Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 03, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | PROSPERITY BANCSHARES INC | |
Entity Central Index Key | 1,068,851 | |
Trading Symbol | PB | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 69,486,262 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 321,958 | $ 436,203 |
Federal funds sold | 757 | 1,178 |
Total cash and cash equivalents | 322,715 | 437,381 |
Available for sale securities, at fair value | 253,130 | 221,176 |
Held to maturity securities, at cost (fair value of $9,301,875 and $9,339,455, respectively) | 9,329,065 | 9,504,910 |
Total securities | 9,582,195 | 9,726,086 |
Loans held for sale | 26,094 | 26,975 |
Loans held for investment | 9,837,925 | 9,595,085 |
Total loans | 9,864,019 | 9,622,060 |
Less: allowance for credit losses | (83,783) | (85,326) |
Loans, net | 9,780,236 | 9,536,734 |
Accrued interest receivable | 52,661 | 53,310 |
Goodwill | 1,900,845 | 1,900,845 |
Core deposit intangibles, net | 42,150 | 45,784 |
Bank premises and equipment, net | 256,511 | 262,083 |
Other real estate owned | 15,472 | 15,463 |
Bank owned life insurance (BOLI) | 252,365 | 247,116 |
Federal Home Loan Bank of Dallas stock | 69,510 | 55,430 |
Other assets | 21,883 | 50,840 |
TOTAL ASSETS | 22,296,543 | 22,331,072 |
Deposits: | ||
Noninterest-bearing | 5,397,293 | 5,190,973 |
Interest-bearing | 11,673,237 | 12,116,329 |
Total deposits | 17,070,530 | 17,307,302 |
Other borrowings | 1,035,506 | 990,781 |
Securities sold under repurchase agreements | 346,324 | 320,430 |
Accrued interest payable | 2,833 | 2,319 |
Other liabilities | 105,162 | 67,929 |
Total liabilities | 18,560,355 | 18,688,761 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, $1 par value; 20,000,000 shares authorized; none issued or outstanding | ||
Common stock, $1 par value; 200,000,000 shares authorized; 69,488,012 shares issued and outstanding at June 30, 2017; 69,491,012 shares issued and outstanding at December 31, 2016 | 69,488 | 69,491 |
Capital surplus | 2,031,684 | 2,028,129 |
Retained earnings | 1,633,150 | 1,543,280 |
Accumulated other comprehensive income—net unrealized gain on available for sale securities, net of tax of $1,005 and $760, respectively | 1,866 | 1,411 |
Total shareholders’ equity | 3,736,188 | 3,642,311 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 22,296,543 | $ 22,331,072 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Held to maturity securities, fair value | $ 9,301,875 | $ 9,339,455 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 69,488,012 | 69,491,012 |
Common stock, shares outstanding (in shares) | 69,488,012 | 69,491,012 |
Accumulated other comprehensive income-net unrealized gain on available for sale securities, tax | $ 1,005 | $ 760 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
INTEREST INCOME: | ||||
Loans, including fees | $ 114,975 | $ 118,297 | $ 226,685 | $ 242,819 |
Securities | 52,912 | 51,097 | 106,069 | 103,670 |
Federal funds sold | 160 | 65 | 343 | 161 |
Total interest income | 168,047 | 169,459 | 333,097 | 346,650 |
INTEREST EXPENSE: | ||||
Deposits | 11,441 | 10,045 | 21,349 | 20,251 |
Other borrowings | 4,040 | 710 | 6,516 | 1,192 |
Securities sold under repurchase agreements | 335 | 234 | 566 | 446 |
Junior subordinated debentures | 3 | 37 | ||
Total interest expense | 15,816 | 10,992 | 28,431 | 21,926 |
NET INTEREST INCOME | 152,231 | 158,467 | 304,666 | 324,724 |
PROVISION FOR CREDIT LOSSES | 2,750 | 6,000 | 5,425 | 20,000 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 149,481 | 152,467 | 299,241 | 304,724 |
NONINTEREST INCOME: | ||||
Nonsufficient funds (NSF) fees | 7,805 | 8,031 | 15,894 | 16,220 |
Credit card, debit card and ATM card income | 6,186 | 5,929 | 12,139 | 11,756 |
Service charges on deposit accounts | 5,405 | 4,610 | 10,826 | 9,200 |
Trust income | 2,271 | 1,762 | 4,426 | 3,789 |
Mortgage income | 1,107 | 1,772 | 2,373 | 3,243 |
Brokerage income | 427 | 1,286 | 915 | 2,576 |
Net (loss) gain on sale of assets | (3,783) | 332 | (2,024) | 1,352 |
Gain on sale of securities | 3,270 | 0 | 3,270 | 0 |
Other | 5,092 | 4,751 | 10,785 | 11,130 |
Total noninterest income | 27,780 | 28,473 | 58,604 | 59,266 |
NONINTEREST EXPENSE: | ||||
Salaries and employee benefits | 47,343 | 48,224 | 95,787 | 98,338 |
Net occupancy and equipment | 5,460 | 5,741 | 10,963 | 11,365 |
Credit and debit card, data processing and software amortization | 4,216 | 4,164 | 8,301 | 8,594 |
Regulatory assessments and FDIC insurance | 3,548 | 3,447 | 7,097 | 6,877 |
Core deposit intangibles amortization | 1,719 | 2,334 | 3,634 | 4,556 |
Depreciation | 3,051 | 3,286 | 6,154 | 6,635 |
Communications | 2,664 | 2,981 | 5,366 | 5,920 |
Other real estate expense | 57 | 50 | 142 | 92 |
Other | 8,384 | 9,008 | 17,060 | 17,386 |
Total noninterest expense | 76,442 | 79,235 | 154,504 | 159,763 |
INCOME BEFORE INCOME TAXES | 100,819 | 101,705 | 203,341 | 204,227 |
PROVISION FOR INCOME TAXES | 32,265 | 33,634 | 66,222 | 67,205 |
NET INCOME | $ 68,554 | $ 68,071 | $ 137,119 | $ 137,022 |
EARNINGS PER SHARE: | ||||
Basic | $ 0.99 | $ 0.98 | $ 1.97 | $ 1.96 |
Diluted | $ 0.99 | $ 0.98 | $ 1.97 | $ 1.96 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 68,554 | $ 68,071 | $ 137,119 | $ 137,022 |
Securities available for sale: | ||||
Change in unrealized gain during period | 671 | (790) | 700 | (642) |
Total other comprehensive gain | 671 | (790) | 700 | (642) |
Deferred taxes related to other comprehensive gain | (235) | 277 | (245) | 225 |
Other comprehensive gain, net of tax | 436 | (513) | 455 | (417) |
Comprehensive income | $ 68,990 | $ 67,558 | $ 137,574 | $ 136,605 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Tradition Bancshares, Inc [Member] | Common Stock [Member] | Common Stock [Member]Tradition Bancshares, Inc [Member] | Capital Surplus [Member] | Capital Surplus [Member]Tradition Bancshares, Inc [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
BALANCE at Dec. 31, 2015 | $ 3,462,910 | $ 70,059 | $ 2,036,378 | $ 1,355,040 | $ 2,040 | $ (607) | |||
BALANCE (in shares) at Dec. 31, 2015 | 70,058,761 | ||||||||
Net income | 137,022 | 137,022 | |||||||
Other comprehensive income | (417) | (417) | |||||||
Common stock issued in connection with the exercise of stock options and restricted stock awards, net | 198 | $ 24 | 174 | ||||||
Common stock issued in connection with the exercise of stock options and restricted stock awards, net (in shares) | 23,800 | ||||||||
Common stock issued in connection with the acquisition | $ 32,522 | $ 679 | $ 31,843 | ||||||
Common stock issued in connection with the acquisition (in shares) | 679,528 | ||||||||
Treasury stock cancellation | $ (37) | (570) | $ 607 | ||||||
Treasury stock cancellation (in shares) | (37,088) | ||||||||
Common stock repurchase | (51,057) | $ (1,245) | (49,812) | ||||||
Common stock repurchase (in shares) | (1,244,890) | ||||||||
Stock based compensation expense | 5,166 | 5,166 | |||||||
Cash dividends declared | (41,760) | (41,760) | |||||||
BALANCE at Jun. 30, 2016 | 3,544,584 | $ 69,480 | 2,023,179 | 1,450,302 | 1,623 | ||||
BALANCE (in shares) at Jun. 30, 2016 | 69,480,111 | ||||||||
BALANCE at Dec. 31, 2016 | 3,642,311 | $ 69,491 | 2,028,129 | 1,543,280 | 1,411 | ||||
BALANCE (in shares) at Dec. 31, 2016 | 69,491,012 | ||||||||
Net income | 137,119 | 137,119 | |||||||
Other comprehensive income | 455 | 455 | |||||||
Common stock issued in connection with the exercise of stock options and restricted stock awards, net | 148 | $ (3) | 151 | ||||||
Common stock issued in connection with the exercise of stock options and restricted stock awards, net (in shares) | (3,000) | ||||||||
Stock based compensation expense | 3,404 | 3,404 | |||||||
Cash dividends declared | (47,249) | (47,249) | |||||||
BALANCE at Jun. 30, 2017 | $ 3,736,188 | $ 69,488 | $ 2,031,684 | $ 1,633,150 | $ 1,866 | ||||
BALANCE (in shares) at Jun. 30, 2017 | 69,488,012 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Retained Earnings [Member] | ||
Cash dividend declared, per share (in dollars per share) | $ 0.6800 | $ 0.6000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 137,119 | $ 137,022 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and core deposit intangibles amortization | 9,788 | 11,191 |
Provision for credit losses | 5,425 | 20,000 |
Net amortization of premium on investments | 19,286 | 20,660 |
Net (gain) loss on sale of other real estate | (81) | 333 |
Gain on sale of investment securities | (3,270) | 0 |
Net loss (gain) on sale of assets | 2,024 | (1,352) |
Net accretion of discount on loans | (9,224) | (23,798) |
Net accretion of discount on deposits | (138) | (360) |
Gain on sale of loans | (2,180) | (2,961) |
Proceeds from sale of loans held for sale | 110,953 | 128,340 |
Originations of loans held for sale | (108,374) | (133,277) |
Stock based compensation expense | 3,404 | 5,166 |
Decrease in accrued interest receivable and other assets | 5,410 | 56,165 |
Increase in accrued interest payable and other liabilities | 37,747 | 9,817 |
Net cash provided by operating activities | 207,889 | 226,946 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities and principal paydowns of held to maturity securities | 921,196 | 883,538 |
Purchase of held to maturity securities | (761,188) | (395,228) |
Proceeds from maturities and principal paydowns of available for sale securities | 7,221,960 | 7,314,308 |
Purchase of available for sale securities | (7,253,393) | (7,351,075) |
Net (increase) decrease in loans held for investment | (241,520) | 27,634 |
Purchase of bank premises and equipment | (3,490) | (3,361) |
Proceeds from sale of bank premises, equipment and other real estate | 6,996 | 6,910 |
Net cash (used in) provided by investing activities | (109,439) | 473,763 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in noninterest-bearing deposits | 206,320 | (429,921) |
Net decrease in interest-bearing deposits | (442,954) | (520,620) |
Net proceeds from other short-term borrowings | 45,000 | 115,000 |
Repayments of other long-term borrowings | (275) | (350) |
Net increase in securities sold under repurchase agreements | 25,894 | 4,748 |
Redemption of junior subordinated debentures | (7,217) | |
Proceeds from stock option exercises | 148 | 198 |
Repurchase of common stock | (51,057) | |
Payments of cash dividends | (47,249) | (41,760) |
Net cash used in financing activities | (213,116) | (930,979) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (114,666) | (230,270) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 437,381 | 563,962 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 322,715 | 333,692 |
NONCASH ACTIVITIES: | ||
Acquisition of real estate through foreclosure of collateral | 1,371 | 13,855 |
SUPPLEMENTAL INFORMATION: | ||
Income taxes paid | 63,785 | 48,832 |
Interest paid | $ 27,917 | 21,597 |
Tradition Bancshares, Inc [Member] | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net cash used in the purchase of Tradition Bancshares, Inc. | (8,963) | |
NONCASH ACTIVITIES: | ||
Stock issued in connection with the acquisition | $ 32,522 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The consolidated financial statements include the accounts of Prosperity Bancshares, Inc. ® ® The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for 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 GAAP 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, 2016. Operating results for the six-month period ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 or any other period. |
Income Per Common Share
Income Per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Income Per Common Share | 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Amount Per Share Amount Amount Per Share Amount Amount Per Share Amount Amount Per Share Amount (Amounts in thousands, except per share data) Net income $ 68,554 $ 68,071 $ 137,119 $ 137,022 Basic: Weighted average shares outstanding 69,487 $ 0.99 69,565 $ 0.98 69,483 $ 1.97 69,869 $ 1.96 Diluted: Add incremental shares for: Effect of dilutive securities - options — 9 1 8 Total 69,487 $ 0.99 69,574 $ 0.98 69,484 $ 1.97 69,877 $ 1.96 There were no stock options exercisable during the three and six months ended June 30, 2017 or 2016 that would have had an anti-dilutive effect on the above computation. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Standards | 3. NEW ACCOUNTING STANDARDS Accounting Standards Updates (“ASU”) ASU 2017-09, “Compensation—Stock Compensation (Topic 718).” ASU 2017-09 clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the amendments in this update, an entity should account for changes to the terms or conditions of a share-based payment as a modification unless all of the following are met: 1) the fair value of the modified award is the same as the fair value of the original award immediately before modification, 2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before modification and 3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before modification. ASU 2017-09 will be effective for the Company on January 1, 2018 and is not expected to have a significant impact on the Company’s financial statements. ASU 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20).” ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 will be effective for the Company on January 1, 2019 on a modified retrospective basis with a cumulative-effect adjustment as of the beginning of the period of adoption. The Company is currently evaluating the potential impact of ASU 2017-08 on the Company’s financial statements. ASU 2017-04, “Intangibles—Goodwill and Other (Topic 350).” ASU 2017-01, “Business Combinations (Topic 805).” ASU 2017-01 is intended to clarify or correct unintended application of ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Additionally, the amendments in this update provide a more robust framework to assist entities in evaluating whether a set of assets and activities constitutes a business. Lastly, the amendments in this update narrow the definition of the term output so that the term is consistent with how outputs are described in Topic 606. ASU 2017-01 will be effective for the Company on January 1, 2018 and is not expected to have a significant impact on the Company’s financial statements. ASU 2016-18, “Statement of Cash Flows (Topic 230)—Restricted Cash.” ASU 2016-18 requires the Statement of Cash Flows to explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, restricted cash or cash equivalents should be included with cash and cash equivalents when recording the beginning-of-period and end-of-period total amounts on the Statement of Cash Flows. ASU 2016-18 will be effective for the Company on January 1, 2018 and is not expected to have a significant impact on the Company’s financial statements. ASU 2016-15, ASU 2016-15 addresses certain cash receipts and cash payments with the objective of reducing the existing diversity in practice. ASU 2016‑15 will be effective for the Company on January 1, 2018 and is not expected to have a significant impact on the Company's financial statements. ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. Additionally, available for sale debt securities may realize value either through collection of contractual cash flows or through sale of the security at fair value. Therefore, the amendments limit the amount of the allowance for credit losses to the difference between amortized cost and fair value. ASU 2016-13 will be effective for the Company as of January 1, 2020. The Company is currently evaluating the potential impact of ASU 2016-13 on the Company’s financial statements. ASU 2016-12, “Revenue from Contracts with Customers (Topic 606)—Narrow-Scope Improvements and Practical Expedients.” ASU 2016-12 addresses narrow-scope improvements to the guidance on collectability, noncash consideration and completed contracts at transition. Additionally, the amendments in this update provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers. The amendments in this update affect the guidance in , which is effective January 1, 2018. The Company is in the process of evaluating the impact of this guidance and does not currently anticipate a significant impact on the Company’s financial statements. ASU 2016-10, “Revenue from Contracts with Customers (Topic 606)—Identifying Performance Obligations and Licensing.” ASU 2016-10 clarifies two aspects of ” (i) identifying performance obligations and (ii) the licensing implementation guidance. This ASU adds guidance on how to identify the promised goods or services in the contract and how to evaluate whether promised goods and services are distinct. Additionally, this update includes guidance on determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time) and when to recognize revenue for a sales-based or use-based royalty promised in exchange for a license of intellectual property. The amendments in this update affect the guidance in ,” which is effective January 1, 2018. The Company is in the process of evaluating the impact of this guidance and does not currently anticipate a significant impact on the Company’s financial statements. ASU 2016-09, “Compensation - Stock Compensation (Topic 718)—Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 simplifies the accounting for share-based awards paid to employees. The amended guidance 1) requires excess tax benefits and tax deficiencies on share-based awards payments to employees to be recognized directly to income tax expense or benefit in the Consolidated Statement of Income rather than to capital surplus; 2) requires excess tax benefits to be included as operating activities on the Consolidated Statements of Cash Flows; 3) provides entities with the option of making an accounting policy election to account for forfeitures of share-based payments as they occur instead of estimating the awards expected to be forfeited; and 4) changes the threshold to qualify for equity classification to permit withholdings up to the maximum statutory tax rate in the applicable jurisdiction. In addition, excess tax benefits and tax deficiencies are considered discrete items in the reporting period they occur and are not included in the estimate of an entity’s annual effective tax rate. The Company adopted ASU 2016-09 on January 1, 2017 and elected to recognize forfeitures as they occur. Implementation of ASU 2016-09 will add volatility to tax expense as the Company’s stock price changes. The adoption of ASU 2016-09 did not have a significant impact on the Company’s financial statements. ASU 2016-08, “Revenue from Contracts with Customers (Topic 606)—Principal versus Agent Considerations (Reporting Revenue Gross versus Net).” ASU 2016-08 states that when another party is involved in providing goods or services to a customer, an entity is required to determine whether the nature of its promise is to provide the specified good or service itself (that is, the entity is a principal) or to arrange for that good or service to be provided by the other party (that is, the entity is an agent). Additionally, when a principal entity satisfies a performance obligation, the entity recognizes revenue in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred to the customer, but when an agent entity satisfies a performance obligation, the entity recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified good or service to be provided by the other party. The amendments in this update affect the guidance in ,” which is effective January 1, 2018. The Company is in the process of evaluating the impact of this guidance and does not currently anticipate a significant impact on the Company’s financial statements. ASU 2016-02, "Leases (Topic 842)." ASU 2016-02 requires that lessees and lessors recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. ASU 2016-02 is effective for public companies for annual periods beginning January 1, 2019, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of ASU 2016-02 on the Company’s financial statements. ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10)—Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 1) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; 2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; 3) eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; 4) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; 5) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 6) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; 7) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and 8) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The amendments in this update affect all entities that hold financial assets or owe financial liabilities. ASU 2016-01 is effective for the Company beginning January 1, 2018, and is not expected to have a significant impact on the Company’s financial statements. ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 supersedes the revenue recognition requirements in Revenue Recognition (Topic 605), and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, ASU 2014-09 supersedes some cost guidance included in Revenue Recognition—Construction-Type and Production-Type Contracts (Subtopic 605-35). In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer are amended to be consistent with the guidance on recognition and measurement. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company will adopt ASU 2014-09, effective January 1, 2018, using the modified retrospective application with a cumulative-effect adjustment, if such adjustment is significant. The Company continues to evaluate the requirements of ASU 2014-09, but it is not expected to have a significant impact on the Company’s financial statements. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | 4. SECURITIES The amortized cost and fair value of investment securities were as follows: June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available for Sale States and political subdivisions $ 1,816 $ 4 $ — $ 1,820 Collateralized mortgage obligations 109,856 1,371 (35 ) 111,192 Mortgage-backed securities 125,999 1,711 (237 ) 127,473 Other securities 12,588 136 (79 ) 12,645 Total $ 250,259 $ 3,222 $ (351 ) $ 253,130 Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 32,119 $ 459 $ — $ 32,578 States and political subdivisions 356,304 6,353 (48 ) 362,609 Collateralized mortgage obligations 749 6 (2 ) 753 Mortgage-backed securities 8,939,893 43,512 (77,470 ) 8,905,935 Other securities — — — — Total $ 9,329,065 $ 50,330 $ (77,520 ) $ 9,301,875 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available for Sale States and political subdivisions $ 1,915 $ 5 $ — $ 1,920 Collateralized mortgage obligations 120,478 240 (119 ) 120,599 Mortgage-backed securities 84,024 2,004 (165 ) 85,863 Other securities 12,588 252 (46 ) 12,794 Total $ 219,005 $ 2,501 $ (330 ) $ 221,176 Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 33,523 $ 497 $ — $ 34,020 States and political subdivisions 384,015 3,934 (1,328 ) 386,621 Collateralized mortgage obligations 850 6 (5 ) 851 Mortgage-backed securities 9,086,422 30,880 (199,439 ) 8,917,863 Other securities 100 — — 100 Total $ 9,504,910 $ 35,317 $ (200,772 ) $ 9,339,455 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 the time of such determination. When OTTI occurs, the amount of the OTTI recognized in earnings depends on whether an entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss. If an entity intends to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the OTTI will 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 will 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 will become the new amortized cost basis of the investment. Management has the ability and intent to hold the securities classified as held-to-maturity until they mature, at which time the Company will receive full value for the securities. Furthermore, as of June 30, 2017, management does not have the intent to sell any of the securities classified as available for sale before a recovery of cost. In addition, management believes it is more likely than not that the Company will not be required to sell any of its investment 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 June 30, 2017, management believes any impairment in the Company’s securities is temporary, and therefore no impairment loss has been recognized in the Company’s consolidated statement of income. Securities with unrealized losses, segregated by length of time, that have been in a continuous loss position were as follows: June 30, 2017 Less than 12 Months More than 12 Months Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (Dollars in thousands) Available for Sale Collateralized mortgage obligations $ 3,128 $ (35 ) $ — $ — $ 3,128 $ (35 ) Mortgage-backed securities 40,134 (233 ) 2,293 (4 ) 42,427 (237 ) Other securities 1,658 (79 ) — — 1,658 (79 ) Total $ 44,920 $ (347 ) $ 2,293 $ (4 ) $ 47,213 $ (351 ) Held to Maturity States and political subdivisions 21,966 (17 ) 3,928 (31 ) 25,894 (48 ) Collateralized mortgage obligations 113 (2 ) — — 113 (2 ) Mortgage-backed securities 5,152,838 (75,322 ) 82,127 (2,148 ) 5,234,965 (77,470 ) Total $ 5,174,917 $ (75,341 ) $ 86,055 $ (2,179 ) $ 5,260,972 $ (77,520 ) December 31, 2016 Less than 12 Months More than 12 Months Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (Dollars in thousands) Available for Sale Collateralized mortgage obligations $ 10,723 $ (119 ) $ — $ — $ 10,723 $ (119 ) Mortgage-backed securities 45,456 (160 ) 2,334 (5 ) 47,790 (165 ) Other securities — — 1,691 (46 ) 1,691 (46 ) Total $ 56,179 $ (279 ) $ 4,025 $ (51 ) $ 60,204 $ (330 ) Held to Maturity States and political subdivisions 115,132 (1,288 ) 5,080 (40 ) 120,212 (1,328 ) Collateralized mortgage obligations 589 (4 ) 44 (1 ) 633 (5 ) Mortgage-backed securities 6,903,919 (195,556 ) 90,293 (3,883 ) 6,994,212 (199,439 ) Total $ 7,019,640 $ (196,848 ) $ 95,417 $ (3,924 ) $ 7,115,057 $ (200,772 ) At June 30, 2017 and December 31, 2016, there were 248 securities and 276 securities, respectively, in an unrealized loss position for more than 12 months. The amortized cost and fair value of investment securities at June 30, 2017, 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 Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 28,795 $ 28,889 $ 13,098 $ 13,155 Due after one year through five years 185,754 187,765 1,306 1,310 Due after five years through ten years 153,857 158,089 — — Due after ten years 20,017 20,444 — — Subtotal 388,423 395,187 14,404 14,465 Mortgage-backed securities and collateralized mortgage obligations 8,940,642 8,906,688 235,855 238,665 Total $ 9,329,065 $ 9,301,875 $ 250,259 $ 253,130 The Company recorded a $3.3 million gain on sale of securities for the three and six months ended June 30, 2017 and no gain or loss on sale of securities for the three and six months ended June 30, 2016. As of June 30, 2017, the Company did not own any non-agency collateralized mortgage obligations. At June 30, 2017 and December 31, 2016, 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 $5.05 billion and $5.64 billion and a fair value of $5.01 billion and $5.51 billion at June 30, 2017 and December 31, 2016, respectively, were pledged to collateralize public deposits and for other purposes required or permitted by law. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES The loan portfolio consists of various types of loans and is categorized by major type as follows: June 30, 2017 December 31, 2016 (Dollars in thousands) Residential mortgage loans held for sale $ 26,094 $ 26,975 Commercial and industrial 1,489,563 1,539,439 Real estate: Construction, land development and other land loans 1,383,539 1,263,923 1-4 family residential (includes home equity) 2,689,982 2,690,856 Commercial real estate (includes multi-family residential) 3,309,227 3,162,109 Farmland 503,792 484,588 Agriculture 195,436 187,748 Consumer and other 266,386 266,422 Total loans held for investment 9,837,925 9,595,085 Total $ 9,864,019 $ 9,622,060 Concentrations of Credit. Most of the Company’s lending activity occurs within the states of Texas and Oklahoma. Commercial real estate loans, 1-4 family residential loans and construction, land development and other land loans make up 74.8% of the Company’s total loan portfolio at June 30, 2017. As of June 30, 2017 and December 31, 2016, there were no concentrations of loans related to any single industry in excess of 10% of total loans. Foreign Loans. The Company has U.S. dollar-denominated loans and commitments to borrowers in Mexico. The outstanding balance of these loans and the unfunded amounts available under these commitments were not significant at June 30, 2017 or December 31, 2016. Related Party Loans. As of June 30, 2017 and December 31, 2016, loans outstanding to directors, officers and their affiliates totaled $3.6 million and $4.5 million, respectively. All transactions between the Company and such related parties are conducted in the ordinary course of business and made on the same terms and conditions as similar transactions with unaffiliated persons. An analysis of activity with respect to these related party loans is as follows: As of and for the six months ended June 30, 2017 As of and for the year ended December (Dollars in thousands) Beginning balance on January 1 $ 4,493 $ 4,063 New loans — 699 Repayments and reclassified related loans (853 ) (269 ) Ending balance $ 3,640 $ 4,493 Nonperforming Assets and Nonaccrual and Past Due Loans. The Company has several procedures in place to assist it in maintaining the overall quality of its loan portfolio. The Company has established underwriting guidelines to be followed by its officers, including requiring appraisals on loans collateralized by real estate. The Company also monitors its delinquency levels for any negative or adverse trends. Nevertheless, the Company’s loan portfolio could become subject to increasing pressures from deteriorating borrower credit due to general economic conditions. The Company generally places a loan on nonaccrual status and ceases accruing interest when the payment of principal or interest is delinquent for 90 days, or earlier in some cases, unless the loan is in the process of collection and the underlying collateral fully supports the carrying value of the loan. 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: June 30, 2017 Loans Past Due and Still Accruing 30-89 Days 90 or More Days Total Past Due Loans Nonaccrual Loans Current Loans Total Loans (Dollars in thousands) Construction, land development and other land loans $ 10,198 $ — $ 10,198 $ 216 $ 1,373,125 $ 1,383,539 Agriculture and agriculture real estate (includes farmland) 2,199 — 2,199 258 696,771 699,228 1-4 family (includes home equity) (1) 3,677 843 4,520 2,972 2,708,584 2,716,076 Commercial real estate (includes multi-family residential) 24,995 324 25,319 2,027 3,281,881 3,309,227 Commercial and industrial 7,249 446 7,695 24,928 1,456,940 1,489,563 Consumer and other 311 — 311 116 265,959 266,386 Total $ 48,629 $ 1,613 $ 50,242 $ 30,517 $ 9,783,260 $ 9,864,019 December 31, 2016 Loans Past Due and Still Accruing 30-89 Days 90 or More Days Total Past Due Loans Nonaccrual Loans Current Loans Total Loans (Dollars in thousands) Construction, land development and other land loans $ 8,766 $ 514 $ 9,280 $ 73 $ 1,254,570 $ 1,263,923 Agriculture and agriculture real estate (includes farmland) 1,813 381 2,194 161 669,981 672,336 1-4 family (includes home equity) (1) 8,645 53 8,698 3,726 2,705,407 2,717,831 Commercial real estate (includes multi-family residential) 4,250 — 4,250 3,528 3,154,331 3,162,109 Commercial and industrial 8,290 8 8,298 23,999 1,507,142 1,539,439 Consumer and other 886 — 886 155 265,381 266,422 Total $ 32,650 $ 956 $ 33,606 $ 31,642 $ 9,556,812 $ 9,622,060 (1) Includes $26.1 million and $27.0 million of residential mortgage loans held for sale at June 30, 2017 and December 31, 2016, respectively. The following table presents information regarding nonperforming assets as of the dates indicated: June 30, 2017 December 31, 2016 (Dollars in thousands) Nonaccrual loans (1) $ 30,517 $ 31,642 Accruing loans 90 or more days past due 1,613 956 Total nonperforming loans 32,130 32,598 Repossessed assets 16 241 Other real estate 15,472 15,463 Total nonperforming assets $ 47,618 $ 48,302 Nonperforming assets to total loans and other real estate 0.48 % 0.50 % (1) Includes troubled debt restructurings of $8.1 million and $97 thousand as of June 30, 2017 and December 31, 2016, respectively. The Company had $47.6 million in nonperforming assets at June 30, 2017 compared with $48.3 million at December 31, 2016. Nonperforming assets were 0.48% of total loans and other real estate at June 30, 2017 compared with 0.50% of total loans and other real estate at December 31, 2016. These low nonperforming asset ratios are reflective of the Company’s conservative lending approach. If interest on nonaccrual loans had been accrued under the original loan terms, approximately $1.8 million and $1.7 million would have been recorded as income for the six months ended June 30, 2017 and 2016, respectively. Acquired Loans. Acquired loans were preliminarily recorded at fair value based on a discounted cash flow valuation methodology that considers, among other things, interest rates, projected default rates, loss given default, and recovery rates (no allowance for credit losses was carried over from the acquisition completed during 2016). During the valuation process, the Company identified Purchased Credit-Impaired (“PCI”) and Non-PCI loans in the acquired loan portfolios. Loans acquired with evidence of credit quality deterioration at acquisition for which it was probable that the Company would not be able to collect all contractual amounts due were accounted for as PCI. PCI loan identification considers the following factors: payment history and past due status, debt service coverage, loan grading, collateral values and other factors that may indicate deterioration of credit quality since origination. Non-PCI loan identification considers the following factors: account types, remaining terms, annual interest rates or coupons, current market rates, interest types, past delinquencies, timing of principal and interest payments, loan to value ratios, loss exposures and remaining balances. Accretion of purchased discounts on PCI loans will be based on estimated future cash flows, regardless of contractual maturities. Accretion of purchased discounts on Non-PCI loans will be recognized on a level-yield basis based on contractual maturity of individual loans. PCI Loans. The carrying amount of PCI loans included in the consolidated balance sheet and the related outstanding balance as of the dates indicated are presented in the table below. The outstanding balance represents the total amount owed as of June 30, 2017 and December 31, 2016. June 30, 2017 December 31, 2016 (Dollars in thousands) PCI loans: Outstanding balance $ 43,507 $ 51,640 Discount (18,580 ) (24,007 ) Recorded investment $ 24,927 $ 27,633 Changes in the accretable yield for acquired PCI loans for the three and six months ended June 30, 2017 and 2016 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Balance at beginning of period $ 9,263 $ 13,175 $ 9,778 $ 5,664 Additions — — — 10,222 Reclassifications from nonaccretable 1,210 2,311 2,178 7,431 Accretion (1,716 ) (3,471 ) (3,199 ) (11,302 ) Balance at June 30 $ 8,757 $ 12,015 $ 8,757 $ 12,015 Income recognition on PCI loans is subject to the Company’s ability to reasonably estimate both the timing and amount of future cash flows. PCI loans for which the Company is accruing interest income are not considered non-performing or impaired. The non-accretable difference represents contractual principal and interest the Company does not expect to collect. Non-PCI Loans. The carrying amount of Non-PCI loans included in the consolidated balance sheet and the related outstanding balance as of the dates indicated are presented in the table below. The outstanding balance represents the total amount owed as of June 30, 2017 and December 31, 2016, including accrued but unpaid interest. June 30, 2017 December 31, 2016 (Dollars in thousands) Non-PCI loans: Outstanding balance $ 892,604 $ 1,115,061 Discount (29,359 ) (35,401 ) Recorded investment $ 863,245 $ 1,079,660 Changes in the discount accretion for Non-PCI loans for the three and six months ended June 30, 2017 and 2016 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Balance at beginning of period $ 32,129 $ 50,509 $ 35,401 $ 54,734 Additions — — — 3,491 Accretion charge-offs (15 ) (4 ) (17 ) (1,057 ) Accretion (2,755 ) (5,833 ) (6,025 ) (12,496 ) Balance at June 30 $ 29,359 $ 44,672 $ 29,359 $ 44,672 Impaired Loans. Loans are considered impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. Impairment is evaluated in total for smaller-balance loans of a similar nature and on an individual loan basis for other loans. If a loan is impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Impaired loans, or portions thereof, are charged off when deemed uncollectible. 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. June 30, 2017 Recorded Investment Unpaid Contractual Principal Balance Related Allowance Average Recorded Investment (Dollars in thousands) With no related allowance recorded: Construction, land development and other land loans $ 172 $ 185 $ — $ 93 Agriculture and agriculture real estate (includes farmland) 115 118 — 61 1-4 family (includes home equity) 2,576 2,829 — 2,513 Commercial real estate (includes multi-family residential) 291 319 — 1,738 Commercial and industrial 13,005 15,424 — 10,965 Consumer and other 116 186 — 117 Total 16,275 19,061 — 15,487 With an allowance recorded: Construction, land development and other land loans — — — — Agriculture and agriculture real estate (includes farmland) 143 178 5 149 1-4 family (includes home equity) 377 391 119 407 Commercial real estate (includes multi-family residential) 1,486 1,499 193 887 Commercial and industrial 10,607 10,771 3,729 11,967 Consumer and other — — — 2 Total 12,613 12,839 4,046 13,412 Total: Construction, land development and other land loans 172 185 — 93 Agriculture and agriculture real estate (includes farmland) 258 296 5 210 1-4 family (includes home equity) 2,953 3,220 119 2,920 Commercial real estate (includes multi-family residential) 1,777 1,818 193 2,625 Commercial and industrial 23,612 26,195 3,729 22,932 Consumer and other 116 186 — 119 $ 28,888 $ 31,900 $ 4,046 $ 28,899 December 31, 2016 Recorded Investment Unpaid Contractual Principal Balance Related Allowance Average Recorded Investment (Dollars in thousands) With no related allowance recorded: Construction, land development and other land loans $ 14 $ 220 $ — $ 24 Agriculture and agriculture real estate (includes farmland) 7 12 — 14 1-4 family (includes home equity) 2,450 2,682 — 1,828 Commercial real estate (includes multi-family residential) 3,184 3,327 — 9,150 Commercial and industrial 8,925 9,446 — 5,139 Consumer and other 119 157 — 88 Total 14,699 15,844 — 16,243 With an allowance recorded: Construction, land development and other land loans — — — 3 Agriculture and agriculture real estate (includes farmland) 154 181 17 171 1-4 family (includes home equity) 437 449 150 408 Commercial real estate (includes multi-family residential) 288 288 178 275 Commercial and industrial 13,327 13,821 2,851 13,961 Consumer and other 4 4 1 93 Total 14,210 14,743 3,197 14,911 Total: Construction, land development and other land loans 14 220 — 27 Agriculture and agriculture real estate (includes farmland) 161 193 17 185 1-4 family (includes home equity) 2,887 3,131 150 2,236 Commercial real estate (includes multi-family residential) 3,472 3,615 178 9,425 Commercial and industrial 22,252 23,267 2,851 19,100 Consumer and other 123 161 1 181 $ 28,909 $ 30,587 $ 3,197 $ 31,154 Credit Quality Indicators. As part of the on-going monitoring of the credit quality of the Company’s loan portfolio and methodology for calculating the allowance for credit losses, management assigns and tracks loan grades to be used as credit quality indicators. The following is a general description of the loan grades used: Grade 1— Credits in this category have risk potential that is virtually nonexistent. These loans may be secured by insured certificates of deposit, insured savings accounts, U.S. Government securities and highly rated municipal bonds. Grade 2— Credits in this category are of the highest quality. These borrowers represent top rated companies and individuals with unquestionable financial standing with excellent global cash flow coverage, net worth, liquidity and collateral coverage. Grade 3— Credits in this category are not immune from risk but are well protected by the collateral and paying capacity of the borrower. These loans may exhibit a minor unfavorable credit factor, but the overall credit is sufficiently strong to minimize the possibility of loss. Grade 4— Credits in this category are considered to be of acceptable credit quality with moderately greater risk than Grade 3 and receiving closer monitoring. Loans in this category have sources of repayment that remain sufficient to preclude a larger than normal probability of default and secondary sources are likewise currently of sufficient quantity, quality, and liquidity to protect the Company against loss of principal and interest. These borrowers have specific risk factors, but the overall strength of the credit is acceptable based on other mitigating credit and/or collateral factors and can repay the debt in the normal course of business. Grade 5— Credits in this category constitute an undue and unwarranted credit risk; however, the factors do not rise to a level of substandard. These credits have potential weaknesses and/or declining trends that, if not corrected, could expose the Bank to risk at a future date. These loans are monitored on the Bank’s internally-generated watch list and evaluated on a quarterly basis. Grade 6— Credits in this category are considered “substandard” but “non-impaired” loans in accordance with regulatory guidelines. Loans in this category have well-defined weakness that, if not corrected, could make default of principal and interest possible. Loans in this category are still accruing interest and may be dependent upon secondary sources of repayment and/or collateral liquidation. Grade 7— Credits in this category are deemed “substandard” and “impaired” pursuant to regulatory guidelines. As such, the Bank has determined that it is probable that less than 100% of the contractual principal and interest will be collected. These loans are individually evaluated for a specific reserve and will typically have the accrual of interest stopped. Grade 8— Credits in this category include “doubtful” loans in accordance with regulatory guidance. Such loans are no longer accruing interest and factors indicate a loss is imminent. These loans are also deemed “impaired.” While a specific reserve may be in place while the loan and collateral is being evaluated, these loans are typically charged down to an amount the Bank estimates is collectible. Grade 9— Credits in this category are deemed a “loss” in accordance with regulatory guidelines and have been charged off or charged down. The Bank may continue collection efforts and may have partial recovery in the future. The following table presents risk grades and PCI loans by category of loan at June 30, 2017. 