Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 04, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PROSPERITY BANCSHARES INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 70,030,090 | |
Amendment Flag | false | |
Entity Central Index Key | 1,068,851 | |
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 | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 300,230 | $ 677,285 |
Federal funds sold | 996 | 569 |
Total cash and cash equivalents | 301,226 | 677,854 |
Available for sale securities, at fair value | 110,855 | 145,399 |
Held to maturity securities, at cost (fair value of $9,494,664 and $8,948,692, respectively) | 9,419,906 | 8,900,377 |
Total securities | 9,530,761 | 9,045,776 |
Loans held for sale | 12,564 | 8,602 |
Loans held for investment | 9,192,424 | 9,235,581 |
Total loans | 9,204,988 | 9,244,183 |
Less: allowance for credit losses | (81,003) | (80,762) |
Loans, net | 9,123,985 | 9,163,421 |
Accrued interest receivable | 48,719 | 51,941 |
Goodwill | 1,881,955 | 1,874,191 |
Core deposit intangibles, net | 51,712 | 58,947 |
Bank premises and equipment, net | 271,650 | 281,549 |
Other real estate owned | 3,271 | 3,237 |
Bank owned life insurance (BOLI) | 234,046 | 230,095 |
Federal Home Loan Bank of Dallas stock | 61,843 | 15,432 |
Other assets | 58,068 | 105,290 |
TOTAL ASSETS | 21,567,236 | 21,507,733 |
Deposits: | ||
Noninterest-bearing | 5,093,175 | 4,936,420 |
Interest-bearing | 11,846,762 | 12,756,738 |
Total deposits | 16,939,937 | 17,693,158 |
Other borrowings | 786,571 | 8,724 |
Securities sold under repurchase agreements | 310,038 | 315,523 |
Junior subordinated debentures | 167,531 | |
Accrued interest payable | 2,002 | 3,190 |
Other liabilities | 117,449 | 74,781 |
Total liabilities | $ 18,155,997 | $ 18,262,907 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, $1 par value; 20,000,000 shares authorized; none issued or outstanding | ||
Common stock, $1 par value; 200,000,000 shares authorized; 70,077,578 and 69,816,653 shares issued at September 30, 2015 and December 31, 2014, respectively; 70,040,490 and 69,779,565 shares outstanding at September 30, 2015 and December 31, 2014, respectively | $ 70,078 | $ 69,817 |
Capital surplus | 2,033,737 | 2,025,235 |
Retained earnings | 1,305,569 | 1,146,652 |
Accumulated other comprehensive income—net unrealized gain on available for sale securities, net of tax of $1,326 and $2,008, respectively | 2,462 | 3,729 |
Less treasury stock, at cost, 37,088 shares | (607) | (607) |
Total shareholders’ equity | 3,411,239 | 3,244,826 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 21,567,236 | $ 21,507,733 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Held to maturity securities, fair value (in Dollars) | $ 9,494,664 | $ 8,948,692 |
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 | 70,077,578 | 69,816,653 |
Common stock, shares outstanding | 70,040,490 | 69,779,565 |
Accumulated other comprehensive income—net unrealized gain on available for sale securities, tax (in Dollars) | $ 1,326 | $ 2,008 |
Treasury stock, shares | 37,088 | 37,088 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
INTEREST INCOME: | ||||
Loans, including fees | $ 116,911 | $ 140,521 | $ 361,193 | $ 386,320 |
Securities | 48,610 | 46,910 | 145,702 | 141,636 |
Federal funds sold | 22 | 35 | 234 | 261 |
Total interest income | 165,543 | 187,466 | 507,129 | 528,217 |
INTEREST EXPENSE: | ||||
Deposits | 8,753 | 10,240 | 27,499 | 30,545 |
Other borrowings | 473 | 225 | 967 | 572 |
Securities sold under repurchase agreements | 209 | 245 | 620 | 736 |
Junior subordinated debentures | 1,099 | 791 | 2,961 | |
Total interest expense | 9,435 | 11,809 | 29,877 | 34,814 |
NET INTEREST INCOME | 156,108 | 175,657 | 477,252 | 493,403 |
PROVISION FOR CREDIT LOSSES | 5,310 | 5,000 | 7,060 | 11,925 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 150,798 | 170,657 | 470,192 | 481,478 |
NONINTEREST INCOME: | ||||
Nonsufficient funds (NSF) fees | 9,082 | 9,734 | 25,310 | 27,703 |
Credit card, debit card and ATM card income | 5,955 | 5,921 | 17,596 | 17,103 |
Service charges on deposit accounts | 4,438 | 4,255 | 12,806 | 12,189 |
Trust income | 1,986 | 2,099 | 6,042 | 5,943 |
Mortgage income | 1,770 | 1,414 | 4,431 | 3,215 |
Brokerage income | 1,596 | 1,743 | 4,546 | 4,413 |
Net gain on sale of assets | 173 | 23 | 1,822 | 4,634 |
Other | 6,780 | 5,002 | 17,945 | 16,252 |
Total noninterest income | 31,780 | 30,191 | 90,498 | 91,452 |
NONINTEREST EXPENSE: | ||||
Salaries and employee benefits | 46,587 | 52,179 | 144,372 | 149,713 |
Net occupancy and equipment | 6,088 | 6,801 | 17,864 | 18,136 |
Credit and debit card, data processing and software amortization | 3,924 | 4,044 | 11,786 | 11,237 |
Regulatory assessments and FDIC insurance | 3,366 | 4,051 | 11,973 | 10,663 |
Core deposit intangibles amortization | 2,356 | 2,598 | 7,235 | 7,273 |
Depreciation | 3,313 | 3,516 | 9,649 | 10,239 |
Communications | 2,663 | 2,960 | 8,307 | 8,616 |
Other real estate expense | 123 | 72 | 384 | 656 |
Other | 8,010 | 9,319 | 24,057 | 27,393 |
Total noninterest expense | 76,430 | 85,540 | 235,627 | 243,926 |
INCOME BEFORE INCOME TAXES | 106,148 | 115,308 | 325,063 | 329,004 |
PROVISION FOR INCOME TAXES | 35,550 | 38,738 | 108,892 | 109,791 |
NET INCOME | $ 70,598 | $ 76,570 | $ 216,171 | $ 219,213 |
EARNINGS PER SHARE: | ||||
Basic (in Dollars per share) | $ 1.01 | $ 1.10 | $ 3.09 | $ 3.20 |
Diluted (in Dollars per share) | $ 1.01 | $ 1.10 | $ 3.09 | $ 3.19 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 70,598 | $ 76,570 | $ 216,171 | $ 219,213 |
Securities available for sale: | ||||
Change in unrealized gain during period | (867) | (951) | (1,949) | (1,757) |
Total other comprehensive loss | (867) | (951) | (1,949) | (1,757) |
Deferred tax benefit related to other comprehensive loss | 303 | 333 | 682 | 615 |
Other comprehensive loss, net of tax | (564) | (618) | (1,267) | (1,142) |
Comprehensive income | $ 70,034 | $ 75,952 | $ 214,904 | $ 218,071 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity [Unaudited] - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
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 | 219,213 | 219,213 | ||||
Other comprehensive loss | (1,142) | (1,142) | ||||
Common stock issued in connection with the exercise of stock options and restricted stock awards | $ 410 | 2,925 | 3,335 | |||
Common stock issued in connection with the exercise of stock options and restricted stock awards (in Shares) | 410,134 | |||||
Common stock issued in connection with the acquisition of F&M Bancorporation Inc. | $ 3,298 | 214,866 | 218,164 | |||
Common stock issued in connection with the acquisition of F&M Bancorporation Inc. (in Shares) | 3,298,022 | |||||
Stock based compensation expense | 5,933 | 5,933 | ||||
Cash dividends declared | (49,371) | (49,371) | ||||
Balance at Sep. 30, 2014 | $ 69,793 | 2,022,586 | 1,087,437 | 3,741 | (607) | 3,182,950 |
Balance (in Shares) at Sep. 30, 2014 | 69,793,335 | |||||
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 | |||||
Net income | 216,171 | 216,171 | ||||
Other comprehensive loss | (1,267) | (1,267) | ||||
Common stock issued in connection with the exercise of stock options and restricted stock awards | $ 261 | (38) | 223 | |||
Common stock issued in connection with the exercise of stock options and restricted stock awards (in Shares) | 260,925 | |||||
Stock based compensation expense | 8,540 | 8,540 | ||||
Cash dividends declared | (57,254) | (57,254) | ||||
Balance at Sep. 30, 2015 | $ 70,078 | $ 2,033,737 | $ 1,305,569 | $ 2,462 | $ (607) | $ 3,411,239 |
Balance (in Shares) at Sep. 30, 2015 | 70,077,578 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity [Unaudited] (Parentheticals) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Common Stock [Member] | ||
Cash dividends declared, per share | $ 0.8175 | $ 0.7200 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows [Unaudited] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 216,171 | $ 219,213 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and core deposit intangibles amortization | 16,884 | 17,512 |
Provision for credit losses | 7,060 | 11,925 |
Net amortization of premium on investments | 44,456 | 38,647 |
Gain on sale of other real estate | (86) | (1,315) |
Gain on sale of assets | (1,822) | (4,634) |
Net accretion of discount on loans | (44,283) | (67,285) |
Net accretion of discount on deposits | (860) | (113) |
Gain on sale of loans | (4,267) | (3,096) |
Proceeds from sale of loans held for sale | 185,319 | 140,611 |
Originations of loans held for sale | (185,014) | (143,829) |
Stock based compensation expense | 8,540 | 5,933 |
Increase in accrued interest receivable and other assets | (1,388) | (11,110) |
Increase in accrued interest payable and other liabilities | 38,413 | 77,571 |
Net cash provided by operating activities | 279,123 | 280,030 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities and principal paydowns of held to maturity securities | 1,261,788 | 3,521,830 |
Purchase of held to maturity securities | (1,825,802) | (4,152,203) |
Proceeds from maturities and principal paydowns of available for sale securities | 4,642,623 | 3,140,424 |
Purchase of available for sale securities | (4,609,999) | (3,099,998) |
Net decrease in loans held for investment | 78,211 | 75,213 |
Purchase of bank premises and equipment | (7,959) | (8,864) |
Proceeds from sale of bank premises, equipment and other real estate | 9,948 | 22,239 |
Net cash and cash equivalents acquired in the purchase of F&M Bancorporation Inc. | 487,599 | |
Net cash used in investing activities | (451,190) | (13,760) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in noninterest-bearing deposits | 156,755 | 208,924 |
Net decrease in interest-bearing deposits | (909,116) | (752,091) |
Net proceeds from other short-term borrowings | 780,000 | 280,000 |
Repayments of other long-term borrowings | (2,153) | (717) |
Net decrease in securities sold under repurchase agreements | (5,485) | (6,304) |
Redemption of junior subordinated debentures | (167,531) | |
Proceeds from stock option exercises | 223 | 3,335 |
Payments of cash dividends | (57,254) | (49,371) |
Net cash used in financing activities | (204,561) | (316,224) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (376,628) | (49,954) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 677,854 | 381,390 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 301,226 | 331,436 |
NONCASH ACTIVITIES: | ||
Stock issued in connection with the F&M Bancorporation Inc. acquisition | 218,164 | |
Acquisition of real estate through foreclosure of collateral | 2,079 | 5,900 |
SUPPLEMENTAL INFORMATION: | ||
Income taxes paid | 73,274 | 77,995 |
Interest paid | $ 35,069 | $ 34,719 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. BASIS OF PRESENTATION The interim consolidated financial statements include the accounts of Prosperity Bancshares, Inc. ® (“Bancshares”) and its wholly-owned subsidiary, Prosperity Bank ® (the “Bank”, collectively referred to as the “Company”). All intercompany transactions and balances have been eliminated. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the statements reflect all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows of the Company on a consolidated basis, and all such adjustments are of a normal recurring nature. These financial statements and the notes thereto should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Operating results for the nine-month period ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 or any other period. |
Note 2 - Income Per Common Shar
Note 2 - Income Per Common Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 2. INCOME PER COMMON SHARE 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: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Per Share Per Share Per Share Per Share Amount Amount Amount Amount Amount Amount Amount Amount (Amounts in thousands, except per share data) Net income $ 70,598 $ 76,570 $ 216,171 $ 219,213 Basic: Weighted average shares outstanding 70,041 $ 1.01 69,751 $ 1.10 70,037 $ 3.09 68,548 $ 3.20 Diluted: Add incremental shares for: Effect of dilutive securities - options 12 40 17 66 Total 70,053 $ 1.01 69,791 $ 1.10 70,054 $ 3.09 68,614 $ 3.19 There were no stock options exercisable during the three and nine months ended September 30, 2015 or 2014 that would have had an anti-dilutive effect on the above computation. |
Note 3 - New Accounting Standar
Note 3 - New Accounting Standards | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. NEW ACCOUNTING STANDARDS Accounting Standards Updates (“ASU”) ASU 2015-16, “Business Combinations (Topic 805) – Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” 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 2014-1 2 “ Compensation-Stock Compensation (Topic 718) - Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . ASU 2014-11 “Transfers and Servicing (Topic 860) - Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure . ASU 2014-09 “Revenue from Contract with Customers (Topic 606).” ASU 2014-04 “ Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40) — Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure .” |
Note 4 - Securities
Note 4 - Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. SECURITIES The amortized cost and fair value of investment securities were as follows: September 30, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Available for Sale States and political subdivisions $ 5,939 $ 40 $ - $ 5,979 Collateralized mortgage obligations 27,721 78 (11 ) 27,788 Mortgage-backed securities 60,818 3,564 (16 ) 64,366 Other securities 12,588 181 (47 ) 12,722 Total $ 107,066 $ 3,863 $ (74 ) $ 110,855 Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 50,982 $ 1,259 $ - $ 52,241 States and political subdivisions 366,076 6,571 (854 ) 371,793 Collateralized mortgage obligations 4,093 32 (2 ) 4,123 Mortgage-backed securities 8,998,755 116,314 (48,562 ) 9,066,507 Total $ 9,419,906 $ 124,176 $ (49,418 ) $ 9,494,664 December 31, 2014 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 Collateralized mortgage obligations 19,585 215 (8 ) 19,792 Mortgage-backed securities 8,424,083 96,650 (53,553 ) 8,467,180 Total $ 8,900,377 $ 103,372 $ (55,057 ) $ 8,948,692 Management evaluates securities for other-than-temporary impairment (“OTTI”) 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”): Accounting Standards Codification (“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. 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. As of September 30, 2015, management does not have the intent to sell any of its investment 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 September 30, 2015, management believes any impairment in the Company’s securities is temporary and no impairment loss has been realized in the Company’s consolidated statements of income. Securities with unrealized losses, segregated by length of time, that have been in a continuous loss position were as follows: September 30, 2015 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 $ 308 $ (4 ) $ 4,937 $ (7 ) $ 5,245 $ (11 ) Mortgage-backed securities 982 (4 ) 2,586 (12 ) 3,568 (16 ) Other securities - - 1,689 (47 ) 1,689 (47 ) Total $ 1,290 $ (8 ) $ 9,212 $ (66 ) $ 10,502 $ (74 ) Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 500 $ - $ - $ - $ 500 $ - States and political subdivisions 14,440 (102 ) 45,514 (752 ) 59,954 (854 ) Collateralized mortgage obligations - - 109 (2 ) 109 (2 ) Mortgage-backed securities 1,702,410 (14,624 ) 1,731,754 (33,938 ) 3,434,164 (48,562 ) Total $ 1,717,350 $ (14,726 ) $ 1,777,377 $ (34,692 ) $ 3,494,727 $ (49,418 ) December 31, 2014 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 ) At September 30, 2015 and December 31, 2014, there were 472 securities and 501 securities, respectively, in an unrealized loss position for more than 12 months. The amortized cost and fair value of investment securities at September 30, 2015, by contractual maturity, are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations at any time with or without call or prepayment penalties. Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in thousands) Due in one year or less $ 34,896 $ 34,984 $ 12,588 $ 12,722 Due after one year through five years 179,932 182,259 3,289 3,308 Due after five years through ten years 150,563 154,621 2,650 2,671 Due after ten years 51,667 52,170 - - Subtotal 417,058 424,034 18,527 18,701 Mortgage-backed securities and collateralized mortgage obligations 9,002,848 9,070,630 88,539 92,154 Total $ 9,419,906 $ 9,494,664 $ 107,066 $ 110,855 The Company recorded no gain or loss on sale of securities for the three and nine months ended September 30, 2015 and 2014. As of September 30, 2015, the Company did not own any non-agency collateralized mortgage obligations. At September 30, 2015 and December 31, 2014, the Company did not own securities of any one issuer (other than the U.S. government and its agencies) for which aggregate adjusted cost exceeded 10% of the consolidated shareholders’ equity at such respective dates. Securities with an amortized cost of $5.02 billion and $5.08 billion and a fair value of $5.06 billion and $5.10 billion at September 30, 2015 and December 31, 2014, respectively, were pledged to collateralize public deposits and for other purposes required or permitted by law. |
