Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 25, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'IBTX | ' | ' |
Entity Registrant Name | 'Independent Bank Group, Inc. | ' | ' |
Entity Central Index Key | '0001564618 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 12,592,935 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $366,775 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $27,408 | $30,920 |
Federal Reserve Excess Balance Account (EBA) | 65,646 | 71,370 |
Cash and cash equivalents | 93,054 | 102,290 |
Certificates of deposit held in other banks | 0 | 7,720 |
Securities available for sale (amortized cost of $196,689 and $110,777, respectively) | 194,038 | 113,355 |
Loans held for sale | 3,383 | 9,162 |
Loans, net of allowance for loan losses of $13,960 and $11,478, respectively | 1,709,200 | 1,358,036 |
Premises and equipment, net | 72,735 | 70,581 |
Other real estate owned | 3,322 | 6,819 |
Adriatica real estate | 0 | 9,727 |
Goodwill | 34,704 | 28,742 |
Core deposit intangible, net | 3,148 | 3,251 |
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock | 9,494 | 8,165 |
Bank-owned life insurance (BOLI) | 21,272 | 10,924 |
Deferred tax asset | 4,834 | 0 |
Other assets | 14,800 | 11,288 |
Total assets | 2,163,984 | 1,740,060 |
Deposits: | ' | ' |
Noninterest-bearing | 302,756 | 259,664 |
Interest-bearing | 1,407,563 | 1,131,076 |
Total deposits | 1,710,319 | 1,390,740 |
FHLB advances | 187,484 | 164,601 |
Notes payable | 0 | 15,729 |
Other borrowings | 4,460 | 12,252 |
Other borrowings, related parties | 3,270 | 8,536 |
Junior subordinated debentures | 18,147 | 18,147 |
Other liabilities | 6,532 | 5,545 |
Total liabilities | 1,930,212 | 1,615,550 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock (12,330,158 and 8,278,354 shares outstanding, respectively) | 123 | 83 |
Additional paid-in capital | 222,116 | 88,791 |
Retained earnings | 12,663 | 33,290 |
Treasury stock, at cost (0 and 8,647 shares, respectively) | 0 | -232 |
Accumulated other comprehensive income (loss) | -1,130 | 2,578 |
Total stockholders’ equity | 233,772 | 124,510 |
Total liabilities and stockholders’ equity | $2,163,984 | $1,740,060 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Amortized cost of securities available for sale | $196,689 | $110,777 |
Allowance for loan losses | $13,960 | $11,478 |
Common stock, shares outstanding (shares) | 12,330,158 | 8,278,354 |
Treasury stock, at cost (shares) | 0 | 8,647 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income: | ' | ' | ' |
Interest and fees on loans | $84,350 | $69,494 | $57,263 |
Interest on taxable securities | 1,516 | 1,288 | 1,767 |
Interest on nontaxable securities | 1,024 | 828 | 522 |
Interest on federal funds sold and other | 324 | 280 | 87 |
Total interest income | 87,214 | 71,890 | 59,639 |
Interest expense: | ' | ' | ' |
Interest on deposits | 6,974 | 8,351 | 9,912 |
Interest on FHLB advances | 3,303 | 2,383 | 1,477 |
Interest on notes payable and other borrowings | 1,461 | 2,072 | 1,489 |
Interest on junior subordinated debentures | 543 | 531 | 480 |
Total interest expense | 12,281 | 13,337 | 13,358 |
Net interest income | 74,933 | 58,553 | 46,281 |
Provision for loan losses | 3,822 | 3,184 | 1,650 |
Net interest income after provision for loan losses | 71,111 | 55,369 | 44,631 |
Noninterest income: | ' | ' | ' |
Service charges on deposit accounts | 4,841 | 3,386 | 3,383 |
Mortgage fee income | 3,743 | 4,116 | 2,654 |
Gain on sale of branch | 0 | 38 | 0 |
Gain on sale of other real estate | 1,507 | 1,135 | 918 |
Loss on sale of securities available for sale | 0 | -3 | 0 |
(Loss) gain on sale of premises and equipment | -18 | -343 | 21 |
Increase in cash surrender value of BOLI | 348 | 327 | 330 |
Other | 600 | 512 | 402 |
Total noninterest income | 11,021 | 9,168 | 7,708 |
Noninterest expense: | ' | ' | ' |
Salaries and employee benefits | 31,836 | 26,569 | 21,118 |
Occupancy | 9,042 | 7,317 | 6,776 |
Data processing | 1,347 | 1,198 | 850 |
FDIC assessment | 500 | 800 | 1,238 |
Advertising and public relations | 684 | 626 | 589 |
Communications | 1,385 | 1,334 | 1,074 |
Net other real estate owned expenses (including taxes) | 485 | 220 | 403 |
Operations of IBG Adriatica, net | 806 | 832 | 871 |
Other real estate impairment | 549 | 94 | 184 |
Core deposit intangible amortization | 703 | 656 | 567 |
Professional fees | 1,298 | 1,104 | 971 |
Acquisition expense, including legal | 1,956 | 1,401 | 0 |
Other | 7,080 | 5,009 | 3,998 |
Total noninterest expense | 57,671 | 47,160 | 38,639 |
Income before taxes | 24,461 | 17,377 | 13,700 |
Income tax expense | 4,661 | 0 | 0 |
Net income | 19,800 | 17,377 | 13,700 |
Basic earnings per share (usd per share) | $1.78 | $2.23 | $2 |
Diluted earnings per share (usd per share) | $1.77 | $2.23 | $2 |
Pro Forma | ' | ' | ' |
Noninterest expense: | ' | ' | ' |
Income tax expense | 8,287 | 5,230 | 4,343 |
Net income | 16,174 | 12,147 | 9,357 |
Pro forma net income | $16,174 | $12,147 | $9,357 |
Basic earnings per share (usd per share) | $1.45 | $1.56 | $1.37 |
Diluted earnings per share (usd per share) | $1.44 | $1.56 | $1.37 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $19,800 | $17,377 | $13,700 |
Other comprehensive income (loss) before tax: | ' | ' | ' |
Change in net unrealized gains (losses) on available for sale securities during the year | -5,229 | 413 | 1,296 |
Reclassification adjustment for loss on sale of securities available for sale included in net income | 0 | 3 | 0 |
Other comprehensive income (loss) before tax | -5,229 | 416 | 1,296 |
Income tax expense (benefit) | -1,521 | 0 | 0 |
Other comprehensive income (loss), net of tax | -3,708 | 416 | 1,296 |
Comprehensive income | $16,092 | $17,793 | $14,996 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock $.01 Par Value 100 million shares authorized | Additional Paid in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2010 | $76,044,000 | $69,000 | $58,149,000 | $16,984,000 | ($24,000) | $866,000 |
Beginning balance (in shares) at Dec. 31, 2010 | ' | 6,834,344 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 13,700,000 | ' | ' | 13,700,000 | ' | ' |
Other comprehensive income (loss), net of tax | 1,296,000 | ' | ' | ' | ' | 1,296,000 |
Stock warrants issued (150,544) | 475,000 | ' | 475,000 | ' | ' | ' |
Restricted stock granted (shares) | ' | 17,965 | ' | ' | ' | ' |
Restricted stock granted | ' | 0 | 0 | ' | ' | ' |
Stock awards amortized | 572,000 | ' | 572,000 | ' | ' | ' |
Dividends ($0.77 per share in 2013, $1.12 per share in 2012, and $.89 per share in 2011) | -6,090,000 | ' | ' | -6,090,000 | ' | ' |
Ending balance at Dec. 31, 2011 | 85,997,000 | 69,000 | 59,196,000 | 24,594,000 | -24,000 | 2,162,000 |
Ending balance (in shares) at Dec. 31, 2011 | ' | 6,852,309 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 17,377,000 | ' | ' | 17,377,000 | ' | ' |
Other comprehensive income (loss), net of tax | 416,000 | ' | ' | ' | ' | 416,000 |
Stock warrants issued (150,544) | 0 | ' | ' | ' | ' | ' |
Stock issued (in shares) | ' | 1,243,824 | ' | ' | ' | ' |
Stock issued | 25,265,000 | 12,000 | 25,253,000 | ' | ' | ' |
Stock issued for acquisition of bank (in shares) | ' | 182,221 | ' | ' | ' | ' |
Stock issued for acquisition of bank | 3,701,000 | 2,000 | 3,699,000 | ' | ' | ' |
Excess tax benefit on restricted stock vested | 0 | ' | ' | ' | ' | ' |
Stock awards amortized | 643,000 | ' | 643,000 | ' | ' | ' |
Treasury stock purchased (6,631 shares) | -208,000 | ' | ' | ' | -208,000 | ' |
Dividends ($0.77 per share in 2013, $1.12 per share in 2012, and $.89 per share in 2011) | -8,681,000 | ' | ' | -8,681,000 | ' | ' |
Ending balance at Dec. 31, 2012 | 124,510,000 | 83,000 | 88,791,000 | 33,290,000 | -232,000 | 2,578,000 |
Ending balance (in shares) at Dec. 31, 2012 | ' | 8,278,354 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 19,800,000 | ' | ' | 19,800,000 | ' | ' |
Other comprehensive income (loss), net of tax | -3,708,000 | ' | ' | ' | ' | -3,708,000 |
Stock warrants issued (150,544) | 0 | ' | ' | ' | ' | ' |
Treasury stock retired (shares) | ' | -8,647 | ' | ' | ' | ' |
Treasury stock retired | ' | ' | -232,000 | ' | 232,000 | ' |
Stock issued (in shares) | ' | 3,680,000 | ' | ' | ' | ' |
Stock issued | 86,571,000 | 37,000 | 86,534,000 | ' | ' | ' |
Stock issued for acquisition of bank (in shares) | ' | 247,731 | ' | ' | ' | ' |
Stock issued for acquisition of bank | 11,861,000 | 2,000 | 11,859,000 | ' | ' | ' |
Reclassification adjustment for change in taxable status | ' | ' | 33,624,000 | -33,624,000 | ' | ' |
Restricted stock granted (shares) | ' | 132,720 | ' | ' | ' | ' |
Restricted stock granted | ' | 1,000 | -1,000 | ' | ' | ' |
Excess tax benefit on restricted stock vested | 72,000 | ' | 72,000 | ' | ' | ' |
Stock awards amortized | 1,469,000 | ' | 1,469,000 | ' | ' | ' |
Dividends ($0.77 per share in 2013, $1.12 per share in 2012, and $.89 per share in 2011) | -6,803,000 | ' | ' | -6,803,000 | ' | ' |
Ending balance at Dec. 31, 2013 | $233,772,000 | $123,000 | $222,116,000 | $12,663,000 | $0 | ($1,130,000) |
Ending balance (in shares) at Dec. 31, 2013 | ' | 12,330,158 | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Issuance of warrant (shares) | 150,544 | ' | 150,544 |
Dividends paid (usd per share) | $0.77 | $1.12 | $0.89 |
Treasury Stock, Shares, Acquired | ' | 6,631 | ' |
Common stock shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $19,800 | $17,377 | $13,700 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation expense | 4,322 | 3,524 | 3,302 |
Amortization of core deposit intangibles | 703 | 656 | 567 |
Amortization (accretion) of premium (discount) on securities, net | 145 | -1 | -84 |
Stock grants amortized | 1,469 | 643 | 572 |
FHLB stock dividends | -27 | -17 | -12 |
Loss on sale of securities available for sale | 0 | 3 | 0 |
Net loss (gain) on sale of premises and equipment | 18 | 343 | -21 |
Gain on sale of branch | 0 | -38 | 0 |
Gain recognized on other real estate transactions | -1,507 | -1,135 | -918 |
Impairment of other real estate | 549 | 94 | 184 |
Deferred tax benefit | -2,083 | 0 | 0 |
Provision for loan losses | 3,822 | 3,184 | 1,650 |
Increase in cash surrender value of life insurance | -348 | -327 | -330 |
Loans originated for sale | -161,160 | -177,063 | -113,527 |
Proceeds from sale of loans | 166,939 | 170,892 | 113,837 |
Net change in other assets | -2,582 | 95 | -18 |
Net change in other liabilities | 701 | -421 | 891 |
Net cash provided by operating activities | 30,761 | 17,809 | 19,793 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from maturities and pay downs of securities available for sale | 282,102 | 245,581 | 207,863 |
Proceeds from sale of securities available for sale | 4,067 | 2,078 | 0 |
Purchases of securities available for sale | -309,853 | -256,295 | -247,921 |
Proceeds from maturities of certificates held in other banks | 7,720 | 9,358 | 0 |
Purchase of bank owned life insurance contracts | -10,000 | 0 | 0 |
Net purchases of FHLB stock | -146 | -1,584 | -1,118 |
Net loans originated | -285,181 | -202,371 | -134,893 |
Additions to premises and equipment | -6,795 | -14,063 | -2,267 |
Proceeds from sale of premises and equipment | 442 | 5,095 | 617 |
Proceeds from sale of other real estate owned | 17,081 | 8,880 | 5,727 |
Cash paid for Adriatica note acquired | 0 | 0 | -4,062 |
Capitalized additions to other real estate | -93 | -592 | -524 |
Cash received from acquired bank | 22,792 | 46,230 | 0 |
Cash paid in connection with acquisition | -18,412 | -46,600 | 0 |
Net cash transferred in branch sale | 0 | -18,563 | 0 |
Net cash used in investing activities | -296,276 | -222,846 | -176,578 |
Cash flows from financing activities: | ' | ' | ' |
Net increase in demand deposits, NOW and savings accounts | 145,085 | 183,919 | 141,440 |
Net increase (decrease) in time deposits | 63,330 | -20,039 | -38,499 |
Net change in FHLB advances | -3,117 | 69,810 | 27,018 |
Repayments of notes payable and other borrowings | -28,787 | -10,958 | -4,859 |
Proceeds from other borrowings | 0 | 11,680 | 8,083 |
Proceeds from sale of common stock | 86,571 | 25,150 | 0 |
Treasury stock purchased | 0 | -208 | 0 |
Dividends paid | -6,803 | -8,681 | -6,090 |
Net cash provided by financing activities | 256,279 | 250,673 | 127,093 |
Net change in cash and cash equivalents | -9,236 | 45,636 | -29,692 |
Cash and cash equivalents at beginning of year | 102,290 | 56,654 | 86,346 |
Cash and cash equivalents at end of year | $93,054 | $102,290 | $56,654 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Nature of Operations: Independent Bank Group, Inc. (IBG) through its subsidiary, Independent Bank, a Texas state banking corporation (Bank) (collectively known as the Company), provides a full range of banking services to individual and corporate customers in the North and Central Texas areas through its various branch locations in those areas. The Company is engaged in traditional community banking activities, which include commercial and retail lending, deposit gathering, investment and liquidity management activities. The Company’s primary deposit products are demand deposits, money market accounts and certificates of deposit, and its primary lending products are commercial business and real estate, real estate mortgage and consumer loans. | ||||||||||||
Basis of Presentation: The accompanying consolidated financial statements include the accounts of IBG, its wholly-owned subsidiaries, the Bank and IBG Adriatica Holdings, Inc. (Adriatica) and the Bank’s wholly-owned subsidiaries, IBG Real Estate Holdings, Inc., and IBG Aircraft Acquisition, Inc. Adriatica was formed in 2011 to acquire a mixed use residential and retail real estate development in McKinney, Texas (see Note 21). All material intercompany transactions and balances have been eliminated in consolidation. In addition, the Company wholly-owns IB Trust I (Trust I), IB Trust II (Trust II), IB Trust III (Trust III), IB Centex Trust I (Centex Trust I) and Community Group Statutory Trust I (CGI Trust I). The Trusts were formed to issue trust preferred securities and do not meet the criteria for consolidation (see Note 13). | ||||||||||||
Accounting standards codification: The Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) is the officially recognized source of authoritative U.S. generally accepted accounting principles (GAAP) applicable to all public and non-public non-governmental entities. Rules and interpretive releases of the SEC under the authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. All other accounting literature is considered non-authoritative. Citing particular content in the ASC involves specifying the unique numeric path to the content through the Topic, Subtopic, Section and Paragraph structure. | ||||||||||||
Segment Reporting: The Company has one reportable segment. The Company’s chief operating decision-maker uses consolidated results to make operating and strategic decisions. | ||||||||||||
Initial Public Offering (IPO): IBG qualifies as an “emerging growth company” as defined by the Jumpstart Our Business Startups Act (JOBS Act). In October 2012, the Board of Directors of the Company approved a resolution for IBG to sell shares of common stock to the public in an initial public offering. On December 28, 2012, the Company submitted a confidential draft Registration Statement on Form S-1 with the SEC with respect to the shares to be registered and sold. On February 27, 2013, the Company filed a Registration Statement on Form S-1 with the SEC. That Registration Statement was declared effective by the SEC on April 2, 2013. The Company sold and issued 3,680,000 shares of common stock at $26 per share in reliance on that Registration Statement. Total proceeds received by the Company, net of offering costs were approximately $87 million. | ||||||||||||
In connection with the initial public offering, on February 22, 2013, the Company amended its certificate of incorporation to affect a 3.2 for one stock split of its common stock and change the par value of common stock from $1 to $.01. All previously reported share amounts have been retrospectively restated to give effect to the stock split and the common stock account has been reallocated to additional paid in capital to reflect the new par value. The Company also terminated its S-Corporation status and became a taxable corporate entity (C Corporation) on April 1, 2013. The consolidated statement of stockholders' equity presents a constructive distribution to the owners followed by a contribution to the capital of the corporate entity. The transfer did not affect total stockholders’ equity. | ||||||||||||
Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ from those estimates. The material estimates included in the financial statements relate to the allowance for loan losses, the valuation of goodwill and valuation of assets and liabilities acquired in business combinations. | ||||||||||||
Cash and cash equivalents: For the purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. All highly liquid investments with an initial maturity of less than ninety days are considered to be cash equivalents. The Company maintains deposits with other financial institutions in amounts that exceed FDIC insurance coverage. The Company's management monitors the balance in these accounts and periodically assesses the financial condition of the other financial institutions. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risks on cash or cash equivalents. | ||||||||||||
Cash and cash equivalents include interest-bearing funds of $67,180 and $71,612 at December 31, 2013 and 2012, respectively. | ||||||||||||
Certificates of deposit: Certificates of deposit are FDIC insured deposits in other financial institutions that mature within one year and are carried at cost. | ||||||||||||
Securities: Securities classified as available for sale are those debt and equity securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company's assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. | ||||||||||||
Securities available for sale are reported at fair value with unrealized gains or losses reported as a separate component of other comprehensive income. The amortization of premiums and accretion of discounts, computed by the interest method over their contractual lives, are recognized in interest income. | ||||||||||||
Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date. | ||||||||||||
In estimating other than temporary impairment losses, management considers (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, and (3) the intent of the Company to retain its investment and whether it is more likely than not the Company will be required to sell its investment before its anticipated recovery in fair value. When the Company does not intend to sell the security, and it is more likely than not that it will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other than temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. | ||||||||||||
Loans held for sale: The Company originates residential mortgage loans that may subsequently be sold to an unaffiliated third party. The loans are not securitized and if sold, are sold without recourse. Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by aggregate outstanding commitments from investors. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Gains and losses on sales of loans are recognized in noninterest income at settlement dates and are determined by the difference between the sales proceeds and the carrying value of the loans. | ||||||||||||
Acquired loans: Acquired loans from the transactions accounted for as a business combination include both non- performing loans with evidence of credit deterioration since their origination date and performing loans. The Company is accounting for the non-performing loans acquired in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. At the date of the acquisition, the acquired loans are recorded at their fair value and there is no carryover of the seller's allowance for loan losses. | ||||||||||||
Purchased credit impaired loans are accounted for individually. The Company estimates the amount and timing | ||||||||||||
of undiscounted expected cash flows for each loan, and the expected cash flows in excess of fair value is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan's contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). | ||||||||||||
Over the life of the loan, expected cash flows continue to be estimated. If the expected cash flows decrease, an impairment loss is recorded. If the expected cash flows increase, it is recognized as part of future interest income. | ||||||||||||
The performing loans are being accounted for under ASC 310-20, Nonrefundable Fees and Other Costs, with the related discount being adjusted for over the life of the loan and recognized as interest income. | ||||||||||||
Loans, net: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance adjusted for the allowance for loan losses. | ||||||||||||
Fees and costs associated with originating loans are recognized in the period they are incurred. The provisions of | ||||||||||||
ASC 310, Receivables, generally provide that such fees and related costs be deferred and recognized over the life of the loan as an adjustment of yield. Management believes that not deferring such amounts and amortizing them over the life of the related loans does not materially affect the financial position or results of operations of the Company. | ||||||||||||
Allowance for loan losses: The allowance for loan losses is maintained at a level considered adequate by management to provide for probable loan losses. The allowance is increased by provisions charged to expense. Loans are charged against the allowance for loan losses when management believes that collectibility of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. The provision for loan losses is the amount, which, in the judgment of management, is necessary to establish the allowance for loan losses at a level that is adequate to absorb known and inherent risks in the loan portfolio. See Note 6 for further information on the Company's policies and methodology used to estimate the allowance for loan losses. | ||||||||||||
Premises and equipment, net: Land is carried at cost. Bank premises, furniture and equipment and aircraft are carried at cost, less accumulated depreciation computed principally by the straight-line method over the estimated useful lives of the assets, which range from three to thirty years. | ||||||||||||
Leasehold improvements are carried at cost and are depreciated over the shorter of the estimated useful life or the lease period. | ||||||||||||
Long-term assets: Premises and equipment and other long-term assets are reviewed for impairment when events indicate that their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. | ||||||||||||
Other real estate owned and Adriatica real estate: Real estate properties acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of carrying amount or fair value less cost to sell. | ||||||||||||
Revenue and expenses from operations of other real estate owned and Adriatica real estate and impairment charges on other real estate are included in noninterest expense. Gains and losses on sale of other real estate are included in noninterest income. | ||||||||||||
Goodwill and core deposit intangible, net: Goodwill represents the excess of costs over fair value of net assets of businesses acquired. Goodwill is tested for impairment annually on December 31 or on an interim basis if an event triggering impairment may have occurred. | ||||||||||||
Core deposit intangibles are acquired customer relationships arising from bank acquisitions and are being amortized on a straight-line basis over their estimated useful lives of ten years. Core deposit intangibles are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. | ||||||||||||
Restricted stock: The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB of Dallas and Independent Bankers Financial Corporation stock do not have readily determinable fair values as ownership is restricted and they lack a ready market. As a result, these stocks are carried at cost and evaluated periodically by management for impairment. | ||||||||||||
Bank-owned life insurance: Bank-owned life insurance is recorded at the amount that can be realized under the insurance contracts at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Changes in the net cash surrender value of the policies, as well as insurance proceeds received are reflected in noninterest income. | ||||||||||||
Income Taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities related to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. The effect of a change in tax rates on deferred assets and liabilities is recognized in income taxes during the period that includes the enactment date. A valuation allowance, if needed, reduces deferred tax assets to the expected amount more likely than not to be realized. Realization of deferred tax assets is dependent upon the level of historical income, prudent and feasible tax planning strategies, reversals of deferred tax liabilities and estimates of future taxable income. | ||||||||||||
The Company evaluates uncertain tax positions at the end of each reporting period. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefit recognized in the financial statements from any such position is measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Any interest and/or penalties related to income taxes are reported as a component of income tax expense. | ||||||||||||
Loan commitments and related financial instruments: In the ordinary course of business, the Company has entered into certain off-balance-sheet financial instruments consisting of commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they are funded or related fees are incurred or received. | ||||||||||||
Management estimates losses on off-balance-sheet financial instruments using the same methodology as for portfolio loans. Estimated losses on off-balance-sheet financial instruments are recorded by charges to the provision for losses and credits to other liabilities in the Company's consolidated balance sheet. There were no estimated losses on off-balance sheet financial instruments as of December 31, 2013 or 2012. | ||||||||||||
Stock based compensation: Compensation cost is recognized for restricted stock awards issued to employees based on the market price of the Company's common stock on the grant date. Stock-based compensation expense is recognized using the straight-line method over the requisite service period for all awards. | ||||||||||||
Transfers of financial assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | ||||||||||||
Advertising Costs: Advertising costs are expensed as incurred. | ||||||||||||
Business combinations: The Company applies the acquisition method of accounting for business combinations. Under the acquisition method, the acquiring entity in a business combination recognizes 100% of the assets acquired and liabilities assumed at their acquisition date fair values. Management utilizes valuation techniques appropriate for the asset or liability being measured in determining these fair values. Any excess of the purchase price over amounts allocated to assets acquired, including identifiable intangible assets, and liabilities assumed is recorded as goodwill. Where amounts allocated to assets acquired and liabilities assumed is greater than the purchase price, a bargain purchase gain is recognized. Acquisition-related costs are expensed as incurred. | ||||||||||||
Comprehensive income: Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. Gains and losses on available for sale securities are reclassified to net income as the gains or losses are realized upon sale of the securities. Other than temporary impairment charges are reclassified to net income at the time of the charge. | ||||||||||||
Pro forma statements: Because the Company was not a taxable entity prior to April 1, 2013, pro forma amounts for income tax expense and basic and diluted earnings per share have been presented assuming the Company’s effective tax rate of 33.9% and 30.1% for the years ended December 31, 2013 and 2012, respectively, as if it had been a C Corporation during those periods. The difference in the statutory rate of 35% and the Company’s effective rate is primarily due to nontaxable income earned on municipal securities and bank owned life insurance. In addition, the pro forma results for the year ended December 31, 2013 excludes the initial deferred tax credit recorded as a result of the change in tax status as discussed in Note 14. | ||||||||||||
Reclassifications: Certain prior period accounts have been reclassified to conform with current year presentation. | ||||||||||||
Fair values of financial instruments: Accounting standards define fair value, establish a framework for measuring fair value in U.S. generally accepted accounting principles, and require certain disclosures about fair value measurements (see Note 18, Fair Value Measurements). In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company's creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. | ||||||||||||
Subsequent events: Companies are required to evaluate events and transactions that occur after the balance sheet date but before the date the financial statements are issued. They must recognize in the financial statements the effect of all events or transactions that provide additional evidence of conditions that existed at the balance sheet date, including the estimates inherent in the financial statement preparation process. Entities shall not recognize the impact of events or transactions that provide evidence about conditions that did not exist at the balance sheet date but arose after that date. The Company has evaluated subsequent events through the date of filing these financial statements with the SEC and noted no subsequent events requiring financial statement recognition or disclosure, except as disclosed in Note 24. | ||||||||||||
Earnings per share: Basic earnings per common share are net income divided by the weighted average number of common shares outstanding during the period. The unvested share-based payment awards that contain rights to non forfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock warrants. The dilutive effect of participating non vested common stock was not included as it was anti-dilutive. Proceeds from the assumed exercise of dilutive stock warrants are assumed to be used to repurchase common stock at the average market price. | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic earnings per share: | ||||||||||||
Net income | $ | 19,800 | $ | 17,377 | $ | 13,700 | ||||||
Less: | ||||||||||||
Undistributed earnings allocated to participating securities | 259 | 168 | 193 | |||||||||
Dividends paid on participating securities | 135 | 169 | 155 | |||||||||
Net income available to common shareholders | $ | 19,406 | $ | 17,040 | $ | 13,352 | ||||||
Weighted-average basic shares outstanding | 10,921,777 | 7,626,205 | 6,668,534 | |||||||||
Basic earnings per share | $ | 1.78 | $ | 2.23 | $ | 2 | ||||||
Diluted earnings per share: | ||||||||||||
Net income available to common shareholders | $ | 19,406 | $ | 17,040 | $ | 13,352 | ||||||
Total weighted-average basic shares outstanding | 10,921,777 | 7,626,205 | 6,668,534 | |||||||||
Add dilutive stock warrants | 68,468 | 23,161 | 6,544 | |||||||||
Total weighted-average diluted shares outstanding | 10,990,245 | 7,649,366 | 6,675,078 | |||||||||
Diluted earnings per share | $ | 1.77 | $ | 2.23 | $ | 2 | ||||||
Pro forma earnings per share: | ||||||||||||
Pro forma net income | $ | 16,174 | $ | 12,147 | $ | 9,357 | ||||||
Less undistributed earnings allocated to participating securities | 187 | 66 | 82 | |||||||||
Less dividends paid on participating securities | 135 | 169 | 155 | |||||||||
Pro forma net income available to common shareholders after tax | $ | 15,852 | $ | 11,912 | $ | 9,120 | ||||||
Pro forma basic earnings per share | $ | 1.45 | $ | 1.56 | $ | 1.37 | ||||||
Pro forma diluted earnings per share | $ | 1.44 | $ | 1.56 | $ | 1.37 | ||||||
Anti-dilutive participating securities | 159,485 | 105,238 | 100,517 | |||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
ASU 2013-02, Comprehensive Income (Topic 220)--Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 amended existing guidance related to reporting amounts reclassified out of accumulated other comprehensive income. These amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. These amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional details about those amounts. ASU 2013-02 was effective for the Company on January 1, 2013 and did not have a material impact to the Company's financial statements. |
Restrictions_on_Cash_and_Due_f
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2013 | |
Cash and Cash Equivalents [Abstract] | ' |
Restrictions on Cash and Due From Banks | ' |
Restrictions on Cash and Due From Banks | |
At December 31, 2013 and 2012, the Company had a deposit reserve requirement of $5,877 and $3,167, respectively, with the Federal Reserve Bank, which was met through usable vault cash as a result of the Company's decision to hold a portion of excess cash with the Federal Reserve. |
Statement_of_Cash_Flows_Statem
Statement of Cash Flows Statement of Cash Flows | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Statement of Cash Flows | ' | ||||||||||||
Statement of Cash Flows | |||||||||||||
The Company has chosen to report on a net basis its cash receipts and cash payments for time deposits accepted and repayments of those deposits, and loans made to customers and principal collections on those loans. The Company uses the indirect method to present cash flows from operating activities. Other supplemental cash flow information is presented below: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash transactions: | |||||||||||||
Interest expense paid | $ | 12,095 | $ | 13,329 | $ | 13,534 | |||||||
Income taxes paid | $ | 5,910 | $ | — | $ | — | |||||||
Noncash transactions: | |||||||||||||
Transfers of loans to other real estate owned | $ | 2,919 | $ | 885 | $ | 5,723 | |||||||
Loans to facilitate the sale of other real estate owned | $ | 113 | $ | 3,473 | $ | 661 | |||||||
Writeoff of debt origination costs related to warrants | $ | 223 | $ | — | $ | — | |||||||
Excess tax benefit on restricted stock vested | $ | 72 | $ | — | $ | — | |||||||
Adriatica real estate notes financed | $ | — | $ | — | $ | 12,188 | |||||||
Stock warrants issued for guarantee of other borrowings | $ | — | $ | — | $ | 475 | |||||||
Common stock issued for noncompete agreement | $ | — | $ | 115 | $ | — | |||||||
Transfer of bank premises to other real estate | $ | — | $ | 379 | $ | — | |||||||
Supplemental schedule of noncash investing activities from acquisitions and branch sale: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Noncash assets acquired | |||||||||||||
Certificates of deposit held in other banks | $ | — | $ | 17,078 | $ | — | |||||||
Securities available for sale | 62,373 | 10,314 | — | ||||||||||
Restricted stock | 1,156 | 1,417 | — | ||||||||||
Loans | 72,611 | 180,448 | — | ||||||||||
Premises and equipment | 141 | 5,717 | — | ||||||||||
Other real estate owned | — | 1,545 | — | ||||||||||
Goodwill | 5,962 | 17,774 | — | ||||||||||
Core deposit intangibles | 600 | 1,362 | — | ||||||||||
Deferred tax asset | 1,385 | — | — | ||||||||||
Other assets | 775 | 1,669 | — | ||||||||||
Total assets | $ | 145,003 | $ | 237,324 | $ | — | |||||||
Noncash liabilities assumed: | |||||||||||||
Deposits | $ | 111,164 | $ | 216,444 | $ | — | |||||||
FHLB advances | 26,000 | 12,500 | — | ||||||||||
Junior subordinated debt | — | 3,609 | — | ||||||||||
Other liabilities | 358 | 700 | — | ||||||||||
