMSA consisted of a location in Rollingwood, which was consolidated with the Company’s Westlake location and remains in Bank of Texas’ Rollingwood banking office; one banking center in downtown Austin, which was consolidated into the Company’s downtown Austin location; and another banking center in Thorndale. The Company acquired Texas Bankers, Inc. to increase is its market share in the Central Texas area. The acquisition is not considered significant to the Company’s financial statements and therefore pro forma financial data and related disclosures are not included. | |||||||||
The Company acquired loans and deposits with fair values of $26.1 million and $70.4 million, respectively, at acquisition date. Under the terms of the acquisition agreement, the Company issued 314,953 shares of Company common stock for all outstanding shares of Texas Bankers capital stock, resulting in an acquisition date fair value of $12.7 million, based on the Company’s closing stock price of $40.35. During 2012, the Company recognized goodwill of $6.1 million, to which no adjustments were made. | |||||||||
Acquisition of The Bank Arlington—On April 1, 2012, the Company completed the acquisition of The Bank Arlington. The Bank Arlington operated one banking office in Arlington, Texas, in the Dallas/Fort Worth CMSA. The Company acquired The Bank Arlington to increase its market share in the Dallas/Fort Worth area. The acquisition is not considered significant to the Company’s financial statements and therefore pro forma financial data and related disclosures are not included. | |||||||||
The Company acquired loans and deposits with fair values of $22.0 million and $33.1 million, respectively, at acquisition date. Under the terms of the agreement, the Company issued 135,347 shares of Company common stock for all outstanding shares of The Bank Arlington capital stock, resulting in an acquisition date fair value of $6.2 million, based on the Company’s closing stock price of $45.80. During 2012, the Company recognized goodwill of $2.1 million. As of December 31, 2014, total goodwill related to The Bank Arlington was $2.0 million after a $130 thousand measurement period adjustment recorded during 2013. | |||||||||
Acquisition of American State Financial Corporation—On July 1, 2012, the Company completed the acquisition of American State Financial Corporation and its wholly owned subsidiary American State Bank (collectively referred to as “ASB”). ASB operated thirty-seven (37) full service banking offices in eighteen (18) counties across West Texas. | |||||||||
Under the terms of the acquisition agreement, the Company issued 8,524,835 shares of Company common stock plus $178.5 million in cash for all outstanding shares of American State Financial Corporation capital stock, for total merger consideration of $536.8 million based on the Company’s closing stock price of $42.03. | |||||||||
The assets and liabilities of ASB were recorded on the consolidated balance sheet at estimated fair value on the acquisition date. As of December 31, 2012, the following table presents the amounts recorded on the consolidated balance sheet on the acquisition date (dollars in thousands). | |||||||||
Fair value of consideration paid: | |||||||||
Common stock issued (8,524,835 shares) | $ | 358,299 | |||||||
Cash | 178,507 | ||||||||
Total consideration paid | $ | 536,806 | |||||||
Fair value of assets acquired: | |||||||||
Cash and due from banks | $ | 98,720 | |||||||
Federal funds sold | 202,810 | ||||||||
Total cash and cash equivalents | 301,530 | ||||||||
Securities available for sale | 524,959 | ||||||||
Securities held to maturity | 994,873 | ||||||||
Loans held for sale | 13,770 | ||||||||
Loans held for investment | 1,133,867 | ||||||||
Bank premises and equipment | 36,502 | ||||||||
Other real estate owned | 1,232 | ||||||||
Core deposit intangibles | 12,392 | ||||||||
Federal Home Loan Bank stock | 2,355 | ||||||||
Other assets | 83,803 | ||||||||
Total assets acquired | 3,105,283 | ||||||||
Fair value of liabilities assumed: | |||||||||
Deposits | 2,495,652 | ||||||||
Other borrowings | 318,692 | ||||||||
Other liabilities | 28,252 | ||||||||
Total liabilities assumed | 2,842,596 | ||||||||
Fair value of net assets acquired | $ | 262,687 | |||||||
Goodwill resulting from acquisition | $ | 274,119 | |||||||
During 2012, the Company recognized goodwill on the ASB transaction of $274.1 million. As of December 31, 2014, total goodwill related to ASB was $271.0 million after a $3.1 million measurement period adjustment recorded during 2013. Additionally, as of December 31, 2014, total core deposit intangibles related to ASB were $14.5 million as the Company recorded a $2.1 million measurement period adjustment during 2013. | |||||||||
Pro Forma Information: Operations of ASB have been included in the consolidated financial statements since July 1, 2012. The Company does not consider ASB a separate reporting segment and does not track the amount of revenue and net income attributable to ASB since acquisition. As such, it is impracticable to determine such amounts for the period from July 1, 2012 through December 31, 2012. | |||||||||
The following pro forma information presents the results of operations for the year ended December 31, 2012, as if the ASB acquisition had occurred on January 1, 2011. The acquisitions of Texas Bankers, Inc., The Bank Arlington, and Community National Bank are not deemed material individually or in the aggregate and are therefore excluded from the pro forma information in the table below (dollars in thousands, except per share amounts). | |||||||||
2012 | 2011 | ||||||||
Net interest income | $ | 447,471 | $ | 454,408 | |||||
Net income | 213,830 | 200,964 | |||||||
Basic earnings per share | 3.81 | 3.63 | |||||||
Diluted earnings per share | 3.8 | 3.62 | |||||||
The above pro forma results are presented for illustrative purposes and are not intended to represent or be indicative of the actual results of operations of the merged companies that would have been achieved had the acquisition occurred at January 1, 2011, nor are they intended to represent or be indicative of future results of operations. The pro forma results do not include expected operating cost savings as a result of the acquisition. These pro forma results require significant estimates and judgments particularly as it relates to valuation and accretion of income associated with acquired loans. Pro forma adjustments principally included: | |||||||||
• | Reversing interest income and interest expense as previously recorded by ASB and recording interest income and interest expense based on impact of estimated fair values of the acquired interest-earning assets and assumed interest-bearing liabilities. | ||||||||
• | Reversing depreciation and amortization expense recorded by ASB and reporting depreciation and amortization based on estimated fair values and remaining lives of acquired premises, equipment, and leasehold improvements. | ||||||||
• | Reversing core deposit intangible amortization as previously recorded by ASB and recording amortization expense as it relates to the core deposit intangible recognized from the acquisition. | ||||||||
• | Reporting acquisition-related charges and professional fees related to the acquisition as if they were incurred in 2011. | ||||||||
Acquisition of Community National Bank—On October 1, 2012, the Company completed the acquisition of Community National Bank, Bellaire, Texas. Community National Bank operated one (1) banking office in Bellaire, Texas, in the Houston Metropolitan Area. The Company acquired Community National Bank to increase its market share in the Bellaire area of Houston. The acquisition is not considered significant to the Company’s financial statements and therefore pro forma financial data is not included. | |||||||||
The Company acquired loans and deposits with fair values of $62.7 million and $164.6 million, respectively, at acquisition date. Under the terms of the acquisition agreement, the Company issued 372,282 shares of Company common stock plus $11.4 million in cash for all outstanding shares of Community National Bank capital stock, for total merger consideration of $27.3 million, based on the Company’s closing stock price of $42.62. During 2012, the Company recognized goodwill of $10.3 million. As of December 31, 2014, total goodwill related to Community National Bank was $12.3 million after a $2.0 million measurement period adjustment recorded during 2013. | |||||||||
Merger Related Expenses: The Company incurred $7.0 million of pre-tax merger related expenses during 2012. The merger expenses are reflected on the Company’s income statement for the applicable periods and are reported primarily in the categories of salaries and benefits, data processing and professional and legal fees. Merger related costs incurred during 2012 are presented in the table below by acquisition (dollars in thousands). | |||||||||
Texas Bankers, Inc. | $ | 392 | |||||||
The Bank Arlington | 168 | ||||||||
Community National Bank | 250 | ||||||||
American State Financial Corp | 5,889 | ||||||||
All other | 321 | ||||||||
$ | 7,020 | ||||||||
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 or 2013). 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. The carrying amount of PCI loans included in the consolidated balance sheets and the related outstanding balances at December 31, 2014 and 2013 are presented in the table below. The outstanding balance represents the total amount owed as of December 31, 2014 and 2013, including accrued but unpaid interest and any amounts previously charged off. | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
PCI loans: | |||||||||
Outstanding balance | $ | 129,412 | $ | 86,980 | |||||
Less: discount | 72,270 | 45,497 | |||||||
Recorded investment | $ | 57,142 | $ | 41,483 | |||||
Changes in the accretable yield for PCI loans for the years ended December 31, 2014 and 2013 were as follows: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Balance at beginning of period | $ | 9,855 | $ | 7,459 | |||||
Additions | 7,158 | 9,998 | |||||||
Reclassifications from nonaccretable | 24,074 | 8,440 | |||||||
Accretion | (31,220 | ) | (16,042 | ) | |||||
Balance at December 31 | $ | 9,867 | $ | 9,855 | |||||
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. The carrying amount of Non-PCI loans included in the consolidated balance sheets and the related outstanding balances at December 31, 2014 and 2013 are presented in the table below. The outstanding balance represents the total amount owed as of December 31, 2014 and 2013, including accrued but unpaid interest and any amounts previously charged off. | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Non-PCI loans: | |||||||||
Outstanding balance | $ | 2,186,111 | $ | 2,458,975 | |||||
Less: discount | 89,105 | 87,798 | |||||||
Recorded investment | $ | 2,097,006 | $ | 2,371,177 | |||||
Changes in the discount accretion for Non-PCI loans for the years ended December 31, 2014 and 2013 were as follows: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Balance at beginning of period | $ | 87,798 | $ | 56,190 | |||||
Additions | 65,962 | 78,299 | |||||||
Accretion | (64,655 | ) | (46,691 | ) | |||||
Balance at December 31 | $ | 89,105 | $ | 87,798 | |||||
At December 31, 2014, the Company had $161.4 million of total outstanding discounts on Non-PCI and PCI loans, of which $99.0 million was accretable. |
Note_3_Goodwill_and_Core_Depos
Note 3 - Goodwill and Core Deposit Intangibles | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | 3. GOODWILL AND CORE DEPOSIT INTANGIBLES | ||||||||
Changes in the carrying amount of the Company’s goodwill and core deposit intangibles for fiscal years 2014 and 2013 were as follows: | |||||||||
Core Deposit | |||||||||
Goodwill | Intangibles | ||||||||
(Dollars in thousands) | |||||||||
Balance as of December 31, 2012 | $ | 1,217,162 | $ | 26,159 | |||||
Less: | |||||||||
Amortization | - | (6,145 | ) | ||||||
Add: | |||||||||
Measurement period adjustments | (1,225 | ) | 2,110 | ||||||
Acquisition of East Texas Financial Services, Inc. | 15,007 | - | |||||||
Acquisition of Coppermark Bancshares, Inc. | 117,544 | 1,514 | |||||||
Acquisition of FVNB Corp. | 323,032 | 18,411 | |||||||
Balance as of December 31, 2013 | 1,671,520 | 42,049 | |||||||
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 | |||||
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, 2014, 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, 2014 is as follows (dollars in thousands): | |||||||||
2015 | 9,530 | ||||||||
2016 | 8,519 | ||||||||
2017 | 6,327 | ||||||||
2018 | 5,400 | ||||||||
2019 | 4,546 | ||||||||
Thereafter | 24,625 | ||||||||
Total | $ | 58,947 | |||||||
Note_4_Cash_Due_from_Banks
Note 4 - Cash Due from Banks | 12 Months Ended |
Dec. 31, 2014 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | 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 $167.5 million and $132.0 million at December 31, 2014 and 2013, respectively. |
Note_5_Securities
Note 5 - Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. SECURITIES | ||||||||||||||||||||||||
The amortized cost and fair value of investment securities were as follows: | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | 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 | ||||||||||||||||||||
Corporate debt securities | - | - | - | - | |||||||||||||||||||||
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 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
States and political subdivisions | $ | 28,578 | $ | 797 | $ | - | $ | 29,375 | |||||||||||||||||
Collateralized mortgage obligations | 483 | 7 | (1 | ) | 489 | ||||||||||||||||||||
Mortgage-backed securities | 108,316 | 6,843 | (22 | ) | 115,137 | ||||||||||||||||||||
Other securities | 12,589 | 14 | (126 | ) | 12,477 | ||||||||||||||||||||
Total | $ | 149,966 | $ | 7,661 | $ | (149 | ) | $ | 157,478 | ||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies | $ | 62,931 | $ | 46 | $ | (935 | ) | $ | 62,042 | ||||||||||||||||
States and political subdivisions | 439,235 | 4,317 | (2,207 | ) | 441,345 | ||||||||||||||||||||
Corporate debt securities | 513 | 5 | - | 518 | |||||||||||||||||||||
Collateralized mortgage obligations | 50,034 | 1,017 | (58 | ) | 50,993 | ||||||||||||||||||||
Mortgage-backed securities | 7,514,257 | 84,166 | (165,979 | ) | 7,432,444 | ||||||||||||||||||||
Total | $ | 8,066,970 | $ | 89,551 | $ | (169,179 | ) | $ | 7,987,342 | ||||||||||||||||
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, 2014, 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, 2014, 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: | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 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 | ) | ||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 5 | $ | - | $ | 50 | $ | (1 | ) | $ | 55 | $ | (1 | ) | |||||||||||
Mortgage-backed securities | 651 | (1 | ) | 3,313 | (21 | ) | 3,964 | (22 | ) | ||||||||||||||||
Other securities | 6,911 | (126 | ) | - | - | 6,911 | (126 | ) | |||||||||||||||||
Total | $ | 7,567 | $ | (127 | ) | $ | 3,363 | $ | (22 | ) | $ | 10,930 | $ | (149 | ) | ||||||||||
Held to Maturity | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | $ | 48,389 | $ | (935 | ) | $ | - | $ | - | $ | 48,389 | $ | (935 | ) | |||||||||||
States and political subdivisions | 113,063 | (1,581 | ) | 28,639 | (626 | ) | 141,702 | (2,207 | ) | ||||||||||||||||
Collateralized mortgage obligations | 2,109 | (32 | ) | 433 | (26 | ) | 2,542 | (58 | ) | ||||||||||||||||
Mortgage-backed securities | 3,702,569 | (106,816 | ) | 998,380 | (59,163 | ) | 4,700,949 | (165,979 | ) | ||||||||||||||||
Total | $ | 3,866,130 | $ | (109,364 | ) | $ | 1,027,452 | $ | (59,815 | ) | $ | 4,893,582 | $ | (169,179 | ) | ||||||||||
At December 31, 2014, there were 501 securities in an unrealized loss position for more than 12 months. | |||||||||||||||||||||||||
The amortized cost and fair value of investment securities at December 31, 2014, 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 | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Due in one year or less | $ | 32,904 | $ | 32,972 | $ | 12,688 | $ | 12,861 | |||||||||||||||||
Due after one year through five years | 175,844 | 177,023 | 4,776 | 4,834 | |||||||||||||||||||||
Due after five years through ten years | 183,608 | 186,894 | 8,895 | 9,006 | |||||||||||||||||||||
Due after ten years | 64,353 | 64,831 | 631 | 642 | |||||||||||||||||||||
Subtotal | 456,709 | 461,720 | 26,990 | 27,343 | |||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 8,443,668 | 8,486,972 | 112,672 | 118,056 | |||||||||||||||||||||
Total | $ | 8,900,377 | $ | 8,948,692 | $ | 139,662 | $ | 145,399 | |||||||||||||||||
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 (“CMO’s”) 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 and 2012. | |||||||||||||||||||||||||
At December 31, 2014 and 2013, 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 $5.08 billion and $4.46 billion and a fair value of $5.10 billion and $4.47 billion at December 31, 2014 and 2013, respectively, were pledged to collateralize public deposits and for other purposes required or permitted by law. |
Note_6_Loans_and_Allowance_for
Note 6 - Loans and Allowance for Credit Losses | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Loans And Allowance For Credit Losses [Abstract] | |||||||||||||||||||||||||||||
Loans And Allowance For Credit Losses [Text Block] | 6. LOANS AND ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||||||||||||
The loan portfolio consists of various types of loans made principally to borrowers located within the states of Texas and Oklahoma and is classified by major type as follows: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Residential mortgage loans held for sale | $ | 8,602 | $ | 2,210 | |||||||||||||||||||||||||
Commercial and industrial | 1,806,267 | 1,279,777 | |||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | 1,026,475 | 865,511 | |||||||||||||||||||||||||||
1-4 family residential (including home equity) | 2,513,579 | 2,129,510 | |||||||||||||||||||||||||||
Commercial real estate (including multi-family residential) | 3,030,340 | 2,753,797 | |||||||||||||||||||||||||||
Farmland | 361,943 | 332,648 | |||||||||||||||||||||||||||
Agriculture | 189,703 | 198,610 | |||||||||||||||||||||||||||
Consumer and other | 307,274 | 213,158 | |||||||||||||||||||||||||||
Total loans held for investment | 9,235,581 | 7,773,011 | |||||||||||||||||||||||||||
Total | $ | 9,244,183 | $ | 7,775,221 | |||||||||||||||||||||||||
Loan Origination/Risk Management. The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and non-performing and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions. Loans to borrowers with aggregate debt relationships over $1.0 million and below $3.5 million are evaluated and acted upon on a daily basis by two of the company-wide loan concurrence officers. Loans to borrowers with aggregate debt relationships above $3.5 million are evaluated and acted upon by an officers’ loan committee which meets weekly. In addition to the officers’ loan committee evaluation, loans to borrowers with aggregate debt relationships from $25.0 million to $50.0 million are evaluated and acted upon by the directors’ loan committee which consists of three directors of the Bank and meets as necessary. Loans to borrowers with aggregate debt relationships over $50.0 million are evaluated and acted upon by the Bank’s board of directors either at a regularly scheduled monthly board meeting or by teleconference or written consent. | |||||||||||||||||||||||||||||
The Company maintains an independent loan review department that reviews and validates the credit risk program on a periodic basis. Results of these reviews are presented to management. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Company’s policies and procedures. | |||||||||||||||||||||||||||||
(i) Commercial and Industrial Loans. In nearly all cases, the Company’s commercial loans are made in the Company’s market areas and are underwritten on the basis of the borrower’s ability to service the debt from income. As a general practice, the Company takes as collateral a lien on any available real estate, equipment or other assets owned by the borrower and obtains a personal guaranty of the borrower or principal. Working capital loans are primarily collateralized by short-term assets whereas term loans are primarily collateralized by long-term assets. In general, commercial loans involve more credit risk than residential mortgage loans and commercial mortgage loans and, therefore, usually yield a higher return. The increased risk in commercial loans is due to the type of collateral securing these loans as well as the expectation that commercial loans generally will be serviced principally from the operations of the business, and those operations may not be successful. Historical trends have shown these types of loans to have higher delinquencies than mortgage loans. As a result of these additional complexities, variables and risks, commercial loans require more thorough underwriting and servicing than other types of loans. | |||||||||||||||||||||||||||||
(ii) Commercial Real Estate. The Company makes commercial real estate loans collateralized by owner-occupied and nonowner-occupied real estate to finance the purchase of real estate. The Company’s commercial real estate loans are collateralized by first liens on real estate, typically have variable interest rates (or five year or less fixed rates) and amortize over a 15 to 20 year period. Payments on loans secured by nonowner-occupied properties are often dependent on the successful operation or management of the properties. Accordingly, repayment of these loans may be subject to adverse conditions in the real estate market or the economy to a greater extent than other types of loans. The Company seeks to minimize these risks in a variety of ways, including giving careful consideration to the property’s operating history, future operating projections, current and projected occupancy, location and physical condition in connection with underwriting these loans. The underwriting analysis also includes credit verification, analysis of global cash flow, appraisals and a review of the financial condition of the borrower. At December 31, 2014, the Company had total commercial real estate loans totaling $4.06 billion which include the categories of construction, land development and other land loans, commercial real estate loans and multi-family residential loans. At December 31, 2014, approximately 37.1% of the outstanding principal balance of the Company’s commercial real estate loans were secured by owner-occupied properties. | |||||||||||||||||||||||||||||
(iii) 1-4 Family Residential Loans. The Company’s lending activities also include the origination of 1-4 family residential mortgage loans (including home equity loans) collateralized by owner-occupied residential properties located in the Company’s market areas. The Company offers a variety of mortgage loan portfolio products which generally are amortized over five to 25 years. Loans collateralized by 1-4 family residential real estate generally have been originated in amounts of no more than 89% of appraised value or have mortgage insurance. The Company requires mortgage title insurance and hazard insurance. The Company retains these portfolio loans for its own account rather than selling them into the secondary market. By doing so, the Company incurs interest rate risk as well as the risks associated with nonpayments on such loans. The Company’s Home Loan Center offers a variety of mortgage loan products which are generally amortized over 30 years, including FHA and VA loans. The Company sells the loans originated by the Home Loan Center into the secondary market. | |||||||||||||||||||||||||||||
(iv) Construction, Land Development and Other Land Loans. The Company makes loans to finance the construction of residential and, to a lesser extent, nonresidential properties. Construction loans generally are collateralized by first liens on real estate and have floating interest rates. The Company conducts periodic inspections, either directly or through an agent, prior to approval of periodic draws on these loans. Underwriting guidelines similar to those described above are also used in the Company’s construction lending activities. Construction loans involve additional risks attributable to the fact that loan funds are advanced upon the security of a project under construction, and the project is of uncertain value prior to its completion. Because of uncertainties inherent in estimating construction costs, the market value of the completed project and the effects of governmental regulation on real property, it can be difficult to accurately evaluate the total funds required to complete a project and the related loan to value ratio. As a result of these uncertainties, construction lending often involves the disbursement of substantial funds with repayment dependent, in part, on the success of the ultimate project rather than the ability of a borrower or guarantor to repay the loan. If the Company is forced to foreclose on a project prior to completion, there is no assurance that the Company will be able to recover all of the unpaid portion of the loan. In addition, the Company may be required to fund additional amounts to complete a project and may have to hold the property for an indeterminate period of time. While the Company has underwriting procedures designed to identify what it believes to be acceptable levels of risks in construction lending, no assurance can be given that these procedures will prevent losses from the risks described above. | |||||||||||||||||||||||||||||
(v) Agriculture Loans. The Company provides agriculture loans for short-term crop production, including rice, cotton, milo and corn, farm equipment financing and agriculture real estate financing. The Company evaluates agriculture borrowers primarily based on their historical profitability, level of experience in their particular agriculture industry, overall financial capacity and the availability of secondary collateral to withstand economic and natural variations common to the industry. Because agriculture loans present a higher level of risk associated with events caused by nature, the Company routinely makes on-site visits and inspections in order to identify and monitor such risks. | |||||||||||||||||||||||||||||
(vi) Consumer Loans. Consumer loans made by the Company include direct “A”-credit automobile loans, recreational vehicle loans, boat loans, home improvement loans, personal loans (collateralized and uncollateralized), credit cards and deposit account collateralized loans. The terms of these loans typically range from 12 to 180 months and vary based upon the nature of collateral and size of loan. Generally, consumer loans entail greater risk than do real estate secured loans, particularly in the case of consumer loans that are unsecured or collateralized by rapidly depreciating assets such as automobiles. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan balance. The remaining deficiency often does not warrant further substantial collection efforts against the borrower beyond obtaining a deficiency judgment. In addition, consumer loan collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws may limit the amount which can be recovered on such loans. | |||||||||||||||||||||||||||||
The contractual maturity ranges of the 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, 2014 are summarized in the following table. Contractual maturities are based on contractual amounts outstanding and do not include loan purchase discounts of $161.4 million or loans held for sale of $8.6 million at December 31, 2014: | |||||||||||||||||||||||||||||
One Year | Through | After Five | |||||||||||||||||||||||||||
or Less | Five Years | Years | Total | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 774,040 | $ | 702,492 | $ | 404,256 | $ | 1,880,788 | |||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | 348,560 | 203,759 | 478,605 | 1,030,924 | |||||||||||||||||||||||||
1-4 family residential (includes home equity) | 31,922 | 196,281 | 2,302,661 | 2,530,864 | |||||||||||||||||||||||||
Commercial (includes multi-family residential) | 135,957 | 600,426 | 2,351,382 | 3,087,765 | |||||||||||||||||||||||||
Agriculture (includes farmland) | 168,736 | 61,549 | 326,940 | 557,225 | |||||||||||||||||||||||||
Consumer and other | 123,433 | 89,933 | 96,024 | 309,390 | |||||||||||||||||||||||||
Total | $ | 1,582,648 | $ | 1,854,440 | $ | 5,959,868 | $ | 9,396,956 | |||||||||||||||||||||
Loans with a predetermined interest rate | $ | 487,134 | $ | 916,728 | $ | 2,616,963 | $ | 4,020,825 | |||||||||||||||||||||
Loans with a floating interest rate | 1,095,514 | 937,712 | 3,342,905 | 5,376,131 | |||||||||||||||||||||||||
Total | $ | 1,582,648 | $ | 1,854,440 | $ | 5,959,868 | $ | 9,396,956 | |||||||||||||||||||||
Concentrations of Credit. Most of the Company’s lending activity occurs within the states of Texas and Oklahoma. The majority of the Company’s loan portfolio consists of commercial and industrial, commercial real estate and 1-4 family residential loans. As of December 31, 2014 and 2013, there were no concentrations of loans related to any single industry in excess of 10% of total loans. | |||||||||||||||||||||||||||||
Foreign Loans. The Company has U.S. dollar denominated loans and commitments to borrowers in Mexico. The outstanding balance of these loans and the unfunded amounts available under these commitments was not significant at December 31, 2014 or 2013. | |||||||||||||||||||||||||||||
Related Party Loans. As of December 31, 2014 and 2013, loans outstanding to directors, officers and their affiliates totaled $4.9 million and $6.2 million, respectively. All transactions entered into between the Company and such related parties are done in the ordinary course of business and made on the same terms and conditions as similar transactions with unaffiliated persons. | |||||||||||||||||||||||||||||
An analysis of activity with respect to these related-party loans is as follows: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Beginning balance on January 1 | $ | 6,187 | $ | 6,682 | |||||||||||||||||||||||||
New loans and reclassified related loans | 4,943 | 306 | |||||||||||||||||||||||||||
Repayments | (6,190 | ) | (801 | ) | |||||||||||||||||||||||||
Ending balance | $ | 4,940 | $ | 6,187 | |||||||||||||||||||||||||
Nonperforming Assets and Non-Accrual and Past Due Loans. The Company has several procedures in place to assist it in maintaining the overall quality of its loan portfolio. The Company has established underwriting guidelines to be followed by its officers, and the Company also monitors its delinquency levels for any negative or adverse trends. There can be no assurance, however, that the Company’s loan portfolio will not become subject to increasing pressures from deteriorating borrower credit due to general economic conditions. | |||||||||||||||||||||||||||||
The Company generally places a loan on nonaccrual status and ceases accruing interest when the payment of principal or interest is delinquent for 90 days, or earlier in some cases, unless the loan is in the process of collection and the underlying collateral fully supports the carrying value of the loan. | |||||||||||||||||||||||||||||
The Company requires appraisals on loans collateralized by real estate. With respect to potential problem loans, an evaluation of the borrower’s overall financial condition is made to determine the need, if any, for possible writedowns or appropriate additions to the allowance for credit losses. | |||||||||||||||||||||||||||||
An aging analysis of past due loans, segregated by class of loans, was as follows: | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Loans Past Due and Still Accruing | |||||||||||||||||||||||||||||
90 or More | Total Past | Nonaccrual | Current | Total | |||||||||||||||||||||||||
30-89 Days | Days | Due Loans | Loans | Loans | Loans | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Construction, land development and other land loans | $ | 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 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Loans Past Due and Still Accruing | |||||||||||||||||||||||||||||
90 or More | Total Past | Nonaccrual | Current | Total | |||||||||||||||||||||||||
30-89 Days | Days | Due Loans | Loans | Loans | Loans | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Construction, land development and other land loans | $ | 6,258 | $ | 2 | $ | 6,260 | $ | 386 | $ | 858,865 | $ | 865,511 | |||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 5,634 | 218 | 5,852 | 62 | 525,344 | 531,258 | |||||||||||||||||||||||
1-4 family (includes home equity) (1) | 8,684 | 2,012 | 10,696 | 3,086 | 2,117,938 | 2,131,720 | |||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 8,163 | 1,752 | 9,915 | 4,333 | 2,739,549 | 2,753,797 | |||||||||||||||||||||||
Commercial and industrial | 9,552 | 933 | 10,485 | 2,208 | 1,267,084 | 1,279,777 | |||||||||||||||||||||||
Consumer and other | 1,344 | 30 | 1,374 | 156 | 211,628 | 213,158 | |||||||||||||||||||||||
Total | $ | 39,635 | $ | 4,947 | $ | 44,582 | $ | 10,231 | $ | 7,720,408 | $ | 7,775,221 | |||||||||||||||||
-1 | Includes $8,602 and $2,210 of residential mortgage loans held for sale at December 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||
The following table presents information regarding nonperforming assets at the dates indicated: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Nonaccrual loans (1) | $ | 31,422 | $ | 10,231 | $ | 5,382 | $ | 3,578 | $ | 4,439 | |||||||||||||||||||
Accruing loans 90 or more days past due | 2,193 | 4,947 | 331 | - | 189 | ||||||||||||||||||||||||