Note 5 - Loans and Allowance fo
Note 5 - Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2015 | |
Loans And Allowance For Credit Losses [Abstract] | |
Loans And Allowance For Credit Losses [Text Block] | 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES The loan portfolio consists of various types of loans made principally to borrowers located within the states of Texas and Oklahoma and is categorized by major type as follows: September 30, December 31, 2015 2014 (Dollars in thousands) Residential mortgage loans held for sale $ 12,564 $ 8,602 Commercial and industrial 1,648,832 1,806,267 Real estate: Construction, land development and other land loans 1,072,985 1,026,475 1-4 family residential (including home equity) 2,584,021 2,513,579 Commercial real estate (including multi-family residential) 2,992,726 3,030,340 Farmland 420,366 361,943 Agriculture 198,197 189,703 Consumer and other 275,297 307,274 Total loans held for investment 9,192,424 9,235,581 Total $ 9,204,988 $ 9,244,183 (i) Commercial and Industrial Loans . (ii) Commercial Real Estate (iii) 1-4 Family Residential Loans . (iv) Construction, Land Development and Other Land Loans. (v) Agriculture Loans . 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 . 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. Concentrations of Credit. Foreign Loans. Related Party Loans. An analysis of activity with respect to these related party loans is as follows: September 30, December 31, 2015 2014 (Dollars in thousands) Beginning balance on January 1 $ 4,940 $ 6,187 New loans 206 4,913 Repayments and reclassified related loans (853 ) (6,160 ) Ending balance $ 4,293 $ 4,940 Nonperforming Assets and Nonaccrual and Past Due Loans. The Company generally places a loan on nonaccrual status and ceases accruing interest when the payment of principal or interest is delinquent for 90 days, or earlier in some cases, unless the loan is in the process of collection and the underlying collateral fully supports the carrying value of the loan. The Company requires appraisals on loans collateralized by real estate. With respect to potential problem loans, an evaluation of the borrower’s overall financial condition is made to determine the need, if any, for possible writedowns or appropriate additions to the allowance for credit losses. An aging analysis of past due loans, segregated by category of loan, is presented below: September 30, 2015 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 other land loans $ 387 $ - $ 387 $ 215 $ 1,072,383 $ 1,072,985 Agriculture and agriculture real estate (includes farmland) 2,606 - 2,606 376 615,581 618,563 1-4 family (includes home equity) (1) 3,578 - 3,578 2,447 2,590,560 2,596,585 Commercial real estate (includes multi-family residential) 5,821 21 5,842 15,799 2,971,085 2,992,726 Commercial and industrial 9,237 240 9,477 25,828 1,613,527 1,648,832 Consumer and other 306 - 306 270 274,721 275,297 Total $ 21,935 $ 261 $ 22,196 $ 44,935 $ 9,137,857 $ 9,204,988 December 31, 2014 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 (1) Includes $12.6 million and $8.6 million of residential mortgage loans held for sale at September 30, 2015 and December 31, 2014, respectively. The following table presents information regarding nonperforming assets as of the dates indicated: September 30, December 31, 2015 2014 (Dollars in thousands) Nonaccrual loans (1) $ 44,935 $ 31,422 Accruing loans 90 or more days past due 261 2,193 Total nonperforming loans 45,196 33,615 Repossessed assets 161 67 Other real estate 3,271 3,237 Total nonperforming assets $ 48,628 $ 36,919 Nonperforming assets to total loans and other real estate 0.53 % 0.40 % (1) Includes troubled debt restructurings of $607 thousand and $911 thousand as of September 30, 2015 and December 31, 2014, respectively. The Company had $48.6 million in nonperforming assets at September 30, 2015 compared with $36.9 million at December 31, 2014, of which $25.8 million and $30.7 million, respectively, were originated by acquired banks. This increase was primarily due to one commercial real estate participation loan for $11.9 million that was initiated by an acquired bank and moved to nonaccrual during the third quarter of 2015. Nonperforming assets were 0.53% of total loans and other real estate at September 30, 2015 compared with 0.40% of total loans and other real estate at December 31, 2014. These low nonperforming assets to total loans and other real estate ratios are reflective of the Company’s conservative lending approach. If interest on nonaccrual loans had been accrued under the original loan terms, approximately $2.8 million and $1.4 million would have been recorded as income for the nine months ended September 30, 2015 and 2014, respectively. Acquired Loans. 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. September 30, December 31, 2015 2014 (Dollars in thousands) PCI loans: Outstanding balance $ 83,272 $ 129,412 Less: discount 41,814 72,270 Recorded investment $ 41,458 $ 57,142 Changes in the accretable yield for acquired PCI loans as of the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 6,351 $ 14,689 $ 9,867 $ 9,855 Additions - - - 7,158 Reclassifications from nonaccretable 3,940 7,168 12,572 13,203 Accretion (3,974 ) (9,336 ) (16,122 ) (17,695 ) Balance at September 30 $ 6,317 $ 12,521 $ 6,317 $ 12,521 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 . September 30, December 31, 2015 2014 (Dollars in thousands) Non-PCI loans: Outstanding balance $ 1,560,730 $ 2,186,111 Less: discount 60,819 89,105 Recorded investment $ 1,499,911 $ 2,097,006 Changes in the discount accretion for Non-PCI loans for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 67,895 $ 123,327 $ 89,105 $ 87,798 Additions - - - 66,059 Accretion charge-offs (16 ) (9 ) (125 ) (71 ) Accretion (7,060 ) (19,122 ) (28,161 ) (49,590 ) Balance at September 30 $ 60,819 $ 104,196 $ 60,819 $ 104,196 Impaired Loans. 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. September 30, 2015 Unpaid Contractual Principal Average Recorded Principal Related Recorded Investment Balance Allowance Investment (Dollars in thousands) With no related allowance recorded: Construction, land development and other land loans $ 241 $ 550 $ - $ 245 Agriculture and agriculture real estate (includes farmland) 38 41 - 19 1-4 family (includes home equity) 1,626 1,779 - 1,668 Commercial real estate (includes multi-family residential) 15,081 15,170 - 10,087 Commercial and industrial 3,547 3,821 - 6,516 Consumer and other 78 153 - 4,111 Total 20,611 21,514 - 22,646 With an allowance recorded: Construction, land development and other land loans 8 12 2 142 Agriculture and agriculture real estate (includes farmland) 310 318 123 178 1-4 family (includes home equity) 282 301 111 854 Commercial real estate (includes multi-family residential) 542 2,137 292 302 Commercial and industrial 16,933 21,671 6,550 9,694 Consumer and other 186 220 43 210 Total 18,261 24,659 7,121 11,380 Total: Construction, land development and other land loans 249 562 2 387 Agriculture and agriculture real estate (includes farmland) 348 359 123 197 1-4 family (includes home equity) 1,908 2,080 111 2,522 Commercial real estate (includes multi-family residential) 15,623 17,307 292 10,389 Commercial and industrial 20,480 25,492 6,550 16,210 Consumer and other 264 373 43 4,321 $ 38,872 $ 46,173 $ 7,121 $ 34,026 December 31, 2014 Unpaid Contractual 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 Credit Quality Indicators. Grade 1 Grade 2 Grade 3 Grade 4 Grade 5 Grade 6 Grade 7 Grade 8 Grade 9 The following table presents risk grades and PCI loans by category of loan at September 30, 2015. Impaired loans include loans in risk grades 7, 8 and 9, as well as any PCI loan that has a specific reserve allocated to it. Construction, Agriculture and 1-4 Family Commercial Commercia l Consumer and Total (Dollars in thousands) Grade 1 $ 41 $ 13,264 $ - $ 1,231 $ 57,621 $ 44,550 $ 116,707 Grade 2 17,757 5,802 27,812 27,757 24,916 34,297 138,341 Grade 3 1,034,170 543,734 2,509,373 2,749,352 1,323,437 186,126 8,346,192 Grade 4 15,598 47,903 41,459 137,641 115,925 2,861 361,387 Grade 5 2,837 3,514 3,161 16,278 62,971 7,168 95,929 Grade 6 1,290 3,522 7,256 26,806 27,621 31 66,526 Grade 7 249 348 1,848 15,623 16,266 264 34,598 Grade 8 - - 60 - 3,790 - 3,850 Grade 9 - - - - - - - PCI Loans (2) 1,043 476 5,616 18,038 16,285 - 41,458 Total $ 1,072,985 $ 618,563 $ 2,596,585 $ 2,992,726 $ 1,648,832 $ 275,297 $ 9,204,988 (1) Includes $12.6 million of residential mortgage loans held for sale at September 30, 2015. (2) Of the total PCI loans, $19.4 million were classified as substandard at September 30, 2015 which includes $424 thousand with specific reserves allocated to them. The following table presents risk grades and PCI loans by category of loan at December 31, 2014. Impaired loans include loans in risk grades 7, 8 and 9. Construction, Agriculture and 1-4 Family Commercial Commercial Consumer and Total (Dollars in thousands) Grade 1 $ - $ 13,507 $ - $ - $ 61,697 $ 41,240 $ 116,444 Grade 2 - - - - - - - Grade 3 1,022,002 528,400 2,503,679 2,965,455 1,698,558 257,588 8,975,682 Grade 4 - - - - - - - Grade 5 497 4,265 1,174 10,424 3,266 18 19,644 Grade 6 2,308 4,921 8,266 25,839 4,707 50 46,091 Grade 7 526 46 3,136 5,155 11,834 8,378 29,075 Grade 8 - - - - 105 - 105 Grade 9 - - - - - - - PCI Loans (2) 1,142 507 5,926 23,467 26,100 - 57,142 Total $ 1,026,475 $ 551,646 $ 2,522,181 $ 3,030,340 $ 1,806,267 $ 307,274 $ 9,244,183 (1) Includes $8.6 million of residential mortgage loans held for sale at December 31, 2014. (2) Of the total PCI loans, $32.0 million were classified as substandard at December 31, 2014. Allowance for Credit Losses. The Company’s allowance for credit losses consists of two components: a specific valuation allowance based on probable losses on specifically identified loans and a general valuation allowance based on historical loan loss experience, general economic conditions and other qualitative risk factors both internal and external to the Company. In setting the specific valuation allowance, the Company follows a loan review program to evaluate the credit risk in the total loan portfolio and assigns risk grades to each loan. Through this loan review process, the Company maintains an internal list of impaired loans which, along with the delinquency list of loans, helps management assess the overall quality of the loan portfolio and the adequacy of the allowance for credit losses. All loans that have been identified as impaired are reviewed on a quarterly basis in order to determine whether a specific reserve is required. For certain impaired loans, the Company allocates a specific loan loss reserve primarily based on the value of the collateral securing the impaired loan in accordance with ASC Topic 310-10, “ Receivables. In connection with this review of the loan portfolio, the Company considers risk elements attributable to particular loan types or categories in assessing the quality of individual loans. Some of the risk elements include: • for 1-4 family residential mortgage loans, the borrower’s ability to repay the loan, including a consideration of the debt to income ratio and employment and income stability, the loan to value ratio, and the age, condition and marketability of collateral; • for commercial real estate loans and multifamily residential loans, the debt service coverage ratio (income from the property in excess of operating expenses compared to loan payment requirements), operating results of the owner in the case of owner-occupied properties, the loan to value ratio, the age and condition of the collateral and the volatility of income, property value and future operating results typical of properties of that type; • for construction, land development and other land loans, the perceived feasibility of the project including the ability to sell developed lots or improvements constructed for resale or the ability to lease property constructed for lease, the quality and nature of contracts for presale or prelease, if any, experience and ability of the developer and loan to value ratio; • for commercial and industrial loans, the operating results of the commercial, industrial or professional enterprise, the borrower’s business, professional and financial ability and expertise, the specific risks and volatility of income and operating results typical for businesses in that category and the value, nature and marketability of collateral; • for agricultural real estate loans, the experience and financial capability of the borrower, projected debt service coverage of the operations of the borrower and loan to value ratio; and • for non-real estate agricultural loans, the operating results, experience and financial capability of the borrower, historical and expected market conditions and the value, nature and marketability of collateral. In determining the amount of the general valuation allowance, management considers factors such as historical loan loss experience, concentration risk of specific loan types, the volume, growth and composition of the Company’s loan portfolio, current economic conditions that may affect the borrower’s ability to pay and the value of collateral, the evaluation of the Company’s loan portfolio through its internal loan review process, general economic conditions and other qualitative risk factors both internal and external to the Company and other relevant factors in accordance with ASC Topic 450, “ Contingencies. In addition, for each category, the Company considers secondary sources of income and the financial strength and credit history of the borrower and any guarantors. At September 30, 2015, the allowance for credit losses totaled $81.0 million or 0.88% of total loans, including acquired loans with discounts. At December 31, 2014, the allowance for credit losses totaled $80.8 million or 0.87% of total loans, including acquired loans with discounts. The following table details activity in the allowance for credit losses by category of loan for the three and nine months ended September 30, 2015 and 2014 . Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Agriculture Construction, and Commercial Land Agriculture 1-4 Family Real Estate Development Real Estate (includes (includes Commercial and Other (includes Home Multi-Family and Consumer Land Loans Farmland) Equity) Residential) Industrial and Other Total (Dollars in thousands) Allowance for credit losses: Three Months Ended Balance June 30, 2015 $ 16,909 $ 3,771 $ 16,593 $ 13,002 $ 29,205 $ 1,492 $ 80,972 Provision for credit losses (1,506 ) (79 ) (1,386 ) (742 ) 8,507 516 5,310 Charge-offs (215 ) (3 ) (120 ) (54 ) (4,865 ) (933 ) (6,190 ) Recoveries 42 43 10 1 439 376 911 Net charge-offs (173 ) 40 (110 ) (53 ) (4,426 ) (557 ) (5,279 ) Balance September 30, 2015 $ 15,230 $ 3,732 $ 15,097 $ 12,207 $ 33,286 $ 1,451 $ 81,003 Nine Months Ended Balance January 1, 2015 $ 15,825 $ 3,722 $ 16,377 $ 12,744 $ 30,002 $ 2,092 $ 80,762 Provision for credit losses (279 ) (173 ) (1,072 ) (337 ) 8,186 735 7,060 Charge-offs (366 ) (3 ) (249 ) (233 ) (5,691 ) (2,406 ) (8,948 ) Recoveries 50 186 41 33 789 1,030 2,129 Net charge-offs (316 ) 183 (208 ) (200 ) (4,902 ) (1,376 ) (6,819 ) Balance September 30, 2015 $ 15,230 $ 3,732 $ 15,097 $ 12,207 $ 33,286 $ 1,451 $ 81,003 Allowance for credit losses: Three Months Ended Balance June 30, 2014 $ 14,993 $ 1,448 $ 18,905 $ 23,679 $ 10,957 $ 3,284 $ 73,266 Provision for credit losses 1,063 (25 ) 854 1,096 269 1,743 5,000 Charge-offs - (12 ) (128 ) - (188 ) (2,112 ) (2,440 ) Recoveries 28 65 58 6 171 1,459 1,787 Net charge-offs 28 53 (70 ) 6 (17 ) (653 ) (653 ) Balance September 30, 2014 $ 16,084 $ 1,476 $ 19,689 $ 24,781 $ 11,209 $ 4,374 $ 77,613 Nine Months Ended Balance January 1, 2014 $ 14,353 $ 1,229 $ 17,046 $ 24,835 $ 8,167 $ 1,652 $ 67,282 Provision for credit losses 1,801 (730 ) 3,250 4 3,076 4,524 11,925 Charge-offs (155 ) (27 ) (790 ) (127 ) (390 ) (4,037 ) (5,526 ) Recoveries 85 1,004 183 69 356 2,235 3,932 Net charge-offs (70 ) 977 (607 ) (58 ) (34 ) (1,802 ) (1,594 ) Balance September 30, 2014 $ 16,084 $ 1,476 $ 19,689 $ 24,781 $ 11,209 $ 4,374 $ 77,613 The following table details the amount of the allowance for credit losses allocated to each category of loan as of September 30, 2015, December 31, 2014 and September 30, 2014, detailed on the basis of the impairment methodology used by the Company. Agriculture Construction, and Commercial Land Agriculture 1-4 Family Real Estate Development Real Estate (includes (includes Commercial and Other (includes Home Multi-Family and Consumer Land Loans Farmland) Equity) Residential) Industrial and Other Total (Dollars in thousands) Allowance for credit losses related to: September 30, 2015 Individually evaluated for impairment $ 2 $ 123 $ 111 $ 292 $ 6,550 $ 43 $ 7,121 Collectively evaluated for impairment 15,228 3,609 14,986 11,915 26,474 1,408 73,620 PCI loans - - - - 262 - 262 Total allowance for credit losses $ 15,230 $ 3,732 $ 15,097 $ 12,207 $ 33,286 $ 1,451 $ 81,003 December 31, 2014 Individually evaluated for impairment $ 225 $ 24 $ 418 $ 24 $ 1,597 $ 205 $ 2,493 Collectively evaluated for impairment 15,600 3,698 15,959 12,720 28,405 1,887 78,269 PCI loans - - - - - - - Total allowance for credit losses $ 15,825 $ 3,722 $ 16,377 $ 12,744 $ 30,002 $ 2,092 $ 80,762 September 30, 2014 Individually evaluated for impairment $ - $ 28 $ 168 $ 267 $ 3,850 $ 166 $ 4,479 Collectively evaluated for impairment 16,084 1,448 19,081 24,514 7,359 4,208 72,694 PCI loans - - 440 - - - 440 Total allowance for credit losses $ 16,084 $ 1,476 $ 19,689 $ 24,781 $ 11,209 $ 4,374 $ 77,613 The following table details the recorded investment in loans as of September 30, 2015, December 31, 2014 and September 30, 2014, excluding $12.6 million, $8.6 million and $8.5 million, respectively, of residential mortgage loans held for sale, related to each balance in the allowance for credit losses by category of loan. Agriculture Construction, and Commercial Land Agriculture 1-4 Family Real Estate Development Real Estate (includes (includes Commercial and Other (includes Home Multi-Family and Consumer Land Loans Farmland) Equity) Residential) Industrial and Other Total (Dollars in thousands) Recorded investment in loans: September 30, 2015 Individually evaluated for impairment $ 249 $ 348 $ 1,908 $ 15,623 $ 20,480 $ 264 $ 38,872 Collectively evaluated for impairment 1,071,693 617,739 2,576,497 2,959,065 1,612,067 275,033 9,112,094 PCI loans 1,043 476 5,616 18,038 16,285 - 41,458 Total loans evaluated for impairment $ 1,072,985 $ 618,563 $ 2,584,021 $ 2,992,726 $ 1,648,832 $ 275,297 $ 9,192,424 December 31, 2014 Individually evaluated for impairment $ 526 $ 46 $ 3,136 $ 5,155 $ 11,939 $ 8,378 $ 29,180 Collectively evaluated for impairment 1,024,807 551,093 2,504,517 3,001,718 1,768,228 298,896 9,149,259 PCI loans 1,142 507 5,926 23,467 26,100 - 57,142 Total loans evaluated for impairment $ 1,026,475 $ 551,646 $ 2,513,579 $ 3,030,340 $ 1,806,267 $ 307,274 $ 9,235,581 September 30, 2014 Individually evaluated for impairment $ 469 $ 50 $ 1,689 $ 1,734 $ 13,302 $ 9,017 $ 26,261 Collectively evaluated for impairment 1,037,907 534,054 2,462,225 3,059,845 2,017,536 151,229 9,262,796 PCI loans 2,924 568 7,553 29,511 30,751 - 71,307 Total loans evaluated for impairment $ 1,041,300 $ 534,672 $ 2,471,467 $ 3,091,090 $ 2,061,589 $ 160,246 $ 9,360,364 Troubled Debt Restructurings. Receivables (Topic 310)-A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring , ” Nine Months Ended September 30, 2015 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Loans Investment Investment Loans Investment Investment (Dollars in thousands) Troubled Debt Restructurings Construction, land development and other land loans 1 $ 390 $ 307 - $ - $ - Agriculture and agriculture real estate (includes farmland) - - - - - - 1-4 Family (includes home equity) - - - - - - Commercial real estate (includes multi-family residential) - - - 1 35 35 Commercial and industrial - - - 1 16 15 Consumer and other 1 10 9 - - - Total 2 $ 400 $ 316 2 $ 51 $ 50 As of September 30, 2015, there have been no defaults on any loans that were modified as troubled debt restructurings during the preceding nine 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 September 30, 2015 and 2014, the Company had $607 thousand and $1.2 million, respectively, in outstanding troubled debt restructurings. For the nine months ended September 30, 2015, the Company added two loans totaling $400 thousand as new troubled debt restructurings, of which $316 thousand was still outstanding at September 30, 2015. These modifications did not have a material impact on the Company’s determination of the allowance for credit losses. |
Note 6 - Fair Value
Note 6 - Fair Value | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 6. 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 such as certain loans including residential mortgage loans held for sale, goodwill and other intangible assets and other real estate owned. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write downs of individual assets. ASC Topic 820 “ Fair Value Measurements and Disclosures Fair Value Hierarchy The Company groups financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities) or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. The fair value disclosures below represent the Company’s estimates based on relevant market information and information about the financial instruments. Fair value estimates are based on judgments regarding 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 and liabilities measured at fair value on a recurring basis: As of September 30, 2015 Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets: Available for sale securities: States and political subdivisions $ - $ 5,979 $ - $ 5,979 Collateralized mortgage obligations - 27,788 - 27,788 Mortgage-backed securities - 64,366 - 64,366 Other securities 12,722 - - 12,722 Total $ 12,722 $ 98,133 $ - $ 110,855 Non-hedging interest rate swap $ - $ 468 $ - $ 468 Liabilities: Non-hedging interest rate swap $ - $ (468 ) $ - $ (468 ) As of December 31, 2014 Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets: 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 Total $ 12,758 $ 132,641 $ - $ 145,399 Non-hedging interest rate swap $ - $ 303 $ - $ 303 Liabilities: Non-hedging interest rate swap $ - $ (303 ) $ - $ (303 ) 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, held to maturity debt securities, loans held for sale, and impaired loans. For the three and nine months ended September 30, 2015, the Company had additions to other real estate owned of $913 thousand and $2.1 million, respectively, of which $785 thousand and $1.2 million, respectively, were outstanding as of September 30, 2015. For the three and nine months ended September 30, 2015, the Company had additions to impaired loans of $23.3 million and $31.3 million, respectively, of which $23.3 million and $25.7 million, respectively, were still outstanding as of September 30, 2015. The remaining assets and liabilities measured at fair value on a nonrecurring basis that were recorded in 2015 and remained outstanding at September 30, 2015 were not significant. The following table presents carrying and fair value information of financial instruments as of the dates indicated: As of September 30, 2015 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total Assets (Dollars in thousands) Cash and due from banks $ 300,230 $ 300,230 $ - $ - $ 300,230 Federal funds sold 996 996 - - 996 Held to maturity securities 9,419,906 - 9,494,664 - 9,494,664 Loans held for sale 12,564 - 12,564 - 12,564 Loans held for investment, net of allowance 9,111,421 - - 9,137,064 9,137,064 Other real estate owned 3,271 - 3,271 - 3,271 Liabilities Deposits: Noninterest-bearing $ 5,093,175 $ - $ 5,093,175 $ - $ 5,093,175 Interest-bearing 11,846,762 - 11,854,392 - 11,854,392 Other borrowings 786,571 - 787,361 - 787,361 Securities sold under repurchase agreements 310,038 - 310,053 - 310,053 Junior subordinated debentures - - - - - As of December 31, 2014 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total Assets (Dollars in thousands) 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 The following is a description of the fair value estimates, methods and assumptions that are used by the Company in estimating the fair values of financial instruments. Cash and due from banks Federal funds sold 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 sale 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. Other real estate owned Deposits Other borrowings Securities sold under repurchase agreements Junior subordinated debentures Derivative financial instruments Off-balance sheet financial instruments The fair value estimates presented herein are based on pertinent information available to management at September 30, 2015. 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. |
Note 7 - Goodwill and Core Depo
Note 7 - Goodwill and Core Deposit Intangibles | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. GOODWILL AND CORE DEPOSIT INTANGIBLES Changes in the carrying amount of the Company’s goodwill and core deposit intangibles (“CDI”) for the nine months ended September 30, 2015 and the year ended December 31, 2014 were as follows: Core Deposit Goodwill Intangibles (Dollars in thousands) Balance as of December 31, 2013 $ 1,671,520 $ 42,049 Less: Amortization - (9,940 ) Add: Measurement period adjustments 4,426 (302 ) Acquisition of F&M Bancorporation Inc. 198,245 27,140 Balance as of December 31, 2014 1,874,191 58,947 Less: Amortization - (7,235 ) Add: Measurement period adjustments 7,764 - Balance as of September 30, 2015 $ 1,881,955 $ 51,712 Goodwill is recorded on the acquisition date of each entity. The Company may record subsequent adjustments to goodwill for amounts undeterminable at acquisition date, such as deferred taxes and real estate valuations, and therefore the goodwill amounts may change accordingly. The Company initially records the total premium paid on acquisitions as goodwill. After finalizing the valuation, core deposit intangibles are identified and reclassified from goodwill to core deposit intangibles on the balance sheet. This reclassification has no effect on total assets, liabilities, shareholders’ equity, net income or cash flows. 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 September 30, 2015, there were no impairments recorded on goodwill and other intangibles. The measurement period for the Company to determine the fair value of acquired identifiable assets and assumed liabilities will be at the end of the earlier of (1) twelve months from the date of acquisition or (2) as soon as the Company receives the information it was seeking about facts and circumstances that existed as of the date of acquisition. 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. Amortization expense related to intangible assets totaled $2.4 million and $2.6 million for the three months ended September 30, 2015 and 2014, respectively, and $7.2 million and $7.3 million for the nine months ended September 30, 2015 and 2014, respectively. The estimated aggregate future amortization expense for CDI remaining as of September 30, 2015 is as follows (dollars in thousands): Remaining 2015 $ 2,295 2016 8,519 2017 6,327 2018 5,400 2019 4,546 Thereafter 24,625 Total $ 51,712 |
Note 8 - Stock Based Compensati
Note 8 - Stock Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 8. STOCK-BASED COMPENSATION At September 30, 2015, the Company had two stock-based employee compensation plans with awards outstanding. One of these plans adopted by the Company has expired and therefore no additional awards may be issued under that plan. During 2004, the Company’s Board of Directors adopted the Prosperity Bancshares, Inc. 2004 Stock Incentive Plan (the “2004 Plan”) which was approved by the Company’s shareholders and 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 were 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. The 2004 Plan has expired and therefore no additional shares may be issued from the 2004 Plan. During 2012, the Company’s Board of Directors and shareholders adopted the Prosperity Bancshares, Inc. 2012 Stock Incentive Plan (the “2012 Plan”), which 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 299,743 shares have been granted under the 2012 Plan as of September 30, 2015. The Company received $155 thousand and $920 thousand from the exercise of stock options for the three month periods ended September 30, 2015 and 2014, respectively, and $223 thousand and $3.3 million during the nine month periods ended September 30, 2015 and 2014, respectively. There was no tax benefit realized from option exercises of the stock-based payment arrangements during the three and nine month periods ended September 30, 2015 and 2014. As of September 30, 2015, there was $23.0 million of total unrecognized compensation expense related to stock-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 2.35 years. |
Note 9 - Contractual Obigations
Note 9 - Contractual Obigations and Off-Balance Sheet Items | 9 Months Ended |
Sep. 30, 2015 | |
Table Text Block [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | 9. CONTRACTUAL OBLIGATIONS AND OFF-BALANCE SHEET ITEMS Contractual Obligations The following table summarizes the Company’s contractual obligations and other commitments to make future payments as of September 30, 2015 (other than deposit obligations and securities sold under repurchase agreements). The Company’s future cash payments associated with its contractual obligations pursuant to its FHLB borrowings and operating leases as of September 30, 2015 are summarized below. Payments for FHLB borrowings include interest of $1.1 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 3 years or year but less more but less 5 years 1 year or less than 3 years than 5 years or more Total (Dollars in thousands) Federal Home Loan Bank notes payable $ 781,024 $ 5,325 $ 756 $ 595 $ 787,700 Operating leases 6,260 9,427 6,069 7,701 29,457 Total $ 787,284 $ 14,752 $ 6,825 $ 8,296 $ 817,157 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 periods as of September 30, 2015 are summarized below. Since commitments associated with letters of credit and commitments to extend credit may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements. More than 1 3 years or year but less more but less 5 years 1 year or less than 3 years than 5 years or more Total (Dollars in thousands) Standby letters of credit $ 87,029 $ 8,417 $ 1,116 $ - $ 96,562 Commitments to extend credit 1,131,948 320,558 77,684 482,909 2,013,099 Total $ 1,218,977 $ 328,975 $ 78,800 $ 482,909 $ 2,109,661 |
Note 10 - Other Comprehensive (
Note 10 - Other Comprehensive (Loss) Income | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 10. OTHER COMPREHENSIVE (LOSS) INCOME The tax effects allocated to each component of other comprehensive (loss) income were as follows: Three Months Ended September 30, 2015 2014 Before Tax Amount Tax Benefit Net of Tax Amount Before Tax Amount Tax Benefit Net of Tax Amount (Dollars in thousands) Other comprehensive loss: Securities available for sale: Change in unrealized gain during period $ (867 ) $ 303 $ (564 ) $ (951 ) $ 333 $ (618 ) Total securities available for sale (867 ) 303 (564 ) (951 ) 333 (618 ) Total other comprehensive loss $ (867 ) $ 303 $ (564 ) $ (951 ) $ 333 $ (618 ) Nine Months Ended September 30, 2015 2014 Before Tax Amount Tax Benefit Net of Tax Amount Before Tax Amount Tax Benefit Net of Tax Amount (Dollars in thousands) Other comprehensive loss: Securities available for sale: Change in unrealized gain during period $ (1,949 ) $ 682 $ (1,267 ) $ (1,757 ) $ 615 $ (1,142 ) Total securities available for sale (1,949 ) 682 $ (1,267 ) (1,757 ) 615 (1,142 ) Total other comprehensive loss $ (1,949 ) $ 682 $ (1,267 ) $ (1,757 ) $ 615 $ (1,142 ) Activity in accumulated other comprehensive income associated with securities available for sale, net of tax, was as follows: Securities Available for Sale Accumulated Other Comprehensive Income (Dollars in thousands) Balance at January 1, 2015 $ 3,729 $ 3,729 Other comprehensive loss (1,267 ) (1,267 ) Balance at September 30, 2015 $ 2,462 $ 2,462 Balance at January 1, 2014 $ 4,883 $ 4,883 Other comprehensive loss (1,142 ) (1,142 ) Balance at September 30, 2014 $ 3,741 $ 3,741 |
Note 11 - Acquisitions
Note 11 - Acquisitions | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 11. ACQUISITIONS Pending Acquisition of Tradition Bancshares, Inc. – Acquisition of F&M Bancorporation Inc. – The Company acquired loans and deposits with fair values of $1.60 billion and $2.27 billion, respectively, at acquisition date. Under the terms of the definitive agreement, 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. During 2014, the Company recognized goodwill of $198.2 million. As of September 30, 2015, total goodwill related to the F&M acquisition was $206.0 million, after recording a $7.8 million measurement period adjustment during the first quarter 2015. Goodwill is calculated as the excess of both the consideration exchanged and liabilities assumed as compared to the fair value of identifiable assets acquired, none of which is expected to be deductible for tax purposes. Additionally, the Company recognized $27.1 million of core deposit intangibles related to this acquisition. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Updates (“ASU”) ASU 2015-16, “Business Combinations (Topic 805) – Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” 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 2014-1 2 “ Compensation-Stock Compensation (Topic 718) - Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . ASU 2014-11 “Transfers and Servicing (Topic 860) - Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure . ASU 2014-09 “Revenue from Contract with Customers (Topic 606).” ASU 2014-04 “ Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40) — Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure .” |