Total liabilities | $ | 137,522 | $ | 233,253 | $ | — | |||||||
Cash and cash equivalents acquired from acquisitions | $ | 22,792 | $ | 46,230 | $ | — | |||||||
Cash paid to shareholders of acquired banks | $ | 18,412 | $ | 46,600 | $ | — | |||||||
Fair value of common stock issued to shareholders of acquired bank | $ | 11,861 | $ | 3,701 | $ | — | |||||||
Noncash assets transferred: | |||||||||||||
Loans | $ | — | $ | 807 | $ | — | |||||||
Premises and equipment | — | 280 | — | ||||||||||
Goodwill | — | 254 | — | ||||||||||
Core deposit intangibles | — | 119 | — | ||||||||||
Other assets | — | 13 | — | ||||||||||
Total assets | $ | — | $ | 1,473 | $ | — | |||||||
Noncash liabilities transferred: | |||||||||||||
Deposits | $ | — | $ | 20,068 | $ | — | |||||||
Other liabilities | — | 6 | — | ||||||||||
Total liabilities | $ | — | $ | 20,074 | $ | — | |||||||
Cash and cash equivalents transferrd in branch sale | $ | — | $ | 133 | $ | — | |||||||
Deposit premium received | $ | — | $ | 414 | $ | — | |||||||
Cash paid to buyer, net of deposit premium | $ | — | $ | 18,430 | $ | — | |||||||
Securities_Available_for_Sale
Securities Available for Sale | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Securities Available for Sale | ' | ||||||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||||||
Securities available for sale have been classified in the consolidated balance sheets according to management’s intent. The amortized cost of securities and their approximate fair values at December 31, 2013 and 2012, are as follows: | |||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||
U.S. treasuries | $ | 3,498 | $ | 15 | $ | — | $ | 3,513 | |||||||||||||||||||||
Government agency securities | 95,407 | 84 | (1,076 | ) | 94,415 | ||||||||||||||||||||||||
Obligations of state and municipal subdivisions | 37,861 | 541 | (1,787 | ) | 36,615 | ||||||||||||||||||||||||
Corporate bonds | 2,079 | — | (27 | ) | 2,052 | ||||||||||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHLB, FFCB and FHR | 57,844 | 67 | (468 | ) | 57,443 | ||||||||||||||||||||||||
$ | 196,689 | $ | 707 | $ | (3,358 | ) | $ | 194,038 | |||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||
U.S. treasuries | $ | 3,493 | $ | 54 | $ | — | $ | 3,547 | |||||||||||||||||||||
Government agency securities | 69,636 | 575 | — | 70,211 | |||||||||||||||||||||||||
Obligations of state and municipal subdivisions | 34,908 | 2,123 | (217 | ) | 36,814 | ||||||||||||||||||||||||
Corporate bonds | 2,105 | 23 | (25 | ) | 2,103 | ||||||||||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC and SBA | 635 | 45 | — | 680 | |||||||||||||||||||||||||
$ | 110,777 | $ | 2,820 | $ | (242 | ) | $ | 113,355 | |||||||||||||||||||||
Securities with a carrying amount of approximately $111,673 and $84,117 at December 31, 2013 and 2012, respectively, were pledged to secure public fund deposits. | |||||||||||||||||||||||||||||
Proceeds from sale of securities available for sale and gross gains and losses for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Proceeds from sale | $ | 4,067 | $ | 2,078 | $ | — | |||||||||||||||||||||||
Gross gains | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Gross losses | $ | — | $ | 3 | $ | — | |||||||||||||||||||||||
The amortized cost and estimated fair value of securities available for sale at December 31, 2013, by contractual maturity, are shown below. Maturities of pass-through certificates will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||
Due in one year or less | $ | 5,594 | $ | 5,614 | |||||||||||||||||||||||||
Due from one year to five years | 63,358 | 62,741 | |||||||||||||||||||||||||||
Due from five to ten years | 37,156 | 36,801 | |||||||||||||||||||||||||||
Thereafter | 32,737 | 31,439 | |||||||||||||||||||||||||||
138,845 | 136,595 | ||||||||||||||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHLB, FFCB and FHR | 57,844 | 57,443 | |||||||||||||||||||||||||||
$ | 196,689 | $ | 194,038 | ||||||||||||||||||||||||||
The number of securities, unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2013 and 2012, are summarized as follows: | |||||||||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | Total | |||||||||||||||||||||||||||
Description of Securities | Number of Securities | Estimated | Unrealized | Number of Securities | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Government agency securities | 46 | $ | 74,331 | $ | (1,076 | ) | — | $ | — | $ | — | $ | 74,331 | $ | (1,076 | ) | |||||||||||||
Obligations of state and municipal subdivisions | 21 | 11,888 | (1,139 | ) | 6 | 4,047 | (648 | ) | 15,935 | (1,787 | ) | ||||||||||||||||||
Corporate bonds | 2 | 2,052 | (27 | ) | — | — | — | 2,052 | (27 | ) | |||||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHLB, FFCB and FHR | 14 | 49,126 | (468 | ) | — | — | — | 49,126 | (468 | ) | |||||||||||||||||||
83 | $ | 137,397 | $ | (2,710 | ) | 6 | $ | 4,047 | $ | (648 | ) | $ | 141,444 | $ | (3,358 | ) | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Obligations of state and municipal subdivisions | 9 | $ | 6,551 | $ | (217 | ) | — | $ | — | $ | — | $ | 6,551 | $ | (217 | ) | |||||||||||||
Corporate bonds | 1 | 990 | (25 | ) | — | — | — | 990 | (25 | ) | |||||||||||||||||||
10 | $ | 7,541 | $ | (242 | ) | — | $ | — | $ | — | $ | 7,541 | $ | (242 | ) | ||||||||||||||
Unrealized losses are generally due to changes in interest rates. The Company has the intent to hold these securities until maturity or a forecasted recovery and it is more likely than not that the Company will not have to sell the securities before the recovery of their cost basis. As such, the losses are deemed to be temporary. |
Loans_Net_and_Allowance_for_Lo
Loans, Net and Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Loans, Net and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
Loans, Net and Allowance for Loan Losses | |||||||||||||||||||||||||||||||||
Loans, net at December 31, 2013 and 2012, consisted of the following: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Commercial | $ | 241,178 | $ | 169,882 | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | 843,436 | 648,494 | |||||||||||||||||||||||||||||||
Commercial construction, land and land development | 130,320 | 97,329 | |||||||||||||||||||||||||||||||
Residential | 338,654 | 306,187 | |||||||||||||||||||||||||||||||
Single family interim construction | 83,144 | 67,920 | |||||||||||||||||||||||||||||||
Agricultural | 40,558 | 40,127 | |||||||||||||||||||||||||||||||
Consumer | 45,762 | 39,502 | |||||||||||||||||||||||||||||||
Other | 108 | 73 | |||||||||||||||||||||||||||||||
1,723,160 | 1,369,514 | ||||||||||||||||||||||||||||||||
Allowance for loan losses | (13,960 | ) | (11,478 | ) | |||||||||||||||||||||||||||||
$ | 1,709,200 | $ | 1,358,036 | ||||||||||||||||||||||||||||||
The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and non-performing and potential problem loans. | |||||||||||||||||||||||||||||||||
Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. The Company’s management examines current and projected cash flows to determine the ability of the borrower to repay their obligations as agreed. Commercial loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. These cash flows, however, may not be as expected and the value of collateral securing the loans may fluctuate. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short term loans may be made on an unsecured basis. Additionally, our commercial loan portfolio includes loans made to customers in the energy industry, which is a complex, technical and cyclical industry. Experienced bankers with specialized energy lending experience originate our energy loans. Companies in this industry produce, extract, develop, exploit and explore for oil and natural gas. Loans are primarily collateralized with proven producing oil and gas reserves based on a technical evaluation of these reserves. | |||||||||||||||||||||||||||||||||
Commercial real estate loans are subject to underwriting standards and processes similar to commercial loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type and geographic location. Management monitors the diversification of the portfolio on a quarterly basis by type and geographic location. Management also tracks the level of owner occupied property versus non owner occupied property. | |||||||||||||||||||||||||||||||||
Land and commercial land development loans are underwritten using feasibility studies, independent appraisal reviews and financial analysis of the developers or property owners. Generally, borrowers must have a proven track record of success. Commercial construction loans are generally based upon estimates of cost and value of the completed project. These estimates may not be accurate. Commercial construction loans often involve the disbursement of substantial funds with the repayment dependent on the success of the ultimate project. Sources of repayment for these loans may be pre-committed permanent financing or sale of the developed property. The loans in this portfolio are geographically diverse and due to the increased risk are monitored closely by management and the board of directors on a quarterly basis. | |||||||||||||||||||||||||||||||||
Residential real estate and single family interim construction loans are underwritten primarily based on borrowers’ credit scores, documented income and minimum collateral values. Relatively small loan amounts are spread across many individual borrowers which minimizes risk in the residential portfolio. In addition, management evaluates trends in past dues and current economic factors on a regular basis. | |||||||||||||||||||||||||||||||||
Agricultural loans are collateralized by real estate and/or non-real estate. Agricultural real estate loans are primarily comprised of loans for the purchase of farmland. Loan-to-value ratios on loans secured by farmland generally do not exceed 80% and have amortization periods limited to twenty years. Agricultural non-real estate loans are generally comprised of term loans to fund the purchase of equipment, livestock and seasonal operating lines to cash grain farmers to plant and harvest corn and soybeans. Specific underwriting standards have been established for agricultural-related loans including the establishment of projections for each operating year based on industry developed estimates of farm input costs and expected commodity yields and prices. Operating lines are typically written for one year and secured by the crop and other farm assets as considered necessary. | |||||||||||||||||||||||||||||||||
Agricultural loans carry significant credit risks as they involve larger balances concentrated with single borrowers or groups of related borrowers. In addition, repayment of such loans depends on the successful operation or management of the farm property securing the loan or for which an operating loan is utilized. Farming operations may be affected by adverse weather conditions such as drought, hail or floods that can severely limit crop yields. | |||||||||||||||||||||||||||||||||
Consumer loans represent less than 3% of the outstanding total loan portfolio. Collateral consists primarily of automobiles and other personal assets. Credit score analysis is used to supplement the underwriting process. | |||||||||||||||||||||||||||||||||
Most of the Company’s lending activity occurs within the State of Texas, primarily in the north and central Texas regions. The majority of the Company’s portfolio consists of commercial and residential real estate loans. As of December 31, 2013 and 2012, there were no concentrations of loans related to a single industry in excess of 10% of total loans. | |||||||||||||||||||||||||||||||||
The allowance for loan losses is an amount that management believes will be adequate to absorb estimated losses relating to specifically identified loans, as well as probable credit losses inherent in the balance of the loan portfolio. | |||||||||||||||||||||||||||||||||
The allowance is derived from the following two components: 1) allowances established on individual impaired loans, which are based on a review of the individual characteristics of each loan, including the customer’s ability to repay the loan, the underlying collateral values, and the industry the customer operates in, and 2) allowances based on actual historical loss experience for the last three years for similar types of loans in the Company’s loan portfolio adjusted for primarily changes in the lending policies and procedures; collection, charge-off and recovery practices; nature and volume of the loan portfolio; volume and severity of nonperforming loans; existence and effect of any concentrations of credit and the level of such concentrations and current, national and local economic and business conditions. This second component also includes an unallocated allowance to cover uncertainties that could affect management’s estimate of probable losses. The unallocated allowance reflects the imprecision inherent in the underlying assumptions used in the methodologies for estimating this component. | |||||||||||||||||||||||||||||||||
The Company’s management continually evaluates the allowance for loan losses determined from the allowances established on individual loans and the amounts determined from historical loss percentages adjusted for the qualitative factors above. Should any of the factors considered by management change, the Company’s estimate of loan losses could also change and would affect the level of future provision expense. While the calculation of the allowance for loan losses utilizes management’s best judgment and all the information available, the adequacy of the allowance for loan losses is dependent on a variety of factors beyond the Company’s control, including, among other things, the performance of the entire loan portfolio, the economy, changes in interest rates and the view of regulatory authorities towards loan classifications. | |||||||||||||||||||||||||||||||||
In addition, regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses, and may require the Bank to make additions to the allowance based on their judgment about information available to them at the time of their examinations. | |||||||||||||||||||||||||||||||||
Loans requiring an allocated loan loss provision are generally identified at the servicing officer level based on review of weekly past due reports and/or the loan officer’s communication with borrowers. In addition, past due loans are discussed at weekly officer loan committee meetings to determine if classification is warranted. The Company’s credit department has implemented an internal risk based loan review process to identity potential internally classified loans that supplements the annual independent external loan review. The external review generally covers all loans greater than $1.5 million. These reviews include analysis of borrower’s financial condition, payment histories and collateral values to determine if a loan should be internally classified. Generally, once classified, an impaired loan analysis is completed by the credit department to determine if the loan is impaired and the amount of allocated allowance required. | |||||||||||||||||||||||||||||||||
The Texas economy, specifically the Company’s lending area of north and central Texas, has generally performed better and appears to be recovering faster than certain other parts of the country. However, Texas is not completely immune to the problems associated with the U.S. economy. The risk of loss associated with all segments of the loan portfolio continues to be impacted by the prolonged economic recovery. | |||||||||||||||||||||||||||||||||
The economy and other risk factors are minimized by the Company’s underwriting standards which include the following principles: 1) financial strength of the borrower including strong earnings, high net worth, significant liquidity and acceptable debt to worth ratio, 2) managerial business competence, 3) ability to repay, 4) loan to value, 5) projected cash flow and 6) guarantor financial statements as applicable. The following is a summary of the activity in the allowance for loan losses by loan class for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Single-Family | Agricultural | Consumer | Other | Unallocated | Total | |||||||||||||||||||||||||
Real Estate, | Real Estate | Interim | |||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Balance at the beginning of year | $ | 2,377 | $ | 4,924 | $ | 2,965 | $ | 523 | $ | 159 | $ | 278 | $ | — | $ | 252 | $ | 11,478 | |||||||||||||||
Provision for loan losses | 616 | 3,554 | (405 | ) | 54 | 79 | 107 | — | (183 | ) | 3,822 | ||||||||||||||||||||||
Charge-offs | (612 | ) | (634 | ) | (130 | ) | — | — | (64 | ) | — | — | (1,440 | ) | |||||||||||||||||||
Recoveries | 20 | 28 | 10 | — | — | 42 | — | — | 100 | ||||||||||||||||||||||||
Balance at end of year | $ | 2,401 | $ | 7,872 | $ | 2,440 | $ | 577 | $ | 238 | $ | 363 | $ | — | $ | 69 | $ | 13,960 | |||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Balance at the beginning of year | $ | 1,259 | $ | 5,051 | $ | 1,964 | $ | 317 | $ | 209 | $ | 235 | $ | — | $ | 25 | $ | 9,060 | |||||||||||||||
Provision for loan losses | 1,261 | 289 | 1,176 | 206 | (50 | ) | 75 | — | 227 | 3,184 | |||||||||||||||||||||||
Charge-offs | (169 | ) | (484 | ) | (178 | ) | — | — | (86 | ) | — | — | (917 | ) | |||||||||||||||||||
Recoveries | 26 | 68 | 3 | — | — | 54 | — | — | 151 | ||||||||||||||||||||||||
Balance at end of year | $ | 2,377 | $ | 4,924 | $ | 2,965 | $ | 523 | $ | 159 | $ | 278 | $ | — | $ | 252 | $ | 11,478 | |||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||||||||||
Balance at the beginning of year | $ | 1,228 | $ | 4,294 | $ | 1,639 | $ | 250 | $ | 167 | $ | 293 | $ | — | $ | 532 | $ | 8,403 | |||||||||||||||
Provision for loan losses | 37 | 1,416 | 641 | 38 | 42 | (17 | ) | — | (507 | ) | 1,650 | ||||||||||||||||||||||
Charge-offs | (23 | ) | (694 | ) | (316 | ) | (20 | ) | — | (94 | ) | — | — | (1,147 | ) | ||||||||||||||||||
Recoveries | 17 | 35 | — | 49 | — | 53 | — | — | 154 | ||||||||||||||||||||||||
Balance at end of year | $ | 1,259 | $ | 5,051 | $ | 1,964 | $ | 317 | $ | 209 | $ | 235 | $ | — | $ | 25 | $ | 9,060 | |||||||||||||||
The following table details the amount of the allowance for loan losses and recorded investment in loans by class as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Single-Family | Agricultural | Consumer | Other | Unallocated | Total | |||||||||||||||||||||||||
Real Estate, | Real Estate | Interim | |||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Allowance for losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 313 | $ | 504 | $ | 14 | $ | — | $ | — | $ | 24 | $ | — | $ | — | $ | 855 | |||||||||||||||
Collectively evaluated for impairment | 2,088 | 7,368 | 2,426 | 577 | 238 | 339 | — | 69 | 13,105 | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Ending balance | $ | 2,401 | $ | 7,872 | $ | 2,440 | $ | 577 | $ | 238 | $ | 363 | $ | — | $ | 69 | $ | 13,960 | |||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 501 | $ | 8,013 | $ | 3,182 | $ | 170 | $ | — | $ | 68 | $ | — | $ | — | $ | 11,934 | |||||||||||||||
Collectively evaluated for impairment | 234,103 | 959,254 | 334,770 | 82,974 | 40,558 | 45,682 | 108 | — | 1,697,449 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | 6,574 | 6,489 | 702 | — | — | 12 | — | — | 13,777 | ||||||||||||||||||||||||
Ending balance | $ | 241,178 | $ | 973,756 | $ | 338,654 | $ | 83,144 | $ | 40,558 | $ | 45,762 | $ | 108 | $ | — | $ | 1,723,160 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||
Allowance for losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 165 | $ | 644 | $ | 164 | $ | — | $ | — | $ | 16 | $ | — | $ | — | $ | 989 | |||||||||||||||
Collectively evaluated for impairment | 2,212 | 4,280 | 2,801 | 523 | 159 | 262 | — | 252 | 10,489 | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Ending balance | $ | 2,377 | $ | 4,924 | $ | 2,965 | $ | 523 | $ | 159 | $ | 278 | $ | — | $ | 252 | $ | 11,478 | |||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 724 | $ | 10,601 | $ | 3,376 | $ | — | $ | — | $ | 105 | $ | — | $ | — | $ | 14,806 | |||||||||||||||
Collectively evaluated for impairment | 166,965 | 732,581 | 301,259 | 67,361 | 40,127 | 39,397 | 73 | — | 1,347,763 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | 2,193 | 2,641 | 1,552 | 559 | — | — | — | — | 6,945 | ||||||||||||||||||||||||
Ending balance | $ | 169,882 | $ | 745,823 | $ | 306,187 | $ | 67,920 | $ | 40,127 | $ | 39,502 | $ | 73 | $ | — | $ | 1,369,514 | |||||||||||||||
Nonperforming loans by loan class at December 31, 2013 and 2012, are summarized as follows: | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential Real Estate | Single-Family | Agricultural | Consumer | Other | Total | ||||||||||||||||||||||||||
Real Estate, | Interim | ||||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 357 | $ | 253 | $ | 1,852 | $ | 170 | $ | — | $ | 43 | $ | — | $ | 2,675 | |||||||||||||||||
Loans past due 90 days and still accruing | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 107 | 3,571 | 425 | — | — | 1 | — | 4,104 | |||||||||||||||||||||||||
$ | 464 | $ | 3,824 | $ | 2,277 | $ | 170 | $ | — | $ | 44 | $ | — | $ | 6,779 | ||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 218 | $ | 4,857 | $ | 894 | $ | 560 | $ | — | $ | 70 | $ | — | $ | 6,599 | |||||||||||||||||
Loans past due 90 days and still accruing | — | — | — | — | — | 2 | — | 2 | |||||||||||||||||||||||||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 481 | 1,778 | 2,165 | — | — | 9 | — | 4,433 | |||||||||||||||||||||||||
$ | 699 | $ | 6,635 | $ | 3,059 | $ | 560 | $ | — | $ | 81 | $ | — | $ | 11,034 | ||||||||||||||||||
The accrual of interest is discontinued on a loan when management believes after considering collection efforts and other factors that the borrower's financial condition is such that collection of interest is doubtful. All interest accrued but not collected for loans that are placed on nonaccrual status or charged-off is reversed against interest income. Cash collections on nonaccrual loans are generally credited to the loan receivable balance, and no interest income is recognized on those loans until the principal balance has been collected. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||||||||||||||||||||||||||
Impaired loans are those loans where it is probable that all amounts due according to contractual terms of the loan agreement will not be collected. The Company has identified these loans through its normal loan review procedures. Impaired loans are measured based on 1) the present value of expected future cash flows discounted at the loans effective interest rate; 2) the loan's observable market price; or 3) the fair value of collateral if the loan is collateral dependent. Substantially all of the Company’s impaired loans are measured at the fair value of the collateral. In limited cases, the Company may use other methods to determine the level of impairment of a loan if such loan is not collateral dependent. | |||||||||||||||||||||||||||||||||
All commercial, real estate, agricultural loans and troubled debt restructurings are considered for individual impairment analysis. Smaller balance consumer loans are collectively evaluated for impairment. | |||||||||||||||||||||||||||||||||
Impaired loans by loan class at December 31, 2013 and 2012, are summarized as follows: | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Single-Family | Agricultural | Consumer | Other | Total | ||||||||||||||||||||||||||
Real Estate, | Real Estate | Interim | |||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Recorded investment in impaired loans: | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance for loan losses | $ | 401 | $ | 3,866 | $ | 1,135 | $ | — | $ | — | $ | 40 | $ | — | $ | 5,442 | |||||||||||||||||
Impaired loans with no allowance for loan losses | 100 | 4,147 | 2,047 | 170 | — | 28 | — | 6,492 | |||||||||||||||||||||||||
Total | $ | 501 | $ | 8,013 | $ | 3,182 | $ | 170 | $ | — | $ | 68 | $ | — | $ | 11,934 | |||||||||||||||||
Unpaid principal balance of impaired loans | $ | 501 | $ | 8,408 | $ | 3,216 | $ | 170 | $ | — | $ | 75 | $ | — | $ | 12,370 | |||||||||||||||||
Allowance for loan losses on impaired loans | $ | 313 | $ | 504 | $ | 14 | $ | — | $ | — | $ | 24 | $ | — | $ | 855 | |||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Recorded investment in impaired loans: | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance for loan losses | $ | 644 | $ | 5,532 | $ | 1,301 | $ | — | $ | — | $ | 73 | $ | — | $ | 7,550 | |||||||||||||||||
Impaired loans with no allowance for loan losses | 80 | 5,069 | 2,075 | — | — | 32 | — | 7,256 | |||||||||||||||||||||||||
Total | $ | 724 | $ | 10,601 | $ | 3,376 | $ | — | $ | — | $ | 105 | $ | — | $ | 14,806 | |||||||||||||||||
Unpaid principal balance of impaired loans | $ | 741 | $ | 11,140 | $ | 3,475 | $ | — | $ | — | $ | 122 | $ | — | $ | 15,478 | |||||||||||||||||
Allowance for loan losses on impaired loans | $ | 165 | $ | 644 | $ | 164 | $ | — | $ | — | $ | 16 | $ | — | $ | 989 | |||||||||||||||||
For the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 649 | $ | 8,669 | $ | 3,384 | $ | 34 | $ | — | $ | 80 | $ | — | $ | 12,816 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 28 | $ | 517 | $ | 148 | $ | 6 | $ | — | $ | 6 | $ | — | $ | 705 | |||||||||||||||||
For the year ended December 31, 2012: | |||||||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 777 | $ | 12,291 | $ | 3,976 | $ | 46 | $ | — | $ | 99 | $ | — | $ | 17,189 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 27 | $ | 483 | $ | 187 | $ | — | $ | — | $ | 8 | $ | — | $ | 705 | |||||||||||||||||
For the year ended December 31, 2011: | |||||||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 471 | $ | 13,593 | $ | 3,615 | $ | 95 | $ | — | $ | 68 | $ | — | $ | 17,842 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 51 | $ | 857 | $ | 186 | $ | — | $ | — | $ | 5 | $ | — | $ | 1,099 | |||||||||||||||||
Certain impaired loans have adequate collateral and do not require a related allowance for loan loss. | |||||||||||||||||||||||||||||||||
The Company will charge off that portion of any loan which management considers a loss. Commercial and real estate loans are generally considered for charge-off when exposure beyond collateral coverage is apparent and when no further collection of the loss portion is anticipated based on the borrower’s financial condition. | |||||||||||||||||||||||||||||||||
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, extending amortization and other actions intended to minimize potential losses. | |||||||||||||||||||||||||||||||||
A “troubled debt restructured” loan is identified as impaired and measured for credit impairment as of each reporting period in accordance with the guidance in ASC 310-10-35. The recorded investment in troubled debt restructurings, including those on nonaccrual, was $5,555 and $7,544 as of December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||
Following is a summary of loans modified under troubled debt restructurings during the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
. | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Single-Family | Agricultural | Consumer | Other | Total | ||||||||||||||||||||||||||
Real Estate, | Real Estate | Interim | |||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
Troubled debt restructurings during the year ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Number of contracts | — | 3 | — | — | — | — | — | 3 | |||||||||||||||||||||||||
Pre-restructuring outstanding recorded investment | $ | — | $ | 2,015 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,015 | |||||||||||||||||
Post-restructuring outstanding recorded investment | $ | — | $ | 2,015 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,015 | |||||||||||||||||
Troubled debt restructurings during the year ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Number of contracts | 2 | 1 | 3 | — | — | 1 | — | 7 | |||||||||||||||||||||||||
Pre-restructuring outstanding recorded investment | $ | 280 | $ | 101 | $ | 1,919 | $ | — | $ | — | $ | 26 | $ | — | $ | 2,326 | |||||||||||||||||
Post-restructuring outstanding recorded investment | $ | 280 | $ | 101 | $ | 1,919 | $ | — | $ | — | $ | 26 | $ | — | $ | 2,326 | |||||||||||||||||
At December 31, 2013, there were no loans modified under troubled debt restructurings during the previous twelve month period that subsequently defaulted during the year ended December 31, 2013. At December 31, 2012, there was one consumer loan totaling $26 and one commercial real estate loan totaling $101 that were modified during the previous twelve month period that defaulted during the year ended December 31, 2012. At December, 31, 2013 and 2012, the Company had no commitments to lend additional funds to any borrowers with loans whose terms have been modified under troubled debt restructurings. | |||||||||||||||||||||||||||||||||
Modifications primarily relate to extending the amortization periods of the loans and interest rate concessions. The majority of these loans were identified as impaired prior to restructuring; therefore, the modifications did not materially impact the Company’s determination of the allowance for loan losses. | |||||||||||||||||||||||||||||||||
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following table presents information regarding the aging of past due loans by loan class as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Loans | Loans | Total Past | Current | Total | |||||||||||||||||||||||||||||
30-89 Days | 90 or More | Due Loans | Loans | Loans | |||||||||||||||||||||||||||||
Past Due | Past Due | ||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Commercial | $ | 257 | $ | 357 | $ | 614 | $ | 240,564 | $ | 241,178 | |||||||||||||||||||||||
Commercial real estate, land and land development | 2,076 | 73 | 2,149 | 971,607 | 973,756 | ||||||||||||||||||||||||||||
Residential real estate | 1,322 | 1,603 | 2,925 | 335,729 | 338,654 | ||||||||||||||||||||||||||||
Single-family interim construction | — | 170 | 170 | 82,974 | 83,144 | ||||||||||||||||||||||||||||
Agricultural | 3 | — | 3 | 40,555 | 40,558 | ||||||||||||||||||||||||||||
Consumer | 97 | 1 | 98 | 45,664 | 45,762 | ||||||||||||||||||||||||||||
Other | — | — | 108 | 108 | |||||||||||||||||||||||||||||
$ | 3,755 | $ | 2,204 | $ | 5,959 | $ | 1,717,201 | $ | 1,723,160 | ||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||
Commercial | $ | 845 | $ | — | $ | 845 | $ | 169,037 | $ | 169,882 | |||||||||||||||||||||||
Commercial real estate, land and land development | 3,091 | 62 | 3,153 | 742,670 | 745,823 | ||||||||||||||||||||||||||||
Residential real estate | 1,305 | 360 | 1,665 | 304,522 | 306,187 | ||||||||||||||||||||||||||||
Single-family interim construction | — | 559 | 559 | 67,361 | 67,920 | ||||||||||||||||||||||||||||
Agricultural | 23 | — | 23 | 40,104 | 40,127 | ||||||||||||||||||||||||||||
Consumer | 110 | 32 | 142 | 39,360 | 39,502 | ||||||||||||||||||||||||||||
Other | — | — | — | 73 | 73 | ||||||||||||||||||||||||||||
$ | 5,374 | $ | 1,013 | $ | 6,387 | $ | 1,363,127 | $ | 1,369,514 | ||||||||||||||||||||||||
The Company’s internal classified report is segregated into the following categories: 1) Pass/Watch, 2) Other Assets Especially Mentioned (OAEM), 3) Substandard and 4) Doubtful. The loans placed in the Pass/Watch category reflect the Company’s opinion that the loans reflect potential weakness which requires monitoring on a more frequent basis. The loans in the OAEM category reflect the Company’s opinion that the credit contains weaknesses which represent a greater degree of risk and warrant extra attention. These loans are reviewed monthly by officers and senior management to determine if a change in category is warranted. The loans placed in the Substandard category are considered to be potentially inadequately protected by the current debt service capacity of the borrower and/or the pledged collateral. These credits, even if apparently protected by collateral value, have shown weakness related to adverse financial, managerial, economic, market or political conditions which may jeopardize repayment of principal and interest. There is possibility that some future loss could be sustained by the Company if such weakness is not corrected. The Doubtful category includes loans that are in default or principal exposure is probable. Substandard and Doubtful loans are individually evaluated to determine if they should be classified as impaired and an allowance is allocated if deemed necessary under ASC 310-10. | |||||||||||||||||||||||||||||||||
The loans that are not impaired are included with the remaining “pass” credits in determining the portion of the allowance for loan loss based on historical loss experience and other qualitative factors. The portfolio is segmented into categories including: commercial loans, consumer loans, commercial real estate loans, residential real estate loans and agricultural loans. The adjusted historical loss percentage is applied to each category. Each category is then added together to determine the allowance allocated under ASC 450-20. | |||||||||||||||||||||||||||||||||
A summary of loans by credit quality indicator by class as of December 31, 2013 and 2012, is as follows: | |||||||||||||||||||||||||||||||||
Pass | Pass/ | OAEM | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||
(Rating 1-4) | Watch | ||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Commercial | $ | 231,080 | $ | 7,199 | $ | 1,311 | $ | 1,453 | $ | 135 | $ | 241,178 | |||||||||||||||||||||
Commercial real estate, construction, land and land development | 952,863 | 10,697 | 2,982 | 7,214 | — | 973,756 | |||||||||||||||||||||||||||
Residential real estate | 328,918 | 5,379 | 454 | 3,903 | — | 338,654 | |||||||||||||||||||||||||||
Single-family interim construction | 83,144 | — | — | — | — | 83,144 | |||||||||||||||||||||||||||
Agricultural | 40,328 | 210 | — | 20 | — | 40,558 | |||||||||||||||||||||||||||
Consumer | 45,556 | 82 | 39 | 85 | — | 45,762 | |||||||||||||||||||||||||||
Other | 108 | — | — | — | — | 108 | |||||||||||||||||||||||||||
$ | 1,681,997 | $ | 23,567 | $ | 4,786 | $ | 12,675 | $ | 135 | $ | 1,723,160 | ||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||
Commercial | $ | 165,842 | $ | 2,824 | $ | 203 | $ | 1,013 | $ | — | $ | 169,882 | |||||||||||||||||||||
Commercial real estate, construction, land and land development | 716,243 | 11,502 | 8,804 | 9,274 | — | 745,823 | |||||||||||||||||||||||||||
Residential real estate | 295,870 | 4,303 | 867 | 5,039 | 108 | 306,187 | |||||||||||||||||||||||||||
Single-family interim construction | 67,360 | — | — | 560 | — | 67,920 | |||||||||||||||||||||||||||
Agricultural | 39,936 | 147 | — | 44 | — | 40,127 | |||||||||||||||||||||||||||
Consumer | 39,315 | 60 | 13 | 114 | — | 39,502 | |||||||||||||||||||||||||||
Other | 73 | — | — | — | — | 73 | |||||||||||||||||||||||||||
$ | 1,324,639 | $ | 18,836 | $ | 9,887 | $ | 16,044 | $ | 108 | $ | 1,369,514 | ||||||||||||||||||||||
The Company has acquired certain loans which experienced credit deterioration since origination (purchased credit impaired (PCI) loans). Accretion on PCI loans is based on estimated future cash flows, regardless of contractual maturity. There are no PCI loans outstanding for acquisitions prior to 2012. | |||||||||||||||||||||||||||||||||
The following table summarizes the outstanding balance and related carrying amount of purchased credit impaired loans by acquired bank as of the respective acquisition date: | |||||||||||||||||||||||||||||||||
Acquisition Date | |||||||||||||||||||||||||||||||||
30-Nov-13 | 1-Oct-12 | 1-Apr-12 | |||||||||||||||||||||||||||||||