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, Land Development and Other Agriculture and Agriculture Real Estate (includes Farmland) 1-4 Family (includes Home (1) Commercial Real Estate (includes Multi-Family Commercial and Industrial Consumer and Other Total (Dollars in thousands) Grade 1 $ — $ 14,307 $ — $ — $ 59,161 $ 39,409 $ 112,877 Grade 2 2,117 4,412 29,870 31,730 11,320 26,289 105,738 Grade 3 1,291,229 593,020 2,612,139 2,966,019 1,099,256 182,159 8,743,822 Grade 4 82,803 75,632 57,124 245,370 203,648 7,156 671,733 Grade 5 3,516 10,774 5,645 28,020 50,777 6,203 104,935 Grade 6 2,385 437 3,679 20,913 38,631 5,054 71,099 Grade 7 172 258 2,953 1,777 23,610 116 28,886 Grade 8 — — — — 2 — 2 Grade 9 — — — — — — — PCI Loans (2) 1,317 388 4,666 15,398 3,158 — 24,927 Total $ 1,383,539 $ 699,228 $ 2,716,076 $ 3,309,227 $ 1,489,563 $ 266,386 $ 9,864,019 (1) Includes $26.1 million of residential mortgage loans held for sale at June 30, 2017. (2) Of the total PCI loans, $1.6 million were classified as substandard at June 30, 2017, with no specific reserves allocated to them. The following table presents risk grades and PCI loans by category of loan at December 31, 2016. 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, Land Development and Other Agriculture and Agriculture Real Estate (includes Farmland) 1-4 Family (includes Home (1) Commercial Real Estate (includes Multi-Family Commercial and Industrial Consumer and Other Total (Dollars in thousands) Grade 1 $ — $ 14,616 $ — $ — $ 54,908 $ 40,688 $ 110,212 Grade 2 2,261 4,218 22,863 8,317 12,772 11,041 61,472 Grade 3 1,200,623 570,324 2,622,304 2,859,433 1,143,634 194,210 8,590,528 Grade 4 54,380 74,079 55,367 220,533 176,287 16,095 596,741 Grade 5 2,525 7,703 3,605 45,533 57,283 2,403 119,052 Grade 6 2,690 847 5,095 8,401 68,682 1,829 87,544 Grade 7 13 161 2,857 3,472 21,475 156 28,134 Grade 8 — — 30 — 714 — 744 Grade 9 — — — — — — — PCI Loans (2) 1,431 388 5,710 16,420 3,684 — 27,633 Total $ 1,263,923 $ 672,336 $ 2,717,831 $ 3,162,109 $ 1,539,439 $ 266,422 $ 9,622,060 (1) Includes $27.0 million of residential mortgage loans held for sale at December 31, 2016. (2) Of the total PCI loans, $2.7 million were classified as substandard at December 31, 2016, which includes $31 thousand with specific reserves allocated to them. Allowance for Credit Losses. The allowance for credit losses is a valuation established through charges to earnings in the form of a provision for credit losses. Management has established an allowance for credit losses which it believes is adequate as of June 30, 2017 for estimated losses in the Company’s loan portfolio. The amount of the allowance for credit losses is affected by the following: (1) charge-offs of loans that occur when loans are deemed uncollectible and decrease the allowance, (2) recoveries on loans previously charged off that increase the allowance and (3) provisions for credit losses charged to earnings that increase the allowance. Based on an evaluation of the loan portfolio and consideration of the factors listed below, management presents a quarterly review of the allowance for credit losses to the Bank’s Board of Directors, indicating any change in the allowance since the last review and any recommendations as to adjustments in the allowance. Although management believes it uses the best information available to make determinations with respect to the allowance for credit losses, future adjustments may be necessary if economic conditions or the borrower’s performance differ from the assumptions used in making the initial determinations. The Company’s allowance for credit losses consists of two components: (1) a specific valuation allowance based on probable losses on specifically identified loans and (2) a general valuation allowance based on historical loan loss experience, general economic conditions and other qualitative risk factors both internal and external to the Company. 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 agriculture 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 agriculture loans, the operating results, experience and financial capability of the borrower, historical and expected market conditions and the value, nature and marketability of collateral. In addition, for each category, the Company considers secondary sources of income and the financial strength and credit history of the borrower and any guarantors. 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, other qualitative risk factors both internal and external to the Company and other relevant factors in accordance with ASC Topic 450, “ Contingencies. The following table details activity in the allowance for credit losses by category of loan for the three and six months ended June 30, 2017 and 2016. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Construction, Land Development and Other Land Loans Agriculture and Agriculture Real Estate (includes Farmland) 1-4 Family (includes Home Equity) Commercial Real Estate (includes Multi-Family Residential) Commercial and Industrial Consumer and Other Total (Dollars in thousands) Allowance for credit losses: Three Months Ended Balance $ 14,663 $ 3,584 $ 15,771 $ 10,975 $ 37,682 $ 1,420 $ 84,095 Provision for credit losses (207 ) 396 (1,234 ) (596 ) 3,847 544 2,750 Charge-offs (9 ) (17 ) (109 ) — (3,005 ) (781 ) (3,921 ) Recoveries 69 46 14 — 474 256 859 Net charge-offs 60 29 (95 ) — (2,531 ) (525 ) (3,062 ) Balance $ 14,516 $ 4,009 $ 14,442 $ 10,379 $ 38,998 $ 1,439 $ 83,783 Six Months Ended Balance December 31, 2016 $ 14,984 $ 4,073 $ 16,571 $ 12,256 $ 35,836 $ 1,606 $ 85,326 Provision for credit losses (593 ) (158 ) (2,129 ) (1,744 ) 9,188 861 5,425 Charge-offs (9 ) (17 ) (122 ) (133 ) (6,643 ) (1,605 ) (8,529 ) Recoveries 134 111 122 — 617 577 1,561 Net charge-offs 125 94 — (133 ) (6,026 ) (1,028 ) (6,968 ) Balance June 30, 2017 $ 14,516 $ 4,009 $ 14,442 $ 10,379 $ 38,998 $ 1,439 $ 83,783 Allowance for credit losses: Three Months Ended Balance March 31, 2016 $ 14,365 $ 3,572 $ 14,564 $ 12,391 $ 37,163 $ 1,659 $ 83,714 Provision for credit losses (188 ) (98 ) 274 478 3,200 2,334 6,000 Charge-offs — — (2 ) (198 ) (4,340 ) (2,577 ) (7,117 ) Recoveries 25 655 80 1 231 237 1,229 Net charge-offs 25 655 78 (197 ) (4,109 ) (2,340 ) (5,888 ) Balance June 30, 2016 $ 14,202 $ 4,129 $ 14,916 $ 12,672 $ 36,254 $ 1,653 $ 83,826 Six Months Ended Balance December 31, 2015 $ 14,882 $ 3,845 $ 14,891 $ 12,996 $ 33,409 $ 1,361 $ 81,384 Provision for credit losses (891 ) 6,591 (23 ) (68 ) 11,350 3,041 20,000 Charge-offs (7 ) (7,025 ) (51 ) (257 ) (10,617 ) (3,425 ) (21,382 ) Recoveries 218 718 99 1 2,112 676 3,824 Net charge-offs 211 (6,307 ) 48 (256 ) (8,505 ) (2,749 ) (17,558 ) Balance June 30, 2016 $ 14,202 $ 4,129 $ 14,916 $ 12,672 $ 36,254 $ 1,653 $ 83,826 The following table details the amount of the allowance for credit losses allocated to each category of loan as of June 30, 2017, December 31, 2016 and June 30, 2016, on the basis of the impairment methodology used by the Company. Construction, Land Development and Other Land Loans Agriculture and Agriculture Real Estate (includes Farmland) 1-4 Family (includes Home Equity) Commercial Real Estate (includes Multi-Family Residential) Commercial and Industrial Consumer and Other Total (Dollars in thousands) Allowance for credit losses related June 30, 2017 Individually evaluated for impairment $ — $ 5 $ 119 $ 193 $ 3,729 $ — $ 4,046 Collectively evaluated for impairment 14,516 4,004 14,323 10,186 35,269 1,439 79,737 PCI loans — — — — — — — Total allowance for credit losses $ 14,516 $ 4,009 $ 14,442 $ 10,379 $ 38,998 $ 1,439 $ 83,783 December 31, 2016 Individually evaluated for impairment $ — $ 17 $ 150 $ 178 $ 2,820 $ 1 $ 3,166 Collectively evaluated for impairment 14,984 4,056 16,421 12,078 32,985 1,605 82,129 PCI loans — — — — 31 — 31 Total allowance for credit losses $ 14,984 $ 4,073 $ 16,571 $ 12,256 $ 35,836 $ 1,606 $ 85,326 June 30, 2016 Individually evaluated for impairment $ — $ — $ 159 $ 69 $ 3,772 $ 8 $ 4,008 Collectively evaluated for impairment 14,202 $ 4,129 14,757 12,603 32,258 1,645 79,594 PCI loans — — — — 224 — 224 Total allowance for credit losses $ 14,202 $ 4,129 $ 14,916 $ 12,672 $ 36,254 $ 1,653 $ 83,826 The following table details the recorded investment in loans as of June 30, 2017, December 31, 2016 and June 30, 2016, excluding $26.1 million, $27.0 million and $31.8 million, respectively, of residential mortgage loans held for sale, related to each balance in the allowance for credit losses by category of loan. Construction, Land Development and Other Land Loans Agriculture and Agriculture Real Estate (includes Farmland) 1-4 Family (includes Home Equity) Commercial Real Estate (includes Multi-Family Residential) Commercial and Industrial Consumer and Other Total (Dollars in thousands) Recorded investment in June 30, 2017 Individually evaluated for impairment $ 172 $ 258 $ 2,953 $ 1,777 $ 23,612 $ 116 $ 28,888 Collectively evaluated for impairment 1,382,050 698,582 2,682,363 3,292,052 1,462,793 266,270 9,784,110 PCI loans 1,317 388 4,666 15,398 3,158 — 24,927 Total loans evaluated for impairment $ 1,383,539 $ 699,228 $ 2,689,982 $ 3,309,227 $ 1,489,563 $ 266,386 $ 9,837,925 December 31, 2016 Individually evaluated for impairment $ 14 $ 161 $ 2,887 $ 3,472 $ 22,221 $ 123 $ 28,878 Collectively evaluated for impairment 1,262,478 671,787 2,682,259 3,142,217 1,513,534 266,299 9,538,574 PCI loans 1,431 388 5,710 16,420 3,684 — 27,633 Total loans evaluated for impairment $ 1,263,923 $ 672,336 $ 2,690,856 $ 3,162,109 $ 1,539,439 $ 266,422 $ 9,595,085 June 30, 2016 Individually evaluated for impairment $ 15 $ 869 $ 3,127 $ 8,964 $ 14,930 $ 224 $ 28,129 Collectively evaluated for impairment 1,165,746 656,372 2,666,808 3,202,008 1,604,512 259,510 9,554,956 PCI loans 1,525 392 6,314 18,584 8,277 — 35,092 Total loans evaluated for impairment $ 1,167,286 $ 657,633 $ 2,676,249 $ 3,229,556 $ 1,627,719 $ 259,734 $ 9,618,177 Troubled Debt Restructurings. The restructuring of a loan is considered a “troubled debt restructuring” if both (1) the borrower is experiencing financial difficulties and (2) the creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses. Under ASC topic 310-40 “ the Company evaluates all loan modifications to identify whether the restructuring constitutes a troubled debt restructuring. As of June 30, 2017 and 2016, the Company had $8.1 million and $404 thousand, respectively, in outstanding troubled debt restructurings. The following table presents information regarding the recorded investment of loans modified as troubled debt restructurings during the six months ended June 30, 2017 and 2016: Six Months Ended June 30, 2017 2016 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled Debt Restructurings Construction, land development and other land loans — $ — $ — — $ — $ — Agriculture and agriculture real estate (includes farmland) — — — 1 154 153 1-4 Family (includes home equity) — — — — — — Commercial real estate (includes multi-family residential) — — — — — — Commercial and industrial 3 8,656 8,068 — — — Consumer and other — — — — — — Total 3 $ 8,656 $ 8,068 1 $ 154 $ 153 As of June 30, 2017, there have been no defaults on any loans that were modified as troubled debt restructurings during the preceding twelve months. Default is determined at 90 or more days past due. For the six months ended June 30, 2017, the Company added three loans totaling $8.7 million as new troubled debt restructurings, of which $8.1 million was outstanding at June 30, 2017. For the six months ended June 30, 2016, the Company added one loan totaling $154 thousand as a new troubled debt restructuring, of which $153 thousand was outstanding at Jun |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 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 other assets at fair value 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 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 June 30, 2017 Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets: Available for sale securities: States and political subdivisions $ — $ 1,820 $ — $ 1,820 Collateralized mortgage obligations — 111,192 — 111,192 Mortgage-backed securities — 127,473 — 127,473 Other securities 12,645 — — 12,645 Total $ 12,645 $ 240,485 $ — $ 253,130 As of December 31, 2016 Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets: Available for sale securities: States and political subdivisions $ — $ 1,920 $ — $ 1,920 Collateralized mortgage obligations — 120,599 — 120,599 Mortgage-backed securities — 85,863 — 85,863 Other securities 12,794 — — 12,794 Total $ 12,794 $ 208,382 $ — $ 221,176 Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These instruments include other real estate owned, repossessed assets, held to maturity debt securities, loans held for sale and impaired loans, which are included as loans held for investment. For the three and six months ended June 30, 2017, the Company had additions to other real estate owned of $1.1 million and $1.4 million, respectively, of which $825 thousand and $1.0 million, respectively, were outstanding as of June 30, 2017. For the three and six months ended June 30, 2017, the Company had additions to impaired loans of $9.7 million and $11.4 million, respectively, of which $9.7 million and $10.5 million, respectively, were outstanding as of June 30, 2017. The remaining financial assets and liabilities measured at fair value on a non-recurring basis that were recorded in 2017 and remained outstanding at June 30, 2017 were not significant. The following tables present carrying and fair value information of financial instruments as of the dates indicated: As of June 30, 2017 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total Assets (Dollars in thousands) Cash and due from banks $ 321,958 $ 321,958 $ — $ — $ 321,958 Federal funds sold 757 757 — — 757 Held to maturity securities 9,329,065 — 9,301,875 — 9,301,875 Loans held for sale 26,094 — 26,094 — 26,094 Loans held for investment, net of allowance 9,754,142 — — 9,999,786 9,999,786 Other real estate owned 15,472 — 15,472 — 15,472 Liabilities Deposits: Noninterest-bearing $ 5,397,293 $ — $ 5,397,293 $ — $ 5,397,293 Interest-bearing 11,673,237 — 11,657,884 — 11,657,884 Other borrowings 1,035,506 — 1,035,808 — 1,035,808 Securities sold under repurchase agreements 346,324 — 346,298 — 346,298 As of December 31, 2016 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total Assets (Dollars in thousands) Cash and due from banks $ 436,203 $ 436,203 $ — $ — $ 436,203 Federal funds sold 1,178 1,178 — — 1,178 Held to maturity securities 9,504,910 — 9,339,455 — 9,339,455 Loans held for sale 26,975 — 26,975 — 26,975 Loans held for investment, net of allowance 9,509,759 — — 9,533,310 9,533,310 Other real estate owned 15,463 — 15,463 — 15,463 Liabilities Deposits: Noninterest-bearing $ 5,190,973 $ — $ 5,190,973 $ — $ 5,190,973 Interest-bearing 12,116,329 — 12,121,157 — 12,121,157 Other borrowings 990,781 — 991,181 — 991,181 Securities sold under repurchase agreements 320,430 — 320,428 — 320,428 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 —For these short-term instruments, the carrying amount is a reasonable estimate of fair value. The Company classifies the estimated fair value of these instruments as Level 1. Federal funds sold —For these short-term instruments, the carrying amount is a reasonable estimate of fair value. The Company classifies the estimated fair value of these instruments as Level 1. Securities — Fair value measurements based upon quoted prices are considered Level 1 inputs. Level 1 securities consist of U.S. Treasury securities and certain equity securities which are included in the available for sale portfolio. For all other available for sale and held to maturity securities, if quoted prices are not available, fair values are measured using Level 2 inputs. For these securities, the Company generally obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness. Securities available for sale are recorded at fair value on a recurring basis. Loans held for sale — Loans held for sale are carried at the lower of cost or estimated fair value. Fair value for consumer mortgages held for sale is based on commitments on hand from investors or prevailing market prices. As such, the Company classifies loans subjected to nonrecurring fair value adjustments as Level 2. 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 — Other real estate owned is primarily foreclosed properties securing residential loans and commercial real estate. Foreclosed assets are adjusted to fair value less estimated costs to sell upon transfer of the loans to other real estate owned. Subsequently, these assets are carried at the lower of carrying value or fair value less estimated costs to sell. Other real estate carried at fair value based on an observable market price or a current appraised value is classified by the Company as Level 2. When management determines that the fair value of other real estate requires additional adjustments, either as a result of a non-current appraisal or when there is no observable market price, the Company classifies the other real estate as Level 3. Deposits —The fair value of demand deposits, savings accounts and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. Deposits fair value measurements utilize Level 2 inputs. Other borrowings —Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of other borrowings using a discounted cash flows methodology and are measured utilizing Level 2 inputs. Securities sold under repurchase agreements —The fair value of securities sold under repurchase agreements is the amount payable on demand at the reporting date and are measured utilizing Level 2 inputs. Off-balance sheet financial instruments —The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreement and the present creditworthiness of the counterparties. The Company has reviewed the unfunded portion of commitments to extend credit as well as standby and other letters of credit, and has determined that the fair value of such financial instruments is not material. The Company classifies the estimated fair value of credit-related financial instruments as Level 3. The fair value estimates presented herein are based on pertinent information available to management at June 30, 2017. 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. |
Goodwill and Core Deposit Intan