Note 2 - Income Per Common Sh21
Note 2 - Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Per Share Per Share Per Share Per Share Amount Amount Amount Amount Amount Amount Amount Amount (Amounts in thousands, except per share data) Net income $ 70,598 $ 76,570 $ 216,171 $ 219,213 Basic: Weighted average shares outstanding 70,041 $ 1.01 69,751 $ 1.10 70,037 $ 3.09 68,548 $ 3.20 Diluted: Add incremental shares for: Effect of dilutive securities - options 12 40 17 66 Total 70,053 $ 1.01 69,791 $ 1.10 70,054 $ 3.09 68,614 $ 3.19 |
Note 4 - Securities (Tables)
Note 4 - Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities [Table Text Block] | September 30, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Available for Sale States and political subdivisions $ 5,939 $ 40 $ - $ 5,979 Collateralized mortgage obligations 27,721 78 (11 ) 27,788 Mortgage-backed securities 60,818 3,564 (16 ) 64,366 Other securities 12,588 181 (47 ) 12,722 Total $ 107,066 $ 3,863 $ (74 ) $ 110,855 Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 50,982 $ 1,259 $ - $ 52,241 States and political subdivisions 366,076 6,571 (854 ) 371,793 Collateralized mortgage obligations 4,093 32 (2 ) 4,123 Mortgage-backed securities 8,998,755 116,314 (48,562 ) 9,066,507 Total $ 9,419,906 $ 124,176 $ (49,418 ) $ 9,494,664 December 31, 2014 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 Collateralized mortgage obligations 19,585 215 (8 ) 19,792 Mortgage-backed securities 8,424,083 96,650 (53,553 ) 8,467,180 Total $ 8,900,377 $ 103,372 $ (55,057 ) $ 8,948,692 |
Schedule of Unrealized Loss on Investments [Table Text Block] | September 30, 2015 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 $ 308 $ (4 ) $ 4,937 $ (7 ) $ 5,245 $ (11 ) Mortgage-backed securities 982 (4 ) 2,586 (12 ) 3,568 (16 ) Other securities - - 1,689 (47 ) 1,689 (47 ) Total $ 1,290 $ (8 ) $ 9,212 $ (66 ) $ 10,502 $ (74 ) Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 500 $ - $ - $ - $ 500 $ - States and political subdivisions 14,440 (102 ) 45,514 (752 ) 59,954 (854 ) Collateralized mortgage obligations - - 109 (2 ) 109 (2 ) Mortgage-backed securities 1,702,410 (14,624 ) 1,731,754 (33,938 ) 3,434,164 (48,562 ) Total $ 1,717,350 $ (14,726 ) $ 1,777,377 $ (34,692 ) $ 3,494,727 $ (49,418 ) December 31, 2014 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 ) |
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 $ 34,896 $ 34,984 $ 12,588 $ 12,722 Due after one year through five years 179,932 182,259 3,289 3,308 Due after five years through ten years 150,563 154,621 2,650 2,671 Due after ten years 51,667 52,170 - - Subtotal 417,058 424,034 18,527 18,701 Mortgage-backed securities and collateralized mortgage obligations 9,002,848 9,070,630 88,539 92,154 Total $ 9,419,906 $ 9,494,664 $ 107,066 $ 110,855 |
Note 5 - Loans and Allowance 23
Note 5 - Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Loans And Allowance For Credit Losses [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, 2015 2014 (Dollars in thousands) Residential mortgage loans held for sale $ 12,564 $ 8,602 Commercial and industrial 1,648,832 1,806,267 Real estate: Construction, land development and other land loans 1,072,985 1,026,475 1-4 family residential (including home equity) 2,584,021 2,513,579 Commercial real estate (including multi-family residential) 2,992,726 3,030,340 Farmland 420,366 361,943 Agriculture 198,197 189,703 Consumer and other 275,297 307,274 Total loans held for investment 9,192,424 9,235,581 Total $ 9,204,988 $ 9,244,183 |
Schedule of Related Party Loans [Table Text Block] | September 30, December 31, 2015 2014 (Dollars in thousands) Beginning balance on January 1 $ 4,940 $ 6,187 New loans 206 4,913 Repayments and reclassified related loans (853 ) (6,160 ) Ending balance $ 4,293 $ 4,940 |
Past Due Financing Receivables [Table Text Block] | September 30, 2015 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 other land loans $ 387 $ - $ 387 $ 215 $ 1,072,383 $ 1,072,985 Agriculture and agriculture real estate (includes farmland) 2,606 - 2,606 376 615,581 618,563 1-4 family (includes home equity) (1) 3,578 - 3,578 2,447 2,590,560 2,596,585 Commercial real estate (includes multi-family residential) 5,821 21 5,842 15,799 2,971,085 2,992,726 Commercial and industrial 9,237 240 9,477 25,828 1,613,527 1,648,832 Consumer and other 306 - 306 270 274,721 275,297 Total $ 21,935 $ 261 $ 22,196 $ 44,935 $ 9,137,857 $ 9,204,988 December 31, 2014 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 |
Schedule of Nonperforming Assets [Table Text Block] | September 30, December 31, 2015 2014 (Dollars in thousands) Nonaccrual loans (1) $ 44,935 $ 31,422 Accruing loans 90 or more days past due 261 2,193 Total nonperforming loans 45,196 33,615 Repossessed assets 161 67 Other real estate 3,271 3,237 Total nonperforming assets $ 48,628 $ 36,919 Nonperforming assets to total loans and other real estate 0.53 % 0.40 % |
Carrying Value and Outstanding Balance for Purchased Credit Impaired Loans [Table Text Block] | September 30, December 31, 2015 2014 (Dollars in thousands) PCI loans: Outstanding balance $ 83,272 $ 129,412 Less: discount 41,814 72,270 Recorded investment $ 41,458 $ 57,142 |
Summary of Changes in Accretable Yields of Acquired Loans [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 6,351 $ 14,689 $ 9,867 $ 9,855 Additions - - - 7,158 Reclassifications from nonaccretable 3,940 7,168 12,572 13,203 Accretion (3,974 ) (9,336 ) (16,122 ) (17,695 ) Balance at September 30 $ 6,317 $ 12,521 $ 6,317 $ 12,521 |
Carrying Value and Outstanding Balance for Non Purchased Credit Impaired Loans [Table Text Block] | September 30, December 31, 2015 2014 (Dollars in thousands) Non-PCI loans: Outstanding balance $ 1,560,730 $ 2,186,111 Less: discount 60,819 89,105 Recorded investment $ 1,499,911 $ 2,097,006 |
Summary of Changes in Accretable Yields of Acquired Non PCI Loans[TableText Block] | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Dollars in thousands) Balance at beginning of period $ 67,895 $ 123,327 $ 89,105 $ 87,798 Additions - - - 66,059 Accretion charge-offs (16 ) (9 ) (125 ) (71 ) Accretion (7,060 ) (19,122 ) (28,161 ) (49,590 ) Balance at September 30 $ 60,819 $ 104,196 $ 60,819 $ 104,196 |
Impaired Financing Receivables [Table Text Block] | September 30, 2015 Unpaid Contractual Principal Average Recorded Principal Related Recorded Investment Balance Allowance Investment (Dollars in thousands) With no related allowance recorded: Construction, land development and other land loans $ 241 $ 550 $ - $ 245 Agriculture and agriculture real estate (includes farmland) 38 41 - 19 1-4 family (includes home equity) 1,626 1,779 - 1,668 Commercial real estate (includes multi-family residential) 15,081 15,170 - 10,087 Commercial and industrial 3,547 3,821 - 6,516 Consumer and other 78 153 - 4,111 Total 20,611 21,514 - 22,646 With an allowance recorded: Construction, land development and other land loans 8 12 2 142 Agriculture and agriculture real estate (includes farmland) 310 318 123 178 1-4 family (includes home equity) 282 301 111 854 Commercial real estate (includes multi-family residential) 542 2,137 292 302 Commercial and industrial 16,933 21,671 6,550 9,694 Consumer and other 186 220 43 210 Total 18,261 24,659 7,121 11,380 Total: Construction, land development and other land loans 249 562 2 387 Agriculture and agriculture real estate (includes farmland) 348 359 123 197 1-4 family (includes home equity) 1,908 2,080 111 2,522 Commercial real estate (includes multi-family residential) 15,623 17,307 292 10,389 Commercial and industrial 20,480 25,492 6,550 16,210 Consumer and other 264 373 43 4,321 $ 38,872 $ 46,173 $ 7,121 $ 34,026 December 31, 2014 Unpaid Contractual 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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Construction, Agriculture and 1-4 Family Commercial Commercia l Consumer and Total (Dollars in thousands) Grade 1 $ 41 $ 13,264 $ - $ 1,231 $ 57,621 $ 44,550 $ 116,707 Grade 2 17,757 5,802 27,812 27,757 24,916 34,297 138,341 Grade 3 1,034,170 543,734 2,509,373 2,749,352 1,323,437 186,126 8,346,192 Grade 4 15,598 47,903 41,459 137,641 115,925 2,861 361,387 Grade 5 2,837 3,514 3,161 16,278 62,971 7,168 95,929 Grade 6 1,290 3,522 7,256 26,806 27,621 31 66,526 Grade 7 249 348 1,848 15,623 16,266 264 34,598 Grade 8 - - 60 - 3,790 - 3,850 Grade 9 - - - - - - - PCI Loans (2) 1,043 476 5,616 18,038 16,285 - 41,458 Total $ 1,072,985 $ 618,563 $ 2,596,585 $ 2,992,726 $ 1,648,832 $ 275,297 $ 9,204,988 Construction, Agriculture and 1-4 Family Commercial Commercial Consumer and Total (Dollars in thousands) Grade 1 $ - $ 13,507 $ - $ - $ 61,697 $ 41,240 $ 116,444 Grade 2 - - - - - - - Grade 3 1,022,002 528,400 2,503,679 2,965,455 1,698,558 257,588 8,975,682 Grade 4 - - - - - - - Grade 5 497 4,265 1,174 10,424 3,266 18 19,644 Grade 6 2,308 4,921 8,266 25,839 4,707 50 46,091 Grade 7 526 46 3,136 5,155 11,834 8,378 29,075 Grade 8 - - - - 105 - 105 Grade 9 - - - - - - - PCI Loans (2) 1,142 507 5,926 23,467 26,100 - 57,142 Total $ 1,026,475 $ 551,646 $ 2,522,181 $ 3,030,340 $ 1,806,267 $ 307,274 $ 9,244,183 |
Schedule of Investment in Loans and Activity in Allowance for Credit Losses by Portfolio Segment [Table Text Block] | Agriculture Construction, and Commercial Land Agriculture 1-4 Family Real Estate Development Real Estate (includes (includes Commercial and Other (includes Home Multi-Family and Consumer Land Loans Farmland) Equity) Residential) Industrial and Other Total (Dollars in thousands) Allowance for credit losses: Three Months Ended Balance June 30, 2015 $ 16,909 $ 3,771 $ 16,593 $ 13,002 $ 29,205 $ 1,492 $ 80,972 Provision for credit losses (1,506 ) (79 ) (1,386 ) (742 ) 8,507 516 5,310 Charge-offs (215 ) (3 ) (120 ) (54 ) (4,865 ) (933 ) (6,190 ) Recoveries 42 43 10 1 439 376 911 Net charge-offs (173 ) 40 (110 ) (53 ) (4,426 ) (557 ) (5,279 ) Balance September 30, 2015 $ 15,230 $ 3,732 $ 15,097 $ 12,207 $ 33,286 $ 1,451 $ 81,003 Nine Months Ended Balance January 1, 2015 $ 15,825 $ 3,722 $ 16,377 $ 12,744 $ 30,002 $ 2,092 $ 80,762 Provision for credit losses (279 ) (173 ) (1,072 ) (337 ) 8,186 735 7,060 Charge-offs (366 ) (3 ) (249 ) (233 ) (5,691 ) (2,406 ) (8,948 ) Recoveries 50 186 41 33 789 1,030 2,129 Net charge-offs (316 ) 183 (208 ) (200 ) (4,902 ) (1,376 ) (6,819 ) Balance September 30, 2015 $ 15,230 $ 3,732 $ 15,097 $ 12,207 $ 33,286 $ 1,451 $ 81,003 Allowance for credit losses: Three Months Ended Balance June 30, 2014 $ 14,993 $ 1,448 $ 18,905 $ 23,679 $ 10,957 $ 3,284 $ 73,266 Provision for credit losses 1,063 (25 ) 854 1,096 269 1,743 5,000 Charge-offs - (12 ) (128 ) - (188 ) (2,112 ) (2,440 ) Recoveries 28 65 58 6 171 1,459 1,787 Net charge-offs 28 53 (70 ) 6 (17 ) (653 ) (653 ) Balance September 30, 2014 $ 16,084 $ 1,476 $ 19,689 $ 24,781 $ 11,209 $ 4,374 $ 77,613 Nine Months Ended Balance January 1, 2014 $ 14,353 $ 1,229 $ 17,046 $ 24,835 $ 8,167 $ 1,652 $ 67,282 Provision for credit losses 1,801 (730 ) 3,250 4 3,076 4,524 11,925 Charge-offs (155 ) (27 ) (790 ) (127 ) (390 ) (4,037 ) (5,526 ) Recoveries 85 1,004 183 69 356 2,235 3,932 Net charge-offs (70 ) 977 (607 ) (58 ) (34 ) (1,802 ) (1,594 ) Balance September 30, 2014 $ 16,084 $ 1,476 $ 19,689 $ 24,781 $ 11,209 $ 4,374 $ 77,613 Agriculture Construction, and Commercial Land Agriculture 1-4 Family Real Estate Development Real Estate (includes (includes Commercial and Other (includes Home Multi-Family and Consumer Land Loans Farmland) Equity) Residential) Industrial and Other Total (Dollars in thousands) Allowance for credit losses related to: September 30, 2015 Individually evaluated for impairment $ 2 $ 123 $ 111 $ 292 $ 6,550 $ 43 $ 7,121 Collectively evaluated for impairment 15,228 3,609 14,986 11,915 26,474 1,408 73,620 PCI loans - - - - 262 - 262 Total allowance for credit losses $ 15,230 $ 3,732 $ 15,097 $ 12,207 $ 33,286 $ 1,451 $ 81,003 December 31, 2014 Individually evaluated for impairment $ 225 $ 24 $ 418 $ 24 $ 1,597 $ 205 $ 2,493 Collectively evaluated for impairment 15,600 3,698 15,959 12,720 28,405 1,887 78,269 PCI loans - - - - - - - Total allowance for credit losses $ 15,825 $ 3,722 $ 16,377 $ 12,744 $ 30,002 $ 2,092 $ 80,762 September 30, 2014 Individually evaluated for impairment $ - $ 28 $ 168 $ 267 $ 3,850 $ 166 $ 4,479 Collectively evaluated for impairment 16,084 1,448 19,081 24,514 7,359 4,208 72,694 PCI loans - - 440 - - - 440 Total allowance for credit losses $ 16,084 $ 1,476 $ 19,689 $ 24,781 $ 11,209 $ 4,374 $ 77,613 Agriculture Construction, and Commercial Land Agriculture 1-4 Family Real Estate Development Real Estate (includes (includes Commercial and Other (includes Home Multi-Family and Consumer Land Loans Farmland) Equity) Residential) Industrial and Other Total (Dollars in thousands) Recorded investment in loans: September 30, 2015 Individually evaluated for impairment $ 249 $ 348 $ 1,908 $ 15,623 $ 20,480 $ 264 $ 38,872 Collectively evaluated for impairment 1,071,693 617,739 2,576,497 2,959,065 1,612,067 275,033 9,112,094 PCI loans 1,043 476 5,616 18,038 16,285 - 41,458 Total loans evaluated for impairment $ 1,072,985 $ 618,563 $ 2,584,021 $ 2,992,726 $ 1,648,832 $ 275,297 $ 9,192,424 December 31, 2014 Individually evaluated for impairment $ 526 $ 46 $ 3,136 $ 5,155 $ 11,939 $ 8,378 $ 29,180 Collectively evaluated for impairment 1,024,807 551,093 2,504,517 3,001,718 1,768,228 298,896 9,149,259 PCI loans 1,142 507 5,926 23,467 26,100 - 57,142 Total loans evaluated for impairment $ 1,026,475 $ 551,646 $ 2,513,579 $ 3,030,340 $ 1,806,267 $ 307,274 $ 9,235,581 September 30, 2014 Individually evaluated for impairment $ 469 $ 50 $ 1,689 $ 1,734 $ 13,302 $ 9,017 $ 26,261 Collectively evaluated for impairment 1,037,907 534,054 2,462,225 3,059,845 2,017,536 151,229 9,262,796 PCI loans 2,924 568 7,553 29,511 30,751 - 71,307 Total loans evaluated for impairment $ 1,041,300 $ 534,672 $ 2,471,467 $ 3,091,090 $ 2,061,589 $ 160,246 $ 9,360,364 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Nine Months Ended September 30, 2015 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Loans Investment Investment Loans Investment Investment (Dollars in thousands) Troubled Debt Restructurings Construction, land development and other land loans 1 $ 390 $ 307 - $ - $ - Agriculture and agriculture real estate (includes farmland) - - - - - - 1-4 Family (includes home equity) - - - - - - Commercial real estate (includes multi-family residential) - - - 1 35 35 Commercial and industrial - - - 1 16 15 Consumer and other 1 10 9 - - - Total 2 $ 400 $ 316 2 $ 51 $ 50 |
Note 6 - Fair Value (Tables)
Note 6 - Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of September 30, 2015 Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets: Available for sale securities: States and political subdivisions $ - $ 5,979 $ - $ 5,979 Collateralized mortgage obligations - 27,788 - 27,788 Mortgage-backed securities - 64,366 - 64,366 Other securities 12,722 - - 12,722 Total $ 12,722 $ 98,133 $ - $ 110,855 Non-hedging interest rate swap $ - $ 468 $ - $ 468 Liabilities: Non-hedging interest rate swap $ - $ (468 ) $ - $ (468 ) As of December 31, 2014 Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets: 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 Total $ 12,758 $ 132,641 $ - $ 145,399 Non-hedging interest rate swap $ - $ 303 $ - $ 303 Liabilities: Non-hedging interest rate swap $ - $ (303 ) $ - $ (303 ) |
Fair Value Measurements, Nonrecurring [Table Text Block] | As of September 30, 2015 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total Assets (Dollars in thousands) Cash and due from banks $ 300,230 $ 300,230 $ - $ - $ 300,230 Federal funds sold 996 996 - - 996 Held to maturity securities 9,419,906 - 9,494,664 - 9,494,664 Loans held for sale 12,564 - 12,564 - 12,564 Loans held for investment, net of allowance 9,111,421 - - 9,137,064 9,137,064 Other real estate owned 3,271 - 3,271 - 3,271 Liabilities Deposits: Noninterest-bearing $ 5,093,175 $ - $ 5,093,175 $ - $ 5,093,175 Interest-bearing 11,846,762 - 11,854,392 - 11,854,392 Other borrowings 786,571 - 787,361 - 787,361 Securities sold under repurchase agreements 310,038 - 310,053 - 310,053 Junior subordinated debentures - - - - - As of December 31, 2014 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total Assets (Dollars in thousands) 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 |