Collin Bank * | Community Group | I Bank | |||||||||||||||||||||||||||||||
Outstanding balance | $ | 12,320 | $ | 6,099 | $ | 4,740 | |||||||||||||||||||||||||||
Nonaccretable difference | (1,233 | ) | (1,294 | ) | (1,296 | ) | |||||||||||||||||||||||||||
Accretable yield | — | — | (27 | ) | |||||||||||||||||||||||||||||
Carrying amount | $ | 11,087 | $ | 4,805 | $ | 3,417 | |||||||||||||||||||||||||||
* Amounts represent provisional estimates and are subject to final purchase accounting adjustments. | |||||||||||||||||||||||||||||||||
The carrying amount of acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at December 31, 2013 and 2012, were as follows: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Outstanding balance | $ | 15,768 | $ | 9,178 | |||||||||||||||||||||||||||||
Carrying amount | 13,777 | 6,945 | |||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, there was no allocation established in the allowance for loan losses related to purchased credit impaired loans. |
Premises_and_Equipment_Net
Premises and Equipment, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Premises and Equipment, Net | ' | |||||||
Premises and Equipment, Net | ||||||||
Premises and equipment, net at December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 14,548 | $ | 14,548 | ||||
Building | 58,853 | 48,054 | ||||||
Furniture, fixtures and equipment | 16,243 | 13,881 | ||||||
Aircraft | 5,298 | 5,298 | ||||||
Leasehold and tenant improvements | 641 | 725 | ||||||
Construction in progress | 36 | 7,349 | ||||||
95,619 | 89,855 | |||||||
Less accumulated depreciation | (22,884 | ) | (19,274 | ) | ||||
$ | 72,735 | $ | 70,581 | |||||
Depreciation expense amounted to $4,322, $3,524 and $3,302 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
The Company leases offices in the corporate location and other buildings to other unaffiliated tenants. Rental income of $726, $588 and $566 was recognized during the years ended December 31, 2013, 2012 and 2011, respectively. This rental income is recorded in the statements of income as an offset to occupancy expense. | ||||||||
At December 31, 2013, minimum future rental payments receivable from these tenants were as follows: | ||||||||
First year | $ | 194 | ||||||
Second year | 60 | |||||||
Third year | 45 | |||||||
Fourth year | 15 | |||||||
Fifth year | — | |||||||
$ | 314 | |||||||
Other_Real_Estate_Owned
Other Real Estate Owned | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Banking and Thrift [Abstract] | ' | |||||||
Other Real Estate Owned | ' | |||||||
Other Real Estate Owned | ||||||||
Other real estate owned at December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Construction, land and land development | $ | 3,053 | $ | 6,166 | ||||
Residential | — | 653 | ||||||
Commercial real estate | 269 | — | ||||||
$ | 3,322 | $ | 6,819 | |||||
Goodwill_and_Core_Deposit_Inta
Goodwill and Core Deposit Intangible, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Goodwill and Core Deposit Intangible, Net | ' | |||||||
Goodwill and Core Deposit Intangible, Net | ||||||||
At December 31, 2013 and 2012, goodwill totaled $34,704 and $28,742, respectively. During 2012, the Company recorded goodwill of $12,967 and $4,807 in conjunction with the acquisitions of I Bank and Community Group, respectively. In September 2012, goodwill was reduced by $254 as a result of the sale of the Coupland, Texas branch office. In 2013, the Company recorded a provisional estimate of $5,962 related to goodwill acquired in the Collin Bank transaction (Note 22). | ||||||||
The gross carrying value and accumulated amortization of core deposit intangible is as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Core deposit intangible | $ | 6,974 | $ | 6,374 | ||||
Less accumulated amortization | (3,826 | ) | (3,123 | ) | ||||
$ | 3,148 | $ | 3,251 | |||||
A provisional amount of $600 has been recorded for the Collin Bank transaction (Note 22). | ||||||||
Amortization of the core deposit intangible amounted to $703, $656 and $567 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
The future amortization expense related to core deposit intangible remaining at December 31, 2013 is as follows: | ||||||||
First year | $ | 649 | ||||||
Second year | 406 | |||||||
Third year | 385 | |||||||
Fourth year | 385 | |||||||
Fifth year | 362 | |||||||
Thereafter | 961 | |||||||
$ | 3,148 | |||||||
Deposits
Deposits | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||
Deposits | ' | |||||||||||||
Deposits | ||||||||||||||
Deposits at December 31, 2013 and 2012 consisted of the following: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Amount | Percent | Amount | Percent | |||||||||||
Noninterest-bearing demand accounts | $ | 302,756 | 17.7 | % | $ | 259,664 | 18.7 | % | ||||||
Interest-bearing checking accounts | 796,225 | 46.6 | 688,234 | 49.5 | ||||||||||
Savings accounts | 122,257 | 7.1 | 115,413 | 8.3 | ||||||||||
Limited access money market accounts | 62,985 | 3.7 | 28,439 | 2 | ||||||||||
Individual retirement accounts (IRA) | 33,025 | 1.9 | 34,613 | 2.5 | ||||||||||
Certificates of deposit, less than $100,000 | 92,949 | 5.4 | 100,462 | 7.2 | ||||||||||
Certificates of deposit, $100,000 and greater | 300,122 | 17.6 | 163,915 | 11.8 | ||||||||||
$ | 1,710,319 | 100 | % | $ | 1,390,740 | 100 | % | |||||||
At December 31, 2013, the scheduled maturities of certificates of deposit, including IRAs, were as follows: | ||||||||||||||
First year | $ | 305,764 | ||||||||||||
Second year | 59,296 | |||||||||||||
Third year | 35,314 | |||||||||||||
Fourth year | 13,073 | |||||||||||||
Fifth year | 12,645 | |||||||||||||
Thereafter | 4 | |||||||||||||
$ | 426,096 | |||||||||||||
Brokered deposits at December 31, 2013 and 2012 totaled $62,388 and $31,238, respectively. |
Federal_Home_Loan_Bank_Advance
Federal Home Loan Bank Advances | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Banking and Thrift [Abstract] | ' | |||
Federal Home Loan Bank Advances | ' | |||
Federal Home Loan Bank Advances | ||||
At December 31, 2013, the Company has advances from the FHLB of Dallas under note payable arrangements with maturities which range from January 2, 2014 to January 1, 2026. Payments on these notes are made monthly. The weighted average interest rate of all notes was 1.83% and 2.01% at December 31, 2013 and 2012, respectively. The balances outstanding on these advances were $187,484 and $164,601 at December 31, 2013 and 2012, respectively. | ||||
Contractual maturities of FHLB advances at December 31, 2013 were as follows: | ||||
First year | $ | 46,003 | ||
Second year | 23,000 | |||
Third year | 32,522 | |||
Fourth year | 30,000 | |||
Fifth year | 15,000 | |||
Thereafter | 40,959 | |||
$ | 187,484 | |||
The advances are secured by FHLB stock owned by the Company and a blanket lien on certain loans with an aggregate available carrying value of $680,037 at December 31, 2013. The Company had remaining credit available under the FHLB advance program of $217,989 at December 31, 2013. | ||||
At December 31, 2013, the Company had $274,564 in undisbursed advance commitments (letters of credit) with the FHLB. As of December 31, 2013, these commitments mature on various dates from January 2014 through May 2015. The FHLB letters of credit were obtained in lieu of pledging securities to secure public fund deposits that are over the FDIC insurance limit. At December 31, 2013, there were no disbursements against the advance commitments. |
Notes_Payable_and_Other_Borrow
Notes Payable and Other Borrowings | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Notes Payable and Other Borrowings | ' | |||||||
Notes Payable and Other Borrowings | ||||||||
Notes payable at December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Note payable by Adriatica to an unaffiliated commercial bank in the original amount of $12,188. The loan is secured by real property consisting of a mixed used development in McKinney, TX. Interest accrues at 3.25% through June 2013 and then adjusts to Wall Street Journal (WSJ) prime. Interest is paid quarterly and principal payments are required at 90% of the proceeds of any sales of the property collateralizing the loan. Note was repaid in full in April 2013. | $ | — | $ | 3,142 | ||||
Adriatica loan from the same commercial bank to finance the purchase of an additional building located in the development. The original balance was $353. Interest accrues at WSJ prime (3.25%). Payments of principal and interest of $6 are due quarterly. Note was repaid in full in April 2013. | — | 337 | ||||||
Note payable to an unaffiliated commercial bank in the original amount of $12,000, due in quarterly installments of accrued interest and principal installments of $375. The loan accrues interest at the WSJ prime rate, subject to a 4.00% floor (4.00% at December 31, 2012). The loan is secured by the outstanding capital stock of Independent Bank. One final payment of unpaid principal and interest is due on December 24, 2016. The terms of the loan require the Company to maintain minimum capital ratios and other covenants. Note was repaid in full in April 2013. | — | 6,000 | ||||||
Note payable to an unaffiliated commercial bank in the original amount of $7,000, due in quarterly installments of accrued interest and principal installments of $250. The loan accrues interest at the WSJ prime rate, subject to a 4.50% floor (4.50% at December 31, 2012). The loan is secured by the outstanding capital stock of Independent Bank. One final payment of unpaid principal and interest was due on March 15, 2015. The note was repaid in full in April 2013. | — | 6,250 | ||||||
$ | — | $ | 15,729 | |||||
Other borrowings at December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Unsecured subordinated debenture, payable to an unaffiliated commercial bank in the original amount of $4,500, due in quarterly principal installments of $188 through December, 2016. Interest accrues at WSJ prime plus 0.50% with a 4.00% floor (4.00% at December 31, 2012). Borrowing was repaid in full in April 2013. | $ | — | $ | 3,000 | ||||
Unsecured subordinated debentures in the amount of $5,000. Interest payments at 7.00% are made quarterly and semiannual principal payments of $625 will be due beginning January 15, 2015. The remaining principal and accrued interest is due on July 15, 2018. | 5,000 | 5,000 | ||||||
Unsecured subordinated debentures in the amount of $2,730. Interest payments at 7.00% are made quarterly and semiannual principal payments of $341 will be due beginning April 15, 2015. The remaining principal and accrued interest is due on October 15, 2018. | 2,730 | 2,730 | ||||||
Unsecured subordinated debentures assumed in the acquisition of an unrelated financial institution in the amount of $2,285. The debentures bear interest at a fixed rate of 7.00% through September 2012 and then an adjusted rate of WSJ prime +2.00% subject to a 6.00% floor thereafter and until maturity, September 30, 2017. Borrowing was repaid in full in April 2013. | — | 1,223 | ||||||
Unsecured subordinated debentures in the amount of $4,155. Interest payments at 7.00% are made quarterly and semiannual principal payments beginning August 2013. The remaining principal and accrued interest is due on February 15, 2017. Borrowing was repaid in full in August 2013. | — | 4,155 | ||||||
Unsecured subordinated debentures in the amount of $4,680. Interest payments at 7.00% are made quarterly and semiannual principal payments beginning April 2016. The remaining principal and accrued interest is due on October 15, 2019. Borrowing was repaid in full in September 2013. | — | 4,680 | ||||||
$ | 7,730 | $ | 20,788 | |||||
At December 31, 2013 and 2012, other borrowings included amounts owed to related parties of $3,270 and $8,536, respectively. | ||||||||
At December 31, 2013, the scheduled principal maturities of the Company's notes payable and other borrowings are as follows: | ||||||||
First year | $ | 1,933 | ||||||
Second year | 1,933 | |||||||
Third year | 1,932 | |||||||
Fourth year | 1,932 | |||||||
Fifth year | — | |||||||
Thereafter | — | |||||||
$ | 7,730 | |||||||
In addition, the Company has a $40,000 federal funds line of credit note with an unaffiliated bank, with no set maturity date. The lender may terminate the line at any time without notice. The line is provided on an unsecured basis and must be repaid the following business day from when the funds were borrowed. There were no borrowings against the line at December 31, 2013 or 2012. |
Junior_Subordinated_Debentures
Junior Subordinated Debentures | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Junior Subordinated Debentures | ' |
Junior Subordinated Debentures | |
In March 2003, IB Trust I, an unconsolidated subsidiary of the Company, issued 5,000 shares of floating rate trust preferred securities at $1,000 per share for an aggregate price of $5,000, all of which was outstanding at December 31, 2013 and 2012. These securities bear an interest rate of 3.25% over the three-month LIBOR (3.49% and 3.56% at December 31, 2013 and 2012, respectively). The trust preferred securities will mature in March 2033. The proceeds from the sale of the trust preferred securities and the issuance of $155 in common securities to the Company were used by Trust I to purchase approximately $5,155 of floating rate junior subordinated debentures of the Company which have the same payment terms as the trust preferred securities. Distributions on the trust preferred securities and on the common securities issued to the Company were payable quarterly beginning June 2003. | |
In March 2004, IB Trust II, an unconsolidated subsidiary of the Company, issued 3,000 shares of floating rate trust preferred securities at $1,000 per share for an aggregate price of $3,000, all of which was outstanding at December 31, 2013 and 2012. These securities bear an interest rate of 2.85% over the three-month LIBOR (3.09% and 3.19% at December 31, 2013 and 2012, respectively). The trust preferred securities will mature in March 2034. The proceeds from the sale of the trust preferred securities and the issuance of $93 in common securities to the Company were used by Trust II to purchase approximately $3,093 of floating rate junior subordinated debentures of the Company which have the same payment terms as the trust preferred securities. Distributions on the trust preferred securities and on the common securities issued to the Company were payable quarterly beginning June 2004. | |
In December 2004, IB Trust III, an unconsolidated subsidiary of the Company, issued 3,600 shares of floating rate trust preferred securities at $1,000 per share for an aggregate price of $3,600, all of which was outstanding at December 31, 2013 and 2012. These securities bear an interest rate of 2.40% over the three-month LIBOR (2.64% and 2.71% at December 31, 2013 and 2012, respectively). The trust preferred securities will mature in December 2035. The proceeds from the sale of the trust preferred securities and the issuance of $112 in common securities to the Company were used by Trust I to purchase approximately $3,712 of floating rate junior subordinated debentures of the Company which have the same payment terms as the trust preferred securities. Distributions on the trust preferred securities and on the common securities issued to the Company were payable quarterly beginning March 2005. | |
In February 2005, IB Centex Trust I, an unconsolidated subsidiary of the Company, issued 2,500 shares of floating rate trust preferred securities at $1,000 per share for an aggregate price of $2,500, all of which was outstanding at December 31, 2013 and 2012. These securities bear an interest rate of 3.25% over the three- month LIBOR (3.49% and 3.56% at December 31, 2013 and 2012, respectively). The trust preferred securities will mature in February 2035. The proceeds from the sale of the trust preferred securities and the issuance of $78 in common securities to the Company were used by Centex Trust I to purchase approximately $2,578 of floating rate junior subordinated debentures of the Company which have the same payment terms as the trust preferred securities. Distributions on the trust preferred securities and on the common securities issued to the Company were payable quarterly beginning June 2005. | |
In connection with the acquisition of Community Group Inc. in October 2012, (Note 22) the Company, assumed $3,500 (3,500 shares with a liquidation amount of $1,000 per security) of Floating Rate Cumulative Trust Preferred Securities (TPS) which were issued through a wholly-owned subsidiary, Community Group Statutory Trust I (CGI Trust I) and all of which were outstanding at December 31, 2013 and 2012. CGI Trust I invested the total proceeds from the sale of TPS and the $109 proceeds from the sale of common stock to CGI in floating rate Junior Subordinated Debentures (Debentures) issued by CGI. Interest on the TPS is payable quarterly on March 15, June 15, September 15, and December 15 of each year at a rate equal to the three month LIBOR rate plus 1.60% (1.84% and 1.99% at December 31, 2013 and 2012, respectively). Principal payments are due at maturity on June 21, 2037. The Company may redeem the Debentures, in whole or in part, on any interest payment date on or after the redemption date of June 21, 2012 at an amount equal to the principal amount of the Debentures being redeemed plus accrued and unpaid interest on such Debentures to the redemption date | |
Except under certain circumstances, the common securities issued to the Company by the trusts possess sole voting rights with respect to matters involving those entities. Under certain circumstances, the Company may, from time to time, defer the debentures' interest payments, which would result in a deferral of distribution payments on the related trust preferred securities and, with certain exceptions, prevent the Company from declaring or paying cash distributions on the Company's common stock and any other future debt ranking equally with or junior to the debentures. The trust preferred securities are guaranteed by the Company. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Income Taxes | ' | ||||
Income Taxes | |||||
Income tax expense was as follows: | |||||
Year Ended December 31, 2013 | |||||
Current income tax expense | $ | 6,744 | |||
Deferred income tax expense (benefit) | (2,083 | ) | |||
Income tax expense, as reported | $ | 4,661 | |||
In connection with the initial public offering as discussed in Note 1, the Company terminated its S-Corporation status and became a taxable entity (C Corporation) on April 1, 2013. As such, any periods prior to April 1, 2013 will not reflect income tax expense. The reported income tax expense for the year ended December 31, 2013 reflects the initial recording of the deferred tax net asset of $1,760, which is the result of timing differences in the recognition of income/deductions for generally accepted accounting principles (GAAP) and tax purposes. The consolidated statements of income present pro forma results of operations for the current year and prior year periods. | |||||
Reported income tax expense differed from the amounts computed by applying the U.S. federal statutory income tax rate of 35% to income before income taxes for the nine months ended December 31, 2013 (the period the Company was a taxable entity) as follows: | |||||
Year Ended December 31, 2013 | |||||
Income tax expense computed at the statutory rate | $ | 6,571 | |||
Initial recording of deferred tax asset | (1,760 | ) | |||
Tax-exempt interest income from municipal securities | (259 | ) | |||
Tax-exempt loan income | (86 | ) | |||
Bank owned life insurance income | (93 | ) | |||
Non-deductible acquisition expenses | 279 | ||||
Other | 9 | ||||
$ | 4,661 | ||||
Components of deferred tax assets and liabilities are as follows: | |||||
December 31, 2013 | |||||
Deferred tax assets: | |||||
Allowance for loan losses | $ | 4,776 | |||
NOL carryforwards from acquisitions | 1,352 | ||||
Net unrealized loss on available for sale securities | 928 | ||||
Acquired loan fair market value adjustments | 1,159 | ||||
Restricted stock | 1,044 | ||||
Acquisition costs | 140 | ||||
Securities | 305 | ||||
Start up costs | 329 | ||||
Other real estate owned | 310 | ||||
Unearned rent income | 55 | ||||
Nonaccrual loans | 69 | ||||
Other | 76 | ||||
10,543 | |||||
Deferred tax liabilities: | |||||
Premises and equipment | (4,539 | ) | |||
Core deposit intangibles | (1,102 | ) | |||
FHLB stock | (68 | ) | |||
(5,709 | ) | ||||
Net deferred tax asset | $ | 4,834 | |||
At December 31, 2013, the Company had federal net operating loss carryforwards of approximately $3,861 which expire at various dates from 2028 to 2032. Deferred tax assets are recognized for net operating losses because the benefit is more likely than not to be realized. No valuation allowance for deferred tax assets was recorded at December 31, 2013 as management believes it is more likely than not that all of the deferred tax assets will be realized. | |||||
The Company does not have any uncertain tax positions and does not have any interest and penalties recorded in the income statement for the year ended December 31, 2013. The Company files a consolidated income tax return in the US federal tax jurisdiction. The Company is no longer subject to examination by the US federal tax jurisdiction for years prior to 2010. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
Commitments and Contingencies | |||||||||
Financial Instruments with Off-Balance Sheet Risk | |||||||||
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. The commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. | |||||||||
The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of this instrument. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. At December 31, 2013 and 2012, the approximate amounts of these financial instruments were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Commitments to extend credit | $ | 365,575 | $ | 153,932 | |||||
Standby letters of credit | 2,120 | 2,704 | |||||||
$ | 367,695 | $ | 156,636 | ||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company upon extension of credit is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, farm crops, property, plant and equipment and income-producing commercial properties. | |||||||||
Letters of credit are written conditional commitments used by the Company to guarantee the performance of a customer to a third party. The Company’s policies generally require that letter of credit arrangements contain security and debt covenants similar to those contained in loan arrangements. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount shown in the table above. If the commitment is funded, the Company would be entitled to seek recovery from the customer. As of December 31, 2013 and 2012, no amounts have been recorded as liabilities for the Company’s potential obligations under these guarantees. | |||||||||
Litigation | |||||||||
The Company is involved in certain legal actions arising from normal business activities. Management believes that the outcome of such proceedings will not materially affect the financial position, results of operations or cash flows of the Company. | |||||||||
Lease Commitments | |||||||||
The Company leases certain branch facilities and other facilities. Rent expense related to these leases amounted to $716, $413 and $276 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
At December 31, 2013, minimum future rental payments due under noncancelable lease commitments were as follows: | |||||||||
First year | $ | 611 | |||||||
Second year | 576 | ||||||||
Third year | 420 | ||||||||
Fourth year | 309 | ||||||||
Fifth year | 216 | ||||||||
Thereafter | 330 | ||||||||
$ | 2,462 | ||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Related Party Transactions [Abstract] | ' | |||
Related Party Transactions | ' | |||
Related Party Transactions | ||||
In the ordinary course of business, the Company has and expects to continue to have transactions, including loans to its officers, directors and their affiliates. In the opinion of management, such transactions are on the same terms as those prevailing at the time for comparable transactions with unaffiliated persons. Loan activity for officers, directors and their affiliates for the year ended December 31, 2013 is as follows: | ||||
Balance at beginning of year | $ | 34,477 | ||
New loans | 14,421 | |||
Repayments | (8,156 | ) | ||
Changes in affiliated persons | 14 | |||
Balance at end of year | $ | 40,756 | ||
See also Note 12 for related party borrowings. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | ' |
Employee Benefit Plans | ' |
Employee Benefit Plans | |
The Company has a 401(k) profit sharing plan (Plan) which covers employees over the age of eighteen who have completed ninety days of credited service, as defined by the Plan. The Plan provides for “before tax” employee contributions through salary reduction contributions under Section 401(k) of the Internal Revenue Code. A participant may choose a salary reduction not to exceed the dollar limit set by law each year ($17.5 in 2013). Contributions by the Company and by participants are immediately fully vested. The Plan provides for the Company to make 401(k) matching contributions ranging from 50% to 100% depending upon the employee's years of service, but limited to 6% of the participant's eligible salary. The Plan also provides for the Company to make additional discretionary contributions to the Plan. The Company made contributions of approximately $524, $435 and $351 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
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. ASC Topic 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: | |||||||||||||||||||||
Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | |||||||||||||||||||||
Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. | |||||||||||||||||||||
Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. | |||||||||||||||||||||
The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of December 31, 2013 and 2012 by level within the ASC Topic 820 fair value measurement hierarchy: | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Assets/ | Quoted Prices | Significant | Significant | ||||||||||||||||||
Liabilities | in Active | Other | Unobservable | ||||||||||||||||||
Measured at | Markets for | Observable | Inputs | ||||||||||||||||||
Fair Value | Identical Assets | Inputs | (Level 3) | ||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
U.S. treasuries | $ | 3,513 | $ | — | $ | 3,513 | $ | — | |||||||||||||
Government agency securities | 94,415 | — | 94,415 | — | |||||||||||||||||
Obligations of state and municipal subdivisions | 36,615 | — | 36,615 | — | |||||||||||||||||
Corporate bonds | 2,052 | — | 2,052 | — | |||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHLB, FFCB and FHR | 57,443 | — | 57,443 | — | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
U.S. treasuries | $ | 3,547 | $ | — | $ | 3,547 | $ | — | |||||||||||||
Government agency securities | 70,211 | — | 70,211 | — | |||||||||||||||||
Obligations of state and municipal subdivisions | 36,814 | — | 36,814 | — | |||||||||||||||||
Corporate bonds | 2,103 | — | 2,103 | — | |||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC and SBA | 680 | — | 680 | — | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Contingent consideration | 290 | — | — | 290 | |||||||||||||||||
There were no transfers between Level 1 and Level 2 categorizations for the years presented. | |||||||||||||||||||||
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. | |||||||||||||||||||||
Securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company 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 and other yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things. | |||||||||||||||||||||
Contingent consideration, related to the acquisition of Town Center Bank in 2010, is reported at fair value using Level 3 inputs. The contingent consideration is remeasured on a recurring basis based on the expected present value of cash flows to be paid to the shareholders of the acquired institution using a market discount rate. In August 2013, the Company paid the final contingent payment of $287. | |||||||||||||||||||||
The following table presents the activity in the contingent consideration for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Balance, beginning of period | $ | 290 | $ | 821 | |||||||||||||||||
Settlements | (287 | ) | (395 | ) | |||||||||||||||||
Change in estimated payments to be made | (3 | ) | (136 | ) | |||||||||||||||||
Balance, end of period | $ | — | $ | 290 | |||||||||||||||||
In accordance with ASC Topic 820, certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities 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). The following table presents the assets carried on the consolidated balance sheet by caption and by level in the fair value hierarchy at December 31, 2013 and 2012, for which a nonrecurring change in fair value has been recorded: | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Assets/ | Quoted Prices | Significant | Significant | Period Ended | |||||||||||||||||
Liabilities | in Active | Other | Unobservable | Total Losses | |||||||||||||||||
Measured | Markets for | Observable | Inputs (Level 3) | ||||||||||||||||||
at Fair Value | Identical Assets | Inputs | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Measured on a nonrecurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | $ | 1,514 | $ | — | $ | — | $ | 1,514 | $ | 497 | |||||||||||
Other real estate | 2,449 | — | — | 2,449 | $ | 537 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Measured on a nonrecurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | $ | 5,146 | $ | — | $ | — | $ | 5,146 | $ | 187 | |||||||||||
Other real estate | 748 | — | — | 748 | 94 | ||||||||||||||||
Impaired loans (loans which are not expected to repay all principal and interest amounts due in accordance with the original contractual terms) are measured at an observable market price (if available) or at the fair value of the loan’s collateral (if collateral dependent). Fair value of the loan’s collateral is determined by appraisals or independent valuation which is then adjusted for the estimated costs related to liquidation of the collateral. Management’s ongoing review of appraisal information may result in additional discounts or adjustments to valuation based upon more recent market sales activity or more current appraisal information derived from properties of similar type and/or locale. Therefore, the Company has categorized its impaired loans as Level 3. | |||||||||||||||||||||
The Company has no nonfinancial assets or nonfinancial liabilities measured at fair value on a recurring basis. Other real estate is measured at fair value on a nonrecurring basis (upon initial recognition or subsequent impairment). Other real estate is classified within Level 3 of the valuation hierarchy. When transferred from the loan portfolio, other real estate is adjusted to fair value less estimated selling costs and is subsequently carried at the lower of carrying value or fair value less estimated selling costs. The fair value is determined using an external appraisal process, discounted based on internal criteria. | |||||||||||||||||||||
There were no transfers into or out of Level 3 categorization for the years presented. | |||||||||||||||||||||
For Level 3 financial and nonfinancial assets and liabilities measured at fair value at December 31, 2013, the significant unobservable inputs used in the fair value measurements are as follows: | |||||||||||||||||||||
Assets/Liabilities | Fair Value | Valuation Technique | Unobservable | Weighted | |||||||||||||||||
Input(s) | Average | ||||||||||||||||||||
Impaired loans | $ | 1,514 | Collateral method | Adjustments for selling costs | 8% | ||||||||||||||||
Other real estate | 2,449 | Collateral method | Adjustments for selling costs | 8% | |||||||||||||||||
The methods and assumptions used by the Company in estimating fair values of financial instruments as disclosed herein in accordance with ASC Topic 825, Financial Instruments, other than for those measured at fair value on a recurring and nonrecurring basis discussed above, are as follows: | |||||||||||||||||||||
Cash and cash equivalents: The carrying amounts of cash and cash equivalents approximate their fair value. | |||||||||||||||||||||
Certificates of deposit held in other banks: The carrying amount of certificates of deposit in other banks, which mature within one year, approximates fair value. | |||||||||||||||||||||
Loans and loans held for sale: For variable-rate loans that reprice frequently and have no significant changes in credit risk, fair values are based on carrying values. Fair values for certain mortgage loans (for example, one-to-four family residential), commercial real estate and commercial loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. | |||||||||||||||||||||
Federal Home Loan Bank of Dallas and other restricted stock: The carrying value of restricted securities such as stock in the Federal Home Loan Bank of Dallas and Independent Bankers Financial Corporation approximates fair value. | |||||||||||||||||||||
Deposits: The fair values disclosed for demand deposits are, by definition, equal to the amount payable on demand at the reporting date (that is their carrying amounts). The carrying amounts of variable-rate certificates of deposit (CDs) approximate their fair values at the reporting date. Fair values for fixed-rate CDs are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. | |||||||||||||||||||||
Federal Home Loan Bank advances, line of credit and federal funds purchased: The fair value of advances maturing within 90 days approximates carrying value. Fair value of other advances is based on the Company’s current borrowing rate for similar arrangements. | |||||||||||||||||||||
Notes payable and other borrowings: The fair values are based upon prevailing rates on similar debt in the market place. | |||||||||||||||||||||
Junior subordinated debentures: The fair value of junior subordinated debentures is estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. | |||||||||||||||||||||
Accrued interest: The carrying amounts of accrued interest approximate their fair values. | |||||||||||||||||||||
Off-balance sheet instruments: Commitments to extend credit and standby letters of credit have short maturities and therefore have no significant fair value. | |||||||||||||||||||||
The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial instruments were as follows at December 31, 2013 and 2012: | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Carrying | Estimated | Quoted Prices | Significant | Significant | |||||||||||||||||
Amount | Fair Value | in Active | Other | Unobservable | |||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 93,054 | $ | 93,054 | $ | 93,054 | $ | — | $ | — | |||||||||||
Securities available for sale | 194,038 | 194,038 | — | 194,038 | — | ||||||||||||||||
Loans held for sale | 3,383 | 3,383 | — | 3,383 | — | ||||||||||||||||
Loans, net | 1,709,200 | 1,714,815 | — | 1,710,228 | 4,587 | ||||||||||||||||
FHLB of Dallas stock and other restricted stock | 9,494 | 9,494 | — | 9,494 | — | ||||||||||||||||
Accrued interest receivable | 4,713 | 4,713 | — | 4,713 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,710,319 | 1,712,654 | — | 1,712,654 | — | ||||||||||||||||
Accrued interest payable | 948 | 948 | — | 948 | — | ||||||||||||||||
FHLB advances | 187,484 | 189,092 | — | 189,092 | — | ||||||||||||||||
Other borrowings | 7,730 | 8,061 | — | 8,061 | — | ||||||||||||||||
Junior subordinated debentures | 18,147 | 18,099 | — | 18,099 | — | ||||||||||||||||
Off-balance sheet assets (liabilities): | |||||||||||||||||||||