Total nonperforming loans | 33,615 | 15,178 | 5,713 | 3,578 | 4,628 | ||||||||||||||||||||||||
Repossessed assets | 67 | 27 | 68 | 146 | 161 | ||||||||||||||||||||||||
Other real estate | 3,237 | 7,299 | 7,234 | 8,328 | 11,053 | ||||||||||||||||||||||||
Total nonperforming assets | $ | 36,919 | $ | 22,504 | $ | 13,015 | $ | 12,052 | $ | 15,842 | |||||||||||||||||||
Nonperforming assets to total loans and other real estate | 0.4 | % | 0.29 | % | 0.25 | % | 0.32 | % | 0.45 | % | |||||||||||||||||||
-1 | Includes troubled debt restructurings of $911 thousand, $1.4 million, $3.6 million, 5.3 million and $2.6 million for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, respectively. | ||||||||||||||||||||||||||||
The Company had $36.9 million in nonperforming assets at December 31, 2014 compared with $22.5 million at December 31, 2013 and $13.0 million at December 31, 2012. The nonperforming assets at December 31, 2014 consisted of 19 separate credits or ORE properties, while the nonperforming assets at December 31, 2013 consisted of 40 separate credits or ORE properties. 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 $2.7 million, $440 thousand, and $270 thousand would have been recorded as income for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
Impaired Loans. Loans are considered impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. Impairment is evaluated in total for smaller-balance loans of a similar nature and on an individual loan basis for other loans. If a loan is impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Impaired loans, or portions thereof, are charged off when deemed uncollectible. | |||||||||||||||||||||||||||||
Year-end impaired loans are set forth in the following tables. No interest income was recognized on impaired loans subsequent to their classification as impaired. The average recorded investment presented in the tables below is reported on a year-to-date basis. | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Unpaid | Average | ||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||
Investment | Balance | Allowance | 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 | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Unpaid | Average | ||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | $ | 277 | $ | 289 | $ | - | $ | 711 | |||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 14 | 57 | - | 46 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 584 | 664 | - | 538 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 2,490 | 3,798 | - | 1,470 | |||||||||||||||||||||||||
Commercial and industrial | 103 | 122 | - | 95 | |||||||||||||||||||||||||
Consumer and other | 15 | 16 | - | 13 | |||||||||||||||||||||||||
Total | 3,483 | 4,946 | - | 2,873 | |||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | - | - | - | - | |||||||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 21 | 27 | 18 | 28 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 2,519 | 2,548 | 890 | 1,759 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 1,613 | 1,615 | 445 | 2,032 | |||||||||||||||||||||||||
Commercial and industrial | 1,111 | 1,192 | 1,029 | 1,077 | |||||||||||||||||||||||||
Consumer and other | 95 | 113 | 77 | 81 | |||||||||||||||||||||||||
Total | 5,359 | 5,495 | 2,459 | 4,977 | |||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | 277 | 289 | - | 711 | |||||||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 35 | 84 | 18 | 74 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 3,103 | 3,212 | 890 | 2,297 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 4,103 | 5,413 | 445 | 3,502 | |||||||||||||||||||||||||
Commercial and industrial | 1,214 | 1,314 | 1,029 | 1,172 | |||||||||||||||||||||||||
Consumer and other | 110 | 129 | 77 | 94 | |||||||||||||||||||||||||
$ | 8,842 | $ | 10,441 | $ | 2,459 | $ | 7,850 | ||||||||||||||||||||||
Credit Quality Indicators. As part of the on-going monitoring of the credit quality of the Company’s loan portfolio and methodology for calculating the allowance for credit losses, management assigns and tracks loan grades to be used as credit quality indicators. | |||||||||||||||||||||||||||||
In 2013, the Company adopted a new loan review policy whereby two new loan grade credit classifications were created. The Company added a new “Pass-High Quality” loan grade classification, Grade 2, which represents high quality non-cash secured loans. In addition, a new “Pass/Watch” classification, Grade 4, was added. These credits have primary and secondary sources of repayment that are currently of sufficient quantity, quality, and liquidity to protect the Bank against loss of principal and interest. The loan grade classifications in prior financial statements have not been reclassified to conform to the current presentation. | |||||||||||||||||||||||||||||
The following is a general description of the loan grades used: | |||||||||||||||||||||||||||||
Grade 1—Credits in this category have risk potential that is virtually nonexistent. These loans may be secured by insured certificates of deposit, insured savings accounts, U.S. Government securities and highly rated municipal bonds. | |||||||||||||||||||||||||||||
Grade 2—Credits in this category are of the highest quality. These borrowers represent top rated companies and individuals with unquestionable financial standing with excellent global cash flow coverage, net worth, liquidity and collateral coverage. | |||||||||||||||||||||||||||||
Grade 3 (Prior to 2013, these credits were classified as Grade 2)—Credits in this category are not immune from risk but are well protected by the collateral and paying capacity of the borrower. These loans may exhibit a minor unfavorable credit factor, but the overall credit is sufficiently strong to minimize the possibility of loss. | |||||||||||||||||||||||||||||
Grade 4—Credits in this category are considered “pass/watch.” Loans in this category have sources of repayment that remain sufficient to preclude a larger than normal probability of default and secondary sources are likewise currently of sufficient quantity, quality, and liquidity to protect the Company against loss of principal and interest. These borrowers have specific risk factors, but the overall strength of the credit is acceptable based on other mitigating credit and/or collateral factors and can repay the debt in the normal course of business. | |||||||||||||||||||||||||||||
Grade 5 (Prior to 2013, these credits were classified as Grade 3)—Credits in this category constitute an undue and unwarranted credit risk; however the factors do not rise to a level of substandard. These credits have potential weaknesses and/or declining trends that, if not corrected, could expose the Bank to risk at a future date. These loans are monitored on the Bank’s internally-generated watch list and evaluated on a quarterly basis. | |||||||||||||||||||||||||||||
Grade 6 (Prior to 2013, these credits were classified as Grade 4)—Credits in this category are considered “substandard” but “non-impaired” loans in accordance with regulatory guidelines. Loans in this category have well-defined weakness that, if not corrected, could make default of principal and interest possible. Loans in this category are still accruing interest and may be dependent upon secondary sources of repayment and/or collateral liquidation. | |||||||||||||||||||||||||||||
Grade 7 (Prior to 2013, these credits were classified as Grade 5)—Credits in this category are deemed “substandard” and “impaired” pursuant to regulatory guidelines. As such, the Bank has determined that it is probable that less than 100% of the contractual principal and interest will be collected. These loans are individually evaluated for a specific reserve and will typically have the accrual of interest stopped. | |||||||||||||||||||||||||||||
Grade 8 (Prior to 2013, these credits were classified as Grade 6)—Credits in this category include “doubtful” loans in accordance with regulatory guidance. Such loans are no longer accruing interest and factors indicate a loss is imminent. These loans are also deemed “impaired.” While a specific reserve may be in place while the loan and collateral is being evaluated these loans are typically charged down to an amount the Bank estimates is collectible. | |||||||||||||||||||||||||||||
Grade 9 (Prior to 2013, these credits were classified as Grade 7)—Credits in this category are deemed a “loss” in accordance with regulatory guidelines and have been charged off or charged down. The Bank may continue collection efforts and may have partial recovery in the future. | |||||||||||||||||||||||||||||
The following table presents risk grades and classified loans by class of loan at December 31, 2014. Impaired loans include loans in risk grades 7, 8 and 9. | |||||||||||||||||||||||||||||
Construction, Land Development and Other Land Loans | Agriculture and Agriculture Real Estate (includes Farmland) | 1-4 Family (includes Home Equity) (1) | Commercial Real Estate (includes Multi-Family Residential) | Commercial and Industrial | Consumer and Other | 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. | |||||||||||||||||||||||||||||
The following table presents risk grades and classified loans by class of loan at December 31, 2013. Impaired loans include loans in risk grades 7, 8 and 9. | |||||||||||||||||||||||||||||
Construction, Land Development and Other Land Loans | Agriculture and Agriculture Real Estate (includes Farmland) | 1-4 Family (includes Home Equity) (1) | Commercial Real Estate (includes Multi-Family Residential) | Commercial and Industrial | Consumer and Other | Total | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Grade 1 | $ | - | $ | 5,225 | $ | - | $ | - | $ | 50,131 | $ | 31,362 | $ | 86,718 | |||||||||||||||
Grade 2 | - | - | - | - | - | - | - | ||||||||||||||||||||||
Grade 3 | 858,712 | 520,921 | 2,113,698 | 2,697,664 | 1,202,604 | 181,406 | 7,575,005 | ||||||||||||||||||||||
Grade 4 | - | - | - | - | - | - | - | ||||||||||||||||||||||
Grade 5 | 1,141 | 3,427 | 6,337 | 10,798 | 17,179 | 146 | 39,028 | ||||||||||||||||||||||
Grade 6 | 1,616 | 1,043 | 4,504 | 14,316 | 2,423 | 134 | 24,036 | ||||||||||||||||||||||
Grade 7 | 277 | 35 | 3,093 | 4,103 | 1,214 | 110 | 8,832 | ||||||||||||||||||||||
Grade 8 | - | - | 10 | - | - | - | 10 | ||||||||||||||||||||||
Grade 9 | - | - | - | - | - | - | - | ||||||||||||||||||||||
PCI Loans (2) | 3,765 | 607 | 4,078 | 26,916 | 6,226 | - | 41,592 | ||||||||||||||||||||||
Total | $ | 865,511 | $ | 531,258 | $ | 2,131,720 | $ | 2,753,797 | $ | 1,279,777 | $ | 213,158 | $ | 7,775,221 | |||||||||||||||
(1) Includes $2.2 million of residential mortgage loans held for sale at December 31, 2013. | |||||||||||||||||||||||||||||
(2) Of the total PCI loans, $17.6 million were classified as substandard at December 31, 2013. | |||||||||||||||||||||||||||||
Allowance for Credit Losses. The allowance for credit losses is established through charges to earnings in the form of a provision for credit losses. Management has established an allowance for credit losses which it believes is adequate for estimated losses in the Company’s loan portfolio. The amount of the allowance for credit losses is affected by the following: (1) charge-offs of loans that occur when loans are deemed uncollectible and decrease the allowance, (2) recoveries on loans previously charged off that increase the allowance and (3) provisions for credit losses charged to earnings that increase the allowance. Based on an evaluation of the loan portfolio and consideration of the factors listed below, management presents a quarterly review of the allowance for credit losses to the Bank’s Board of Directors, indicating any change in the allowance since the last review and any recommendations as to adjustments in the allowance. Although management believes it uses the best information available to make determinations with respect to the allowance for credit losses, future adjustments may be necessary if economic conditions differ from the assumptions used in making the initial determinations. | |||||||||||||||||||||||||||||
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.” The specific reserves are determined on an individual loan basis. Loans for which specific reserves are provided are excluded from the general valuation allowance described below. | |||||||||||||||||||||||||||||
In 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.” Based on a review of these factors for each loan type, the Company applies an estimated percentage to the outstanding balance of each loan type, excluding any loan that has a specific reserve allocated to it. The Company uses this information to establish the amount of the general valuation allowance. | |||||||||||||||||||||||||||||
In 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 and PCI loans as discussed in Note 2) into the loan portfolio subject to the allowance methodology. | |||||||||||||||||||||||||||||
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, through back-testing, the Company is able to adjust the outputs of the analysis for imprecision. | |||||||||||||||||||||||||||||
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, 2014, the allowance for credit losses totaled $80.8 million or 0.87% of total loans. At December 31, 2013, the allowance for credit losses totaled $67.3 million or 0.87% of total loans, and at December 31, 2012, the allowance aggregated $52.6 million or 1.01% of total loans. The allowance for credit losses totaled $80.8 million at December 31, 2014 compared with $67.3 million at December 31, 2013, an increase of $13.5 million or 20.0%. | |||||||||||||||||||||||||||||
The following table details the recorded investment in loans, excluding $8.6 million and $2.2 million of residential mortgage loans held for sale, and activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2014 and 2013, 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. The portfolio segmentation of the allowance for credit losses noted below incorporates the effect of the enhancement at December 31, 2014. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
Construction, | Agriculture | 1-4 Family | Commercial | Commercial | Consumer and Other | Total | |||||||||||||||||||||||
Land | and | (includes | Real Estate | and Industrial | |||||||||||||||||||||||||
Development | Agriculture | Home Equity) | (includes | ||||||||||||||||||||||||||
and | Real Estate | Multi-Family Residential) | |||||||||||||||||||||||||||
Other Land Loans | (includes Farmland) | ||||||||||||||||||||||||||||
(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: | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
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 | |||||||||||||||
Construction, | Agriculture | Commercial | Commercial | Consumer and Other | Total | ||||||||||||||||||||||||
Land | and | 1-4 Family | Real Estate | and Industrial | |||||||||||||||||||||||||
Development | Agriculture | (includes | (includes | ||||||||||||||||||||||||||
and | Real Estate | Home Equity) | Multi-Family Residential) | ||||||||||||||||||||||||||
Other Land Loans | (includes Farmland) | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Balance January 1, 2013 | $ | 11,909 | $ | 764 | $ | 13,942 | $ | 19,607 | $ | 5,777 | $ | 565 | $ | 52,564 | |||||||||||||||
Provision for credit losses | 2,470 | 399 | 3,277 | 5,189 | 2,714 | 3,191 | 17,240 | ||||||||||||||||||||||
Charge-offs | (271 | ) | (48 | ) | (211 | ) | (894 | ) | (672 | ) | (3,397 | ) | (5,493 | ) | |||||||||||||||
Recoveries | 245 | 114 | 38 | 933 | 348 | 1,293 | 2,971 | ||||||||||||||||||||||
Net charge-offs | (26 | ) | 66 | (173 | ) | 39 | (324 | ) | (2,104 | ) | (2,522 | ) | |||||||||||||||||
Balance December 31, 2013 | $ | 14,353 | $ | 1,229 | $ | 17,046 | $ | 24,835 | $ | 8,167 | $ | 1,652 | $ | 67,282 | |||||||||||||||
Allowance for credit losses related to: | |||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
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 | |||||||||||||||
An analysis of activity in the allowance for credit losses for the year ended December 31, 2012 is as follows (dollars in thousands): | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 51,594 | |||||||||||||||||||||||||||
Addition - provision charged to operations | 6,100 | ||||||||||||||||||||||||||||
Charge-offs and recoveries: | |||||||||||||||||||||||||||||
Loans charged-off | (7,896 | ) | |||||||||||||||||||||||||||
Loan recoveries | 2,766 | ||||||||||||||||||||||||||||
Net charge-offs | (5,130 | ) | |||||||||||||||||||||||||||
Balance at end of year | $ | 52,564 | |||||||||||||||||||||||||||
Troubled Debt Restructurings. The restructuring of a loan is considered a “troubled debt restructuring” if both (1) the borrower is experiencing financial difficulties and (2) the creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses. Effective July 1, 2011, the Company adopted the provisions of ASU No. 2011-02, “Receivables (Topic 310)—A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring.” As such, the Company reassessed all loan modifications occurring since January 1, 2011 for identification as troubled debt restructurings. The following table presents information regarding the recorded investment at December 31, 2014 and 2013 of loans modified in a troubled debt restructuring during the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||
Years Ended of December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||
Investment | Recorded | Investment | Recorded | ||||||||||||||||||||||||||
Number of | at Date of | Investment | Number of | at Date of | Investment | ||||||||||||||||||||||||
Loans | Restructure | at Year-End | Loans | Restructure | at Year-End | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||
Construction, land development and other land loans | - | $ | - | $ | - | 1 | $ | 251 | $ | 236 | |||||||||||||||||||
Agriculture and agriculture real estate | - | - | - | - | - | - | |||||||||||||||||||||||
1-4 Family (includes home equity) | - | - | - | - | - | - | |||||||||||||||||||||||
Commercial real estate (commercial mortgage and multi-family) | 1 | 35 | 35 | 1 | 450 | 450 | |||||||||||||||||||||||
Commercial and industrial | 2 | 34 | 33 | 1 | 15 | 14 | |||||||||||||||||||||||
Consumer and other | - | - | - | - | - | - | |||||||||||||||||||||||
Total | 3 | $ | 69 | $ | 68 | 3 | $ | 716 | $ | 700 | |||||||||||||||||||
As of December 31, 2014, 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, 2014 and 2013, the Company had $911 thousand and $1.4 million, respectively, in outstanding troubled debt restructurings. For the year ended December 31, 2014, the Company added 3 loans totaling $69 thousand as new troubled debt restructurings, of which $68 thousand was still outstanding on December 31, 2014. These modifications did not have a material impact on the Company’s determination of the allowance for credit losses. |
Note_7_Fair_Value
Note 7 - Fair Value | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Disclosures [Text Block] | 7. FAIR VALUE | ||||||||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. Fair values represent the estimated price that would be received from selling an asset or paid to transfer a liability, otherwise known as an “exit price.” Securities available for sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write downs of individual assets. ASC Topic 820, “Fair Value Measurements and Disclosures” establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: | |||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||
The Company groups financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: | |||||||||||||||||||||
• | Level 1—Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||
• | Level 2—Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities) or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||||
The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. | |||||||||||||||||||||
The fair value disclosures below represent the Company’s estimates based on relevant market information and information about the financial instruments. Fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of the various instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in the above methodologies and assumptions could significantly affect the estimates. | |||||||||||||||||||||
The following tables present fair values for assets measured at fair value on a recurring basis: | |||||||||||||||||||||
As of December 31, 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 | |||||||||||||||||
Non-hedging interest rate swap | - | 303 | - | 303 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
States and political subdivisions | $ | - | $ | 29,375 | $ | - | $ | 29,375 | |||||||||||||
Collateralized mortgage obligations | - | 489 | - | 489 | |||||||||||||||||
Mortgage-backed securities | - | 115,137 | - | 115,137 | |||||||||||||||||
Other securities | 12,477 | - | - | 12,477 | |||||||||||||||||
Non-hedging interest rate swap | - | 38 | - | 38 | |||||||||||||||||
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, 2014, the Company had additions to other real estate owned of $8.1 million of which $1.7 million were outstanding as of December 31, 2014. For the year ended December 31, 2014, the Company had additions to impaired loans of $30.6 million, of which $24.5 million were outstanding as of December 31, 2014. The remaining financial assets and liabilities measured at fair value on a non-recurring basis that were recorded in 2014 and remained outstanding at December 31, 2014 were not significant. During the reported periods, all fair value measurements for assets remeasured at fair value on a non-recurring basis utilized Level 2 inputs. | |||||||||||||||||||||
The following 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, 2014 | |||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||
Amount | 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 | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 380,990 | $ | 380,990 | $ | - | $ | - | $ | 380,990 | |||||||||||
Federal funds sold | 400 | 400 | - | - | 400 | ||||||||||||||||
Held to maturity securities | 8,066,970 | - | 7,987,342 | - | 7,987,342 | ||||||||||||||||
Loans held for sale | 2,210 | 2,210 | - | - | 2,210 | ||||||||||||||||
Loans held for investment, net of allowance | 7,705,729 | - | - | 7,749,786 | 7,749,786 | ||||||||||||||||
Other real estate owned | 7,299 | - | 7,299 | - | 7,299 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Noninterest-bearing | $ | 4,108,835 | $ | - | $ | 4,108,835 | $ | - | $ | 4,108,835 | |||||||||||
Interest-bearing | 11,182,436 | - | 11,196,241 | - | 11,196,241 | ||||||||||||||||
Other borrowings | 10,689 | - | 12,014 | - | 12,014 | ||||||||||||||||
Securities sold under repurchase agreements | 364,357 | - | 364,477 | - | 364,477 | ||||||||||||||||
Junior subordinated debentures | 124,231 | - | 119,325 | - | 119,325 | ||||||||||||||||
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—For these short-term instruments, the carrying amount is a reasonable estimate of fair value. The Company classifies the estimated fair value of these instruments as Level 1. | |||||||||||||||||||||
Federal funds sold—For these short-term instruments, the carrying amount is a reasonable estimate of fair value. The Company classifies the estimated fair value of these instruments as Level 1. | |||||||||||||||||||||
Securities — Fair value measurements based upon quoted prices are considered Level 1 inputs. Level 1 securities consist of U.S. Treasury securities and certain equity securities which are included in the available for sale portfolio. For all other available for sale and held to maturity securities, if quoted prices are not available, fair values are measured using Level 2 inputs. For these securities, the Company generally obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness. | |||||||||||||||||||||
Securities available for sale are recorded at fair value on a recurring basis. | |||||||||||||||||||||
Loans held for investment — The Company does not record loans at fair value on a recurring basis. As such, valuation techniques discussed herein for loans are primarily for estimating fair value disclosures. However, from time to time, the Company records nonrecurring fair value adjustments to impaired loans to reflect (1) partial write downs that are based on the observable market price or current appraised value of the collateral, or (2) the full charge-off of the loan carrying value. Where appraisals are not available, estimated cash flows are discounted using a rate commensurate with the credit risk associated with those cash flows. Assumptions regarding credit risk, cash flows and discount rates are judgmentally determined using available market information and specific borrower information. | |||||||||||||||||||||
The estimated fair value approximates carrying value for variable-rate loans that reprice frequently and with no significant change in credit risk. The fair value of fixed-rate loans and variable-rate loans which reprice on an infrequent basis is estimated by discounting future cash flows using the current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality. An overall valuation adjustment is made for specific credit risks as well as general portfolio credit risk. The Company classifies the estimated fair value of loans held for investment as Level 3. | |||||||||||||||||||||
Loans held for sale— Loans held for sale are carried at the lower of cost or estimated fair value. Fair value for consumer mortgages held for sale is based on commitments on hand from investors or prevailing market prices. As such, the Company classifies loans subjected to nonrecurring fair value adjustments as Level 2. | |||||||||||||||||||||
Other real estate owned— Other real estate owned is primarily foreclosed properties securing residential loans and commercial real estate. Foreclosed assets are adjusted to fair value less estimated costs to sell upon transfer of the loans to other real estate owned. Subsequently, these assets are carried at the lower of carrying value or fair value less estimated costs to sell. Other real estate carried at fair value based on an observable market price or a current appraised value is classified by the Company as Level 2. When management determines that the fair value of other real estate requires additional adjustments, either as a result of a non-current appraisal or when there is no observable market price, the Company classifies the other real estate as Level 3. | |||||||||||||||||||||
Deposits—The fair value of demand deposits, savings accounts and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. Deposits fair value measurements utilize Level 2 inputs. | |||||||||||||||||||||
Junior subordinated debentures—The fair value of the junior subordinated debentures was calculated using the quoted market prices, if available. If quoted market prices are not available, fair value is estimated using quoted market prices for similar subordinated debentures. Junior subordinated debentures fair value measurements utilize Level 2 inputs. | |||||||||||||||||||||
Other borrowings—Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of other borrowings using a discounted cash flows methodology and are measured utilizing Level 2 inputs. | |||||||||||||||||||||
Securities sold under repurchase agreements—The fair value of securities sold under repurchase agreements is the amount payable on demand at the reporting date and are measured utilizing Level 2 inputs. | |||||||||||||||||||||
Derivative financial instruments—The fair value of the underlying non-hedging derivative contracts offset each other and are measured utilizing Level 2 inputs. | |||||||||||||||||||||
Off-balance sheet financial instruments—The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreement and the present creditworthiness of the counterparties. The Company has reviewed the unfunded portion of commitments to extend credit as well as standby and other letters of credit, and has determined that the fair value of such financial instruments is not material. The Company classifies the estimated fair value of credit-related financial instruments as Level 3. |
Note_8_Premises_and_Equipment
Note 8 - Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | 8. PREMISES AND EQUIPMENT | ||||||||
Premises and equipment are summarized as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Land | $ | 91,491 | $ | 97,000 | |||||
Buildings | 204,904 | 193,817 | |||||||
Furniture, fixtures and equipment | 60,296 | 51,418 | |||||||
Construction in progress | 2,409 | 5,600 | |||||||
Total | 359,100 | 347,835 | |||||||
Less accumulated depreciation | (77,551 | ) | (64,910 | ) | |||||
Premises and equipment, net | $ | 281,549 | $ | 282,925 | |||||
Depreciation expense was $13.7 million, $10.6 million and $8.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Note_9_Deposits
Note 9 - Deposits | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Deposit Liabilities Disclosures [Text Block] | 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, 2014 were as follows (dollars in thousands): | |||||||||
Three months or less | $ | 625,392 | 33.7 | % | |||||
Over three through six months | 828,372 | 44.6 | |||||||
Over six through 12 months | 287,079 | 15.4 | |||||||
Over 12 months | 116,415 | 6.3 | |||||||
Total | $ | 1,857,258 | 100 | % | |||||
Interest expense for certificates of deposit in excess of $100,000 was $11.6 million, $9.4 million and $8.9 million, for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
As of December 31, 2014, the Company had $270.7 million of deposits classified as brokered deposits for regulatory purposes, and there are no major concentrations of deposits with any one depositor. |
Note_10_Other_Borrowings_and_S
Note 10 - Other Borrowings and Securities Sold Under Repurchase Agreements | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | 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, 2014 and 2013: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
FHLB advances | $ | - | $ | - | |||||
FHLB long-term notes payable | 8,724 | 10,689 | |||||||
Total other borrowings | 8,724 | 10,689 | |||||||
Securities sold under repurchase agreements | 315,523 | 364,357 | |||||||
Total | $ | 324,247 | $ | 375,046 | |||||
FHLB advances and long-term notes payable—The Company has an available line of credit with the FHLB of Dallas, which allows the Company to borrow on a collateralized basis. FHLB advances are considered short-term, overnight borrowings and used to manage liquidity as needed. Maturing advances are replaced by drawing on available cash, making additional borrowings or through increased customer deposits. At December 31, 2014, the Company had total funds of $5.91 billion available under this agreement of which a total amount of $8.7 million was outstanding at December 31, 2014. At December 31, 2014, there were no short-term overnight FHLB advances outstanding. Long-term notes payable were $8.7 million at December 31, 2014, with a weighted average interest rate of 5.43%. The maturity dates on the FHLB notes payable range from the years 2015 to 2027 and have interest rates ranging from 4.23% to 6.10%. | |||||||||
Securities sold under repurchase agreements with Company customers— At December 31, 2014, the Company had $315.5 million in securities sold under repurchase agreements compared with $364.4 million at December 31, 2013 with average rates paid of 0.26% and 0.27% for the years ended December 31, 2014 and 2013, respectively. Repurchase agreements are generally settled on the following business day; however, approximately $22.0 million of repurchase agreements outstanding at December 31, 2014 have maturity dates ranging from 3 to 24 months. All securities sold under agreements to repurchase are collateralized by certain pledged securities. |
Note_11_Income_Taxes
Note 11 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | 11. INCOME TAXES | ||||||||||||
The components of the provision for federal income taxes are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current | $ | 102,595 | $ | 88,535 | $ | 74,168 | |||||||
Deferred | 45,713 | 19,884 | 9,615 | ||||||||||
Total | $ | 148,308 | $ | 108,419 | $ | 83,783 | |||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Taxes calculated at statutory rate | $ | 156,012 | $ | 115,436 | $ | 88,089 | |||||||
(Decrease) increase resulting from: | |||||||||||||
Tax-exempt interest | (7,102 | ) | (6,360 | ) | (3,836 | ) | |||||||
Qualified School Construction Bond credit | (794 | ) | (530 | ) | (504 | ) | |||||||
Non taxable death benefits | (677 | ) | - | - | |||||||||
BOLI income | (1,788 | ) | (1,244 | ) | (936 | ) | |||||||
Qualified stock options | 6 | 12 | 22 | ||||||||||
Merger related expenses | 86 | 185 | 538 | ||||||||||
State tax, net | 1,898 | 864 | 195 | ||||||||||
Other, net | 667 | 56 | 215 | ||||||||||
Total | $ | 148,308 | $ | 108,419 | $ | 83,783 | |||||||
Deferred tax assets and liabilities are as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Loan purchase discounts | $ | 56,553 | $ | 46,653 | |||||||||
Allowance for credit losses | 27,324 | 22,565 | |||||||||||
Accrued liabilities | 8,704 | 6,294 | |||||||||||
Restricted stock | 6,620 | 4,242 | |||||||||||
Deferred compensation | 3,755 | 5,075 | |||||||||||
Certificates of Deposit | 613 | 42 | |||||||||||
Net operating losses | 5,055 | 8,818 | |||||||||||
Self insurance reserve | - | 1,075 | |||||||||||
ORE write-downs | 1,418 | 5,826 | |||||||||||
Investments in partnerships | 95 | 30 | |||||||||||
Other | 1,428 | 300 | |||||||||||
Total deferred tax assets | 111,565 | 100,920 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Goodwill and core deposit intangibles | (31,868 | ) | (20,801 | ) | |||||||||
Bank premises and equipment | (9,325 | ) | (13,020 | ) | |||||||||
Securities | (4,405 | ) | (6,823 | ) | |||||||||