Goodwill and Core Deposit Intangibles | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposit Intangibles | 7. GOODWILL AND CORE DEPOSIT INTANGIBLES Changes in the carrying amount of the Company’s goodwill and core deposit intangibles for the six months ended June 30, 2017 and the year ended December 31, 2016 were as follows: Goodwill Core Deposit Intangibles (Dollars in thousands) Balance as of December 31, 2015 $ 1,868,827 $ 49,417 Less: Amortization — (9,200 ) Add: Acquisition of Tradition Bancshares, Inc. 32,018 5,567 Balance as of December 31, 2016 1,900,845 45,784 Less: Amortization — (3,634 ) Add: Measurement period adjustments — — Balance as of June 30, 2017 $ 1,900,845 $ 42,150 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 core deposit intangibles has occurred. If any such impairment is determined, a write-down is recorded. As of June 30, 2017, there was no impairment recorded on goodwill and core deposit 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 $1.7 million and $2.3 million for the three months ended June 30, 2017 and 2016, respectively, and $3.6 million and $4.6 million for the six months ended June 30, 2017 and 2016, respectively. The estimated aggregate future amortization expense for core deposit intangibles remaining as of June 30, 2017 is as follows (dollars in thousands): Remaining 2017 $ 3,308 2018 5,959 2019 5,051 2020 4,483 2021 4,022 Thereafter 19,327 Total $ 42,150 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. STOCK–BASED COMPENSATION At June 30, 2017, the Company had two stock-based employee compensation plans with awards outstanding. One of these plans has expired and therefore no additional awards may be issued under that plan. During 2004, Bancshares’ Board of Directors established the Prosperity Bancshares, Inc. 2004 Stock Incentive Plan (the “2004 Plan”), which was approved by Bancshares’ 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 grants of incentive and nonqualified stock options to employees and nonqualified stock options to directors who are not employees. The 2004 Plan also provided for grants 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 under the 2004 Plan. During 2012, Bancshares’ Board of Directors established the Prosperity Bancshares, Inc. 2012 Stock Incentive Plan (the “2012 Plan”), which was approved by Bancshares’ shareholders and authorized 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 353,235 shares have been granted under the 2012 Plan as of June 30, 2017. The Company did not receive cash from the exercise of stock options during the three-month period ended June 30, 2017, compared with $198 thousand during the three-month period ended June 30, 2016. The Company received $148 thousand and $198 thousand from the exercise of stock options during the six-month periods ended June 30, 2017 and 2016, respectively. There was no tax benefit realized from option exercises of the stock-based payment arrangements during the three month and six month periods ended June 30, 2017 and 2016. As of June 30, 2017, there was $9.9 million of total unrecognized compensation expense related to stock-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 1.34 years. |
Contractual Obligations and Off
Contractual Obligations and Off-Balance Sheet Items | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contractual Obligations and Off-Balance Sheet Items | 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 June 30, 2017 (other than deposit obligations and securities sold under repurchase agreements). The Company’s future cash payments associated with its contractual obligations pursuant to its Federal Home Loan Bank (“FHLB”) notes payable and operating leases as of June 30, 2017 are summarized below. Payments for FHLB notes payable include interest of $517 thousand that will be paid over the future periods. Payments related to leases are based on actual payments specified in underlying contracts. 1 year or less More than 1 year but less than 3 years 3 years or more but less than 5 years 5 years or more Total (Dollars in thousands) Federal Home Loan Bank notes payable $ 1,030,956 $ 4,417 $ 467 $ 183 $ 1,036,023 Operating leases 5,168 8,319 4,451 4,381 22,319 Total $ 1,036,124 $ 12,736 $ 4,918 $ 4,564 $ 1,058,342 Off-Balance Sheet Items In the normal course of business, the Company enters into various transactions, which, in accordance with GAAP, are not included in its consolidated balance sheets. The Company enters into these transactions to meet the financing needs of its customers. These transactions include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company’s commitments associated with outstanding standby letters of credit and commitments to extend credit expiring by period as of June 30, 2017 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. 1 year or less More than 1 year but less than 3 years 3 years or more but less than 5 years 5 years or more Total (Dollars in thousands) Standby letters of credit $ 64,666 $ 7,500 $ 509 $ — $ 72,675 Commitments to extend credit 968,439 306,871 217,067 660,466 2,152,843 Total $ 1,033,105 $ 314,371 $ 217,576 $ 660,466 $ 2,225,518 |
Other Comprehensive Income
Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Other Comprehensive Income | 10. OTHER COMPREHENSIVE INCOME The tax effects allocated to each component of other comprehensive income were as follows: Three Months Ended June 30, 2017 2016 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount (Dollars in thousands) Other comprehensive income: Securities available for sale: Change in unrealized gain during period $ 671 $ (235 ) $ 436 $ (790 ) $ 277 $ (513 ) Total securities available for sale 671 (235 ) 436 (790 ) 277 (513 ) Total other comprehensive income $ 671 $ (235 ) $ 436 $ (790 ) $ 277 $ (513 ) Six Months Ended June 30, 2017 2016 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount (Dollars in thousands) Other comprehensive loss: Securities available for sale: Change in unrealized gain during period $ 700 $ (245 ) $ 455 $ (642 ) $ 225 $ (417 ) Total securities available for sale 700 (245 ) 455 (642 ) 225 (417 ) Total other comprehensive loss $ 700 $ (245 ) $ 455 $ (642 ) $ 225 $ (417 ) 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, 2017 $ 1,411 $ 1,411 Other comprehensive income 455 455 Balance at June 30, 2017 $ 1,866 $ 1,866 Balance at January 1, 2016 $ 2,040 $ 2,040 Other comprehensive income (417 ) (417 ) Balance at June 30, 2016 $ 1,623 $ 1,623 |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | 11. ACQUISITIONS Acquisition of Tradition Bancshares, Inc. — On January 1, 2016, the Company completed the acquisition of Tradition and its wholly-owned subsidiary Tradition Bank, headquartered in Houston, Texas. Tradition Bank operated 7 banking offices in the Houston, Texas area, including its main office in Bellaire, 3 banking centers in Katy and 1 banking center in The Woodlands. The acquisition was not considered significant to the Company’s financial statements and therefore pro forma financial data and related disclosures are not included. Under the terms of the definitive agreement, Bancshares issued 679,528 shares of its common stock plus $39.0 million in cash for all outstanding shares of Tradition capital stock, for total merger consideration of $71.5 million, based on Bancshares’ closing stock price of $47.86 on December 31, 2015. As of June 30, 2017, total goodwill related to the Tradition acquisition was $32.0 million. 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 $5.6 million of core deposit intangibles during 2016. |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Accounting Standards Updates (“ASU”) | Accounting Standards Updates (“ASU”) ASU 2017-09, “Compensation—Stock Compensation (Topic 718).” ASU 2017-09 clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the amendments in this update, an entity should account for changes to the terms or conditions of a share-based payment as a modification unless all of the following are met: 1) the fair value of the modified award is the same as the fair value of the original award immediately before modification, 2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before modification and 3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before modification. ASU 2017-09 will be effective for the Company on January 1, 2018 and is not expected to have a significant impact on the Company’s financial statements. ASU 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20).” ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 will be effective for the Company on January 1, 2019 on a modified retrospective basis with a cumulative-effect adjustment as of the beginning of the period of adoption. The Company is currently evaluating the potential impact of ASU 2017-08 on the Company’s financial statements. ASU 2017-04, “Intangibles—Goodwill and Other (Topic 350).” ASU 2017-01, “Business Combinations (Topic 805).” ASU 2017-01 is intended to clarify or correct unintended application of ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Additionally, the amendments in this update provide a more robust framework to assist entities in evaluating whether a set of assets and activities constitutes a business. Lastly, the amendments in this update narrow the definition of the term output so that the term is consistent with how outputs are described in Topic 606. ASU 2017-01 will be effective for the Company on January 1, 2018 and is not expected to have a significant impact on the Company’s financial statements. ASU 2016-18, “Statement of Cash Flows (Topic 230)—Restricted Cash.” ASU 2016-18 requires the Statement of Cash Flows to explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, restricted cash or cash equivalents should be included with cash and cash equivalents when recording the beginning-of-period and end-of-period total amounts on the Statement of Cash Flows. ASU 2016-18 will be effective for the Company on January 1, 2018 and is not expected to have a significant impact on the Company’s financial statements. ASU 2016-15, ASU 2016-15 addresses certain cash receipts and cash payments with the objective of reducing the existing diversity in practice. ASU 2016‑15 will be effective for the Company on January 1, 2018 and is not expected to have a significant impact on the Company's financial statements. ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. Additionally, available for sale debt securities may realize value either through collection of contractual cash flows or through sale of the security at fair value. Therefore, the amendments limit the amount of the allowance for credit losses to the difference between amortized cost and fair value. ASU 2016-13 will be effective for the Company as of January 1, 2020. The Company is currently evaluating the potential impact of ASU 2016-13 on the Company’s financial statements. ASU 2016-12, “Revenue from Contracts with Customers (Topic 606)—Narrow-Scope Improvements and Practical Expedients.” ASU 2016-12 addresses narrow-scope improvements to the guidance on collectability, noncash consideration and completed contracts at transition. Additionally, the amendments in this update provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers. The amendments in this update affect the guidance in , which is effective January 1, 2018. The Company is in the process of evaluating the impact of this guidance and does not currently anticipate a significant impact on the Company’s financial statements. ASU 2016-10, “Revenue from Contracts with Customers (Topic 606)—Identifying Performance Obligations and Licensing.” ASU 2016-10 clarifies two aspects of ” (i) identifying performance obligations and (ii) the licensing implementation guidance. This ASU adds guidance on how to identify the promised goods or services in the contract and how to evaluate whether promised goods and services are distinct. Additionally, this update includes guidance on determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time) and when to recognize revenue for a sales-based or use-based royalty promised in exchange for a license of intellectual property. The amendments in this update affect the guidance in ,” which is effective January 1, 2018. The Company is in the process of evaluating the impact of this guidance and does not currently anticipate a significant impact on the Company’s financial statements. ASU 2016-09, “Compensation - Stock Compensation (Topic 718)—Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 simplifies the accounting for share-based awards paid to employees. The amended guidance 1) requires excess tax benefits and tax deficiencies on share-based awards payments to employees to be recognized directly to income tax expense or benefit in the Consolidated Statement of Income rather than to capital surplus; 2) requires excess tax benefits to be included as operating activities on the Consolidated Statements of Cash Flows; 3) provides entities with the option of making an accounting policy election to account for forfeitures of share-based payments as they occur instead of estimating the awards expected to be forfeited; and 4) changes the threshold to qualify for equity classification to permit withholdings up to the maximum statutory tax rate in the applicable jurisdiction. In addition, excess tax benefits and tax deficiencies are considered discrete items in the reporting period they occur and are not included in the estimate of an entity’s annual effective tax rate. The Company adopted ASU 2016-09 on January 1, 2017 and elected to recognize forfeitures as they occur. Implementation of ASU 2016-09 will add volatility to tax expense as the Company’s stock price changes. The adoption of ASU 2016-09 did not have a significant impact on the Company’s financial statements. ASU 2016-08, “Revenue from Contracts with Customers (Topic 606)—Principal versus Agent Considerations (Reporting Revenue Gross versus Net).” ASU 2016-08 states that when another party is involved in providing goods or services to a customer, an entity is required to determine whether the nature of its promise is to provide the specified good or service itself (that is, the entity is a principal) or to arrange for that good or service to be provided by the other party (that is, the entity is an agent). Additionally, when a principal entity satisfies a performance obligation, the entity recognizes revenue in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred to the customer, but when an agent entity satisfies a performance obligation, the entity recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified good or service to be provided by the other party. The amendments in this update affect the guidance in ,” which is effective January 1, 2018. The Company is in the process of evaluating the impact of this guidance and does not currently anticipate a significant impact on the Company’s financial statements. ASU 2016-02, "Leases (Topic 842)." ASU 2016-02 requires that lessees and lessors recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. ASU 2016-02 is effective for public companies for annual periods beginning January 1, 2019, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of ASU 2016-02 on the Company’s financial statements. ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10)—Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 1) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; 2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; 3) eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; 4) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; 5) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 6) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; 7) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and 8) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The amendments in this update affect all entities that hold financial assets or owe financial liabilities. ASU 2016-01 is effective for the Company beginning January 1, 2018, and is not expected to have a significant impact on the Company’s financial statements. ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 supersedes the revenue recognition requirements in Revenue Recognition (Topic 605), and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, ASU 2014-09 supersedes some cost guidance included in Revenue Recognition—Construction-Type and Production-Type Contracts (Subtopic 605-35). In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer are amended to be consistent with the guidance on recognition and measurement. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company will adopt ASU 2014-09, effective January 1, 2018, using the modified retrospective application with a cumulative-effect adjustment, if such adjustment is significant. The Company continues to evaluate the requirements of ASU 2014-09, but it is not expected to have a significant impact on the Company’s financial statements. |
Income Per Common Share (Tables
Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table illustrates the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Amount Per Share Amount Amount Per Share Amount Amount Per Share Amount Amount Per Share Amount (Amounts in thousands, except per share data) Net income $ 68,554 $ 68,071 $ 137,119 $ 137,022 Basic: Weighted average shares outstanding 69,487 $ 0.99 69,565 $ 0.98 69,483 $ 1.97 69,869 $ 1.96 Diluted: Add incremental shares for: Effect of dilutive securities - options — 9 1 8 Total 69,487 $ 0.99 69,574 $ 0.98 69,484 $ 1.97 69,877 $ 1.96 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Investment Securities | The amortized cost and fair value of investment securities were as follows: June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available for Sale States and political subdivisions $ 1,816 $ 4 $ — $ 1,820 Collateralized mortgage obligations 109,856 1,371 (35 ) 111,192 Mortgage-backed securities 125,999 1,711 (237 ) 127,473 Other securities 12,588 136 (79 ) 12,645 Total $ 250,259 $ 3,222 $ (351 ) $ 253,130 Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 32,119 $ 459 $ — $ 32,578 States and political subdivisions 356,304 6,353 (48 ) 362,609 Collateralized mortgage obligations 749 6 (2 ) 753 Mortgage-backed securities 8,939,893 43,512 (77,470 ) 8,905,935 Other securities — — — — Total $ 9,329,065 $ 50,330 $ (77,520 ) $ 9,301,875 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available for Sale States and political subdivisions $ 1,915 $ 5 $ — $ 1,920 Collateralized mortgage obligations 120,478 240 (119 ) 120,599 Mortgage-backed securities 84,024 2,004 (165 ) 85,863 Other securities 12,588 252 (46 ) 12,794 Total $ 219,005 $ 2,501 $ (330 ) $ 221,176 Held to Maturity U.S. Treasury securities and obligations of U.S. Government agencies $ 33,523 $ 497 $ — $ 34,020 States and political subdivisions 384,015 3,934 (1,328 ) 386,621 Collateralized mortgage obligations 850 6 (5 ) 851 Mortgage-backed securities 9,086,422 30,880 (199,439 ) 8,917,863 Other securities 100 — — 100 Total $ 9,504,910 $ 35,317 $ (200,772 ) $ 9,339,455 |
Securities in Continuous Loss Position | Securities with unrealized losses, segregated by length of time, that have been in a continuous loss position were as follows: June 30, 2017 Less than 12 Months More than 12 Months Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (Dollars in thousands) Available for Sale Collateralized mortgage obligations $ 3,128 $ (35 ) $ — $ — $ 3,128 $ (35 ) Mortgage-backed securities 40,134 (233 ) 2,293 (4 ) 42,427 (237 ) Other securities 1,658 (79 ) — — 1,658 (79 ) Total $ 44,920 $ (347 ) $ 2,293 $ (4 ) $ 47,213 $ (351 ) Held to Maturity States and political subdivisions 21,966 (17 ) 3,928 (31 ) 25,894 (48 ) Collateralized mortgage obligations 113 (2 ) — — 113 (2 ) Mortgage-backed securities 5,152,838 (75,322 ) 82,127 (2,148 ) 5,234,965 (77,470 ) Total $ 5,174,917 $ (75,341 ) $ 86,055 $ (2,179 ) $ 5,260,972 $ (77,520 ) December 31, 2016 Less than 12 Months More than 12 Months Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (Dollars in thousands) Available for Sale Collateralized mortgage obligations $ 10,723 $ (119 ) $ — $ — $ 10,723 $ (119 ) Mortgage-backed securities 45,456 (160 ) 2,334 (5 ) 47,790 (165 ) Other securities — — 1,691 (46 ) 1,691 (46 ) Total $ 56,179 $ (279 ) $ 4,025 $ (51 ) $ 60,204 $ (330 ) Held to Maturity States and political subdivisions 115,132 (1,288 ) 5,080 (40 ) 120,212 (1,328 ) Collateralized mortgage obligations 589 (4 ) 44 (1 ) 633 (5 ) Mortgage-backed securities 6,903,919 (195,556 ) 90,293 (3,883 ) 6,994,212 (199,439 ) Total $ 7,019,640 $ (196,848 ) $ 95,417 $ (3,924 ) $ 7,115,057 $ (200,772 ) |
Investment Securities by Contractual Maturity | The amortized cost and fair value of investment securities at June 30, 2017, 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 Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 28,795 $ 28,889 $ 13,098 $ 13,155 Due after one year through five years 185,754 187,765 1,306 1,310 Due after five years through ten years 153,857 158,089 — — Due after ten years 20,017 20,444 — — Subtotal 388,423 395,187 14,404 14,465 Mortgage-backed securities and collateralized mortgage obligations 8,940,642 8,906,688 235,855 238,665 Total $ 9,329,065 $ 9,301,875 $ 250,259 $ 253,130 |
Loans and Allowance for Credi23