Commitments to extend credit | — | — | — | — | — | ||||||||||||||||
Standby letters of credit | — | — | — | — | — | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 102,290 | $ | 102,290 | $ | 102,290 | $ | — | $ | — | |||||||||||
Certificates of deposit held in other banks | 7,720 | 7,720 | — | 7,720 | — | ||||||||||||||||
Securities available for sale | 113,355 | 113,355 | — | 113,355 | — | ||||||||||||||||
Loans held for sale | 9,162 | 9,162 | — | 9,162 | — | ||||||||||||||||
Loans, net | 1,358,036 | 1,399,938 | — | 1,393,377 | 6,561 | ||||||||||||||||
FHLB of Dallas stock and other restricted stock | 8,165 | 8,165 | — | 8,165 | — | ||||||||||||||||
Accrued interest receivable | 4,647 | 4,647 | — | 4,647 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,390,740 | 1,399,373 | — | 1,399,373 | — | ||||||||||||||||
Accrued interest payable | 985 | 985 | — | 985 | — | ||||||||||||||||
FHLB advances | 164,601 | 170,239 | — | 170,239 | — | ||||||||||||||||
Notes payable | 15,729 | 15,729 | — | 15,729 | — | ||||||||||||||||
Other borrowings | 20,788 | 20,970 | — | 20,970 | — | ||||||||||||||||
Junior subordinated debentures | 18,147 | 18,114 | — | 18,114 | — | ||||||||||||||||
Contingent consideration | 290 | 290 | — | — | 290 | ||||||||||||||||
Off-balance sheet assets (liabilities): | |||||||||||||||||||||
Commitments to extend credit | — | — | — | — | — | ||||||||||||||||
Standby letters of credit | — | — | — | — | — | ||||||||||||||||
Stock_Awards_and_Stock_Warrant
Stock Awards and Stock Warrants | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Stock Awards and Stock Warrants | ' | |||||||
Stock Awards and Stock Warrants | ||||||||
The Company grants common stock awards to certain employees of the Company. The common stock issued prior to 2013 vests five years from the date the award is granted and the related compensation expense is recognized over the vesting period. In connection with the initial public offering in April 2013, the Board of Directors adopted a new 2013 Equity Incentive Plan. Under this plan, the Compensation Committee may grant awards in the form of restricted stock, restricted stock rights, restricted stock units, qualified and nonqualified stock options, performance-based share awards and other equity-based awards. The Plan reserved 800,000 shares of common stock to be awarded by the Company’s compensation committee. The shares issued under the 2013 Plan are restricted and will vest evenly over the employment period, ranging from three to five years. Shares granted prior to 2012 and those in 2013 were issued at the date of grant and receive dividends. Shares issued under a revised plan in 2012 are not outstanding shares of the Company until they vest and do not receive dividends. | ||||||||
The following table summarizes the activity in nonvested shares for the years ended December 31, 2013 and 2012: | ||||||||
Number of | Weighted | |||||||
Shares | Average | |||||||
Grant Date | ||||||||
Fair Value | ||||||||
Nonvested shares, December 31, 2012 | 208,608 | $ | 17.07 | |||||
Granted during the period | 125,040 | 29.53 | ||||||
Vested during the period | (27,124 | ) | 14.13 | |||||
Nonvested shares, December 31, 2013 | 306,524 | $ | 22.75 | |||||
Nonvested shares, December 31, 2011 | 180,025 | $ | 15.64 | |||||
Granted during the period | 58,560 | 20.31 | ||||||
Vested during the period | (29,977 | ) | 14.76 | |||||
Nonvested shares, December 31, 2012 | 208,608 | $ | 17.07 | |||||
Compensation expense related to these awards is recorded based on the fair value of the award at the date of grant and totaled $1,469, $643 and $572 for the years ended December 31, 2013, 2012 and 2011, respectively. Compensation expense is recorded in salaries and employee benefits in the accompanying consolidated statements of income. At December 31, 2013, future compensation expense is estimated to be $3,990 and will be recognized over a remaining weighted average period of 2.43 years. | ||||||||
The fair value of common stock awards that vested during the years ended December 31, 2013, 2012 and 2011 was $855, $609 and $39, respectively. The Company has recorded $72 and $0 to additional paid in capital, which represents the excess tax benefit recognized on the vested shares for the years ended December 31, 2013 and 2012, respectively. | ||||||||
At December 31, 2013, the future vesting schedule of the nonvested shares is as follows: | ||||||||
First year | 129,584 | |||||||
Second year | 36,464 | |||||||
Third year | 42,748 | |||||||
Fourth year | 74,944 | |||||||
Fifth year | 22,784 | |||||||
Total nonvested shares | 306,524 | |||||||
The Company has issued warrants representing the right to purchase 150,544 shares of Company stock at $17.19 per share to certain Company directors and shareholders. The warrants were issued in return for the shareholders' agreement to repurchase the subordinated debt outstanding to an unaffiliated bank in the event of Company default. The warrants expire in December 2018 and were recorded as equity at a fair value of $475 as of the date of the warrants issuance. The Company recorded this amount as debt origination costs and was amortizing it over the term of the debt. In April 2013, the Company paid off the subordinated debt and wrote off the remaining balance of $223 of the debt origination costs to interest expense. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Regulated Operations [Abstract] | ' | |||||||||||||||||||||
Regulatory Matters | ' | |||||||||||||||||||||
Regulatory Matters | ||||||||||||||||||||||
Under banking law, there are legal restrictions limiting the amount of dividends the Bank can declare. Approval of the regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Bank to fall below specified minimum levels. For state banks, subject to regulatory capital requirements, payment of dividends is generally allowed to the extent of net profits. | ||||||||||||||||||||||
The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | ||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined in the regulations) to risk weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined). Management believes, as of December 31, 2013 and 2012, the Company and the Bank meet all capital adequacy requirements to which they are subject. | ||||||||||||||||||||||
As of December 31, 2013 and 2012, the Bank’s capital ratios exceeded those levels necessary to be categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized”, the Bank must maintain minimum total risk based, Tier I risk based and Tier I leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’s category. | ||||||||||||||||||||||
The actual capital amounts and ratios of the Company and Bank as of December 31, 2013 and 2012, are presented in the following table: | ||||||||||||||||||||||
Actual | Minimum for Capital | To Be Well | ||||||||||||||||||||
Adequacy Purposes | Capitalized Under | |||||||||||||||||||||
Prompt Corrective | ||||||||||||||||||||||
Action Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||
Total capital to risk weighted assets: | ||||||||||||||||||||||
Consolidated | $ | 234,794 | 13.83 | % | $ | 135,801 | 8 | % | N/A | N/A | ||||||||||||
Bank | 212,656 | 12.54 | 135,648 | 8 | $ | 169,560 | 10 | % | ||||||||||||||
Tier I capital to risk weighted assets: | ||||||||||||||||||||||
Consolidated | 214,650 | 12.64 | 67,901 | 4 | N/A | N/A | ||||||||||||||||
Bank | 198,696 | 11.72 | 67,824 | 4 | 101,736 | 6 | % | |||||||||||||||
Tier I capital to average assets: | ||||||||||||||||||||||
Consolidated | 214,650 | 10.71 | 80,204 | 4 | N/A | N/A | ||||||||||||||||
Bank | 198,696 | 9.97 | 79,710 | 4 | 99,637 | 5 | % | |||||||||||||||
31-Dec-12 | ||||||||||||||||||||||
Total capital to risk weighted assets: | ||||||||||||||||||||||
Consolidated | $ | 137,525 | 10.51 | % | $ | 104,693 | 8 | % | N/A | N/A | ||||||||||||
Bank | 143,618 | 11.07 | 103,790 | 8 | $ | 129,738 | 10 | % | ||||||||||||||
Tier I capital to risk weighted assets: | ||||||||||||||||||||||
Consolidated | 107,539 | 8.22 | 52,346 | 4 | N/A | N/A | ||||||||||||||||
Bank | 132,140 | 10.19 | 51,895 | 4 | 77,843 | 6 | % | |||||||||||||||
Tier I capital to average assets: | ||||||||||||||||||||||
Consolidated | 107,539 | 6.45 | 66,722 | 4 | N/A | N/A | ||||||||||||||||
Bank | 132,140 | 7.99 | 66,162 | 4 | 82,702 | 5 | % | |||||||||||||||
IBG_Adriatica
IBG Adriatica | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
IBG Adriatica | ' |
IBG Adriatica | |
In June 2011, IBG formed a wholly owned subsidiary, IBG Adriatica Holdings (Adriatica), to acquire loans from First United Bank, Durant, Oklahoma (First United Bank). The loans had an aggregate face value of $23,000 and were secured by approximately 27 acres of real property located in the Adriatica Development in McKinney, TX. The loans were acquired for $16,250, of which $12,188 was financed with First United Bank and guaranteed by IBG. Adriatica fully paid the note in April 2013. | |
Adriatica subsequently acquired the real property through a deed in lieu of foreclosure. The real property consisted of a commercial office building, retail center, residential lots and a multi-story parking garage. The property was recorded at a fair value net of selling costs of $16,949 based on a current independent appraisal and a gain of $699 was recognized. | |
In December 2011, a tract of land adjacent to the garage and rights to parking spaces were sold to an investment partnership comprised of certain of the Company's principals, including the Chairman of the Board and the majority shareholder as well as certain other directors of the Company. Adriatica received proceeds of $1,500 for this property which was the appraised value. Adriatica recognized a gain of $115 due to minimal selling costs incurred on the sale. In December 2012, an additional tract of land and parking was sold to the same investment partnership for net proceeds of $3,443 generating a gain of $869. | |
In December 2013, the remaining real property was sold to two real estate investment partnerships of which the Company's Chairman, majority shareholder and other directors are also investors. The total sales price was $11,100 generating a net gain of approximately $1.3 million which is included in gains on sale of other real estate. Current appraisals were obtained prior to the transaction to support the sales price and financing for the transaction was provided by an unrelated bank. | |
Management believes that these transactions have comparable terms to those that could be arranged with an independent third party. |
Business_Combinations
Business Combinations | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Business Combinations | ' | |||
Business Combinations | ||||
BOH Holdings | ||||
On November 21, 2013, the Company announced that it entered into a definitive agreement to acquire BOH Holdings, Inc. and its subsidiary, Bank of Houston, Houston, Texas for an expected combination of cash and stock purchase price totaling approximately $245 million. The merger has been approved by the Boards of Directors of both companies and is expected to close during the second quarter of 2014, although delays may occur. The transaction is subject to certain conditions, including the approval by shareholders of Independent Bank Group, BOH Holdings and customary regulatory approvals. | ||||
Collin Bank | ||||
On November 30, 2013, the Company acquired 100% of the outstanding stock of Collin Bank, Plano. The Company issued 247,731 shares of Independent Bank Group common stock and paid $18.4 million in cash for the outstanding shares of Collin Bank common stock. | ||||
Provisional estimates for loans, goodwill, core deposit intangible and deposits have been recorded for the acquisition as final valuations are not yet available. The Company does not not expect any significant differences from estimated values upon completion of the valuations. Estimated fair values of the assets acquired and liabilities assumed in this transaction as of the closing date are as follows: | ||||
Assets of acquired bank: | ||||
Cash and cash equivalents | $ | 22,792 | ||
Securities available for sale | 62,373 | |||
Loans | 72,611 | |||
Premises and equipment | 141 | |||
Investment in FHLB stock | 1,156 | |||
Goodwill | 5,962 | |||
Core deposit intangible | 600 | |||
Deferred tax asset | 1,385 | |||
Other assets | 775 | |||
Total assets | $ | 167,795 | ||
Liabilities of acquired bank: | ||||
Deposits | $ | 111,164 | ||
FHLB advances | 26,000 | |||
Other liabilities | 358 | |||
Total liabilities | $ | 137,522 | ||
Common stock issued in the Collin Bank transaction | $ | 11,861 | ||
Cash paid in the Collin Bank transaction | $ | 18,412 | ||
The Company recognized a provisional amount of goodwill of $5,962 which is calculated as the excess of both the consideration exchanged and liabilities assumed compared to the fair market value of identifiable assets acquired. The goodwill in this acquisition resulted from a combination of expected synergies and a desirable branch location. None of the goodwill recognized is expected to be deductible for income tax purposes. | ||||
The Company has incurred expenses related to the acquisition of approximately $672 during the year ended December 31, 2013, which are included in acquisition expenses in the consolidated statements of income. | ||||
At the date of acquisition, non-credit impaired loans had an estimated contractual balance of $61,157, which also approximates the fair value of the loans. This valuation represents a provisional estimate as valuations are not yet available. | ||||
The operations of Collin Bank were merged into Independent Bank as of the date of the acquisition. Separate revenue and earnings of the former Collin Bank are not available subsequent to the business combination. The acquisition is not considered significant to the Company’s financial statements and therefore pro forma financial data is not included. | ||||
I Bank Acquisition | ||||
On April 1, 2012, the Company acquired 100% of the outstanding stock of I Bank Holding Company, Inc. and its wholly owned subsidiary, iBank Texas, with branches in Lakeway, Texas and a branch located in Georgetown, Texas. | ||||
Estimated fair values of the assets acquired and liabilities assumed in the transaction as of the closing date of the transaction were as follows: | ||||
Assets of acquired bank: | ||||
Cash and cash equivalents | $ | 19,993 | ||
Certificates of deposit held in other banks | 17,078 | |||
Investment in restricted stock | 702 | |||
Loans | 116,948 | |||
Premises and equipment | 2,165 | |||
Other real estate owned | 416 | |||
Goodwill | 12,967 | |||
Core deposit intangible | 1,097 | |||
Other assets | 1,221 | |||
Total assets | $ | 172,587 | ||
Liabilities of acquired bank: | ||||
Deposits | $ | 122,876 | ||
FHLB advances | 12,500 | |||
Other liabilities | 211 | |||
Total liabilities | $ | 135,587 | ||
Cash paid in I Bank Holding Company, Inc. transaction | $ | 37,000 | ||
Non-credit impaired loans had a fair value of $113,531 at the date of acquisition and contractual balances of $113,723. The difference of $192 will be recognized into interest income as an adjustment to yield over the life of the loans. | ||||
The Company recognized goodwill of $12,967 which is calculated as the excess of both the consideration exchanged and liabilities assumed compared to the fair market value of identifiable assets acquired. Goodwill resulted from a combination of expected synergies, expansion of the Austin market area and growth opportunities. Goodwill is not expected to be deductible for tax purposes. | ||||
The Company incurred expenses related to the acquisition of approximately $705 during the year ended December 31, 2012, which are included in acquisition expense. | ||||
Pro forma net income for the years ended December 31, 2012 and 2011 would have been $18,308 and $17,321, respectively, and revenues would have been $82,966 and $75,669 for the same years, respectively, had the acquisition occurred as of January 1, 2011. The operations of iBank were merged into Independent Bank as of the date of the acquisition. Separate revenue and earnings of the former iBank are not available subsequent to the business combination. | ||||
Community Group Acquisition | ||||
On October 1, 2012, the Company completed an acquisition of The Community Group, Inc. (CGI) and its wholly owned subsidiary, United Community Bank. The Company issued 182,221 shares of Company common stock plus $9.6 million in cash for all outstanding shares of CGI. The Company's stock was valued at $20.31 per share which was based on the most recent selling price of the Company's stock to third party investors. | ||||
The Company recognized goodwill of $4,807 which is calculated as the excess of both the consideration exchanged and liabilities assumed compared to the fair market value of identifiable assets acquired. Goodwill resulted from a combination of expected synergies, desirable branch locations and growth opportunities. Goodwill is not expected to be deductible for tax purposes. | ||||
The Company incurred expenses related to the acquisition of approximately $696 during 2012, which are included in acquisition expense. The results of operations for the Company would not have been materially different had the acquisition occurred as of January 1, 2011. Therefore, pro forma information has not been disclosed. | ||||
Estimated fair values of the assets acquired and liabilities assumed in the transaction as of the closing date of the transaction were as follows: | ||||
Assets of acquired bank: | ||||
Cash and cash equivalents | $ | 26,237 | ||
Securities available for sale | 10,314 | |||
Loans | 63,500 | |||
Premises and equipment | 3,530 | |||
Other real estate | 1,129 | |||
Investment in FHLB stock and other restricted stock | 715 | |||
Goodwill | 4,807 | |||
Core deposit intangible | 265 | |||
Other assets | 470 | |||
Total assets | $ | 110,967 | ||
Liabilities of acquired bank: | ||||
Deposits | $ | 93,568 | ||
Junior subordinated debentures | 3,609 | |||
Other liabilities | 489 | |||
Total liabilities | $ | 97,666 | ||
Common stock issued in The Community Group, Inc. transaction | $ | 3,701 | ||
Cash paid in The Community Group, Inc. transaction | $ | 9,600 | ||
Non-credit impaired loans had a fair value of $58,694 at the date of acquisition and contractual balances of $59,106. The difference of $412 will be recognized into interest income as an adjustment to yield over the life of the loans. |
Sale_of_Branch
Sale of Branch | 12 Months Ended |
Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Sale of Branch | ' |
Sale of Branch | |
During September 2012, the Company sold its Coupland, Texas branch, including loans, deposits, related accrued interest and property and equipment to an unaffiliated institution. As a result of this branch sale, the Company transferred deposits of $20,074, including accrued interest, for a deposit premium of $414. The assets were sold for current recorded value of $1,233. The Company reduced goodwill and core deposit intangibles associated with this branch by $254 and $119, respectively, and recognized a gain of $38 on the sale. |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Subsequent Events [Abstract] | ' | |||
Subsequent Events - Business Combination | ' | |||
Subsequent Events | ||||
Business Combination - Live Oak Financial Corp. | ||||
On January 1, 2014, the Company acquired 100% of the outstanding stock of Live Oak Financial Corp. and its wholly owned subsidiary, Live Oak State Bank, Dallas, TX (Live Oak) with one branch located east of downtown Dallas. The Company issued 235,594 shares of Company stock and paid $10.0 million in cash for the outstanding shares of Live Oak common stock. | ||||
The Company recognized a provisional amount of goodwill of $7,616 which is calculated as the excess of both the consideration exchanged and liabilities assumed compared to the fair market value of identifiable assets acquired. The goodwill in this acquisition resulted from a combination of expected synergies and a desirable branch location. None of the goodwill recognized is expected to be deductible for income tax purposes. | ||||
The Company has incurred expenses related to the acquisition of approximately $357 for the year ended December 31, 2013, which is included in acquisition expenses in the consolidated statements of income. Provisional estimates for loans, goodwill, core deposit intangible and deposits have been recorded for the acquisition as final valuations are not yet available. The Company does not not expect any significant differences from estimated values upon completion of the valuations. Estimated fair values of the assets acquired and liabilities assumed in this transaction as of the closing date are as follows: | ||||
Assets of acquired bank: | ||||
Cash and cash equivalents | $ | 32,246 | ||
Securities available for sale | 16,740 | |||
Loans | 70,627 | |||
Premises and equipment | 2,675 | |||
Goodwill | 7,616 | |||
Core deposit intangible | 775 | |||
Other assets | 256 | |||
Total assets | $ | 130,935 | ||
Liabilities of acquired bank: | ||||
Deposits | $ | 104,960 | ||
Other liabilities | 4,278 | |||
Total liabilities | $ | 109,238 | ||
Common stock issued in the Live Oak transaction | $ | 11,697 | ||
Cash paid in the Live Oak transaction | $ | 10,000 | ||
The acquisition is not considered significant to the Company’s financial statements and therefore, pro forma financial data is not included. | ||||
Declaration and Payment of Dividends | ||||
On February 12, 2014, the Company declared a quarterly cash dividend in the amount of $0.06 per share of common stock to the stockholders of record on February 24, 2014. The dividend totaling $756 was paid on March 6, 2014. |
Parent_Company_Only_Financial_
Parent Company Only Financial Statements | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Parent Company Only Financial Statements | ' | |||||||||||
Parent Company Only Financial Statements | ||||||||||||
The following balance sheets, statements of income and statements of cash flows for Independent Bank Group, Inc. should be read in conjunction with the consolidated financial statements and the notes thereto. | ||||||||||||
Balance Sheets | ||||||||||||
December 31, | ||||||||||||
Assets | 2013 | 2012 | ||||||||||
Cash and cash equivalents | $ | 13,111 | $ | 1,396 | ||||||||
Investment in subsidiaries | 246,143 | 173,724 | ||||||||||
Investment in Trusts | 547 | 547 | ||||||||||
Other assets | 1,518 | 987 | ||||||||||
Total assets | $ | 261,319 | $ | 176,654 | ||||||||
Liabilities and Stockholders' Equity | ||||||||||||
Notes payable | $ | — | $ | 12,250 | ||||||||
Other borrowings | 7,730 | 20,788 | ||||||||||
Junior subordinated debentures | 18,147 | 18,147 | ||||||||||
Other liabilities | 1,670 | 959 | ||||||||||
Total liabilities | 27,547 | 52,144 | ||||||||||
Stockholders' equity: | ||||||||||||
Common stock | 123 | 83 | ||||||||||
Additional paid-in capital | 222,116 | 88,791 | ||||||||||
Retained earnings | 12,663 | 33,290 | ||||||||||
Treasury stock | — | (232 | ) | |||||||||
Accumulated other comprehensive income | (1,130 | ) | 2,578 | |||||||||
Total stockholders' equity | 233,772 | 124,510 | ||||||||||
Total liabilities and stockholders' equity | $ | 261,319 | $ | 176,654 | ||||||||
Statements of Income | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest expense: | ||||||||||||
Interest on notes payable and other borrowings | $ | 1,425 | $ | 1,720 | $ | 1,270 | ||||||
Interest on junior subordinated debentures | 543 | 531 | 480 | |||||||||
Total interest expense | 1,968 | 2,251 | 1,750 | |||||||||
Noninterest income: | ||||||||||||
Dividends from subsidiaries | 11,547 | 25,634 | 10,690 | |||||||||
Other | 16 | 24 | 33 | |||||||||
11,563 | 25,658 | 10,723 | ||||||||||
Noninterest expense: | ||||||||||||
Salaries and employee benefits | 2,316 | 1,163 | 1,028 | |||||||||
Professional fees | 157 | — | 168 | |||||||||
Acquisition expense, including legal | 1,956 | 1,401 | — | |||||||||
Other | 397 | 36 | 155 | |||||||||
Total noninterest expense | 4,826 | 2,600 | 1,351 | |||||||||
Income before income tax benefit and equity in undistributed income of subsidiaries | 4,769 | 20,807 | 7,622 | |||||||||
Income tax benefit | 2,643 | — | — | |||||||||
Income before equity in undistributed income of subsidiaries | 7,412 | — | — | |||||||||
Equity in undistributed income (loss) of subsidiaries | 12,388 | (3,430 | ) | 6,078 | ||||||||
Net income | $ | 19,800 | $ | 17,377 | $ | 13,700 | ||||||
Statements of Cash Flows | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 19,800 | $ | 17,377 | $ | 13,700 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Equity in undistributed net (income) loss of subsidiaries | (12,388 | ) | 3,430 | (6,078 | ) | |||||||
Stock grants amortized | 1,469 | 643 | 572 | |||||||||
Net change in other assets | (531 | ) | (523 | ) | 184 | |||||||
Net change in other liabilities | 783 | 9 | 372 | |||||||||
Net cash provided by operating activities | 9,133 | 20,936 | 8,750 | |||||||||
Cash flows from investing activities: | ||||||||||||
Capital investment in subsidiaries | (33,466 | ) | (2,050 | ) | (5,215 | ) | ||||||
Cash received from acquired company | — | 39 | — | |||||||||
Cash paid in acquisitions | (18,412 | ) | (46,600 | ) | — | |||||||
Net cash used in investing activities | (51,878 | ) | (48,611 | ) | (5,215 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Repayments of other borrowings | (25,308 | ) | (3,245 | ) | (3,513 | ) | ||||||
Proceeds from other borrowings | — | 11,680 | 7,730 | |||||||||
Treasury stock purchased | — | (208 | ) | — | ||||||||
Proceeds from issuance of common stock | 86,571 | 25,150 | — | |||||||||
Dividends paid | (6,803 | ) | (8,681 | ) | (6,090 | ) | ||||||
Net cash provided by (used in) financing activities | 54,460 | 24,696 | (1,873 | ) | ||||||||
Net change in cash and cash equivalents | 11,715 | (2,979 | ) | 1,662 | ||||||||
Cash and cash equivalents at beginning of year | 1,396 | 4,375 | 2,713 | |||||||||
Cash and cash equivalents at end of year | $ | 13,111 | $ | 1,396 | $ | 4,375 | ||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation: The accompanying consolidated financial statements include the accounts of IBG, its wholly-owned subsidiaries, the Bank and IBG Adriatica Holdings, Inc. (Adriatica) and the Bank’s wholly-owned subsidiaries, IBG Real Estate Holdings, Inc., and IBG Aircraft Acquisition, Inc. Adriatica was formed in 2011 to acquire a mixed use residential and retail real estate development in McKinney, Texas (see Note 21). All material intercompany transactions and balances have been eliminated in consolidation. In addition, the Company wholly-owns IB Trust I (Trust I), IB Trust II (Trust II), IB Trust III (Trust III), IB Centex Trust I (Centex Trust I) and Community Group Statutory Trust I (CGI Trust I). The Trusts were formed to issue trust preferred securities and do not meet the criteria for consolidation (see Note 13). | |
Segment Reporting | ' |
Segment Reporting: The Company has one reportable segment. The Company’s chief operating decision-maker uses consolidated results to make operating and strategic decisions. | |
Initial Public Offering | ' |
Initial Public Offering (IPO): IBG qualifies as an “emerging growth company” as defined by the Jumpstart Our Business Startups Act (JOBS Act). In October 2012, the Board of Directors of the Company approved a resolution for IBG to sell shares of common stock to the public in an initial public offering. On December 28, 2012, the Company submitted a confidential draft Registration Statement on Form S-1 with the SEC with respect to the shares to be registered and sold. On February 27, 2013, the Company filed a Registration Statement on Form S-1 with the SEC. That Registration Statement was declared effective by the SEC on April 2, 2013. The Company sold and issued 3,680,000 shares of common stock at $26 per share in reliance on that Registration Statement. Total proceeds received by the Company, net of offering costs were approximately $87 million. | |
In connection with the initial public offering, on February 22, 2013, the Company amended its certificate of incorporation to affect a 3.2 for one stock split of its common stock and change the par value of common stock from $1 to $.01. All previously reported share amounts have been retrospectively restated to give effect to the stock split and the common stock account has been reallocated to additional paid in capital to reflect the new par value. The Company also terminated its S-Corporation status and became a taxable corporate entity (C Corporation) on April 1, 2013. The consolidated statement of stockholders' equity presents a constructive distribution to the owners followed by a contribution to the capital of the corporate entity. The transfer did not affect total stockholders’ equity. | |
Use of Estimates | ' |
Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ from those estimates. The material estimates included in the financial statements relate to the allowance for loan losses, the valuation of goodwill and valuation of assets and liabilities acquired in business combinations. | |
Cash and Cash Equivalents | ' |
Cash and cash equivalents: For the purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. All highly liquid investments with an initial maturity of less than ninety days are considered to be cash equivalents. The Company maintains deposits with other financial institutions in amounts that exceed FDIC insurance coverage. The Company's management monitors the balance in these accounts and periodically assesses the financial condition of the other financial institutions. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risks on cash or cash equivalents. | |
Certificates Of Deposit | ' |
Certificates of deposit: Certificates of deposit are FDIC insured deposits in other financial institutions that mature within one year and are carried at cost. | |
Securities | ' |
Securities: Securities classified as available for sale are those debt and equity securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company's assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. | |
Securities available for sale are reported at fair value with unrealized gains or losses reported as a separate component of other comprehensive income. The amortization of premiums and accretion of discounts, computed by the interest method over their contractual lives, are recognized in interest income. | |
Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date. | |
In estimating other than temporary impairment losses, management considers (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, and (3) the intent of the Company to retain its investment and whether it is more likely than not the Company will be required to sell its investment before its anticipated recovery in fair value. When the Company does not intend to sell the security, and it is more likely than not that it will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other than temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. | |
Loans Held for Sale | ' |
Loans held for sale: The Company originates residential mortgage loans that may subsequently be sold to an unaffiliated third party. The loans are not securitized and if sold, are sold without recourse. Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by aggregate outstanding commitments from investors. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Gains and losses on sales of loans are recognized in noninterest income at settlement dates and are determined by the difference between the sales proceeds and the carrying value of the loans. | |
Acquired Loans | ' |
Acquired loans: Acquired loans from the transactions accounted for as a business combination include both non- performing loans with evidence of credit deterioration since their origination date and performing loans. The Company is accounting for the non-performing loans acquired in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. At the date of the acquisition, the acquired loans are recorded at their fair value and there is no carryover of the seller's allowance for loan losses. | |
Purchased credit impaired loans are accounted for individually. The Company estimates the amount and timing | |
of undiscounted expected cash flows for each loan, and the expected cash flows in excess of fair value is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan's contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). | |
Over the life of the loan, expected cash flows continue to be estimated. If the expected cash flows decrease, an impairment loss is recorded. If the expected cash flows increase, it is recognized as part of future interest income. | |
The performing loans are being accounted for under ASC 310-20, Nonrefundable Fees and Other Costs, with the related discount being adjusted for over the life of the loan and recognized as interest income. | |
Loans, net | ' |
Loans, net: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance adjusted for the allowance for loan losses. | |
Fees and costs associated with originating loans are recognized in the period they are incurred. The provisions of | |
ASC 310, Receivables, generally provide that such fees and related costs be deferred and recognized over the life of the loan as an adjustment of yield. Management believes that not deferring such amounts and amortizing them over the life of the related loans does not materially affect the financial position or results of operations of the Company. | |
Allowance for loan losses | ' |
Allowance for loan losses: The allowance for loan losses is maintained at a level considered adequate by management to provide for probable loan losses. The allowance is increased by provisions charged to expense. Loans are charged against the allowance for loan losses when management believes that collectibility of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. The provision for loan losses is the amount, which, in the judgment of management, is necessary to establish the allowance for loan losses at a level that is adequate to absorb known and inherent risks in the loan portfolio. See Note 6 for further information on the Company's policies and methodology used to estimate the allowance for loan losses. | |
Premises and equipment, net | ' |
Premises and equipment, net: Land is carried at cost. Bank premises, furniture and equipment and aircraft are carried at cost, less accumulated depreciation computed principally by the straight-line method over the estimated useful lives of the assets, which range from three to thirty years. | |
Leasehold improvements are carried at cost and are depreciated over the shorter of the estimated useful life or the lease period. | |
Long-term assets | ' |
Long-term assets: Premises and equipment and other long-term assets are reviewed for impairment when events indicate that their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. | |
Other real estate owned and Adriatica real estate | ' |
Other real estate owned and Adriatica real estate: Real estate properties acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of carrying amount or fair value less cost to sell. | |
Revenue and expenses from operations of other real estate owned and Adriatica real estate and impairment charges on other real estate are included in noninterest expense. Gains and losses on sale of other real estate are included in noninterest income. | |
Goodwill and core deposit intangible, net | ' |
Goodwill and core deposit intangible, net: Goodwill represents the excess of costs over fair value of net assets of businesses acquired. Goodwill is tested for impairment annually on December 31 or on an interim basis if an event triggering impairment may have occurred. | |