Unrealized gain on available for sale securities | (2,008 | ) | (2,629 | ) | |||||||||
Prepaid expenses | (1,260 | ) | (1,430 | ) | |||||||||
Deferred loan fees and costs | (1,299 | ) | (1,283 | ) | |||||||||
Total deferred tax liabilities | (50,165 | ) | (45,986 | ) | |||||||||
Net deferred tax assets | $ | 61,400 | $ | 54,934 | |||||||||
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, 2014. | |||||||||||||
Net operating loss carryforwards expire on various dates beginning in 2027 through 2033. | |||||||||||||
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, 2014 or December 31, 2013 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, 2014 and 2013, 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. |
Note_12_Stock_Incentive_Progra
Note 12 - Stock Incentive Programs | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | 12. STOCK INCENTIVE PROGRAMS | ||||||||||||||||
At December 31, 2014, the Company had three stock-based employee compensation plans. Two of the three plans adopted by the Company have expired and therefore no additional awards may be issued under those plans. The Company accounts for stock-based employee compensation plans using the fair value-based method of accounting. The Company recognized stock-based compensation expense of $8.2 million, $4.2 million and $3.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. There was approximately $2.9 million, $1.5 million and $1.2 million of income tax benefit recorded for the stock-based compensation expense for the same periods, respectively. | |||||||||||||||||
During 1998, the Company’s Board of Directors and shareholders approved the Prosperity Bancshares, Inc. 1998 Stock Incentive Plan (the “1998 Plan”) which authorized the issuance of up to 920,000 (after two-for-one stock split) shares of the common stock of Bancshares under both non-qualified and incentive stock options to employees and non-qualified stock options to directors who are not employees. The 1998 Plan also provided for the granting of restricted stock awards, stock appreciation rights, phantom stock awards and performance awards on substantially similar terms. A total of 819,500 options were granted under the 1998 Plan. Options to purchase a total of 17,230 shares of common stock of Bancshares granted under the 1998 Plan were outstanding and exercisable at December 31, 2014. The 1998 Plan has expired and therefore no additional options may be issued from the 1998 Plan. | |||||||||||||||||
In December 2004, the Company’s Board of Directors established the Prosperity Bancshares, Inc. 2004 Stock Incentive Plan (the “2004 Plan”), which was approved by the Company’s shareholders on February 23, 2005. The 2004 Plan 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 904,076 shares of restricted stock have been granted under the 2004 Plan as of December 31, 2014. Options to purchase a total of 35,975 shares of common stock of Bancshares granted under the 2004 Plan were outstanding at December 31, 2014, of which 20,475 were exercisable. The 2004 Plan has expired and therefore no additional shares may be issued from the 2004 Plan. | |||||||||||||||||
On February 22, 2012, the Company’s Board of Directors adopted the Prosperity Bancshares, Inc. 2012 Stock Incentive Plan (the “2012 Plan”), which was approved by the Company’s 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 10,043 shares have been granted under the 2012 Plan as of December 31, 2014. | |||||||||||||||||
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, 2014, 2013 and 2012. | |||||||||||||||||
A summary of changes in outstanding vested and unvested options during the three year period ended December 31, 2014 is set forth below: | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | Average | ||||||||||||||||
Number of | Average | Remaining | Aggregate | ||||||||||||||
Exercise | Contractual | Intrinsic | |||||||||||||||
Options | Price | Term | Value | ||||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||||||
Options outstanding, January 1, 2012 | 525 | $ | 28.18 | 3.88 | $ | 6,391 | |||||||||||
Options granted | - | - | |||||||||||||||
Options forfeited | (8 | ) | 30.93 | ||||||||||||||
Options exercised | (131 | ) | 27.36 | ||||||||||||||
Options outstanding, December 31, 2012 | 386 | $ | 28.39 | 3.2 | 5,247 | ||||||||||||
Options granted | - | - | |||||||||||||||
Options forfeited | (4 | ) | 30.97 | ||||||||||||||
Options exercised | (194 | ) | 27.69 | ||||||||||||||
Options outstanding, December 31, 2013 | 188 | $ | 28.88 | 3.7 | 6,500 | ||||||||||||
Options granted | - | - | |||||||||||||||
Options forfeited | (5 | ) | 23.88 | ||||||||||||||
Options exercised | (130 | ) | 28.46 | ||||||||||||||
Options outstanding, December 31, 2014 | 53 | $ | 27.68 | 2.69 | $ | 1,473 | |||||||||||
Shares vested or expected to vest, December 31, 2014 | 52 | $ | 27.68 | 2.67 | $ | 1,429 | |||||||||||
Shares exercisable, December 31, 2014 | 38 | $ | 29.85 | 2.01 | $ | 962 | |||||||||||
The total intrinsic value of the options exercised during the year ended December 31, 2014 and 2013 was $3.5 million and $6.9 million, respectively. The total fair value of options vested during the year ended December 31, 2014 was $97 thousand. There were no unvested options forfeited during the year ended December 31, 2014. The total fair value of unvested options forfeited during the year ended December 31, 2013 and 2012 were $26 thousand and $39 thousand, respectively. | |||||||||||||||||
The Company received $3.7 million, $5.4 million and $3.6 million in cash from the exercise of stock options during the years ended December 31, 2014, 2013 and 2012, respectively. There was no tax benefit realized from exercises of the stock-based compensation arrangements during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||
Share Awards | |||||||||||||||||
The Company also grants shares of restricted stock pursuant to the 2004 and 2012 Plans. These shares of restricted stock generally vest over a period of one to five years. The Company accounts for restricted stock grants by recording the fair value of the grant as compensation expense over the vesting period. Compensation expense related to restricted stock was $8.2 million, $4.2 million and $3.6 million for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||
A summary of the status of nonvested shares of restricted stock as of December 31, 2014, and changes during the year then ended is as follows: | |||||||||||||||||
Weighted | |||||||||||||||||
Average Grant | |||||||||||||||||
Number of | Date Fair | ||||||||||||||||
Shares | Value | ||||||||||||||||
(Shares in thousands) | |||||||||||||||||
Nonvested share awards outstanding, December 31, 2013 | 452 | $ | 39.08 | ||||||||||||||
Share awards granted | 354 | 61.83 | |||||||||||||||
Unvested share awards forfeited | (51 | ) | 49.75 | ||||||||||||||
Share awards vested | (309 | ) | 37.69 | ||||||||||||||
Nonvested shares outstanding, December 31, 2014 | 446 | $ | 57.97 | ||||||||||||||
The total fair value of restricted stock awards that fully vested during the year ended December 31, 2014 was $17.5 million. | |||||||||||||||||
As of December 31, 2014, there was $17.5 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 1.96 years. |
Note_13_Other_Noninterest_Inco
Note 13 - Other Noninterest Income and Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Noninterest Income Expense Other [Abstract] | |||||||||||||
Noninterest Income Expense Other [Text Block] | 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 and as well as amounts the Company elected to present are stated separately. | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Other noninterest income | |||||||||||||
Banking related service fees | $ | 4,796 | $ | 3,502 | $ | 2,650 | |||||||
Bank Owned Life Insurance (BOLI) | 5,189 | 3,635 | 2,673 | ||||||||||
Rental income | 2,378 | 1,990 | 1,667 | ||||||||||
Other | 11,222 | 5,901 | 2,419 | ||||||||||
Total | $ | 23,585 | $ | 15,028 | $ | 9,409 | |||||||
Other noninterest expense | |||||||||||||
Advertising | $ | 3,016 | $ | 2,642 | $ | 1,670 | |||||||
Losses | 4,143 | 2,138 | 1,314 | ||||||||||
Printing and supplies | 2,427 | 2,616 | 2,586 | ||||||||||
Professional and legal fees | 5,636 | 3,573 | 4,118 | ||||||||||
Property taxes | 7,410 | 5,827 | 4,623 | ||||||||||
Travel and development | 4,848 | 3,629 | 2,179 | ||||||||||
Other | 11,391 | 10,254 | 6,743 | ||||||||||
Total | $ | 38,871 | $ | 30,679 | $ | 23,233 | |||||||
Note_14_Profit_Sharing_Plan
Note 14 - Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 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 $4.6 million, $3.3 million and $2.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Note_15_Offbalance_Sheet_Arran
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Table Text Block [Abstract] | |||||||||||||||||||||
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | 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, 2014 (other than deposit obligations and securities sold under repurchase agreements). The Company’s future cash payments associated with its contractual obligations pursuant to its junior subordinated debentures, FHLB notes payable and operating leases as of December 31, 2014 are summarized below. Payments for junior subordinated debentures include interest of $61.2 million that will be paid over the future periods. The future interest payments were calculated using the current rate in effect at December 31, 2014. In late 2014, the Company gave irrevocable notice of its intent to redeem three of the twelve outstanding issuances of junior subordinated debentures in January 2015. For those three issuances, the principal balance of $41.2 million and all of the accrued interest payable upon redemption is included in the “1 year or less” column below. For further details refer to Note 19 “Junior Subordinated Debentures” and Note 21 “Subsequent Events.” The principal balance of the junior subordinated debentures at December 31, 2014 was $167.5 million. Payments for FHLB notes payable include interest of $2.7 million that will be paid over the future periods. Payments related to leases are based on actual payments specified in underlying contracts. | |||||||||||||||||||||
More than 1 year | 3 years or more | ||||||||||||||||||||
1 year or | but less | but less | 5 years | ||||||||||||||||||
less | than 3 years | than 5 years | or more | Total | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Junior subordinated debentures | $ | 44,422 | $ | 6,186 | $ | 6,186 | $ | 171,975 | $ | 228,769 | |||||||||||
Federal Home Loan Bank notes payable | 2,247 | 2,313 | 5,251 | 1,648 | 11,459 | ||||||||||||||||
Operating leases | 6,927 | 9,468 | 4,401 | 7,792 | 28,588 | ||||||||||||||||
Total | $ | 53,596 | $ | 17,967 | $ | 15,838 | $ | 181,415 | $ | 268,816 | |||||||||||
Off-Balance Sheet Items | |||||||||||||||||||||
In the normal course of business, the Company enters into various transactions, which, in accordance with accounting principles generally accepted in the United States, are not included in its consolidated balance sheets. The Company enters into these transactions to meet the financing needs of its customers. These transactions include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. | |||||||||||||||||||||
The Company’s commitments associated with outstanding standby letters of credit and commitments to extend credit expiring by period as of December 31, 2014 are summarized below. | |||||||||||||||||||||
More than 1 year | 3 years or more | ||||||||||||||||||||
1 year or | but less | but less | 5 years | ||||||||||||||||||
less | than 3 years | than 5 years | or more | Total | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Standby letters of credit | $ | 93,094 | $ | 18,833 | $ | 589 | $ | - | $ | 112,516 | |||||||||||
Commitments to extend credit | 1,149,704 | 368,189 | 72,356 | 408,116 | 1,998,365 | ||||||||||||||||
Total | $ | 1,242,798 | $ | 387,022 | $ | 72,945 | $ | 408,116 | $ | 2,110,881 | |||||||||||
Standby Letters of Credit. Standby letters of credit are written conditional commitments issued by the Company to guarantee the payment by or performance of a customer to a third party. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount of the commitment. If the commitment is funded, the Company would be entitled to seek recovery from the customer. The Company’s policies generally require that standby letter of credit arrangements contain security and debt covenants similar to those contained in loan agreements. | |||||||||||||||||||||
Commitments to Extend Credit. The Company enters into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Substantially all of the Company’s commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of loan funding. The Company minimizes its exposure to loss under these commitments by subjecting them to credit approval and monitoring procedures. Management assesses the credit risk associated with certain commitments to extend credit in determining the level of the allowance for credit losses. Since many of the commitments are expected to expire without being fully drawn upon, the total commitment amounts disclosed above do not necessarily represent future cash funding requirements. At December 31, 2014, $331.0 million of commitments to extend credit have fixed rates ranging from 1.4% to 21.0%. | |||||||||||||||||||||
The Company evaluates customer creditworthiness on a case-by-case basis. The amount of collateral obtained, if considered necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer. | |||||||||||||||||||||
Leases—The following table presents a summary of non-cancelable future operating lease commitments as of December 31, 2014 (dollars in thousands): | |||||||||||||||||||||
2015 | $ | 6,927 | |||||||||||||||||||
2016 | 5,644 | ||||||||||||||||||||
2017 | 3,824 | ||||||||||||||||||||
2018 | 2,590 | ||||||||||||||||||||
2019 | 1,810 | ||||||||||||||||||||
Thereafter | 7,793 | ||||||||||||||||||||
$ | 28,588 | ||||||||||||||||||||
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 $7.5 million for the year ended December 31, 2014, $5.8 million for the year ended December 31, 2013 and $5.4 million for the year ended December 31, 2012. | |||||||||||||||||||||
Litigation—The Company and the Bank are defendants, from time to time, in legal actions arising from transactions conducted in the ordinary course of business. The Company and the Bank believe, after consultations with legal counsel, that the ultimate liability, if any, arising from such actions will not have a material adverse effect on their financial statements. |
Note_16_Other_Comprehensive_Lo
Note 16 - Other Comprehensive (Loss) Income | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | 16. OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Before | Tax | Net of | Before Tax Amount | Tax | Net of | Before | Tax | Net of | |||||||||||||||||||||||||||||
Tax | Benefit | Tax | Benefit | Tax | Tax | Benefit | Tax | ||||||||||||||||||||||||||||||
Amount | Amount | Amount | Amount | Amount | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||||||||||||||
Change in unrealized gain during period | $ | (1,776 | ) | $ | 622 | $ | (1,154 | ) | $ | (6,312 | ) | $ | 2,209 | $ | (4,103 | ) | $ | (6,903 | ) | $ | 2,417 | $ | (4,486 | ) | |||||||||||||
Total securities available for sale | (1,776 | ) | 622 | (1,154 | ) | (6,312 | ) | 2,209 | (4,103 | ) | (6,903 | ) | 2,417 | (4,486 | ) | ||||||||||||||||||||||
Total other comprehensive loss | $ | (1,776 | ) | $ | 622 | $ | (1,154 | ) | $ | (6,312 | ) | $ | 2,209 | $ | (4,103 | ) | $ | (6,903 | ) | $ | 2,417 | $ | (4,486 | ) | |||||||||||||
Activity in accumulated other comprehensive income, net of tax, was as follows: | |||||||||||||||||||||||||||||||||||||
Securities Available for Sale | Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 13,472 | $ | 13,472 | |||||||||||||||||||||||||||||||||
Other comprehensive loss | (4,486 | ) | (4,486 | ) | |||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 8,986 | $ | 8,986 | |||||||||||||||||||||||||||||||||
Note_17_Derivative_Financial_I
Note 17 - Derivative Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Disclosure Text Block [Abstract] | ||||||||||||||||
Derivatives and Fair Value [Text Block] | 17. DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||||
During 2013, the Company acquired FVNB and assumed the following derivative contracts relating to loans made to certain of its commercial customers. The interest rate derivative contracts outstanding at December 31, 2014 are presented in the following table: | ||||||||||||||||
Current Notional Amount | Estimated Fair Value | Maturity Date | Fixed Pay Rate | Variable Rate Received | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
Commercial Loan Interest Rate Swap | $ | 4,281 | $ | 160 | 1-Aug-20 | 4.30% | 1-Month USD - | |||||||||
LIBOR BBA+2.05 | ||||||||||||||||
Commercial Loan Interest Rate Swap | 1,596 | 68 | 15-Aug-20 | 5.49% | 1-Month USD - | |||||||||||
LIBOR BBA+3.00 | ||||||||||||||||
Commercial Loan Interest Rate Swap | 1,421 | 44 | 15-Aug-20 | 4.30% | 1-Month USD - | |||||||||||
LIBOR BBA+2.05 | ||||||||||||||||
Commercial Loan Interest Rate Swap | 1,830 | 31 | 1-May-22 | 5.60% | 1-Month USD - | |||||||||||
LIBOR BBA+3.50 | ||||||||||||||||
$ | 9,128 | $ | 303 | |||||||||||||
In these transactions, the Company entered into an interest rate swap with a customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each swap transaction, the Company pays interest to the borrowing customer on a notional amount at a variable interest rate and receives interest from the customer on the same notional amount at a fixed interest rate. At the same time, the Company agreed to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows the Company’s customer to effectively convert a variable-rate loan to a fixed-rate. Because the Company acts solely as an intermediary for its customer, changes in the fair value of the underlying derivative contracts offset each other and do not significantly impact the Company’s results of operations. The notional amounts and estimated fair values of interest rate derivative contracts outstanding at December 31, 2014 are presented in the following table: | ||||||||||||||||
Current Notional Amount | Estimated Fair Value | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Financial Institution Counterparties: | ||||||||||||||||
Swaps - liabilities | $ | 9,128 | $ | (303 | ) | |||||||||||
Bank Customer Counterparties: | ||||||||||||||||
Swaps - assets | $ | 9,128 | $ | 303 | ||||||||||||
Note_18_Regulatory_Matters
Note 18 - Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Regulatory Capital Requirements under Banking Regulations [Text Block] | 18. REGULATORY MATTERS | ||||||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Any institution that fails to meet its minimum capital requirements is subject to actions by regulators that could have a direct material effect on the Company’s financial statements. Under the capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines based on the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and the Bank’s classification under the regulatory framework for prompt corrective action are also subject to qualitative judgments by the regulators about the components, risk weightings and other factors. | |||||||||||||||||||||||||
To meet the capital adequacy requirements, the Company and the Bank must maintain minimum capital amounts and ratios of Total and Tier 1 capital to risk weighted assets, and of Tier 1 capital to adjusted quarterly average assets as defined in the regulations. As of December 31, 2014, the Company and the Bank met all capital adequacy requirements to which they were subject. | |||||||||||||||||||||||||
The Tier 1 and total capital ratios are calculated by dividing the respective capital amounts by risk weighted assets. Risk weighted assets include total assets, excluding goodwill and other intangible assets, allocated by risk weight category, and certain off-balance-sheet items. The leverage ratio is calculated by dividing Tier 1 capital by adjusted quarterly average total assets, excluding goodwill and other intangible assets. | |||||||||||||||||||||||||
As of December 31, 2014, the most recent notification from the FDIC categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. There have been no conditions or events since that notification which management believes have changed the Bank’s category. To be categorized as well capitalized the Bank must maintain minimum total risk-based, Tier 1 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, 2014 and 2013: | |||||||||||||||||||||||||
To Be Categorized As | |||||||||||||||||||||||||
Well Capitalized Under | |||||||||||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
CONSOLIDATED: | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 1,556,083 | 14.56 | % | $ | 855,091 | 8 | % | N/A | N/A | |||||||||||||||
Tier I Capital (to Risk Weighted Assets) | 1,475,321 | 13.8 | % | 427,545 | 4 | % | N/A | N/A | |||||||||||||||||
Tier I Capital (to Average Tangible Assets) | 1,475,321 | 7.69 | % | 767,086 | 4 | % | N/A | N/A | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 1,259,768 | 14.02 | % | $ | 719,005 | 8 | % | N/A | N/A | |||||||||||||||
Tier I Capital (to Risk Weighted Assets) | 1,192,486 | 13.27 | % | 359,502 | 4 | % | N/A | N/A | |||||||||||||||||
Tier I Capital (to Average Tangible Assets) | 1,192,486 | 7.42 | % | 642,522 | 4 | % | N/A | N/A | |||||||||||||||||
PROSPERITY BANK®ONLY: | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 1,517,903 | 14.22 | % | $ | 854,237 | 8 | % | $ | 1,067,797 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 1,437,141 | 13.46 | % | 427,119 | 4 | % | 640,678 | 6 | % | ||||||||||||||||
Tier I Capital (to Average Tangible Assets) | 1,437,141 | 7.5 | % | 766,664 | 4 | % | 958,329 | 5 | % | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 1,229,752 | 13.7 | % | $ | 718,334 | 8 | % | $ | 897,917 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 1,162,470 | 12.95 | % | 359,167 | 4 | % | 538,750 | 6 | % | ||||||||||||||||
Tier I Capital (to Average Tangible Assets) | 1,162,470 | 7.24 | % | 642,186 | 4 | % | 802,733 | 5 | % | ||||||||||||||||
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, 2014, 2013 and 2012 were $68.4 million, $54.0 million and $41.5 million, respectively. Dividends paid by the Bank to Bancshares during the years ended December 31, 2014, 2013 and 2012 were $103.1 million, $203.5 million and $228.5 million, respectively. |
Note_19_Junior_Subordinated_De
Note 19 - Junior Subordinated Debentures | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Subordinated Borrowings [Abstract] | |||||||||||||
Subordinated Borrowings Disclosure [Text Block] | 19. JUNIOR SUBORDINATED DEBENTURES | ||||||||||||
At December 31, 2014 and 2013, respectively, the Company had outstanding $167.5 million and $124.2 million in junior subordinated debentures issued to the Company’s unconsolidated subsidiary trusts, respectively. On April 1, 2014, the Company acquired FMBC and assumed the obligations related to the junior subordinated debentures issued to F&M Bancorporation Statutory Trust I, F&M Bancorporation Statutory Trust II and F&M Bancorporation Statutory Trust III. In late 2014, the Company gave irrevocable notice of its intent to redeem three of the twelve outstanding issuances of junior subordinated debentures, which total $41.2 million, in January 2015. Since December 31, 2014, the Company has provided irrevocable notice of its intent to redeem the remaining junior subordinated debentures during the first quarter of 2015. For further details refer to Note 21 “Subsequent Events.” | |||||||||||||
A summary of pertinent information related to the Company’s twelve issues of junior subordinated debentures outstanding at December 31, 2014 is set forth in the table below: | |||||||||||||
Description | Issuance Date | Trust Preferred | Interest Rate (1) | Junior Subordinated | Maturity Date (2) | ||||||||
Securities | Debt Owed to Trusts | ||||||||||||
Outstanding | |||||||||||||
(Dollars in thousands) | |||||||||||||
Prosperity Statutory Trust II (3) | 31-Jul-01 | $ | 15,000 | 3 month LIBOR + 3.58%, | $ | 15,464 | 31-Jul-31 | ||||||
not to exceed 12.50% | |||||||||||||
Prosperity Statutory Trust III | 15-Aug-03 | 12,500 | 3 month LIBOR + 3.00% | 12,887 | 17-Sep-33 | ||||||||
Prosperity Statutory Trust IV | 30-Dec-03 | 12,500 | 3 month LIBOR + 2.85% | 12,887 | 30-Dec-33 | ||||||||
SNB Capital Trust IV | 25-Sep-03 | 10,000 | 3 month LIBOR + 3.00% | 10,310 | 25-Sep-33 | ||||||||
TXUI Statutory Trust II (3) | 19-Dec-03 | 5,000 | 3 month LIBOR + 2.85% | 5,155 | 19-Dec-33 | ||||||||
TXUI Statutory Trust III | 30-Nov-05 | 15,500 | 3 month LIBOR + 1.39% | 15,980 | 15-Dec-35 | ||||||||
TXUI Statutory Trust IV | 31-Mar-06 | 12,000 | 3 month LIBOR + 1.39% | 12,372 | 30-Jun-36 | ||||||||
FVNB Capital Trust II | 14-Jun-05 | 18,000 | 3 month LIBOR + 1.68% | 18,557 | 15-Jun-35 | ||||||||
FVNB Capital Trust III (3) | 23-Jun-06 | 20,000 | 3 month LIBOR + 1.60% | 20,619 | 7-Jul-36 | ||||||||
F&M Bancorporation Statutory Trust I (4) | 26-Mar-03 | 15,000 | 3 month LIBOR + 3.15% | 15,464 | 26-Mar-33 | ||||||||
F&M Bancorporation Statutory Trust II (4) | 17-Mar-04 | 12,000 | 3 month LIBOR + 2.79% | 12,372 | 17-Mar-34 | ||||||||
F&M Bancorporation Statutory Trust III (4) | 15-Dec-05 | 15,000 | 3 month LIBOR + 1.80% | 15,464 | 15-Dec-35 | ||||||||
$ | 167,531 | ||||||||||||
-1 | The 3-month LIBOR in effect as of December 31, 2014 was 0.246%. | ||||||||||||
-2 | All debentures are callable five years from issuance date. | ||||||||||||
-3 | During the fourth quarter of 2014, the Company gave irrevocable notice of its intent to fully redeem these junior subordinated debentures in January 2015. | ||||||||||||
-4 | Assumed in connection with the F&M acquisition on April 1, 2014. | ||||||||||||
Each of the trusts is a capital or statutory business trust organized for the sole purpose of issuing trust securities and investing the proceeds in the Company’s junior subordinated debentures. The preferred trust securities of each trust represent preferred beneficial interests in the assets of the respective trusts and are subject to mandatory redemption upon payment of the junior subordinated debentures held by the trust. The common securities of each trust are wholly owned by the Company. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payment on the related junior subordinated debentures. The debentures, which are the only assets of each trust, are subordinate and junior in right of payment to all of the Company’s present and future senior indebtedness. The Company has fully and unconditionally guaranteed each trust’s obligations under the trust securities issued by such trust to the extent not paid or made by each trust, provided such trust has funds available for such obligations. | |||||||||||||
Under the provisions of each issue of the debentures, the Company has the right to defer payment of interest on the debentures at any time, or from time to time, for periods not exceeding five years. If interest payments on either issue of the debentures are deferred, the distributions on the applicable trust preferred securities and common securities will also be deferred. |
Note_20_Parent_Company_Only_Fi
Note 20 - Parent Company Only Financial Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 20. PARENT COMPANY ONLY FINANCIAL STATEMENTS | ||||||||||||
PROSPERITY BANCSHARES, INC. | |||||||||||||
(Parent Company Only) | |||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
ASSETS | |||||||||||||
Cash | $ | 21,334 | $ | 10,597 | |||||||||
Investment in subsidiary | 3,370,227 | 2,877,089 | |||||||||||
Investment in capital and statutory trusts | 5,031 | 3,731 | |||||||||||
Goodwill | 3,982 | 3,982 | |||||||||||
Other assets | 12,092 | 16,927 | |||||||||||
TOTAL | $ | 3,412,666 | $ | 2,912,326 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
LIABILITIES: | |||||||||||||
Accrued interest payable and other liabilities | $ | 309 | $ | 1,277 | |||||||||
Junior subordinated debentures | 167,531 | 124,231 | |||||||||||
Total liabilities | 167,840 | 125,508 | |||||||||||
SHAREHOLDERS’ EQUITY: | |||||||||||||
Common stock | 69,817 | 66,085 | |||||||||||
Capital surplus | 2,025,235 | 1,798,862 | |||||||||||
Retained earnings | 1,146,652 | 917,595 | |||||||||||
Unrealized gain on available for sale securities, net of tax benefit | 3,729 | 4,883 | |||||||||||
Less treasury stock, at cost, 37,088 shares | (607 | ) | (607 | ) | |||||||||
Total shareholders’ equity | 3,244,826 | 2,786,818 | |||||||||||
TOTAL | $ | 3,412,666 | $ | 2,912,326 | |||||||||
PROSPERITY BANCSHARES, INC. | |||||||||||||
(Parent Company Only) | |||||||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
OPERATING INCOME: | |||||||||||||
Dividends from subsidiary | $ | 103,100 | $ | 203,500 | $ | 228,450 | |||||||
Other income | 159 | 115 | 131 | ||||||||||
Total income | 103,259 | 203,615 | 228,581 | ||||||||||
OPERATING EXPENSE: | |||||||||||||
Junior subordinated debentures interest expense | 4,060 | 2,551 | 2,593 | ||||||||||
Stock based compensation expense (includes restricted stock) | 8,236 | 4,175 | 3,607 | ||||||||||
Other expenses | 608 | 515 | 593 | ||||||||||
Total operating expense | 12,904 | 7,241 | 6,793 | ||||||||||
INCOME BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 90,355 | 196,374 | 221,788 | ||||||||||
FEDERAL INCOME TAX BENEFIT | 4,468 | 2,495 | 2,325 | ||||||||||
INCOME BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 94,823 | 198,869 | 224,113 | ||||||||||
EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 202,618 | 22,529 | (56,212 | ) | |||||||||
NET INCOME | $ | 297,441 | $ | 221,398 | $ | 167,901 | |||||||
PROSPERITY BANCSHARES, INC. | |||||||||||||
(Parent Company Only) | |||||||||||||
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Net income | |||||||||||||
Other comprehensive loss, before tax: | $ | 297,441 | $ | 221,398 | $ | 167,901 | |||||||
Securities available for sale: | |||||||||||||
Change in unrealized gain during period | (1,776 | ) | (6,312 | ) | (6,903 | ) | |||||||
Total other comprehensive loss | (1,776 | ) | (6,312 | ) | (6,903 | ) | |||||||
Deferred tax benefit related to other comprehensive income | 622 | 2,209 | 2,417 | ||||||||||
Other comprehensive loss, net of tax | (1,154 | ) | (4,103 | ) | (4,486 | ) | |||||||
Comprehensive income | $ | 296,287 | $ | 217,295 | $ | 163,415 | |||||||
PROSPERITY BANCSHARES, INC. | |||||||||||||
(Parent Company Only) | |||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
Net income | $ | 297,441 | $ | 221,398 | $ | 167,901 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed earnings of subsidiaries | (202,618 | ) | (22,529 | ) | 56,212 | ||||||||
Stock based compensation expense (includes restricted stock) | 8,236 | 4,175 | 3,607 | ||||||||||
Decrease (increase) in other assets | 4,838 | (2,382 | ) | 3,727 | |||||||||
(Decrease) increase in accrued interest payable and other liabilities | (968 | ) | 3,135 | (5,266 | ) | ||||||||
Net cash provided by operating activities | 106,929 | 203,797 | 226,181 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||
Cash paid for acquisitions | (34,246 | ) | (152,807 | ) | (189,966 | ) | |||||||
Cash acquired from acquisitions | 2,733 | 7,441 | 1,372 | ||||||||||
Net cash used in investing activities | (31,513 | ) | (145,366 | ) | (188,594 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||
Proceeds from stock option exercises | 3,705 | 5,379 | 3,573 | ||||||||||
Payments of cash dividends | (68,384 | ) | (54,039 | ) | (41,543 | ) | |||||||
Net cash used in financing activities | (64,679 | ) | (48,660 | ) | (37,970 | ) | |||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 10,737 | 9,771 | (383 | ) | |||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 10,597 | 826 | 1,209 | ||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 21,334 | $ | 10,597 | $ | 826 | |||||||
Note_21_Subsequent_Events
Note 21 - Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 21. SUBSEQUENT EVENTS |
As of December 31, 2014, the Company had $167.5 million in junior subordinated debentures outstanding that were issued to the Company’s unconsolidated subsidiary trusts or assumed by the Company in connection with an acquisition. The subsidiary trusts purchased the junior subordinated debentures from the Company using the proceeds from the sale of trust preferred securities to third party investors. As of December 31, 2014, all $167.5 million of outstanding trust preferred securities of the Company were counted as Tier 1 capital in the calculation of the Company’s capital ratios. Under the new Basel III Capital Rules, 75% of trust preferred securities will be eliminated from Tier 1 capital beginning on January 1, 2015 and fully eliminated by the end of 2016. | |
Although the trust preferred securities are includable as Tier 2 capital under the Basel III Capital Rules, since December 31, 2014, the Company has redeemed $41.2 million of its outstanding junior subordinated debentures and provided irrevocable notice of its intent to redeem the remaining junior subordinated debentures during the first quarter of 2015. Prior to notifying the trustees of the applicable trusts, the Company advised the Federal Reserve Board of its redemption intent and timing, and the Federal Reserve Board had no objections to the redemptions. The Company has and intends to continue to fund the redemption of the trust preferred securities through dividends from the Bank. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation—The consolidated financial statements include the accounts of Bancshares and its subsidiaries. Intercompany transactions have been eliminated in consolidation. Operations are managed and financial performance is evaluated on a company-wide basis. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment. Because the overall banking operations comprise the vast majority of the consolidated operations, no separate segment disclosures are presented. | ||||||||||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to certain fair value measures including the calculation of stock-based compensation, the valuation of goodwill and available for sale securities and the calculation of allowance for credit losses. Actual results could differ from these estimates. | ||||||||||||||||||||||||