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Types of Loans in Loan Portfolio | The loan portfolio consists of various types of loans and is categorized by major type as follows: June 30, 2017 December 31, 2016 (Dollars in thousands) Residential mortgage loans held for sale $ 26,094 $ 26,975 Commercial and industrial 1,489,563 1,539,439 Real estate: Construction, land development and other land loans 1,383,539 1,263,923 1-4 family residential (includes home equity) 2,689,982 2,690,856 Commercial real estate (includes multi-family residential) 3,309,227 3,162,109 Farmland 503,792 484,588 Agriculture 195,436 187,748 Consumer and other 266,386 266,422 Total loans held for investment 9,837,925 9,595,085 Total $ 9,864,019 $ 9,622,060 |
Related Party Loans | An analysis of activity with respect to these related party loans is as follows: As of and for the six months ended June 30, 2017 As of and for the year ended December (Dollars in thousands) Beginning balance on January 1 $ 4,493 $ 4,063 New loans — 699 Repayments and reclassified related loans (853 ) (269 ) Ending balance $ 3,640 $ 4,493 |
Aging Analysis of Past Due Loans | An aging analysis of past due loans, segregated by category of loan, is presented below: June 30, 2017 Loans Past Due and Still Accruing 30-89 Days 90 or More Days Total Past Due Loans Nonaccrual Loans Current Loans Total Loans (Dollars in thousands) Construction, land development and other land loans $ 10,198 $ — $ 10,198 $ 216 $ 1,373,125 $ 1,383,539 Agriculture and agriculture real estate (includes farmland) 2,199 — 2,199 258 696,771 699,228 1-4 family (includes home equity) (1) 3,677 843 4,520 2,972 2,708,584 2,716,076 Commercial real estate (includes multi-family residential) 24,995 324 25,319 2,027 3,281,881 3,309,227 Commercial and industrial 7,249 446 7,695 24,928 1,456,940 1,489,563 Consumer and other 311 — 311 116 265,959 266,386 Total $ 48,629 $ 1,613 $ 50,242 $ 30,517 $ 9,783,260 $ 9,864,019 December 31, 2016 Loans Past Due and Still Accruing 30-89 Days 90 or More Days Total Past Due Loans Nonaccrual Loans Current Loans Total Loans (Dollars in thousands) Construction, land development and other land loans $ 8,766 $ 514 $ 9,280 $ 73 $ 1,254,570 $ 1,263,923 Agriculture and agriculture real estate (includes farmland) 1,813 381 2,194 161 669,981 672,336 1-4 family (includes home equity) (1) 8,645 53 8,698 3,726 2,705,407 2,717,831 Commercial real estate (includes multi-family residential) 4,250 — 4,250 3,528 3,154,331 3,162,109 Commercial and industrial 8,290 8 8,298 23,999 1,507,142 1,539,439 Consumer and other 886 — 886 155 265,381 266,422 Total $ 32,650 $ 956 $ 33,606 $ 31,642 $ 9,556,812 $ 9,622,060 (1) Includes $26.1 million and $27.0 million of residential mortgage loans held for sale at June 30, 2017 and December 31, 2016, respectively. |
Non-performing Assets | The following table presents information regarding nonperforming assets as of the dates indicated: June 30, 2017 December 31, 2016 (Dollars in thousands) Nonaccrual loans (1) $ 30,517 $ 31,642 Accruing loans 90 or more days past due 1,613 956 Total nonperforming loans 32,130 32,598 Repossessed assets 16 241 Other real estate 15,472 15,463 Total nonperforming assets $ 47,618 $ 48,302 Nonperforming assets to total loans and other real estate 0.48 % 0.50 % (1) Includes troubled debt restructurings of $8.1 million and $97 thousand as of June 30, 2017 and December 31, 2016, respectively. |
Carrying Amount of PCI Loans and Related Outstanding Balance | The carrying amount of PCI loans included in the consolidated balance sheet and the related outstanding balance as of the dates indicated are presented in the table below. The outstanding balance represents the total amount owed as of June 30, 2017 and December 31, 2016. June 30, 2017 December 31, 2016 (Dollars in thousands) PCI loans: Outstanding balance $ 43,507 $ 51,640 Discount (18,580 ) (24,007 ) Recorded investment $ 24,927 $ 27,633 |
Changes in Accretable Yield for Acquired PCI Loans | Changes in the accretable yield for acquired PCI loans for the three and six months ended June 30, 2017 and 2016 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Balance at beginning of period $ 9,263 $ 13,175 $ 9,778 $ 5,664 Additions — — — 10,222 Reclassifications from nonaccretable 1,210 2,311 2,178 7,431 Accretion (1,716 ) (3,471 ) (3,199 ) (11,302 ) Balance at June 30 $ 8,757 $ 12,015 $ 8,757 $ 12,015 |
Carrying Amount of Non-PCI Loans and Related Outstanding Balance | The carrying amount of Non-PCI loans included in the consolidated balance sheet and the related outstanding balance as of the dates indicated are presented in the table below. The outstanding balance represents the total amount owed as of June 30, 2017 and December 31, 2016, including accrued but unpaid interest. June 30, 2017 December 31, 2016 (Dollars in thousands) Non-PCI loans: Outstanding balance $ 892,604 $ 1,115,061 Discount (29,359 ) (35,401 ) Recorded investment $ 863,245 $ 1,079,660 |
Changes in Discount Accretion for Non-PCI Loans | Changes in the discount accretion for Non-PCI loans for the three and six months ended June 30, 2017 and 2016 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Balance at beginning of period $ 32,129 $ 50,509 $ 35,401 $ 54,734 Additions — — — 3,491 Accretion charge-offs (15 ) (4 ) (17 ) (1,057 ) Accretion (2,755 ) (5,833 ) (6,025 ) (12,496 ) Balance at June 30 $ 29,359 $ 44,672 $ 29,359 $ 44,672 |
Summary of 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. June 30, 2017 Recorded Investment Unpaid Contractual Principal Balance Related Allowance Average Recorded Investment (Dollars in thousands) With no related allowance recorded: Construction, land development and other land loans $ 172 $ 185 $ — $ 93 Agriculture and agriculture real estate (includes farmland) 115 118 — 61 1-4 family (includes home equity) 2,576 2,829 — 2,513 Commercial real estate (includes multi-family residential) 291 319 — 1,738 Commercial and industrial 13,005 15,424 — 10,965 Consumer and other 116 186 — 117 Total 16,275 19,061 — 15,487 With an allowance recorded: Construction, land development and other land loans — — — — Agriculture and agriculture real estate (includes farmland) 143 178 5 149 1-4 family (includes home equity) 377 391 119 407 Commercial real estate (includes multi-family residential) 1,486 1,499 193 887 Commercial and industrial 10,607 10,771 3,729 11,967 Consumer and other — — — 2 Total 12,613 12,839 4,046 13,412 Total: Construction, land development and other land loans 172 185 — 93 Agriculture and agriculture real estate (includes farmland) 258 296 5 210 1-4 family (includes home equity) 2,953 3,220 119 2,920 Commercial real estate (includes multi-family residential) 1,777 1,818 193 2,625 Commercial and industrial 23,612 26,195 3,729 22,932 Consumer and other 116 186 — 119 $ 28,888 $ 31,900 $ 4,046 $ 28,899 December 31, 2016 Recorded Investment Unpaid Contractual Principal Balance Related Allowance Average Recorded Investment (Dollars in thousands) With no related allowance recorded: Construction, land development and other land loans $ 14 $ 220 $ — $ 24 Agriculture and agriculture real estate (includes farmland) 7 12 — 14 1-4 family (includes home equity) 2,450 2,682 — 1,828 Commercial real estate (includes multi-family residential) 3,184 3,327 — 9,150 Commercial and industrial 8,925 9,446 — 5,139 Consumer and other 119 157 — 88 Total 14,699 15,844 — 16,243 With an allowance recorded: Construction, land development and other land loans — — — 3 Agriculture and agriculture real estate (includes farmland) 154 181 17 171 1-4 family (includes home equity) 437 449 150 408 Commercial real estate (includes multi-family residential) 288 288 178 275 Commercial and industrial 13,327 13,821 2,851 13,961 Consumer and other 4 4 1 93 Total 14,210 14,743 3,197 14,911 Total: Construction, land development and other land loans 14 220 — 27 Agriculture and agriculture real estate (includes farmland) 161 193 17 185 1-4 family (includes home equity) 2,887 3,131 150 2,236 Commercial real estate (includes multi-family residential) 3,472 3,615 178 9,425 Commercial and industrial 22,252 23,267 2,851 19,100 Consumer and other 123 161 1 181 $ 28,909 $ 30,587 $ 3,197 $ 31,154 |
Risk Grades and PCI Loans by Category of Loan | The following table presents risk grades and PCI loans by category of loan at June 30, 2017. 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, Land Development and Other Agriculture and Agriculture Real Estate (includes Farmland) 1-4 Family (includes Home (1) Commercial Real Estate (includes Multi-Family Commercial and Industrial Consumer and Other Total (Dollars in thousands) Grade 1 $ — $ 14,307 $ — $ — $ 59,161 $ 39,409 $ 112,877 Grade 2 2,117 4,412 29,870 31,730 11,320 26,289 105,738 Grade 3 1,291,229 593,020 2,612,139 2,966,019 1,099,256 182,159 8,743,822 Grade 4 82,803 75,632 57,124 245,370 203,648 7,156 671,733 Grade 5 3,516 10,774 5,645 28,020 50,777 6,203 104,935 Grade 6 2,385 437 3,679 20,913 38,631 5,054 71,099 Grade 7 172 258 2,953 1,777 23,610 116 28,886 Grade 8 — — — — 2 — 2 Grade 9 — — — — — — — PCI Loans (2) 1,317 388 4,666 15,398 3,158 — 24,927 Total $ 1,383,539 $ 699,228 $ 2,716,076 $ 3,309,227 $ 1,489,563 $ 266,386 $ 9,864,019 (1) Includes $26.1 million of residential mortgage loans held for sale at June 30, 2017. (2) Of the total PCI loans, $1.6 million were classified as substandard at June 30, 2017, with no specific reserves allocated to them. The following table presents risk grades and PCI loans by category of loan at December 31, 2016. 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, Land Development and Other Agriculture and Agriculture Real Estate (includes Farmland) 1-4 Family (includes Home (1) Commercial Real Estate (includes Multi-Family Commercial and Industrial Consumer and Other Total (Dollars in thousands) Grade 1 $ — $ 14,616 $ — $ — $ 54,908 $ 40,688 $ 110,212 Grade 2 2,261 4,218 22,863 8,317 12,772 11,041 61,472 Grade 3 1,200,623 570,324 2,622,304 2,859,433 1,143,634 194,210 8,590,528 Grade 4 54,380 74,079 55,367 220,533 176,287 16,095 596,741 Grade 5 2,525 7,703 3,605 45,533 57,283 2,403 119,052 Grade 6 2,690 847 5,095 8,401 68,682 1,829 87,544 Grade 7 13 161 2,857 3,472 21,475 156 28,134 Grade 8 — — 30 — 714 — 744 Grade 9 — — — — — — — PCI Loans (2) 1,431 388 5,710 16,420 3,684 — 27,633 Total $ 1,263,923 $ 672,336 $ 2,717,831 $ 3,162,109 $ 1,539,439 $ 266,422 $ 9,622,060 (1) Includes $27.0 million of residential mortgage loans held for sale at December 31, 2016. (2) Of the total PCI loans, $2.7 million were classified as substandard at December 31, 2016, which includes $31 thousand with specific reserves allocated to them. |
Allowance for Credit Losses by Category of Loan | The following table details activity in the allowance for credit losses by category of loan for the three and six months ended June 30, 2017 and 2016. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Construction, Land Development and Other Land Loans Agriculture and Agriculture Real Estate (includes Farmland) 1-4 Family (includes Home Equity) Commercial Real Estate (includes Multi-Family Residential) Commercial and Industrial Consumer and Other Total (Dollars in thousands) Allowance for credit losses: Three Months Ended Balance $ 14,663 $ 3,584 $ 15,771 $ 10,975 $ 37,682 $ 1,420 $ 84,095 Provision for credit losses (207 ) 396 (1,234 ) (596 ) 3,847 544 2,750 Charge-offs (9 ) (17 ) (109 ) — (3,005 ) (781 ) (3,921 ) Recoveries 69 46 14 — 474 256 859 Net charge-offs 60 29 (95 ) — (2,531 ) (525 ) (3,062 ) Balance $ 14,516 $ 4,009 $ 14,442 $ 10,379 $ 38,998 $ 1,439 $ 83,783 Six Months Ended Balance December 31, 2016 $ 14,984 $ 4,073 $ 16,571 $ 12,256 $ 35,836 $ 1,606 $ 85,326 Provision for credit losses (593 ) (158 ) (2,129 ) (1,744 ) 9,188 861 5,425 Charge-offs (9 ) (17 ) (122 ) (133 ) (6,643 ) (1,605 ) (8,529 ) Recoveries 134 111 122 — 617 577 1,561 Net charge-offs 125 94 — (133 ) (6,026 ) (1,028 ) (6,968 ) Balance June 30, 2017 $ 14,516 $ 4,009 $ 14,442 $ 10,379 $ 38,998 $ 1,439 $ 83,783 Allowance for credit losses: Three Months Ended Balance March 31, 2016 $ 14,365 $ 3,572 $ 14,564 $ 12,391 $ 37,163 $ 1,659 $ 83,714 Provision for credit losses (188 ) (98 ) 274 478 3,200 2,334 6,000 Charge-offs — — (2 ) (198 ) (4,340 ) (2,577 ) (7,117 ) Recoveries 25 655 80 1 231 237 1,229 Net charge-offs 25 655 78 (197 ) (4,109 ) (2,340 ) (5,888 ) Balance June 30, 2016 $ 14,202 $ 4,129 $ 14,916 $ 12,672 $ 36,254 $ 1,653 $ 83,826 Six Months Ended Balance December 31, 2015 $ 14,882 $ 3,845 $ 14,891 $ 12,996 $ 33,409 $ 1,361 $ 81,384 Provision for credit losses (891 ) 6,591 (23 ) (68 ) 11,350 3,041 20,000 Charge-offs (7 ) (7,025 ) (51 ) (257 ) (10,617 ) (3,425 ) (21,382 ) Recoveries 218 718 99 1 2,112 676 3,824 Net charge-offs 211 (6,307 ) 48 (256 ) (8,505 ) (2,749 ) (17,558 ) Balance June 30, 2016 $ 14,202 $ 4,129 $ 14,916 $ 12,672 $ 36,254 $ 1,653 $ 83,826 The following table details the amount of the allowance for credit losses allocated to each category of loan as of June 30, 2017, December 31, 2016 and June 30, 2016, on the basis of the impairment methodology used by the Company. Construction, Land Development and Other Land Loans Agriculture and Agriculture Real Estate (includes Farmland) 1-4 Family (includes Home Equity) Commercial Real Estate (includes Multi-Family Residential) Commercial and Industrial Consumer and Other Total (Dollars in thousands) Allowance for credit losses related June 30, 2017 Individually evaluated for impairment $ — $ 5 $ 119 $ 193 $ 3,729 $ — $ 4,046 Collectively evaluated for impairment 14,516 4,004 14,323 10,186 35,269 1,439 79,737 PCI loans — — — — — — — Total allowance for credit losses $ 14,516 $ 4,009 $ 14,442 $ 10,379 $ 38,998 $ 1,439 $ 83,783 December 31, 2016 Individually evaluated for impairment $ — $ 17 $ 150 $ 178 $ 2,820 $ 1 $ 3,166 Collectively evaluated for impairment 14,984 4,056 16,421 12,078 32,985 1,605 82,129 PCI loans — — — — 31 — 31 Total allowance for credit losses $ 14,984 $ 4,073 $ 16,571 $ 12,256 $ 35,836 $ 1,606 $ 85,326 June 30, 2016 Individually evaluated for impairment $ — $ — $ 159 $ 69 $ 3,772 $ 8 $ 4,008 Collectively evaluated for impairment 14,202 $ 4,129 14,757 12,603 32,258 1,645 79,594 PCI loans — — — — 224 — 224 Total allowance for credit losses $ 14,202 $ 4,129 $ 14,916 $ 12,672 $ 36,254 $ 1,653 $ 83,826 The following table details the recorded investment in loans as of June 30, 2017, December 31, 2016 and June 30, 2016, excluding $26.1 million, $27.0 million and $31.8 million, respectively, of residential mortgage loans held for sale, related to each balance in the allowance for credit losses by category of loan. Construction, Land Development and Other Land Loans Agriculture and Agriculture Real Estate (includes Farmland) 1-4 Family (includes Home Equity) Commercial Real Estate (includes Multi-Family Residential) Commercial and Industrial Consumer and Other Total (Dollars in thousands) Recorded investment in June 30, 2017 Individually evaluated for impairment $ 172 $ 258 $ 2,953 $ 1,777 $ 23,612 $ 116 $ 28,888 Collectively evaluated for impairment 1,382,050 698,582 2,682,363 3,292,052 1,462,793 266,270 9,784,110 PCI loans 1,317 388 4,666 15,398 3,158 — 24,927 Total loans evaluated for impairment $ 1,383,539 $ 699,228 $ 2,689,982 $ 3,309,227 $ 1,489,563 $ 266,386 $ 9,837,925 December 31, 2016 Individually evaluated for impairment $ 14 $ 161 $ 2,887 $ 3,472 $ 22,221 $ 123 $ 28,878 Collectively evaluated for impairment 1,262,478 671,787 2,682,259 3,142,217 1,513,534 266,299 9,538,574 PCI loans 1,431 388 5,710 16,420 3,684 — 27,633 Total loans evaluated for impairment $ 1,263,923 $ 672,336 $ 2,690,856 $ 3,162,109 $ 1,539,439 $ 266,422 $ 9,595,085 June 30, 2016 Individually evaluated for impairment $ 15 $ 869 $ 3,127 $ 8,964 $ 14,930 $ 224 $ 28,129 Collectively evaluated for impairment 1,165,746 656,372 2,666,808 3,202,008 1,604,512 259,510 9,554,956 PCI loans 1,525 392 6,314 18,584 8,277 — 35,092 Total loans evaluated for impairment $ 1,167,286 $ 657,633 $ 2,676,249 $ 3,229,556 $ 1,627,719 $ 259,734 $ 9,618,177 |
Troubled Debt Restructurings | The following table presents information regarding the recorded investment of loans modified as troubled debt restructurings during the six months ended June 30, 2017 and 2016: Six Months Ended June 30, 2017 2016 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled Debt Restructurings Construction, land development and other land loans — $ — $ — — $ — $ — Agriculture and agriculture real estate (includes farmland) — — — 1 154 153 1-4 Family (includes home equity) — — — — — — Commercial real estate (includes multi-family residential) — — — — — — Commercial and industrial 3 8,656 8,068 — — — Consumer and other — — — — — — Total 3 $ 8,656 $ 8,068 1 $ 154 $ 153 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Assets and Liabilities Measured on Recurring Basis | The following tables present fair values for assets and liabilities measured at fair value on a recurring basis: As of June 30, 2017 Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets: Available for sale securities: States and political subdivisions $ — $ 1,820 $ — $ 1,820 Collateralized mortgage obligations — 111,192 — 111,192 Mortgage-backed securities — 127,473 — 127,473 Other securities 12,645 — — 12,645 Total $ 12,645 $ 240,485 $ — $ 253,130 As of December 31, 2016 Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets: Available for sale securities: States and political subdivisions $ — $ 1,920 $ — $ 1,920 Collateralized mortgage obligations — 120,599 — 120,599 Mortgage-backed securities — 85,863 — 85,863 Other securities 12,794 — — 12,794 Total $ 12,794 $ 208,382 $ — $ 221,176 |
Financial Instruments Fair Value | The following tables present carrying and fair value information of financial instruments as of the dates indicated: As of June 30, 2017 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total Assets (Dollars in thousands) Cash and due from banks $ 321,958 $ 321,958 $ — $ — $ 321,958 Federal funds sold 757 757 — — 757 Held to maturity securities 9,329,065 — 9,301,875 — 9,301,875 Loans held for sale 26,094 — 26,094 — 26,094 Loans held for investment, net of allowance 9,754,142 — — 9,999,786 9,999,786 Other real estate owned 15,472 — 15,472 — 15,472 Liabilities Deposits: Noninterest-bearing $ 5,397,293 $ — $ 5,397,293 $ — $ 5,397,293 Interest-bearing 11,673,237 — 11,657,884 — 11,657,884 Other borrowings 1,035,506 — 1,035,808 — 1,035,808 Securities sold under repurchase agreements 346,324 — 346,298 — 346,298 As of December 31, 2016 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total Assets (Dollars in thousands) Cash and due from banks $ 436,203 $ 436,203 $ — $ — $ 436,203 Federal funds sold 1,178 1,178 — — 1,178 Held to maturity securities 9,504,910 — 9,339,455 — 9,339,455 Loans held for sale 26,975 — 26,975 — 26,975 Loans held for investment, net of allowance 9,509,759 — — 9,533,310 9,533,310 Other real estate owned 15,463 — 15,463 — 15,463 Liabilities Deposits: Noninterest-bearing $ 5,190,973 $ — $ 5,190,973 $ — $ 5,190,973 Interest-bearing 12,116,329 — 12,121,157 — 12,121,157 Other borrowings 990,781 — 991,181 — 991,181 Securities sold under repurchase agreements 320,430 — 320,428 — 320,428 |
Goodwill and Core Deposit Int25
Goodwill and Core Deposit Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposit Intangibles | Changes in the carrying amount of the Company’s goodwill and core deposit intangibles for the six months ended June 30, 2017 and the year ended December 31, 2016 were as follows: Goodwill Core Deposit Intangibles (Dollars in thousands) Balance as of December 31, 2015 $ 1,868,827 $ 49,417 Less: Amortization — (9,200 ) Add: Acquisition of Tradition Bancshares, Inc. 32,018 5,567 Balance as of December 31, 2016 1,900,845 45,784 Less: Amortization — (3,634 ) Add: Measurement period adjustments — — Balance as of June 30, 2017 $ 1,900,845 $ 42,150 |
Estimated Aggregate Future Amortization Expense for Core Deposit Intangibles | The estimated aggregate future amortization expense for core deposit intangibles remaining as of June 30, 2017 is as follows (dollars in thousands): Remaining 2017 $ 3,308 2018 5,959 2019 5,051 2020 4,483 2021 4,022 Thereafter 19,327 Total $ 42,150 |
Contractual Obligations and O26
Contractual Obligations and Off-Balance Sheet Items (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Contractual Obligations and Other Commitments | The following table summarizes the Company’s contractual obligations and other commitments to make future payments as of June 30, 2017 (other than deposit obligations and securities sold under repurchase agreements). The Company’s future cash payments associated with its contractual obligations pursuant to its Federal Home Loan Bank (“FHLB”) notes payable and operating leases as of June 30, 2017 are summarized below. Payments for FHLB notes payable include interest of $517 thousand that will be paid over the future periods. Payments related to leases are based on actual payments specified in underlying contracts. 1 year or less More than 1 year but less than 3 years 3 years or more but less than 5 years 5 years or more Total (Dollars in thousands) Federal Home Loan Bank notes payable $ 1,030,956 $ 4,417 $ 467 $ 183 $ 1,036,023 Operating leases 5,168 8,319 4,451 4,381 22,319 Total $ 1,036,124 $ 12,736 $ 4,918 $ 4,564 $ 1,058,342 |