Core deposit intangibles are acquired customer relationships arising from bank acquisitions and are being amortized on a straight-line basis over their estimated useful lives of ten years. Core deposit intangibles are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. | |
Restricted stock | ' |
Restricted stock: The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB of Dallas and Independent Bankers Financial Corporation stock do not have readily determinable fair values as ownership is restricted and they lack a ready market. As a result, these stocks are carried at cost and evaluated periodically by management for impairment. | |
Bank-owned life insurance | ' |
Bank-owned life insurance: Bank-owned life insurance is recorded at the amount that can be realized under the insurance contracts at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Changes in the net cash surrender value of the policies, as well as insurance proceeds received are reflected in noninterest income. | |
Income Taxes | ' |
Income Taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities related to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. The effect of a change in tax rates on deferred assets and liabilities is recognized in income taxes during the period that includes the enactment date. A valuation allowance, if needed, reduces deferred tax assets to the expected amount more likely than not to be realized. Realization of deferred tax assets is dependent upon the level of historical income, prudent and feasible tax planning strategies, reversals of deferred tax liabilities and estimates of future taxable income. | |
The Company evaluates uncertain tax positions at the end of each reporting period. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefit recognized in the financial statements from any such position is measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Any interest and/or penalties related to income taxes are reported as a component of income tax expense. | |
Loan commitments and related financial instruments | ' |
Loan commitments and related financial instruments: In the ordinary course of business, the Company has entered into certain off-balance-sheet financial instruments consisting of commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they are funded or related fees are incurred or received. | |
Management estimates losses on off-balance-sheet financial instruments using the same methodology as for portfolio loans. Estimated losses on off-balance-sheet financial instruments are recorded by charges to the provision for losses and credits to other liabilities in the Company's consolidated balance sheet. There were no estimated losses on off-balance sheet financial instruments as of December 31, 2013 or 2012. | |
Stock based compensation | ' |
Stock based compensation: Compensation cost is recognized for restricted stock awards issued to employees based on the market price of the Company's common stock on the grant date. Stock-based compensation expense is recognized using the straight-line method over the requisite service period for all awards. | |
Transfers of financial assets | ' |
Transfers of financial assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |
Advertising Costs | ' |
Advertising Costs: Advertising costs are expensed as incurred. | |
Business combinations | ' |
Business combinations: The Company applies the acquisition method of accounting for business combinations. Under the acquisition method, the acquiring entity in a business combination recognizes 100% of the assets acquired and liabilities assumed at their acquisition date fair values. Management utilizes valuation techniques appropriate for the asset or liability being measured in determining these fair values. Any excess of the purchase price over amounts allocated to assets acquired, including identifiable intangible assets, and liabilities assumed is recorded as goodwill. Where amounts allocated to assets acquired and liabilities assumed is greater than the purchase price, a bargain purchase gain is recognized. Acquisition-related costs are expensed as incurred. | |
Comprehensive income | ' |
Comprehensive income: Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. Gains and losses on available for sale securities are reclassified to net income as the gains or losses are realized upon sale of the securities. Other than temporary impairment charges are reclassified to net income at the time of the charge. | |
Pro Forma Statements | ' |
Pro forma statements: Because the Company was not a taxable entity prior to April 1, 2013, pro forma amounts for income tax expense and basic and diluted earnings per share have been presented assuming the Company’s effective tax rate of 33.9% and 30.1% for the years ended December 31, 2013 and 2012, respectively, as if it had been a C Corporation during those periods. The difference in the statutory rate of 35% and the Company’s effective rate is primarily due to nontaxable income earned on municipal securities and bank owned life insurance. In addition, the pro forma results for the year ended December 31, 2013 excludes the initial deferred tax credit recorded as a result of the change in tax status as discussed in Note 14. | |
Reclassifications | ' |
Reclassifications: Certain prior period accounts have been reclassified to conform with current year presentation. | |
Fair values of financial instruments | ' |
Fair values of financial instruments: Accounting standards define fair value, establish a framework for measuring fair value in U.S. generally accepted accounting principles, and require certain disclosures about fair value measurements (see Note 18, Fair Value Measurements). In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company's creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. | |
Subsequent Events | ' |
Subsequent events: Companies are required to evaluate events and transactions that occur after the balance sheet date but before the date the financial statements are issued. They must recognize in the financial statements the effect of all events or transactions that provide additional evidence of conditions that existed at the balance sheet date, including the estimates inherent in the financial statement preparation process. Entities shall not recognize the impact of events or transactions that provide evidence about conditions that did not exist at the balance sheet date but arose after that date. The Company has evaluated subsequent events through the date of filing these financial statements with the SEC and noted no subsequent events requiring financial statement recognition or disclosure, except as disclosed in Note 24. | |
Earnings Per Share | ' |
Earnings per share: Basic earnings per common share are net income divided by the weighted average number of common shares outstanding during the period. The unvested share-based payment awards that contain rights to non forfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock warrants. The dilutive effect of participating non vested common stock was not included as it was anti-dilutive. Proceeds from the assumed exercise of dilutive stock warrants are assumed to be used to repurchase common stock at the average market price. | |
Recent accounting pronouncements | ' |
ASU 2013-02, Comprehensive Income (Topic 220)--Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 amended existing guidance related to reporting amounts reclassified out of accumulated other comprehensive income. These amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. These amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional details about those amounts. ASU 2013-02 was effective for the Company on January 1, 2013 and did not have a material impact to the Company's financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Earning Per Share | ' | |||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic earnings per share: | ||||||||||||
Net income | $ | 19,800 | $ | 17,377 | $ | 13,700 | ||||||
Less: | ||||||||||||
Undistributed earnings allocated to participating securities | 259 | 168 | 193 | |||||||||
Dividends paid on participating securities | 135 | 169 | 155 | |||||||||
Net income available to common shareholders | $ | 19,406 | $ | 17,040 | $ | 13,352 | ||||||
Weighted-average basic shares outstanding | 10,921,777 | 7,626,205 | 6,668,534 | |||||||||
Basic earnings per share | $ | 1.78 | $ | 2.23 | $ | 2 | ||||||
Diluted earnings per share: | ||||||||||||
Net income available to common shareholders | $ | 19,406 | $ | 17,040 | $ | 13,352 | ||||||
Total weighted-average basic shares outstanding | 10,921,777 | 7,626,205 | 6,668,534 | |||||||||
Add dilutive stock warrants | 68,468 | 23,161 | 6,544 | |||||||||
Total weighted-average diluted shares outstanding | 10,990,245 | 7,649,366 | 6,675,078 | |||||||||
Diluted earnings per share | $ | 1.77 | $ | 2.23 | $ | 2 | ||||||
Pro forma earnings per share: | ||||||||||||
Pro forma net income | $ | 16,174 | $ | 12,147 | $ | 9,357 | ||||||
Less undistributed earnings allocated to participating securities | 187 | 66 | 82 | |||||||||
Less dividends paid on participating securities | 135 | 169 | 155 | |||||||||
Pro forma net income available to common shareholders after tax | $ | 15,852 | $ | 11,912 | $ | 9,120 | ||||||
Pro forma basic earnings per share | $ | 1.45 | $ | 1.56 | $ | 1.37 | ||||||
Pro forma diluted earnings per share | $ | 1.44 | $ | 1.56 | $ | 1.37 | ||||||
Anti-dilutive participating securities | 159,485 | 105,238 | 100,517 | |||||||||
Statement_of_Cash_Flows_Statem1
Statement of Cash Flows Statement of Cash Flows (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Other Supplemental Cash Flow Information | ' | ||||||||||||
Other supplemental cash flow information is presented below: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash transactions: | |||||||||||||
Interest expense paid | $ | 12,095 | $ | 13,329 | $ | 13,534 | |||||||
Income taxes paid | $ | 5,910 | $ | — | $ | — | |||||||
Noncash transactions: | |||||||||||||
Transfers of loans to other real estate owned | $ | 2,919 | $ | 885 | $ | 5,723 | |||||||
Loans to facilitate the sale of other real estate owned | $ | 113 | $ | 3,473 | $ | 661 | |||||||
Writeoff of debt origination costs related to warrants | $ | 223 | $ | — | $ | — | |||||||
Excess tax benefit on restricted stock vested | $ | 72 | $ | — | $ | — | |||||||
Adriatica real estate notes financed | $ | — | $ | — | $ | 12,188 | |||||||
Stock warrants issued for guarantee of other borrowings | $ | — | $ | — | $ | 475 | |||||||
Common stock issued for noncompete agreement | $ | — | $ | 115 | $ | — | |||||||
Transfer of bank premises to other real estate | $ | — | $ | 379 | $ | — | |||||||
Supplemental schedule of noncash investing activities from acquisitions and branch sale: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Noncash assets acquired | |||||||||||||
Certificates of deposit held in other banks | $ | — | $ | 17,078 | $ | — | |||||||
Securities available for sale | 62,373 | 10,314 | — | ||||||||||
Restricted stock | 1,156 | 1,417 | — | ||||||||||
Loans | 72,611 | 180,448 | — | ||||||||||
Premises and equipment | 141 | 5,717 | — | ||||||||||
Other real estate owned | — | 1,545 | — | ||||||||||
Goodwill | 5,962 | 17,774 | — | ||||||||||
Core deposit intangibles | 600 | 1,362 | — | ||||||||||
Deferred tax asset | 1,385 | — | — | ||||||||||
Other assets | 775 | 1,669 | — | ||||||||||
Total assets | $ | 145,003 | $ | 237,324 | $ | — | |||||||
Noncash liabilities assumed: | |||||||||||||
Deposits | $ | 111,164 | $ | 216,444 | $ | — | |||||||
FHLB advances | 26,000 | 12,500 | — | ||||||||||
Junior subordinated debt | — | 3,609 | — | ||||||||||
Other liabilities | 358 | 700 | — | ||||||||||
Total liabilities | $ | 137,522 | $ | 233,253 | $ | — | |||||||
Cash and cash equivalents acquired from acquisitions | $ | 22,792 | $ | 46,230 | $ | — | |||||||
Cash paid to shareholders of acquired banks | $ | 18,412 | $ | 46,600 | $ | — | |||||||
Fair value of common stock issued to shareholders of acquired bank | $ | 11,861 | $ | 3,701 | $ | — | |||||||
Noncash assets transferred: | |||||||||||||
Loans | $ | — | $ | 807 | $ | — | |||||||
Premises and equipment | — | 280 | — | ||||||||||
Goodwill | — | 254 | — | ||||||||||
Core deposit intangibles | — | 119 | — | ||||||||||
Other assets | — | 13 | — | ||||||||||
Total assets | $ | — | $ | 1,473 | $ | — | |||||||
Noncash liabilities transferred: | |||||||||||||
Deposits | $ | — | $ | 20,068 | $ | — | |||||||
Other liabilities | — | 6 | — | ||||||||||
Total liabilities | $ | — | $ | 20,074 | $ | — | |||||||
Cash and cash equivalents transferrd in branch sale | $ | — | $ | 133 | $ | — | |||||||
Deposit premium received | $ | — | $ | 414 | $ | — | |||||||
Cash paid to buyer, net of deposit premium | $ | — | $ | 18,430 | $ | — | |||||||
Securities_Available_for_Sale_
Securities Available for Sale (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Amortized Cost of Securities and Approximate Fair Values | ' | ||||||||||||||||||||||||||||
The amortized cost of securities and their approximate fair values at December 31, 2013 and 2012, are as follows: | |||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||
U.S. treasuries | $ | 3,498 | $ | 15 | $ | — | $ | 3,513 | |||||||||||||||||||||
Government agency securities | 95,407 | 84 | (1,076 | ) | 94,415 | ||||||||||||||||||||||||
Obligations of state and municipal subdivisions | 37,861 | 541 | (1,787 | ) | 36,615 | ||||||||||||||||||||||||
Corporate bonds | 2,079 | — | (27 | ) | 2,052 | ||||||||||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHLB, FFCB and FHR | 57,844 | 67 | (468 | ) | 57,443 | ||||||||||||||||||||||||
$ | 196,689 | $ | 707 | $ | (3,358 | ) | $ | 194,038 | |||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||
U.S. treasuries | $ | 3,493 | $ | 54 | $ | — | $ | 3,547 | |||||||||||||||||||||
Government agency securities | 69,636 | 575 | — | 70,211 | |||||||||||||||||||||||||
Obligations of state and municipal subdivisions | 34,908 | 2,123 | (217 | ) | 36,814 | ||||||||||||||||||||||||
Corporate bonds | 2,105 | 23 | (25 | ) | 2,103 | ||||||||||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC and SBA | 635 | 45 | — | 680 | |||||||||||||||||||||||||
$ | 110,777 | $ | 2,820 | $ | (242 | ) | $ | 113,355 | |||||||||||||||||||||
Proceeds from Sale, Gross Gains and Losses of Securities Available for Sale | ' | ||||||||||||||||||||||||||||
Proceeds from sale of securities available for sale and gross gains and losses for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Proceeds from sale | $ | 4,067 | $ | 2,078 | $ | — | |||||||||||||||||||||||
Gross gains | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Gross losses | $ | — | $ | 3 | $ | — | |||||||||||||||||||||||
Amortized Cost and Estimated Fair Value of Securities Available for Sale by Contractual Maturity | ' | ||||||||||||||||||||||||||||
The amortized cost and estimated fair value of securities available for sale at December 31, 2013, by contractual maturity, are shown below. Maturities of pass-through certificates will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||
Due in one year or less | $ | 5,594 | $ | 5,614 | |||||||||||||||||||||||||
Due from one year to five years | 63,358 | 62,741 | |||||||||||||||||||||||||||
Due from five to ten years | 37,156 | 36,801 | |||||||||||||||||||||||||||
Thereafter | 32,737 | 31,439 | |||||||||||||||||||||||||||
138,845 | 136,595 | ||||||||||||||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHLB, FFCB and FHR | 57,844 | 57,443 | |||||||||||||||||||||||||||
$ | 196,689 | $ | 194,038 | ||||||||||||||||||||||||||
Summary of Unrealized Losses and Fair Value Securities in Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||||||
The number of securities, unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2013 and 2012, are summarized as follows: | |||||||||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | Total | |||||||||||||||||||||||||||
Description of Securities | Number of Securities | Estimated | Unrealized | Number of Securities | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Government agency securities | 46 | $ | 74,331 | $ | (1,076 | ) | — | $ | — | $ | — | $ | 74,331 | $ | (1,076 | ) | |||||||||||||
Obligations of state and municipal subdivisions | 21 | 11,888 | (1,139 | ) | 6 | 4,047 | (648 | ) | 15,935 | (1,787 | ) | ||||||||||||||||||
Corporate bonds | 2 | 2,052 | (27 | ) | — | — | — | 2,052 | (27 | ) | |||||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHLB, FFCB and FHR | 14 | 49,126 | (468 | ) | — | — | — | 49,126 | (468 | ) | |||||||||||||||||||
83 | $ | 137,397 | $ | (2,710 | ) | 6 | $ | 4,047 | $ | (648 | ) | $ | 141,444 | $ | (3,358 | ) | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Obligations of state and municipal subdivisions | 9 | $ | 6,551 | $ | (217 | ) | — | $ | — | $ | — | $ | 6,551 | $ | (217 | ) | |||||||||||||
Corporate bonds | 1 | 990 | (25 | ) | — | — | — | 990 | (25 | ) | |||||||||||||||||||
10 | $ | 7,541 | $ | (242 | ) | — | $ | — | $ | — | $ | 7,541 | $ | (242 | ) | ||||||||||||||
Loans_Net_and_Allowance_for_Lo1
Loans, Net and Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Compositions of Loans | ' | ||||||||||||||||||||||||||||||||
Loans, net at December 31, 2013 and 2012, consisted of the following: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Commercial | $ | 241,178 | $ | 169,882 | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | 843,436 | 648,494 | |||||||||||||||||||||||||||||||
Commercial construction, land and land development | 130,320 | 97,329 | |||||||||||||||||||||||||||||||
Residential | 338,654 | 306,187 | |||||||||||||||||||||||||||||||
Single family interim construction | 83,144 | 67,920 | |||||||||||||||||||||||||||||||
Agricultural | 40,558 | 40,127 | |||||||||||||||||||||||||||||||
Consumer | 45,762 | 39,502 | |||||||||||||||||||||||||||||||
Other | 108 | 73 | |||||||||||||||||||||||||||||||
1,723,160 | 1,369,514 | ||||||||||||||||||||||||||||||||
Allowance for loan losses | (13,960 | ) | (11,478 | ) | |||||||||||||||||||||||||||||
$ | 1,709,200 | $ | 1,358,036 | ||||||||||||||||||||||||||||||
Summary of Activity in Allowance for Loan Losses by Loan Class | ' | ||||||||||||||||||||||||||||||||
The following is a summary of the activity in the allowance for loan losses by loan class for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Single-Family | Agricultural | Consumer | Other | Unallocated | Total | |||||||||||||||||||||||||
Real Estate, | Real Estate | Interim | |||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Balance at the beginning of year | $ | 2,377 | $ | 4,924 | $ | 2,965 | $ | 523 | $ | 159 | $ | 278 | $ | — | $ | 252 | $ | 11,478 | |||||||||||||||
Provision for loan losses | 616 | 3,554 | (405 | ) | 54 | 79 | 107 | — | (183 | ) | 3,822 | ||||||||||||||||||||||
Charge-offs | (612 | ) | (634 | ) | (130 | ) | — | — | (64 | ) | — | — | (1,440 | ) | |||||||||||||||||||
Recoveries | 20 | 28 | 10 | — | — | 42 | — | — | 100 | ||||||||||||||||||||||||
Balance at end of year | $ | 2,401 | $ | 7,872 | $ | 2,440 | $ | 577 | $ | 238 | $ | 363 | $ | — | $ | 69 | $ | 13,960 | |||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Balance at the beginning of year | $ | 1,259 | $ | 5,051 | $ | 1,964 | $ | 317 | $ | 209 | $ | 235 | $ | — | $ | 25 | $ | 9,060 | |||||||||||||||
Provision for loan losses | 1,261 | 289 | 1,176 | 206 | (50 | ) | 75 | — | 227 | 3,184 | |||||||||||||||||||||||
Charge-offs | (169 | ) | (484 | ) | (178 | ) | — | — | (86 | ) | — | — | (917 | ) | |||||||||||||||||||
Recoveries | 26 | 68 | 3 | — | — | 54 | — | — | 151 | ||||||||||||||||||||||||
Balance at end of year | $ | 2,377 | $ | 4,924 | $ | 2,965 | $ | 523 | $ | 159 | $ | 278 | $ | — | $ | 252 | $ | 11,478 | |||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||||||||||
Balance at the beginning of year | $ | 1,228 | $ | 4,294 | $ | 1,639 | $ | 250 | $ | 167 | $ | 293 | $ | — | $ | 532 | $ | 8,403 | |||||||||||||||
Provision for loan losses | 37 | 1,416 | 641 | 38 | 42 | (17 | ) | — | (507 | ) | 1,650 | ||||||||||||||||||||||
Charge-offs | (23 | ) | (694 | ) | (316 | ) | (20 | ) | — | (94 | ) | — | — | (1,147 | ) | ||||||||||||||||||
Recoveries | 17 | 35 | — | 49 | — | 53 | — | — | 154 | ||||||||||||||||||||||||
Balance at end of year | $ | 1,259 | $ | 5,051 | $ | 1,964 | $ | 317 | $ | 209 | $ | 235 | $ | — | $ | 25 | $ | 9,060 | |||||||||||||||
The following table details the amount of the allowance for loan losses and recorded investment in loans by class as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Single-Family | Agricultural | Consumer | Other | Unallocated | Total | |||||||||||||||||||||||||
Real Estate, | Real Estate | Interim | |||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Allowance for losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 313 | $ | 504 | $ | 14 | $ | — | $ | — | $ | 24 | $ | — | $ | — | $ | 855 | |||||||||||||||
Collectively evaluated for impairment | 2,088 | 7,368 | 2,426 | 577 | 238 | 339 | — | 69 | 13,105 | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Ending balance | $ | 2,401 | $ | 7,872 | $ | 2,440 | $ | 577 | $ | 238 | $ | 363 | $ | — | $ | 69 | $ | 13,960 | |||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 501 | $ | 8,013 | $ | 3,182 | $ | 170 | $ | — | $ | 68 | $ | — | $ | — | $ | 11,934 | |||||||||||||||
Collectively evaluated for impairment | 234,103 | 959,254 | 334,770 | 82,974 | 40,558 | 45,682 | 108 | — | 1,697,449 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | 6,574 | 6,489 | 702 | — | — | 12 | — | — | 13,777 | ||||||||||||||||||||||||
Ending balance | $ | 241,178 | $ | 973,756 | $ | 338,654 | $ | 83,144 | $ | 40,558 | $ | 45,762 | $ | 108 | $ | — | $ | 1,723,160 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||
Allowance for losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 165 | $ | 644 | $ | 164 | $ | — | $ | — | $ | 16 | $ | — | $ | — | $ | 989 | |||||||||||||||
Collectively evaluated for impairment | 2,212 | 4,280 | 2,801 | 523 | 159 | 262 | — | 252 | 10,489 | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Ending balance | $ | 2,377 | $ | 4,924 | $ | 2,965 | $ | 523 | $ | 159 | $ | 278 | $ | — | $ | 252 | $ | 11,478 | |||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 724 | $ | 10,601 | $ | 3,376 | $ | — | $ | — | $ | 105 | $ | — | $ | — | $ | 14,806 | |||||||||||||||
Collectively evaluated for impairment | 166,965 | 732,581 | 301,259 | 67,361 | 40,127 | 39,397 | 73 | — | 1,347,763 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | 2,193 | 2,641 | 1,552 | 559 | — | — | — | — | 6,945 | ||||||||||||||||||||||||
Ending balance | $ | 169,882 | $ | 745,823 | $ | 306,187 | $ | 67,920 | $ | 40,127 | $ | 39,502 | $ | 73 | $ | — | $ | 1,369,514 | |||||||||||||||
Summary of Nonperforming Loans by Loan Class | ' | ||||||||||||||||||||||||||||||||
Nonperforming loans by loan class at December 31, 2013 and 2012, are summarized as follows: | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential Real Estate | Single-Family | Agricultural | Consumer | Other | Total | ||||||||||||||||||||||||||
Real Estate, | Interim | ||||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 357 | $ | 253 | $ | 1,852 | $ | 170 | $ | — | $ | 43 | $ | — | $ | 2,675 | |||||||||||||||||
Loans past due 90 days and still accruing | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 107 | 3,571 | 425 | — | — | 1 | — | 4,104 | |||||||||||||||||||||||||
$ | 464 | $ | 3,824 | $ | 2,277 | $ | 170 | $ | — | $ | 44 | $ | — | $ | 6,779 | ||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 218 | $ | 4,857 | $ | 894 | $ | 560 | $ | — | $ | 70 | $ | — | $ | 6,599 | |||||||||||||||||
Loans past due 90 days and still accruing | — | — | — | — | — | 2 | — | 2 | |||||||||||||||||||||||||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 481 | 1,778 | 2,165 | — | — | 9 | — | 4,433 | |||||||||||||||||||||||||
$ | 699 | $ | 6,635 | $ | 3,059 | $ | 560 | $ | — | $ | 81 | $ | — | $ | 11,034 | ||||||||||||||||||
Impaired Loans by Loan Class | ' | ||||||||||||||||||||||||||||||||
Impaired loans by loan class at December 31, 2013 and 2012, are summarized as follows: | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Single-Family | Agricultural | Consumer | Other | Total | ||||||||||||||||||||||||||
Real Estate, | Real Estate | Interim | |||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Recorded investment in impaired loans: | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance for loan losses | $ | 401 | $ | 3,866 | $ | 1,135 | $ | — | $ | — | $ | 40 | $ | — | $ | 5,442 | |||||||||||||||||
Impaired loans with no allowance for loan losses | 100 | 4,147 | 2,047 | 170 | — | 28 | — | 6,492 | |||||||||||||||||||||||||
Total | $ | 501 | $ | 8,013 | $ | 3,182 | $ | 170 | $ | — | $ | 68 | $ | — | $ | 11,934 | |||||||||||||||||
Unpaid principal balance of impaired loans | $ | 501 | $ | 8,408 | $ | 3,216 | $ | 170 | $ | — | $ | 75 | $ | — | $ | 12,370 | |||||||||||||||||
Allowance for loan losses on impaired loans | $ | 313 | $ | 504 | $ | 14 | $ | — | $ | — | $ | 24 | $ | — | $ | 855 | |||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Recorded investment in impaired loans: | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance for loan losses | $ | 644 | $ | 5,532 | $ | 1,301 | $ | — | $ | — | $ | 73 | $ | — | $ | 7,550 | |||||||||||||||||
Impaired loans with no allowance for loan losses | 80 | 5,069 | 2,075 | — | — | 32 | — | 7,256 | |||||||||||||||||||||||||
Total | $ | 724 | $ | 10,601 | $ | 3,376 | $ | — | $ | — | $ | 105 | $ | — | $ | 14,806 | |||||||||||||||||
Unpaid principal balance of impaired loans | $ | 741 | $ | 11,140 | $ | 3,475 | $ | — | $ | — | $ | 122 | $ | — | $ | 15,478 | |||||||||||||||||
Allowance for loan losses on impaired loans | $ | 165 | $ | 644 | $ | 164 | $ | — | $ | — | $ | 16 | $ | — | $ | 989 | |||||||||||||||||
For the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 649 | $ | 8,669 | $ | 3,384 | $ | 34 | $ | — | $ | 80 | $ | — | $ | 12,816 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 28 | $ | 517 | $ | 148 | $ | 6 | $ | — | $ | 6 | $ | — | $ | 705 | |||||||||||||||||
For the year ended December 31, 2012: | |||||||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 777 | $ | 12,291 | $ | 3,976 | $ | 46 | $ | — | $ | 99 | $ | — | $ | 17,189 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 27 | $ | 483 | $ | 187 | $ | — | $ | — | $ | 8 | $ | — | $ | 705 | |||||||||||||||||
For the year ended December 31, 2011: | |||||||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 471 | $ | 13,593 | $ | 3,615 | $ | 95 | $ | — | $ | 68 | $ | — | $ | 17,842 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 51 | $ | 857 | $ | 186 | $ | — | $ | — | $ | 5 | $ | — | $ | 1,099 | |||||||||||||||||
Summary of Troubled Debt Restructurings | ' | ||||||||||||||||||||||||||||||||
Following is a summary of loans modified under troubled debt restructurings during the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
. | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Single-Family | Agricultural | Consumer | Other | Total | ||||||||||||||||||||||||||
Real Estate, | Real Estate | Interim | |||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
Troubled debt restructurings during the year ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Number of contracts | — | 3 | — | — | — | — | — | 3 | |||||||||||||||||||||||||
Pre-restructuring outstanding recorded investment | $ | — | $ | 2,015 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,015 | |||||||||||||||||
Post-restructuring outstanding recorded investment | $ | — | $ | 2,015 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,015 | |||||||||||||||||
Troubled debt restructurings during the year ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Number of contracts | 2 | 1 | 3 | — | — | 1 | — | 7 | |||||||||||||||||||||||||
Pre-restructuring outstanding recorded investment | $ | 280 | $ | 101 | $ | 1,919 | $ | — | $ | — | $ | 26 | $ | — | $ | 2,326 | |||||||||||||||||
Post-restructuring outstanding recorded investment | $ | 280 | $ | 101 | $ | 1,919 | $ | — | $ | — | $ | 26 | $ | — | $ | 2,326 | |||||||||||||||||
Aging of Past Due Loans by Loan Class | ' | ||||||||||||||||||||||||||||||||
The following table presents information regarding the aging of past due loans by loan class as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Loans | Loans | Total Past | Current | Total | |||||||||||||||||||||||||||||
30-89 Days | 90 or More | Due Loans | Loans | Loans | |||||||||||||||||||||||||||||
Past Due | Past Due | ||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Commercial | $ | 257 | $ | 357 | $ | 614 | $ | 240,564 | $ | 241,178 | |||||||||||||||||||||||
Commercial real estate, land and land development | 2,076 | 73 | 2,149 | 971,607 | 973,756 | ||||||||||||||||||||||||||||
Residential real estate | 1,322 | 1,603 | 2,925 | 335,729 | 338,654 | ||||||||||||||||||||||||||||
Single-family interim construction | — | 170 | 170 | 82,974 | 83,144 | ||||||||||||||||||||||||||||
Agricultural | 3 | — | 3 | 40,555 | 40,558 | ||||||||||||||||||||||||||||
Consumer | 97 | 1 | 98 | 45,664 | 45,762 | ||||||||||||||||||||||||||||
Other | — | — | 108 | 108 | |||||||||||||||||||||||||||||
$ | 3,755 | $ | 2,204 | $ | 5,959 | $ | 1,717,201 | $ | 1,723,160 | ||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||
Commercial | $ | 845 | $ | — | $ | 845 | $ | 169,037 | $ | 169,882 | |||||||||||||||||||||||
Commercial real estate, land and land development | 3,091 | 62 | 3,153 | 742,670 | 745,823 | ||||||||||||||||||||||||||||
Residential real estate | 1,305 | 360 | 1,665 | 304,522 | 306,187 | ||||||||||||||||||||||||||||
Single-family interim construction | — | 559 | 559 | 67,361 | 67,920 | ||||||||||||||||||||||||||||
Agricultural | 23 | — | 23 | 40,104 | 40,127 | ||||||||||||||||||||||||||||
Consumer | 110 | 32 | 142 | 39,360 | 39,502 | ||||||||||||||||||||||||||||
Other | — | — | — | 73 | 73 | ||||||||||||||||||||||||||||
$ | 5,374 | $ | 1,013 | $ | 6,387 | $ | 1,363,127 | $ | 1,369,514 | ||||||||||||||||||||||||
Summary of Loans by Credit Quality Indicator by Class | ' | ||||||||||||||||||||||||||||||||
A summary of loans by credit quality indicator by class as of December 31, 2013 and 2012, is as follows: | |||||||||||||||||||||||||||||||||
Pass | Pass/ | OAEM | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||
(Rating 1-4) | Watch | ||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Commercial | $ | 231,080 | $ | 7,199 | $ | 1,311 | $ | 1,453 | $ | 135 | $ | 241,178 | |||||||||||||||||||||
Commercial real estate, construction, land and land development | 952,863 | 10,697 | 2,982 | 7,214 | — | 973,756 | |||||||||||||||||||||||||||
Residential real estate | 328,918 | 5,379 | 454 | 3,903 | — | 338,654 | |||||||||||||||||||||||||||
Single-family interim construction | 83,144 | — | — | — | — | 83,144 | |||||||||||||||||||||||||||
Agricultural | 40,328 | 210 | — | 20 | — | 40,558 | |||||||||||||||||||||||||||
Consumer | 45,556 | 82 | 39 | 85 | — | 45,762 | |||||||||||||||||||||||||||
Other | 108 | — | — | — | — | 108 | |||||||||||||||||||||||||||
$ | 1,681,997 | $ | 23,567 | $ | 4,786 | $ | 12,675 | $ | 135 | $ | 1,723,160 | ||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||
Commercial | $ | 165,842 | $ | 2,824 | $ | 203 | $ | 1,013 | $ | — | $ | 169,882 | |||||||||||||||||||||
Commercial real estate, construction, land and land development | 716,243 | 11,502 | 8,804 | 9,274 | — | 745,823 | |||||||||||||||||||||||||||
Residential real estate | 295,870 | 4,303 | 867 | 5,039 | 108 | 306,187 | |||||||||||||||||||||||||||
Single-family interim construction | 67,360 | — | — | 560 | — | 67,920 | |||||||||||||||||||||||||||
Agricultural | 39,936 | 147 | — | 44 | — | 40,127 | |||||||||||||||||||||||||||
Consumer | 39,315 | 60 | 13 | 114 | — | 39,502 | |||||||||||||||||||||||||||
Other | 73 | — | — | — | — | 73 | |||||||||||||||||||||||||||
$ | 1,324,639 | $ | 18,836 | $ | 9,887 | $ | 16,044 | $ | 108 | $ | 1,369,514 | ||||||||||||||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the outstanding balance and related carrying amount of purchased credit impaired loans by acquired bank as of the respective acquisition date: | |||||||||||||||||||||||||||||||||
Acquisition Date | |||||||||||||||||||||||||||||||||
30-Nov-13 | 1-Oct-12 | 1-Apr-12 | |||||||||||||||||||||||||||||||
Collin Bank * | Community Group | I Bank | |||||||||||||||||||||||||||||||
Outstanding balance | $ | 12,320 | $ | 6,099 | $ | 4,740 | |||||||||||||||||||||||||||
Nonaccretable difference | (1,233 | ) | (1,294 | ) | (1,296 | ) | |||||||||||||||||||||||||||
Accretable yield | — | — | (27 | ) | |||||||||||||||||||||||||||||
Carrying amount | $ | 11,087 | $ | 4,805 | $ | 3,417 | |||||||||||||||||||||||||||
* Amounts represent provisional estimates and are subject to final purchase accounting adjustments. | |||||||||||||||||||||||||||||||||
The carrying amount of acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at December 31, 2013 and 2012, were as follows: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Outstanding balance | $ | 15,768 | $ | 9,178 | |||||||||||||||||||||||||||||
Carrying amount | 13,777 | 6,945 | |||||||||||||||||||||||||||||||
Premises_and_Equipment_Net_Tab
Premises and Equipment, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Components of Premises and Equipment, Net | ' | |||||||
Premises and equipment, net at December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 14,548 | $ | 14,548 | ||||
Building | 58,853 | 48,054 | ||||||
Furniture, fixtures and equipment | 16,243 | 13,881 | ||||||
Aircraft | 5,298 | 5,298 | ||||||
Leasehold and tenant improvements | 641 | 725 | ||||||
Construction in progress | 36 | 7,349 | ||||||
95,619 | 89,855 | |||||||
Less accumulated depreciation | (22,884 | ) | (19,274 | ) | ||||
$ | 72,735 | $ | 70,581 | |||||
Minimum Future Rental Payments Receivable from Tenants | ' | |||||||
At December 31, 2013, minimum future rental payments receivable from these tenants were as follows: | ||||||||
First year | $ | 194 | ||||||
Second year | 60 | |||||||
Third year | 45 | |||||||
Fourth year | 15 | |||||||
Fifth year | — | |||||||
$ | 314 | |||||||
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Banking and Thrift [Abstract] | ' | |||||||
Other Real Estate Owned | ' | |||||||
Other real estate owned at December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Construction, land and land development | $ | 3,053 | $ | 6,166 | ||||
Residential | — | 653 | ||||||
Commercial real estate | 269 | — | ||||||
$ | 3,322 | $ | 6,819 | |||||
Goodwill_and_Core_Deposit_Inta1
Goodwill and Core Deposit Intangible, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Gross Carrying Value and Accumulated Amortization of Intangible Assets | ' | |||||||
The gross carrying value and accumulated amortization of core deposit intangible is as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Core deposit intangible | $ | 6,974 | $ | 6,374 | ||||
Less accumulated amortization | (3,826 | ) | (3,123 | ) | ||||
$ | 3,148 | $ | 3,251 | |||||
Future Amortization Expense Related to Core Deposit Intangible | ' | |||||||
The future amortization expense related to core deposit intangible remaining at December 31, 2013 is as follows: | ||||||||
First year | $ | 649 | ||||||
Second year | 406 | |||||||
Third year | 385 | |||||||
Fourth year | 385 | |||||||
Fifth year | 362 | |||||||
Thereafter | 961 | |||||||
$ | 3,148 | |||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||
Components of Deposits | ' | |||||||||||||
Deposits at December 31, 2013 and 2012 consisted of the following: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Amount | Percent | Amount | Percent | |||||||||||
Noninterest-bearing demand accounts | $ | 302,756 | 17.7 | % | $ | 259,664 | 18.7 | % | ||||||
Interest-bearing checking accounts | 796,225 | 46.6 | 688,234 | 49.5 | ||||||||||