Marketable Securities, Held-to-maturity Securities, Policy [Policy Text Block] | Securities —Securities held to maturity are carried at cost, adjusted for the amortization of premiums and the accretion of discounts. Management has the positive intent and the Company has the ability to hold these assets until their estimated maturities. | ||||||||||||||||||||||||
Securities available for sale are carried at fair value. Unrealized gains and losses are excluded from earnings and reported, net of tax, as a separate component of shareholders’ equity until realized. Securities within the available for sale portfolio may be used as part of the Company’s asset/liability strategy and may be sold in response to changes in interest rate risk, prepayment risk or other similar economic factors. | |||||||||||||||||||||||||
For debt securities, when other-than-temporary impairment (“OTTI”) occurs, the amount of the other-than-temporary impairment recognized in earnings depends on whether an entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss. If an entity intends to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the OTTI shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the OTTI shall be separated into the amount representing the credit-related portion of the impairment loss (“credit loss”) and the noncredit portion of the impairment loss (“noncredit portion”). The amount of the total OTTI related to the credit loss is determined based on the difference between the present value of cash flows expected to be collected and the amortized cost basis and such difference is recognized in earnings. The amount of the total OTTI related to the noncredit portion is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings shall become the new amortized cost basis of the investment. | |||||||||||||||||||||||||
Premiums and discounts are amortized and accreted to operations using the level-yield method of accounting, adjusted for prepayments as applicable. The specific identification method of accounting is used to compute gains or losses on the sales of these assets. Interest earned on these assets is included in interest income. | |||||||||||||||||||||||||
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale—Loans held for sale are carried at the lower of aggregate cost or market value. Premiums, discounts and loan fees (net of certain direct loan origination costs) on loans held for sale are deferred until the related loans are sold or repaid. Gains or losses on loan sales are recognized at the time of sale and determined using the specific identification method. | ||||||||||||||||||||||||
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block] | Loans Held for Investment—Loans originated and held for investment are stated at the principal amount outstanding, net of unearned fees. The related interest income for multipayment loans is recognized principally by the simple interest method; for single payment loans, such income is recognized using the straight-line method. | ||||||||||||||||||||||||
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 [Policy Text Block] | Nonrefundable Fees and Costs Associated with Lending Activities—Loan origination fees in excess of the associated costs are recognized over the life of the related loan as an adjustment to yield using the interest method. | ||||||||||||||||||||||||
Loan commitment fees and loan origination costs are deferred and recognized as an adjustment of yield by the interest method over the related loan life or, if the commitment expires unexercised, recognized in income upon expiration of the commitment. | |||||||||||||||||||||||||
Loans and Leases Receivable, Nonperforming Loan and Lease, Policy [Policy Text Block] | Nonperforming and Past Due Loans—Included in the nonperforming loan category are loans which have been categorized by management as nonaccrual because collection of interest is doubtful and loans which have been restructured to provide a reduction in the interest rate or a deferral of interest or principal payments. When the payment of principal or interest on a loan is delinquent for 90 days, or earlier in some cases, the loan is placed on nonaccrual status unless the loan is in the process of collection and the underlying collateral fully supports the carrying value of the loan. If the decision is made to continue accruing interest on the loan, periodic reviews are made to confirm the accruing status of the loan. When a loan is placed on nonaccrual status, interest accrued but not yet collected prior to the determination of uncollectibility is charged to operations. Interest accrued during prior periods is charged to the allowance for credit losses. Any payments received on nonaccrual loans are applied first to outstanding principal of the loan amount, next to the recovery of charged-off loan amounts and finally, any excess is treated as recovery of lost interest. | ||||||||||||||||||||||||
Restructured loans are those loans on which concessions in terms have been granted because of a borrower’s financial difficulty. Interest is generally not accrued on such loans in accordance with the new terms. | |||||||||||||||||||||||||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses—The allowance for credit losses is a valuation allowance available for losses incurred on loans. All losses are charged to the allowance when the loss actually occurs or when a determination is made that such a loss is probable. Recoveries are credited to the allowance at the time of recovery. | ||||||||||||||||||||||||
Throughout the year, management estimates the probable level of losses to determine whether the allowance for credit losses is adequate to absorb losses inherent in the loan portfolio. Based on these estimates, an amount is charged to the provision for credit losses and credited to the allowance for credit losses in order to adjust the allowance to a level determined to be adequate to absorb losses. | |||||||||||||||||||||||||
In making its evaluation of the adequacy of the allowance for credit losses, management considers factors such as historical loan loss experience, the amount of nonperforming assets and related collateral, the volume, growth and composition of the Company’s loan portfolio, current economic conditions that may affect the borrower’s ability to pay and the value of collateral, the evaluation of the Company’s loan portfolio through its internal loan review process and other relevant factors. | |||||||||||||||||||||||||
Estimates of credit losses involve an exercise of judgment. While it is possible that in the short term the Company may sustain losses which are substantial in relation to the allowance for credit losses, it is the judgment of management that the allowance for credit losses reflected in the consolidated balance sheets is adequate to absorb probable losses that exist in the current loan portfolio. | |||||||||||||||||||||||||
The Company’s allowance for legacy 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 credit losses for acquired loans not deemed credit-impaired at acquisition are similar to originated loans; however, the estimate of loss is based on the unpaid principal balance and then compared to any remaining unaccreted purchase discount. To the extent that the calculated loss is greater than the remaining unaccreted purchase discount, an allowance is recorded for such difference. | |||||||||||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment—Premises and equipment are carried at cost less accumulated depreciation. Depreciation expense is computed principally using the straight-line method over the estimated useful lives of the assets which range from three to 39 years. Leasehold improvements are amortized using the straight-line method over the periods of the leases or the estimated useful lives, whichever is shorter. | ||||||||||||||||||||||||
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments—The Company inherited interest rate swaps with certain commercial customers of acquired institutions who wished to obtain a loan at a fixed rate. In these transactions, the acquired institution entered into an interest rate swap with the customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each swap transaction, the Company agrees to pay interest to the borrowing customer on a notional amount at a variable interest rate and receives interest from the customer on the same notional amount at a fixed interest rate. At the same time, the acquired institution agreed to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows the customer to effectively convert a variable-rate loan to a fixed-rate. Because the Company acts solely as an intermediary for its customer, changes in the fair value of the underlying derivative contracts offset each other and do not significantly impact the Company’s results of operations. | ||||||||||||||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill —Goodwill is annually assessed for impairment or when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. | ||||||||||||||||||||||||
On January 1, 2012, the Company adopted Accounting Standard Update No. 2011-08, "Intangibles - Goodwill and Other (Topic 350): Testing Goodwill for Impairment," (ASU 2011-08), which allows companies in certain circumstances to use a qualitative approach to assess goodwill for impairment. The provisions of ASU 2011-08 give companies the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining the need to perform step one of the annual test for goodwill impairment. An entity has an unconditional option to bypass the qualitative assessment described in the preceding paragraph for any reporting unit in any period and proceed directly to performing the first step of the goodwill impairment test. An entity may resume performing the qualitative assessment in any subsequent period. | |||||||||||||||||||||||||
If the Company bypasses the qualitative assessment, a two-step goodwill impairment test is performed. The first step of the goodwill impairment test compares the estimated fair value of the Company’s reporting unit to its carrying value. If the estimated fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the estimated fair value of the reporting unit is less than the carrying value, the second step must be performed to determine the implied fair value of the reporting unit’s goodwill and the amount of goodwill impairment, if any. | |||||||||||||||||||||||||
Estimating the fair value of the Company’s reporting unit is a subjective process involving the use of estimates and judgments, particularly related to future cash flows of the reporting units, discount rates (including market risk premiums) and market multiples. Material assumptions used in the valuation 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. | |||||||||||||||||||||||||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Amortization of Core Deposit Intangibles—Core deposit intangibles are being amortized on a non-pro rata basis over an estimated life of 10 to 15 years. | ||||||||||||||||||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes—The Company files a consolidated federal income tax return and a consolidated Oklahoma state income tax return. | ||||||||||||||||||||||||
Deferred tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are recorded in other assets on the Company’s consolidated balance sheets. The Company records uncertain tax positions in accordance with Accounting Standards Codification (“ASC”) 740 on the basis of a two-step process whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. | |||||||||||||||||||||||||
Realization of net deferred tax assets is based upon the level of historical income and on estimates of future taxable income. Although realization is not assured, management believes it is more likely than not that all of the net deferred tax assets will be realized. | |||||||||||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation—The Company accounts for stock-based employee compensation plans using the fair value-based method of accounting. The expense associated with stock-based compensation is recognized over the vesting period of each individual arrangement. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of subjective assumptions. The fair value of restricted stock awards is based on the current market price on the date of grant. | ||||||||||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents—For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks as well as federal funds sold that mature in three days or less. | ||||||||||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share—Basic earnings per common share are calculated using the two-class method. The two-class method provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of basic earnings per share. | ||||||||||||||||||||||||
Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock using the treasury stock method. Outstanding stock options issued by the Company represent the only dilutive effect reflected in diluted weighted average shares. | |||||||||||||||||||||||||
The following table illustrates the computation of basic and diluted earnings per share: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||||||||||||
Per | Per | Per | |||||||||||||||||||||||
Share | Share | Share | |||||||||||||||||||||||
Amount | Amount | Amount | Amount | Amount | Amount | ||||||||||||||||||||
Net income | $ | 297,441 | $ | 221,399 | $ | 167,901 | |||||||||||||||||||
Basic: | |||||||||||||||||||||||||
Weighted average shares outstanding | 68,855 | $ | 4.32 | 60,421 | $ | 3.66 | 51,794 | $ | 3.24 | ||||||||||||||||
Diluted: | |||||||||||||||||||||||||
Add incremental shares for: | |||||||||||||||||||||||||
Effect of dilutive securities - options | 56 | 157 | 147 | ||||||||||||||||||||||
Total | 68,911 | $ | 4.32 | 60,578 | $ | 3.65 | 51,941 | $ | 3.23 | ||||||||||||||||
There were no stock options exercisable at December 31, 2014, 2013 and 2012 that would have had an anti-dilutive effect on the above computation. | |||||||||||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards | ||||||||||||||||||||||||
Accounting Standards Updates (“ASU”) | |||||||||||||||||||||||||
ASU 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2015-01 eliminates from U.S. GAAP the concept of extraordinary items, which, among other things, required an entity to segregate extraordinary items considered to be unusual and infrequent from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. ASU 2015-01 is effective for the Company beginning January 1, 2016, though early adoption is permitted. ASU 2015-01 is not expected to have a significant impact on the Company’s financial statements. | |||||||||||||||||||||||||
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 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. ASU 2014-12 is effective for the Company beginning after January 1, 2016 and is not expected to have a significant impact on the Company’s financial statements. | |||||||||||||||||||||||||
ASU 2014-11 “Transfers and Servicing (Topic 860) - Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure.” ASU 2014-11 changes the accounting for repurchase-to-maturity transactions to secured borrowing accounting. It also requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting and disclosure for the repurchase agreement. ASU 2014-11 is effective for the Company beginning after January 1, 2016 and is not expected to have a significant impact on the Company’s financial statements. | |||||||||||||||||||||||||
ASU 2014-09 “Revenue from Contract with Customers (Topic 606).” ASU 2014-09 supersedes the revenue recognition requirements in Revenue Recognition (Topic 605), and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, ASU 2014-09 supersedes some cost guidance included in Revenue Recognition—Construction-Type and Production-Type Contracts (Subtopic 605-35). In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer are amended to be consistent with the guidance on recognition and measurement. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for the Company beginning after January 1, 2017, with retrospective application to each prior reporting period presented, and the Company is still evaluating the potential impact on the Company's financial statements. | |||||||||||||||||||||||||
ASU 2014-04 “Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40) — Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” ASU 2014-04 intends to reduce diversity by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. ASU 2014-04 is effective for the Company on January 1, 2015 and is not expected to have a significant impact on the Company’s financial statements. |
Note_1_Nature_of_Operations_an1
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||||||||||||
Per | Per | Per | |||||||||||||||||||||||
Share | Share | Share | |||||||||||||||||||||||
Amount | Amount | Amount | Amount | Amount | Amount | ||||||||||||||||||||
Net income | $ | 297,441 | $ | 221,399 | $ | 167,901 | |||||||||||||||||||
Basic: | |||||||||||||||||||||||||
Weighted average shares outstanding | 68,855 | $ | 4.32 | 60,421 | $ | 3.66 | 51,794 | $ | 3.24 | ||||||||||||||||
Diluted: | |||||||||||||||||||||||||
Add incremental shares for: | |||||||||||||||||||||||||
Effect of dilutive securities - options | 56 | 157 | 147 | ||||||||||||||||||||||
Total | 68,911 | $ | 4.32 | 60,578 | $ | 3.65 | 51,941 | $ | 3.23 |
Note_2_Acquisitions_Tables
Note 2 - Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | FVNB Corp. | $ | 604 | ||||||
F&M Bancorporation Inc. | 2,476 | ||||||||
All other | 34 | ||||||||
$ | 3,114 | ||||||||
East Texas Financial Services, Inc. | $ | 84 | |||||||
Coppermark Bancshares, Inc. | 853 | ||||||||
FVNB Corp. | 2,000 | ||||||||
All other | 266 | ||||||||
$ | 3,203 | ||||||||
Texas Bankers, Inc. | $ | 392 | |||||||
The Bank Arlington | 168 | ||||||||
Community National Bank | 250 | ||||||||
American State Financial Corp | 5,889 | ||||||||
All other | 321 | ||||||||
$ | 7,020 | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Fair value of consideration paid: | ||||||||
Common stock issued (8,524,835 shares) | $ | 358,299 | |||||||
Cash | 178,507 | ||||||||
Total consideration paid | $ | 536,806 | |||||||
Fair value of assets acquired: | |||||||||
Cash and due from banks | $ | 98,720 | |||||||
Federal funds sold | 202,810 | ||||||||
Total cash and cash equivalents | 301,530 | ||||||||
Securities available for sale | 524,959 | ||||||||
Securities held to maturity | 994,873 | ||||||||
Loans held for sale | 13,770 | ||||||||
Loans held for investment | 1,133,867 | ||||||||
Bank premises and equipment | 36,502 | ||||||||
Other real estate owned | 1,232 | ||||||||
Core deposit intangibles | 12,392 | ||||||||
Federal Home Loan Bank stock | 2,355 | ||||||||
Other assets | 83,803 | ||||||||
Total assets acquired | 3,105,283 | ||||||||
Fair value of liabilities assumed: | |||||||||
Deposits | 2,495,652 | ||||||||
Other borrowings | 318,692 | ||||||||
Other liabilities | 28,252 | ||||||||
Total liabilities assumed | 2,842,596 | ||||||||
Fair value of net assets acquired | $ | 262,687 | |||||||
Goodwill resulting from acquisition | $ | 274,119 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | 2012 | 2011 | |||||||
Net interest income | $ | 447,471 | $ | 454,408 | |||||
Net income | 213,830 | 200,964 | |||||||
Basic earnings per share | 3.81 | 3.63 | |||||||
Diluted earnings per share | 3.8 | 3.62 | |||||||
Carrying Value and Outstanding Balance for Purchased Credit Impaired Loans and Non Purchased Credit Impaired Loans [Table Text Block] | December 31, | December 31, | |||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
PCI loans: | |||||||||
Outstanding balance | $ | 129,412 | $ | 86,980 | |||||
Less: discount | 72,270 | 45,497 | |||||||
Recorded investment | $ | 57,142 | $ | 41,483 | |||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Non-PCI loans: | |||||||||
Outstanding balance | $ | 2,186,111 | $ | 2,458,975 | |||||
Less: discount | 89,105 | 87,798 | |||||||
Recorded investment | $ | 2,097,006 | $ | 2,371,177 | |||||
Summary of Changes in Accretable Yields of Acquired Loans [Table Text Block] | Year Ended December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Balance at beginning of period | $ | 9,855 | $ | 7,459 | |||||
Additions | 7,158 | 9,998 | |||||||
Reclassifications from nonaccretable | 24,074 | 8,440 | |||||||
Accretion | (31,220 | ) | (16,042 | ) | |||||
Balance at December 31 | $ | 9,867 | $ | 9,855 | |||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Balance at beginning of period | $ | 87,798 | $ | 56,190 | |||||
Additions | 65,962 | 78,299 | |||||||
Accretion | (64,655 | ) | (46,691 | ) | |||||
Balance at December 31 | $ | 89,105 | $ | 87,798 |
Note_3_Goodwill_and_Core_Depos1
Note 3 - Goodwill and Core Deposit Intangibles (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | Core Deposit | ||||||||
Goodwill | Intangibles | ||||||||
(Dollars in thousands) | |||||||||
Balance as of December 31, 2012 | $ | 1,217,162 | $ | 26,159 | |||||
Less: | |||||||||
Amortization | - | (6,145 | ) | ||||||
Add: | |||||||||
Measurement period adjustments | (1,225 | ) | 2,110 | ||||||
Acquisition of East Texas Financial Services, Inc. | 15,007 | - | |||||||
Acquisition of Coppermark Bancshares, Inc. | 117,544 | 1,514 | |||||||
Acquisition of FVNB Corp. | 323,032 | 18,411 | |||||||
Balance as of December 31, 2013 | 1,671,520 | 42,049 | |||||||
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 | |||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2015 | 9,530 | |||||||
2016 | 8,519 | ||||||||
2017 | 6,327 | ||||||||
2018 | 5,400 | ||||||||
2019 | 4,546 | ||||||||
Thereafter | 24,625 | ||||||||
Total | $ | 58,947 |
Note_5_Securities_Tables
Note 5 - Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Marketable Securities [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | 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 | ||||||||||||||||||||
Corporate debt securities | - | - | - | - | |||||||||||||||||||||
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 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
States and political subdivisions | $ | 28,578 | $ | 797 | $ | - | $ | 29,375 | |||||||||||||||||
Collateralized mortgage obligations | 483 | 7 | (1 | ) | 489 | ||||||||||||||||||||
Mortgage-backed securities | 108,316 | 6,843 | (22 | ) | 115,137 | ||||||||||||||||||||
Other securities | 12,589 | 14 | (126 | ) | 12,477 | ||||||||||||||||||||
Total | $ | 149,966 | $ | 7,661 | $ | (149 | ) | $ | 157,478 | ||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies | $ | 62,931 | $ | 46 | $ | (935 | ) | $ | 62,042 | ||||||||||||||||
States and political subdivisions | 439,235 | 4,317 | (2,207 | ) | 441,345 | ||||||||||||||||||||
Corporate debt securities | 513 | 5 | - | 518 | |||||||||||||||||||||
Collateralized mortgage obligations | 50,034 | 1,017 | (58 | ) | 50,993 | ||||||||||||||||||||
Mortgage-backed securities | 7,514,257 | 84,166 | (165,979 | ) | 7,432,444 | ||||||||||||||||||||
Total | $ | 8,066,970 | $ | 89,551 | $ | (169,179 | ) | $ | 7,987,342 | ||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 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 | ) | ||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 5 | $ | - | $ | 50 | $ | (1 | ) | $ | 55 | $ | (1 | ) | |||||||||||
Mortgage-backed securities | 651 | (1 | ) | 3,313 | (21 | ) | 3,964 | (22 | ) | ||||||||||||||||
Other securities | 6,911 | (126 | ) | - | - | 6,911 | (126 | ) | |||||||||||||||||
Total | $ | 7,567 | $ | (127 | ) | $ | 3,363 | $ | (22 | ) | $ | 10,930 | $ | (149 | ) | ||||||||||
Held to Maturity | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | $ | 48,389 | $ | (935 | ) | $ | - | $ | - | $ | 48,389 | $ | (935 | ) | |||||||||||
States and political subdivisions | 113,063 | (1,581 | ) | 28,639 | (626 | ) | 141,702 | (2,207 | ) | ||||||||||||||||
Collateralized mortgage obligations | 2,109 | (32 | ) | 433 | (26 | ) | 2,542 | (58 | ) | ||||||||||||||||
Mortgage-backed securities | 3,702,569 | (106,816 | ) | 998,380 | (59,163 | ) | 4,700,949 | (165,979 | ) | ||||||||||||||||
Total | $ | 3,866,130 | $ | (109,364 | ) | $ | 1,027,452 | $ | (59,815 | ) | $ | 4,893,582 | $ | (169,179 | ) | ||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | Held to Maturity | Available for Sale | |||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Due in one year or less | $ | 32,904 | $ | 32,972 | $ | 12,688 | $ | 12,861 | |||||||||||||||||
Due after one year through five years | 175,844 | 177,023 | 4,776 | 4,834 | |||||||||||||||||||||
Due after five years through ten years | 183,608 | 186,894 | 8,895 | 9,006 | |||||||||||||||||||||
Due after ten years | 64,353 | 64,831 | 631 | 642 | |||||||||||||||||||||
Subtotal | 456,709 | 461,720 | 26,990 | 27,343 | |||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 8,443,668 | 8,486,972 | 112,672 | 118,056 | |||||||||||||||||||||
Total | $ | 8,900,377 | $ | 8,948,692 | $ | 139,662 | $ | 145,399 |
Note_6_Loans_and_Allowance_for1
Note 6 - Loans and Allowance for Credit Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Loans And Allowance For Credit Losses [Abstract] | |||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Residential mortgage loans held for sale | $ | 8,602 | $ | 2,210 | |||||||||||||||||||||||||
Commercial and industrial | 1,806,267 | 1,279,777 | |||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | 1,026,475 | 865,511 | |||||||||||||||||||||||||||
1-4 family residential (including home equity) | 2,513,579 | 2,129,510 | |||||||||||||||||||||||||||
Commercial real estate (including multi-family residential) | 3,030,340 | 2,753,797 | |||||||||||||||||||||||||||
Farmland | 361,943 | 332,648 | |||||||||||||||||||||||||||
Agriculture | 189,703 | 198,610 | |||||||||||||||||||||||||||
Consumer and other | 307,274 | 213,158 | |||||||||||||||||||||||||||
Total loans held for investment | 9,235,581 | 7,773,011 | |||||||||||||||||||||||||||
Total | $ | 9,244,183 | $ | 7,775,221 | |||||||||||||||||||||||||
Schedule of Contractual Maturities of Loans Classified by Major Type [Table Text Block] | One Year | Through | After Five | ||||||||||||||||||||||||||
or Less | Five Years | Years | Total | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 774,040 | $ | 702,492 | $ | 404,256 | $ | 1,880,788 | |||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | 348,560 | 203,759 | 478,605 | 1,030,924 | |||||||||||||||||||||||||
1-4 family residential (includes home equity) | 31,922 | 196,281 | 2,302,661 | 2,530,864 | |||||||||||||||||||||||||
Commercial (includes multi-family residential) | 135,957 | 600,426 | 2,351,382 | 3,087,765 | |||||||||||||||||||||||||
Agriculture (includes farmland) | 168,736 | 61,549 | 326,940 | 557,225 | |||||||||||||||||||||||||
Consumer and other | 123,433 | 89,933 | 96,024 | 309,390 | |||||||||||||||||||||||||
Total | $ | 1,582,648 | $ | 1,854,440 | $ | 5,959,868 | $ | 9,396,956 | |||||||||||||||||||||
Loans with a predetermined interest rate | $ | 487,134 | $ | 916,728 | $ | 2,616,963 | $ | 4,020,825 | |||||||||||||||||||||
Loans with a floating interest rate | 1,095,514 | 937,712 | 3,342,905 | 5,376,131 | |||||||||||||||||||||||||
Total | $ | 1,582,648 | $ | 1,854,440 | $ | 5,959,868 | $ | 9,396,956 | |||||||||||||||||||||
Schedule of Related Party Loans [Table Text Block] | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Beginning balance on January 1 | $ | 6,187 | $ | 6,682 | |||||||||||||||||||||||||
New loans and reclassified related loans | 4,943 | 306 | |||||||||||||||||||||||||||
Repayments | (6,190 | ) | (801 | ) | |||||||||||||||||||||||||
Ending balance | $ | 4,940 | $ | 6,187 | |||||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||||||||||
Loans Past Due and Still Accruing | |||||||||||||||||||||||||||||
90 or More | Total Past | Nonaccrual | Current | Total | |||||||||||||||||||||||||
30-89 Days | Days | Due Loans | Loans | Loans | Loans | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Construction, land development and other land loans | $ | 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 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Loans Past Due and Still Accruing | |||||||||||||||||||||||||||||
90 or More | Total Past | Nonaccrual | Current | Total | |||||||||||||||||||||||||
30-89 Days | Days | Due Loans | Loans | Loans | Loans | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Construction, land development and other land loans | $ | 6,258 | $ | 2 | $ | 6,260 | $ | 386 | $ | 858,865 | $ | 865,511 | |||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 5,634 | 218 | 5,852 | 62 | 525,344 | 531,258 | |||||||||||||||||||||||
1-4 family (includes home equity) (1) | 8,684 | 2,012 | 10,696 | 3,086 | 2,117,938 | 2,131,720 | |||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 8,163 | 1,752 | 9,915 | 4,333 | 2,739,549 | 2,753,797 | |||||||||||||||||||||||
Commercial and industrial | 9,552 | 933 | 10,485 | 2,208 | 1,267,084 | 1,279,777 | |||||||||||||||||||||||
Consumer and other | 1,344 | 30 | 1,374 | 156 | 211,628 | 213,158 | |||||||||||||||||||||||
Total | $ | 39,635 | $ | 4,947 | $ | 44,582 | $ | 10,231 | $ | 7,720,408 | $ | 7,775,221 | |||||||||||||||||
Schedule of Nonperforming Assets [Table Text Block] | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Nonaccrual loans (1) | $ | 31,422 | $ | 10,231 | $ | 5,382 | $ | 3,578 | $ | 4,439 | |||||||||||||||||||
Accruing loans 90 or more days past due | 2,193 | 4,947 | 331 | - | 189 | ||||||||||||||||||||||||
Total nonperforming loans | 33,615 | 15,178 | 5,713 | 3,578 | 4,628 | ||||||||||||||||||||||||
Repossessed assets | 67 | 27 | 68 | 146 | 161 | ||||||||||||||||||||||||
Other real estate | 3,237 | 7,299 | 7,234 | 8,328 | 11,053 | ||||||||||||||||||||||||
Total nonperforming assets | $ | 36,919 | $ | 22,504 | $ | 13,015 | $ | 12,052 | $ | 15,842 | |||||||||||||||||||
Nonperforming assets to total loans and other real estate | 0.4 | % | 0.29 | % | 0.25 | % | 0.32 | % | 0.45 | % | |||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||||||||||
Unpaid | Average | ||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||
Investment | Balance | Allowance | 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 | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Unpaid | Average | ||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | ||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | $ | 277 | $ | 289 | $ | - | $ | 711 | |||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 14 | 57 | - | 46 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 584 | 664 | - | 538 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 2,490 | 3,798 | - | 1,470 | |||||||||||||||||||||||||
Commercial and industrial | 103 | 122 | - | 95 | |||||||||||||||||||||||||
Consumer and other | 15 | 16 | - | 13 | |||||||||||||||||||||||||
Total | 3,483 | 4,946 | - | 2,873 | |||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | - | - | - | - | |||||||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 21 | 27 | 18 | 28 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 2,519 | 2,548 | 890 | 1,759 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 1,613 | 1,615 | 445 | 2,032 | |||||||||||||||||||||||||
Commercial and industrial | 1,111 | 1,192 | 1,029 | 1,077 | |||||||||||||||||||||||||
Consumer and other | 95 | 113 | 77 | 81 | |||||||||||||||||||||||||
Total | 5,359 | 5,495 | 2,459 | 4,977 | |||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||
Construction, land development and other land loans | 277 | 289 | - | 711 | |||||||||||||||||||||||||
Agriculture and agriculture real estate (includes farmland) | 35 | 84 | 18 | 74 | |||||||||||||||||||||||||
1-4 family (includes home equity) | 3,103 | 3,212 | 890 | 2,297 | |||||||||||||||||||||||||
Commercial real estate (includes multi-family residential) | 4,103 | 5,413 | 445 | 3,502 | |||||||||||||||||||||||||
Commercial and industrial | 1,214 | 1,314 | 1,029 | 1,172 | |||||||||||||||||||||||||
Consumer and other | 110 | 129 | 77 | 94 | |||||||||||||||||||||||||
$ | 8,842 | $ | 10,441 | $ | 2,459 | $ | 7,850 | ||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | Construction, Land Development and Other Land Loans | Agriculture and Agriculture Real Estate (includes Farmland) | 1-4 Family (includes Home Equity) (1) | Commercial Real Estate (includes Multi-Family Residential) | Commercial and Industrial | Consumer and Other | 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 | |||||||||||||||
Construction, Land Development and Other Land Loans | Agriculture and Agriculture Real Estate (includes Farmland) | 1-4 Family (includes Home Equity) (1) | Commercial Real Estate (includes Multi-Family Residential) | Commercial and Industrial | Consumer and Other | Total | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Grade 1 | $ | - | $ | 5,225 | $ | - | $ | - | $ | 50,131 | $ | 31,362 | $ | 86,718 | |||||||||||||||
Grade 2 | - | - | - | - | - | - | - | ||||||||||||||||||||||
Grade 3 | 858,712 | 520,921 | 2,113,698 | 2,697,664 | 1,202,604 | 181,406 | 7,575,005 | ||||||||||||||||||||||
Grade 4 | - | - | - | - | - | - | - | ||||||||||||||||||||||
Grade 5 | 1,141 | 3,427 | 6,337 | 10,798 | 17,179 | 146 | 39,028 | ||||||||||||||||||||||
Grade 6 | 1,616 | 1,043 | 4,504 | 14,316 | 2,423 | 134 | 24,036 | ||||||||||||||||||||||
Grade 7 | 277 | 35 | 3,093 | 4,103 | 1,214 | 110 | 8,832 | ||||||||||||||||||||||
Grade 8 | - | - | 10 | - | - | - | 10 | ||||||||||||||||||||||