Summary of Commitments Associated with Outstanding Standby Letters of Credit and Commitments to Extend Credit | The Company’s commitments associated with outstanding standby letters of credit and commitments to extend credit expiring by period as of June 30, 2017 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. 1 year or less More than 1 year but less than 3 years 3 years or more but less than 5 years 5 years or more Total (Dollars in thousands) Standby letters of credit $ 64,666 $ 7,500 $ 509 $ — $ 72,675 Commitments to extend credit 968,439 306,871 217,067 660,466 2,152,843 Total $ 1,033,105 $ 314,371 $ 217,576 $ 660,466 $ 2,225,518 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Tax Effects Allocated to Each Component of Other Comprehensive Income | The tax effects allocated to each component of other comprehensive income were as follows: Three Months Ended June 30, 2017 2016 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount (Dollars in thousands) Other comprehensive income: Securities available for sale: Change in unrealized gain during period $ 671 $ (235 ) $ 436 $ (790 ) $ 277 $ (513 ) Total securities available for sale 671 (235 ) 436 (790 ) 277 (513 ) Total other comprehensive income $ 671 $ (235 ) $ 436 $ (790 ) $ 277 $ (513 ) Six Months Ended June 30, 2017 2016 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount (Dollars in thousands) Other comprehensive loss: Securities available for sale: Change in unrealized gain during period $ 700 $ (245 ) $ 455 $ (642 ) $ 225 $ (417 ) Total securities available for sale 700 (245 ) 455 (642 ) 225 (417 ) Total other comprehensive loss $ 700 $ (245 ) $ 455 $ (642 ) $ 225 $ (417 ) |
Activity in Accumulated Other Comprehensive Income Associated with Securities Available for Sale, Net of Tax | 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, 2017 $ 1,411 $ 1,411 Other comprehensive income 455 455 Balance at June 30, 2017 $ 1,866 $ 1,866 Balance at January 1, 2016 $ 2,040 $ 2,040 Other comprehensive income (417 ) (417 ) Balance at June 30, 2016 $ 1,623 $ 1,623 |
Income Per Common Share - Sched
Income Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 68,554 | $ 68,071 | $ 137,119 | $ 137,022 |
Weighted average shares outstanding (in shares) | 69,487,000 | 69,565,000 | 69,483,000 | 69,869,000 |
Weighted average shares outstanding (in dollars per share) | $ 0.99 | $ 0.98 | $ 1.97 | $ 1.96 |
Effect of dilutive securities - options (in shares) | 9,000 | 1,000 | 8,000 | |
Total (in shares) | 69,487,000 | 69,574,000 | 69,484,000 | 69,877,000 |
Total (in dollars per share) | $ 0.99 | $ 0.98 | $ 1.97 | $ 1.96 |
Income Per Common Share Additio
Income Per Common Share Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost Basis | $ 250,259 | $ 219,005 |
Available for Sale, Gross Unrealized Gains | 3,222 | 2,501 |
Available for Sale, Gross Unrealized Losses | (351) | (330) |
Available for Sale Securities | 253,130 | 221,176 |
Held to Maturity, amortized cost, total | 9,329,065 | 9,504,910 |
Held to Maturity, Gross Unrealized Gains | 50,330 | 35,317 |
Held to Maturity, Gross Unrealized Losses | (77,520) | (200,772) |
Held to Maturity securities | 9,301,875 | 9,339,455 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost Basis | 1,816 | 1,915 |
Available for Sale, Gross Unrealized Gains | 4 | 5 |
Available for Sale Securities | 1,820 | 1,920 |
Held to Maturity, amortized cost, total | 356,304 | 384,015 |
Held to Maturity, Gross Unrealized Gains | 6,353 | 3,934 |
Held to Maturity, Gross Unrealized Losses | (48) | (1,328) |
Held to Maturity securities | 362,609 | 386,621 |
Collateralized Mortgage Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost Basis | 109,856 | 120,478 |
Available for Sale, Gross Unrealized Gains | 1,371 | 240 |
Available for Sale, Gross Unrealized Losses | (35) | (119) |
Available for Sale Securities | 111,192 | 120,599 |
Held to Maturity, amortized cost, total | 749 | 850 |
Held to Maturity, Gross Unrealized Gains | 6 | 6 |
Held to Maturity, Gross Unrealized Losses | (2) | (5) |
Held to Maturity securities | 753 | 851 |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost Basis | 125,999 | 84,024 |
Available for Sale, Gross Unrealized Gains | 1,711 | 2,004 |
Available for Sale, Gross Unrealized Losses | (237) | (165) |
Available for Sale Securities | 127,473 | 85,863 |
Held to Maturity, amortized cost, total | 8,939,893 | 9,086,422 |
Held to Maturity, Gross Unrealized Gains | 43,512 | 30,880 |
Held to Maturity, Gross Unrealized Losses | (77,470) | (199,439) |
Held to Maturity securities | 8,905,935 | 8,917,863 |
Other Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale Securities, Amortized Cost Basis | 12,588 | 12,588 |
Available for Sale, Gross Unrealized Gains | 136 | 252 |
Available for Sale, Gross Unrealized Losses | (79) | (46) |
Available for Sale Securities | 12,645 | 12,794 |
Held to Maturity, amortized cost, total | 100 | |
Held to Maturity securities | 100 | |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Held to Maturity, amortized cost, total | 32,119 | 33,523 |
Held to Maturity, Gross Unrealized Gains | 459 | 497 |
Held to Maturity securities | $ 32,578 | $ 34,020 |
Securities - Additional Informa
Securities - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017USD ($)Security | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)SegmentSecurity | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)Security | |
Schedule Of Held To Maturity Securities [Line Items] | |||||
Gain on sale of securities | $ 3,270 | $ 0 | $ 3,270 | $ 0 | |
Available for Sale Securities, Amortized Cost Basis | 250,259 | 250,259 | $ 219,005 | ||
Available for sale securities, at fair value | $ 253,130 | $ 253,130 | $ 221,176 | ||
Securities Concentration Risk [Member] | Stockholders' Equity, Total [Member] | |||||
Schedule Of Held To Maturity Securities [Line Items] | |||||
Concentration Risk, Percentage | 10.00% | 10.00% | |||
Collateralized Securities [Member] | |||||
Schedule Of Held To Maturity Securities [Line Items] | |||||
Number of Investment Securities Segments | Segment | 2 | ||||
Other than Temporary Impairment Losses, Investments | $ 0 | ||||
Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions Greater Than or Equal to One Year | Security | 248 | 248 | 276 | ||
Available for Sale Securities, Amortized Cost Basis | $ 5,050,000 | $ 5,050,000 | $ 5,640,000 | ||
Available for sale securities, at fair value | $ 5,010,000 | $ 5,010,000 | $ 5,510,000 |
Securities - Securities in Cont
Securities - Securities in Continuous Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Estimated Fair Value, Less than 12 Months | $ 44,920 | $ 56,179 |
Available for Sale, Unrealized Losses, Less than 12 Months | (347) | (279) |
Available for Sale, Estimated Fair Value, More than 12 Months | 2,293 | 4,025 |
Available for Sale, Unrealized Losses, More than 12 Months | (4) | (51) |
Available for Sale, Estimated Fair Value, Total | 47,213 | 60,204 |
Available for Sale, Unrealized Losses, Total | (351) | (330) |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 5,174,917 | 7,019,640 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (75,341) | (196,848) |
Held to Maturity, Estimated Fair Value, More than 12 Months | 86,055 | 95,417 |
Held to Maturity, Unrealized Losses, More than 12 Months | (2,179) | (3,924) |
Held to Maturity, Estimated Fair Value, Total | 5,260,972 | 7,115,057 |
Held to Maturity, Unrealized Losses, Total | (77,520) | (200,772) |
Collateralized Mortgage Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Estimated Fair Value, Less than 12 Months | 3,128 | 10,723 |
Available for Sale, Unrealized Losses, Less than 12 Months | (35) | (119) |
Available for Sale, Estimated Fair Value, Total | 3,128 | 10,723 |
Available for Sale, Unrealized Losses, Total | (35) | (119) |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 113 | 589 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (2) | (4) |
Held to Maturity, Estimated Fair Value, More than 12 Months | 44 | |
Held to Maturity, Unrealized Losses, More than 12 Months | (1) | |
Held to Maturity, Estimated Fair Value, Total | 113 | 633 |
Held to Maturity, Unrealized Losses, Total | (2) | (5) |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Estimated Fair Value, Less than 12 Months | 40,134 | 45,456 |
Available for Sale, Unrealized Losses, Less than 12 Months | (233) | (160) |
Available for Sale, Estimated Fair Value, More than 12 Months | 2,293 | 2,334 |
Available for Sale, Unrealized Losses, More than 12 Months | (4) | (5) |
Available for Sale, Estimated Fair Value, Total | 42,427 | 47,790 |
Available for Sale, Unrealized Losses, Total | (237) | (165) |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 5,152,838 | 6,903,919 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (75,322) | (195,556) |
Held to Maturity, Estimated Fair Value, More than 12 Months | 82,127 | 90,293 |
Held to Maturity, Unrealized Losses, More than 12 Months | (2,148) | (3,883) |
Held to Maturity, Estimated Fair Value, Total | 5,234,965 | 6,994,212 |
Held to Maturity, Unrealized Losses, Total | (77,470) | (199,439) |
Other Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Estimated Fair Value, Less than 12 Months | 1,658 | |
Available for Sale, Unrealized Losses, Less than 12 Months | (79) | |
Available for Sale, Estimated Fair Value, More than 12 Months | 1,691 | |
Available for Sale, Unrealized Losses, More than 12 Months | (46) | |
Available for Sale, Estimated Fair Value, Total | 1,658 | 1,691 |
Available for Sale, Unrealized Losses, Total | (79) | (46) |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Held to Maturity, Estimated Fair Value, Less than 12 Months | 21,966 | 115,132 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (17) | (1,288) |
Held to Maturity, Estimated Fair Value, More than 12 Months | 3,928 | 5,080 |
Held to Maturity, Unrealized Losses, More than 12 Months | (31) | (40) |
Held to Maturity, Estimated Fair Value, Total | 25,894 | 120,212 |
Held to Maturity, Unrealized Losses, Total | $ (48) | $ (1,328) |
Securities - Investment Securit
Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Investments Debt And Equity Securities [Abstract] | ||
Held to Maturity, amortized cost, due in one year or less | $ 28,795 | |
Held to Maturity, amortized cost, due after one year through five years | 185,754 | |
Held to Maturity, amortized cost, due after five years through ten years | 153,857 | |
Held to Maturity, amortized cost, due after ten years | 20,017 | |
Held to Maturity, amortized cost, subtotal | 388,423 | |
Held to Maturity, amortized cost, mortgage-backed securities and collateralized mortgage obligations | 8,940,642 | |
Held to Maturity, amortized cost, total | 9,329,065 | $ 9,504,910 |
Held to Maturity, fair value, due in one year or less | 28,889 | |
Held to Maturity, fair value, due after one year through five years | 187,765 | |
Held to Maturity, fair value, due after five years through ten years | 158,089 | |
Held to Maturity, fair value, due after ten years | 20,444 | |
Held to Maturity, fair value, subtotal | 395,187 | |
Held to Maturity, fair value, mortgage-backed securities and collateralized mortgage obligations | 8,906,688 | |
Held to Maturity, fair value, total | 9,301,875 | $ 9,339,455 |
Available for Sale, amortized cost, due in one year or less | 13,098 | |
Available for Sale, amortized cost, due after one year through five years | 1,306 | |
Available for Sale, amortized cost, subtotal | 14,404 | |
Available for Sale, amortized cost, mortgage-backed securities and collateralized mortgage obligations | 235,855 | |
Available for Sale, amortized cost, total | 250,259 | |
Available for Sale, fair value, due in one year or less | 13,155 | |
Available for Sale, fair value, due after one year through five years | 1,310 | |
Available for Sale, fair value, subtotal | 14,465 | |
Available for Sale, fair value, mortgage-backed securities and collateralized mortgage obligations | 238,665 | |
Available for Sale securities, at fair value | $ 253,130 |
Loans and Allowance for Credi34
Loans and Allowance for Credit Losses - Types of Loans in Loan Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 26,094 | $ 26,975 | ||||
Total loans held for investment | 9,837,925 | 9,595,085 | $ 9,618,177 | |||
Total | 9,864,019 | 9,622,060 | ||||
Residential Portfolio Segment [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 26,094 | 26,975 | ||||
Commercial and Industrial [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans held for investment | 1,489,563 | 1,539,439 | 1,627,719 | |||
Total | 1,489,563 | 1,539,439 | ||||
Construction, Land Development and Other Land Loans [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans held for investment | 1,383,539 | 1,263,923 | 1,167,286 | |||
Total | 1,383,539 | 1,263,923 | ||||
1-4 Family Residential (Includes Home Equity) [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 26,100 | 27,000 | 31,800 | |||
Total loans held for investment | 2,689,982 | 2,690,856 | 2,676,249 | |||
Total | [1] | 2,716,076 | [2] | 2,717,831 | [3] | |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans held for investment | 3,309,227 | 3,162,109 | 3,229,556 | |||
Total | 3,309,227 | 3,162,109 | ||||
Farmland [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans held for investment | 503,792 | 484,588 | ||||
Agriculture [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans held for investment | 195,436 | 187,748 | ||||
Consumer and Other [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans held for investment | 266,386 | 266,422 | $ 259,734 | |||
Total | $ 266,386 | $ 266,422 | ||||
[1] | Includes $26.1 million and $27.0 million of residential mortgage loans held for sale at June 30, 2017 and December 31, 2016, respectively. | |||||
[2] | Includes $26.1 million of residential mortgage loans held for sale at June 30, 2017. | |||||
[3] | (1) Includes $27.0 million of residential mortgage loans held for sale at December 31, 2016. |
Loans and Allowance for Credi35
Loans and Allowance for Credit Losses - Additional Information (Details) | 6 Months Ended | |||
Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($)contract | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Percentage of real estate loans aggregating to company loan portfolio | 74.80% | |||
Loans held for investment | $ 9,837,925,000 | $ 9,618,177,000 | $ 9,595,085,000 | |
Financing Receivable Ratio of Non-performing Loans to All Loans and Other Real Estate | 0.48% | 0.50% | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 1,800,000 | $ 1,700,000 | ||
Nonaccrual loans | $ 30,517,000 | $ 31,642,000 | ||
Troubled debt restructurings, number of loans | contract | 3 | 1 | ||
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 8,656,000 | $ 154,000 | ||
Troubled Debt Restructuring [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Nonaccrual loans | 8,100 | $ 404,000 | ||
Nonperforming Financial Instruments [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans held for investment | $ 47,618,000 | 48,302,000 | ||
Substandard [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Percentage of Loans Related to Single Industry on Loans | 10.00% | |||
Loans and Leases Receivable, Related Parties | $ 3,640,000 | 4,493,000 | $ 4,063,000 | |
Minimum Period for Ceases Accruing Interest | 90 days | |||
Financing Receivable, Allowance for Credit Losses | $ 83,800,000 | $ 85,300,000 | ||
Allowance for Credit Losses as Percentage of Loans | 0.85% | 0.89% | ||
Loan to be Considered as Payment Default in Period | 90 days | |||
Troubled debt restructurings, number of loans | contract | 3 | 1 | ||
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 8,700,000 | $ 154,000 | ||
Financing Receivable, Modifications, Recorded Investment | $ 8,100,000 | $ 153,000 |
Loans and Allowance for Credi36
Loans and Allowance for Credit Losses - Related Party Loans (Details) - Substandard [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Beginning balance on January 1 | $ 4,493 | $ 4,063 |
New loans | 699 | |
Repayments and reclassified related loans | (853) | (269) |
Ending balance | $ 3,640 | $ 4,493 |
Loans and Allowance for Credi37
Loans and Allowance for Credit Losses - Aging Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | $ 50,242 | $ 33,606 | |||
Nonaccrual loans | 30,517 | 31,642 | |||
Current loans | 9,783,260 | 9,556,812 | |||
Total loans | 9,864,019 | 9,622,060 | |||
Financing Receivables, 30 to 89 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | 48,629 | 32,650 | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | 1,613 | 956 | |||
Construction, Land Development and Other Land Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | 10,198 | 9,280 | |||
Nonaccrual loans | 216 | 73 | |||
Current loans | 1,373,125 | 1,254,570 | |||
Total loans | 1,383,539 | 1,263,923 | |||
Construction, Land Development and Other Land Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | 10,198 | 8,766 | |||
Construction, Land Development and Other Land Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | 514 | ||||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | 2,199 | 2,194 | |||
Nonaccrual loans | 258 | 161 | |||
Current loans | 696,771 | 669,981 | |||
Total loans | 699,228 | 672,336 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | 2,199 | 1,813 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | 381 | ||||
1-4 Family Residential (Includes Home Equity) [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | [1] | 4,520 | 8,698 | ||
Nonaccrual loans | [1] | 2,972 | 3,726 | ||
Current loans | [1] | 2,708,584 | 2,705,407 | ||
Total loans | [1] | 2,716,076 | [2] | 2,717,831 | [3] |
1-4 Family Residential (Includes Home Equity) [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | [1] | 3,677 | 8,645 | ||
1-4 Family Residential (Includes Home Equity) [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | [1] | 843 | 53 | ||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | 25,319 | 4,250 | |||
Nonaccrual loans | 2,027 | 3,528 | |||
Current loans | 3,281,881 | 3,154,331 | |||
Total loans | 3,309,227 | 3,162,109 | |||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | 24,995 | 4,250 | |||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | 324 | ||||
Commercial and Industrial [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | 7,695 | 8,298 | |||
Nonaccrual loans | 24,928 | 23,999 | |||
Current loans | 1,456,940 | 1,507,142 | |||
Total loans | 1,489,563 | 1,539,439 | |||
Commercial and Industrial [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | 7,249 | 8,290 | |||
Commercial and Industrial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | 446 | 8 | |||
Consumer and Other [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | 311 | 886 | |||
Nonaccrual loans | 116 | 155 | |||
Current loans | 265,959 | 265,381 | |||
Total loans | 266,386 | 266,422 | |||
Consumer and Other [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans past due and still accruing | $ 311 | $ 886 | |||
[1] | Includes $26.1 million and $27.0 million of residential mortgage loans held for sale at June 30, 2017 and December 31, 2016, respectively. | ||||
[2] | Includes $26.1 million of residential mortgage loans held for sale at June 30, 2017. | ||||
[3] | (1) Includes $27.0 million of residential mortgage loans held for sale at December 31, 2016. |
Loans and Allowance for Credi38
Loans and Allowance for Credit Losses - Aging Analysis of Past Due Loans (Parenthetical) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 26,094 | $ 26,975 |
Residential Mortgage Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 26,100 | $ 27,000 |
Loans and Allowance for Credi39
Loans and Allowance for Credit Losses - Nonperforming Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans held for investment | $ 9,837,925 | $ 9,595,085 | $ 9,618,177 | |
Nonperforming assets to total loans and other real estate | 0.48% | 0.50% | ||
Nonperforming Financial Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans held for investment | $ 32,130 | $ 32,598 | ||
Nonperforming Financial Loans [Member] | Finance Receivable Nonaccrual Status [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans held for investment | [1] | 30,517 | 31,642 | |
Nonperforming Financial Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans held for investment | 1,613 | 956 | ||
Nonperforming Financial Instruments [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans held for investment | 47,618 | 48,302 | ||