Savings accounts | 122,257 | 7.1 | 115,413 | 8.3 | ||||||||||
Limited access money market accounts | 62,985 | 3.7 | 28,439 | 2 | ||||||||||
Individual retirement accounts (IRA) | 33,025 | 1.9 | 34,613 | 2.5 | ||||||||||
Certificates of deposit, less than $100,000 | 92,949 | 5.4 | 100,462 | 7.2 | ||||||||||
Certificates of deposit, $100,000 and greater | 300,122 | 17.6 | 163,915 | 11.8 | ||||||||||
$ | 1,710,319 | 100 | % | $ | 1,390,740 | 100 | % | |||||||
Maturities of Certificates of Deposit | ' | |||||||||||||
At December 31, 2013, the scheduled maturities of certificates of deposit, including IRAs, were as follows: | ||||||||||||||
First year | $ | 305,764 | ||||||||||||
Second year | 59,296 | |||||||||||||
Third year | 35,314 | |||||||||||||
Fourth year | 13,073 | |||||||||||||
Fifth year | 12,645 | |||||||||||||
Thereafter | 4 | |||||||||||||
$ | 426,096 | |||||||||||||
Federal_Home_Loan_Bank_Advance1
Federal Home Loan Bank Advances (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Banking and Thrift [Abstract] | ' | |||
Contractual Maturities of FHLB Advances | ' | |||
Contractual maturities of FHLB advances at December 31, 2013 were as follows: | ||||
First year | $ | 46,003 | ||
Second year | 23,000 | |||
Third year | 32,522 | |||
Fourth year | 30,000 | |||
Fifth year | 15,000 | |||
Thereafter | 40,959 | |||
$ | 187,484 | |||
Notes_Payable_and_Other_Borrow1
Notes Payable and Other Borrowings (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Note Payable | ' | |||||||
Notes payable at December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Note payable by Adriatica to an unaffiliated commercial bank in the original amount of $12,188. The loan is secured by real property consisting of a mixed used development in McKinney, TX. Interest accrues at 3.25% through June 2013 and then adjusts to Wall Street Journal (WSJ) prime. Interest is paid quarterly and principal payments are required at 90% of the proceeds of any sales of the property collateralizing the loan. Note was repaid in full in April 2013. | $ | — | $ | 3,142 | ||||
Adriatica loan from the same commercial bank to finance the purchase of an additional building located in the development. The original balance was $353. Interest accrues at WSJ prime (3.25%). Payments of principal and interest of $6 are due quarterly. Note was repaid in full in April 2013. | — | 337 | ||||||
Note payable to an unaffiliated commercial bank in the original amount of $12,000, due in quarterly installments of accrued interest and principal installments of $375. The loan accrues interest at the WSJ prime rate, subject to a 4.00% floor (4.00% at December 31, 2012). The loan is secured by the outstanding capital stock of Independent Bank. One final payment of unpaid principal and interest is due on December 24, 2016. The terms of the loan require the Company to maintain minimum capital ratios and other covenants. Note was repaid in full in April 2013. | — | 6,000 | ||||||
Note payable to an unaffiliated commercial bank in the original amount of $7,000, due in quarterly installments of accrued interest and principal installments of $250. The loan accrues interest at the WSJ prime rate, subject to a 4.50% floor (4.50% at December 31, 2012). The loan is secured by the outstanding capital stock of Independent Bank. One final payment of unpaid principal and interest was due on March 15, 2015. The note was repaid in full in April 2013. | — | 6,250 | ||||||
$ | — | $ | 15,729 | |||||
Other Borrowings | ' | |||||||
Other borrowings at December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Unsecured subordinated debenture, payable to an unaffiliated commercial bank in the original amount of $4,500, due in quarterly principal installments of $188 through December, 2016. Interest accrues at WSJ prime plus 0.50% with a 4.00% floor (4.00% at December 31, 2012). Borrowing was repaid in full in April 2013. | $ | — | $ | 3,000 | ||||
Unsecured subordinated debentures in the amount of $5,000. Interest payments at 7.00% are made quarterly and semiannual principal payments of $625 will be due beginning January 15, 2015. The remaining principal and accrued interest is due on July 15, 2018. | 5,000 | 5,000 | ||||||
Unsecured subordinated debentures in the amount of $2,730. Interest payments at 7.00% are made quarterly and semiannual principal payments of $341 will be due beginning April 15, 2015. The remaining principal and accrued interest is due on October 15, 2018. | 2,730 | 2,730 | ||||||
Unsecured subordinated debentures assumed in the acquisition of an unrelated financial institution in the amount of $2,285. The debentures bear interest at a fixed rate of 7.00% through September 2012 and then an adjusted rate of WSJ prime +2.00% subject to a 6.00% floor thereafter and until maturity, September 30, 2017. Borrowing was repaid in full in April 2013. | — | 1,223 | ||||||
Unsecured subordinated debentures in the amount of $4,155. Interest payments at 7.00% are made quarterly and semiannual principal payments beginning August 2013. The remaining principal and accrued interest is due on February 15, 2017. Borrowing was repaid in full in August 2013. | — | 4,155 | ||||||
Unsecured subordinated debentures in the amount of $4,680. Interest payments at 7.00% are made quarterly and semiannual principal payments beginning April 2016. The remaining principal and accrued interest is due on October 15, 2019. Borrowing was repaid in full in September 2013. | — | 4,680 | ||||||
$ | 7,730 | $ | 20,788 | |||||
Principal Maturities of Notes Payable and Other Borrowings | ' | |||||||
At December 31, 2013, the scheduled principal maturities of the Company's notes payable and other borrowings are as follows: | ||||||||
First year | $ | 1,933 | ||||||
Second year | 1,933 | |||||||
Third year | 1,932 | |||||||
Fourth year | 1,932 | |||||||
Fifth year | — | |||||||
Thereafter | — | |||||||
$ | 7,730 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Schedule of Income Tax Expense | ' | ||||
Income tax expense was as follows: | |||||
Year Ended December 31, 2013 | |||||
Current income tax expense | $ | 6,744 | |||
Deferred income tax expense (benefit) | (2,083 | ) | |||
Income tax expense, as reported | $ | 4,661 | |||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||
Reported income tax expense differed from the amounts computed by applying the U.S. federal statutory income tax rate of 35% to income before income taxes for the nine months ended December 31, 2013 (the period the Company was a taxable entity) as follows: | |||||
Year Ended December 31, 2013 | |||||
Income tax expense computed at the statutory rate | $ | 6,571 | |||
Initial recording of deferred tax asset | (1,760 | ) | |||
Tax-exempt interest income from municipal securities | (259 | ) | |||
Tax-exempt loan income | (86 | ) | |||
Bank owned life insurance income | (93 | ) | |||
Non-deductible acquisition expenses | 279 | ||||
Other | 9 | ||||
$ | 4,661 | ||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||
Components of deferred tax assets and liabilities are as follows: | |||||
December 31, 2013 | |||||
Deferred tax assets: | |||||
Allowance for loan losses | $ | 4,776 | |||
NOL carryforwards from acquisitions | 1,352 | ||||
Net unrealized loss on available for sale securities | 928 | ||||
Acquired loan fair market value adjustments | 1,159 | ||||
Restricted stock | 1,044 | ||||
Acquisition costs | 140 | ||||
Securities | 305 | ||||
Start up costs | 329 | ||||
Other real estate owned | 310 | ||||
Unearned rent income | 55 | ||||
Nonaccrual loans | 69 | ||||
Other | 76 | ||||
10,543 | |||||
Deferred tax liabilities: | |||||
Premises and equipment | (4,539 | ) | |||
Core deposit intangibles | (1,102 | ) | |||
FHLB stock | (68 | ) | |||
(5,709 | ) | ||||
Net deferred tax asset | $ | 4,834 | |||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
At December 31, 2013 and 2012, the approximate amounts of these financial instruments were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Commitments to extend credit | $ | 365,575 | $ | 153,932 | |||||
Standby letters of credit | 2,120 | 2,704 | |||||||
$ | 367,695 | $ | 156,636 | ||||||
Schedule of Future Minimum Lease Payments for Capital Leases | ' | ||||||||
At December 31, 2013, minimum future rental payments due under noncancelable lease commitments were as follows: | |||||||||
First year | $ | 611 | |||||||
Second year | 576 | ||||||||
Third year | 420 | ||||||||
Fourth year | 309 | ||||||||
Fifth year | 216 | ||||||||
Thereafter | 330 | ||||||||
$ | 2,462 | ||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Related Party Transactions [Abstract] | ' | |||
Loan Activity for Officers, Directors and Affiliates | ' | |||
Loan activity for officers, directors and their affiliates for the year ended December 31, 2013 is as follows: | ||||
Balance at beginning of year | $ | 34,477 | ||
New loans | 14,421 | |||
Repayments | (8,156 | ) | ||
Changes in affiliated persons | 14 | |||
Balance at end of year | $ | 40,756 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Assets and Liabilities at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of December 31, 2013 and 2012 by level within the ASC Topic 820 fair value measurement hierarchy: | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Assets/ | Quoted Prices | Significant | Significant | ||||||||||||||||||
Liabilities | in Active | Other | Unobservable | ||||||||||||||||||
Measured at | Markets for | Observable | Inputs | ||||||||||||||||||
Fair Value | Identical Assets | Inputs | (Level 3) | ||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
U.S. treasuries | $ | 3,513 | $ | — | $ | 3,513 | $ | — | |||||||||||||
Government agency securities | 94,415 | — | 94,415 | — | |||||||||||||||||
Obligations of state and municipal subdivisions | 36,615 | — | 36,615 | — | |||||||||||||||||
Corporate bonds | 2,052 | — | 2,052 | — | |||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHLB, FFCB and FHR | 57,443 | — | 57,443 | — | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
U.S. treasuries | $ | 3,547 | $ | — | $ | 3,547 | $ | — | |||||||||||||
Government agency securities | 70,211 | — | 70,211 | — | |||||||||||||||||
Obligations of state and municipal subdivisions | 36,814 | — | 36,814 | — | |||||||||||||||||
Corporate bonds | 2,103 | — | 2,103 | — | |||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC and SBA | 680 | — | 680 | — | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Contingent consideration | 290 | — | — | 290 | |||||||||||||||||
Contingent Consideration Related to Acquisition of Town Center Bank | ' | ||||||||||||||||||||
The following table presents the activity in the contingent consideration for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Balance, beginning of period | $ | 290 | $ | 821 | |||||||||||||||||
Settlements | (287 | ) | (395 | ) | |||||||||||||||||
Change in estimated payments to be made | (3 | ) | (136 | ) | |||||||||||||||||
Balance, end of period | $ | — | $ | 290 | |||||||||||||||||
Assets and Liabilities at Fair Value on Nonrecurring Basis | ' | ||||||||||||||||||||
The following table presents the assets carried on the consolidated balance sheet by caption and by level in the fair value hierarchy at December 31, 2013 and 2012, for which a nonrecurring change in fair value has been recorded: | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Assets/ | Quoted Prices | Significant | Significant | Period Ended | |||||||||||||||||
Liabilities | in Active | Other | Unobservable | Total Losses | |||||||||||||||||
Measured | Markets for | Observable | Inputs (Level 3) | ||||||||||||||||||
at Fair Value | Identical Assets | Inputs | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Measured on a nonrecurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | $ | 1,514 | $ | — | $ | — | $ | 1,514 | $ | 497 | |||||||||||
Other real estate | 2,449 | — | — | 2,449 | $ | 537 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Measured on a nonrecurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | $ | 5,146 | $ | — | $ | — | $ | 5,146 | $ | 187 | |||||||||||
Other real estate | 748 | — | — | 748 | 94 | ||||||||||||||||
Quantitative Information about Level Three Measurements | ' | ||||||||||||||||||||
For Level 3 financial and nonfinancial assets and liabilities measured at fair value at December 31, 2013, the significant unobservable inputs used in the fair value measurements are as follows: | |||||||||||||||||||||
Assets/Liabilities | Fair Value | Valuation Technique | Unobservable | Weighted | |||||||||||||||||
Input(s) | Average | ||||||||||||||||||||
Impaired loans | $ | 1,514 | Collateral method | Adjustments for selling costs | 8% | ||||||||||||||||
Other real estate | 2,449 | Collateral method | Adjustments for selling costs | 8% | |||||||||||||||||
Carrying Amount and Estimated Fair Value of Financial Instruments | ' | ||||||||||||||||||||
The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial instruments were as follows at December 31, 2013 and 2012: | |||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||
Carrying | Estimated | Quoted Prices | Significant | Significant | |||||||||||||||||
Amount | Fair Value | in Active | Other | Unobservable | |||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 93,054 | $ | 93,054 | $ | 93,054 | $ | — | $ | — | |||||||||||
Securities available for sale | 194,038 | 194,038 | — | 194,038 | — | ||||||||||||||||
Loans held for sale | 3,383 | 3,383 | — | 3,383 | — | ||||||||||||||||
Loans, net | 1,709,200 | 1,714,815 | — | 1,710,228 | 4,587 | ||||||||||||||||
FHLB of Dallas stock and other restricted stock | 9,494 | 9,494 | — | 9,494 | — | ||||||||||||||||
Accrued interest receivable | 4,713 | 4,713 | — | 4,713 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,710,319 | 1,712,654 | — | 1,712,654 | — | ||||||||||||||||
Accrued interest payable | 948 | 948 | — | 948 | — | ||||||||||||||||
FHLB advances | 187,484 | 189,092 | — | 189,092 | — | ||||||||||||||||
Other borrowings | 7,730 | 8,061 | — | 8,061 | — | ||||||||||||||||
Junior subordinated debentures | 18,147 | 18,099 | — | 18,099 | — | ||||||||||||||||
Off-balance sheet assets (liabilities): | |||||||||||||||||||||
Commitments to extend credit | — | — | — | — | — | ||||||||||||||||
Standby letters of credit | — | — | — | — | — | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 102,290 | $ | 102,290 | $ | 102,290 | $ | — | $ | — | |||||||||||
Certificates of deposit held in other banks | 7,720 | 7,720 | — | 7,720 | — | ||||||||||||||||
Securities available for sale | 113,355 | 113,355 | — | 113,355 | — | ||||||||||||||||
Loans held for sale | 9,162 | 9,162 | — | 9,162 | — | ||||||||||||||||
Loans, net | 1,358,036 | 1,399,938 | — | 1,393,377 | 6,561 | ||||||||||||||||
FHLB of Dallas stock and other restricted stock | 8,165 | 8,165 | — | 8,165 | — | ||||||||||||||||
Accrued interest receivable | 4,647 | 4,647 | — | 4,647 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,390,740 | 1,399,373 | — | 1,399,373 | — | ||||||||||||||||
Accrued interest payable | 985 | 985 | — | 985 | — | ||||||||||||||||
FHLB advances | 164,601 | 170,239 | — | 170,239 | — | ||||||||||||||||
Notes payable | 15,729 | 15,729 | — | 15,729 | — | ||||||||||||||||
Other borrowings | 20,788 | 20,970 | — | 20,970 | — | ||||||||||||||||
Junior subordinated debentures | 18,147 | 18,114 | — | 18,114 | — | ||||||||||||||||
Contingent consideration | 290 | 290 | — | — | 290 | ||||||||||||||||
Off-balance sheet assets (liabilities): | |||||||||||||||||||||
Commitments to extend credit | — | — | — | — | — | ||||||||||||||||
Standby letters of credit | — | — | — | — | — | ||||||||||||||||
Stock_Awards_and_Stock_Warrant1
Stock Awards and Stock Warrants (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Nonvested Shares Activity | ' | |||||||
The following table summarizes the activity in nonvested shares for the years ended December 31, 2013 and 2012: | ||||||||
Number of | Weighted | |||||||
Shares | Average | |||||||
Grant Date | ||||||||
Fair Value | ||||||||
Nonvested shares, December 31, 2012 | 208,608 | $ | 17.07 | |||||
Granted during the period | 125,040 | 29.53 | ||||||
Vested during the period | (27,124 | ) | 14.13 | |||||
Nonvested shares, December 31, 2013 | 306,524 | $ | 22.75 | |||||
Nonvested shares, December 31, 2011 | 180,025 | $ | 15.64 | |||||
Granted during the period | 58,560 | 20.31 | ||||||
Vested during the period | (29,977 | ) | 14.76 | |||||
Nonvested shares, December 31, 2012 | 208,608 | $ | 17.07 | |||||
Schedule Of Vesting Of Restricted Stock Award Table | ' | |||||||
At December 31, 2013, the future vesting schedule of the nonvested shares is as follows: | ||||||||
First year | 129,584 | |||||||
Second year | 36,464 | |||||||
Third year | 42,748 | |||||||
Fourth year | 74,944 | |||||||
Fifth year | 22,784 | |||||||
Total nonvested shares | 306,524 | |||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Regulated Operations [Abstract] | ' | |||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements | ' | |||||||||||||||||||||
The actual capital amounts and ratios of the Company and Bank as of December 31, 2013 and 2012, are presented in the following table: | ||||||||||||||||||||||
Actual | Minimum for Capital | To Be Well | ||||||||||||||||||||
Adequacy Purposes | Capitalized Under | |||||||||||||||||||||
Prompt Corrective | ||||||||||||||||||||||
Action Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||
Total capital to risk weighted assets: | ||||||||||||||||||||||
Consolidated | $ | 234,794 | 13.83 | % | $ | 135,801 | 8 | % | N/A | N/A | ||||||||||||
Bank | 212,656 | 12.54 | 135,648 | 8 | $ | 169,560 | 10 | % | ||||||||||||||
Tier I capital to risk weighted assets: | ||||||||||||||||||||||
Consolidated | 214,650 | 12.64 | 67,901 | 4 | N/A | N/A | ||||||||||||||||
Bank | 198,696 | 11.72 | 67,824 | 4 | 101,736 | 6 | % | |||||||||||||||
Tier I capital to average assets: | ||||||||||||||||||||||
Consolidated | 214,650 | 10.71 | 80,204 | 4 | N/A | N/A | ||||||||||||||||
Bank | 198,696 | 9.97 | 79,710 | 4 | 99,637 | 5 | % | |||||||||||||||
31-Dec-12 | ||||||||||||||||||||||
Total capital to risk weighted assets: | ||||||||||||||||||||||
Consolidated | $ | 137,525 | 10.51 | % | $ | 104,693 | 8 | % | N/A | N/A | ||||||||||||
Bank | 143,618 | 11.07 | 103,790 | 8 | $ | 129,738 | 10 | % | ||||||||||||||
Tier I capital to risk weighted assets: | ||||||||||||||||||||||
Consolidated | 107,539 | 8.22 | 52,346 | 4 | N/A | N/A | ||||||||||||||||
Bank | 132,140 | 10.19 | 51,895 | 4 | 77,843 | 6 | % | |||||||||||||||
Tier I capital to average assets: | ||||||||||||||||||||||
Consolidated | 107,539 | 6.45 | 66,722 | 4 | N/A | N/A | ||||||||||||||||
Bank | 132,140 | 7.99 | 66,162 | 4 | 82,702 | 5 | % | |||||||||||||||
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | |||
Estimated fair values of the assets acquired and liabilities assumed in this transaction as of the closing date are as follows: | ||||
Assets of acquired bank: | ||||
Cash and cash equivalents | $ | 22,792 | ||
Securities available for sale | 62,373 | |||
Loans | 72,611 | |||
Premises and equipment | 141 | |||
Investment in FHLB stock | 1,156 | |||
Goodwill | 5,962 | |||
Core deposit intangible | 600 | |||
Deferred tax asset | 1,385 | |||
Other assets | 775 | |||
Total assets | $ | 167,795 | ||
Liabilities of acquired bank: | ||||
Deposits | $ | 111,164 | ||
FHLB advances | 26,000 | |||
Other liabilities | 358 | |||
Total liabilities | $ | 137,522 | ||
Common stock issued in the Collin Bank transaction | $ | 11,861 | ||
Cash paid in the Collin Bank transaction | $ | 18,412 | ||
Estimated fair values of the assets acquired and liabilities assumed in the transaction as of the closing date of the transaction were as follows: | ||||
Assets of acquired bank: | ||||
Cash and cash equivalents | $ | 26,237 | ||
Securities available for sale | 10,314 | |||
Loans | 63,500 | |||
Premises and equipment | 3,530 | |||
Other real estate | 1,129 | |||
Investment in FHLB stock and other restricted stock | 715 | |||
Goodwill | 4,807 | |||
Core deposit intangible | 265 | |||
Other assets | 470 | |||
Total assets | $ | 110,967 | ||
Liabilities of acquired bank: | ||||
Deposits | $ | 93,568 | ||
Junior subordinated debentures | 3,609 | |||
Other liabilities | 489 | |||
Total liabilities | $ | 97,666 | ||
Common stock issued in The Community Group, Inc. transaction | $ | 3,701 | ||
Cash paid in The Community Group, Inc. transaction | $ | 9,600 | ||
Estimated fair values of the assets acquired and liabilities assumed in the transaction as of the closing date of the transaction were as follows: | ||||
Assets of acquired bank: | ||||
Cash and cash equivalents | $ | 19,993 | ||
Certificates of deposit held in other banks | 17,078 | |||
Investment in restricted stock | 702 | |||
Loans | 116,948 | |||
Premises and equipment | 2,165 | |||
Other real estate owned | 416 | |||
Goodwill | 12,967 | |||
Core deposit intangible | 1,097 | |||
Other assets | 1,221 | |||
Total assets | $ | 172,587 | ||
Liabilities of acquired bank: | ||||
Deposits | $ | 122,876 | ||
FHLB advances | 12,500 | |||
Other liabilities | 211 | |||
Total liabilities | $ | 135,587 | ||
Cash paid in I Bank Holding Company, Inc. transaction | $ | 37,000 | ||
Estimated fair values of the assets acquired and liabilities assumed in this transaction as of the closing date are as follows: | ||||
Assets of acquired bank: | ||||
Cash and cash equivalents | $ | 32,246 | ||
Securities available for sale | 16,740 | |||
Loans | 70,627 | |||
Premises and equipment | 2,675 | |||
Goodwill | 7,616 | |||
Core deposit intangible | 775 | |||
Other assets | 256 | |||
Total assets | $ | 130,935 | ||
Liabilities of acquired bank: | ||||
Deposits | $ | 104,960 | ||
Other liabilities | 4,278 | |||
Total liabilities | $ | 109,238 | ||
Common stock issued in the Live Oak transaction | $ | 11,697 | ||
Cash paid in the Live Oak transaction | $ | 10,000 | ||
Subsequent_Events_Subsequent_E1
Subsequent Events Subsequent Events (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Subsequent Events [Abstract] | ' | |||
Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | |||
Estimated fair values of the assets acquired and liabilities assumed in this transaction as of the closing date are as follows: | ||||
Assets of acquired bank: | ||||
Cash and cash equivalents | $ | 22,792 | ||
Securities available for sale | 62,373 | |||
Loans | 72,611 | |||
Premises and equipment | 141 | |||
Investment in FHLB stock | 1,156 | |||
Goodwill | 5,962 | |||
Core deposit intangible | 600 | |||
Deferred tax asset | 1,385 | |||
Other assets | 775 | |||
Total assets | $ | 167,795 | ||
Liabilities of acquired bank: | ||||
Deposits | $ | 111,164 | ||
FHLB advances | 26,000 | |||
Other liabilities | 358 | |||
Total liabilities | $ | 137,522 | ||
Common stock issued in the Collin Bank transaction | $ | 11,861 | ||
Cash paid in the Collin Bank transaction | $ | 18,412 | ||
Estimated fair values of the assets acquired and liabilities assumed in the transaction as of the closing date of the transaction were as follows: | ||||
Assets of acquired bank: | ||||
Cash and cash equivalents | $ | 26,237 | ||
Securities available for sale | 10,314 | |||
Loans | 63,500 | |||
Premises and equipment | 3,530 | |||
Other real estate | 1,129 | |||
Investment in FHLB stock and other restricted stock | 715 | |||
Goodwill | 4,807 | |||
Core deposit intangible | 265 | |||
Other assets | 470 | |||
Total assets | $ | 110,967 | ||
Liabilities of acquired bank: | ||||
Deposits | $ | 93,568 | ||
Junior subordinated debentures | 3,609 | |||
Other liabilities | 489 | |||
Total liabilities | $ | 97,666 | ||
Common stock issued in The Community Group, Inc. transaction | $ | 3,701 | ||
Cash paid in The Community Group, Inc. transaction | $ | 9,600 | ||
Estimated fair values of the assets acquired and liabilities assumed in the transaction as of the closing date of the transaction were as follows: | ||||
Assets of acquired bank: | ||||
Cash and cash equivalents | $ | 19,993 | ||
Certificates of deposit held in other banks | 17,078 | |||
Investment in restricted stock | 702 | |||
Loans | 116,948 | |||
Premises and equipment | 2,165 | |||
Other real estate owned | 416 | |||
Goodwill | 12,967 | |||
Core deposit intangible | 1,097 | |||
Other assets | 1,221 | |||
Total assets | $ | 172,587 | ||
Liabilities of acquired bank: | ||||
Deposits | $ | 122,876 | ||
FHLB advances | 12,500 | |||
Other liabilities | 211 | |||
Total liabilities | $ | 135,587 | ||
Cash paid in I Bank Holding Company, Inc. transaction | $ | 37,000 | ||
Estimated fair values of the assets acquired and liabilities assumed in this transaction as of the closing date are as follows: | ||||
Assets of acquired bank: | ||||
Cash and cash equivalents | $ | 32,246 | ||
Securities available for sale | 16,740 | |||
Loans | 70,627 | |||
Premises and equipment | 2,675 | |||
Goodwill | 7,616 | |||
Core deposit intangible | 775 | |||
Other assets | 256 | |||
Total assets | $ | 130,935 | ||
Liabilities of acquired bank: | ||||
Deposits | $ | 104,960 | ||
Other liabilities | 4,278 | |||
Total liabilities | $ | 109,238 | ||
Common stock issued in the Live Oak transaction | $ | 11,697 | ||
Cash paid in the Live Oak transaction | $ | 10,000 | ||
Parent_Company_Only_Financial_1
Parent Company Only Financial Statements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Balance Sheet for the Parent Company | ' | |||||||||||
Balance Sheets | ||||||||||||
December 31, | ||||||||||||
Assets | 2013 | 2012 | ||||||||||
Cash and cash equivalents | $ | 13,111 | $ | 1,396 | ||||||||
Investment in subsidiaries | 246,143 | 173,724 | ||||||||||
Investment in Trusts | 547 | 547 | ||||||||||
Other assets | 1,518 | 987 | ||||||||||
Total assets | $ | 261,319 | $ | 176,654 | ||||||||
Liabilities and Stockholders' Equity | ||||||||||||
Notes payable | $ | — | $ | 12,250 | ||||||||
Other borrowings | 7,730 | 20,788 | ||||||||||
Junior subordinated debentures | 18,147 | 18,147 | ||||||||||
Other liabilities | 1,670 | 959 | ||||||||||
Total liabilities | 27,547 | 52,144 | ||||||||||
Stockholders' equity: | ||||||||||||
Common stock | 123 | 83 | ||||||||||
Additional paid-in capital | 222,116 | 88,791 | ||||||||||
Retained earnings | 12,663 | 33,290 | ||||||||||
Treasury stock | — | (232 | ) | |||||||||
Accumulated other comprehensive income | (1,130 | ) | 2,578 | |||||||||
Total stockholders' equity | 233,772 | 124,510 | ||||||||||
Total liabilities and stockholders' equity | $ | 261,319 | $ | 176,654 | ||||||||
Statement of Income for the Parent Company | ' | |||||||||||
Statements of Income | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest expense: | ||||||||||||
Interest on notes payable and other borrowings | $ | 1,425 | $ | 1,720 | $ | 1,270 | ||||||
Interest on junior subordinated debentures | 543 | 531 | 480 | |||||||||
Total interest expense | 1,968 | 2,251 | 1,750 | |||||||||
Noninterest income: | ||||||||||||
Dividends from subsidiaries | 11,547 | 25,634 | 10,690 | |||||||||
Other | 16 | 24 | 33 | |||||||||
11,563 | 25,658 | 10,723 | ||||||||||
Noninterest expense: | ||||||||||||
Salaries and employee benefits | 2,316 | 1,163 | 1,028 | |||||||||
Professional fees | 157 | — | 168 | |||||||||
Acquisition expense, including legal | 1,956 | 1,401 | — | |||||||||
Other | 397 | 36 | 155 | |||||||||
Total noninterest expense | 4,826 | 2,600 | 1,351 | |||||||||
Income before income tax benefit and equity in undistributed income of subsidiaries | 4,769 | 20,807 | 7,622 | |||||||||
Income tax benefit | 2,643 | — | — | |||||||||
Income before equity in undistributed income of subsidiaries | 7,412 | — | — | |||||||||
Equity in undistributed income (loss) of subsidiaries | 12,388 | (3,430 | ) | 6,078 | ||||||||
Net income | $ | 19,800 | $ | 17,377 | $ | 13,700 | ||||||
Staement of Cash Flows for the Parent Company | ' | |||||||||||
Statements of Cash Flows | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 19,800 | $ | 17,377 | $ | 13,700 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Equity in undistributed net (income) loss of subsidiaries | (12,388 | ) | 3,430 | (6,078 | ) | |||||||
Stock grants amortized | 1,469 | 643 | 572 | |||||||||
Net change in other assets | (531 | ) | (523 | ) | 184 | |||||||
Net change in other liabilities | 783 | 9 | 372 | |||||||||
Net cash provided by operating activities | 9,133 | 20,936 | 8,750 | |||||||||
Cash flows from investing activities: | ||||||||||||
Capital investment in subsidiaries | (33,466 | ) | (2,050 | ) | (5,215 | ) | ||||||
Cash received from acquired company | — | 39 | — | |||||||||
Cash paid in acquisitions | (18,412 | ) | (46,600 | ) | — | |||||||
Net cash used in investing activities | (51,878 | ) | (48,611 | ) | (5,215 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Repayments of other borrowings | (25,308 | ) | (3,245 | ) | (3,513 | ) | ||||||
Proceeds from other borrowings | — | 11,680 | 7,730 | |||||||||
Treasury stock purchased | — | (208 | ) | — | ||||||||
Proceeds from issuance of common stock | 86,571 | 25,150 | — | |||||||||
Dividends paid | (6,803 | ) | (8,681 | ) | (6,090 | ) | ||||||
Net cash provided by (used in) financing activities | 54,460 | 24,696 | (1,873 | ) | ||||||||
Net change in cash and cash equivalents | 11,715 | (2,979 | ) | 1,662 | ||||||||
Cash and cash equivalents at beginning of year | 1,396 | 4,375 | 2,713 | |||||||||
Cash and cash equivalents at end of year | $ | 13,111 | $ | 1,396 | $ | 4,375 | ||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Apr. 02, 2013 | Feb. 22, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
segment | ||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Number of reportable segments (segment) | ' | ' | 1 | ' | ' | ' |
Stock issued (in shares) | 3,680,000 | ' | ' | ' | ' | ' |
Common stock shares issued, price per share (usd per share) | $26 | ' | ' | ' | ' | ' |
Proceeds from sale of common stock | $87,000 | ' | $86,571 | $25,150 | $0 | ' |
Stock split ratio (percent) | ' | 3.2 | ' | ' | ' | ' |
Common stock, par value (usd per share) | ' | $0.01 | ' | $1 | ' | ' |
Cash and cash equivalents | ' | ' | 93,054 | 102,290 | 56,654 | 86,346 |
Finite-lived intangible assets, useful life | ' | ' | '10 years | ' | ' | ' |
Federal income tax at statutory rate (percent) | ' | ' | 35.00% | ' | ' | ' |
Pro Forma | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Effective tax rates (percent) | ' | ' | 33.90% | 30.10% | ' | ' |
Minimum | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | ' | '3 years | ' | ' | ' |
Maximum | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | ' | '30 years | ' | ' | ' |
Interest-bearing Deposits | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | $67,180 | $71,612 | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies-EPS (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Line Items] | ' | ' | ' |
Net income | $19,800 | $17,377 | $13,700 |
Undistributed earnings allocated to participating securities | 259 | 168 | 193 |
Dividends paid on participating securities | 135 | 169 | 155 |
Net income available to common shareholders | 19,406 | 17,040 | 13,352 |
Weighted-average basic shares outstanding (shares) | 10,921,777 | 7,626,205 | 6,668,534 |
Basic earnings per share (usd per share) | $1.78 | $2.23 | $2 |
Add dilutive stock warrants (shares) | 68,468 | 23,161 | 6,544 |
Total weighted-average diluted shares outstanding (shares) | 10,990,245 | 7,649,366 | 6,675,078 |
Diluted earnings per share (usd per share) | $1.77 | $2.23 | $2 |
Anti-dilutive participating securities (shares) | 159,485 | 105,238 | 100,517 |
Pro Forma | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' |
Net income | 16,174 | 12,147 | 9,357 |
Undistributed earnings allocated to participating securities | 187 | 66 | 82 |
Dividends paid on participating securities | 135 | 169 | 155 |
Net income available to common shareholders | $15,852 | $11,912 | $9,120 |
Pro forma basic earnings per share (usd per share) | $1.45 | $1.56 | $1.37 |
Pro forma diluted earnings per share (usd per share) | $1.44 | $1.56 | $1.37 |
Restrictions_on_Cash_and_Due_f1
Restrictions on Cash and Due from Banks (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash and Cash Equivalents [Abstract] | ' | ' |
Deposit reserve requirement | $5,877 | $3,167 |
Statement_of_Cash_Flows_Statem2
Statement of Cash Flows Statement of Cash Flows - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash transactions: | ' | ' | ' |
Interest expense paid | $12,095 | $13,329 | $13,534 |
Income taxes paid | 5,910 | 0 | 0 |
Noncash transactions: | ' | ' | ' |
Transfers of loans to other real estate owned | 2,919 | 885 | 5,723 |
Loans to facilitate the sale of other real estate owned | 113 | 3,473 | 661 |
Writeoff of debt origination costs related to warrants | 223 | 0 | 0 |
Excess tax benefit on restricted stock vested | 72 | 0 | 0 |
Adriatica real estate notes financed | 0 | 0 | 12,188 |
Stock warrants issued for guarantee of other borrowings | 0 | 0 | 475 |
Common stock issued for noncompete agreement | 0 | 115 | 0 |
Transfer of bank premises to other real estate | $0 | $379 | $0 |
Statement_of_Cash_Flows_Statem3
Statement of Cash Flows Statement of Cash Flows - Noncash Investing Activities from Acquisitions and Branch Sale (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Noncash assets acquired | ' | ' | ' |
Certificates of deposit held in other banks | $0 | $17,078 | $0 |
Securities available for sale | 62,373 | 10,314 | 0 |
Restricted stock | 1,156 | 1,417 | 0 |
Loans | 72,611 | 180,448 | 0 |
Premises and equipment | 141 | 5,717 | 0 |
Other real estate owned | 0 | 1,545 | 0 |
Goodwill | 5,962 | 17,774 | 0 |
Core deposit intangibles | 600 | 1,362 | 0 |
Deferred tax asset | 1,385 | 0 | 0 |
Other assets | 775 | 1,669 | 0 |
Total assets | 145,003 | 237,324 | 0 |
Noncash liabilities assumed: | ' | ' | ' |
Deposits | 111,164 | 216,444 | 0 |
FHLB advances | 26,000 | 12,500 | 0 |
Junior subordinated debt | 0 | 3,609 | 0 |
Other liabilities | 358 | 700 | 0 |
Total liabilities | 137,522 | 233,253 | 0 |
Cash and cash equivalents acquired from acquisitions | 22,792 | 46,230 | 0 |
Cash paid to shareholders of acquired banks | 18,412 | 46,600 | 0 |
Fair value of common stock issued to shareholders of acquired bank | 11,861 | 3,701 | 0 |
Noncash assets transferred: | ' | ' | ' |
Loans | 0 | 807 | 0 |
Premises and equipment | 0 | 280 | 0 |
Goodwill | 0 | 254 | 0 |
Core deposit intangibles | 0 | 119 | 0 |
Other assets | 0 | 13 | 0 |
Total assets | 0 | 1,473 | 0 |
Noncash liabilities transferred: | ' | ' | ' |
Deposits | 0 | 20,068 | 0 |
Other liabilities | 0 | 6 | 0 |
Total liabilities | 0 | 20,074 | 0 |
Cash and cash equivalents transferrd in branch sale | 0 | 133 | 0 |
Deposit premium received | 0 | 414 | 0 |
Cash paid to buyer, net of deposit premium | $0 | $18,430 | $0 |
Securities_Available_for_Sale_1
Securities Available for Sale - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Carrying value of securities pledged | $111,673 | $84,117 |
Securities_Available_for_SaleA
Securities Available for Sale-Amortized Cost of Securities and Approximate Fair Values (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $196,689 | $110,777 |
Gross Unrealized Gains | 707 | 2,820 |
Gross Unrealized Losses | -3,358 | -242 |
Fair Value | 194,038 | 113,355 |
U.S. treasuries | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 3,498 | 3,493 |
Gross Unrealized Gains | 15 | 54 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 3,513 | 3,547 |
Government agency securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 95,407 | 69,636 |
Gross Unrealized Gains | 84 | 575 |
Gross Unrealized Losses | -1,076 | 0 |
Fair Value | 94,415 | 70,211 |
Obligations of state and municipal subdivisions | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 37,861 | 34,908 |
Gross Unrealized Gains | 541 | 2,123 |
Gross Unrealized Losses | -1,787 | -217 |
Fair Value | 36,615 | 36,814 |