Grade 9 | - | - | - | - | - | - | - | ||||||||||||||||||||||
PCI Loans (2) | 3,765 | 607 | 4,078 | 26,916 | 6,226 | - | 41,592 | ||||||||||||||||||||||
Total | $ | 865,511 | $ | 531,258 | $ | 2,131,720 | $ | 2,753,797 | $ | 1,279,777 | $ | 213,158 | $ | 7,775,221 | |||||||||||||||
Schedule of Investment in Loans and Activity in Allowance for Credit Losses by Portfolio Segment [Table Text Block] | Construction, | Agriculture | 1-4 Family | Commercial | Commercial | Consumer and Other | Total | ||||||||||||||||||||||
Land | and | (includes | Real Estate | and Industrial | |||||||||||||||||||||||||
Development | Agriculture | Home Equity) | (includes | ||||||||||||||||||||||||||
and | Real Estate | Multi-Family Residential) | |||||||||||||||||||||||||||
Other Land Loans | (includes Farmland) | ||||||||||||||||||||||||||||
(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: | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
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 | |||||||||||||||
Construction, | Agriculture | Commercial | Commercial | Consumer and Other | Total | ||||||||||||||||||||||||
Land | and | 1-4 Family | Real Estate | and Industrial | |||||||||||||||||||||||||
Development | Agriculture | (includes | (includes | ||||||||||||||||||||||||||
and | Real Estate | Home Equity) | Multi-Family Residential) | ||||||||||||||||||||||||||
Other Land Loans | (includes Farmland) | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Balance January 1, 2013 | $ | 11,909 | $ | 764 | $ | 13,942 | $ | 19,607 | $ | 5,777 | $ | 565 | $ | 52,564 | |||||||||||||||
Provision for credit losses | 2,470 | 399 | 3,277 | 5,189 | 2,714 | 3,191 | 17,240 | ||||||||||||||||||||||
Charge-offs | (271 | ) | (48 | ) | (211 | ) | (894 | ) | (672 | ) | (3,397 | ) | (5,493 | ) | |||||||||||||||
Recoveries | 245 | 114 | 38 | 933 | 348 | 1,293 | 2,971 | ||||||||||||||||||||||
Net charge-offs | (26 | ) | 66 | (173 | ) | 39 | (324 | ) | (2,104 | ) | (2,522 | ) | |||||||||||||||||
Balance December 31, 2013 | $ | 14,353 | $ | 1,229 | $ | 17,046 | $ | 24,835 | $ | 8,167 | $ | 1,652 | $ | 67,282 | |||||||||||||||
Allowance for credit losses related to: | |||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 277 | $ | 35 | $ | 3,103 | $ | 4,103 | $ | 1,214 | $ | 110 | $ | 8,842 | |||||||||||||||
Collectively evaluated for impairment | 861,469 | 530,616 | 2,122,329 | 2,722,778 | 1,272,337 | 213,048 | 7,722,577 | ||||||||||||||||||||||
PCI loans | 3,765 | 607 | 4,078 | 26,916 | 6,226 | - | 41,592 | ||||||||||||||||||||||
Total loans evaluated for impairment | $ | 865,511 | $ | 531,258 | $ | 2,129,510 | $ | 2,753,797 | $ | 1,279,777 | $ | 213,158 | $ | 7,773,011 | |||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Balance at beginning of year | $ | 51,594 | ||||||||||||||||||||||||||
Addition - provision charged to operations | 6,100 | ||||||||||||||||||||||||||||
Charge-offs and recoveries: | |||||||||||||||||||||||||||||
Loans charged-off | (7,896 | ) | |||||||||||||||||||||||||||
Loan recoveries | 2,766 | ||||||||||||||||||||||||||||
Net charge-offs | (5,130 | ) | |||||||||||||||||||||||||||
Balance at end of year | $ | 52,564 | |||||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Years Ended of December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||
Investment | Recorded | Investment | Recorded | ||||||||||||||||||||||||||
Number of | at Date of | Investment | Number of | at Date of | Investment | ||||||||||||||||||||||||
Loans | Restructure | at Year-End | Loans | Restructure | at Year-End | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||
Construction, land development and other land loans | - | $ | - | $ | - | 1 | $ | 251 | $ | 236 | |||||||||||||||||||
Agriculture and agriculture real estate | - | - | - | - | - | - | |||||||||||||||||||||||
1-4 Family (includes home equity) | - | - | - | - | - | - | |||||||||||||||||||||||
Commercial real estate (commercial mortgage and multi-family) | 1 | 35 | 35 | 1 | 450 | 450 | |||||||||||||||||||||||
Commercial and industrial | 2 | 34 | 33 | 1 | 15 | 14 | |||||||||||||||||||||||
Consumer and other | - | - | - | - | - | - | |||||||||||||||||||||||
Total | 3 | $ | 69 | $ | 68 | 3 | $ | 716 | $ | 700 |
Note_7_Fair_Value_Tables
Note 7 - Fair Value (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 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 | |||||||||||||||||
Non-hedging interest rate swap | - | 303 | - | 303 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||
States and political subdivisions | $ | - | $ | 29,375 | $ | - | $ | 29,375 | |||||||||||||
Collateralized mortgage obligations | - | 489 | - | 489 | |||||||||||||||||
Mortgage-backed securities | - | 115,137 | - | 115,137 | |||||||||||||||||
Other securities | 12,477 | - | - | 12,477 | |||||||||||||||||
Non-hedging interest rate swap | - | 38 | - | 38 | |||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | As of December 31, 2014 | ||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||
Amount | 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 | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 380,990 | $ | 380,990 | $ | - | $ | - | $ | 380,990 | |||||||||||
Federal funds sold | 400 | 400 | - | - | 400 | ||||||||||||||||
Held to maturity securities | 8,066,970 | - | 7,987,342 | - | 7,987,342 | ||||||||||||||||
Loans held for sale | 2,210 | 2,210 | - | - | 2,210 | ||||||||||||||||
Loans held for investment, net of allowance | 7,705,729 | - | - | 7,749,786 | 7,749,786 | ||||||||||||||||
Other real estate owned | 7,299 | - | 7,299 | - | 7,299 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Noninterest-bearing | $ | 4,108,835 | $ | - | $ | 4,108,835 | $ | - | $ | 4,108,835 | |||||||||||
Interest-bearing | 11,182,436 | - | 11,196,241 | - | 11,196,241 | ||||||||||||||||
Other borrowings | 10,689 | - | 12,014 | - | 12,014 | ||||||||||||||||
Securities sold under repurchase agreements | 364,357 | - | 364,477 | - | 364,477 | ||||||||||||||||
Junior subordinated debentures | 124,231 | - | 119,325 | - | 119,325 |
Note_8_Premises_and_Equipment_
Note 8 - Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Land | $ | 91,491 | $ | 97,000 | |||||
Buildings | 204,904 | 193,817 | |||||||
Furniture, fixtures and equipment | 60,296 | 51,418 | |||||||
Construction in progress | 2,409 | 5,600 | |||||||
Total | 359,100 | 347,835 | |||||||
Less accumulated depreciation | (77,551 | ) | (64,910 | ) | |||||
Premises and equipment, net | $ | 281,549 | $ | 282,925 |
Note_9_Deposits_Tables
Note 9 - Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Schedule of Certificates and Their Remaining Maturities [Table Text Block] | Three months or less | $ | 625,392 | 33.7 | % | ||||
Over three through six months | 828,372 | 44.6 | |||||||
Over six through 12 months | 287,079 | 15.4 | |||||||
Over 12 months | 116,415 | 6.3 | |||||||
Total | $ | 1,857,258 | 100 | % |
Note_10_Other_Borrowings_and_S1
Note 10 - Other Borrowings and Securities Sold Under Repurchase Agreements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Schedule of Debt [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
FHLB advances | $ | - | $ | - | |||||
FHLB long-term notes payable | 8,724 | 10,689 | |||||||
Total other borrowings | 8,724 | 10,689 | |||||||
Securities sold under repurchase agreements | 315,523 | 364,357 | |||||||
Total | $ | 324,247 | $ | 375,046 |
Note_11_Income_Taxes_Tables
Note 11 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current | $ | 102,595 | $ | 88,535 | $ | 74,168 | |||||||
Deferred | 45,713 | 19,884 | 9,615 | ||||||||||
Total | $ | 148,308 | $ | 108,419 | $ | 83,783 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Taxes calculated at statutory rate | $ | 156,012 | $ | 115,436 | $ | 88,089 | |||||||
(Decrease) increase resulting from: | |||||||||||||
Tax-exempt interest | (7,102 | ) | (6,360 | ) | (3,836 | ) | |||||||
Qualified School Construction Bond credit | (794 | ) | (530 | ) | (504 | ) | |||||||
Non taxable death benefits | (677 | ) | - | - | |||||||||
BOLI income | (1,788 | ) | (1,244 | ) | (936 | ) | |||||||
Qualified stock options | 6 | 12 | 22 | ||||||||||
Merger related expenses | 86 | 185 | 538 | ||||||||||
State tax, net | 1,898 | 864 | 195 | ||||||||||
Other, net | 667 | 56 | 215 | ||||||||||
Total | $ | 148,308 | $ | 108,419 | $ | 83,783 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Loan purchase discounts | $ | 56,553 | $ | 46,653 | |||||||||
Allowance for credit losses | 27,324 | 22,565 | |||||||||||
Accrued liabilities | 8,704 | 6,294 | |||||||||||
Restricted stock | 6,620 | 4,242 | |||||||||||
Deferred compensation | 3,755 | 5,075 | |||||||||||
Certificates of Deposit | 613 | 42 | |||||||||||
Net operating losses | 5,055 | 8,818 | |||||||||||
Self insurance reserve | - | 1,075 | |||||||||||
ORE write-downs | 1,418 | 5,826 | |||||||||||
Investments in partnerships | 95 | 30 | |||||||||||
Other | 1,428 | 300 | |||||||||||
Total deferred tax assets | 111,565 | 100,920 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Goodwill and core deposit intangibles | (31,868 | ) | (20,801 | ) | |||||||||
Bank premises and equipment | (9,325 | ) | (13,020 | ) | |||||||||
Securities | (4,405 | ) | (6,823 | ) | |||||||||
Unrealized gain on available for sale securities | (2,008 | ) | (2,629 | ) | |||||||||
Prepaid expenses | (1,260 | ) | (1,430 | ) | |||||||||
Deferred loan fees and costs | (1,299 | ) | (1,283 | ) | |||||||||
Total deferred tax liabilities | (50,165 | ) | (45,986 | ) | |||||||||
Net deferred tax assets | $ | 61,400 | $ | 54,934 |
Note_12_Stock_Incentive_Progra1
Note 12 - Stock Incentive Programs (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Share-based Arrangements with Employees and Nonemployees [Abstract] | |||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted | ||||||||||||||||
Weighted | Average | ||||||||||||||||
Number of | Average | Remaining | Aggregate | ||||||||||||||
Exercise | Contractual | Intrinsic | |||||||||||||||
Options | Price | Term | Value | ||||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||||||
Options outstanding, January 1, 2012 | 525 | $ | 28.18 | 3.88 | $ | 6,391 | |||||||||||
Options granted | - | - | |||||||||||||||
Options forfeited | (8 | ) | 30.93 | ||||||||||||||
Options exercised | (131 | ) | 27.36 | ||||||||||||||
Options outstanding, December 31, 2012 | 386 | $ | 28.39 | 3.2 | 5,247 | ||||||||||||
Options granted | - | - | |||||||||||||||
Options forfeited | (4 | ) | 30.97 | ||||||||||||||
Options exercised | (194 | ) | 27.69 | ||||||||||||||
Options outstanding, December 31, 2013 | 188 | $ | 28.88 | 3.7 | 6,500 | ||||||||||||
Options granted | - | - | |||||||||||||||
Options forfeited | (5 | ) | 23.88 | ||||||||||||||
Options exercised | (130 | ) | 28.46 | ||||||||||||||
Options outstanding, December 31, 2014 | 53 | $ | 27.68 | 2.69 | $ | 1,473 | |||||||||||
Shares vested or expected to vest, December 31, 2014 | 52 | $ | 27.68 | 2.67 | $ | 1,429 | |||||||||||
Shares exercisable, December 31, 2014 | 38 | $ | 29.85 | 2.01 | $ | 962 | |||||||||||
Nonvested Restricted Stock Shares Activity [Table Text Block] | Weighted | ||||||||||||||||
Average Grant | |||||||||||||||||
Number of | Date Fair | ||||||||||||||||
Shares | Value | ||||||||||||||||
(Shares in thousands) | |||||||||||||||||
Nonvested share awards outstanding, December 31, 2013 | 452 | $ | 39.08 | ||||||||||||||
Share awards granted | 354 | 61.83 | |||||||||||||||
Unvested share awards forfeited | (51 | ) | 49.75 | ||||||||||||||
Share awards vested | (309 | ) | 37.69 | ||||||||||||||
Nonvested shares outstanding, December 31, 2014 | 446 | $ | 57.97 |
Note_13_Other_Noninterest_Inco1
Note 13 - Other Noninterest Income and Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Noninterest Income Expense Other [Abstract] | |||||||||||||
Schedule of Noninterest Income Expense Other [Table Text Block] | Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Other noninterest income | |||||||||||||
Banking related service fees | $ | 4,796 | $ | 3,502 | $ | 2,650 | |||||||
Bank Owned Life Insurance (BOLI) | 5,189 | 3,635 | 2,673 | ||||||||||
Rental income | 2,378 | 1,990 | 1,667 | ||||||||||
Other | 11,222 | 5,901 | 2,419 | ||||||||||
Total | $ | 23,585 | $ | 15,028 | $ | 9,409 | |||||||
Other noninterest expense | |||||||||||||
Advertising | $ | 3,016 | $ | 2,642 | $ | 1,670 | |||||||
Losses | 4,143 | 2,138 | 1,314 | ||||||||||
Printing and supplies | 2,427 | 2,616 | 2,586 | ||||||||||
Professional and legal fees | 5,636 | 3,573 | 4,118 | ||||||||||
Property taxes | 7,410 | 5,827 | 4,623 | ||||||||||
Travel and development | 4,848 | 3,629 | 2,179 | ||||||||||
Other | 11,391 | 10,254 | 6,743 | ||||||||||
Total | $ | 38,871 | $ | 30,679 | $ | 23,233 |
Note_15_Offbalance_Sheet_Arran1
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Table Text Block [Abstract] | |||||||||||||||||||||
Schedule of Contractual Obligations and Other Commitments [Table Text Block] | More than 1 year | 3 years or more | |||||||||||||||||||
1 year or | but less | but less | 5 years | ||||||||||||||||||
less | than 3 years | than 5 years | or more | Total | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Junior subordinated debentures | $ | 44,422 | $ | 6,186 | $ | 6,186 | $ | 171,975 | $ | 228,769 | |||||||||||
Federal Home Loan Bank notes payable | 2,247 | 2,313 | 5,251 | 1,648 | 11,459 | ||||||||||||||||
Operating leases | 6,927 | 9,468 | 4,401 | 7,792 | 28,588 | ||||||||||||||||
Total | $ | 53,596 | $ | 17,967 | $ | 15,838 | $ | 181,415 | $ | 268,816 | |||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | More than 1 year | 3 years or more | |||||||||||||||||||
1 year or | but less | but less | 5 years | ||||||||||||||||||
less | than 3 years | than 5 years | or more | Total | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Standby letters of credit | $ | 93,094 | $ | 18,833 | $ | 589 | $ | - | $ | 112,516 | |||||||||||
Commitments to extend credit | 1,149,704 | 368,189 | 72,356 | 408,116 | 1,998,365 | ||||||||||||||||
Total | $ | 1,242,798 | $ | 387,022 | $ | 72,945 | $ | 408,116 | $ | 2,110,881 | |||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2015 | $ | 6,927 | ||||||||||||||||||
2016 | 5,644 | ||||||||||||||||||||
2017 | 3,824 | ||||||||||||||||||||
2018 | 2,590 | ||||||||||||||||||||
2019 | 1,810 | ||||||||||||||||||||
Thereafter | 7,793 | ||||||||||||||||||||
$ | 28,588 |
Note_16_Other_Comprehensive_Lo1
Note 16 - Other Comprehensive (Loss) Income (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) [Table Text Block] | For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Before | Tax | Net of | Before Tax Amount | Tax | Net of | Before | Tax | Net of | |||||||||||||||||||||||||||||
Tax | Benefit | Tax | Benefit | Tax | Tax | Benefit | Tax | ||||||||||||||||||||||||||||||
Amount | Amount | Amount | Amount | Amount | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||||||||||||||
Change in unrealized gain during period | $ | (1,776 | ) | $ | 622 | $ | (1,154 | ) | $ | (6,312 | ) | $ | 2,209 | $ | (4,103 | ) | $ | (6,903 | ) | $ | 2,417 | $ | (4,486 | ) | |||||||||||||
Total securities available for sale | (1,776 | ) | 622 | (1,154 | ) | (6,312 | ) | 2,209 | (4,103 | ) | (6,903 | ) | 2,417 | (4,486 | ) | ||||||||||||||||||||||
Total other comprehensive loss | $ | (1,776 | ) | $ | 622 | $ | (1,154 | ) | $ | (6,312 | ) | $ | 2,209 | $ | (4,103 | ) | $ | (6,903 | ) | $ | 2,417 | $ | (4,486 | ) | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Securities Available for Sale | Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 13,472 | $ | 13,472 | |||||||||||||||||||||||||||||||||
Other comprehensive loss | (4,486 | ) | (4,486 | ) | |||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 8,986 | $ | 8,986 |
Note_17_Derivative_Financial_I1
Note 17 - Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Disclosure Text Block [Abstract] | ||||||||||||||||
Schedule of Interest Rate Derivatives [Table Text Block] | Current Notional Amount | Estimated Fair Value | Maturity Date | Fixed Pay Rate | Variable Rate Received | |||||||||||
(Dollars in thousands) | ||||||||||||||||
Commercial Loan Interest Rate Swap | $ | 4,281 | $ | 160 | 1-Aug-20 | 4.30% | 1-Month USD - | |||||||||
LIBOR BBA+2.05 | ||||||||||||||||
Commercial Loan Interest Rate Swap | 1,596 | 68 | 15-Aug-20 | 5.49% | 1-Month USD - | |||||||||||
LIBOR BBA+3.00 | ||||||||||||||||
Commercial Loan Interest Rate Swap | 1,421 | 44 | 15-Aug-20 | 4.30% | 1-Month USD - | |||||||||||
LIBOR BBA+2.05 | ||||||||||||||||
Commercial Loan Interest Rate Swap | 1,830 | 31 | 1-May-22 | 5.60% | 1-Month USD - | |||||||||||
LIBOR BBA+3.50 | ||||||||||||||||
$ | 9,128 | $ | 303 | |||||||||||||
Schedule of Derivative Instruments [Table Text Block] | Current Notional Amount | Estimated Fair Value | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Financial Institution Counterparties: | ||||||||||||||||
Swaps - liabilities | $ | 9,128 | $ | (303 | ) | |||||||||||
Bank Customer Counterparties: | ||||||||||||||||
Swaps - assets | $ | 9,128 | $ | 303 |
Note_18_Regulatory_Matters_Tab
Note 18 - Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To Be Categorized As | ||||||||||||||||||||||||
Well Capitalized Under | |||||||||||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
CONSOLIDATED: | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 1,556,083 | 14.56 | % | $ | 855,091 | 8 | % | N/A | N/A | |||||||||||||||
Tier I Capital (to Risk Weighted Assets) | 1,475,321 | 13.8 | % | 427,545 | 4 | % | N/A | N/A | |||||||||||||||||
Tier I Capital (to Average Tangible Assets) | 1,475,321 | 7.69 | % | 767,086 | 4 | % | N/A | N/A | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 1,259,768 | 14.02 | % | $ | 719,005 | 8 | % | N/A | N/A | |||||||||||||||
Tier I Capital (to Risk Weighted Assets) | 1,192,486 | 13.27 | % | 359,502 | 4 | % | N/A | N/A | |||||||||||||||||
Tier I Capital (to Average Tangible Assets) | 1,192,486 | 7.42 | % | 642,522 | 4 | % | N/A | N/A | |||||||||||||||||
PROSPERITY BANK®ONLY: | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 1,517,903 | 14.22 | % | $ | 854,237 | 8 | % | $ | 1,067,797 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 1,437,141 | 13.46 | % | 427,119 | 4 | % | 640,678 | 6 | % | ||||||||||||||||
Tier I Capital (to Average Tangible Assets) | 1,437,141 | 7.5 | % | 766,664 | 4 | % | 958,329 | 5 | % | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 1,229,752 | 13.7 | % | $ | 718,334 | 8 | % | $ | 897,917 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 1,162,470 | 12.95 | % | 359,167 | 4 | % | 538,750 | 6 | % | ||||||||||||||||
Tier I Capital (to Average Tangible Assets) | 1,162,470 | 7.24 | % | 642,186 | 4 | % | 802,733 | 5 | % |
Note_19_Junior_Subordinated_De1
Note 19 - Junior Subordinated Debentures (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Subordinated Borrowings [Abstract] | |||||||||||||
Schedule of Subordinated Borrowing [Table Text Block] | Description | Issuance Date | Trust Preferred | Interest Rate (1) | Junior Subordinated | Maturity Date (2) | |||||||
Securities | Debt Owed to Trusts | ||||||||||||
Outstanding | |||||||||||||
(Dollars in thousands) | |||||||||||||
Prosperity Statutory Trust II (3) | 31-Jul-01 | $ | 15,000 | 3 month LIBOR + 3.58%, | $ | 15,464 | 31-Jul-31 | ||||||
not to exceed 12.50% | |||||||||||||
Prosperity Statutory Trust III | 15-Aug-03 | 12,500 | 3 month LIBOR + 3.00% | 12,887 | 17-Sep-33 | ||||||||
Prosperity Statutory Trust IV | 30-Dec-03 | 12,500 | 3 month LIBOR + 2.85% | 12,887 | 30-Dec-33 | ||||||||
SNB Capital Trust IV | 25-Sep-03 | 10,000 | 3 month LIBOR + 3.00% | 10,310 | 25-Sep-33 | ||||||||
TXUI Statutory Trust II (3) | 19-Dec-03 | 5,000 | 3 month LIBOR + 2.85% | 5,155 | 19-Dec-33 | ||||||||
TXUI Statutory Trust III | 30-Nov-05 | 15,500 | 3 month LIBOR + 1.39% | 15,980 | 15-Dec-35 | ||||||||
TXUI Statutory Trust IV | 31-Mar-06 | 12,000 | 3 month LIBOR + 1.39% | 12,372 | 30-Jun-36 | ||||||||
FVNB Capital Trust II | 14-Jun-05 | 18,000 | 3 month LIBOR + 1.68% | 18,557 | 15-Jun-35 | ||||||||
FVNB Capital Trust III (3) | 23-Jun-06 | 20,000 | 3 month LIBOR + 1.60% | 20,619 | 7-Jul-36 | ||||||||
F&M Bancorporation Statutory Trust I (4) | 26-Mar-03 | 15,000 | 3 month LIBOR + 3.15% | 15,464 | 26-Mar-33 | ||||||||
F&M Bancorporation Statutory Trust II (4) | 17-Mar-04 | 12,000 | 3 month LIBOR + 2.79% | 12,372 | 17-Mar-34 | ||||||||
F&M Bancorporation Statutory Trust III (4) | 15-Dec-05 | 15,000 | 3 month LIBOR + 1.80% | 15,464 | 15-Dec-35 | ||||||||
$ | 167,531 |
Note_20_Parent_Company_Only_Fi1
Note 20 - Parent Company Only Financial Statements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Balance Sheet [Table Text Block] | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
ASSETS | |||||||||||||
Cash | $ | 21,334 | $ | 10,597 | |||||||||
Investment in subsidiary | 3,370,227 | 2,877,089 | |||||||||||
Investment in capital and statutory trusts | 5,031 | 3,731 | |||||||||||
Goodwill | 3,982 | 3,982 | |||||||||||
Other assets | 12,092 | 16,927 | |||||||||||
TOTAL | $ | 3,412,666 | $ | 2,912,326 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
LIABILITIES: | |||||||||||||
Accrued interest payable and other liabilities | $ | 309 | $ | 1,277 | |||||||||
Junior subordinated debentures | 167,531 | 124,231 | |||||||||||
Total liabilities | 167,840 | 125,508 | |||||||||||
SHAREHOLDERS’ EQUITY: | |||||||||||||
Common stock | 69,817 | 66,085 | |||||||||||
Capital surplus | 2,025,235 | 1,798,862 | |||||||||||
Retained earnings | 1,146,652 | 917,595 | |||||||||||
Unrealized gain on available for sale securities, net of tax benefit | 3,729 | 4,883 | |||||||||||
Less treasury stock, at cost, 37,088 shares | (607 | ) | (607 | ) | |||||||||
Total shareholders’ equity | 3,244,826 | 2,786,818 | |||||||||||
TOTAL | $ | 3,412,666 | $ | 2,912,326 | |||||||||
Condensed Income Statement [Table Text Block] | For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
OPERATING INCOME: | |||||||||||||
Dividends from subsidiary | $ | 103,100 | $ | 203,500 | $ | 228,450 | |||||||
Other income | 159 | 115 | 131 | ||||||||||
Total income | 103,259 | 203,615 | 228,581 | ||||||||||
OPERATING EXPENSE: | |||||||||||||
Junior subordinated debentures interest expense | 4,060 | 2,551 | 2,593 | ||||||||||
Stock based compensation expense (includes restricted stock) | 8,236 | 4,175 | 3,607 | ||||||||||
Other expenses | 608 | 515 | 593 | ||||||||||
Total operating expense | 12,904 | 7,241 | 6,793 | ||||||||||
INCOME BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 90,355 | 196,374 | 221,788 | ||||||||||
FEDERAL INCOME TAX BENEFIT | 4,468 | 2,495 | 2,325 | ||||||||||
INCOME BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 94,823 | 198,869 | 224,113 | ||||||||||
EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 202,618 | 22,529 | (56,212 | ) | |||||||||
NET INCOME | $ | 297,441 | $ | 221,398 | $ | 167,901 | |||||||
Condensed Statement of Comprehensive Income [Table Text Block] | For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Net income | |||||||||||||
Other comprehensive loss, before tax: | $ | 297,441 | $ | 221,398 | $ | 167,901 | |||||||
Securities available for sale: | |||||||||||||
Change in unrealized gain during period | (1,776 | ) | (6,312 | ) | (6,903 | ) | |||||||
Total other comprehensive loss | (1,776 | ) | (6,312 | ) | (6,903 | ) | |||||||
Deferred tax benefit related to other comprehensive income | 622 | 2,209 | 2,417 | ||||||||||
Other comprehensive loss, net of tax | (1,154 | ) | (4,103 | ) | (4,486 | ) | |||||||
Comprehensive income | $ | 296,287 | $ | 217,295 | $ | 163,415 | |||||||
Condensed Cash Flow Statement [Table Text Block] | For the Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
Net income | $ | 297,441 | $ | 221,398 | $ | 167,901 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed earnings of subsidiaries | (202,618 | ) | (22,529 | ) | 56,212 | ||||||||
Stock based compensation expense (includes restricted stock) | 8,236 | 4,175 | 3,607 | ||||||||||
Decrease (increase) in other assets | 4,838 | (2,382 | ) | 3,727 | |||||||||
(Decrease) increase in accrued interest payable and other liabilities | (968 | ) | 3,135 | (5,266 | ) | ||||||||
Net cash provided by operating activities | 106,929 | 203,797 | 226,181 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||
Cash paid for acquisitions | (34,246 | ) | (152,807 | ) | (189,966 | ) | |||||||
Cash acquired from acquisitions | 2,733 | 7,441 | 1,372 | ||||||||||
Net cash used in investing activities | (31,513 | ) | (145,366 | ) | (188,594 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||
Proceeds from stock option exercises | 3,705 | 5,379 | 3,573 | ||||||||||
Payments of cash dividends | (68,384 | ) | (54,039 | ) | (41,543 | ) | |||||||
Net cash used in financing activities | (64,679 | ) | (48,660 | ) | (37,970 | ) | |||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 10,737 | 9,771 | (383 | ) | |||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 10,597 | 826 | 1,209 | ||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 21,334 | $ | 10,597 | $ | 826 |
Note_1_Nature_of_Operations_an2
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |||
Number of Operating Segments | 1 | ||
Number of Operating Banking Offices | 245 | ||
Number of Reportable Segments | 1 | ||
Minimum Percentage Likelihood of Tax Benefit to be Realized Upon Final Settlement | 50.00% | ||
Equity Option [Member] | |||
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 0 | 0 | 0 |
Core Deposits [Member] | Minimum [Member] | |||
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Core Deposits [Member] | Maximum [Member] | |||
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Minimum [Member] | |||
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | |||
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 39 years | ||
Houston [Member] | |||
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |||
Number of Operating Banking Offices | 62 | ||
South Texas [Member] | |||
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |||
Number of Operating Banking Offices | 30 | ||
Dallas, Texas [Member] | |||
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |||
Number of Operating Banking Offices | 36 | ||
East Texas [Member] | |||
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |||
Number of Operating Banking Offices | 22 | ||
Central Texas [Member] | |||
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |||
Number of Operating Banking Offices | 30 | ||
West Texas [Member] | |||
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |||
Number of Operating Banking Offices | 34 | ||
Bryan/College Station [Member] | |||
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |||
Number of Operating Banking Offices | 16 | ||
Central Oklahoma [Member] | |||
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |||
Number of Operating Banking Offices | 6 | ||
Tulsa, Oklahoma [Member] | |||
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) [Line Items] | |||
Number of Operating Banking Offices | 9 |
Note_1_Nature_of_Operations_an3
Note 1 - Nature of Operations and Summary of Significant Accounting and Reporting Policies (Details) - Computation of Basic and Diluted Earnings Per Share (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Computation of Basic and Diluted Earnings Per Share [Abstract] | |||
Net income (in Dollars) | $297,441 | $221,398 | $167,901 |
Basic: | |||
Weighted average shares outstanding | 68,855 | 60,421 | 51,794 |
Weighted average shares outstanding (in Dollars per share) | $4.32 | $3.66 | $3.24 |
Add incremental shares for: | |||
Effect of dilutive securities - options | 56 | 157 | 147 |
Total | 68,911 | 60,578 | 51,941 |
Total (in Dollars per share) | $4.32 | $3.65 | $3.23 |
Note_2_Acquisitions_Details
Note 2 - Acquisitions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2013 | Apr. 01, 2014 | Jan. 01, 2013 | Apr. 01, 2013 | Mar. 31, 2014 | Jan. 01, 2012 | Apr. 01, 2012 | Jul. 01, 2012 | Oct. 01, 2012 | Mar. 31, 2013 | Nov. 01, 2013 | Sep. 30, 2013 | Dec. 31, 2011 | Mar. 31, 2012 | Sep. 30, 2012 | |
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 245 | |||||||||||||||||
Goodwill | $1,874,191,000 | $1,671,520,000 | $1,217,162,000 | |||||||||||||||
Business Combination, Acquisition Related Costs | 3,114,000 | 3,203,000 | 7,020,000 | |||||||||||||||
Goodwill, Purchase Accounting Adjustments | 4,426,000 | -1,225,000 | ||||||||||||||||
Finite-Lived Intangible Assets, Net | 58,947,000 | 42,049,000 | 26,159,000 | |||||||||||||||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | -302,000 | 2,110,000 | ||||||||||||||||
Non PCI and PCI Loans [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Oustanding Discount on Loans1 | 161,400,000 | |||||||||||||||||
Accretable Discount on Loans | 99,000,000 | |||||||||||||||||
Core Deposits [Member] | FM Bancorporation [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Finite-lived Intangible Assets Acquired | 27,100,000 | |||||||||||||||||
Core Deposits [Member] | Coppermark Bancshares, Inc. [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Finite-lived Intangible Assets Acquired | 1,500,000 | |||||||||||||||||
Core Deposits [Member] | FVNB Corp. [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Finite-lived Intangible Assets Acquired | 18,400,000 | |||||||||||||||||
Core Deposits [Member] | American State Financial Corporation [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Finite-Lived Intangible Assets, Net | 14,500,000 | |||||||||||||||||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 2,100,000 | |||||||||||||||||
FM Bancorporation [Member] | Tulsa, Oklahoma [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 9 | |||||||||||||||||
FM Bancorporation [Member] | Oklahoma City, Oklahoma [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 1 | |||||||||||||||||
FM Bancorporation [Member] | Dallas, Texas [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 3 | |||||||||||||||||
FM Bancorporation [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 13 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 1,600,000,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 2,270,000,000 | |||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 3,298,022 | |||||||||||||||||
Payments to Acquire Businesses, Gross | 34,200,000 | |||||||||||||||||
Business Combination, Consideration Transferred | 252,400,000 | |||||||||||||||||
Business Acquisition, Share Price (in Dollars per share) | $66.15 | |||||||||||||||||
Goodwill | 198,200,000 | |||||||||||||||||
Finite-lived Intangible Assets Acquired | 27,140,000 | |||||||||||||||||
Business Combination, Acquisition Related Costs | 2,476,000 | |||||||||||||||||
East Texas Financial Services, Inc. [Member] | Tyler Metropolitan Statistical Area [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 4 | |||||||||||||||||
East Texas Financial Services, Inc. [Member] | Tyler, Texas [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 3 | |||||||||||||||||
East Texas Financial Services, Inc. [Member] | Gilmer, Texas [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 1 | |||||||||||||||||
East Texas Financial Services, Inc. [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 122,100,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 112,400,000 | |||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 530,940 | |||||||||||||||||
Business Combination, Consideration Transferred | 22,300,000 | |||||||||||||||||
Business Acquisition, Share Price (in Dollars per share) | $42 | |||||||||||||||||
Goodwill | 15,000,000 | |||||||||||||||||
Business Combination, Acquisition Related Costs | 84,000 | |||||||||||||||||
Coppermark Bancshares, Inc. [Member] | Oklahoma City, Oklahoma [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 6 | |||||||||||||||||
Coppermark Bancshares, Inc. [Member] | Dallas, Texas [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 3 | |||||||||||||||||
Coppermark Bancshares, Inc. [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 9 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 801,900,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 1,120,000,000 | |||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 3,258,718 | |||||||||||||||||
Payments to Acquire Businesses, Gross | 60,000,000 | |||||||||||||||||
Business Combination, Consideration Transferred | 214,400,000 | |||||||||||||||||
Business Acquisition, Share Price (in Dollars per share) | $47.39 | |||||||||||||||||
Goodwill | 117,700,000 | 117,500,000 | ||||||||||||||||
Finite-lived Intangible Assets Acquired | 1,514,000 | |||||||||||||||||
Business Combination, Acquisition Related Costs | 853,000 | |||||||||||||||||
Goodwill, Purchase Accounting Adjustments | 109,000 | |||||||||||||||||
FVNB Corp. [Member] | Victoria, Texas [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 4 | |||||||||||||||||
FVNB Corp. [Member] | South Texas [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 7 | |||||||||||||||||
FVNB Corp. [Member] | Bryan/College Station [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 6 | |||||||||||||||||
FVNB Corp. [Member] | Central Texas [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 5 | |||||||||||||||||
FVNB Corp. [Member] | Houston [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 11 | |||||||||||||||||
FVNB Corp. [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 33 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 1,570,000,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 2,260,000,000 | |||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 5,570,667 | |||||||||||||||||
Payments to Acquire Businesses, Gross | 91,300,000 | |||||||||||||||||
Business Combination, Consideration Transferred | 439,200,000 | |||||||||||||||||
Business Acquisition, Share Price (in Dollars per share) | $62.45 | |||||||||||||||||
Goodwill | 327,300,000 | 323,000,000 | ||||||||||||||||
Finite-lived Intangible Assets Acquired | 18,411,000 | |||||||||||||||||
Business Combination, Acquisition Related Costs | 604,000 | 2,000,000 | ||||||||||||||||