Nonperforming Financial Instruments [Member] | Repossessed Assets [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans held for investment | 16 | 241 | ||
Nonperforming Financial Instruments [Member] | Other Real Assets [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans held for investment | $ 15,472 | $ 15,463 | ||
[1] | Includes troubled debt restructurings of $8.1 million and $97 thousand as of June 30, 2017 and December 31, 2016, respectively. |
Loans and Allowance for Credi40
Loans and Allowance for Credit Losses - Nonperforming Assets (Parenthetical) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans held for investment | $ 9,837,925 | $ 9,595,085 | $ 9,618,177 | |
Nonperforming Financial Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans held for investment | 32,130 | 32,598 | ||
Nonperforming Financial Loans [Member] | Finance Receivable Nonaccrual Status [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans held for investment | [1] | 30,517 | 31,642 | |
Troubled Debt Restructuring [Member] | Nonperforming Financial Loans [Member] | Finance Receivable Nonaccrual Status [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans held for investment | $ 8,100 | $ 97 | ||
[1] | Includes troubled debt restructurings of $8.1 million and $97 thousand as of June 30, 2017 and December 31, 2016, respectively. |
Loans and Allowance for Credi41
Loans and Allowance for Credit Losses - Carrying Amount of PCI Loans and Related Outstanding Balance (Details) - Receivables Acquired with Deteriorated Credit Quality [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable Impaired [Line Items] | ||
Outstanding balance | $ 43,507 | $ 51,640 |
Discount | (18,580) | (24,007) |
Recorded investment | $ 24,927 | $ 27,633 |
Loans and Allowance for Credi42
Loans and Allowance for Credit Losses - Changes in Accretable Yield for Acquired PCI Loans (Details) - Receivables Acquired with Deteriorated Credit Quality [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable Impaired [Line Items] | ||||
Balance | $ 9,263 | $ 13,175 | $ 9,778 | $ 5,664 |
Additions | 10,222 | |||
Reclassifications from nonaccretable | 1,210 | 2,311 | 2,178 | 7,431 |
Accretion | (1,716) | (3,471) | (3,199) | (11,302) |
Balance | $ 8,757 | $ 12,015 | $ 8,757 | $ 12,015 |
Loans and Allowance for Credi43
Loans and Allowance for Credit Losses - Carrying Amount of Non-PCI Loans and Related Outstanding Balance (Details) - Non PCI Loans [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable Impaired [Line Items] | ||
Outstanding balance | $ 892,604 | $ 1,115,061 |
Discount | (29,359) | (35,401) |
Recorded investment | $ 863,245 | $ 1,079,660 |
Loans and Allowance for Credi44
Loans and Allowance for Credit Losses - Changes in Discount Accretion for Non-PCI Loans (Details) - Non PCI Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable Impaired [Line Items] | ||||
Balance | $ 32,129 | $ 50,509 | $ 35,401 | $ 54,734 |
Additions | 3,491 | |||
Accretion charge-offs | (15) | (4) | (17) | (1,057) |
Accretion | (2,755) | (5,833) | (6,025) | (12,496) |
Balance | $ 29,359 | $ 44,672 | $ 29,359 | $ 44,672 |
Loans and Allowance for Credi45
Loans and Allowance for Credit Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance, recorded investment | $ 16,275 | $ 14,699 |
Impaired loans with no related allowance, unpaid contractual principal balance | 19,061 | 15,844 |
Impaired loans with no related allowance, average recorded investment | 15,487 | 16,243 |
Impaired loans with related allowance, recorded investment | 12,613 | 14,210 |
Impaired loans with related allowance, unpaid contractual principal balance | 12,839 | 14,743 |
Impaired loans with related allowance, related allowance | 4,046 | 3,197 |
Impaired loans with related allowance, average recorded investment | 13,412 | 14,911 |
Impaired loans, recorded investment | 28,888 | 28,909 |
Impaired loans, unpaid contractual principal balance | 31,900 | 30,587 |
Impaired loans, average recorded investment | 28,899 | 31,154 |
Construction, Land Development and Other Land Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance, recorded investment | 172 | 14 |
Impaired loans with no related allowance, unpaid contractual principal balance | 185 | 220 |
Impaired loans with no related allowance, average recorded investment | 93 | 24 |
Impaired loans with related allowance, average recorded investment | 3 | |
Impaired loans, recorded investment | 172 | 14 |
Impaired loans, unpaid contractual principal balance | 185 | 220 |
Impaired loans, average recorded investment | 93 | 27 |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance, recorded investment | 115 | 7 |
Impaired loans with no related allowance, unpaid contractual principal balance | 118 | 12 |
Impaired loans with no related allowance, average recorded investment | 61 | 14 |
Impaired loans with related allowance, recorded investment | 143 | 154 |
Impaired loans with related allowance, unpaid contractual principal balance | 178 | 181 |
Impaired loans with related allowance, related allowance | 5 | 17 |
Impaired loans with related allowance, average recorded investment | 149 | 171 |
Impaired loans, recorded investment | 258 | 161 |
Impaired loans, unpaid contractual principal balance | 296 | 193 |
Impaired loans, average recorded investment | 210 | 185 |
1-4 Family Residential (Includes Home Equity) [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance, recorded investment | 2,576 | 2,450 |
Impaired loans with no related allowance, unpaid contractual principal balance | 2,829 | 2,682 |
Impaired loans with no related allowance, average recorded investment | 2,513 | 1,828 |
Impaired loans with related allowance, recorded investment | 377 | 437 |
Impaired loans with related allowance, unpaid contractual principal balance | 391 | 449 |
Impaired loans with related allowance, related allowance | 119 | 150 |
Impaired loans with related allowance, average recorded investment | 407 | 408 |
Impaired loans, recorded investment | 2,953 | 2,887 |
Impaired loans, unpaid contractual principal balance | 3,220 | 3,131 |
Impaired loans, average recorded investment | 2,920 | 2,236 |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance, recorded investment | 291 | 3,184 |
Impaired loans with no related allowance, unpaid contractual principal balance | 319 | 3,327 |
Impaired loans with no related allowance, average recorded investment | 1,738 | 9,150 |
Impaired loans with related allowance, recorded investment | 1,486 | 288 |
Impaired loans with related allowance, unpaid contractual principal balance | 1,499 | 288 |
Impaired loans with related allowance, related allowance | 193 | 178 |
Impaired loans with related allowance, average recorded investment | 887 | 275 |
Impaired loans, recorded investment | 1,777 | 3,472 |
Impaired loans, unpaid contractual principal balance | 1,818 | 3,615 |
Impaired loans, average recorded investment | 2,625 | 9,425 |
Commercial and Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance, recorded investment | 13,005 | 8,925 |
Impaired loans with no related allowance, unpaid contractual principal balance | 15,424 | 9,446 |
Impaired loans with no related allowance, average recorded investment | 10,965 | 5,139 |
Impaired loans with related allowance, recorded investment | 10,607 | 13,327 |
Impaired loans with related allowance, unpaid contractual principal balance | 10,771 | 13,821 |
Impaired loans with related allowance, related allowance | 3,729 | 2,851 |
Impaired loans with related allowance, average recorded investment | 11,967 | 13,961 |
Impaired loans, recorded investment | 23,612 | 22,252 |
Impaired loans, unpaid contractual principal balance | 26,195 | 23,267 |
Impaired loans, average recorded investment | 22,932 | 19,100 |
Consumer and Other [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance, recorded investment | 116 | 119 |
Impaired loans with no related allowance, unpaid contractual principal balance | 186 | 157 |
Impaired loans with no related allowance, average recorded investment | 117 | 88 |
Impaired loans with related allowance, recorded investment | 4 | |
Impaired loans with related allowance, unpaid contractual principal balance | 4 | |
Impaired loans with related allowance, related allowance | 1 | |
Impaired loans with related allowance, average recorded investment | 2 | 93 |
Impaired loans, recorded investment | 116 | 123 |
Impaired loans, unpaid contractual principal balance | 186 | 161 |
Impaired loans, average recorded investment | $ 119 | $ 181 |
Loans and Allowance for Credi46
Loans and Allowance for Credit Losses - Risk Grades and PCI Loans by Category of Loan (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |||
Financing Receivable Impaired [Line Items] | |||||
Loans | $ 9,864,019 | $ 9,622,060 | |||
Grade 1 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 112,877 | 110,212 | |||
Grade 2 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 105,738 | 61,472 | |||
Grade 3 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 8,743,822 | 8,590,528 | |||
Grade 4 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 671,733 | 596,741 | |||
Grade 5 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 104,935 | 119,052 | |||
Grade 6 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 71,099 | 87,544 | |||
Grade 7 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 28,886 | 28,134 | |||
Grade 8 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 2 | 744 | |||
PCI Loans [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 24,927 | [1] | 27,633 | [2] | |
Construction, Land Development and Other Land Loans [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 1,383,539 | 1,263,923 | |||
Construction, Land Development and Other Land Loans [Member] | Grade 2 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 2,117 | 2,261 | |||
Construction, Land Development and Other Land Loans [Member] | Grade 3 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 1,291,229 | 1,200,623 | |||
Construction, Land Development and Other Land Loans [Member] | Grade 4 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 82,803 | 54,380 | |||
Construction, Land Development and Other Land Loans [Member] | Grade 5 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 3,516 | 2,525 | |||
Construction, Land Development and Other Land Loans [Member] | Grade 6 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 2,385 | 2,690 | |||
Construction, Land Development and Other Land Loans [Member] | Grade 7 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 172 | 13 | |||
Construction, Land Development and Other Land Loans [Member] | PCI Loans [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 1,317 | [1] | 1,431 | [2] | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 699,228 | 672,336 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 1 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 14,307 | 14,616 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 2 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 4,412 | 4,218 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 3 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 593,020 | 570,324 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 4 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 75,632 | 74,079 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 5 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 10,774 | 7,703 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 6 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 437 | 847 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Grade 7 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 258 | 161 | |||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | PCI Loans [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 388 | [1] | 388 | [2] | |
1-4 Family Residential (Includes Home Equity) [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | [3] | 2,716,076 | [4] | 2,717,831 | [5] |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 2 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 29,870 | [4] | 22,863 | [5] | |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 3 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 2,612,139 | [4] | 2,622,304 | [5] | |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 4 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 57,124 | [4] | 55,367 | [5] | |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 5 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 5,645 | [4] | 3,605 | [5] | |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 6 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 3,679 | [4] | 5,095 | [5] | |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 7 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 2,953 | [4] | 2,857 | [5] | |
1-4 Family Residential (Includes Home Equity) [Member] | Grade 8 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | [5] | 30 | |||
1-4 Family Residential (Includes Home Equity) [Member] | PCI Loans [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 4,666 | [1],[4] | 5,710 | [2],[5] | |
Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 3,309,227 | 3,162,109 | |||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Grade 2 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 31,730 | 8,317 | |||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Grade 3 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 2,966,019 | 2,859,433 | |||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Grade 4 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 245,370 | 220,533 | |||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Grade 5 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 28,020 | 45,533 | |||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Grade 6 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 20,913 | 8,401 | |||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | Grade 7 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 1,777 | 3,472 | |||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | PCI Loans [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 15,398 | [1] | 16,420 | [2] | |
Commercial and Industrial [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 1,489,563 | 1,539,439 | |||
Commercial and Industrial [Member] | Grade 1 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 59,161 | 54,908 | |||
Commercial and Industrial [Member] | Grade 2 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 11,320 | 12,772 | |||
Commercial and Industrial [Member] | Grade 3 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 1,099,256 | 1,143,634 | |||
Commercial and Industrial [Member] | Grade 4 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 203,648 | 176,287 | |||
Commercial and Industrial [Member] | Grade 5 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 50,777 | 57,283 | |||
Commercial and Industrial [Member] | Grade 6 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 38,631 | 68,682 | |||
Commercial and Industrial [Member] | Grade 7 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 23,610 | 21,475 | |||
Commercial and Industrial [Member] | Grade 8 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 2 | 714 | |||
Commercial and Industrial [Member] | PCI Loans [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 3,158 | [1] | 3,684 | [2] | |
Consumer and Other [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 266,386 | 266,422 | |||
Consumer and Other [Member] | Grade 1 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 39,409 | 40,688 | |||
Consumer and Other [Member] | Grade 2 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 26,289 | 11,041 | |||
Consumer and Other [Member] | Grade 3 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 182,159 | 194,210 | |||
Consumer and Other [Member] | Grade 4 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 7,156 | 16,095 | |||
Consumer and Other [Member] | Grade 5 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 6,203 | 2,403 | |||
Consumer and Other [Member] | Grade 6 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | 5,054 | 1,829 | |||
Consumer and Other [Member] | Grade 7 [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Loans | $ 116 | $ 156 | |||
[1] | (2) Of the total PCI loans, $1.6 million were classified as substandard at June 30, 2017, with no specific reserves allocated to them. | ||||
[2] | (2) Of the total PCI loans, $2.7 million were classified as substandard at December 31, 2016, which includes $31 thousand with specific reserves allocated to them. | ||||
[3] | Includes $26.1 million and $27.0 million of residential mortgage loans held for sale at June 30, 2017 and December 31, 2016, respectively. | ||||
[4] | Includes $26.1 million of residential mortgage loans held for sale at June 30, 2017. | ||||
[5] | (1) Includes $27.0 million of residential mortgage loans held for sale at December 31, 2016. |
Loans and Allowance for Credi47
Loans and Allowance for Credit Losses - Risk Grades and Impaired Loans by Class of Loan (Parenthetical) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Financing Receivable Impaired [Line Items] | |||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 26,094,000 | $ 26,975,000 | |
Substandard [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Loans Receivable, Fair Value Disclosure | 1,600,000 | 2,700,000 | |
Allocated Specific Reserves | 0 | 31,000 | |
1-4 Family Residential (Includes Home Equity) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 26,100,000 | $ 27,000,000 | $ 31,800,000 |
Loans and Allowance for Credi48
Loans and Allowance for Credit Losses - Allowance for Credit Losses by Category of Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Allowance for credit losses: | |||||||
Allowance for credit losses, beginning balance | $ 84,095 | $ 83,714 | $ 85,326 | $ 81,384 | |||
Provision for credit losses | 2,750 | 6,000 | 5,425 | 20,000 | |||
Charge-offs | (3,921) | (7,117) | (8,529) | (21,382) | |||
Recoveries | 859 | 1,229 | 1,561 | 3,824 | |||
Net charge-offs | (3,062) | (5,888) | (6,968) | (17,558) | |||
Allowance for credit losses, ending balance | 83,783 | 83,826 | 83,783 | 83,826 | |||
Allowance for credit losses, beginning balance | 84,095 | 83,714 | 85,326 | 81,384 | |||
Provision for credit losses | 2,750 | 6,000 | 5,425 | 20,000 | |||
Charge-offs | (3,921) | (7,117) | (8,529) | (21,382) | |||
Recoveries | 859 | 1,229 | 1,561 | 3,824 | |||
Net charge-offs | (3,062) | (5,888) | (6,968) | (17,558) | |||
Allowance for credit losses, ending balance | 83,783 | 83,826 | 83,783 | 83,826 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses, individually evaluated for impairment | $ 4,046 | $ 3,166 | $ 4,008 | ||||
Allowance for credit losses, collectively evaluated for impairment | 79,737 | 82,129 | 79,594 | ||||
Allowance for credit losses, PCI loans | 31 | 224 | |||||
Total allowance for credit losses | 83,783 | 83,714 | 83,783 | 83,826 | 83,783 | 85,326 | 83,826 |
Recorded investment in loans: | |||||||
Loans, individually evaluated for impairment | 28,888 | 28,878 | 28,129 | ||||
Loans, collectively evaluated for impairment | 9,784,110 | 9,538,574 | 9,554,956 | ||||
PCI loans | 24,927 | 27,633 | 35,092 | ||||
Total loans evaluated for impairment | 9,837,925 | 9,595,085 | 9,618,177 | ||||
Construction, Land Development and Other Land Loans [Member] | |||||||
Allowance for credit losses: | |||||||
Allowance for credit losses, beginning balance | 14,663 | 14,365 | 14,984 | 14,882 | |||
Provision for credit losses | (207) | (188) | (593) | (891) | |||
Charge-offs | (9) | (9) | (7) | ||||
Recoveries | 69 | 25 | 134 | 218 | |||
Net charge-offs | 60 | 25 | 125 | 211 | |||
Allowance for credit losses, ending balance | 14,516 | 14,202 | 14,516 | 14,202 | |||
Allowance for credit losses, beginning balance | 14,663 | 14,365 | 14,984 | 14,882 | |||
Provision for credit losses | (207) | (188) | (593) | (891) | |||
Charge-offs | (9) | (9) | (7) | ||||
Recoveries | 69 | 25 | 134 | 218 | |||
Net charge-offs | 60 | 25 | 125 | 211 | |||
Allowance for credit losses, ending balance | 14,516 | 14,202 | 14,516 | 14,202 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses, collectively evaluated for impairment | 14,516 | 14,984 | 14,202 | ||||
Total allowance for credit losses | 14,663 | 14,365 | 14,516 | 14,202 | 14,516 | 14,984 | 14,202 |
Recorded investment in loans: | |||||||
Loans, individually evaluated for impairment | 172 | 14 | 15 | ||||
Loans, collectively evaluated for impairment | 1,382,050 | 1,262,478 | 1,165,746 | ||||
PCI loans | 1,317 | 1,431 | 1,525 | ||||
Total loans evaluated for impairment | 1,383,539 | 1,263,923 | 1,167,286 | ||||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||||||
Allowance for credit losses: | |||||||
Allowance for credit losses, beginning balance | 3,584 | 3,572 | 4,073 | 3,845 | |||
Provision for credit losses | 396 | (98) | (158) | 6,591 | |||
Charge-offs | (17) | (17) | (7,025) | ||||