Corporate bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,079 | 2,105 |
Gross Unrealized Gains | 0 | 23 |
Gross Unrealized Losses | -27 | -25 |
Fair Value | 2,052 | 2,103 |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHLB, FFCB and FHR | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 57,844 | 635 |
Gross Unrealized Gains | 67 | 45 |
Gross Unrealized Losses | -468 | 0 |
Fair Value | $57,443 | $680 |
Securities_Available_for_SaleP
Securities Available for Sale-Proceeds from Sale, Gross Gains and Losses of Securities Available for Sale (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Available-for-sale Securities [Abstract] | ' | ' | ' |
Proceeds from sale | $4,067 | $2,078 | $0 |
Gross gains | 0 | 0 | 0 |
Gross losses | $0 | $3 | $0 |
Securities_Available_for_SaleA1
Securities Available for Sale-Amortized Cost and Estimated Fair Value of Securities Available for Sale by Contractual Maturity (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amortized Cost | ' | ' |
Due in one year or less | $5,594 | ' |
Due from one year to five years | 63,358 | ' |
Due from five to ten years | 37,156 | ' |
Thereafter | 32,737 | ' |
Total | 138,845 | ' |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHLB, FFCB and FHR | 57,844 | ' |
Total | 196,689 | 110,777 |
Fair Value | ' | ' |
Due in one year or less | 5,614 | ' |
Due from one year to five years | 62,741 | ' |
Due from five to ten years | 36,801 | ' |
Thereafter | 31,439 | ' |
Total | 136,595 | ' |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHLB, FFCB and FHR | 57,443 | ' |
Fair Value | $194,038 | $113,355 |
Securities_Available_for_SaleS
Securities Available for Sale-Summary of Unrealized Losses and Fair Value of Securities in COntinuous Unrealized Loss Positions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | security | security |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities, Less Than 12 Months | 83 | 10 |
Less than 12 months: Estimated Fair Value | $137,397 | $7,541 |
Less than 12 months: Unrealized Losses | -2,710 | -242 |
Number of Securities, Greater than 12 Months | 6 | 0 |
Greater Than 12 Months: Estimated Fair Value | 4,047 | 0 |
Greater Than 12 Months: Unrealized Losses | -648 | 0 |
Total: Estimated Fair Value | 141,444 | 7,541 |
Total: Unrealized Losses | -3,358 | -242 |
Government agency securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities, Less Than 12 Months | 46 | ' |
Less than 12 months: Estimated Fair Value | 74,331 | ' |
Less than 12 months: Unrealized Losses | -1,076 | ' |
Number of Securities, Greater than 12 Months | 0 | ' |
Greater Than 12 Months: Estimated Fair Value | 0 | ' |
Greater Than 12 Months: Unrealized Losses | 0 | ' |
Total: Estimated Fair Value | 74,331 | ' |
Total: Unrealized Losses | -1,076 | ' |
Obligations of state and municipal subdivisions | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities, Less Than 12 Months | 21 | 9 |
Less than 12 months: Estimated Fair Value | 11,888 | 6,551 |
Less than 12 months: Unrealized Losses | -1,139 | -217 |
Number of Securities, Greater than 12 Months | 6 | 0 |
Greater Than 12 Months: Estimated Fair Value | 4,047 | 0 |
Greater Than 12 Months: Unrealized Losses | -648 | 0 |
Total: Estimated Fair Value | 15,935 | 6,551 |
Total: Unrealized Losses | -1,787 | -217 |
Corporate bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities, Less Than 12 Months | 2 | 1 |
Less than 12 months: Estimated Fair Value | 2,052 | 990 |
Less than 12 months: Unrealized Losses | -27 | -25 |
Number of Securities, Greater than 12 Months | 0 | 0 |
Greater Than 12 Months: Estimated Fair Value | 0 | 0 |
Greater Than 12 Months: Unrealized Losses | 0 | 0 |
Total: Estimated Fair Value | 2,052 | 990 |
Total: Unrealized Losses | -27 | -25 |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHLB, FFCB and FHR | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities, Less Than 12 Months | 14 | ' |
Less than 12 months: Estimated Fair Value | 49,126 | ' |
Less than 12 months: Unrealized Losses | -468 | ' |
Number of Securities, Greater than 12 Months | 0 | ' |
Greater Than 12 Months: Estimated Fair Value | 0 | ' |
Greater Than 12 Months: Unrealized Losses | 0 | ' |
Total: Estimated Fair Value | 49,126 | ' |
Total: Unrealized Losses | ($468) | ' |
Loans_Net_and_Allowance_for_Lo2
Loans, Net and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
modified_loan | Minimum | Agricultural | Agricultural | Consumer | Consumer | Commercial real estate | ||
Maximum | Maximum | modified_loan | modified_loan | |||||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Loan to value ratio (percent) | ' | ' | ' | ' | 80.00% | ' | ' | ' |
Loan, amortization period | ' | ' | ' | '20 years | ' | ' | ' | ' |
Period of operating lines | '1 year | ' | ' | ' | ' | ' | ' | ' |
Percentage of total loan portfolio (percent) | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Loans Requiring External Review | ' | ' | $1,500,000 | ' | ' | ' | ' | ' |
Recorded investment in troubled debt restructuring including nonaccraul | 5,555,000 | 7,544,000 | ' | ' | ' | ' | ' | ' |
Number of contracts | 0 | ' | ' | ' | ' | ' | 1 | 1 |
Recorded investment | ' | ' | ' | ' | ' | ' | $26,000 | $101,000 |
Loans_Net_and_Allowance_for_Lo3
Loans, Net and Allowance for Loan Losses-Composition of Loans (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Loans, gross | $1,723,160 | $1,369,514 | ' | ' |
Allowance for loan losses | -13,960 | -11,478 | -9,060 | -8,403 |
Loans, net | 1,709,200 | 1,358,036 | ' | ' |
Commercial | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Loans, gross | 241,178 | 169,882 | ' | ' |
Allowance for loan losses | -2,401 | -2,377 | -1,259 | -1,228 |
Commercial real estate | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Loans, gross | 843,436 | 648,494 | ' | ' |
Commercial construction, land and land development | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Loans, gross | 130,320 | 97,329 | ' | ' |
Residential Real Estate | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Loans, gross | 338,654 | 306,187 | ' | ' |
Allowance for loan losses | -2,440 | -2,965 | -1,964 | -1,639 |
Single-Family Interim Construction | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Loans, gross | 83,144 | 67,920 | ' | ' |
Allowance for loan losses | -577 | -523 | -317 | -250 |
Agricultural | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Loans, gross | 40,558 | 40,127 | ' | ' |
Allowance for loan losses | -238 | -159 | -209 | -167 |
Consumer | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Loans, gross | 45,762 | 39,502 | ' | ' |
Allowance for loan losses | -363 | -278 | -235 | -293 |
Other | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' |
Loans, gross | 108 | 73 | ' | ' |
Allowance for loan losses | $0 | $0 | $0 | $0 |
Loans_Net_and_Allowance_for_Lo4
Loans, Net and Allowance for Loan Losses-Summary of Activity in Allowance for Loan Losses by Loan Class (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at the beginning of year | $11,478 | $9,060 | $8,403 |
Provision for loan losses | 3,822 | 3,184 | 1,650 |
Charge-offs | -1,440 | -917 | -1,147 |
Recoveries | 100 | 151 | 154 |
Balance at end of year | 13,960 | 11,478 | 9,060 |
Allowance for losses: | ' | ' | ' |
Individually evaluated for impairment | 855 | 989 | ' |
Collectively evaluated for impairment | 13,105 | 10,489 | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' |
Ending balance | 13,960 | 11,478 | 9,060 |
Loans: | ' | ' | ' |
Individually evaluated for impairment | 11,934 | 14,806 | ' |
Collectively evaluated for impairment | 1,697,449 | 1,347,763 | ' |
Acquired with deteriorated credit quality | 13,777 | 6,945 | ' |
Ending balance | 1,723,160 | 1,369,514 | ' |
Commercial | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at the beginning of year | 2,377 | 1,259 | 1,228 |
Provision for loan losses | 616 | 1,261 | 37 |
Charge-offs | -612 | -169 | -23 |
Recoveries | 20 | 26 | 17 |
Balance at end of year | 2,401 | 2,377 | 1,259 |
Allowance for losses: | ' | ' | ' |
Individually evaluated for impairment | 313 | 165 | ' |
Collectively evaluated for impairment | 2,088 | 2,212 | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' |
Ending balance | 2,401 | 2,377 | 1,259 |
Loans: | ' | ' | ' |
Individually evaluated for impairment | 501 | 724 | ' |
Collectively evaluated for impairment | 234,103 | 166,965 | ' |
Acquired with deteriorated credit quality | 6,574 | 2,193 | ' |
Ending balance | 241,178 | 169,882 | ' |
Commercial Real Estate, Land and Land Development | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at the beginning of year | 4,924 | 5,051 | 4,294 |
Provision for loan losses | 3,554 | 289 | 1,416 |
Charge-offs | -634 | -484 | -694 |
Recoveries | 28 | 68 | 35 |
Balance at end of year | 7,872 | 4,924 | 5,051 |
Allowance for losses: | ' | ' | ' |
Individually evaluated for impairment | 504 | 644 | ' |
Collectively evaluated for impairment | 7,368 | 4,280 | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' |
Ending balance | 7,872 | 4,924 | 5,051 |
Loans: | ' | ' | ' |
Individually evaluated for impairment | 8,013 | 10,601 | ' |
Collectively evaluated for impairment | 959,254 | 732,581 | ' |
Acquired with deteriorated credit quality | 6,489 | 2,641 | ' |
Ending balance | 973,756 | 745,823 | ' |
Residential Real Estate | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at the beginning of year | 2,965 | 1,964 | 1,639 |
Provision for loan losses | -405 | 1,176 | 641 |
Charge-offs | -130 | -178 | -316 |
Recoveries | 10 | 3 | 0 |
Balance at end of year | 2,440 | 2,965 | 1,964 |
Allowance for losses: | ' | ' | ' |
Individually evaluated for impairment | 14 | 164 | ' |
Collectively evaluated for impairment | 2,426 | 2,801 | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' |
Ending balance | 2,440 | 2,965 | 1,964 |
Loans: | ' | ' | ' |
Individually evaluated for impairment | 3,182 | 3,376 | ' |
Collectively evaluated for impairment | 334,770 | 301,259 | ' |
Acquired with deteriorated credit quality | 702 | 1,552 | ' |
Ending balance | 338,654 | 306,187 | ' |
Single-Family Interim Construction | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at the beginning of year | 523 | 317 | 250 |
Provision for loan losses | 54 | 206 | 38 |
Charge-offs | 0 | 0 | -20 |
Recoveries | 0 | 0 | 49 |
Balance at end of year | 577 | 523 | 317 |
Allowance for losses: | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' |
Collectively evaluated for impairment | 577 | 523 | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' |
Ending balance | 577 | 523 | 317 |
Loans: | ' | ' | ' |
Individually evaluated for impairment | 170 | 0 | ' |
Collectively evaluated for impairment | 82,974 | 67,361 | ' |
Acquired with deteriorated credit quality | 0 | 559 | ' |
Ending balance | 83,144 | 67,920 | ' |
Agricultural | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at the beginning of year | 159 | 209 | 167 |
Provision for loan losses | 79 | -50 | 42 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance at end of year | 238 | 159 | 209 |
Allowance for losses: | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' |
Collectively evaluated for impairment | 238 | 159 | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' |
Ending balance | 238 | 159 | 209 |
Loans: | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' |
Collectively evaluated for impairment | 40,558 | 40,127 | ' |
Acquired with deteriorated credit quality | 0 | 0 | ' |
Ending balance | 40,558 | 40,127 | ' |
Consumer | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at the beginning of year | 278 | 235 | 293 |
Provision for loan losses | 107 | 75 | -17 |
Charge-offs | -64 | -86 | -94 |
Recoveries | 42 | 54 | 53 |
Balance at end of year | 363 | 278 | 235 |
Allowance for losses: | ' | ' | ' |
Individually evaluated for impairment | 24 | 16 | ' |
Collectively evaluated for impairment | 339 | 262 | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' |
Ending balance | 363 | 278 | 235 |
Loans: | ' | ' | ' |
Individually evaluated for impairment | 68 | 105 | ' |
Collectively evaluated for impairment | 45,682 | 39,397 | ' |
Acquired with deteriorated credit quality | 12 | 0 | ' |
Ending balance | 45,762 | 39,502 | ' |
Other | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at the beginning of year | 0 | 0 | 0 |
Provision for loan losses | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance at end of year | 0 | 0 | 0 |
Allowance for losses: | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' |
Collectively evaluated for impairment | 0 | 0 | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' |
Ending balance | 0 | 0 | 0 |
Loans: | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' |
Collectively evaluated for impairment | 108 | 73 | ' |
Acquired with deteriorated credit quality | 0 | 0 | ' |
Ending balance | 108 | 73 | ' |
Unallocated | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at the beginning of year | 252 | 25 | 532 |
Provision for loan losses | -183 | 227 | -507 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance at end of year | 69 | 252 | 25 |
Allowance for losses: | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' |
Collectively evaluated for impairment | 69 | 252 | ' |
Loans acquired with deteriorated credit quality | 0 | 0 | ' |
Ending balance | 69 | 252 | 25 |
Loans: | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' |
Collectively evaluated for impairment | 0 | 0 | ' |
Acquired with deteriorated credit quality | 0 | 0 | ' |
Ending balance | $0 | $0 | ' |
Loans_Net_and_Allowance_for_Lo5
Loans, Net and Allowance for Loan Losses-Summary of Non Performing Loans by Loan Class (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Non Performing Loans [Line Items] | ' | ' |
Nonaccrual loans | $2,675 | $6,599 |
Loans past due 90 days and still accruing | 0 | 2 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 4,104 | 4,433 |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest, Total | 6,779 | 11,034 |
Commercial | ' | ' |
Non Performing Loans [Line Items] | ' | ' |
Nonaccrual loans | 357 | 218 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 107 | 481 |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest, Total | 464 | 699 |
Commercial Real Estate, Land and Land Development | ' | ' |
Non Performing Loans [Line Items] | ' | ' |
Nonaccrual loans | 253 | 4,857 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 3,571 | 1,778 |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest, Total | 3,824 | 6,635 |
Residential Real Estate | ' | ' |
Non Performing Loans [Line Items] | ' | ' |
Nonaccrual loans | 1,852 | 894 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 425 | 2,165 |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest, Total | 2,277 | 3,059 |
Single-Family Interim Construction | ' | ' |
Non Performing Loans [Line Items] | ' | ' |
Nonaccrual loans | 170 | 560 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | 0 |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest, Total | 170 | 560 |
Agricultural | ' | ' |
Non Performing Loans [Line Items] | ' | ' |
Nonaccrual loans | 0 | 0 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | 0 |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest, Total | 0 | 0 |
Consumer | ' | ' |
Non Performing Loans [Line Items] | ' | ' |
Nonaccrual loans | 43 | 70 |
Loans past due 90 days and still accruing | 0 | 2 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 1 | 9 |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest, Total | 44 | 81 |
Other | ' | ' |
Non Performing Loans [Line Items] | ' | ' |
Nonaccrual loans | 0 | 0 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | 0 |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest, Total | $0 | $0 |
Loans_Net_and_Allowance_for_Lo6
Loans, Net and Allowance for Loan Losses- Impaired Loans by Loan Class (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Recorded investment in impaired loans: | ' | ' | ' |
Impaired loans with an allowance for loan losses | $5,442 | $7,550 | ' |
Impaired loans with no allowance for loan losses | 6,492 | 7,256 | ' |
Total | 11,934 | 14,806 | ' |
Unpaid principal balance of impaired loans | 12,370 | 15,478 | ' |
Allowance for loan losses on impaired loans | 855 | 989 | ' |
Average recorded investment in impaired loans | 12,816 | 17,189 | 17,842 |
Interest income recognized on impaired loans | 705 | 705 | 1,099 |
Commercial | ' | ' | ' |
Recorded investment in impaired loans: | ' | ' | ' |
Impaired loans with an allowance for loan losses | 401 | 644 | ' |
Impaired loans with no allowance for loan losses | 100 | 80 | ' |
Total | 501 | 724 | ' |
Unpaid principal balance of impaired loans | 501 | 741 | ' |
Allowance for loan losses on impaired loans | 313 | 165 | ' |
Average recorded investment in impaired loans | 649 | 777 | 471 |
Interest income recognized on impaired loans | 28 | 27 | 51 |
Commercial Real Estate, Land and Land Development | ' | ' | ' |
Recorded investment in impaired loans: | ' | ' | ' |
Impaired loans with an allowance for loan losses | 3,866 | 5,532 | ' |
Impaired loans with no allowance for loan losses | 4,147 | 5,069 | ' |
Total | 8,013 | 10,601 | ' |
Unpaid principal balance of impaired loans | 8,408 | 11,140 | ' |
Allowance for loan losses on impaired loans | 504 | 644 | ' |
Average recorded investment in impaired loans | 8,669 | 12,291 | 13,593 |
Interest income recognized on impaired loans | 517 | 483 | 857 |
Residential Real Estate | ' | ' | ' |
Recorded investment in impaired loans: | ' | ' | ' |
Impaired loans with an allowance for loan losses | 1,135 | 1,301 | ' |
Impaired loans with no allowance for loan losses | 2,047 | 2,075 | ' |
Total | 3,182 | 3,376 | ' |
Unpaid principal balance of impaired loans | 3,216 | 3,475 | ' |
Allowance for loan losses on impaired loans | 14 | 164 | ' |
Average recorded investment in impaired loans | 3,384 | 3,976 | 3,615 |
Interest income recognized on impaired loans | 148 | 187 | 186 |
Single-Family Interim Construction | ' | ' | ' |
Recorded investment in impaired loans: | ' | ' | ' |
Impaired loans with an allowance for loan losses | 0 | 0 | ' |
Impaired loans with no allowance for loan losses | 170 | 0 | ' |
Total | 170 | 0 | ' |
Unpaid principal balance of impaired loans | 170 | 0 | ' |
Allowance for loan losses on impaired loans | 0 | 0 | ' |
Average recorded investment in impaired loans | 34 | 46 | 95 |
Interest income recognized on impaired loans | 6 | 0 | 0 |
Agricultural | ' | ' | ' |
Recorded investment in impaired loans: | ' | ' | ' |
Impaired loans with an allowance for loan losses | 0 | 0 | ' |
Impaired loans with no allowance for loan losses | 0 | 0 | ' |
Total | 0 | 0 | ' |
Unpaid principal balance of impaired loans | 0 | 0 | ' |
Allowance for loan losses on impaired loans | 0 | 0 | ' |
Average recorded investment in impaired loans | 0 | 0 | 0 |
Interest income recognized on impaired loans | 0 | 0 | 0 |
Consumer | ' | ' | ' |
Recorded investment in impaired loans: | ' | ' | ' |
Impaired loans with an allowance for loan losses | 40 | 73 | ' |
Impaired loans with no allowance for loan losses | 28 | 32 | ' |
Total | 68 | 105 | ' |
Unpaid principal balance of impaired loans | 75 | 122 | ' |
Allowance for loan losses on impaired loans | 24 | 16 | ' |
Average recorded investment in impaired loans | 80 | 99 | 68 |
Interest income recognized on impaired loans | 6 | 8 | 5 |
Other | ' | ' | ' |
Recorded investment in impaired loans: | ' | ' | ' |
Impaired loans with an allowance for loan losses | 0 | 0 | ' |
Impaired loans with no allowance for loan losses | 0 | 0 | ' |
Total | 0 | 0 | ' |
Unpaid principal balance of impaired loans | 0 | 0 | ' |
Allowance for loan losses on impaired loans | 0 | 0 | ' |
Average recorded investment in impaired loans | 0 | 0 | 0 |
Interest income recognized on impaired loans | $0 | $0 | $0 |
Loans_Net_and_Allowance_for_Lo7
Loans, Net and Allowance for Loan Losses-Summary of Troubled Debt Restructurings (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
contract | contract | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts | 3 | 7 |
Pre-restructuring outstanding recorded investment | $2,015 | $2,326 |
Post-restructuring outstanding recorded investment | 2,015 | 2,326 |
Commercial | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts | 0 | 2 |
Pre-restructuring outstanding recorded investment | 0 | 280 |
Post-restructuring outstanding recorded investment | 0 | 280 |
Commercial Real Estate, Land and Land Development | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts | 3 | 1 |
Pre-restructuring outstanding recorded investment | 2,015 | 101 |
Post-restructuring outstanding recorded investment | 2,015 | 101 |
Residential Real Estate | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts | 0 | 3 |
Pre-restructuring outstanding recorded investment | 0 | 1,919 |
Post-restructuring outstanding recorded investment | 0 | 1,919 |
Single-Family Interim Construction | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts | 0 | 0 |
Pre-restructuring outstanding recorded investment | 0 | 0 |
Post-restructuring outstanding recorded investment | 0 | 0 |
Agricultural | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts | 0 | 0 |
Pre-restructuring outstanding recorded investment | 0 | 0 |
Post-restructuring outstanding recorded investment | 0 | 0 |
Consumer | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts | 0 | 1 |
Pre-restructuring outstanding recorded investment | 0 | 26 |
Post-restructuring outstanding recorded investment | 0 | 26 |
Other Loan | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts | 0 | 0 |
Pre-restructuring outstanding recorded investment | 0 | 0 |
Post-restructuring outstanding recorded investment | $0 | $0 |
Loans_Net_and_Allowance_for_Lo8
Loans, Net and Allowance for Loan Losses-Aging of Past Due Loans by Loan Class (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 30-89 Days Past Due | $3,755 | $5,374 |
Loans 90 or More Past Due | 2,204 | 1,013 |
Total Past Due Loans | 5,959 | 6,387 |
Current Loans | 1,717,201 | 1,363,127 |
Ending balance | 1,723,160 | 1,369,514 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 30-89 Days Past Due | 257 | 845 |
Loans 90 or More Past Due | 357 | 0 |
Total Past Due Loans | 614 | 845 |
Current Loans | 240,564 | 169,037 |
Ending balance | 241,178 | 169,882 |
Commercial Real Estate, Land and Land Development | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 30-89 Days Past Due | 2,076 | 3,091 |
Loans 90 or More Past Due | 73 | 62 |
Total Past Due Loans | 2,149 | 3,153 |
Current Loans | 971,607 | 742,670 |
Ending balance | 973,756 | 745,823 |
Residential Real Estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 30-89 Days Past Due | 1,322 | 1,305 |
Loans 90 or More Past Due | 1,603 | 360 |
Total Past Due Loans | 2,925 | 1,665 |
Current Loans | 335,729 | 304,522 |
Ending balance | 338,654 | 306,187 |
Single-Family Interim Construction | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 30-89 Days Past Due | 0 | 0 |
Loans 90 or More Past Due | 170 | 559 |
Total Past Due Loans | 170 | 559 |
Current Loans | 82,974 | 67,361 |
Ending balance | 83,144 | 67,920 |
Agricultural | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 30-89 Days Past Due | 3 | 23 |
Loans 90 or More Past Due | 0 | 0 |
Total Past Due Loans | 3 | 23 |
Current Loans | 40,555 | 40,104 |
Ending balance | 40,558 | 40,127 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 30-89 Days Past Due | 97 | 110 |
Loans 90 or More Past Due | 1 | 32 |
Total Past Due Loans | 98 | 142 |
Current Loans | 45,664 | 39,360 |
Ending balance | 45,762 | 39,502 |
Other Loan | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 30-89 Days Past Due | 0 | 0 |
Loans 90 or More Past Due | ' | 0 |
Total Past Due Loans | 0 | 0 |
Current Loans | 108 | 73 |
Ending balance | $108 | $73 |
Loans_Net_and_Allowance_for_Lo9
Loans, Net and Allowance for Loan Losses-Summary of Loans by Credit Quality Indicator (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | $1,723,160 | $1,369,514 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 241,178 | 169,882 |
Commercial Real Estate, Land and Land Development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 973,756 | 745,823 |
Residential Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 338,654 | 306,187 |
Single-Family Interim Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 83,144 | 67,920 |
Agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 40,558 | 40,127 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 45,762 | 39,502 |
Other Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 108 | 73 |
Pass (Rating 1-4) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 1,681,997 | 1,324,639 |
Pass (Rating 1-4) | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 231,080 | 165,842 |
Pass (Rating 1-4) | Commercial Real Estate, Land and Land Development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 952,863 | 716,243 |
Pass (Rating 1-4) | Residential Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 328,918 | 295,870 |
Pass (Rating 1-4) | Single-Family Interim Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 83,144 | 67,360 |
Pass (Rating 1-4) | Agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 40,328 | 39,936 |
Pass (Rating 1-4) | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 45,556 | 39,315 |
Pass (Rating 1-4) | Other Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 108 | 73 |
Pass/ Watch | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 23,567 | 18,836 |
Pass/ Watch | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 7,199 | 2,824 |
Pass/ Watch | Commercial Real Estate, Land and Land Development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 10,697 | 11,502 |
Pass/ Watch | Residential Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 5,379 | 4,303 |
Pass/ Watch | Single-Family Interim Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 0 |
Pass/ Watch | Agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 210 | 147 |
Pass/ Watch | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 82 | 60 |
Pass/ Watch | Other Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 0 |
OAEM | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 4,786 | 9,887 |
OAEM | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 1,311 | 203 |
OAEM | Commercial Real Estate, Land and Land Development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 2,982 | 8,804 |
OAEM | Residential Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 454 | 867 |
OAEM | Single-Family Interim Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 0 |
OAEM | Agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 0 |
OAEM | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 39 | 13 |
OAEM | Other Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 0 |
Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 12,675 | 16,044 |
Substandard | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 1,453 | 1,013 |
Substandard | Commercial Real Estate, Land and Land Development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 7,214 | 9,274 |
Substandard | Residential Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 3,903 | 5,039 |
Substandard | Single-Family Interim Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 560 |
Substandard | Agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 20 | 44 |
Substandard | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 85 | 114 |
Substandard | Other Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 0 |
Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 135 | 108 |
Doubtful | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 135 | 0 |
Doubtful | Commercial Real Estate, Land and Land Development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 0 |
Doubtful | Residential Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 108 |
Doubtful | Single-Family Interim Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 0 |
Doubtful | Agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 0 |
Doubtful | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 0 |
Doubtful | Other Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | $0 | $0 |
Recovered_Sheet1
Loans, Net and Allowance for Loan Losses-Outstanding Balance and Related Carrying Amount of Purchased Impaired Loans (Details) (USD $) | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2012 | Oct. 02, 2012 | Apr. 02, 2012 |
In Thousands, unless otherwise specified | |||||
Receivables [Abstract] | ' | ' | ' | ' | ' |
Outstanding balance | $15,768 | $12,320 | $9,178 | $6,099 | $4,740 |
Nonaccretable difference | ' | -1,233 | ' | -1,294 | -1,296 |
Accretable yield | ' | 0 | ' | 0 | -27 |
Carrying amount | $13,777 | $11,087 | $6,945 | $4,805 | $3,417 |
Recovered_Sheet2
Loans, Net and Allowance for Loan Losses Loans, Net and Allowance for Loan Losses-Purchased Credit Impaired Loans in Consolidated Balance Sheet (Details) (USD $) | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2012 | Oct. 02, 2012 | Apr. 02, 2012 |
In Thousands, unless otherwise specified | |||||
Receivables [Abstract] | ' | ' | ' | ' | ' |
Outstanding balance | $15,768 | $12,320 | $9,178 | $6,099 | $4,740 |
Carrying amount | $13,777 | $11,087 | $6,945 | $4,805 | $3,417 |
Premises_and_Equipment_Net_Add
Premises and Equipment, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation expense | $4,322 | $3,524 | $3,302 |
Rental income on leased offices | $726 | $588 | $566 |
Premises_and_Equipment_Net_Com
Premises and Equipment, Net - Components of Premises and Equipment, Net (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Land | $14,548 | $14,548 |
Building | 58,853 | 48,054 |
Furniture, fixtures and equipment | 16,243 | 13,881 |
Aircraft | 5,298 | 5,298 |
Leasehold and tenant improvements | 641 | 725 |
Construction in progress | 36 | 7,349 |
Premises and equipment, gross | 95,619 | 89,855 |
Less accumulated depreciation | -22,884 | -19,274 |
Premises and equipment, net | $72,735 | $70,581 |
Premises_and_Equipment_Net_Min
Premises and Equipment, Net - Minimum Future Rental Payments Receivable from Tenants (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
First year | $194 |
Second year | 60 |
Third year | 45 |
Fourth year | 15 |
Fifth year | 0 |
Total | $314 |
Other_Real_Estate_Owned_Detail
Other Real Estate Owned (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real Estate Properties [Line Items] | ' | ' |
Other real estate owned | $3,322 | $6,819 |
Construction, land and land development | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Other real estate owned | 3,053 | 6,166 |
Residential | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Other real estate owned | 0 | 653 |
Commercial real estate | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Other real estate owned | $269 | $0 |
Goodwill_and_Core_Deposit_Inta2
Goodwill and Core Deposit Intangible, Net - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Apr. 02, 2012 | Dec. 31, 2012 | Oct. 02, 2012 | Dec. 31, 2013 | Nov. 30, 2013 |
I Bank | I Bank | Community Group | Community Group | Collin Bank | Collin Bank | |||||
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | $34,704 | $28,742 | ' | $12,967 | $12,967 | $4,807 | $4,807 | $5,962 | $5,962 |
Reduction of goodwill | 254 | 0 | 254 | 0 | ' | ' | ' | ' | ' | ' |
Core deposit intangibles | ' | 600 | 1,362 | 0 | ' | 1,097 | ' | 265 | ' | 600 |
Core deposit intangible amortization | ' | $703 | $656 | $567 | ' | ' | ' | ' | ' | ' |
Goodwill_and_Core_Deposit_Inta3
Goodwill and Core Deposit Intangible, Net - Gross Carrying Value and Accumulated Amortization of Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Core deposit intangible | $6,974 | $6,374 |
Less accumulated amortization | -3,826 | -3,123 |
Core deposit intangible, net | $3,148 | $3,251 |
Goodwill_and_Core_Deposit_Inta4
Goodwill and Core Deposit Intangible, Net - Future Amortization Expense Related to Core Deposit Intangible (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
First year | $649 |
Second year | 406 |
Third year | 385 |
Fourth year | 385 |
Fifth year | 362 |
Thereafter | 961 |
Future amortization expense | $3,148 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
Brokered deposit | $62,388 | $31,238 |
Deposits_Components_of_Deposit
Deposits - Components of Deposits (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposits: | ' | ' |
Noninterest-bearing demand accounts | $302,756 | $259,664 |
Interest-bearing checking accounts | 796,225 | 688,234 |
Savings accounts | 122,257 | 115,413 |
Limited access money market accounts | 62,985 | 28,439 |
Individual retirement accounts (IRA) | 33,025 | 34,613 |
Certificates of deposit, less than $100,000 | 92,949 | 100,462 |
Certificates of deposit, $100,000 and greater | 300,122 | 163,915 |
Total deposits | $1,710,319 | $1,390,740 |
Percentage of Interest-bearing Domestic Deposit Liabilities to Deposit Liabilities [Abstract] | ' | ' |
Noninterest-bearing demand accounts (percent) | 17.70% | 18.70% |
Interest-bearing checking accounts (percent) | 46.60% | 49.50% |
Savings accounts (percent) | 7.10% | 8.30% |
Limited access money market accounts (percent) | 3.70% | 2.00% |
Individual retirement accounts (IRA) (percent) | 1.90% | 2.50% |
Certificates of deposit, less than $100,000 (percent) | 5.40% | 7.20% |
Certificates of deposit, $100,000 and greater (percent) | 17.60% | 11.80% |
Total deposits (percent) | 100.00% | 100.00% |
Deposits_Maturities_of_Certifi
Deposits - Maturities of Certificates of Deposit (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Time Deposits, Fiscal Year Maturity [Abstract] | ' |
First year | $305,764 |
Second year | 59,296 |
Third year | 35,314 |
Fourth year | 13,073 |
Fifth year | 12,645 |
Thereafter | 4 |
Total | $426,096 |
Federal_Home_Loan_Bank_Advance2
Federal Home Loan Bank Advances - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Weighted average interest rate on advances (percent) | 1.83% | 2.01% |
Outstanding balances of advances | $187,484 | $164,601 |
Carrying value of loans with blanket lien | 680,037 | ' |
Remaining credit facility under FHLB advances | 217,989 | ' |
Federal Home Loan Bank Advances | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Undisbursed advance commitments (letter of credit) | $274,564 | ' |
Federal_Home_Loan_Bank_Advance3
Federal Home Loan Bank Advances - Schedule of Outstanding Balances on Advances (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ' | ' |
First year | $46,003 | ' |
Second year | 23,000 | ' |
Third year | 32,522 | ' |
Fourth year | 30,000 | ' |
Fifth year | 15,000 | ' |
Thereafter | 40,959 | ' |
FHLB advances | $187,484 | $164,601 |
Note_Payable_and_Other_Borrowi
Note Payable and Other Borrowings - Note Payable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Notes payable | $0 | $15,729 |
Note payable by Adriatica to an unaffiliated commercial bank in the original amount of $12,188. The loan is secured by real property consisting of a mixed used development in McKinney, TX. Interest accrues at 3.25% through June 2013 and then adjusts to Wall Street Journal (WSJ) prime. Interest is paid quarterly and principal payments are required at 90% of the proceeds of any sales of the property collateralizing the loan. Note was repaid in full in April 2013. | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | 0 | 3,142 |
Adriatica loan from the same commercial bank to finance the purchase of an additional building located in the development. The original balance was $353. Interest accrues at WSJ prime (3.25%). Payments of principal and interest of $6 are due quarterly. Note was repaid in full in April 2013. | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | 0 | 337 |
Note payable to an unaffiliated commercial bank in the original amount of $12,000, due in quarterly installments of accrued interest and principal installments of $375. The loan accrues interest at the WSJ prime rate, subject to a 4.00% floor (4.00% at December 31, 2012). The loan is secured by the outstanding capital stock of Independent Bank. One final payment of unpaid principal and interest is due on December 24, 2016. The terms of the loan require the Company to maintain minimum capital ratios and ot | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | 0 | 6,000 |