Note 7 - Goodwill and Core De25
Note 7 - Goodwill and Core Deposit Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2013 $ 1,671,520 $ 42,049 Less: Amortization - (9,940 ) Add: Measurement period adjustments 4,426 (302 ) Acquisition of F&M Bancorporation Inc. 198,245 27,140 Balance as of December 31, 2014 1,874,191 58,947 Less: Amortization - (7,235 ) Add: Measurement period adjustments 7,764 - Balance as of September 30, 2015 $ 1,881,955 $ 51,712 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remaining 2015 $ 2,295 2016 8,519 2017 6,327 2018 5,400 2019 4,546 Thereafter 24,625 Total $ 51,712 |
Note 9 - Contractual Obigatio26
Note 9 - Contractual Obigations and Off-Balance Sheet Items (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Table Text Block [Abstract] | |
Schedule of Contractual Obligations and Other Commitments [Table Text Block] | More than 1 3 years or year but less more but less 5 years 1 year or less than 3 years than 5 years or more Total (Dollars in thousands) Federal Home Loan Bank notes payable $ 781,024 $ 5,325 $ 756 $ 595 $ 787,700 Operating leases 6,260 9,427 6,069 7,701 29,457 Total $ 787,284 $ 14,752 $ 6,825 $ 8,296 $ 817,157 |
Schedule of Line of Credit Facilities [Table Text Block] | More than 1 3 years or year but less more but less 5 years 1 year or less than 3 years than 5 years or more Total (Dollars in thousands) Standby letters of credit $ 87,029 $ 8,417 $ 1,116 $ - $ 96,562 Commitments to extend credit 1,131,948 320,558 77,684 482,909 2,013,099 Total $ 1,218,977 $ 328,975 $ 78,800 $ 482,909 $ 2,109,661 |
Note 10 - Other Comprehensive27
Note 10 - Other Comprehensive (Loss) Income (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended September 30, 2015 2014 Before Tax Amount Tax Benefit Net of Tax Amount Before Tax Amount Tax Benefit Net of Tax Amount (Dollars in thousands) Other comprehensive loss: Securities available for sale: Change in unrealized gain during period $ (867 ) $ 303 $ (564 ) $ (951 ) $ 333 $ (618 ) Total securities available for sale (867 ) 303 (564 ) (951 ) 333 (618 ) Total other comprehensive loss $ (867 ) $ 303 $ (564 ) $ (951 ) $ 333 $ (618 ) Nine Months Ended September 30, 2015 2014 Before Tax Amount Tax Benefit Net of Tax Amount Before Tax Amount Tax Benefit Net of Tax Amount (Dollars in thousands) Other comprehensive loss: Securities available for sale: Change in unrealized gain during period $ (1,949 ) $ 682 $ (1,267 ) $ (1,757 ) $ 615 $ (1,142 ) Total securities available for sale (1,949 ) 682 $ (1,267 ) (1,757 ) 615 (1,142 ) Total other comprehensive loss $ (1,949 ) $ 682 $ (1,267 ) $ (1,757 ) $ 615 $ (1,142 ) |
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, 2015 $ 3,729 $ 3,729 Other comprehensive loss (1,267 ) (1,267 ) Balance at September 30, 2015 $ 2,462 $ 2,462 Balance at January 1, 2014 $ 4,883 $ 4,883 Other comprehensive loss (1,142 ) (1,142 ) Balance at September 30, 2014 $ 3,741 $ 3,741 |
Note 2 - Income Per Common Sh28
Note 2 - Income Per Common Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Stock Option [Member] | ||||
Note 2 - Income Per Common Share (Details) [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Note 2 - Income Per Common Sh29
Note 2 - Income Per Common Share (Details) - Computation of Basic and Diluted Earnings Per Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Computation of Basic and Diluted Earnings Per Share [Abstract] | ||||
Net income (in Dollars) | $ 70,598 | $ 76,570 | $ 216,171 | $ 219,213 |
Basic: | ||||
Weighted average shares outstanding | 70,041 | 69,751 | 70,037 | 68,548 |
Weighted average shares outstanding (in Dollars per share) | $ 1.01 | $ 1.10 | $ 3.09 | $ 3.20 |
Add incremental shares for: | ||||
Effect of dilutive securities - options | 12 | 40 | 17 | 66 |
Total | 70,053 | 69,791 | 70,054 | 68,614 |
Total (in Dollars per share) | $ 1.01 | $ 1.10 | $ 3.09 | $ 3.19 |
Note 4 - Securities (Details)
Note 4 - Securities (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Note 4 - Securities (Details) [Line Items] | |||||
Number of Investment Securities Segments | 2 | ||||
Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Securities | 472 | 472 | 501 | ||
Gain (Loss) on Sale of Securities, Net | $ 0 | $ 0 | $ 0 | $ 0 | |
Available-for-sale Securities, Amortized Cost Basis | 107,066,000 | 107,066,000 | $ 139,662,000 | ||
Available-for-sale Securities | 110,855,000 | 110,855,000 | 145,399,000 | ||
Collateralized Securities [Member] | |||||
Note 4 - Securities (Details) [Line Items] | |||||
Available-for-sale Securities, Amortized Cost Basis | 5,020,000,000 | 5,020,000,000 | 5,080,000,000 | ||
Available-for-sale Securities | $ 5,060,000,000 | $ 5,060,000,000 | $ 5,100,000,000 | ||
Stockholders' Equity, Total [Member] | Securities Concentration Risk [Member] | |||||
Note 4 - Securities (Details) [Line Items] | |||||
Concentration Risk, Percentage | 0.00% | 0.00% |
Note 4 - Securities (Details) -
Note 4 - Securities (Details) - Investment Securities - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Available for Sale | ||
Available for sale securities, amortized cost | $ 107,066 | $ 139,662 |
Available for sale securities, gross unrealized gains | 3,863 | 5,819 |
Available for sale securities, gross unrealized losses | (74) | (82) |
Available for sale securities, fair value | 110,855 | 145,399 |
Held to Maturity | ||
Held to maturity securities, amortized cost | 9,419,906 | 8,900,377 |
Held to maturity securities, gross unrealized gains | 124,176 | 103,372 |
Held to maturity securities, gross unrealized losses | (49,418) | (55,057) |
Held to maturity securities, fair value | 9,494,664 | 8,948,692 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for Sale | ||
Available for sale securities, amortized cost | 5,939 | 14,402 |
Available for sale securities, gross unrealized gains | 40 | 183 |
Available for sale securities, fair value | 5,979 | 14,585 |
Held to Maturity | ||
Held to maturity securities, amortized cost | 366,076 | 404,356 |
Held to maturity securities, gross unrealized gains | 6,571 | 6,147 |
Held to maturity securities, gross unrealized losses | (854) | (1,422) |
Held to maturity securities, fair value | 371,793 | 409,081 |
Collateralized Mortgage Obligations [Member] | ||
Available for Sale | ||
Available for sale securities, amortized cost | 27,721 | 33,519 |
Available for sale securities, gross unrealized gains | 78 | 91 |
Available for sale securities, gross unrealized losses | (11) | (37) |
Available for sale securities, fair value | 27,788 | 33,573 |
Held to Maturity | ||
Held to maturity securities, amortized cost | 4,093 | 19,585 |
Held to maturity securities, gross unrealized gains | 32 | 215 |
Held to maturity securities, gross unrealized losses | (2) | (8) |
Held to maturity securities, fair value | 4,123 | 19,792 |
Collateralized Mortgage Backed Securities [Member] | ||
Available for Sale | ||
Available for sale securities, amortized cost | 60,818 | 79,153 |
Available for sale securities, gross unrealized gains | 3,564 | 5,344 |
Available for sale securities, gross unrealized losses | (16) | (14) |
Available for sale securities, fair value | 64,366 | 84,483 |
Held to Maturity | ||
Held to maturity securities, amortized cost | 8,998,755 | 8,424,083 |
Held to maturity securities, gross unrealized gains | 116,314 | 96,650 |
Held to maturity securities, gross unrealized losses | (48,562) | (53,553) |
Held to maturity securities, fair value | 9,066,507 | 8,467,180 |
Other Debt Obligations [Member] | ||
Available for Sale | ||
Available for sale securities, amortized cost | 12,588 | 12,588 |
Available for sale securities, gross unrealized gains | 181 | 201 |
Available for sale securities, gross unrealized losses | (47) | (31) |
Available for sale securities, fair value | 12,722 | 12,758 |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Held to Maturity | ||
Held to maturity securities, amortized cost | 50,982 | 52,353 |
Held to maturity securities, gross unrealized gains | 1,259 | 360 |
Held to maturity securities, gross unrealized losses | (74) | |
Held to maturity securities, fair value | $ 52,241 | $ 52,639 |
Note 4 - Securities (Details)32
Note 4 - Securities (Details) - Securities in a Continuous Loss Position - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Available for Sale | ||
Available for sale, estimated fair value, less than 12 months | $ 1,290 | $ 8,739 |
Available for sale, unrealized losses, less than 12 months | (8) | (67) |
Available for sale, estimated fair value, more than 12 months | 9,212 | 2,882 |
Available for sale, unrealized losses, more than 12 months | (66) | (15) |
Available for sale, estimated fair value, total | 10,502 | 11,621 |
Available for sale, unrealized losses, total | (74) | (82) |
Held to Maturity | ||
Held to maturity, estimated fair value, less than 12 months | 1,717,350 | 1,212,828 |
Held to maturity, unrealized losses, less than 12 months | (14,726) | (3,104) |
Held to maturity, estimated fair value, more than 12 months | 1,777,377 | 2,394,225 |
Held to maturity, unrealized losses, more than 12 months | (34,692) | (51,953) |
Held to maturity, estimated fair value, total | 3,494,727 | 3,607,053 |
Held to maturity, unrealized losses, total | (49,418) | (55,057) |
Collateralized Mortgage Obligations [Member] | ||
Available for Sale | ||
Available for sale, estimated fair value, less than 12 months | 308 | 6,675 |
Available for sale, unrealized losses, less than 12 months | (4) | (36) |
Available for sale, estimated fair value, more than 12 months | 4,937 | 45 |
Available for sale, unrealized losses, more than 12 months | (7) | (1) |
Available for sale, estimated fair value, total | 5,245 | 6,720 |
Available for sale, unrealized losses, total | (11) | (37) |
Held to Maturity | ||
Held to maturity, estimated fair value, less than 12 months | 670 | |
Held to maturity, unrealized losses, less than 12 months | (5) | |
Held to maturity, estimated fair value, more than 12 months | 109 | 322 |
Held to maturity, unrealized losses, more than 12 months | (2) | (3) |
Held to maturity, estimated fair value, total | 109 | 992 |
Held to maturity, unrealized losses, total | (2) | (8) |
Collateralized Mortgage Backed Securities [Member] | ||
Available for Sale | ||
Available for sale, estimated fair value, less than 12 months | 982 | 358 |
Available for sale, unrealized losses, less than 12 months | (4) | |
Available for sale, estimated fair value, more than 12 months | 2,586 | 2,837 |
Available for sale, unrealized losses, more than 12 months | (12) | (14) |
Available for sale, estimated fair value, total | 3,568 | 3,195 |
Available for sale, unrealized losses, total | (16) | (14) |
Held to Maturity | ||
Held to maturity, estimated fair value, less than 12 months | 1,702,410 | 1,149,380 |
Held to maturity, unrealized losses, less than 12 months | (14,624) | (2,600) |
Held to maturity, estimated fair value, more than 12 months | 1,731,754 | 2,349,143 |
Held to maturity, unrealized losses, more than 12 months | (33,938) | (50,953) |
Held to maturity, estimated fair value, total | 3,434,164 | 3,498,523 |
Held to maturity, unrealized losses, total | (48,562) | (53,553) |
Other Debt Obligations [Member] | ||
Available for Sale | ||
Available for sale, estimated fair value, less than 12 months | 1,706 | |
Available for sale, unrealized losses, less than 12 months | (31) | |
Available for sale, estimated fair value, more than 12 months | 1,689 | |
Available for sale, unrealized losses, more than 12 months | (47) | |
Available for sale, estimated fair value, total | 1,689 | 1,706 |
Available for sale, unrealized losses, total | (47) | (31) |
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 | 500 | 17,098 |
Held to maturity, unrealized losses, less than 12 months | (74) | |
Held to maturity, estimated fair value, total | 500 | 17,098 |
Held to maturity, unrealized losses, total | (74) | |
US States and Political Subdivisions Debt Securities [Member] | ||
Held to Maturity | ||
Held to maturity, estimated fair value, less than 12 months | 14,440 | 45,680 |
Held to maturity, unrealized losses, less than 12 months | (102) | (425) |
Held to maturity, estimated fair value, more than 12 months | 45,514 | 44,760 |
Held to maturity, unrealized losses, more than 12 months | (752) | (997) |
Held to maturity, estimated fair value, total | 59,954 | 90,440 |
Held to maturity, unrealized losses, total | $ (854) | $ (1,422) |
Note 4 - Securities (Details)33
Note 4 - Securities (Details) - Investment Securities by Contractual Maturity - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment Securities by Contractual Maturity [Abstract] | ||
Due in one year or less | $ 34,896 | |
Due in one year or less | 34,984 | |
Due in one year or less | 12,588 | |
Due in one year or less | 12,722 | |
Due after one year through five years | 179,932 | |
Due after one year through five years | 182,259 | |
Due after one year through five years | 3,289 | |
Due after one year through five years | 3,308 | |
Due after five years through ten years | 150,563 | |
Due after five years through ten years | 154,621 | |
Due after five years through ten years | 2,650 | |
Due after five years through ten years | 2,671 | |
Due after ten years | 51,667 | |
Due after ten years | 52,170 | |
Subtotal | 417,058 | |
Subtotal | 424,034 | |
Subtotal | 18,527 | |
Subtotal | 18,701 | |
Mortgage-backed securities and collateralized mortgage obligations | 9,002,848 | |
Mortgage-backed securities and collateralized mortgage obligations | 9,070,630 | |
Mortgage-backed securities and collateralized mortgage obligations | 88,539 | |
Mortgage-backed securities and collateralized mortgage obligations | 92,154 | |
Total | 9,419,906 | $ 8,900,377 |
Total | 9,494,664 | 8,948,692 |
Total | 107,066 | |
Total | $ 110,855 | $ 145,399 |
Note 5 - Loans and Allowance 34
Note 5 - Loans and Allowance for Credit Losses (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Percentage of Outstanding Principal Balance Commercial Real Estate Loans | 47.80% | 47.80% | ||||||
Loans and Leases Receivable, Related Parties | $ 4,293 | $ 4,293 | $ 4,940 | $ 6,187 | ||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 12,564 | 12,564 | 8,602 | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 44,935 | $ 44,935 | $ 31,422 | |||||
Financing Receivable, Ratio of Nonperforming Loans to All Loans and Other Real Estate | 0.53% | 0.53% | 0.40% | |||||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 2,800 | $ 1,400 | ||||||
Maximum Percentage of Principal and Interest Collectible Substandard Impaired Loans | 100.00% | 100.00% | ||||||
Loans and Leases Receivable, Allowance | $ 81,003 | $ 81,003 | $ 77,613 | $ 80,972 | $ 80,762 | $ 73,266 | 67,282 | |
Allowance for Credit Losses as Percentage of Loans | 0.88% | 0.88% | 0.87% | |||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | |||||||
Financing Receivable, Modifications, Number of Contracts | 2 | 2 | ||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 400 | $ 51 | ||||||
Financing Receivable, Modifications, Recorded Investment | $ 316 | 316 | ||||||
Nonperforming Financial Instruments [Member] | ||||||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [1] | 44,935 | 44,935 | $ 31,422 | ||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 48,628 | 48,628 | 36,919 | |||||
Originated by Acquired Banks [Member] | ||||||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 25,800 | 25,800 | 30,700 | |||||
Commercial Real Estate Portfolio Segment [Member] | ||||||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 15,799 | 15,799 | 6,340 | |||||
Financing Receivable, Transfer to Nonaccrual Status | 11,900 | |||||||
Loans and Leases Receivable, Allowance | $ 12,207 | $ 12,207 | $ 24,781 | 13,002 | 12,744 | 23,679 | 24,835 | |
Financing Receivable, Modifications, Number of Contracts | 1 | |||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 35 | |||||||
Residential Portfolio Segment [Member] | ||||||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Loan Collateralized | 89.00% | 89.00% | ||||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 12,564 | $ 12,564 | 8,500 | 8,602 | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [2] | 2,447 | 2,447 | 3,570 | ||||
Loans and Leases Receivable, Allowance | 15,097 | 15,097 | 19,689 | 16,593 | 16,377 | 18,905 | 17,046 | |
Consumer Portfolio Segment [Member] | ||||||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 270 | 270 | 353 | |||||
Loans and Leases Receivable, Allowance | 1,451 | $ 1,451 | 4,374 | $ 1,492 | 2,092 | $ 3,284 | $ 1,652 | |