Goodwill, Purchase Accounting Adjustments | 4,300,000 | |||||||||||||||||
Texas Bankers, Inc [Member] | Austin [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 1 | |||||||||||||||||
Texas Bankers, Inc [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 3 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 26,100,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 70,400,000 | |||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 314,953 | |||||||||||||||||
Business Combination, Consideration Transferred | 12,700,000 | |||||||||||||||||
Business Acquisition, Share Price (in Dollars per share) | $40.35 | |||||||||||||||||
Goodwill | 6,100,000 | |||||||||||||||||
Business Combination, Acquisition Related Costs | 392,000 | |||||||||||||||||
The Bank of Arlington [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 1 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 22,000,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 33,100,000 | |||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 135,347 | |||||||||||||||||
Business Combination, Consideration Transferred | 6,200,000 | |||||||||||||||||
Business Acquisition, Share Price (in Dollars per share) | $45.80 | |||||||||||||||||
Goodwill | 2,000,000 | 2,100,000 | ||||||||||||||||
Business Combination, Acquisition Related Costs | 168,000 | |||||||||||||||||
Goodwill, Purchase Accounting Adjustments | 130,000 | |||||||||||||||||
American State Financial Corporation [Member] | West Texas [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 18 | |||||||||||||||||
American State Financial Corporation [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 37 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 2,495,652,000 | |||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 8,524,835 | 8,524,835 | ||||||||||||||||
Payments to Acquire Businesses, Gross | 178,507,000 | 178,500,000 | ||||||||||||||||
Business Combination, Consideration Transferred | 536,806,000 | 536,800,000 | ||||||||||||||||
Business Acquisition, Share Price (in Dollars per share) | $42.03 | |||||||||||||||||
Goodwill | 274,100,000 | 271,000,000 | 274,119,000 | |||||||||||||||
Business Combination, Acquisition Related Costs | 5,889,000 | |||||||||||||||||
Goodwill, Purchase Accounting Adjustments | 3,100,000 | |||||||||||||||||
Community National Bank [Member] | Bellaire,Texas [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 1 | |||||||||||||||||
Community National Bank [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 62,700,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 164,600,000 | |||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 372,282 | |||||||||||||||||
Payments to Acquire Businesses, Gross | 11,400,000 | |||||||||||||||||
Business Combination, Consideration Transferred | 27,300,000 | |||||||||||||||||
Business Acquisition, Share Price (in Dollars per share) | $42.62 | |||||||||||||||||
Goodwill | 12,300,000 | 10,300,000 | ||||||||||||||||
Business Combination, Acquisition Related Costs | 250,000 | |||||||||||||||||
Goodwill, Purchase Accounting Adjustments | $2,000,000 | |||||||||||||||||
Minimum [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||||||||||||||
Maximum [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |||||||||||||||||
Tulsa, Oklahoma [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 9 | |||||||||||||||||
Dallas, Texas [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 36 | |||||||||||||||||
South Texas [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 30 | |||||||||||||||||
Bryan/College Station [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 16 | |||||||||||||||||
Central Texas [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 30 | |||||||||||||||||
Houston [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 62 | |||||||||||||||||
West Texas [Member] | ||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||
Number of Operating Banking Offices | 34 |
Note_2_Acquisitions_Details_Me
Note 2 - Acquisitions (Details) - Merger Related Expenses (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||
Merger related expenses | $3,114 | $3,203 | $7,020 |
FVNB Corp. [Member] | |||
Business Acquisition [Line Items] | |||
Merger related expenses | 604 | 2,000 | |
FM Bancorporation [Member] | |||
Business Acquisition [Line Items] | |||
Merger related expenses | 2,476 | ||
Series of Individually Immaterial Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Merger related expenses | 34 | 266 | 321 |
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 | ||
Texas Bankers, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Merger related expenses | 392 | ||
The Bank of Arlington [Member] | |||
Business Acquisition [Line Items] | |||
Merger related expenses | 168 | ||
Community National Bank [Member] | |||
Business Acquisition [Line Items] | |||
Merger related expenses | 250 | ||
American State Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Merger related expenses | $5,889 |
Note_2_Acquisitions_Details_As
Note 2 - Acquisitions (Details) - Assets and Liabilities Acquired (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 01, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair value of liabilities assumed: | ||||
Goodwill resulting from acquisition | $1,217,162 | $1,874,191 | $1,671,520 | |
American State Financial Corporation [Member] | ||||
Fair value of consideration paid: | ||||
Common stock issued (8,524,835 shares) | 358,299 | |||
Cash | 178,500 | 178,507 | ||
Total consideration paid | 536,800 | 536,806 | ||
Fair value of assets acquired: | ||||
Cash and due from banks | 98,720 | |||
Federal funds sold | 202,810 | |||
Total cash and cash equivalents | 301,530 | |||
Securities available for sale | 524,959 | |||
Securities held to maturity | 994,873 | |||
Loans held for sale | 13,770 | |||
Loans held for investment | 1,133,867 | |||
Bank premises and equipment | 36,502 | |||
Other real estate owned | 1,232 | |||
Core deposit intangibles | 12,392 | |||
Federal Home Loan Bank stock | 2,355 | |||
Other assets | 83,803 | |||
Total assets acquired | 3,105,283 | |||
Fair value of liabilities assumed: | ||||
Deposits | 2,495,652 | |||
Other borrowings | 318,692 | |||
Other liabilities | 28,252 | |||
Total liabilities assumed | 2,842,596 | |||
Fair value of net assets acquired | 262,687 | |||
Goodwill resulting from acquisition | $274,119 | $274,100 | $271,000 |
Note_2_Acquisitions_Details_As1
Note 2 - Acquisitions (Details) - Assets and Liabilities Acquired (Parentheticals) (American State Financial Corporation [Member]) | 0 Months Ended | 12 Months Ended |
Jul. 01, 2012 | Dec. 31, 2012 | |
American State Financial Corporation [Member] | ||
Note 2 - Acquisitions (Details) - Assets and Liabilities Acquired (Parentheticals) [Line Items] | ||
Common stock, shares issued | 8,524,835 | 8,524,835 |
Note_2_Acquisitions_Details_Pr
Note 2 - Acquisitions (Details) - Pro Forma Information (American State Financial Corporation [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
American State Financial Corporation [Member] | ||
Note 2 - Acquisitions (Details) - Pro Forma Information [Line Items] | ||
Net interest income | $447,471 | $454,408 |
Net income | $213,830 | $200,964 |
Basic earnings per share | $3.81 | $3.63 |
Diluted earnings per share | $3.80 | $3.62 |
Note_2_Acquisitions_Details_PC
Note 2 - Acquisitions (Details) - PCI and Non-PCI Loans (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
PCI Loans [Member] | ||
Note 2 - Acquisitions (Details) - PCI and Non-PCI Loans [Line Items] | ||
Outstanding balance | $129,412 | $86,980 |
Less: discount | 72,270 | 45,497 |
Recorded investment | 57,142 | 41,483 |
Non PCI Loans [Member] | ||
Note 2 - Acquisitions (Details) - PCI and Non-PCI Loans [Line Items] | ||
Outstanding balance | 2,186,111 | 2,458,975 |
Less: discount | 89,105 | 87,798 |
Recorded investment | $2,097,006 | $2,371,177 |
Note_2_Acquisitions_Details_Ch
Note 2 - Acquisitions (Details) - Changes in Accretable Yield for PCI Loans (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
PCI Loans [Member] | ||
Note 2 - Acquisitions (Details) - Changes in Accretable Yield for PCI Loans [Line Items] | ||
Balance at beginning of period | $9,855 | $7,459 |
Additions | 7,158 | 9,998 |
Reclassifications from nonaccretable | 24,074 | 8,440 |
Accretion | -31,220 | -16,042 |
Balance at December 31 | 9,867 | 9,855 |
Non PCI Loans [Member] | ||
Note 2 - Acquisitions (Details) - Changes in Accretable Yield for PCI Loans [Line Items] | ||
Balance at beginning of period | 87,798 | 56,190 |
Additions | 65,962 | 78,299 |
Accretion | -64,655 | -46,691 |
Balance at December 31 | $89,105 | $87,798 |
Note_3_Goodwill_and_Core_Depos2
Note 3 - Goodwill and Core Deposit Intangibles (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Note 3 - Goodwill and Core Deposit Intangibles (Details) [Line Items] | |
Goodwill, Impaired, Accumulated Impairment Loss (in Dollars) | 0 |
Core Deposits [Member] | Minimum [Member] | |
Note 3 - Goodwill and Core Deposit Intangibles (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Core Deposits [Member] | Maximum [Member] | |
Note 3 - Goodwill and Core Deposit Intangibles (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 15 years |
Note_3_Goodwill_and_Core_Depos3
Note 3 - Goodwill and Core Deposit Intangibles (Details) - Goodwill and Core Deposit Intangibles (USD $) | 12 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Jan. 01, 2013 |
Note 3 - Goodwill and Core Deposit Intangibles (Details) - Goodwill and Core Deposit Intangibles [Line Items] | |||||
Balance | $1,874,191 | $1,671,520 | $1,217,162 | ||
Balance | 58,947 | 42,049 | 26,159 | ||
Less: | |||||
Amortization | -9,940 | -6,145 | -7,229 | ||
Add: | |||||
Measurement period adjustments- Goodwill | 4,426 | -1,225 | |||
Measurement period adjustments-Intangibles | -302 | 2,110 | |||
East Texas Financial Services, Inc. [Member] | |||||
Note 3 - Goodwill and Core Deposit Intangibles (Details) - Goodwill and Core Deposit Intangibles [Line Items] | |||||
Balance | 15,000 | ||||
Add: | |||||
Goodwill, acquisition | 15,007 | ||||
Coppermark Bancshares, Inc. [Member] | |||||
Note 3 - Goodwill and Core Deposit Intangibles (Details) - Goodwill and Core Deposit Intangibles [Line Items] | |||||
Balance | 117,700 | 117,500 | |||
Add: | |||||
Measurement period adjustments- Goodwill | 109 | ||||
Goodwill, acquisition | 117,544 | ||||
Core deposit intangibles, acquisition | 1,514 | ||||
FVNB Corp. [Member] | |||||
Note 3 - Goodwill and Core Deposit Intangibles (Details) - Goodwill and Core Deposit Intangibles [Line Items] | |||||
Balance | 327,300 | 323,000 | |||
Add: | |||||
Measurement period adjustments- Goodwill | 4,300 | ||||
Goodwill, acquisition | 323,032 | ||||
Core deposit intangibles, acquisition | 18,411 | ||||
FM Bancorporation [Member] | |||||
Note 3 - Goodwill and Core Deposit Intangibles (Details) - Goodwill and Core Deposit Intangibles [Line Items] | |||||
Balance | 198,200 | ||||
Add: | |||||
Goodwill, acquisition | 198,245 | ||||
Core deposit intangibles, acquisition | $27,140 |
Note_3_Goodwill_and_Core_Depos4
Note 3 - Goodwill and Core Deposit Intangibles (Details) - Estimated Aggregate Future Amortization Expense for Intangible Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Estimated Aggregate Future Amortization Expense for Intangible Assets [Abstract] | |||
2015 | $9,530 | ||
2016 | 8,519 | ||
2017 | 6,327 | ||
2018 | 5,400 | ||
2019 | 4,546 | ||
Thereafter | 24,625 | ||
Total | $58,947 | $42,049 | $26,159 |
Note_4_Cash_Due_from_Banks_Det
Note 4 - Cash Due from Banks (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 4 - Cash Due from Banks (Details) [Line Items] | ||
Cash and Due from Banks | $677,285 | $380,990 |
Federal Reserve Bank of Dallas [Member] | ||
Note 4 - Cash Due from Banks (Details) [Line Items] | ||
Cash and Due from Banks | $167,500 | $132,000 |
Note_5_Securities_Details
Note 5 - Securities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 5 - Securities (Details) [Line Items] | |||
Number of Investment Securities Segments | 2 | ||
Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Securities | 501 | ||
Gain (Loss) on Sale of Securities, Net | $7,000 | $0 | $0 |
Book Value of Remaining Non-agency Collateralized Mortgage Obligations | 1,200,000 | ||
Available-for-sale Securities, Amortized Cost Basis | 139,662,000 | 149,966,000 | |
Available-for-sale Securities | 145,399,000 | 157,478,000 | |
Collateralized Mortgage Obligations [Member] | |||
Note 5 - Securities (Details) [Line Items] | |||
Gain (Loss) on Sale of Securities, Net | -41,000 | ||
Available-for-sale Securities, Amortized Cost Basis | 33,519,000 | 483,000 | |
Available-for-sale Securities | 33,573,000 | 489,000 | |
Collateralized Mortgage Backed Securities [Member] | |||
Note 5 - Securities (Details) [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 | 79,153,000 | 108,316,000 | |
Available-for-sale Securities | 84,483,000 | 115,137,000 | |
Stockholders' Equity, Total [Member] | Securities Concentration Risk [Member] | |||
Note 5 - Securities (Details) [Line Items] | |||
Concentration Risk, Percentage | 0.00% | 0.00% | |
Collateralized Securities [Member] | |||
Note 5 - Securities (Details) [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 5,080,000,000 | 4,460,000,000 | |
Available-for-sale Securities | $5,100,000,000 | $4,470,000,000 |
Note_5_Securities_Details_Inve
Note 5 - Securities (Details) - Investment Securities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available for Sale | ||
Available for sale securities, amortized cost | $139,662 | $149,966 |
Available for sale securities, gross unrealized gains | 5,819 | 7,661 |
Available for sale securities, gross unrealized losses | -82 | -149 |
Available for sale securities, fair value | 145,399 | 157,478 |
Held to Maturity | ||
Held to maturity securities, amortized cost | 8,900,377 | 8,066,970 |
Held to maturity securities, gross unrealized gains | 103,372 | 89,551 |
Held to maturity securities, gross unrealized losses | -55,057 | -169,179 |
Held to maturity securities, fair value | 8,948,692 | 7,987,342 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for Sale | ||
Available for sale securities, amortized cost | 14,402 | 28,578 |
Available for sale securities, gross unrealized gains | 183 | 797 |
Available for sale securities, fair value | 14,585 | 29,375 |
Held to Maturity | ||
Held to maturity securities, amortized cost | 404,356 | 439,235 |
Held to maturity securities, gross unrealized gains | 6,147 | 4,317 |
Held to maturity securities, gross unrealized losses | -1,422 | -2,207 |
Held to maturity securities, fair value | 409,081 | 441,345 |
Collateralized Mortgage Obligations [Member] | ||
Available for Sale | ||
Available for sale securities, amortized cost | 33,519 | 483 |
Available for sale securities, gross unrealized gains | 91 | 7 |
Available for sale securities, gross unrealized losses | -37 | -1 |
Available for sale securities, fair value | 33,573 | 489 |
Held to Maturity | ||
Held to maturity securities, amortized cost | 19,585 | 50,034 |
Held to maturity securities, gross unrealized gains | 215 | 1,017 |
Held to maturity securities, gross unrealized losses | -8 | -58 |
Held to maturity securities, fair value | 19,792 | 50,993 |
Collateralized Mortgage Backed Securities [Member] | ||
Available for Sale | ||
Available for sale securities, amortized cost | 79,153 | 108,316 |
Available for sale securities, gross unrealized gains | 5,344 | 6,843 |
Available for sale securities, gross unrealized losses | -14 | -22 |
Available for sale securities, fair value | 84,483 | 115,137 |
Held to Maturity | ||
Held to maturity securities, amortized cost | 8,424,083 | 7,514,257 |
Held to maturity securities, gross unrealized gains | 96,650 | 84,166 |
Held to maturity securities, gross unrealized losses | -53,553 | -165,979 |
Held to maturity securities, fair value | 8,467,180 | 7,432,444 |
Other Debt Obligations [Member] | ||
Available for Sale | ||
Available for sale securities, amortized cost | 12,588 | 12,589 |
Available for sale securities, gross unrealized gains | 201 | 14 |
Available for sale securities, gross unrealized losses | -31 | -126 |
Available for sale securities, fair value | 12,758 | 12,477 |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Held to Maturity | ||
Held to maturity securities, amortized cost | 52,353 | 62,931 |
Held to maturity securities, gross unrealized gains | 360 | 46 |
Held to maturity securities, gross unrealized losses | -74 | -935 |
Held to maturity securities, fair value | 52,639 | 62,042 |
Corporate Debt Securities [Member] | ||
Held to Maturity | ||
Held to maturity securities, amortized cost | 513 | |
Held to maturity securities, gross unrealized gains | 5 | |
Held to maturity securities, fair value | $518 |
Note_5_Securities_Details_Secu
Note 5 - Securities (Details) - Securities in a Continuous Loss Position (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available for Sale | ||
Available for sale, estimated fair value, less than 12 months | $8,739 | $7,567 |
Available for sale, unrealized losses, less than 12 months | -67 | -127 |
Available for sale, estimated fair value, more than 12 months | 2,882 | 3,363 |
Available for sale, unrealized losses, more than 12 months | -15 | -22 |
Available for sale, estimated fair value, total | 11,621 | 10,930 |
Available for sale, unrealized losses, total | -82 | -149 |
Held to Maturity | ||
Held to maturity, estimated fair value, less than 12 months | 1,212,828 | 3,866,130 |
Held to maturity, unrealized losses, less than 12 months | -3,104 | -109,364 |
Held to maturity, estimated fair value, more than 12 months | 2,394,225 | 1,027,452 |
Held to maturity, unrealized losses, more than 12 months | -51,953 | -59,815 |
Held to maturity, estimated fair value, total | 3,607,053 | 4,893,582 |
Held to maturity, unrealized losses, total | -55,057 | -169,179 |
Collateralized Mortgage Obligations [Member] | ||
Available for Sale | ||
Available for sale, estimated fair value, less than 12 months | 6,675 | 5 |
Available for sale, unrealized losses, less than 12 months | -36 | |
Available for sale, estimated fair value, more than 12 months | 45 | 50 |
Available for sale, unrealized losses, more than 12 months | -1 | -1 |
Available for sale, estimated fair value, total | 6,720 | 55 |
Available for sale, unrealized losses, total | -37 | -1 |
Held to Maturity | ||
Held to maturity, estimated fair value, less than 12 months | 670 | 2,109 |
Held to maturity, unrealized losses, less than 12 months | -5 | -32 |
Held to maturity, estimated fair value, more than 12 months | 322 | 433 |
Held to maturity, unrealized losses, more than 12 months | -3 | -26 |
Held to maturity, estimated fair value, total | 992 | 2,542 |
Held to maturity, unrealized losses, total | -8 | -58 |
Collateralized Mortgage Backed Securities [Member] | ||
Available for Sale | ||
Available for sale, estimated fair value, less than 12 months | 358 | 651 |
Available for sale, unrealized losses, less than 12 months | -1 | |
Available for sale, estimated fair value, more than 12 months | 2,837 | 3,313 |
Available for sale, unrealized losses, more than 12 months | -14 | -21 |
Available for sale, estimated fair value, total | 3,195 | 3,964 |
Available for sale, unrealized losses, total | -14 | -22 |
Held to Maturity | ||
Held to maturity, estimated fair value, less than 12 months | 1,149,380 | 3,702,569 |
Held to maturity, unrealized losses, less than 12 months | -2,600 | -106,816 |
Held to maturity, estimated fair value, more than 12 months | 2,349,143 | 998,380 |
Held to maturity, unrealized losses, more than 12 months | -50,953 | -59,163 |
Held to maturity, estimated fair value, total | 3,498,523 | 4,700,949 |
Held to maturity, unrealized losses, total | -53,553 | -165,979 |
Other Debt Obligations [Member] | ||
Available for Sale | ||
Available for sale, estimated fair value, less than 12 months | 1,706 | 6,911 |
Available for sale, unrealized losses, less than 12 months | -31 | -126 |
Available for sale, estimated fair value, total | 1,706 | 6,911 |
Available for sale, unrealized losses, total | -31 | -126 |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Held to Maturity | ||
Held to maturity, estimated fair value, less than 12 months | 17,098 | 48,389 |
Held to maturity, unrealized losses, less than 12 months | -74 | -935 |
Held to maturity, estimated fair value, total | 17,098 | 48,389 |
Held to maturity, unrealized losses, total | -74 | -935 |
US States and Political Subdivisions Debt Securities [Member] | ||
Held to Maturity | ||
Held to maturity, estimated fair value, less than 12 months | 45,680 | 113,063 |
Held to maturity, unrealized losses, less than 12 months | -425 | -1,581 |
Held to maturity, estimated fair value, more than 12 months | 44,760 | 28,639 |
Held to maturity, unrealized losses, more than 12 months | -997 | -626 |
Held to maturity, estimated fair value, total | 90,440 | 141,702 |
Held to maturity, unrealized losses, total | ($1,422) | ($2,207) |
Note_5_Securities_Details_Inve1
Note 5 - Securities (Details) - Investment Securities by Contractual Maturity (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Securities by Contractual Maturity [Abstract] | ||
Due in one year or less | $32,904 | |
Due in one year or less | 32,972 | |
Due in one year or less | 12,688 | |
Due in one year or less | 12,861 | |
Due after one year through five years | 175,844 | |
Due after one year through five years | 177,023 | |
Due after one year through five years | 4,776 | |
Due after one year through five years | 4,834 | |
Due after five years through ten years | 183,608 | |
Due after five years through ten years | 186,894 | |
Due after five years through ten years | 8,895 | |
Due after five years through ten years | 9,006 | |
Due after ten years | 64,353 | |
Due after ten years | 64,831 | |
Due after ten years | 631 | |
Due after ten years | 642 | |
Subtotal | 456,709 | |
Subtotal | 461,720 | |
Subtotal | 26,990 | |
Subtotal | 27,343 | |
Mortgage-backed securities and collateralized mortgage obligations | 8,443,668 | |
Mortgage-backed securities and collateralized mortgage obligations | 8,486,972 | |
Mortgage-backed securities and collateralized mortgage obligations | 112,672 | |
Mortgage-backed securities and collateralized mortgage obligations | 118,056 | |
Total | 8,900,377 | 8,066,970 |
Total | 8,948,692 | 7,987,342 |
Total | 139,662 | |
Total | $145,399 | $157,478 |
Note_6_Loans_and_Allowance_for2
Note 6 - Loans and Allowance for Credit Losses (Details) (USD $) | 12 Months Ended | |||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Loans and Leases Receivable, Gross | $9,244,183,000 | $7,775,221,000 | ||||||||
Percentage of Outstanding Principal Balance Commercial Real Estate Loans | 37.10% | |||||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | 161,400,000 | |||||||||
Disposal Group, Including Discontinued Operation, Loans Receivable, Net | 8,602,000 | 2,210,000 | ||||||||
Loans and Leases Receivable, Related Parties | 4,940,000 | 6,187,000 | 6,682,000 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 31,422,000 | [1] | 10,231,000 | [1] | 5,382,000 | [1] | 3,578,000 | [1] | 4,439,000 | [1] |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 36,919,000 | 22,504,000 | 13,015,000 | 12,052,000 | 15,842,000 | |||||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 2,700,000 | 440,000 | 270,000 | |||||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | |||||||||
Maximum Percentage of Principal and Interest Collectible Substandard Impaired Loans | 100.00% | |||||||||
Loans and Leases Receivable, Allowance | 80,762,000 | 67,282,000 | 52,564,000 | 51,594,000 | ||||||
Allowance for Credit Losses as Percentage of Loans | 0.87% | 0.87% | 1.01% | |||||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 13,500,000 | |||||||||
Increase Decrease in Allowance for Credit Losses,Percent | 20.00% | |||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 12 | |||||||||
Financing Receivable, Modifications, Number of Contracts | 3 | 3 | ||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 69,000 | 716,000 | ||||||||
Financing Receivable, Modifications, Recorded Investment | 68,000 | |||||||||
Troubled Debt Restructuring [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 911,000 | 1,400,000 | 3,600,000 | 5,300,000 | 2,600,000 | |||||
Legacy Loans [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 19,000,000 | |||||||||
Acquired Legacy Loans [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 40,000,000 | |||||||||
PCI Loans [Member] | Substandard [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Loans Receivable, Fair Value Disclosure | 32,000,000 | 17,600,000 | ||||||||
Commercial Real Estate Portfolio Segment [Member] | Minimum [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Debt Instrument, Term | 15 years | |||||||||
Commercial Real Estate Portfolio Segment [Member] | Maximum [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Period of Fixed Interest | 5 years | |||||||||
Debt Instrument, Term | 20 years | |||||||||
Commercial Real Estate Portfolio Segment [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Loans and Leases Receivable, Gross | 4,060,000,000 | |||||||||
1-4 Family Residential Loans [Member] | Minimum [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Debt Instrument, Term | 5 years | |||||||||
1-4 Family Residential Loans [Member] | Maximum [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Debt Instrument, Term | 25 years | |||||||||
1-4 Family Residential Loans [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Loan Collateralized | 89.00% | |||||||||
Veteran Administration and Federal Housing Administration Loan [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Debt Instrument, Term | 30 years | |||||||||
Consumer Portfolio Segment [Member] | Minimum [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Debt Instrument, Term | 12 months | |||||||||
Consumer Portfolio Segment [Member] | Maximum [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Debt Instrument, Term | 180 months | |||||||||
1-4 Family Residential (Includes Home Equity) [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Loans and Leases Receivable, Gross | 2,522,181,000 | [2],[3] | 2,131,720,000 | [2],[4] | ||||||
Disposal Group, Including Discontinued Operation, Loans Receivable, Net | 8,600,000 | 2,200,000 | ||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,570,000 | [2] | 3,086,000 | [2] | ||||||
Loans and Leases Receivable, Allowance | 16,377,000 | 17,046,000 | 13,942,000 | |||||||
Total Loans [Member] | Credit Concentration Risk [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Concentration Risk, Percentage | 0.00% | 0.00% | ||||||||
Minimum [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Loan Evaluation by Loan Concurrence Officers | 1,000,000 | |||||||||
Loan Evaluation by Directors Loan Committee | 25,000,000 | |||||||||
Maximum [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Loan Evaluation by Loan Concurrence Officers | 3,500,000 | |||||||||
Loan Evaluation by Directors Loan Committee | 50,000,000 | |||||||||
Residential Mortgage [Member] | ||||||||||
Note 6 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||||
Disposal Group, Including Discontinued Operation, Mortgage Loans | $8,602,000 | $2,210,000 | ||||||||
[1] | Includes troubled debt restructurings of $911 thousand, $1.4 million, $3.6 million, $5.3 million and $2.6 million for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, respectively. | |||||||||
[2] | Includes $8,602 and $2,210 of residential mortgage loans held for sale at December 31, 2014 and December 31, 2013, respectively. | |||||||||
[3] | Includes $8.6 million of residential mortgage loans held for sale at December 31, 2014. | |||||||||
[4] | Includes $2.2 million of residential mortgage loans held for sale at December 31, 2013. |
Note_6_Loans_and_Allowance_for3
Note 6 - Loans and Allowance for Credit Losses (Details) - Types of Loans in Loan Portfolio (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Residential mortgage loans held for sale | $8,602 | $2,210 | ||
Loans held for investment | 9,235,581 | 7,773,011 | ||
Total | 9,244,183 | 7,775,221 | ||
Residential Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Residential mortgage loans held for sale | 8,602 | 2,210 | ||
Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment | 1,806,267 | 1,279,777 | ||
Total | 1,806,267 | 1,279,777 | ||
Construction, Land Development and Other Land Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment | 1,026,475 | 865,511 | ||
Total | 1,026,475 | 865,511 | ||
1-4 Family Residential (Includes Home Equity) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Residential mortgage loans held for sale | 8,600 | 2,200 | ||
Loans held for investment | 2,513,579 | 2,129,510 | ||
Total | 2,522,181 | [1],[2] | 2,131,720 | [1],[3] |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment | 3,030,340 | 2,753,797 | ||
Total | 3,030,340 | 2,753,797 | ||
Farmland [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment | 361,943 | 332,648 | ||
Agriculture [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment | 189,703 | 198,610 | ||
Consumer and Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment | 307,274 | 213,158 | ||
Total | $307,274 | $213,158 | ||
[1] | Includes $8,602 and $2,210 of residential mortgage loans held for sale at December 31, 2014 and December 31, 2013, respectively. | |||
[2] | Includes $8.6 million of residential mortgage loans held for sale at December 31, 2014. | |||
[3] | Includes $2.2 million of residential mortgage loans held for sale at December 31, 2013. |
Note_6_Loans_and_Allowance_for4
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | $9,396,956 |
Loans with a predetermined interest rate | 4,020,825 |
Loans with a floating interest rate | 5,376,131 |
Financing Receivable, Maturity of One Year Or Less [Member] | Commercial and Industrial [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 774,040 |
Financing Receivable, Maturity of One Year Or Less [Member] | Construction, Land Development and Other Land Loans [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 348,560 |
Financing Receivable, Maturity of One Year Or Less [Member] | 1-4 Family Residential (Includes Home Equity) [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 31,922 |
Financing Receivable, Maturity of One Year Or Less [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 135,957 |
Financing Receivable, Maturity of One Year Or Less [Member] | Agriculture [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 168,736 |
Financing Receivable, Maturity of One Year Or Less [Member] | Consumer and Other [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 123,433 |
Financing Receivable, Maturity of One Year Or Less [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 1,582,648 |
Loans with a predetermined interest rate | 487,134 |
Loans with a floating interest rate | 1,095,514 |
Financing Receivable, Maturity of One Through Five Years [Member] | Commercial and Industrial [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 702,492 |
Financing Receivable, Maturity of One Through Five Years [Member] | Construction, Land Development and Other Land Loans [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 203,759 |
Financing Receivable, Maturity of One Through Five Years [Member] | 1-4 Family Residential (Includes Home Equity) [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 196,281 |
Financing Receivable, Maturity of One Through Five Years [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 600,426 |
Financing Receivable, Maturity of One Through Five Years [Member] | Agriculture [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 61,549 |
Financing Receivable, Maturity of One Through Five Years [Member] | Consumer and Other [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 89,933 |
Financing Receivable, Maturity of One Through Five Years [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 1,854,440 |
Loans with a predetermined interest rate | 916,728 |
Loans with a floating interest rate | 937,712 |
Financing Receivable, Maturity After Five Years [Member] | Commercial and Industrial [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 404,256 |
Financing Receivable, Maturity After Five Years [Member] | Construction, Land Development and Other Land Loans [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 478,605 |
Financing Receivable, Maturity After Five Years [Member] | 1-4 Family Residential (Includes Home Equity) [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 2,302,661 |
Financing Receivable, Maturity After Five Years [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 2,351,382 |
Financing Receivable, Maturity After Five Years [Member] | Agriculture [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 326,940 |
Financing Receivable, Maturity After Five Years [Member] | Consumer and Other [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 96,024 |
Financing Receivable, Maturity After Five Years [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 5,959,868 |
Loans with a predetermined interest rate | 2,616,963 |
Loans with a floating interest rate | 3,342,905 |
Commercial and Industrial [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 1,880,788 |
Construction, Land Development and Other Land Loans [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 1,030,924 |
1-4 Family Residential (Includes Home Equity) [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 2,530,864 |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 3,087,765 |
Agriculture [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | 557,225 |
Consumer and Other [Member] | |
Note 6 - Loans and Allowance for Credit Losses (Details) - Contractual Maturities of Loans [Line Items] | |
Loan receivable | $309,390 |
Note_6_Loans_and_Allowance_for5