Recoveries | 46 | 655 | 111 | 718 | |||
Net charge-offs | 29 | 655 | 94 | (6,307) | |||
Allowance for credit losses, ending balance | 4,009 | 4,129 | 4,009 | 4,129 | |||
Allowance for credit losses, beginning balance | 3,584 | 3,572 | 4,073 | 3,845 | |||
Provision for credit losses | 396 | (98) | (158) | 6,591 | |||
Charge-offs | (17) | (17) | (7,025) | ||||
Recoveries | 46 | 655 | 111 | 718 | |||
Net charge-offs | 29 | 655 | 94 | (6,307) | |||
Allowance for credit losses, ending balance | 4,009 | 4,129 | 4,009 | 4,129 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses, individually evaluated for impairment | 5 | 17 | |||||
Allowance for credit losses, collectively evaluated for impairment | 4,004 | 4,056 | 4,129 | ||||
Total allowance for credit losses | 3,584 | 3,572 | 4,009 | 4,129 | 4,009 | 4,073 | 4,129 |
Recorded investment in loans: | |||||||
Loans, individually evaluated for impairment | 258 | 161 | 869 | ||||
Loans, collectively evaluated for impairment | 698,582 | 671,787 | 656,372 | ||||
PCI loans | 388 | 388 | 392 | ||||
Total loans evaluated for impairment | 699,228 | 672,336 | 657,633 | ||||
1-4 Family Residential (Includes Home Equity) [Member] | |||||||
Allowance for credit losses: | |||||||
Allowance for credit losses, beginning balance | 15,771 | 14,564 | 16,571 | 14,891 | |||
Provision for credit losses | (1,234) | 274 | (2,129) | (23) | |||
Charge-offs | (109) | (2) | (122) | (51) | |||
Recoveries | 14 | 80 | 122 | 99 | |||
Net charge-offs | (95) | 78 | 48 | ||||
Allowance for credit losses, ending balance | 14,442 | 14,916 | 14,442 | 14,916 | |||
Allowance for credit losses, beginning balance | 15,771 | 14,564 | 16,571 | 14,891 | |||
Provision for credit losses | (1,234) | 274 | (2,129) | (23) | |||
Charge-offs | (109) | (2) | (122) | (51) | |||
Recoveries | 14 | 80 | 122 | 99 | |||
Net charge-offs | (95) | 78 | 48 | ||||
Allowance for credit losses, ending balance | 14,442 | 14,916 | 14,442 | 14,916 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses, individually evaluated for impairment | 119 | 150 | 159 | ||||
Allowance for credit losses, collectively evaluated for impairment | 14,323 | 16,421 | 14,757 | ||||
Total allowance for credit losses | 15,771 | 14,564 | 14,442 | 14,916 | 14,442 | 16,571 | 14,916 |
Recorded investment in loans: | |||||||
Loans, individually evaluated for impairment | 2,953 | 2,887 | 3,127 | ||||
Loans, collectively evaluated for impairment | 2,682,363 | 2,682,259 | 2,666,808 | ||||
PCI loans | 4,666 | 5,710 | 6,314 | ||||
Total loans evaluated for impairment | 2,689,982 | 2,690,856 | 2,676,249 | ||||
Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||||||
Allowance for credit losses: | |||||||
Allowance for credit losses, beginning balance | 10,975 | 12,391 | 12,256 | 12,996 | |||
Provision for credit losses | (596) | 478 | (1,744) | (68) | |||
Charge-offs | (198) | (133) | (257) | ||||
Recoveries | 1 | 1 | |||||
Net charge-offs | (197) | (133) | (256) | ||||
Allowance for credit losses, ending balance | 10,379 | 12,672 | 10,379 | 12,672 | |||
Allowance for credit losses, beginning balance | 10,975 | 12,391 | 12,256 | 12,996 | |||
Provision for credit losses | (596) | 478 | (1,744) | (68) | |||
Charge-offs | (198) | (133) | (257) | ||||
Recoveries | 1 | 1 | |||||
Net charge-offs | (197) | (133) | (256) | ||||
Allowance for credit losses, ending balance | 10,379 | 12,672 | 10,379 | 12,672 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses, individually evaluated for impairment | 193 | 178 | 69 | ||||
Allowance for credit losses, collectively evaluated for impairment | 10,186 | 12,078 | 12,603 | ||||
Total allowance for credit losses | 10,975 | 12,391 | 10,379 | 12,672 | 10,379 | 12,256 | 12,672 |
Recorded investment in loans: | |||||||
Loans, individually evaluated for impairment | 1,777 | 3,472 | 8,964 | ||||
Loans, collectively evaluated for impairment | 3,292,052 | 3,142,217 | 3,202,008 | ||||
PCI loans | 15,398 | 16,420 | 18,584 | ||||
Total loans evaluated for impairment | 3,309,227 | 3,162,109 | 3,229,556 | ||||
Commercial and Industrial [Member] | |||||||
Allowance for credit losses: | |||||||
Allowance for credit losses, beginning balance | 37,682 | 37,163 | 35,836 | 33,409 | |||
Provision for credit losses | 3,847 | 3,200 | 9,188 | 11,350 | |||
Charge-offs | (3,005) | (4,340) | (6,643) | (10,617) | |||
Recoveries | 474 | 231 | 617 | 2,112 | |||
Net charge-offs | (2,531) | (4,109) | (6,026) | (8,505) | |||
Allowance for credit losses, ending balance | 38,998 | 36,254 | 38,998 | 36,254 | |||
Allowance for credit losses, beginning balance | 37,682 | 37,163 | 35,836 | 33,409 | |||
Provision for credit losses | 3,847 | 3,200 | 9,188 | 11,350 | |||
Charge-offs | (3,005) | (4,340) | (6,643) | (10,617) | |||
Recoveries | 474 | 231 | 617 | 2,112 | |||
Net charge-offs | (2,531) | (4,109) | (6,026) | (8,505) | |||
Allowance for credit losses, ending balance | 38,998 | 36,254 | 38,998 | 36,254 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses, individually evaluated for impairment | 3,729 | 2,820 | 3,772 | ||||
Allowance for credit losses, collectively evaluated for impairment | 35,269 | 32,985 | 32,258 | ||||
Allowance for credit losses, PCI loans | 31 | 224 | |||||
Total allowance for credit losses | 37,682 | 37,163 | 38,998 | 36,254 | 38,998 | 35,836 | 36,254 |
Recorded investment in loans: | |||||||
Loans, individually evaluated for impairment | 23,612 | 22,221 | 14,930 | ||||
Loans, collectively evaluated for impairment | 1,462,793 | 1,513,534 | 1,604,512 | ||||
PCI loans | 3,158 | 3,684 | 8,277 | ||||
Total loans evaluated for impairment | 1,489,563 | 1,539,439 | 1,627,719 | ||||
Consumer and Other [Member] | |||||||
Allowance for credit losses: | |||||||
Allowance for credit losses, beginning balance | 1,420 | 1,659 | 1,606 | 1,361 | |||
Provision for credit losses | 544 | 2,334 | 861 | 3,041 | |||
Charge-offs | (781) | (2,577) | (1,605) | (3,425) | |||
Recoveries | 256 | 237 | 577 | 676 | |||
Net charge-offs | (525) | (2,340) | (1,028) | (2,749) | |||
Allowance for credit losses, ending balance | 1,439 | 1,653 | 1,439 | 1,653 | |||
Allowance for credit losses, beginning balance | 1,420 | 1,659 | 1,606 | 1,361 | |||
Provision for credit losses | 544 | 2,334 | 861 | 3,041 | |||
Charge-offs | (781) | (2,577) | (1,605) | (3,425) | |||
Recoveries | 256 | 237 | 577 | 676 | |||
Net charge-offs | (525) | (2,340) | (1,028) | (2,749) | |||
Allowance for credit losses, ending balance | 1,439 | 1,653 | 1,439 | 1,653 | |||
Allowance for credit losses related to: | |||||||
Allowance for credit losses, individually evaluated for impairment | 1 | 8 | |||||
Allowance for credit losses, collectively evaluated for impairment | 1,439 | 1,605 | 1,645 | ||||
Total allowance for credit losses | $ 1,420 | $ 1,659 | $ 1,439 | $ 1,653 | 1,439 | 1,606 | 1,653 |
Recorded investment in loans: | |||||||
Loans, individually evaluated for impairment | 116 | 123 | 224 | ||||
Loans, collectively evaluated for impairment | 266,270 | 266,299 | 259,510 | ||||
Total loans evaluated for impairment | $ 266,386 | $ 266,422 | $ 259,734 |
Loans and Allowance for Credi49
Loans and Allowance for Credit Losses - Allowance for Credit Losses by Category of Loan (Parenthetical) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 26,094 | $ 26,975 | |
1-4 Family Residential (Includes Home Equity) [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 26,100 | $ 27,000 | $ 31,800 |
Loans and Allowance for Credi50
Loans and Allowance for Credit Losses - Troubled Debt Restructurings (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($)contract | |
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings, number of loans | contract | 3 | 1 |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 8,656 | $ 154 |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 8,068 | $ 153 |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings, number of loans | contract | 1 | |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 154 | |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 153 | |
Commercial and Industrial [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings, number of loans | contract | 3 | |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 8,656 | |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 8,068 |
Fair Value - Fair Value Assets
Fair Value - Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Available for sale securities: | ||
Available for sale securities, at fair value | $ 253,130 | $ 221,176 |
Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 253,130 | 221,176 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 12,645 | 12,794 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 240,485 | 208,382 |
Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 1,820 | 1,920 |
Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member] | Level 2 [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 1,820 | 1,920 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 111,192 | 120,599 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Level 2 [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 111,192 | 120,599 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 127,473 | 85,863 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities [Member] | Level 2 [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 127,473 | 85,863 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 12,645 | 12,794 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | Level 1 [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | $ 12,645 | $ 12,794 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | ||
Other real estate, additions | $ 1,100 | $ 1,400 |
Real estate owned outstanding | 825 | 1,000 |
Additions to impaired loans | 9,700 | 11,400 |
Impaired loans outstanding | $ 9,700 | $ 10,500 |
Fair Value - Financial Instrume
Fair Value - Financial Instruments Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 321,958 | $ 436,203 |
Federal funds sold | 757 | 1,178 |
Held to Maturity securities | 9,301,875 | 9,339,455 |
Loans held for sale | 26,094 | 26,975 |
Other real estate owned | 15,472 | 15,463 |
Liabilities | ||
Noninterest-bearing | 5,397,293 | 5,190,973 |
Interest-bearing | 11,673,237 | 12,116,329 |
Other borrowings | 1,035,506 | 990,781 |
Securities sold under repurchase agreements | 346,324 | 320,430 |
Carrying Amount [Member] | ||
Assets | ||
Cash and due from banks | 321,958 | 436,203 |
Federal funds sold | 757 | 1,178 |
Held to Maturity securities | 9,329,065 | 9,504,910 |
Loans held for sale | 26,094 | 26,975 |
Loans held for investment, net of allowance | 9,754,142 | 9,509,759 |
Other real estate owned | 15,472 | 15,463 |
Liabilities | ||
Noninterest-bearing | 5,397,293 | 5,190,973 |
Interest-bearing | 11,673,237 | 12,116,329 |
Other borrowings | 1,035,506 | 990,781 |
Securities sold under repurchase agreements | 346,324 | 320,430 |
Estimated Fair Value [Member] | ||
Assets | ||
Cash and due from banks | 321,958 | 436,203 |
Federal funds sold | 757 | 1,178 |
Held to Maturity securities | 9,301,875 | 9,339,455 |
Loans held for sale | 26,094 | 26,975 |
Loans held for investment, net of allowance | 9,999,786 | 9,533,310 |
Other real estate owned | 15,472 | 15,463 |
Liabilities | ||
Noninterest-bearing | 5,397,293 | 5,190,973 |
Interest-bearing | 11,657,884 | 12,121,157 |
Other borrowings | 1,035,808 | 991,181 |
Securities sold under repurchase agreements | 346,298 | 320,428 |
Estimated Fair Value [Member] | Level 1 [Member] | ||
Assets | ||
Cash and due from banks | 321,958 | 436,203 |
Federal funds sold | 757 | 1,178 |
Estimated Fair Value [Member] | Level 2 [Member] | ||
Assets | ||
Held to Maturity securities | 9,301,875 | 9,339,455 |
Loans held for sale | 26,094 | 26,975 |
Other real estate owned | 15,472 | 15,463 |
Liabilities | ||
Noninterest-bearing | 5,397,293 | 5,190,973 |
Interest-bearing | 11,657,884 | 12,121,157 |
Other borrowings | 1,035,808 | 991,181 |
Securities sold under repurchase agreements | 346,298 | 320,428 |
Estimated Fair Value [Member] | Level 3 [Member] | ||
Assets | ||
Loans held for investment, net of allowance | $ 9,999,786 | $ 9,533,310 |
Goodwill and Core Deposit Int54
Goodwill and Core Deposit Intangibles - Goodwill and Core Deposit Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Schedule Of Intangible Assets And Goodwill [Line Items] | |||||
Goodwill, Beginning balance | $ 1,900,845 | $ 1,868,827 | $ 1,868,827 | ||
Goodwill, Acquisition of Tradition Bancshares, Inc. | 32,018 | ||||
Goodwill, Ending balance | $ 1,900,845 | 1,900,845 | 1,900,845 | ||
Core Deposit Intangibles, Beginning balance | 45,784 | ||||
Core Deposit Intangibles, Amortization | (1,719) | $ (2,334) | (3,634) | (4,556) | |
Core Deposit Intangibles, Ending balance | 42,150 | 42,150 | 45,784 | ||
Core Deposit Intangibles [Member] | |||||
Schedule Of Intangible Assets And Goodwill [Line Items] | |||||
Core Deposit Intangibles, Beginning balance | 45,784 | 49,417 | 49,417 | ||
Core Deposit Intangibles, Amortization | (1,719) | $ (2,334) | (3,634) | $ (4,556) | (9,200) |
Core Deposit Intangibles, Acquisition of Tradition Bancshares, Inc. | 5,567 | ||||
Core Deposit Intangibles, Ending balance | $ 42,150 | $ 42,150 | $ 45,784 |
Goodwill and Core Deposit Int55
Goodwill and Core Deposit Intangibles - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Schedule Of Intangible Assets And Goodwill [Line Items] | |||||
Amortization expense related to intangible assets | $ 1,719,000 | $ 2,334,000 | $ 3,634,000 | $ 4,556,000 | |
Core Deposit Intangibles [Member] | |||||
Schedule Of Intangible Assets And Goodwill [Line Items] | |||||
Impairment recorded on goodwill and core deposit intangibles | 0 | ||||
Amortization expense related to intangible assets | $ 1,719,000 | $ 2,334,000 | $ 3,634,000 | $ 4,556,000 | $ 9,200,000 |
Core Deposit Intangibles [Member] | Minimum [Member] | |||||
Schedule Of Intangible Assets And Goodwill [Line Items] | |||||
Finite-lived intangible assets, useful life | 10 years | ||||
Core Deposit Intangibles [Member] | Maximum [Member] | |||||
Schedule Of Intangible Assets And Goodwill [Line Items] | |||||
Finite-lived intangible assets, useful life | 15 years |
Goodwill and Core Deposit Int56
Goodwill and Core Deposit Intangibles - Estimated Aggregate Future Amortization Expense for Core Deposit Intangibles (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Finite Lived Intangible Assets [Line Items] | |||
Total | $ 42,150 | $ 45,784 | |
Core Deposits [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Remaining 2,017 | 3,308 | ||
2,018 | 5,959 | ||
2,019 | 5,051 | ||
2,020 | 4,483 | ||
2,021 | 4,022 | ||
Thereafter | 19,327 | ||
Total | $ 42,150 | $ 45,784 | $ 49,417 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017USD ($)Planshares | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Planshares | Jun. 30, 2016USD ($) | Dec. 31, 2012shares | Dec. 31, 2004shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of Stock-Based Employee Compensation Plans | Plan | 2 | 2 | ||||
Number of Stock-Based Employee Compensation Plans Expired | Plan | 1 | 1 | ||||
Proceeds from stock option exercises | $ | $ 0 | $ 198 | $ 148 | $ 198 | ||
Tax benefit realized from exercises of stock-based compensation arrangements | $ | 0 | $ 0 | 0 | $ 0 | ||
Total unrecognized compensation expense related to stock-based compensation arrangements | $ | $ 9,900 | $ 9,900 | ||||
Weighted-average period of cost expected to be recognized | 1 year 4 months 2 days | |||||
2004 Stock Incentive Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,250,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | 0 | ||||
2012 Stock Incentive Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,250,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 353,235 |
Contractual Obligations and O58
Contractual Obligations and Off-Balance Sheet Items - Additional Information (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Federal Home Loan Bank Notes Payable [Member] | |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
Interest payable | $ 517 |
Contractual Obligations and O59
Contractual Obligations and Off-Balance Sheet Items - Contractual Obligations and Other Commitments (Details) - Lease Total [Member] $ in Thousands | Jun. 30, 2017USD ($) |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
1 year or less | $ 1,036,124 |
More than 1 year but less than 3 years | 12,736 |
3 years or more but less than 5 years | 4,918 |
5 years or more | 4,564 |
Total | 1,058,342 |
Federal Home Loan Bank Notes Payable [Member] | |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
1 year or less | 1,030,956 |
More than 1 year but less than 3 years | 4,417 |
3 years or more but less than 5 years | 467 |
5 years or more | 183 |
Total | 1,036,023 |
Operating Leases [Member] | |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
1 year or less | 5,168 |
More than 1 year but less than 3 years | 8,319 |
3 years or more but less than 5 years | 4,451 |
5 years or more | 4,381 |
Total | $ 22,319 |
Contractual Obligations and O60
Contractual Obligations and Off-Balance Sheet Items - Summary of Commitments Associated with Outstanding Standby Letters of Credit and Commitments to Extend Credit (Details) - Guarantee Obligations [Member] $ in Thousands | Jun. 30, 2017USD ($) |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
1 year or less | $ 1,033,105 |
More than 1 year but less than 3 years | 314,371 |
3 years or more but less than 5 years | 217,576 |
5 years or more | 660,466 |
Total | 2,225,518 |
Financial Guarantee [Member] | |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
1 year or less | 968,439 |
More than 1 year but less than 3 years | 306,871 |
3 years or more but less than 5 years | 217,067 |
5 years or more | 660,466 |
Total | 2,152,843 |
Standby Letters of Credit [Member] | |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
1 year or less | 64,666 |
More than 1 year but less than 3 years | 7,500 |
3 years or more but less than 5 years | 509 |
5 years or more | 0 |
Total | $ 72,675 |
Other Comprehensive Income - Ta
Other Comprehensive Income - Tax Effects Allocated to Each Component of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity [Abstract] | ||||
Change in unrealized gain during period, before tax | $ 671 | $ (790) | $ 700 | $ (642) |
Change in unrealized gain during period, tax | (235) | 277 | (245) | 225 |
Change in unrealized gain during period, net of tax | 436 | (513) | 455 | (417) |
Total securities available for sale, before tax | 671 | (790) | 700 | (642) |
Total securities available for sale, tax | (235) | 277 | (245) | 225 |
Total securities available for sale, net of tax | 436 | (513) | 455 | (417) |
Total other comprehensive Income | 671 | (790) | 700 | (642) |
Deferred taxes related to other comprehensive gain | (235) | 277 | (245) | 225 |
Other comprehensive gain, net of tax | $ 436 | $ (513) | $ 455 | $ (417) |
Other Comprehensive Income - Ac
Other Comprehensive Income - Activity in Accumulated Other Comprehensive Income Associated with Securities Available for Sale, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Beginning balance, accumulated other comprehensive income | $ 1,411 | $ 2,040 | ||
Other comprehensive income | $ 436 | $ (513) | 455 | (417) |
Ending balance, accumulated other comprehensive income | 1,866 | 1,623 | 1,866 | 1,623 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Beginning balance, accumulated other comprehensive income | 1,411 | 2,040 | ||
Other comprehensive income | 455 | (417) | ||
Ending balance, accumulated other comprehensive income | $ 1,866 | $ 1,623 | $ 1,866 | $ 1,623 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) $ / shares in Units, $ in Thousands | Jan. 01, 2016USD ($)Bankshares | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)$ / shares |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,900,845 | $ 1,900,845 | $ 1,868,827 | |
Core Deposit Intangibles [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 5,567 | |||
Tradition Bancshares, Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | shares | 679,528 | |||
Payments to Acquire Businesses, Gross | $ 39,000 | |||
Business Combination, Consideration Transferred | $ 71,500 | |||
Business Acquisition, Share Price | $ / shares | $ 47.86 | |||
Goodwill | 32,000 | |||
Tradition Bancshares, Inc [Member] | Core Deposit Intangibles [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 5,600 | |||
Tradition Bancshares, Inc [Member] | Houston [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of Operating Banking Offices | Bank | 7 | |||
Tradition Bancshares, Inc [Member] | Katy [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of Operating Banking Offices | Bank | 3 | |||
Tradition Bancshares, Inc [Member] | The Woodlands [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of Operating Banking Offices | Bank | 1 |