Financing Receivable, Modifications, Number of Contracts | 1 | |||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 10 | |||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Loans and Leases Receivable, Allowance | 262 | 262 | 440 | 0 | ||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Loans and Leases Receivable, Allowance | 0 | 0 | 0 | 0 | ||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Portfolio Segment [Member] | ||||||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Loans and Leases Receivable, Allowance | 0 | 0 | 440 | 0 | ||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | ||||||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Loans and Leases Receivable, Allowance | 0 | 0 | 0 | 0 | ||||
Substandard [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Loans Receivable, Fair Value Disclosure | 19,400 | 19,400 | 32,000 | |||||
Substandard [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | With Specific Reserves Allocated [Member] | ||||||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Loans Receivable, Fair Value Disclosure | 424 | 424 | ||||||
Troubled Debt Restructuring [Member] | ||||||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 607 | $ 607 | $ 1,200 | $ 911 | ||||
Maximum [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Period of Fixed Interest | 5 years | |||||||
Debt Instrument, Term | 20 years | |||||||
Minimum [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Debt Instrument, Term | 15 years | |||||||
Minimum [Member] | Residential Portfolio Segment [Member] | ||||||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Debt Instrument, Term | 5 years | |||||||
Minimum [Member] | Consumer Portfolio Segment [Member] | ||||||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | ||||||||
Debt Instrument, Term | 12 months | |||||||
[1] | Includes troubled debt restructurings of $607 thousand and $911 thousand as of September 30, 2015 and December 31, 2014, respectively. | |||||||
[2] | Includes $12.6 million and $8.6 million of residential mortgage loans held for sale at September 30, 2015 and December 31, 2014, respectively. |
Note 5 - Loans and Allowance 35
Note 5 - Loans and Allowance for Credit Losses (Details) - Types of Loans in Loan Portfolio - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Residential mortgage loans held for sale | $ 12,564 | $ 8,602 | ||||
Loans held for investment | 9,192,424 | 9,235,581 | $ 9,360,364 | |||
Total | 9,204,988 | 9,244,183 | ||||
Residential Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Residential mortgage loans held for sale | 12,564 | 8,602 | 8,500 | |||
Loans held for investment | 2,584,021 | 2,513,579 | 2,471,467 | |||
Total | [1] | 2,596,585 | [2] | 2,522,181 | [3] | |
Commercial Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans held for investment | 1,648,832 | 1,806,267 | 2,061,589 | |||
Total | 1,648,832 | 1,806,267 | ||||
Construction, Land Development and Other Land Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans held for investment | 1,072,985 | 1,026,475 | 1,041,300 | |||
Total | 1,072,985 | 1,026,475 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans held for investment | 2,992,726 | 3,030,340 | 3,091,090 | |||
Total | 2,992,726 | 3,030,340 | ||||
Farmland Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans held for investment | 420,366 | 361,943 | ||||
Agriculture Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans held for investment | 198,197 | 189,703 | ||||
Consumer Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans held for investment | 275,297 | 307,274 | $ 160,246 | |||
Total | $ 275,297 | $ 307,274 | ||||
[1] | Includes $12.6 million and $8.6 million of residential mortgage loans held for sale at September 30, 2015 and December 31, 2014, respectively. | |||||
[2] | Includes $12.6 million of residential mortgage loans held for sale at September 30, 2015. | |||||
[3] | Includes $8.6 million of residential mortgage loans held for sale at December 31, 2014. |
Note 5 - Loans and Allowance 36
Note 5 - Loans and Allowance for Credit Losses (Details) - Related Party Loans - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Related Party Loans [Abstract] | ||
Beginning balance on January 1 | $ 4,940 | $ 6,187 |
New loans | 206 | 4,913 |
Repayments and reclassified related loans | (853) | (6,160) |
Ending balance | $ 4,293 | $ 4,940 |
Note 5 - Loans and Allowance 37
Note 5 - Loans and Allowance for Credit Losses (Details) - Past Due Loans - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | $ 22,196 | $ 46,712 | |||
Nonaccrual loans | 44,935 | 31,422 | |||
Current loans | 9,137,857 | 9,166,049 | |||
Loans | 9,204,988 | 9,244,183 | |||
Financing Receivables, 30 to 89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | 21,935 | 44,519 | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | 261 | 2,193 | |||
Construction, Land Development and Other Land Portfolio Segment [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | 387 | 7,667 | |||
Nonaccrual loans | 215 | 526 | |||
Current loans | 1,072,383 | 1,018,282 | |||
Loans | 1,072,985 | 1,026,475 | |||
Construction, Land Development and Other Land Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | 387 | 7,667 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | 2,606 | 3,372 | |||
Nonaccrual loans | 376 | 96 | |||
Current loans | 615,581 | 548,178 | |||
Loans | 618,563 | 551,646 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | 2,606 | 2,995 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | 377 | ||||
Residential Portfolio Segment [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | [1] | 3,578 | 2,343 | ||
Nonaccrual loans | [1] | 2,447 | 3,570 | ||
Current loans | [1] | 2,590,560 | 2,516,268 | ||
Loans | [1] | 2,596,585 | [2] | 2,522,181 | [3] |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | [1] | $ 3,578 | 2,261 | ||
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | [1] | 82 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | $ 5,842 | 12,744 | |||
Nonaccrual loans | 15,799 | 6,340 | |||
Current loans | 2,971,085 | 3,011,256 | |||
Loans | 2,992,726 | 3,030,340 | |||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | 5,821 | 12,679 | |||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | 21 | 65 | |||
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | 9,477 | 19,174 | |||
Nonaccrual loans | 25,828 | 20,537 | |||
Current loans | 1,613,527 | 1,766,556 | |||
Loans | 1,648,832 | 1,806,267 | |||
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | 9,237 | 18,305 | |||
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | 240 | 869 | |||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | 306 | 1,412 | |||
Nonaccrual loans | 270 | 353 | |||
Current loans | 274,721 | 305,509 | |||
Loans | 275,297 | 307,274 | |||
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | $ 306 | 612 | |||
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans past due and still accruing | $ 800 | ||||
[1] | Includes $12.6 million and $8.6 million of residential mortgage loans held for sale at September 30, 2015 and December 31, 2014, respectively. | ||||
[2] | Includes $12.6 million of residential mortgage loans held for sale at September 30, 2015. | ||||
[3] | Includes $8.6 million of residential mortgage loans held for sale at December 31, 2014. |
Note 5 - Loans and Allowance 38
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonperforming Assets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonperforming Assets [Line Items] | |||
Nonaccrual loans (1) | $ 44,935 | $ 31,422 | |
Other real estate | 3,271 | 3,237 | |
Nonperforming Financial Instruments [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonperforming Assets [Line Items] | |||
Nonaccrual loans (1) | [1] | 44,935 | 31,422 |
Accruing loans 90 or more days past due | 261 | 2,193 | |
Total nonperforming loans | 45,196 | 33,615 | |
Repossessed assets | 161 | 67 | |
Other real estate | 3,271 | 3,237 | |
Total nonperforming assets | $ 48,628 | $ 36,919 | |
Nonperforming assets to total loans and other real estate | 0.53% | 0.40% | |
[1] | Includes troubled debt restructurings of $607 thousand and $911 thousand as of September 30, 2015 and December 31, 2014, respectively. |
Note 5 - Loans and Allowance 39
Note 5 - Loans and Allowance for Credit Losses (Details) - Purchased Credit Impaired Loans - Receivables Acquired with Deteriorated Credit Quality [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
PCI loans: | ||
Outstanding balance | $ 83,272 | $ 129,412 |
Less: discount | 41,814 | 72,270 |
Recorded investment | $ 41,458 | $ 57,142 |
Note 5 - Loans and Allowance 40
Note 5 - Loans and Allowance for Credit Losses (Details) - Changes in Accretable Yield for PCI Loans - Receivables Acquired with Deteriorated Credit Quality [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Note 5 - Loans and Allowance for Credit Losses (Details) - Changes in Accretable Yield for PCI Loans [Line Items] | ||||
Balance at beginning of period | $ 6,351 | $ 14,689 | $ 9,867 | $ 9,855 |
Additions | 7,158 | |||
Reclassifications from nonaccretable | 3,940 | 7,168 | 12,572 | 13,203 |
Accretion | (3,974) | (9,336) | (16,122) | (17,695) |
Balance at September 30 | $ 6,317 | $ 12,521 | $ 6,317 | $ 12,521 |
Note 5 - Loans and Allowance 41
Note 5 - Loans and Allowance for Credit Losses (Details) - Non Purchased Credit Impaired Loans - Non PCI Loans [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Non-PCI loans: | ||
Outstanding balance | $ 1,560,730 | $ 2,186,111 |
Less: discount | 60,819 | 89,105 |
Recorded investment | $ 1,499,911 | $ 2,097,006 |
Note 5 - Loans and Allowance 42
Note 5 - Loans and Allowance for Credit Losses (Details) - Changes in Accretable Yield for Non PCI Loans - Non PCI Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Note 5 - Loans and Allowance for Credit Losses (Details) - Changes in Accretable Yield for Non PCI Loans [Line Items] | ||||
Balance at beginning of period | $ 67,895 | $ 123,327 | $ 89,105 | $ 87,798 |
Additions | 66,059 | |||
Accretion charge-offs | (16) | (9) | (125) | (71) |
Accretion | (7,060) | (19,122) | (28,161) | (49,590) |
Balance at September 30 | $ 60,819 | $ 104,196 | $ 60,819 | $ 104,196 |
Note 5 - Loans and Allowance 43
Note 5 - Loans and Allowance for Credit Losses (Details) - Impaired Loans - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
With no related allowance recorded: | ||
Impaired loans with no related allowance, recorded investment | $ 20,611 | $ 24,682 |
Impaired loans with no related allowance, unpaid principal balance | 21,514 | 25,052 |
Impaired loans with no related allowance, average recorded investment | 22,646 | 14,084 |
With an allowance recorded: | ||
Impaired loans with related allowance, recorded investment | 18,261 | 4,498 |
Impaired loans with related allowance, unpaid principal balance | 24,659 | 6,300 |
Impaired loans, related allowance | 7,121 | 2,493 |
Impaired loans with related allowance, average recorded investment | 11,380 | 4,930 |
Total: | ||
Impaired loans, recorded investment | 38,872 | 29,180 |
Impaired loans, unpaid principal balance | 46,173 | 31,352 |
Impaired loans, related allowance | 7,121 | 2,493 |
Impaired loans, average recorded investment | 34,026 | 19,014 |
Construction, Land Development and Other Land Portfolio Segment [Member] | ||
With no related allowance recorded: | ||
Impaired loans with no related allowance, recorded investment | 241 | 250 |
Impaired loans with no related allowance, unpaid principal balance | 550 | 256 |
Impaired loans with no related allowance, average recorded investment | 245 | 264 |
With an allowance recorded: | ||
Impaired loans with related allowance, recorded investment | 8 | 276 |
Impaired loans with related allowance, unpaid principal balance | 12 | 276 |
Impaired loans, related allowance | 2 | 225 |
Impaired loans with related allowance, average recorded investment | 142 | 138 |
Total: | ||
Impaired loans, recorded investment | 249 | 526 |
Impaired loans, unpaid principal balance | 562 | 532 |
Impaired loans, related allowance | 2 | 225 |
Impaired loans, average recorded investment | 387 | 402 |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ||
With no related allowance recorded: | ||
Impaired loans with no related allowance, recorded investment | 38 | |
Impaired loans with no related allowance, unpaid principal balance | 41 | |
Impaired loans with no related allowance, average recorded investment | 19 | 7 |
With an allowance recorded: | ||
Impaired loans with related allowance, recorded investment | 310 | 46 |
Impaired loans with related allowance, unpaid principal balance | 318 | 55 |
Impaired loans, related allowance | 123 | 24 |
Impaired loans with related allowance, average recorded investment | 178 | 34 |
Total: | ||
Impaired loans, recorded investment | 348 | 46 |
Impaired loans, unpaid principal balance | 359 | 55 |
Impaired loans, related allowance | 123 | 24 |
Impaired loans, average recorded investment | 197 | 41 |
Residential Portfolio Segment [Member] | ||
With no related allowance recorded: | ||
Impaired loans with no related allowance, recorded investment | 1,626 | 1,710 |
Impaired loans with no related allowance, unpaid principal balance | 1,779 | 1,831 |
Impaired loans with no related allowance, average recorded investment | 1,668 | 1,147 |
With an allowance recorded: | ||
Impaired loans with related allowance, recorded investment | 282 | 1,426 |
Impaired loans with related allowance, unpaid principal balance | 301 | 1,473 |
Impaired loans, related allowance | 111 | 418 |
Impaired loans with related allowance, average recorded investment | 854 | 1,973 |
Total: | ||
Impaired loans, recorded investment | 1,908 | 3,136 |
Impaired loans, unpaid principal balance | 2,080 | 3,304 |
Impaired loans, related allowance | 111 | 418 |
Impaired loans, average recorded investment | 2,522 | 3,120 |
Commercial Real Estate Portfolio Segment [Member] | ||
With no related allowance recorded: | ||
Impaired loans with no related allowance, recorded investment | 15,081 | 5,093 |
Impaired loans with no related allowance, unpaid principal balance | 15,170 | 5,126 |
Impaired loans with no related allowance, average recorded investment | 10,087 | 3,792 |
With an allowance recorded: | ||
Impaired loans with related allowance, recorded investment | 542 | 62 |
Impaired loans with related allowance, unpaid principal balance | 2,137 | 63 |
Impaired loans, related allowance | 292 | 24 |
Impaired loans with related allowance, average recorded investment | 302 | 838 |
Total: | ||
Impaired loans, recorded investment | 15,623 | 5,155 |
Impaired loans, unpaid principal balance | 17,307 | 5,189 |
Impaired loans, related allowance | 292 | 24 |
Impaired loans, average recorded investment | 10,389 | 4,630 |
Commercial Portfolio Segment [Member] | ||
With no related allowance recorded: | ||
Impaired loans with no related allowance, recorded investment | 3,547 | 9,485 |
Impaired loans with no related allowance, unpaid principal balance | 3,821 | 9,678 |
Impaired loans with no related allowance, average recorded investment | 6,516 | 4,794 |
With an allowance recorded: | ||
Impaired loans with related allowance, recorded investment | 16,933 | 2,454 |
Impaired loans with related allowance, unpaid principal balance | 21,671 | 4,182 |
Impaired loans, related allowance | 6,550 | 1,597 |
Impaired loans with related allowance, average recorded investment | 9,694 | 1,783 |
Total: | ||
Impaired loans, recorded investment | 20,480 | 11,939 |
Impaired loans, unpaid principal balance | 25,492 | 13,860 |
Impaired loans, related allowance | 6,550 | 1,597 |
Impaired loans, average recorded investment | 16,210 | 6,577 |
Consumer Portfolio Segment [Member] | ||
With no related allowance recorded: | ||
Impaired loans with no related allowance, recorded investment | 78 | 8,144 |
Impaired loans with no related allowance, unpaid principal balance | 153 | 8,161 |
Impaired loans with no related allowance, average recorded investment | 4,111 | 4,080 |
With an allowance recorded: | ||
Impaired loans with related allowance, recorded investment | 186 | 234 |
Impaired loans with related allowance, unpaid principal balance | 220 | 251 |
Impaired loans, related allowance | 43 | 205 |
Impaired loans with related allowance, average recorded investment | 210 | 164 |
Total: | ||
Impaired loans, recorded investment | 264 | 8,378 |
Impaired loans, unpaid principal balance | 373 | 8,412 |
Impaired loans, related allowance | 43 | 205 |
Impaired loans, average recorded investment | $ 4,321 | $ 4,244 |
Note 5 - Loans and Allowance 44
Note 5 - Loans and Allowance for Credit Losses (Details) - Risk Grades and Impaired Loans by Class of Loan - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | $ 9,204,988 | $ 9,244,183 | |||
Grade 1 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 116,707 | 116,444 | |||
Grade 2 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 138,341 | ||||
Grade 3 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 8,346,192 | 8,975,682 | |||