Note 6 - Loans and Allowance for Credit Losses (Details) - Related Party Loans (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Loans [Abstract] | ||
Beginning balance on January 1 | $6,187 | $6,682 |
New loans and reclassified related loans | 4,943 | 306 |
Repayments | -6,190 | -801 |
Ending balance | $4,940 | $6,187 |
Note_6_Loans_and_Allowance_for6
Note 6 - Loans and Allowance for Credit Losses (Details) - Past Due Loans (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||
In Thousands, unless otherwise specified | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans 30-89 days past due and still accruing | $44,519 | $39,635 | ||||||||
Loans 90 or more days past due and still accruing | 2,193 | 4,947 | ||||||||
Loans past due and still accruing | 46,712 | 44,582 | ||||||||
Nonaccrual loans | 31,422 | [1] | 10,231 | [1] | 5,382 | [1] | 3,578 | [1] | 4,439 | [1] |
Current loans | 9,166,049 | 7,720,408 | ||||||||
Total loans | 9,244,183 | 7,775,221 | ||||||||
Construction, Land Development and Other Land Loans [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans 30-89 days past due and still accruing | 7,667 | 6,258 | ||||||||
Loans 90 or more days past due and still accruing | 2 | |||||||||
Loans past due and still accruing | 7,667 | 6,260 | ||||||||
Nonaccrual loans | 526 | 386 | ||||||||
Current loans | 1,018,282 | 858,865 | ||||||||
Total loans | 1,026,475 | 865,511 | ||||||||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans 30-89 days past due and still accruing | 2,995 | 5,634 | ||||||||
Loans 90 or more days past due and still accruing | 377 | 218 | ||||||||
Loans past due and still accruing | 3,372 | 5,852 | ||||||||
Nonaccrual loans | 96 | 62 | ||||||||
Current loans | 548,178 | 525,344 | ||||||||
Total loans | 551,646 | 531,258 | ||||||||
1-4 Family Residential (Includes Home Equity) [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans 30-89 days past due and still accruing | 2,261 | [2] | 8,684 | [2] | ||||||
Loans 90 or more days past due and still accruing | 82 | [2] | 2,012 | [2] | ||||||
Loans past due and still accruing | 2,343 | [2] | 10,696 | [2] | ||||||
Nonaccrual loans | 3,570 | [2] | 3,086 | [2] | ||||||
Current loans | 2,516,268 | [2] | 2,117,938 | [2] | ||||||
Total loans | 2,522,181 | [2],[3] | 2,131,720 | [2],[4] | ||||||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans 30-89 days past due and still accruing | 12,679 | 8,163 | ||||||||
Loans 90 or more days past due and still accruing | 65 | 1,752 | ||||||||
Loans past due and still accruing | 12,744 | 9,915 | ||||||||
Nonaccrual loans | 6,340 | 4,333 | ||||||||
Current loans | 3,011,256 | 2,739,549 | ||||||||
Total loans | 3,030,340 | 2,753,797 | ||||||||
Commercial and Industrial [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans 30-89 days past due and still accruing | 18,305 | 9,552 | ||||||||
Loans 90 or more days past due and still accruing | 869 | 933 | ||||||||
Loans past due and still accruing | 19,174 | 10,485 | ||||||||
Nonaccrual loans | 20,537 | 2,208 | ||||||||
Current loans | 1,766,556 | 1,267,084 | ||||||||
Total loans | 1,806,267 | 1,279,777 | ||||||||
Consumer and Other [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans 30-89 days past due and still accruing | 612 | 1,344 | ||||||||
Loans 90 or more days past due and still accruing | 800 | 30 | ||||||||
Loans past due and still accruing | 1,412 | 1,374 | ||||||||
Nonaccrual loans | 353 | 156 | ||||||||
Current loans | 305,509 | 211,628 | ||||||||
Total loans | $307,274 | $213,158 | ||||||||
[1] | Includes troubled debt restructurings of $911 thousand, $1.4 million, $3.6 million, $5.3 million and $2.6 million for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, respectively. | |||||||||
[2] | Includes $8,602 and $2,210 of residential mortgage loans held for sale at December 31, 2014 and December 31, 2013, respectively. | |||||||||
[3] | Includes $8.6 million of residential mortgage loans held for sale at December 31, 2014. | |||||||||
[4] | Includes $2.2 million of residential mortgage loans held for sale at December 31, 2013. |
Note_6_Loans_and_Allowance_for7
Note 6 - Loans and Allowance for Credit Losses (Details) - Nonperforming Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||
In Thousands, unless otherwise specified | ||||||||||
Nonperforming Assets [Abstract] | ||||||||||
Nonaccrual loans (1) | $31,422 | [1] | $10,231 | [1] | $5,382 | [1] | $3,578 | [1] | $4,439 | [1] |
Accruing loans 90 or more days past due | 2,193 | 4,947 | 331 | 189 | ||||||
Total nonperforming loans | 33,615 | 15,178 | 5,713 | 3,578 | 4,628 | |||||
Repossessed assets | 67 | 27 | 68 | 146 | 161 | |||||
Other real estate | 3,237 | 7,299 | 7,234 | 8,328 | 11,053 | |||||
Total nonperforming assets | $36,919 | $22,504 | $13,015 | $12,052 | $15,842 | |||||
Nonperforming assets to total loans and other real estate | 0.40% | 0.29% | 0.25% | 0.32% | 0.45% | |||||
[1] | Includes troubled debt restructurings of $911 thousand, $1.4 million, $3.6 million, $5.3 million and $2.6 million for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, respectively. |
Note_6_Loans_and_Allowance_for8
Note 6 - Loans and Allowance for Credit Losses (Details) - Impaired Loans (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
With no related allowance recorded: | ||
Impaired loans with no related allowance, recorded investment | $24,682 | $3,483 |
Impaired loans with no related allowance, unpaid principal balance | 25,052 | 4,946 |
Impaired loans with no related allowance, average recorded investment | 14,084 | 2,873 |
With an allowance recorded: | ||
Impaired loans with related allowance, recorded investment | 4,498 | 5,359 |
Impaired loans with related allowance, unpaid principal balance | 6,300 | 5,495 |
Impaired loans, related allowance | 2,493 | 2,459 |
Impaired loans with related allowance, average recorded investment | 4,930 | 4,977 |
Total: | ||
Impaired loans, recorded investment | 29,180 | 8,842 |
Impaired loans, unpaid principal balance | 31,352 | 10,441 |
Impaired loans, related allowance | 2,493 | 2,459 |
Impaired loans, average recorded investment | 19,014 | 7,850 |
Construction, Land Development and Other Land Loans [Member] | ||
With no related allowance recorded: | ||
Impaired loans with no related allowance, recorded investment | 250 | 277 |
Impaired loans with no related allowance, unpaid principal balance | 256 | 289 |
Impaired loans with no related allowance, average recorded investment | 264 | 711 |
With an allowance recorded: | ||
Impaired loans with related allowance, recorded investment | 276 | |
Impaired loans with related allowance, unpaid principal balance | 276 | |
Impaired loans, related allowance | 225 | |
Impaired loans with related allowance, average recorded investment | 138 | |
Total: | ||
Impaired loans, recorded investment | 526 | 277 |
Impaired loans, unpaid principal balance | 532 | 289 |
Impaired loans, related allowance | 225 | |
Impaired loans, average recorded investment | 402 | 711 |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ||
With no related allowance recorded: | ||
Impaired loans with no related allowance, recorded investment | 14 | |
Impaired loans with no related allowance, unpaid principal balance | 57 | |
Impaired loans with no related allowance, average recorded investment | 7 | 46 |
With an allowance recorded: | ||
Impaired loans with related allowance, recorded investment | 46 | 21 |
Impaired loans with related allowance, unpaid principal balance | 55 | 27 |
Impaired loans, related allowance | 24 | 18 |
Impaired loans with related allowance, average recorded investment | 34 | 28 |
Total: | ||
Impaired loans, recorded investment | 46 | 35 |
Impaired loans, unpaid principal balance | 55 | 84 |
Impaired loans, related allowance | 24 | 18 |
Impaired loans, average recorded investment | 41 | 74 |
1-4 Family Residential (Includes Home Equity) [Member] | ||
With no related allowance recorded: | ||
Impaired loans with no related allowance, recorded investment | 1,710 | 584 |
Impaired loans with no related allowance, unpaid principal balance | 1,831 | 664 |
Impaired loans with no related allowance, average recorded investment | 1,147 | 538 |
With an allowance recorded: | ||
Impaired loans with related allowance, recorded investment | 1,426 | 2,519 |
Impaired loans with related allowance, unpaid principal balance | 1,473 | 2,548 |
Impaired loans, related allowance | 418 | 890 |
Impaired loans with related allowance, average recorded investment | 1,973 | 1,759 |
Total: | ||
Impaired loans, recorded investment | 3,136 | 3,103 |
Impaired loans, unpaid principal balance | 3,304 | 3,212 |
Impaired loans, related allowance | 418 | 890 |
Impaired loans, average recorded investment | 3,120 | 2,297 |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ||
With no related allowance recorded: | ||
Impaired loans with no related allowance, recorded investment | 5,093 | 2,490 |
Impaired loans with no related allowance, unpaid principal balance | 5,126 | 3,798 |
Impaired loans with no related allowance, average recorded investment | 3,792 | 1,470 |
With an allowance recorded: | ||
Impaired loans with related allowance, recorded investment | 62 | 1,613 |
Impaired loans with related allowance, unpaid principal balance | 63 | 1,615 |
Impaired loans, related allowance | 24 | 445 |
Impaired loans with related allowance, average recorded investment | 838 | 2,032 |
Total: | ||
Impaired loans, recorded investment | 5,155 | 4,103 |
Impaired loans, unpaid principal balance | 5,189 | 5,413 |
Impaired loans, related allowance | 24 | 445 |
Impaired loans, average recorded investment | 4,630 | 3,502 |
Commercial and Industrial [Member] | ||
With no related allowance recorded: | ||
Impaired loans with no related allowance, recorded investment | 9,485 | 103 |
Impaired loans with no related allowance, unpaid principal balance | 9,678 | 122 |
Impaired loans with no related allowance, average recorded investment | 4,794 | 95 |
With an allowance recorded: | ||
Impaired loans with related allowance, recorded investment | 2,454 | 1,111 |
Impaired loans with related allowance, unpaid principal balance | 4,182 | 1,192 |
Impaired loans, related allowance | 1,597 | 1,029 |
Impaired loans with related allowance, average recorded investment | 1,783 | 1,077 |
Total: | ||
Impaired loans, recorded investment | 11,939 | 1,214 |
Impaired loans, unpaid principal balance | 13,860 | 1,314 |
Impaired loans, related allowance | 1,597 | 1,029 |
Impaired loans, average recorded investment | 6,577 | 1,172 |
Consumer and Other [Member] | ||
With no related allowance recorded: | ||
Impaired loans with no related allowance, recorded investment | 8,144 | 15 |
Impaired loans with no related allowance, unpaid principal balance | 8,161 | 16 |
Impaired loans with no related allowance, average recorded investment | 4,080 | 13 |
With an allowance recorded: | ||
Impaired loans with related allowance, recorded investment | 234 | 95 |
Impaired loans with related allowance, unpaid principal balance | 251 | 113 |
Impaired loans, related allowance | 205 | 77 |
Impaired loans with related allowance, average recorded investment | 164 | 81 |
Total: | ||
Impaired loans, recorded investment | 8,378 | 110 |
Impaired loans, unpaid principal balance | 8,412 | 129 |
Impaired loans, related allowance | 205 | 77 |
Impaired loans, average recorded investment | $4,244 | $94 |
Note_6_Loans_and_Allowance_for9
Note 6 - Loans and Allowance for Credit Losses (Details) - Risk Grades and Impaired Loans by Class of Loan (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | $9,244,183 | $7,775,221 | ||
Construction, Land Development and Other Land Loans [Member] | Grade 3 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 1,022,002 | 858,712 | ||
Construction, Land Development and Other Land Loans [Member] | Grade 5 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 497 | 1,141 | ||
Construction, Land Development and Other Land Loans [Member] | Grade 6 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,308 | 1,616 | ||
Construction, Land Development and Other Land Loans [Member] | Grade 7 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 526 | 277 | ||
Construction, Land Development and Other Land Loans [Member] | PCI Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 1,142 | [1] | 3,765 | [2] |
Construction, Land Development and Other Land Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 1,026,475 | 865,511 | ||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 1 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 13,507 | 5,225 | ||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 3 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 528,400 | 520,921 | ||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 5 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 4,265 | 3,427 | ||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 6 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 4,921 | 1,043 | ||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 7 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 46 | 35 | ||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | PCI Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 507 | [1] | 607 | [2] |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 551,646 | 531,258 | ||
1-4 Family Residential (Includes Home Equity) [Member] | Grade 1 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | [3] | [4] | ||
1-4 Family Residential (Includes Home Equity) [Member] | Grade 2 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | [3] | [4] | ||
1-4 Family Residential (Includes Home Equity) [Member] | Grade 3 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,503,679 | [3] | 2,113,698 | [4] |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 4 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | [3] | [4] | ||
1-4 Family Residential (Includes Home Equity) [Member] | Grade 5 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 1,174 | [3] | 6,337 | [4] |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 6 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 8,266 | [3] | 4,504 | [4] |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 7 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 3,136 | [3] | 3,093 | [4] |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 8 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | [3] | 10 | [4] | |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 9 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | [3] | [4] | ||
1-4 Family Residential (Includes Home Equity) [Member] | PCI Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 5,926 | [1],[3] | 4,078 | [2],[4] |
1-4 Family Residential (Includes Home Equity) [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,522,181 | [3],[5] | 2,131,720 | [4],[5] |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Grade 3 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 2,965,455 | 2,697,664 | ||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Grade 5 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 10,424 | 10,798 | ||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Grade 6 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 25,839 | 14,316 | ||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Grade 7 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 5,155 | 4,103 | ||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | PCI Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 23,467 | [1] | 26,916 | [2] |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 3,030,340 | 2,753,797 | ||
Commercial and Industrial [Member] | Grade 1 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 61,697 | 50,131 | ||
Commercial and Industrial [Member] | Grade 3 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 1,698,558 | 1,202,604 | ||
Commercial and Industrial [Member] | Grade 5 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 3,266 | 17,179 | ||
Commercial and Industrial [Member] | Grade 6 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 4,707 | 2,423 | ||
Commercial and Industrial [Member] | Grade 7 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 11,834 | 1,214 | ||
Commercial and Industrial [Member] | Grade 8 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 105 | |||
Commercial and Industrial [Member] | PCI Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 26,100 | [1] | 6,226 | [2] |
Commercial and Industrial [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 1,806,267 | 1,279,777 | ||
Consumer and Other [Member] | Grade 1 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 41,240 | 31,362 | ||
Consumer and Other [Member] | Grade 3 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 257,588 | 181,406 | ||
Consumer and Other [Member] | Grade 5 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 18 | 146 | ||
Consumer and Other [Member] | Grade 6 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 50 | 134 | ||
Consumer and Other [Member] | Grade 7 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 8,378 | 110 | ||
Consumer and Other [Member] | PCI Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | [1] | [2] | ||
Consumer and Other [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 307,274 | 213,158 | ||
Grade 1 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 116,444 | 86,718 | ||
Grade 3 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 8,975,682 | 7,575,005 | ||
Grade 5 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 19,644 | 39,028 | ||
Grade 6 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 46,091 | 24,036 | ||
Grade 7 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 29,075 | 8,832 | ||
Grade 8 [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | 105 | 10 | ||
PCI Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans | $57,142 | [1] | $41,592 | [2] |
[1] | Of the total PCI loans, $32.0 million were classified as substandard at December 31, 2014. | |||
[2] | Of the total PCI loans, $17.6 million were classified as substandard at December 31, 2013. | |||
[3] | Includes $8.6 million of residential mortgage loans held for sale at December 31, 2014. | |||
[4] | Includes $2.2 million of residential mortgage loans held for sale at December 31, 2013. | |||
[5] | Includes $8,602 and $2,210 of residential mortgage loans held for sale at December 31, 2014 and December 31, 2013, respectively. |
Recovered_Sheet1
Note 6 - Loans and Allowance for Credit Losses (Details) - Activity in Allowance for Loan Losses (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for credit losses: | |||
Allowance for credit losses | $67,282 | $52,564 | $51,594 |
Provision for credit losses | 18,275 | 17,240 | 6,100 |
Charge-offs | -9,950 | -5,493 | -7,896 |
Recoveries | 5,155 | 2,971 | |
Net charge-offs | -4,795 | -2,522 | -5,130 |
Allowance for credit losses | 80,762 | 67,282 | 52,564 |
31-Dec-14 | |||
Individually evaluated for impairment | 2,493 | 2,459 | |
Collectively evaluated for impairment | 78,269 | 64,823 | |
Total allowance for credit losses | 80,762 | 67,282 | 52,564 |
31-Dec-14 | |||
Individually evaluated for impairment | 29,180 | 8,842 | |
Collectively evaluated for impairment | 9,149,259 | 7,722,577 | |
PCI loans | 57,142 | 41,592 | |
Total loans evaluated for impairment | 9,235,581 | 7,773,011 | |
Construction, Land Development and Other Land Loans [Member] | |||
Allowance for credit losses: | |||
Allowance for credit losses | 14,353 | 11,909 | |
Provision for credit losses | 1,541 | 2,470 | |
Charge-offs | -155 | -271 | |
Recoveries | 86 | 245 | |
Net charge-offs | -69 | -26 | |
Allowance for credit losses | 15,825 | 14,353 | |
31-Dec-14 | |||
Individually evaluated for impairment | 225 | ||
Collectively evaluated for impairment | 15,600 | 14,353 | |
Total allowance for credit losses | 15,825 | 14,353 | |
31-Dec-14 | |||
Individually evaluated for impairment | 526 | 277 | |
Collectively evaluated for impairment | 1,024,807 | 861,469 | |
PCI loans | 1,142 | 3,765 | |
Total loans evaluated for impairment | 1,026,475 | 865,511 | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||
Allowance for credit losses: | |||
Allowance for credit losses | 1,229 | 764 | |
Provision for credit losses | 1,503 | 399 | |
Charge-offs | -71 | -48 | |
Recoveries | 1,061 | 114 | |
Net charge-offs | 990 | 66 | |
Allowance for credit losses | 3,722 | 1,229 | |
31-Dec-14 | |||
Individually evaluated for impairment | 24 | 18 | |
Collectively evaluated for impairment | 3,698 | 1,211 | |
Total allowance for credit losses | 3,722 | 1,229 | |
31-Dec-14 | |||
Individually evaluated for impairment | 46 | 35 | |
Collectively evaluated for impairment | 551,093 | 530,616 | |
PCI loans | 507 | 607 | |
Total loans evaluated for impairment | 551,646 | 531,258 | |
1-4 Family Residential (Includes Home Equity) [Member] | |||
Allowance for credit losses: | |||
Allowance for credit losses | 17,046 | 13,942 | |
Provision for credit losses | 358 | 3,277 | |
Charge-offs | -1,223 | -211 | |
Recoveries | 196 | 38 | |
Net charge-offs | -1,027 | -173 | |
Allowance for credit losses | 16,377 | 17,046 | |
31-Dec-14 | |||
Individually evaluated for impairment | 418 | 890 | |
Collectively evaluated for impairment | 15,959 | 16,156 | |
Total allowance for credit losses | 16,377 | 17,046 | |
31-Dec-14 | |||
Individually evaluated for impairment | 3,136 | 3,103 | |
Collectively evaluated for impairment | 2,504,517 | 2,122,329 | |
PCI loans | 5,926 | 4,078 | |
Total loans evaluated for impairment | 2,513,579 | 2,129,510 | |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Allowance for credit losses: | |||
Allowance for credit losses | 24,835 | 19,607 | |
Provision for credit losses | -10,300 | 5,189 | |
Charge-offs | -2,009 | -894 | |
Recoveries | 218 | 933 | |
Net charge-offs | -1,791 | 39 | |
Allowance for credit losses | 12,744 | 24,835 | |
31-Dec-14 | |||
Individually evaluated for impairment | 24 | 445 | |
Collectively evaluated for impairment | 12,720 | 24,390 | |
Total allowance for credit losses | 12,744 | 24,835 | |
31-Dec-14 | |||
Individually evaluated for impairment | 5,155 | 4,103 | |
Collectively evaluated for impairment | 3,001,718 | 2,722,778 | |
PCI loans | 23,467 | 26,916 | |
Total loans evaluated for impairment | 3,030,340 | 2,753,797 | |
Commercial and Industrial [Member] | |||
Allowance for credit losses: | |||
Allowance for credit losses | 8,167 | 5,777 | |
Provision for credit losses | 22,187 | 2,714 | |
Charge-offs | -818 | -672 | |
Recoveries | 466 | 348 | |
Net charge-offs | -352 | -324 | |
Allowance for credit losses | 30,002 | 8,167 | |
31-Dec-14 | |||
Individually evaluated for impairment | 1,597 | 1,029 | |
Collectively evaluated for impairment | 28,405 | 7,138 | |
Total allowance for credit losses | 30,002 | 8,167 | |
31-Dec-14 | |||
Individually evaluated for impairment | 11,939 | 1,214 | |
Collectively evaluated for impairment | 1,768,228 | 1,272,337 | |
PCI loans | 26,100 | 6,226 | |
Total loans evaluated for impairment | 1,806,267 | 1,279,777 | |
Consumer and Other [Member] | |||
Allowance for credit losses: | |||
Allowance for credit losses | 1,652 | 565 | |
Provision for credit losses | 2,986 | 3,191 | |
Charge-offs | -5,674 | -3,397 | |
Recoveries | 3,128 | 1,293 | |
Net charge-offs | -2,546 | -2,104 | |
Allowance for credit losses | 2,092 | 1,652 | |
31-Dec-14 | |||
Individually evaluated for impairment | 205 | 77 | |
Collectively evaluated for impairment | 1,887 | 1,575 | |
Total allowance for credit losses | 2,092 | 1,652 | |
31-Dec-14 | |||
Individually evaluated for impairment | 8,378 | 110 | |
Collectively evaluated for impairment | 298,896 | 213,048 | |
Total loans evaluated for impairment | $307,274 | $213,158 |
Recovered_Sheet2
Note 6 - Loans and Allowance for Credit Losses (Details) - Activity in Allowance for Loan Losses 2012 (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Activity in Allowance for Loan Losses 2012 [Abstract] | |||
Allowance for credit losses | $67,282 | $52,564 | $51,594 |
Addition - provision charged to operations | 18,275 | 17,240 | 6,100 |
Charge-offs and recoveries: | |||
Loans charged-off | -9,950 | -5,493 | -7,896 |
Loan recoveries | 2,766 | ||
Net charge-offs | -4,795 | -2,522 | -5,130 |
Allowance for credit losses | $80,762 | $67,282 | $52,564 |
Recovered_Sheet3
Note 6 - Loans and Allowance for Credit Losses (Details) - Troubled Debt Restructurings (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Troubled Debt Restructurings | ||
Troubled debt restructurings, number of contracts | 3 | 3 |
Troubled debt restructurings, pre-modification outstanding recorded investment | $69 | $716 |
Troubled debt restructurings, post-modification outstanding recorded investment | 68 | 700 |
Construction, Land Development and Other Land Loans [Member] | ||
Troubled Debt Restructurings | ||
Troubled debt restructurings, number of contracts | 1 | |
Troubled debt restructurings, pre-modification outstanding recorded investment | 251 | |
Troubled debt restructurings, post-modification outstanding recorded investment | 236 | |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ||
Troubled Debt Restructurings | ||
Troubled debt restructurings, number of contracts | 1 | 1 |
Troubled debt restructurings, pre-modification outstanding recorded investment | 35 | 450 |
Troubled debt restructurings, post-modification outstanding recorded investment | 35 | 450 |
Commercial and Industrial [Member] | ||
Troubled Debt Restructurings | ||
Troubled debt restructurings, number of contracts | 2 | 1 |
Troubled debt restructurings, pre-modification outstanding recorded investment | 34 | 15 |
Troubled debt restructurings, post-modification outstanding recorded investment | $33 | $14 |
Note_7_Fair_Value_Details
Note 7 - Fair Value (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | |
Other Real Estate, Additions | $8.10 |
Real Estate Owned Outstanding | 1.7 |
Additions to Impaired Loans | 30.6 |
Impaired Loans Outstanding | $24.50 |
Note_7_Fair_Value_Details_Fair
Note 7 - Fair Value (Details) - Fair Value Assets and Liabilities Measured on Recurring Basis (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available for sale securities: | ||
Available for sale securities | $145,399 | $157,478 |
Non-hedging interest rate swap | 38 | |
Not Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Non-hedging interest rate swap | 303 | |
Not Designated as Hedging Instrument [Member] | ||
Available for sale securities: | ||
Non-hedging interest rate swap | 303 | |
Fair Value, Inputs, Level 1 [Member] | Other Debt Obligations [Member] | ||
Available for sale securities: | ||
Available for sale securities | 12,758 | 12,477 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities | 14,585 | 29,375 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Debt Obligations [Member] | ||
Available for sale securities: | ||
Available for sale securities | 33,573 | 489 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities | 84,483 | 115,137 |
Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Non-hedging interest rate swap | 38 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities | 14,585 | 29,375 |
Collateralized Debt Obligations [Member] | ||
Available for sale securities: | ||
Available for sale securities | 33,573 | 489 |
Collateralized Mortgage Backed Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities | 84,483 | 115,137 |
Other Debt Obligations [Member] | ||
Available for sale securities: | ||
Available for sale securities | $12,758 | $12,477 |
Note_7_Fair_Value_Details_Fina
Note 7 - Fair Value (Details) - Financial Instruments Fair Value (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $677,285 | $380,990 |
Federal funds sold | 569 | 400 |
Held to maturity securities | 8,948,692 | 7,987,342 |
Loans held for sale | 8,602 | 2,210 |
Deposits: | ||
Noninterest-bearing | 4,936,420 | 4,108,835 |
Interest-bearing | 12,756,738 | 11,182,436 |
Other borrowings | 8,724 | 10,689 |
Securities sold under repurchase agreements | 315,523 | 364,357 |
Junior subordinated debentures | 167,531 | 124,231 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Cash and due from banks | 677,285 | 380,990 |
Federal funds sold | 569 | 400 |
Loans held for sale | 2,210 | |
Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Held to maturity securities | 8,948,692 | 7,987,342 |
Loans held for sale | 8,602 | |
Other real estate owned | 3,237 | 7,299 |
Deposits: | ||
Noninterest-bearing | 4,936,420 | 4,108,835 |
Interest-bearing | 12,767,961 | 11,196,241 |
Other borrowings | 10,000 | 12,014 |
Securities sold under repurchase agreements | 315,543 | 364,477 |
Junior subordinated debentures | 159,740 | 119,325 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Loans held for investment, net of allowance | 9,192,231 | 7,749,786 |
Reported Value Measurement [Member] | ||
Assets | ||
Cash and due from banks | 677,285 | 380,990 |
Federal funds sold | 569 | 400 |
Held to maturity securities | 8,900,377 | 8,066,970 |
Loans held for sale | 8,602 | 2,210 |
Loans held for investment, net of allowance | 9,154,819 | 7,705,729 |
Other real estate owned | 3,237 | 7,299 |
Deposits: | ||
Noninterest-bearing | 4,936,420 | 4,108,835 |
Interest-bearing | 12,756,738 | 11,182,436 |
Other borrowings | 8,724 | 10,689 |
Securities sold under repurchase agreements | 315,523 | 364,357 |
Junior subordinated debentures | 167,531 | 124,231 |
Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Cash and due from banks | 677,285 | 380,990 |
Federal funds sold | 569 | 400 |
Held to maturity securities | 8,948,692 | 7,987,342 |
Loans held for sale | 8,602 | 2,210 |
Loans held for investment, net of allowance | 9,192,231 | 7,749,786 |
Other real estate owned | 3,237 | 7,299 |
Deposits: | ||
Noninterest-bearing | 4,936,420 | 4,108,835 |
Interest-bearing | 12,767,961 | 11,196,241 |
Other borrowings | 10,000 | 12,014 |
Securities sold under repurchase agreements | 315,543 | 364,477 |
Junior subordinated debentures | $159,740 | $119,325 |
Note_8_Premises_and_Equipment_1
Note 8 - Premises and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | $13.70 | $10.60 | $8.90 |
Note_8_Premises_and_Equipment_2
Note 8 - Premises and Equipment (Details) - Premises and Equipment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant Equipment Gross | $359,100 | $347,835 |
Less accumulated depreciation | -77,551 | -64,910 |
Premises and equipment, net | 281,549 | 282,925 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant Equipment Gross | 91,491 | 97,000 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant Equipment Gross | 204,904 | 193,817 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant Equipment Gross | 60,296 | 51,418 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant Equipment Gross | $2,409 | $5,600 |
Note_9_Deposits_Details
Note 9 - Deposits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Text Block [Abstract] | |||
Interest Expense, Time Deposits, $100,000 or More | $11.60 | $9.40 | $8.90 |
Deposits Assets | $270.70 |
Note_9_Deposits_Details_Remain
Note 9 - Deposits (Details) - Remaining Maturities of Certificates of Deposit (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Remaining Maturities of Certificates of Deposit [Abstract] | |
Three months or less | $625,392 |
Three months or less | 33.70% |
Over three through six months | 828,372 |
Over three through six months | 44.60% |
Over six through 12 months | 287,079 |
Over six through 12 months | 15.40% |
Over 12 months | 116,415 |
Over 12 months | 6.30% |
Total | $1,857,258 |
Total | 100.00% |
Note_10_Other_Borrowings_and_S2
Note 10 - Other Borrowings and Securities Sold Under Repurchase Agreements (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 10 - Other Borrowings and Securities Sold Under Repurchase Agreements (Details) [Line Items] | ||
Funds Available on Other Borrowings and Securities | 5,910,000,000 | |
Funds Outstanding Under Agreement | 8,700,000 | |
Federal Home Loan Bank Advances | 0 | |
Long-term Federal Home Loan Bank Advances, Noncurrent | 8,724,000 | 10,689,000 |
Debt, Weighted Average Interest Rate | 5.43% | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate, Range from | 4.23% | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate, Range to | 6.10% | |
Securities Sold under Agreements to Repurchase | 315,523,000 | 364,357,000 |
Assets Sold under Agreements to Repurchase, Interest Rate | 0.26% | 0.27% |
Repurchase Agreement With 6 to 48 Month Maturity Dates [Member] | ||
Note 10 - Other Borrowings and Securities Sold Under Repurchase Agreements (Details) [Line Items] | ||
Securities Sold under Agreements to Repurchase | 22,000,000 | |
Maximum [Member] | ||
Note 10 - Other Borrowings and Securities Sold Under Repurchase Agreements (Details) [Line Items] | ||
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements | 24 months | |
Minimum [Member] | ||
Note 10 - Other Borrowings and Securities Sold Under Repurchase Agreements (Details) [Line Items] | ||
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements | 3 years |
Note_10_Other_Borrowings_and_S3
Note 10 - Other Borrowings and Securities Sold Under Repurchase Agreements (Details) - Borrowings (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Borrowings [Abstract] | ||
FHLB long-term notes payable | $8,724 | $10,689 |
Total other borrowings | 8,724 | 10,689 |
Securities sold under repurchase agreements | 315,523 | 364,357 |
Total | $324,247 | $375,046 |
Note_11_Income_Taxes_Details
Note 11 - Income Taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
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 |
Note_11_Income_Taxes_Details_P
Note 11 - Income Taxes (Details) - Provision for Federal Income Taxes (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Provision for Federal Income Taxes [Abstract] | |||
Current | $102,595 | $88,535 | $74,168 |
Deferred | 45,713 | 19,884 | 9,615 |
Total | $148,308 | $108,419 | $83,783 |
Note_11_Income_Taxes_Details_I