Grade 4 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 361,387 | ||||
Grade 5 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 95,929 | 19,644 | |||
Grade 6 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 66,526 | 46,091 | |||
Grade 7 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 34,598 | 29,075 | |||
Grade 8 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 3,850 | 105 | |||
PCI Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 41,458 | [1] | 57,142 | [2] | |
Construction, Land Development and Other Land Portfolio Segment [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 1,072,985 | 1,026,475 | |||
Construction, Land Development and Other Land Portfolio Segment [Member] | Grade 1 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 41 | ||||
Construction, Land Development and Other Land Portfolio Segment [Member] | Grade 2 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 17,757 | ||||
Construction, Land Development and Other Land Portfolio Segment [Member] | Grade 3 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 1,034,170 | 1,022,002 | |||
Construction, Land Development and Other Land Portfolio Segment [Member] | Grade 4 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 15,598 | ||||
Construction, Land Development and Other Land Portfolio Segment [Member] | Grade 5 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 2,837 | 497 | |||
Construction, Land Development and Other Land Portfolio Segment [Member] | Grade 6 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 1,290 | 2,308 | |||
Construction, Land Development and Other Land Portfolio Segment [Member] | Grade 7 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 249 | 526 | |||
Construction, Land Development and Other Land Portfolio Segment [Member] | PCI Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 1,043 | [1] | 1,142 | [2] | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 618,563 | 551,646 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 1 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 13,264 | 13,507 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 2 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 5,802 | ||||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 3 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 543,734 | 528,400 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 4 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 47,903 | ||||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 5 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 3,514 | 4,265 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 6 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 3,522 | 4,921 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 7 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 348 | 46 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | PCI Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 476 | [1] | 507 | [2] | |
Residential Portfolio Segment [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | [3] | $ 2,596,585 | [4] | $ 2,522,181 | [5] |
Residential Portfolio Segment [Member] | Grade 1 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | [4] | [5] | |||
Residential Portfolio Segment [Member] | Grade 2 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | $ 27,812 | [4] | [5] | ||
Residential Portfolio Segment [Member] | Grade 3 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 2,509,373 | [4] | $ 2,503,679 | [5] | |
Residential Portfolio Segment [Member] | Grade 4 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 41,459 | [4] | [5] | ||
Residential Portfolio Segment [Member] | Grade 5 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 3,161 | [4] | $ 1,174 | [5] | |
Residential Portfolio Segment [Member] | Grade 6 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 7,256 | [4] | 8,266 | [5] | |
Residential Portfolio Segment [Member] | Grade 7 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 1,848 | [4] | $ 3,136 | [5] | |
Residential Portfolio Segment [Member] | Grade 8 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | $ 60 | [4] | [5] | ||
Residential Portfolio Segment [Member] | Grade 9 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | [4] | [5] | |||
Residential Portfolio Segment [Member] | PCI Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | $ 5,616 | [1],[4] | $ 5,926 | [2],[5] | |
Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 2,992,726 | 3,030,340 | |||
Commercial Real Estate Portfolio Segment [Member] | Grade 1 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 1,231 | ||||
Commercial Real Estate Portfolio Segment [Member] | Grade 2 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 27,757 | ||||
Commercial Real Estate Portfolio Segment [Member] | Grade 3 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 2,749,352 | 2,965,455 | |||
Commercial Real Estate Portfolio Segment [Member] | Grade 4 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 137,641 | ||||
Commercial Real Estate Portfolio Segment [Member] | Grade 5 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 16,278 | 10,424 | |||
Commercial Real Estate Portfolio Segment [Member] | Grade 6 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 26,806 | 25,839 | |||
Commercial Real Estate Portfolio Segment [Member] | Grade 7 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 15,623 | 5,155 | |||
Commercial Real Estate Portfolio Segment [Member] | PCI Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 18,038 | [1] | 23,467 | [2] | |
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 1,648,832 | 1,806,267 | |||
Commercial Portfolio Segment [Member] | Grade 1 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 57,621 | 61,697 | |||
Commercial Portfolio Segment [Member] | Grade 2 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 24,916 | ||||
Commercial Portfolio Segment [Member] | Grade 3 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 1,323,437 | 1,698,558 | |||
Commercial Portfolio Segment [Member] | Grade 4 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 115,925 | ||||
Commercial Portfolio Segment [Member] | Grade 5 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 62,971 | 3,266 | |||
Commercial Portfolio Segment [Member] | Grade 6 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 27,621 | 4,707 | |||
Commercial Portfolio Segment [Member] | Grade 7 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 16,266 | 11,834 | |||
Commercial Portfolio Segment [Member] | Grade 8 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 3,790 | 105 | |||
Commercial Portfolio Segment [Member] | PCI Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 16,285 | [1] | 26,100 | [2] | |
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 275,297 | 307,274 | |||
Consumer Portfolio Segment [Member] | Grade 1 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 44,550 | 41,240 | |||
Consumer Portfolio Segment [Member] | Grade 2 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 34,297 | ||||
Consumer Portfolio Segment [Member] | Grade 3 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 186,126 | 257,588 | |||
Consumer Portfolio Segment [Member] | Grade 4 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 2,861 | ||||
Consumer Portfolio Segment [Member] | Grade 5 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 7,168 | 18 | |||
Consumer Portfolio Segment [Member] | Grade 6 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | 31 | 50 | |||
Consumer Portfolio Segment [Member] | Grade 7 [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | $ 264 | $ 8,378 | |||
Consumer Portfolio Segment [Member] | PCI Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans | [1] | [2] | |||
[1] | Of the total PCI loans, $19.4 million were classified as substandard at September 30, 2015 which includes $424 thousand with specific reserves allocated to them. | ||||
[2] | Of the total PCI loans, $32.0 million were classified as substandard at December 31, 2014. | ||||
[3] | Includes $12.6 million and $8.6 million of residential mortgage loans held for sale at September 30, 2015 and December 31, 2014, respectively. | ||||
[4] | Includes $12.6 million of residential mortgage loans held for sale at September 30, 2015. | ||||
[5] | Includes $8.6 million of residential mortgage loans held for sale at December 31, 2014. |
Note 5 - Loans and Allowance 45
Note 5 - Loans and Allowance for Credit Losses (Details) - Activity in Allowance for Loan Losses - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |
Three Months Ended | |||||||
Balance | $ 80,972 | $ 73,266 | $ 80,762 | $ 67,282 | |||
Provision for credit losses | 5,310 | 5,000 | 7,060 | 11,925 | |||
Charge-offs | (6,190) | (2,440) | (8,948) | (5,526) | |||
Recoveries | 911 | 1,787 | 2,129 | 3,932 | |||
Net charge-offs | (5,279) | (653) | (6,819) | (1,594) | |||
Balance | 81,003 | 77,613 | 81,003 | 77,613 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses individually evaluated for impairment | $ 7,121 | $ 2,493 | $ 4,479 | ||||
Allowance for credit losses collectively evaluated for impairment | 73,620 | 78,269 | 72,694 | ||||
Allowance for credit losses | 81,003 | 73,266 | 81,003 | 77,613 | 81,003 | 80,762 | 77,613 |
Recorded investment in loans: | |||||||
Loans individually evaluated for impairment | 38,872 | 29,180 | 26,261 | ||||
Loans collectively evaluated for impairment | 9,112,094 | 9,149,259 | 9,262,796 | ||||
Loans | 9,192,424 | 9,235,581 | 9,360,364 | ||||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Three Months Ended | |||||||
Balance | 0 | ||||||
Balance | 262 | 440 | 262 | 440 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses | 262 | 440 | 262 | 440 | 262 | 0 | 440 |
Recorded investment in loans: | |||||||
Loans | 41,458 | 57,142 | 71,307 | ||||
Construction, Land Development and Other Land Portfolio Segment [Member] | |||||||
Three Months Ended | |||||||
Balance | 16,909 | 14,993 | 15,825 | 14,353 | |||
Provision for credit losses | (1,506) | 1,063 | (279) | 1,801 | |||
Charge-offs | (215) | 0 | (366) | (155) | |||
Recoveries | 42 | 28 | 50 | 85 | |||
Net charge-offs | (173) | 28 | (316) | (70) | |||
Balance | 15,230 | 16,084 | 15,230 | 16,084 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses individually evaluated for impairment | 2 | 225 | 0 | ||||
Allowance for credit losses collectively evaluated for impairment | 15,228 | 15,600 | 16,084 | ||||
Allowance for credit losses | 16,909 | 14,993 | 15,230 | 16,084 | 15,230 | 15,825 | 16,084 |
Recorded investment in loans: | |||||||
Loans individually evaluated for impairment | 249 | 526 | 469 | ||||
Loans collectively evaluated for impairment | 1,071,693 | 1,024,807 | 1,037,907 | ||||
Loans | 1,072,985 | 1,026,475 | 1,041,300 | ||||
Construction, Land Development and Other Land Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Three Months Ended | |||||||
Balance | 0 | ||||||
Balance | 0 | 0 | 0 | 0 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Recorded investment in loans: | |||||||
Loans | 1,043 | 1,142 | 2,924 | ||||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||||||
Three Months Ended | |||||||
Balance | 3,771 | 1,448 | 3,722 | 1,229 | |||
Provision for credit losses | (79) | (25) | (173) | (730) | |||
Charge-offs | (3) | (12) | (3) | (27) | |||
Recoveries | 43 | 65 | 186 | 1,004 | |||
Net charge-offs | 40 | 53 | 183 | 977 | |||
Balance | 3,732 | 1,476 | 3,732 | 1,476 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses individually evaluated for impairment | 123 | 24 | 28 | ||||
Allowance for credit losses collectively evaluated for impairment | 3,609 | 3,698 | 1,448 | ||||
Allowance for credit losses | 3,771 | 1,448 | 3,732 | 1,476 | 3,732 | 3,722 | 1,476 |
Recorded investment in loans: | |||||||
Loans individually evaluated for impairment | 348 | 46 | 50 | ||||
Loans collectively evaluated for impairment | 617,739 | 551,093 | 534,054 | ||||
Loans | 618,563 | 551,646 | 534,672 | ||||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Three Months Ended | |||||||
Balance | 0 | ||||||
Balance | 0 | 0 | 0 | 0 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Recorded investment in loans: | |||||||
Loans | 476 | 507 | 568 | ||||
Residential Portfolio Segment [Member] | |||||||
Three Months Ended | |||||||
Balance | 16,593 | 18,905 | 16,377 | 17,046 | |||
Provision for credit losses | (1,386) | 854 | (1,072) | 3,250 | |||
Charge-offs | (120) | (128) | (249) | (790) | |||
Recoveries | 10 | 58 | 41 | 183 | |||
Net charge-offs | (110) | (70) | (208) | (607) | |||
Balance | 15,097 | 19,689 | 15,097 | 19,689 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses individually evaluated for impairment | 111 | 418 | 168 | ||||
Allowance for credit losses collectively evaluated for impairment | 14,986 | 15,959 | 19,081 | ||||
Allowance for credit losses | 16,593 | 18,905 | 15,097 | 19,689 | 15,097 | 16,377 | 19,689 |
Recorded investment in loans: | |||||||
Loans individually evaluated for impairment | 1,908 | 3,136 | 1,689 | ||||
Loans collectively evaluated for impairment | 2,576,497 | 2,504,517 | 2,462,225 | ||||
Loans | 2,584,021 | 2,513,579 | 2,471,467 | ||||
Residential Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Three Months Ended | |||||||
Balance | 0 | ||||||
Balance | 0 | 440 | 0 | 440 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses | 0 | 440 | 0 | 440 | 0 | 0 | 440 |
Recorded investment in loans: | |||||||
Loans | 5,616 | 5,926 | 7,553 | ||||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Three Months Ended | |||||||
Balance | 13,002 | 23,679 | 12,744 | 24,835 | |||
Provision for credit losses | (742) | 1,096 | (337) | 4 | |||
Charge-offs | (54) | 0 | (233) | (127) | |||
Recoveries | 1 | 6 | 33 | 69 | |||
Net charge-offs | (53) | 6 | (200) | (58) | |||
Balance | 12,207 | 24,781 | 12,207 | 24,781 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses individually evaluated for impairment | 292 | 24 | 267 | ||||
Allowance for credit losses collectively evaluated for impairment | 11,915 | 12,720 | 24,514 | ||||
Allowance for credit losses | 13,002 | 23,679 | 12,207 | 24,781 | 12,207 | 12,744 | 24,781 |
Recorded investment in loans: | |||||||
Loans individually evaluated for impairment | 15,623 | 5,155 | 1,734 | ||||
Loans collectively evaluated for impairment | 2,959,065 | 3,001,718 | 3,059,845 | ||||
Loans | 2,992,726 | 3,030,340 | 3,091,090 | ||||
Commercial Real Estate Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Three Months Ended | |||||||
Balance | 0 | ||||||
Balance | 0 | 0 | 0 | 0 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Recorded investment in loans: | |||||||
Loans | 18,038 | 23,467 | 29,511 | ||||
Commercial Portfolio Segment [Member] | |||||||
Three Months Ended | |||||||
Balance | 29,205 | 10,957 | 30,002 | 8,167 | |||
Provision for credit losses | 8,507 | 269 | 8,186 | 3,076 | |||
Charge-offs | (4,865) | (188) | (5,691) | (390) | |||
Recoveries | 439 | 171 | 789 | 356 | |||
Net charge-offs | (4,426) | (17) | (4,902) | (34) | |||
Balance | 33,286 | 11,209 | 33,286 | 11,209 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses individually evaluated for impairment | 6,550 | 1,597 | 3,850 | ||||
Allowance for credit losses collectively evaluated for impairment | 26,474 | 28,405 | 7,359 | ||||
Allowance for credit losses | 29,205 | 10,957 | 33,286 | 11,209 | 33,286 | 30,002 | 11,209 |
Recorded investment in loans: | |||||||
Loans individually evaluated for impairment | 20,480 | 11,939 | 13,302 | ||||
Loans collectively evaluated for impairment | 1,612,067 | 1,768,228 | 2,017,536 | ||||
Loans | 1,648,832 | 1,806,267 | 2,061,589 | ||||
Commercial Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Three Months Ended | |||||||
Balance | 0 | ||||||
Balance | 262 | 0 | 262 | 0 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses | 262 | 0 | 262 | 0 | 262 | 0 | 0 |
Recorded investment in loans: | |||||||
Loans | 16,285 | 26,100 | 30,751 | ||||
Consumer Portfolio Segment [Member] | |||||||
Three Months Ended | |||||||
Balance | 1,492 | 3,284 | 2,092 | 1,652 | |||
Provision for credit losses | 516 | 1,743 | 735 | 4,524 | |||
Charge-offs | (933) | (2,112) | (2,406) | (4,037) | |||
Recoveries | 376 | 1,459 | 1,030 | 2,235 | |||
Net charge-offs | (557) | (653) | (1,376) | (1,802) | |||
Balance | 1,451 | 4,374 | 1,451 | 4,374 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses individually evaluated for impairment | 43 | 205 | 166 | ||||
Allowance for credit losses collectively evaluated for impairment | 1,408 | 1,887 | 4,208 | ||||
Allowance for credit losses | 1,492 | 3,284 | 1,451 | 4,374 | 1,451 | 2,092 | 4,374 |
Recorded investment in loans: | |||||||
Loans individually evaluated for impairment | 264 | 8,378 | 9,017 | ||||
Loans collectively evaluated for impairment | 275,033 | 298,896 | 151,229 | ||||
Loans | 275,297 | 307,274 | 160,246 | ||||
Consumer Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Three Months Ended | |||||||
Balance | 0 | ||||||
Balance | 0 | 0 | 0 | 0 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Recorded investment in loans: | |||||||
Loans | $ 0 | $ 0 | $ 0 |
Note 5 - Loans and Allowance 46
Note 5 - Loans and Allowance for Credit Losses (Details) - Troubled Debt Restructurings $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Troubled Debt Restructurings | ||
Troubled debt restructurings, number of contracts | 2 | 2 |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 400 | $ 51 |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 316 | $ 50 |
Construction, Land Development and Other Land Portfolio Segment [Member] | ||
Troubled Debt Restructurings | ||
Troubled debt restructurings, number of contracts | 1 | |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 390 | |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 307 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Troubled Debt Restructurings | ||
Troubled debt restructurings, number of contracts | 1 | |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 35 | |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 35 | |
Commercial Portfolio Segment [Member] | ||
Troubled Debt Restructurings | ||
Troubled debt restructurings, number of contracts | 1 | |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 16 | |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 15 | |
Consumer Portfolio Segment [Member] | ||
Troubled Debt Restructurings | ||
Troubled debt restructurings, number of contracts | 1 | |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 10 | |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 9 |
Note 6 - Fair Value (Details)
Note 6 - Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | ||
Other Real Estate, Additions | $ 913 | $ 2,100 |
Real Estate Owned Outstanding | 785 | 1,200 |
Additions to Impaired Loans | 23,300 | 31,300 |
Impaired Loans Outstanding | $ 23,300 | $ 25,700 |
Note 6 - Fair Value (Details) -
Note 6 - Fair Value (Details) - Fair Value Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Available for sale securities: | ||
Available for sale securities | $ 110,855 | $ 145,399 |
Liabilities: | ||
Non-hedging interest rate swap | (468) | |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities | 5,979 | 14,585 |
Collateralized Debt Obligations [Member] | ||
Available for sale securities: | ||
Available for sale securities | 27,788 | 33,573 |
Collateralized Mortgage Backed Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities | 64,366 | 84,483 |
Other Debt Obligations [Member] | ||
Available for sale securities: | ||
Available for sale securities | 12,722 | 12,758 |
Not Designated as Hedging Instrument [Member] | ||
Available for sale securities: | ||
Non-hedging interest rate swap | 468 | 303 |
Liabilities: | ||
Non-hedging interest rate swap | (303) | |
Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities: | ||
Available for sale securities | 12,722 | 12,758 |
Fair Value, Inputs, Level 1 [Member] | Other Debt Obligations [Member] | ||
Available for sale securities: | ||
Available for sale securities | 12,722 | 12,758 |
Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities: | ||
Available for sale securities | 98,133 | 132,641 |
Liabilities: | ||
Non-hedging interest rate swap | (468) | |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities | 5,979 | 14,585 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Debt Obligations [Member] | ||
Available for sale securities: | ||
Available for sale securities | 27,788 | 33,573 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities | 64,366 | 84,483 |
Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Available for sale securities: | ||
Non-hedging interest rate swap | $ 468 | 303 |
Liabilities: | ||
Non-hedging interest rate swap | $ (303) |
Note 6 - Fair Value (Details)49
Note 6 - Fair Value (Details) - Financial Instruments Fair Value - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Note 6 - Fair Value (Details) - Financial Instruments Fair Value [Line Items] | ||
Cash and due from banks | $ 300,230 | $ 677,285 |
Federal funds sold | 996 | 569 |
Held to maturity securities | 9,494,664 | 8,948,692 |
Deposits: | ||
Noninterest-bearing | 5,093,175 | 4,936,420 |
Interest-bearing | 11,846,762 | 12,756,738 |
Other borrowings | 786,571 | 8,724 |
Securities sold under repurchase agreements | 310,038 | 315,523 |
Junior subordinated debentures | 167,531 | |
Reported Value Measurement [Member] | ||
Note 6 - Fair Value (Details) - Financial Instruments Fair Value [Line Items] | ||
Cash and due from banks | 300,230 | 677,285 |
Federal funds sold | 996 | 569 |
Held to maturity securities | 9,419,906 | 8,900,377 |
Loans held for sale | 12,564 | 8,602 |
Loans held for investment, net of allowance | 9,111,421 | 9,154,819 |
Other real estate owned | 3,271 | 3,237 |
Deposits: | ||
Noninterest-bearing | 5,093,175 | 4,936,420 |
Interest-bearing | 11,846,762 | 12,756,738 |
Other borrowings | 786,571 | 8,724 |
Securities sold under repurchase agreements | 310,038 | 315,523 |
Junior subordinated debentures | 167,531 | |
Estimate of Fair Value Measurement [Member] | ||
Note 6 - Fair Value (Details) - Financial Instruments Fair Value [Line Items] | ||
Cash and due from banks | 300,230 | 677,285 |
Federal funds sold | 996 | 569 |
Held to maturity securities | 9,494,664 | 8,948,692 |
Loans held for sale | 12,564 | 8,602 |
Loans held for investment, net of allowance | 9,137,064 | 9,192,231 |
Other real estate owned | 3,271 | 3,237 |
Deposits: | ||
Noninterest-bearing | 5,093,175 | 4,936,420 |
Interest-bearing | 11,854,392 | 12,767,961 |
Other borrowings | 787,361 | 10,000 |
Securities sold under repurchase agreements | 310,053 | 315,543 |
Junior subordinated debentures | 159,740 | |
Fair Value, Inputs, Level 1 [Member] | ||
Note 6 - Fair Value (Details) - Financial Instruments Fair Value [Line Items] | ||
Cash and due from banks | 300,230 | 677,285 |
Federal funds sold | 996 | 569 |
Fair Value, Inputs, Level 2 [Member] | ||
Note 6 - Fair Value (Details) - Financial Instruments Fair Value [Line Items] | ||
Held to maturity securities | 9,494,664 | 8,948,692 |
Loans held for sale | 12,564 | 8,602 |
Other real estate owned | 3,271 | 3,237 |
Deposits: | ||
Noninterest-bearing | 5,093,175 | 4,936,420 |
Interest-bearing | 11,854,392 | 12,767,961 |
Other borrowings | 787,361 | 10,000 |
Securities sold under repurchase agreements | 310,053 | 315,543 |
Junior subordinated debentures | 159,740 | |
Fair Value, Inputs, Level 3 [Member] | ||
Note 6 - Fair Value (Details) - Financial Instruments Fair Value [Line Items] | ||
Loans held for investment, net of allowance | $ 9,137,064 | $ 9,192,231 |
Note 7 - Goodwill and Core De50
Note 7 - Goodwill and Core Deposit Intangibles (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Note 7 - Goodwill and Core Deposit Intangibles (Details) [Line Items] | |||||
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 | $ 0 | |||
Amortization of Intangible Assets | $ 2,356,000 | $ 2,598,000 | $ 7,235,000 | $ 7,273,000 | $ 9,940,000 |
Core Deposits [Member] | Minimum [Member] | |||||
Note 7 - Goodwill and Core Deposit Intangibles (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||
Core Deposits [Member] | Maximum [Member] | |||||
Note 7 - Goodwill and Core Deposit Intangibles (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Note 7 - Goodwill and Core De51
Note 7 - Goodwill and Core Deposit Intangibles (Details) - Goodwill and Core Deposit Intangibles - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Note 7 - Goodwill and Core Deposit Intangibles (Details) - Goodwill and Core Deposit Intangibles [Line Items] | ||||||
Balance | $ 1,874,191 | $ 1,874,191 | $ 1,671,520 | $ 1,671,520 | ||
Balance | 58,947 | 58,947 | 42,049 | 42,049 | ||
Less: | ||||||
Amortization | $ (2,356) | $ (2,598) | (7,235) | $ (7,273) | (9,940) | |
Add: | ||||||
Measurement period adjustments- Goodwill | 7,764 | 4,426 | ||||
Measurement period adjustments-Intangibles | (302) | |||||
Balance | 1,881,955 | 1,881,955 | 1,874,191 | |||
Balance | 51,712 | 51,712 | 58,947 | |||
FM Bancorporation [Member] | ||||||
Note 7 - Goodwill and Core Deposit Intangibles (Details) - Goodwill and Core Deposit Intangibles [Line Items] | ||||||
Balance | 198,200 | 198,200 | ||||
Add: | ||||||
Measurement period adjustments- Goodwill | $ 7,800 | |||||
Acquisition of F&M Bancorporation Inc. | 198,245 | |||||
Acquisition of F&M Bancorporation Inc. | 27,100 | 27,140 | ||||
Balance | $ 206,000 | $ 206,000 | $ 198,200 |
Note 7 - Goodwill and Core De52
Note 7 - Goodwill and Core Deposit Intangibles (Details) - Estimated Aggregate Future Amortization Expense for Intangible Assets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Estimated Aggregate Future Amortization Expense for Intangible Assets [Abstract] | |||
Remaining 2,015 | $ 2,295 | ||
2,016 | 8,519 | ||
2,017 | 6,327 | ||
2,018 | 5,400 | ||
2,019 | 4,546 | ||
Thereafter | 24,625 | ||
Total | $ 51,712 | $ 58,947 | $ 42,049 |
Note 8 - Stock Based Compensa53
Note 8 - Stock Based Compensation (Details) | 3 Months Ended | 9 Months Ended | 45 Months Ended | ||
Sep. 30, 2015USD ($)shares | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)shares | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)shares | |
Note 8 - Stock Based Compensation (Details) [Line Items] | |||||
Number of Stock-based Employee Compensation Plans | 2 | 2 | 2 | ||
Number of Stock-based Employee Compensation Plans Expired | 1 | 1 | 1 | ||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | $ | $ 155,000 | $ 920,000 | $ 223,000 | $ 3,300,000 | |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ | 0 | $ 0 | 0 | $ 0 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 23,000,000 | $ 23,000,000 | $ 23,000,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 127 days | ||||
2004 Stock Incentive Plan [Member] | |||||
Note 8 - Stock Based Compensation (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 | ||
2012 Stock Incentive Plan [Member] | |||||
Note 8 - Stock Based Compensation (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 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 299,743 |
Note 9 - Contractual Obigatio54
Note 9 - Contractual Obigations and Off-Balance Sheet Items (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
To be Paid Over Future Periods [Member] | |
Note 9 - Contractual Obigations and Off-Balance Sheet Items (Details) [Line Items] | |
Interest Expense, Federal Home Loan Bank and Federal Reserve Bank Advances, Long-term | $ 1.1 |
Note 9 - Contractual Obigatio55
Note 9 - Contractual Obigations and Off-Balance Sheet Items (Details) - Contractual Obligations and Other Commitments $ in Thousands | Sep. 30, 2015USD ($) |
Note 9 - Contractual Obigations and Off-Balance Sheet Items (Details) - Contractual Obligations and Other Commitments [Line Items] | |
1 year or less | $ 1,218,977 |
More than 1 year but less than 3 years | 328,975 |
3 years or more but less than 5 years | 78,800 |
5 years or more | 482,909 |
Total | 2,109,661 |
Federal Home Loan Bank Advances [Member] | |
Note 9 - Contractual Obigations and Off-Balance Sheet Items (Details) - Contractual Obligations and Other Commitments [Line Items] | |
1 year or less | 781,024 |
More than 1 year but less than 3 years | 5,325 |
3 years or more but less than 5 years | 756 |
5 years or more | 595 |
Total | 787,700 |
Operating Leases [Member] | |
Note 9 - Contractual Obigations and Off-Balance Sheet Items (Details) - Contractual Obligations and Other Commitments [Line Items] | |
1 year or less | 6,260 |
More than 1 year but less than 3 years | 9,427 |
3 years or more but less than 5 years | 6,069 |
5 years or more | 7,701 |
Total | 29,457 |
Lease, Total [Member] | |
Note 9 - Contractual Obigations and Off-Balance Sheet Items (Details) - Contractual Obligations and Other Commitments [Line Items] | |
1 year or less | 787,284 |
More than 1 year but less than 3 years | 14,752 |
3 years or more but less than 5 years | 6,825 |
5 years or more | 8,296 |
Total | $ 817,157 |
Note 9 - Contractual Obigatio56
Note 9 - Contractual Obigations and Off-Balance Sheet Items (Details) - Letters of Credit and Commitments $ in Thousands | Sep. 30, 2015USD ($) |
Line of Credit Facility [Line Items] | |
1 year or less | $ 1,218,977 |
More than 1 year but less than 3 years | 328,975 |
3 years or more but less than 5 years | 78,800 |
5 years or more | 482,909 |
Total | 2,109,661 |
Commitments to Extend Credit [Member] | |
Line of Credit Facility [Line Items] | |
1 year or less | 1,131,948 |
More than 1 year but less than 3 years | 320,558 |
3 years or more but less than 5 years | 77,684 |
5 years or more | 482,909 |
Total | 2,013,099 |
Financial Standby Letter of Credit [Member] | |
Line of Credit Facility [Line Items] | |
1 year or less | 87,029 |
More than 1 year but less than 3 years | 8,417 |
3 years or more but less than 5 years | 1,116 |
Total | $ 96,562 |
Note 10 - Other Comprehensive57
Note 10 - Other Comprehensive (Loss) Income (Details) - Tax Effects Allocated to Each Component of Other Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Securities available for sale: | ||||
Change in unrealized gain during period | $ (867) | $ (951) | $ (1,949) | $ (1,757) |
Change in unrealized gain during period | 303 | 333 | 682 | 615 |
Change in unrealized gain during period | (564) | (618) | (1,267) | (1,142) |
Total securities available for sale | (867) | (951) | (1,949) | (1,757) |
Total securities available for sale | 303 | 333 | 682 | 615 |
Total securities available for sale | (564) | (618) | (1,267) | (1,142) |
Total other comprehensive loss | (867) | (951) | (1,949) | (1,757) |
Total other comprehensive loss | 303 | 333 | 682 | 615 |
Total other comprehensive loss | $ (564) | $ (618) | $ (1,267) | $ (1,142) |
Note 10 - Other Comprehensive58
Note 10 - Other Comprehensive (Loss) Income (Details) - Activity in Accumulated Other Comprehensive Income, Net of Tax - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, accumulated other comprehensive income | $ 3,729 | $ 4,883 | ||
Other comprehensive loss | $ (564) | $ (618) | (1,267) | (1,142) |
Ending balance, accumulated other comprehensive income | 2,462 | 3,741 | 2,462 | 3,741 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, accumulated other comprehensive income | 3,729 | 4,883 | ||
Other comprehensive loss | (1,267) | (1,142) | ||
Ending balance, accumulated other comprehensive income | $ 2,462 | $ 3,741 | $ 2,462 | $ 3,741 |
Note 11 - Acquisitions (Details
Note 11 - Acquisitions (Details) $ / shares in Units, $ in Thousands | Aug. 06, 2015USD ($)shares | Apr. 02, 2014USD ($)$ / sharesshares | Mar. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Note 11 - Acquisitions (Details) [Line Items] | ||||||
Goodwill | $ 1,881,955 | $ 1,874,191 | $ 1,671,520 | |||
Goodwill, Purchase Accounting Adjustments | 7,764 | 4,426 | ||||
Tradition Bancshares, Inc. [Member] | ||||||
Note 11 - Acquisitions (Details) [Line Items] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | shares | 679,679 | |||||
Business Combination, Consideration Reserved for Purchase | $ 39,000 | |||||
Tradition Bancshares, Inc. [Member] | Houston [Member] | ||||||
Note 11 - Acquisitions (Details) [Line Items] | ||||||
Number of Operating Banking Offices | 7 | |||||
Tradition Bancshares, Inc. [Member] | Katy [Member] | ||||||
Note 11 - Acquisitions (Details) [Line Items] | ||||||
Number of Operating Banking Offices | 3 | |||||
Tradition Bancshares, Inc. [Member] | The Woodlands [Member] | ||||||
Note 11 - Acquisitions (Details) [Line Items] | ||||||
Number of Operating Banking Offices | 1 | |||||
FM Bancorporation [Member] | ||||||
Note 11 - Acquisitions (Details) [Line Items] | ||||||
Number of Operating Banking Offices | 13 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | shares | 3,298,022 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | $ 1,600,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 2,270,000 | |||||
Payments to Acquire Businesses, Gross | 34,200 | |||||
Business Combination, Consideration Transferred | $ 252,400 | |||||
Business Acquisition, Share Price (in Dollars per share) | $ / shares | $ 66.15 | |||||
Goodwill | 206,000 | 198,200 | ||||
Goodwill, Purchase Accounting Adjustments | $ 7,800 | |||||
Finite-lived Intangible Assets Acquired | $ 27,100 | $ 27,140 | ||||
FM Bancorporation [Member] | Tulsa, Oklahoma [Member] | ||||||
Note 11 - Acquisitions (Details) [Line Items] | ||||||
Number of Operating Banking Offices | 9 | |||||
FM Bancorporation [Member] | Dallas, Texas [Member] | ||||||
Note 11 - Acquisitions (Details) [Line Items] | ||||||
Number of Operating Banking Offices | 3 | |||||
FM Bancorporation [Member] | Oklahoma City, Oklahoma [Member] | ||||||
Note 11 - Acquisitions (Details) [Line Items] | ||||||
Number of Operating Banking Offices | 1 |