Note 11 - Income Taxes (Details) - Income Tax Reconcilliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Reconcilliation [Abstract] | |||
Taxes calculated at statutory rate | $156,012 | $115,436 | $88,089 |
(Decrease) increase resulting from: | |||
Tax-exempt interest | -7,102 | -6,360 | -3,836 |
Qualified School Construction Bond credit | -794 | -530 | -504 |
Non taxable death benefits | -677 | ||
BOLI income | -1,788 | -1,244 | -936 |
Qualified stock options | 6 | 12 | 22 |
Merger related expenses | 86 | 185 | 538 |
State tax, net | 1,898 | 864 | 195 |
Other, net | 667 | 56 | 215 |
Total | $148,308 | $108,419 | $83,783 |
Note_11_Income_Taxes_Details_D
Note 11 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Loan purchase discounts | $56,553 | $46,653 |
Allowance for credit losses | 27,324 | 22,565 |
Accrued liabilities | 8,704 | 6,294 |
Restricted stock | 6,620 | 4,242 |
Deferred compensation | 3,755 | 5,075 |
Certificates of Deposit | 613 | 42 |
Net operating losses | 5,055 | 8,818 |
Self insurance reserve | 1,075 | |
ORE write-downs | 1,418 | 5,826 |
Investments in partnerships | 95 | 30 |
Other | 1,428 | 300 |
Total deferred tax assets | 111,565 | 100,920 |
Deferred tax liabilities: | ||
Goodwill and core deposit intangibles | -31,868 | -20,801 |
Bank premises and equipment | -9,325 | -13,020 |
Securities | -4,405 | -6,823 |
Unrealized gain on available for sale securities | -2,008 | -2,629 |
Prepaid expenses | -1,260 | -1,430 |
Deferred loan fees and costs | -1,299 | -1,283 |
Total deferred tax liabilities | -50,165 | -45,986 |
Net deferred tax assets | $61,400 | $54,934 |
Note_12_Stock_Incentive_Progra2
Note 12 - Stock Incentive Programs (Details) (USD $) | 12 Months Ended | 121 Months Ended | 204 Months Ended | 34 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2011 | Dec. 30, 2011 | |
Note 12 - Stock Incentive Programs (Details) [Line Items] | ||||||||
Number of Stock-based Employee Compensation Plans | 3 | 3 | 3 | 3 | ||||
Number of Stock-based Employee Compensation Plans Expired | 2 | 2 | 2 | 2 | ||||
Allocated Share-based Compensation Expense | $8,200,000 | $4,200,000 | $3,600,000 | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 2,900,000 | 1,500,000 | 1,200,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | 0 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in Shares) | 38,000 | 38,000 | 38,000 | 38,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 53,000 | 188,000 | 386,000 | 525,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 3,500,000 | 6,900,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 97,000 | |||||||
Stock Issued During Period, Value, Share-based Compensation, Forfeited | 0 | 26,000 | 39,000 | |||||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 3,700,000 | 5,400,000 | 3,600,000 | |||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 0 | 0 | 0 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 17,500,000 | 17,500,000 | 17,500,000 | 17,500,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 350 days | |||||||
Restricted Stock [Member] | Minimum [Member] | ||||||||
Note 12 - Stock Incentive Programs (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||
Restricted Stock [Member] | Maximum [Member] | ||||||||
Note 12 - Stock Incentive Programs (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||
Restricted Stock [Member] | 2004 Stock Incentive Plan [Member] | ||||||||
Note 12 - Stock Incentive Programs (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 904,076 | |||||||
Restricted Stock [Member] | ||||||||
Note 12 - Stock Incentive Programs (Details) [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 8,200,000 | 4,200,000 | 3,600,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 354,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $17,500,000 | |||||||
Employee Stock Option [Member] | ||||||||
Note 12 - Stock Incentive Programs (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | |||||||
1998 Stock Incentive Plan [Member] | ||||||||
Note 12 - Stock Incentive Programs (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 920,000 | 920,000 | 920,000 | 920,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 819,500 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in Shares) | 17,230 | 17,230 | 17,230 | 17,230 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 17,230 | |||||||
2004 Stock Incentive Plan [Member] | ||||||||
Note 12 - Stock Incentive Programs (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,250,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 191,625 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in Shares) | 20,475 | 20,475 | 20,475 | 20,475 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 35,975 | 35,975 | 35,975 | 35,975 | ||||
2012 Stock Incentive Plan [Member] | ||||||||
Note 12 - Stock Incentive Programs (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,250,000 | 1,250,000 | 1,250,000 | 1,250,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 10,043 |
Note_12_Stock_Incentive_Progra3
Note 12 - Stock Incentive Programs (Details) - Option Activity (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Option Activity [Abstract] | ||||
Options outstanding | 525 | 53 | 188 | 386 |
Options outstanding, weighted average exercise price | $28.18 | $27.68 | $28.88 | $28.39 |
Options outstanding, weighted average remaining contractual term | 3 years 321 days | 2 years 251 days | 3 years 255 days | 3 years 73 days |
Options outstanding, aggregate intrinsic value | $6,391 | $1,473 | $6,500 | $5,247 |
Shares vested or expected to vest, December 31, 2014 | 52 | |||
Shares vested or expected to vest, December 31, 2014 | $27.68 | |||
Shares vested or expected to vest, December 31, 2014 | 2 years 244 days | |||
Shares vested or expected to vest, December 31, 2014 | 1,429 | |||
Shares exercisable, December 31, 2014 | 38 | |||
Shares exercisable, December 31, 2014 | $29.85 | |||
Shares exercisable, December 31, 2014 | 2 years 3 days | |||
Shares exercisable, December 31, 2014 | $962 | |||
Options forfeited | -5 | -4 | -8 | |
Options forfeited, weighted average exercise price | $23.88 | $30.97 | $30.93 | |
Options exercised | -130 | -194 | -131 | |
Options exercised, weighted average exercise price | $28.46 | $27.69 | $27.36 |
Note_12_Stock_Incentive_Progra4
Note 12 - Stock Incentive Programs (Details) - Restricted Stock Activity (Restricted Stock [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock [Member] | |
Note 12 - Stock Incentive Programs (Details) - Restricted Stock Activity [Line Items] | |
Nonvested share awards outstanding, December 31, 2013 | 452,000 |
Nonvested share awards outstanding, December 31, 2013 | $39.08 |
Nonvested shares outstanding, December 31, 2014 | 446,000 |
Nonvested shares outstanding, December 31, 2014 | $57.97 |
Share awards granted | 354,000 |
Share awards granted | $61.83 |
Unvested share awards forfeited | -51,000 |
Unvested share awards forfeited | $49.75 |
Share awards vested | -309,000 |
Share awards vested | $37.69 |
Note_13_Other_Noninterest_Inco2
Note 13 - Other Noninterest Income and Expense (Details) | Dec. 31, 2014 |
Noninterest Income Expense Other [Abstract] | |
Percentage of Other NonInterest Income and Expense Exceeding Net Interest Income and Noninterest Income | 1.00% |
Note_13_Other_Noninterest_Inco3
Note 13 - Other Noninterest Income and Expense (Details) - Other Noninterest Income and Expense (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other noninterest income | |||
Banking related service fees | $4,796 | $3,502 | $2,650 |
Bank Owned Life Insurance (BOLI) | 5,189 | 3,635 | 2,673 |
Rental income | 2,378 | 1,990 | 1,667 |
Other | 11,222 | 5,901 | 2,419 |
Total | 23,585 | 15,028 | 9,409 |
Other noninterest expense | |||
Advertising | 3,016 | 2,642 | 1,670 |
Losses | 4,143 | 2,138 | 1,314 |
Printing and supplies | 2,427 | 2,616 | 2,586 |
Professional and legal fees | 5,636 | 3,573 | 4,118 |
Property taxes | 7,410 | 5,827 | 4,623 |
Travel and development | 4,848 | 3,629 | 2,179 |
Other | 11,391 | 10,254 | 6,743 |
Total | $38,871 | $30,679 | $23,233 |
Note_14_Profit_Sharing_Plan_De
Note 14 - Profit Sharing Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 15.00% | ||
Matching Contribution Amounts | $4.60 | $3.30 | $2.40 |
Note_15_Offbalance_Sheet_Arran2
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 | |
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) [Line Items] | ||||
Interest Expense, Junior Subordinated Debentures | $4,060,000 | $2,551,000 | $2,593,000 | |
Junior Subordinated Notes, Current | 167,500,000 | |||
Operating Leases, Rent Expense, Net | 7,500,000 | 5,800,000 | 5,400,000 | |
Commitments to Extend Credit [Member] | Minimum [Member] | ||||
Note 15 - Off-balance 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] | ||||
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) [Line Items] | ||||
Percentage of Commitments to Extend Credit Fixed Rate | 21.00% | |||
Commitments to Extend Credit [Member] | ||||
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) [Line Items] | ||||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | 331,000,000 | |||
Subsequent Event [Member] | ||||
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) [Line Items] | ||||
Junior Subordinated Debentures,Redemption Value | 41,200,000 | |||
To be Paid Over Future Periods [Member] | ||||
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) [Line Items] | ||||
Interest Expense, Junior Subordinated Debentures | 61,200,000 | |||
Interest Expense, Federal Home Loan Bank and Federal Reserve Bank Advances, Long-term | $2,700,000 |
Note_15_Offbalance_Sheet_Arran3
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) - Contractual Obligations and Other Commitments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) - Contractual Obligations and Other Commitments [Line Items] | |
1 year or less | $1,242,798 |
More than 1 year but less than 3 years | 387,022 |
3 years or more but less than 5 years | 72,945 |
5 years or more | 408,116 |
Total | 2,110,881 |
Junior Subordinated Debt [Member] | |
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) - Contractual Obligations and Other Commitments [Line Items] | |
1 year or less | 44,422 |
More than 1 year but less than 3 years | 6,186 |
3 years or more but less than 5 years | 6,186 |
5 years or more | 171,975 |
Total | 228,769 |
Federal Home Loan Bank Advances [Member] | |
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) - Contractual Obligations and Other Commitments [Line Items] | |
1 year or less | 2,247 |
More than 1 year but less than 3 years | 2,313 |
3 years or more but less than 5 years | 5,251 |
5 years or more | 1,648 |
Total | 11,459 |
Operating Leases [Member] | |
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) - Contractual Obligations and Other Commitments [Line Items] | |
1 year or less | 6,927 |
More than 1 year but less than 3 years | 9,468 |
3 years or more but less than 5 years | 4,401 |
5 years or more | 7,792 |
Total | 28,588 |
Lease, Total [Member] | |
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) - Contractual Obligations and Other Commitments [Line Items] | |
1 year or less | 53,596 |
More than 1 year but less than 3 years | 17,967 |
3 years or more but less than 5 years | 15,838 |
5 years or more | 181,415 |
Total | $268,816 |
Note_15_Offbalance_Sheet_Arran4
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) - Letters of Credit and Commitments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Line of Credit Facility [Line Items] | |
1 year or less | $1,242,798 |
More than 1 year but less than 3 years | 387,022 |
3 years or more but less than 5 years | 72,945 |
5 years or more | 408,116 |
Total | 2,110,881 |
Commitments to Extend Credit [Member] | |
Line of Credit Facility [Line Items] | |
1 year or less | 1,149,704 |
More than 1 year but less than 3 years | 368,189 |
3 years or more but less than 5 years | 72,356 |
5 years or more | 408,116 |
Total | 1,998,365 |
Financial Standby Letter of Credit [Member] | |
Line of Credit Facility [Line Items] | |
1 year or less | 93,094 |
More than 1 year but less than 3 years | 18,833 |
3 years or more but less than 5 years | 589 |
Total | $112,516 |
Note_15_Offbalance_Sheet_Arran5
Note 15 - Off-balance Sheet Arrangements, Commitments and Contingencies (Details) - Operating Lease Commitments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Lease Commitments [Abstract] | |
2015 | $6,927 |
2016 | 5,644 |
2017 | 3,824 |
2018 | 2,590 |
2019 | 1,810 |
Thereafter | 7,793 |
$28,588 |
Note_16_Other_Comprehensive_Lo2
Note 16 - Other Comprehensive (Loss) Income (Details) - Tax Effects Allocated to Each Component of Other Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Securities available for sale: | |||
Change in unrealized gain during period | ($1,776) | ($6,312) | ($6,903) |
Change in unrealized gain during period | 622 | 2,209 | 2,417 |
Change in unrealized gain during period | -1,154 | -4,103 | -4,486 |
Total securities available for sale | -1,776 | -6,312 | -6,903 |
Total securities available for sale | 622 | 2,209 | 2,417 |
Total securities available for sale | -1,154 | -4,103 | -4,486 |
Total other comprehensive loss | -1,776 | -6,312 | -6,903 |
Total other comprehensive loss | 622 | 2,209 | 2,417 |
Total other comprehensive loss | ($1,154) | ($4,103) | ($4,486) |
Note_16_Other_Comprehensive_Lo3
Note 16 - Other Comprehensive (Loss) Income (Details) - Activity in Accumulated Other Comprehensive Income, Net of Tax (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, accumulated other comprehensive income | $4,883 | $8,986 | $13,472 |
Other comprehensive loss | -1,154 | -4,103 | -4,486 |
Ending balance, accumulated other comprehensive income | 3,729 | 4,883 | 8,986 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance, accumulated other comprehensive income | 4,883 | 8,986 | 13,472 |
Other comprehensive loss | -1,154 | -4,103 | -4,486 |
Ending balance, accumulated other comprehensive income | $3,729 | $4,883 | $8,986 |
Note_17_Derivative_Financial_I2
Note 17 - Derivative Financial Instruments (Details) - Interest Rate Derivative Contracts Outstanding (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Note 17 - Derivative Financial Instruments (Details) - Interest Rate Derivative Contracts Outstanding [Line Items] | |
Current notional amount | $9,128 |
Estimated fair value | 303 |
Derivative Instrument Maturity Date August 1, 2020 [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Note 17 - Derivative Financial Instruments (Details) - Interest Rate Derivative Contracts Outstanding [Line Items] | |
Current notional amount | 4,281 |
Estimated fair value | 160 |
Maturity date | 1-Aug-20 |
Fixed pay rate | 4.30% |
Variable rate received | 0.02% |
Derivative Instrument Maturity Date August 15, 2020 A [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Note 17 - Derivative Financial Instruments (Details) - Interest Rate Derivative Contracts Outstanding [Line Items] | |
Current notional amount | 1,596 |
Estimated fair value | 68 |
Maturity date | 15-Aug-20 |
Fixed pay rate | 5.49% |
Variable rate received | 0.03% |
Derivative Instrument Maturity Date August 15, 2020 B [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Note 17 - Derivative Financial Instruments (Details) - Interest Rate Derivative Contracts Outstanding [Line Items] | |
Current notional amount | 1,421 |
Estimated fair value | 44 |
Maturity date | 15-Aug-20 |
Fixed pay rate | 4.30% |
Variable rate received | 0.02% |
Derivative Instrument Maturity Date May 01, 2022 [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Note 17 - Derivative Financial Instruments (Details) - Interest Rate Derivative Contracts Outstanding [Line Items] | |
Current notional amount | 1,830 |
Estimated fair value | $31 |
Maturity date | 1-May-22 |
Fixed pay rate | 5.60% |
Variable rate received | 0.04% |
Note_17_Derivative_Financial_I3
Note 17 - Derivative Financial Instruments (Details) - Notional Amounts and Estimated Fair Values of Interest Rate Derivative Contracts (USD $) | Dec. 31, 2013 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial Institution Counterparties: | ||
Swaps - liabilities | $38 | |
Bank Customer Counterparties: | ||
Swaps - assets | -38 | |
Financial Institutions [Member] | ||
Financial Institution Counterparties: | ||
Swaps - liabilities | 9,128 | |
Swaps - liabilities | -303 | |
Bank Customer Counterparties: | ||
Swaps - assets | 9,128 | |
Swaps - assets | 303 | |
Bank Customers [Member] | ||
Financial Institution Counterparties: | ||
Swaps - liabilities | 9,128 | |
Swaps - liabilities | -303 | |
Bank Customer Counterparties: | ||
Swaps - assets | 9,128 | |
Swaps - assets | $303 |
Note_18_Regulatory_Matters_Det
Note 18 - Regulatory Matters (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Text Block [Abstract] | |||
Payments of Dividends | $68,384,000 | $54,039,000 | $41,543,000 |
Cash Dividends Paid to Parent Company | $103,100,000 | $203,500,000 | $228,500,000 |
Note_18_Regulatory_Matters_Det1
Note 18 - Regulatory Matters (Details) - Capital Ratios (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Consolidated Entities [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets) actual amount | $1,556,083 | $1,259,768 |
Total capital (to risk weighted assets) actual ratio | 14.56% | 14.02% |
Total capital (to risk weighted assets) amount for capital adequacy purposes | 855,091 | 719,005 |
Total capital (to risk weighted assets) ratio for capital adequacy purposes | 8.00% | 8.00% |
Tier i capital (to risk weighted assets) actual amount | 1,475,321 | 1,192,486 |
Tier i capital (to risk weighted assets) actual ratio | 13.80% | 13.27% |
Tier i capital (to risk weighted assets) amount for capital adequacy purposes | 427,545 | 359,502 |
Tier i capital (to risk weighted assets) ratio for capital adequacy purposes | 4.00% | 4.00% |
Tier i capital (to average tangible assets) actual amount | 1,475,321 | 1,192,486 |
Tier i capital (to average tangible assets) actual ratio | 7.69% | 7.42% |
Tier i capital (to average tangible assets) amount for capital adequacy purposes | 767,086 | 642,522 |
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] | ||
Total capital (to risk weighted assets) actual amount | 1,517,903 | 1,229,752 |
Total capital (to risk weighted assets) actual ratio | 14.22% | 13.70% |
Total capital (to risk weighted assets) amount for capital adequacy purposes | 854,237 | 718,334 |
Total capital (to risk weighted assets) ratio for capital adequacy purposes | 8.00% | 8.00% |
Total capital (to risk weighted assets) amount to be categorized as well capitalized under prompt corrective action provisions | 1,067,797 | 897,917 |
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 risk weighted assets) actual amount | 1,437,141 | 1,162,470 |
Tier i capital (to risk weighted assets) actual ratio | 13.46% | 12.95% |
Tier i capital (to risk weighted assets) amount for capital adequacy purposes | 427,119 | 359,167 |
Tier i capital (to risk weighted assets) ratio for capital adequacy purposes | 4.00% | 4.00% |
Tier i capital (to risk weighted assets) amount to be categorized as well capitalized under prompt corrective action provisions | 640,678 | 538,750 |
Tier i capital (to risk weighted assets) ratio to be categorized as well capitalized under prompt corrective action provisions | 6.00% | 6.00% |
Tier i capital (to average tangible assets) actual amount | 1,437,141 | 1,162,470 |
Tier i capital (to average tangible assets) actual ratio | 7.50% | 7.24% |
Tier i capital (to average tangible assets) amount for capital adequacy purposes | 766,664 | 642,186 |
Tier i capital (to average tangible assets) ratio for capital adequacy purposes | 4.00% | 4.00% |
Tier i capital (to average tangible assets) amount to be categorized as well capitalized under prompt corrective action provisions | $958,329 | $802,733 |
Tier i capital (to average tangible assets) ratio to be categorized as well capitalized under prompt corrective action provisions | 5.00% | 5.00% |
Note_19_Junior_Subordinated_De2
Note 19 - Junior Subordinated Debentures (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2015 | |
Note 19 - Junior Subordinated Debentures (Details) [Line Items] | |||
Junior Subordinated Notes | 167,531,000 | 124,231,000 | |
Subsequent Event [Member] | |||
Note 19 - Junior Subordinated Debentures (Details) [Line Items] | |||
Junior Subordinated Debentures,Redemption Value | $41,200,000 | ||
Junior Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Note 19 - Junior Subordinated Debentures (Details) [Line Items] | |||
Debt Instrument,LIBOR Rate | 0.25% | ||
Junior Subordinated Debt [Member] | |||
Note 19 - Junior Subordinated Debentures (Details) [Line Items] | |||
Debt Instrument, Call Date Period | 5 years |
Note_19_Junior_Subordinated_De3
Note 19 - Junior Subordinated Debentures (Details) - Junior Subordinated Debentures (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures, outstanding (in Dollars) | $167,531 | $124,231 | |
Junior subordinated debentures, owed to trusts (in Dollars) | 167,531 | ||
London Interbank Offered Rate (LIBOR) [Member] | Prosperity Statutory Trust II [Member] | |||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures, issuance date | 31-Jul-01 | [1] | |
Junior subordinated debentures, outstanding (in Dollars) | 15,000 | [1] | |
Junior subordinated debentures, owed to trusts (in Dollars) | 15,464 | [1] | |
Junior subordinated debentures, maturity date | 31-Jul-31 | [1],[2] | |
London Interbank Offered Rate (LIBOR) [Member] | Prosperity Statutory Trust III [Member] | |||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures, issuance date | 15-Aug-03 | ||
Junior subordinated debentures, outstanding (in Dollars) | 12,500 | ||
Junior subordinated debentures, interest rate | 3.00% | [3] | |
Junior subordinated debentures, owed to trusts (in Dollars) | 12,887 | ||
Junior subordinated debentures, maturity date | 17-Sep-33 | [2] | |
London Interbank Offered Rate (LIBOR) [Member] | Prosperity Statutory Trust IV [Member] | |||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures, issuance date | 30-Dec-03 | ||
Junior subordinated debentures, outstanding (in Dollars) | 12,500 | ||
Junior subordinated debentures, interest rate | 2.85% | [3] | |
Junior subordinated debentures, owed to trusts (in Dollars) | 12,887 | ||
Junior subordinated debentures, maturity date | 30-Dec-33 | [2] | |
London Interbank Offered Rate (LIBOR) [Member] | SNB Capital Trust IV [Member] | |||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures, issuance date | 25-Sep-03 | ||
Junior subordinated debentures, outstanding (in Dollars) | 10,000 | ||
Junior subordinated debentures, interest rate | 3.00% | [3] | |
Junior subordinated debentures, owed to trusts (in Dollars) | 10,310 | ||
Junior subordinated debentures, maturity date | 25-Sep-33 | [2] | |
London Interbank Offered Rate (LIBOR) [Member] | TXUI Statutory Trust II [Member] | |||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures, issuance date | 19-Dec-03 | [1] | |
Junior subordinated debentures, outstanding (in Dollars) | 5,000 | [1] | |
Junior subordinated debentures, interest rate | 2.85% | [1],[3] | |
Junior subordinated debentures, owed to trusts (in Dollars) | 5,155 | [1] | |
Junior subordinated debentures, maturity date | 19-Dec-33 | [1],[2] | |
London Interbank Offered Rate (LIBOR) [Member] | TXUI Statutory Trust III [Member] | |||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures, issuance date | 30-Nov-05 | ||
Junior subordinated debentures, outstanding (in Dollars) | 15,500 | ||
Junior subordinated debentures, interest rate | 1.39% | [3] | |
Junior subordinated debentures, owed to trusts (in Dollars) | 15,980 | ||
Junior subordinated debentures, maturity date | 15-Dec-35 | [2] | |
London Interbank Offered Rate (LIBOR) [Member] | TXUI Statutory Trust IV [Member] | |||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures, issuance date | 31-Mar-06 | ||
Junior subordinated debentures, outstanding (in Dollars) | 12,000 | ||
Junior subordinated debentures, interest rate | 1.39% | [3] | |
Junior subordinated debentures, owed to trusts (in Dollars) | 12,372 | ||
Junior subordinated debentures, maturity date | 30-Jun-36 | [2] | |
London Interbank Offered Rate (LIBOR) [Member] | FVNB Capital Trust II [Member] | |||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures, issuance date | 14-Jun-05 | ||
Junior subordinated debentures, outstanding (in Dollars) | 18,000 | ||
Junior subordinated debentures, interest rate | 1.68% | [3] | |
Junior subordinated debentures, owed to trusts (in Dollars) | 18,557 | ||
Junior subordinated debentures, maturity date | 15-Jun-35 | [2] | |
London Interbank Offered Rate (LIBOR) [Member] | FVNB Capital Trust III [Member] | |||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures, issuance date | 23-Jun-06 | [1] | |
Junior subordinated debentures, outstanding (in Dollars) | 20,000 | [1] | |
Junior subordinated debentures, interest rate | 1.60% | [1],[3] | |
Junior subordinated debentures, owed to trusts (in Dollars) | 20,619 | [1] | |
Junior subordinated debentures, maturity date | 7-Jul-36 | [1],[2] | |
London Interbank Offered Rate (LIBOR) [Member] | FM Bancorporation Statutory Trust I [Member] | |||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures, issuance date | 26-Mar-03 | [4] | |
Junior subordinated debentures, outstanding (in Dollars) | 15,000 | [4] | |
Junior subordinated debentures, interest rate | 3.15% | [3],[4] | |
Junior subordinated debentures, owed to trusts (in Dollars) | 15,464 | [4] | |
Junior subordinated debentures, maturity date | 26-Mar-33 | [2],[4] | |
London Interbank Offered Rate (LIBOR) [Member] | FM Bancorporation Statutory Trust II [Member] | |||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures, issuance date | 17-Mar-04 | [4] | |
Junior subordinated debentures, outstanding (in Dollars) | 12,000 | [4] | |
Junior subordinated debentures, interest rate | 2.79% | [3],[4] | |
Junior subordinated debentures, owed to trusts (in Dollars) | 12,372 | [4] | |
Junior subordinated debentures, maturity date | 17-Mar-34 | [2],[4] | |
London Interbank Offered Rate (LIBOR) [Member] | FM Bancorporation Statutory Trust III [Member] | |||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures, issuance date | 15-Dec-05 | [4] | |
Junior subordinated debentures, outstanding (in Dollars) | 15,000 | [4] | |
Junior subordinated debentures, interest rate | 1.80% | [3],[4] | |
Junior subordinated debentures, owed to trusts (in Dollars) | $15,464 | [4] | |
Junior subordinated debentures, maturity date | 15-Dec-35 | [2],[4] | |
[1] | During the fourth quarter of 2014, the Company gave irrevocable notice of its intent to fully redeem these junior subordinated debentures in January 2015. | ||
[2] | All debentures are callable five years from issuance date. | ||
[3] | The 3-month LIBOR in effect as of December 31, 2014 was 0.246%. | ||
[4] | Assumed in connection with the F&M acquisition on April 1, 2014. |
Note_20_Parent_Company_Only_Fi2
Note 20 - Parent Company Only Financial Statements (Details) - Condensed Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Goodwill | $1,874,191 | $1,671,520 | $1,217,162 | |
Other assets | 105,290 | 90,657 | ||
TOTAL | 21,507,733 | 18,642,028 | ||
LIABILITIES: | ||||
Junior subordinated debentures | 167,531 | 124,231 | ||
Total liabilities | 18,262,907 | 15,855,210 | ||
SHAREHOLDERS’ EQUITY: | ||||
Common stock | 69,817 | 66,085 | ||
Capital surplus | 2,025,235 | 1,798,862 | ||
Retained earnings | 1,146,652 | 917,595 | ||
Unrealized gain on available for sale securities, net of tax benefit | 3,729 | 4,883 | 8,986 | 13,472 |
Less treasury stock, at cost, 37,088 shares | 607 | 607 | ||
Total shareholders’ equity | 3,244,826 | 2,786,818 | 2,089,389 | 1,567,265 |
TOTAL | 21,507,733 | 18,642,028 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash | 21,334 | 10,597 | ||
Investment in subsidiary | 3,370,227 | 2,877,089 | ||
Investment in capital and statutory trusts | 5,031 | 3,731 | ||
Goodwill | 3,982 | 3,982 | ||
Other assets | 12,092 | 16,927 | ||
TOTAL | 3,412,666 | 2,912,326 | ||
LIABILITIES: | ||||
Accrued interest payable and other liabilities | 309 | 1,277 | ||
Junior subordinated debentures | 167,531 | 124,231 | ||
Total liabilities | 167,840 | 125,508 | ||
SHAREHOLDERS’ EQUITY: | ||||
Common stock | 69,817 | 66,085 | ||
Capital surplus | 2,025,235 | 1,798,862 | ||
Retained earnings | 1,146,652 | 917,595 | ||
Unrealized gain on available for sale securities, net of tax benefit | 3,729 | 4,883 | ||
Less treasury stock, at cost, 37,088 shares | -607 | -607 | ||
Total shareholders’ equity | 3,244,826 | 2,786,818 | ||
TOTAL | $3,412,666 | $2,912,326 |
Note_20_Parent_Company_Only_Fi3
Note 20 - Parent Company Only Financial Statements (Details) - Condensed Balance Sheets (Parentheticals) | Dec. 31, 2014 | Dec. 31, 2013 |
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 |
Note_20_Parent_Company_Only_Fi4
Note 20 - Parent Company Only Financial Statements (Details) - Condensed Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING INCOME: | |||
Dividends from subsidiary | $103,100 | $203,500 | $228,500 |
Total income | 714,795 | 539,297 | 419,842 |
OPERATING EXPENSE: | |||
Junior subordinated debentures interest expense | 4,060 | 2,551 | 2,593 |
Stock based compensation expense (includes restricted stock) | 8,200 | 4,200 | 3,600 |
INCOME BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 445,749 | 329,817 | 251,684 |
FEDERAL INCOME TAX BENEFIT | -148,308 | -108,419 | -83,783 |
NET INCOME | 297,441 | 221,398 | 167,901 |
Parent Company [Member] | |||
OPERATING INCOME: | |||
Dividends from subsidiary | 103,100 | 203,500 | 228,450 |
Other income | 159 | 115 | 131 |
Total income | 103,259 | 203,615 | 228,581 |
OPERATING EXPENSE: | |||
Junior subordinated debentures interest expense | 4,060 | 2,551 | 2,593 |
Stock based compensation expense (includes restricted stock) | 8,236 | 4,175 | 3,607 |
Other expenses | 608 | 515 | 593 |
Total operating expense | 12,904 | 7,241 | 6,793 |
INCOME BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 90,355 | 196,374 | 221,788 |
FEDERAL INCOME TAX BENEFIT | 4,468 | 2,495 | 2,325 |
INCOME BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 94,823 | 198,869 | 224,113 |
EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | 202,618 | 22,529 | -56,212 |
NET INCOME | $297,441 | $221,398 | $167,901 |
Note_20_Parent_Company_Only_Fi5
Note 20 - Parent Company Only Financial Statements (Details) - Condensed Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Statement of Income Captions [Line Items] | |||
Other comprehensive loss, before tax: | $297,441 | $221,398 | $167,901 |
Securities available for sale: | |||
Change in unrealized gain during period | -1,776 | -6,312 | -6,903 |
Total other comprehensive loss | -1,776 | -6,312 | -6,903 |
Deferred tax benefit related to other comprehensive income | -622 | -2,209 | -2,417 |
Other comprehensive loss, net of tax | -1,154 | -4,103 | -4,486 |
Comprehensive income | 296,287 | 217,295 | 163,415 |
Parent Company [Member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Other comprehensive loss, before tax: | 297,441 | 221,398 | 167,901 |
Securities available for sale: | |||
Change in unrealized gain during period | -1,776 | -6,312 | -6,903 |
Total other comprehensive loss | -1,776 | -6,312 | -6,903 |
Deferred tax benefit related to other comprehensive income | 622 | 2,209 | 2,417 |
Other comprehensive loss, net of tax | -1,154 | -4,103 | -4,486 |
Comprehensive income | $296,287 | $217,295 | $163,415 |
Note_20_Parent_Company_Only_Fi6
Note 20 - Parent Company Only Financial Statements (Details) - Condensed Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $297,441 | $221,398 | $167,901 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock based compensation expense (includes restricted stock) | 8,236 | 4,175 | 3,607 |
Decrease (increase) in other assets | 9,786 | 24,793 | -38,095 |
(Decrease) increase in accrued interest payable and other liabilities | 2,258 | -8,424 | 138 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from stock option exercises | 3,705 | 5,379 | 3,573 |
Payments of cash dividends | -68,384 | -54,039 | -41,543 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 296,464 | 55,086 | 112,862 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 381,390 | 326,304 | 213,442 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 677,854 | 381,390 | 326,304 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 297,441 | 221,398 | 167,901 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of subsidiaries | -202,618 | -22,529 | 56,212 |
Stock based compensation expense (includes restricted stock) | 8,236 | 4,175 | 3,607 |
Decrease (increase) in other assets | 4,838 | -2,382 | 3,727 |
(Decrease) increase in accrued interest payable and other liabilities | -968 | 3,135 | -5,266 |
Net cash provided by operating activities | 106,929 | 203,797 | 226,181 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Cash paid for acquisitions | -34,246 | -152,807 | -189,966 |
Cash acquired from acquisitions | 2,733 | 7,441 | 1,372 |
Net cash used in investing activities | -31,513 | -145,366 | -188,594 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from stock option exercises | 3,705 | 5,379 | 3,573 |
Payments of cash dividends | -68,384 | -54,039 | -41,543 |
Net cash used in financing activities | -64,679 | -48,660 | -37,970 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 10,737 | 9,771 | -383 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 10,597 | 826 | 1,209 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $21,334 | $10,597 | $826 |
Note_21_Subsequent_Events_Deta
Note 21 - Subsequent Events (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2015 |
Note 21 - Subsequent Events (Details) [Line Items] | |||
Junior Subordinated Notes | $167,531,000 | $124,231,000 | |
Subsequent Event [Member] | |||
Note 21 - Subsequent Events (Details) [Line Items] | |||
Junior Subordinated Debentures,Redemption Value | $41,200,000 |