Note payable to an unaffiliated commercial bank in the original amount of $7,000, due in quarterly installments of accrued interest and principal installments of $250. The loan accrues interest at the WSJ prime rate, subject to a 4.50% floor (4.50% at December 31, 2012). The loan is secured by the outstanding capital stock of Independent Bank. One final payment of unpaid principal and interest was due on March 15, 2015. The note was repaid in full in April 2013. | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | $0 | $6,250 |
Note_Payable_and_Other_Borrowi1
Note Payable and Other Borrowings - Note Payable (Parenthetical) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Note payable by Adriatica to an unaffiliated commercial bank in the original amount of $12,188. The loan is secured by real property consisting of a mixed used development in McKinney, TX. Interest accrues at 3.25% through June 2013 and then adjusts to Wall Street Journal (WSJ) prime. Interest is paid quarterly and principal payments are required at 90% of the proceeds of any sales of the property collateralizing the loan. Note was repaid in full in April 2013. | ' |
Debt Instrument [Line Items] | ' |
Debt original amount | $12,188,000 |
Stated interest rate (percent) | 3.25% |
Principal payment percentage of proceeds of any sales of property collateralizing the loan (percent) | 90.00% |
Adriatica loan from the same commercial bank to finance the purchase of an additional building located in the development. The original balance was $353. Interest accrues at WSJ prime (3.25%). Payments of principal and interest of $6 are due quarterly. Note was repaid in full in April 2013. | ' |
Debt Instrument [Line Items] | ' |
Debt original amount | 353,000 |
Quarterly payment | 6,000 |
Current interest rate (percent) | 3.25% |
Note payable to an unaffiliated commercial bank in the original amount of $12,000, due in quarterly installments of accrued interest and principal installments of $375. The loan accrues interest at the WSJ prime rate, subject to a 4.00% floor (4.00% at December 31, 2012). The loan is secured by the outstanding capital stock of Independent Bank. One final payment of unpaid principal and interest is due on December 24, 2016. The terms of the loan require the Company to maintain minimum capital ratios and ot | ' |
Debt Instrument [Line Items] | ' |
Debt original amount | 12,000,000 |
Quarterly payment | 375,000 |
Minimum interest rate (percent) | 4.00% |
Current interest rate (percent) | 4.00% |
Maturity date | 24-Dec-16 |
Note payable to an unaffiliated commercial bank in the original amount of $7,000, due in quarterly installments of accrued interest and principal installments of $250. The loan accrues interest at the WSJ prime rate, subject to a 4.50% floor (4.50% at December 31, 2012). The loan is secured by the outstanding capital stock of Independent Bank. One final payment of unpaid principal and interest was due on March 15, 2015. The note was repaid in full in April 2013. | ' |
Debt Instrument [Line Items] | ' |
Debt original amount | 7,000,000 |
Quarterly payment | $250,000 |
Minimum interest rate (percent) | 4.50% |
Current interest rate (percent) | 4.50% |
Maturity date | 15-Mar-15 |
Note_Payable_and_Other_Borrowi2
Note Payable and Other Borrowings - Other Borrowings (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Other borrowings | $7,730 | $20,788 |
Unsecured subordinated debenture, payable to an unaffiliated commercial bank in the original amount of $4,500, due in quarterly principal installments of $188 through December, 2016. Interest accrues at WSJ prime plus 0.50% with a 4.00% floor (4.00% at December 31, 2012). Borrowing was repaid in full in April 2013. | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Other borrowings | 0 | 3,000 |
Unsecured subordinated debentures in the amount of $5,000. Interest payments at 7.00% are made quarterly and semiannual principal payments of $625 will be due beginning January 15, 2015. The remaining principal and accrued interest is due on July 15, 2018. | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Other borrowings | 5,000 | 5,000 |
Unsecured subordinated debentures in the amount of $2,730. Interest payments at 7.00% are made quarterly and semiannual principal payments of $341 will be due beginning April 15, 2015. The remaining principal and accrued interest is due on October 15, 2018. | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Other borrowings | 2,730 | 2,730 |
Unsecured subordinated debentures assumed in the acquisition of an unrelated financial institution in the amount of $2,285. The debentures bear interest at a fixed rate of 7.00% through September 2012 and then an adjusted rate of WSJ prime 2.00% subject to a 6.00% floor thereafter and until maturity, September 30, 2017. Borrowing was repaid in full in April 2013. | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Other borrowings | 0 | 1,223 |
Unsecured subordinated debentures in the amount of $4,155. Interest payments at 7.00% are made quarterly and semiannual principal payments beginning August 2013. The remaining principal and accrued interest is due on February 15, 2017. Borrowing was repaid in full in August 2013. | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Other borrowings | 0 | 4,155 |
Unsecured subordinated debentures in the amount of $4,680. Interest payments at 7.00% are made quarterly and semiannual principal payments beginning April 2016. The remaining principal and accrued interest is due on October 15, 2019. Borrowing was repaid in full in September 2013. | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Other borrowings | $0 | $4,680 |
Note_Payable_and_Other_Borrowi3
Note Payable and Other Borrowings - Other Borrowings (Parenthetical) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Unsecured subordinated debenture, payable to an unaffiliated commercial bank in the original amount of $4,500, due in quarterly principal installments of $188 through December, 2016. Interest accrues at WSJ prime plus 0.50% with a 4.00% floor (4.00% at December 31, 2012). Borrowing was repaid in full in April 2013. | ' |
Debt Instrument [Line Items] | ' |
Debt original amount | $4,500,000 |
Quarterly payment | 188,000 |
Maturity month and year | '2016-12 |
Minimum interest rate (percent) | 4.00% |
Percentage added to prime rate (percent) | 0.50% |
Current interest rate (percent) | 4.00% |
Unsecured subordinated debentures in the amount of $5,000. Interest payments at 7.00% are made quarterly and semiannual principal payments of $625 will be due beginning January 15, 2015. The remaining principal and accrued interest is due on July 15, 2018. | ' |
Debt Instrument [Line Items] | ' |
Debt original amount | 5,000,000 |
Stated interest rate (percent) | 7.00% |
Semiannual principal payment | 625,000 |
Maturity date | 15-Jul-18 |
Unsecured subordinated debentures in the amount of $2,730. Interest payments at 7.00% are made quarterly and semiannual principal payments of $341 will be due beginning April 15, 2015. The remaining principal and accrued interest is due on October 15, 2018. | ' |
Debt Instrument [Line Items] | ' |
Debt original amount | 2,730,000 |
Stated interest rate (percent) | 7.00% |
Semiannual principal payment | 341,000 |
Maturity date | 15-Oct-18 |
Unsecured subordinated debentures assumed in the acquisition of an unrelated financial institution in the amount of $2,285. The debentures bear interest at a fixed rate of 7.00% through September 2012 and then an adjusted rate of WSJ prime 2.00% subject to a 6.00% floor thereafter and until maturity, September 30, 2017. Borrowing was repaid in full in April 2013. | ' |
Debt Instrument [Line Items] | ' |
Debt original amount | 2,285,000 |
Minimum interest rate (percent) | 6.00% |
Percentage added to prime rate (percent) | 2.00% |
Maturity date | 30-Sep-17 |
Unsecured subordinated debentures assumed in the acquisition of an unrelated financial institution in the amount of $2,285. The debentures bear interest at a fixed rate of 7.00% through September 2012 and then an adjusted rate of WSJ prime 2.00% subject to a 6.00% floor thereafter and until maturity, September 30, 2017. Borrowing was repaid in full in April 2013. | Previous | ' |
Debt Instrument [Line Items] | ' |
Stated interest rate (percent) | 7.00% |
Unsecured subordinated debentures in the amount of $4,155. Interest payments at 7.00% are made quarterly and semiannual principal payments beginning August 2013. The remaining principal and accrued interest is due on February 15, 2017. Borrowing was repaid in full in August 2013. | ' |
Debt Instrument [Line Items] | ' |
Debt original amount | 4,155,000 |
Stated interest rate (percent) | 7.00% |
Maturity date | 15-Feb-17 |
Unsecured subordinated debentures in the amount of $4,680. Interest payments at 7.00% are made quarterly and semiannual principal payments beginning April 2016. The remaining principal and accrued interest is due on October 15, 2019. Borrowing was repaid in full in September 2013. | ' |
Debt Instrument [Line Items] | ' |
Debt original amount | $4,680,000 |
Stated interest rate (percent) | 7.00% |
Maturity date | 15-Oct-19 |
Note_Payable_and_Other_Borrowi4
Note Payable and Other Borrowings - Principal Maturities of Notes Payable and Other Borrowings (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
First year | $1,933 |
Second year | 1,933 |
Third year | 1,932 |
Fourth year | 1,932 |
Fifth year | 0 |
Thereafter | 0 |
Notes payable and other borrowings | $7,730 |
Notes_Payable_and_Other_Borrow2
Notes Payable and Other Borrowings - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Payables and Accruals [Abstract] | ' | ' |
Other borrowings, related parties | $3,270,000 | $8,536,000 |
Line of credit, maximum capacity | $40,000,000 | ' |
Junior_Subordinated_Debentures1
Junior Subordinated Debentures - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2003 | Mar. 31, 2003 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2003 | Mar. 31, 2004 | Mar. 31, 2004 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2004 | Dec. 31, 2004 | Dec. 31, 2004 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2004 | Feb. 28, 2005 | Feb. 28, 2005 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2005 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 |
IB Trust I | IB Trust I | IB Trust I | IB Trust I | IB Trust I | IB Trust II | IB Trust II | IB Trust II | IB Trust II | IB Trust II | IB Trust III | IB Trust III | IB Trust III | IB Trust III | IB Trust III | IB Centex Trust I | IB Centex Trust I | IB Centex Trust I | IB Centex Trust I | IB Centex Trust I | CGI Trust I | CGI Trust I | CGI Trust I | CGI Trust I | |||
Trust Preferred Securities | Trust Preferred Securities | Trust Preferred Securities | Trust Common Securities | Trust Preferred Securities | Trust Preferred Securities | Trust Preferred Securities | Trust Common Securities | Trust Preferred Securities | Trust Preferred Securities | Trust Preferred Securities | Trust Common Securities | Trust Preferred Securities | Trust Preferred Securities | Trust Preferred Securities | Trust Common Securities | Community Group | Community Group | Community Group | Community Group | |||||||
Trust Preferred Securities | Trust Preferred Securities | Trust Preferred Securities | Trust Common Securities | |||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per share amount of shares issued by unconsolidated subsidiary (usd per share) | ' | ' | ' | $1,000 | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | $1,000 | ' | ' | ' | $1,000 | ' | ' | ' |
Number shares issued by unconsolidated subsidiary (shares) | ' | ' | ' | 5,000 | ' | ' | ' | ' | 3,000 | ' | ' | ' | ' | 3,600 | ' | ' | ' | ' | 2,500 | ' | ' | ' | 3,500 | ' | ' | ' |
Aggregate price of shares issued by unconsolidated subsidiary | ' | ' | ' | $5,000,000 | ' | ' | $155,000 | ' | $3,000,000 | ' | ' | $93,000 | ' | $3,600,000 | ' | ' | $112,000 | ' | $2,500,000 | ' | ' | $78,000 | $3,500,000 | ' | ' | $109,000 |
Floating rate trust preferred shares, percentage added to three-month LIBOR (percent) | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | 2.85% | ' | ' | ' | 2.40% | ' | ' | ' | ' | 3.25% | ' | ' | ' | 1.60% | ' | ' | ' |
Floating rate trust preferred shares, effective interest rate (percent) | ' | ' | ' | ' | 3.49% | 3.56% | ' | ' | ' | 3.09% | 3.19% | ' | ' | ' | 2.64% | 2.71% | ' | ' | ' | 3.49% | 3.56% | ' | ' | 1.84% | 1.99% | ' |
Purchase of junior subordinate debenture | $18,147,000 | $18,147,000 | $5,155,000 | ' | ' | ' | ' | $3,093,000 | ' | ' | ' | ' | $3,712,000 | ' | ' | ' | ' | $2,578,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Tax_Expense_Detai
Income Taxes - Tax Expense (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Current income tax expense | ' | $6,744 | ' | ' |
Deferred income tax expense (benefit) | ' | -2,083 | ' | ' |
Income tax expense, as reported | $4,661 | $4,661 | $0 | $0 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Operating Loss Carryforwards [Line Items] | ' | ' |
Initial deferred tax asset | $1,760 | $1,760 |
Federal income tax at statutory rate (percent) | ' | 35.00% |
Internal Revenue Service (IRS) | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Operating loss carryforwards | $3,861 | $3,861 |
Income_Taxes_Income_Taxes_Tax_
Income Taxes Income Taxes - Tax Reconciliation (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ' | ' | ' | ' |
Income tax expense computed at the statutory rate | $6,571 | ' | ' | ' |
Initial recording of deferred tax asset | -1,760 | -1,760 | ' | ' |
Tax-exempt interest income from municipal securities | -259 | ' | ' | ' |
Tax-exempt loan income | -86 | ' | ' | ' |
Bank owned life insurance income | -93 | ' | ' | ' |
Non-deductible acquisition expenses | 279 | ' | ' | ' |
Other | 9 | ' | ' | ' |
Income tax expense, as reported | $4,661 | $4,661 | $0 | $0 |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Deferred tax assets: | ' |
Allowance for loan losses | $4,776 |
NOL carryforwards from acquisitions | 1,352 |
Net unrealized loss on available for sale securities | 928 |
Acquired loan fair market value adjustments | 1,159 |
Restricted stock | 1,044 |
Acquisition costs | 140 |
Securities | 305 |
Start up costs | 329 |
Other real estate owned | 310 |
Unearned rent income | 55 |
Nonaccrual loans | 69 |
Other | 76 |
Deferred tax assets, gross | 10,543 |
Deferred tax liabilities: | ' |
Premises and equipment | -4,539 |
Core deposit intangibles | -1,102 |
FHLB stock | -68 |
Deferred tax liabilities, gross | -5,709 |
Net deferred tax asset | $4,834 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loss Contingencies [Line Items] | ' | ' |
Financial instruments with off-balance sheet risk | $367,695 | $156,636 |
Commitments to extend credit | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Financial instruments with off-balance sheet risk | 365,575 | 153,932 |
Standby letters of credit | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Financial instruments with off-balance sheet risk | $2,120 | $2,704 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expense | $716 | $413 | $276 |
Commitments_and_Contingencies_3
Commitments and Contingencies Commitments and Contingencies - Minimum Future Rental Payments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
First year | $611 |
Second year | 576 |
Third year | 420 |
Fourth year | 309 |
Fifth year | 216 |
Thereafter | 330 |
Future minimum payments due, Total | $2,462 |
Related_Party_Transactions_Loa
Related Party Transactions - Loan Activity for Officers, Directors and Affiliates (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Loans and Leases Receivable, Related Parties [Roll Forward] | ' |
Balance at beginning of year | $34,477 |
New loans | 14,421 |
Repayments | -8,156 |
Changes in affiliated persons | 14 |
Balance at end of year | $40,756 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Benefit Plan [Line Items] | ' | ' | ' |
Minimum age | '18 years | ' | ' |
Credited service period | '90 days | ' | ' |
Salary reduction set by law | $17,500 | ' | ' |
Employer contribution as percentage of participant's eligible salary (percent) | 6.00% | ' | ' |
Employer contribution, amount | $524,000 | $435,000 | $351,000 |
Minimum | ' | ' | ' |
Employee Benefit Plan [Line Items] | ' | ' | ' |
Employer contribution, matching percentage (percent) | 50.00% | ' | ' |
Maximum | ' | ' | ' |
Employee Benefit Plan [Line Items] | ' | ' | ' |
Employer contribution, matching percentage (percent) | 100.00% | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Aug. 31, 2013 |
Fair Value Disclosures [Abstract] | ' |
Payment of contingent consideration | $287 |
Fair_Value_MeasurementsAssets_
Fair Value Measurements-Assets and Liabilities at Fair Value on Recurring Basis (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | ' | $0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | ' | 0 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | ' | 290 |
U.S. treasuries | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 3,513 | 3,547 |
U.S. treasuries | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 0 | 0 |
U.S. treasuries | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 3,513 | 3,547 |
U.S. treasuries | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 0 | 0 |
Government agency securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 94,415 | 70,211 |
Government agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 0 | 0 |
Government agency securities | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 94,415 | 70,211 |
Government agency securities | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 0 | 0 |
Obligations of state and municipal subdivisions | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 36,615 | 36,814 |
Obligations of state and municipal subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 0 | 0 |
Obligations of state and municipal subdivisions | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 36,615 | 36,814 |
Obligations of state and municipal subdivisions | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 0 | 0 |
Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 2,052 | 2,103 |
Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 0 | 0 |
Corporate bonds | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 2,052 | 2,103 |
Corporate bonds | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 0 | 0 |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHLB, FFCB and FHR | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 57,443 | 680 |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHLB, FFCB and FHR | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 0 | 0 |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHLB, FFCB and FHR | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 57,443 | 680 |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHLB, FFCB and FHR | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale measured on a recurring basis | 0 | 0 |
Contingent consideration | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | ' | 290 |
Contingent consideration | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | ' | 0 |
Contingent consideration | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | ' | 0 |
Contingent consideration | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | ' | $290 |
Fair_Value_MeasurementsConting
Fair Value Measurements-Contingent Consideration Related to Acquisition of Town Center Bank (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Contingent Consideration [Roll Forward] | ' | ' |
Balance, beginning of period | $290 | $821 |
Settlements | -287 | -395 |
Change in estimated payments to be made | -3 | -136 |
Balance, end of period | $0 | $290 |
Fair_Value_MeasurementsAssets_1
Fair Value Measurements-Assets and Liabilities at Fair Value on Nonrecurring Basis (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Impaired loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, measured on a nonrecurring basis | $1,514 | ' |
Impaired loans | Assets/ Liabilities Measured at Fair Value | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, measured on a nonrecurring basis | 1,514 | 5,146 |
Impaired loans | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, measured on a nonrecurring basis | 0 | 0 |
Impaired loans | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, measured on a nonrecurring basis | 0 | 0 |
Impaired loans | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, measured on a nonrecurring basis | 1,514 | 5,146 |
Impaired loans | Fair Value, Gain Loss | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Period Ended Total Losses | 497 | 187 |
Other real estate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, measured on a nonrecurring basis | 2,449 | ' |
Other real estate | Assets/ Liabilities Measured at Fair Value | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, measured on a nonrecurring basis | 2,449 | 748 |
Other real estate | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, measured on a nonrecurring basis | 0 | 0 |
Other real estate | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, measured on a nonrecurring basis | 0 | 0 |
Other real estate | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, measured on a nonrecurring basis | 2,449 | 748 |
Other real estate | Fair Value, Gain Loss | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Period Ended Total Losses | $537 | $94 |
Fair_Value_MeasurementsQuantit
Fair Value Measurements-Quantitative Information about Three Measurements (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Impaired loans | ' |
Fair Value Of Assets And Liabilities Quantitative Disclosure [Line Items] | ' |
Fair Value | $1,514 |
Valuation Technique | 'Collateral method |
Unobservable Input(s) | 'Adjustments for selling costs |
Other real estate | ' |
Fair Value Of Assets And Liabilities Quantitative Disclosure [Line Items] | ' |
Fair Value | $2,449 |
Valuation Technique | 'Collateral method |
Unobservable Input(s) | 'Adjustments for selling costs |
Weighted Average | Impaired loans | ' |
Fair Value Of Assets And Liabilities Quantitative Disclosure [Line Items] | ' |
Weighted Average | 8.00% |
Weighted Average | Other real estate | ' |
Fair Value Of Assets And Liabilities Quantitative Disclosure [Line Items] | ' |
Weighted Average | 8.00% |
Fair_Value_MeasurementsCarryin
Fair Value Measurements-Carrying Amount and Estimated Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial assets: | ' | ' |
Securities available for sale (amortized cost of $196,689 and $110,777, respectively) | $194,038 | $113,355 |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | 367,695 | 156,636 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 93,054 | 102,290 |
Certificates of deposit held in other banks | ' | 0 |
Securities available for sale (amortized cost of $196,689 and $110,777, respectively) | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
FHLB of Dallas stock and other restricted stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ' | ' |
Deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
FHLB advances | 0 | 0 |
Notes payable | ' | 0 |
Other borrowings | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Contingent consideration | ' | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 0 | 0 |
Certificates of deposit held in other banks | ' | 7,720 |
Securities available for sale (amortized cost of $196,689 and $110,777, respectively) | 194,038 | 113,355 |
Loans held for sale | 3,383 | 9,162 |
Loans, net | 1,710,228 | 1,393,377 |
FHLB of Dallas stock and other restricted stock | 9,494 | 8,165 |
Accrued interest receivable | 4,713 | 4,647 |
Financial liabilities: | ' | ' |
Deposits | 1,712,654 | 1,399,373 |
Accrued interest payable | 948 | 985 |
FHLB advances | 189,092 | 170,239 |
Notes payable | ' | 15,729 |
Other borrowings | 8,061 | 20,970 |
Junior subordinated debentures | 18,099 | 18,114 |
Contingent consideration | ' | 0 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 0 | 0 |
Certificates of deposit held in other banks | ' | 0 |
Securities available for sale (amortized cost of $196,689 and $110,777, respectively) | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 4,587 | 6,561 |
FHLB of Dallas stock and other restricted stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ' | ' |
Deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
FHLB advances | 0 | 0 |
Notes payable | ' | 0 |
Other borrowings | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Contingent consideration | ' | 290 |
Assets/ Liabilities Measured at Fair Value | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 93,054 | 102,290 |
Certificates of deposit held in other banks | ' | 7,720 |
Securities available for sale (amortized cost of $196,689 and $110,777, respectively) | 194,038 | 113,355 |
Loans held for sale | 3,383 | 9,162 |
Loans, net | 1,714,815 | 1,399,938 |
FHLB of Dallas stock and other restricted stock | 9,494 | 8,165 |
Accrued interest receivable | 4,713 | 4,647 |
Financial liabilities: | ' | ' |
Deposits | 1,712,654 | 1,399,373 |
Accrued interest payable | 948 | 985 |
FHLB advances | 189,092 | 170,239 |
Notes payable | ' | 15,729 |
Other borrowings | 8,061 | 20,970 |
Junior subordinated debentures | 18,099 | 18,114 |
Contingent consideration | ' | 290 |
Carrying Amount | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 93,054 | 102,290 |
Certificates of deposit held in other banks | ' | 7,720 |
Securities available for sale (amortized cost of $196,689 and $110,777, respectively) | 194,038 | 113,355 |
Loans held for sale | 3,383 | 9,162 |
Loans, net | 1,709,200 | 1,358,036 |
FHLB of Dallas stock and other restricted stock | 9,494 | 8,165 |
Accrued interest receivable | 4,713 | 4,647 |
Financial liabilities: | ' | ' |
Deposits | 1,710,319 | 1,390,740 |
Accrued interest payable | 948 | 985 |
FHLB advances | 187,484 | 164,601 |
Notes payable | ' | 15,729 |
Other borrowings | 7,730 | 20,788 |
Junior subordinated debentures | 18,147 | 18,147 |
Contingent consideration | ' | 290 |
Commitments to extend credit | ' | ' |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | 365,575 | 153,932 |
Commitments to extend credit | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | 0 | 0 |
Commitments to extend credit | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | 0 | 0 |
Commitments to extend credit | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | 0 | 0 |
Commitments to extend credit | Assets/ Liabilities Measured at Fair Value | ' | ' |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | 0 | 0 |
Commitments to extend credit | Carrying Amount | ' | ' |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | 0 | 0 |
Standby letters of credit | ' | ' |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | 2,120 | 2,704 |
Standby letters of credit | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | 0 | 0 |
Standby letters of credit | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | 0 | 0 |
Standby letters of credit | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | 0 | 0 |
Standby letters of credit | Assets/ Liabilities Measured at Fair Value | ' | ' |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | 0 | 0 |
Standby letters of credit | Carrying Amount | ' | ' |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | $0 | $0 |
Stock_Awards_and_Stock_Warrant2
Stock Awards and Stock Warrants Stock Awards and Stock Warrants (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Number of Shares | ' | ' |
Nonvested shares, beginning balance (shares) | 208,608 | 180,025 |
Granted during the period (shares) | 125,040 | 58,560 |
Vested during the period (shares) | -27,124 | -29,977 |
Nonvested shares, ending balance (shares) | 306,524 | 208,608 |
Weighted Average Grant Date Fair Value | ' | ' |
Nonvested shares, beginning balance (usd per share) | $17.07 | $15.64 |
Granted during the period (usd per share) | $29.53 | $20.31 |
Vested during the period (usd per share) | $14.13 | $14.76 |
Nonvested shares, ending balance (usd per share) | $22.75 | $17.07 |
Stock_Awards_and_Stock_Warrant3
Stock Awards and Stock Warrants - Future Vesting Schedule of Nonvested Shares (Detail) | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested shares | 306,524 |
First year | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested shares | 129,584 |
Second year | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested shares | 36,464 |
Third year | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested shares | 42,748 |
Fourth year | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested shares | 74,944 |
Fifth year | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested shares | 22,784 |
Stock_Awards_and_Stock_Warrant4
Stock Awards and Stock Warrants - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock vesting period | ' | ' | '5 years | ' |
Compensation expense | ' | $1,469,000 | $643,000 | $572,000 |
Estimated future compensation expense | ' | 3,990,000 | ' | ' |
Period for recognition | ' | '2 years 5 months 5 days | ' | ' |
Fair value of common stock awards vested | ' | 855,000 | 609,000 | 39,000 |
Issuance of warrant (shares) | ' | 150,544 | ' | 150,544 |
Excess tax benefit on restricted stock vested | ' | 72,000 | 0 | ' |
Purchase price of common stock, per share (usd per share) | ' | $17.19 | ' | ' |
Warrant fair value | ' | ' | ' | 475,000 |
Writeoff of debt origination costs related to warrants | $223,000 | $223,000 | $0 | $0 |
2013 Equity Incentive Plan | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares reserved for future issuance (shares) | 800,000 | ' | ' | ' |
Minimum | 2013 Equity Incentive Plan | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock vesting period | ' | '3 years | ' | ' |
Maximum | 2013 Equity Incentive Plan | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock vesting period | ' | '5 years | ' | ' |
Regulatory_MattersActual_Capit
Regulatory Matters-Actual Capital Amounts and Ratios (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Consolidated | ' | ' |
Total capital to risk weighted assets: | ' | ' |
Actual Amount | $234,794 | $137,525 |
Actual Ratio (percent) | 13.83% | 10.51% |
Minimum Required for Capital Adequacy Purposes Amount | 135,801 | 104,693 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 8.00% | 8.00% |
Tier I capital to risk weighted assets: | ' | ' |
Actual Amount | 214,650 | 107,539 |
Actual Ratio (percent) | 12.64% | 8.22% |
Minimum Required for Capital Adequacy Purposes Amount | 67,901 | 52,346 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 4.00% | 4.00% |
Tier I capital to average assets: | ' | ' |
Actual Amount | 214,650 | 107,539 |
Actual Ratio (percent) | 10.71% | 6.45% |
Minimum Required for Capital Adequacy Purposes Amount | 80,204 | 66,722 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 4.00% | 4.00% |
Bank | ' | ' |
Total capital to risk weighted assets: | ' | ' |
Actual Amount | 212,656 | 143,618 |
Actual Ratio (percent) | 12.54% | 11.07% |
Minimum Required for Capital Adequacy Purposes Amount | 135,648 | 103,790 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 8.00% | 8.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 169,560 | 129,738 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 10.00% | 10.00% |
Tier I capital to risk weighted assets: | ' | ' |
Actual Amount | 198,696 | 132,140 |
Actual Ratio (percent) | 11.72% | 10.19% |
Minimum Required for Capital Adequacy Purposes Amount | 67,824 | 51,895 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 101,736 | 77,843 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 6.00% | 6.00% |
Tier I capital to average assets: | ' | ' |
Actual Amount | 198,696 | 132,140 |
Actual Ratio (percent) | 9.97% | 7.99% |
Minimum Required for Capital Adequacy Purposes Amount | 79,710 | 66,162 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $99,637 | $82,702 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 5.00% | 5.00% |
IBG_Adriatica_Additional_Infor
IBG Adriatica - Additional Information (Detail) (USD $) | 1 Months Ended | 6 Months Ended | 1 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | |
partnership | Adriatica | Adriatica | Adriatica | Adriatica | Adriatica | Loans Collateralized by Real Estate | |
Land | Land | Land | Adriatica | ||||
acre | |||||||
Subsidiary [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Loans purchased, face value | ' | ' | ' | ' | ' | ' | $23,000,000 |
Area of property (acre and square feet) | ' | ' | ' | ' | ' | ' | 27 |
Loans acquired, purchase price | ' | ' | ' | ' | ' | ' | 16,250,000 |
Loans acquired, portion of purchase price financed | ' | ' | ' | ' | ' | ' | 12,188,000 |
Real property, fair value | ' | ' | 16,949,000 | ' | ' | ' | ' |
Gain on acquired real property | ' | 699,000 | ' | ' | ' | ' | ' |
Proceeds from sale of land | ' | ' | ' | 11,100,000 | 3,443,000 | 1,500,000 | ' |
Gain on sale of property | ' | ' | ' | $1,300,000 | $869,000 | $115,000 | ' |
Number of Real Estate Partnerships | 2 | ' | ' | ' | ' | ' | ' |
Business_Combination_Additiona
Business Combination - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 21, 2013 | Nov. 30, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Apr. 02, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 02, 2012 | Oct. 02, 2012 | Dec. 31, 2012 | Oct. 02, 2012 | |
BOH Holdings, Inc. | Collin Bank | Collin Bank | Collin Bank | I Bank | I Bank | I Bank | I Bank | Community Group | Community Group | Community Group | ||||
Non-Credit Impaired Loans | Non-Credit Impaired Loans | Non-Credit Impaired Loans | ||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration transferred | ' | ' | ' | $245,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding stock acquired (percent) | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Stock issued for acquisition of bank (in shares) | ' | ' | ' | ' | 247,731 | ' | ' | ' | ' | ' | ' | 182,221 | ' | ' |
Cash paid in the transaction | 18,412,000 | 46,600,000 | 0 | ' | 18,412,000 | ' | ' | 37,000,000 | ' | ' | ' | 9,600,000 | ' | ' |
Goodwill acquired | 34,704,000 | 28,742,000 | ' | ' | 5,962,000 | 5,962,000 | ' | 12,967,000 | 12,967,000 | ' | ' | 4,807,000 | 4,807,000 | ' |
Acquisition related expenses | 1,956,000 | 1,401,000 | 0 | ' | ' | 672,000 | ' | ' | 705,000 | ' | ' | ' | 696,000 | ' |
Loans | 72,611,000 | 180,448,000 | 0 | ' | 72,611,000 | ' | 61,157,000 | 116,948,000 | ' | ' | 113,723,000 | 63,500,000 | ' | 59,106,000 |
Acquired loans, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113,531,000 | ' | ' | ' |
Contractual amount over fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,000 | ' | ' | 412,000 |
Pro forma net income | ' | ' | ' | ' | ' | ' | ' | ' | 18,308,000 | 17,321,000 | ' | ' | ' | ' |
Pro forma revenue | ' | ' | ' | ' | ' | ' | ' | ' | 82,966,000 | 75,669,000 | ' | ' | ' | ' |
Share price per share (usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.31 | ' | ' |
Acquired loans, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $58,694,000 |
Business_Combination_Estimated
Business Combination - Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2013 | Dec. 31, 2013 | Apr. 02, 2012 | Dec. 31, 2012 | Oct. 02, 2012 | Dec. 31, 2012 | |
Collin Bank | Collin Bank | I Bank | I Bank | Community Group | Community Group | ||||
Assets of acquired bank: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | $22,792,000 | ' | $19,993,000 | ' | $26,237,000 | ' |
Securities available for sale | 62,373,000 | 10,314,000 | 0 | 62,373,000 | ' | ' | ' | 10,314,000 | ' |
Certificates of deposit held in other banks | 0 | 17,078,000 | 0 | ' | ' | 17,078,000 | ' | ' | ' |
Loans | 72,611,000 | 180,448,000 | 0 | 72,611,000 | ' | 116,948,000 | ' | 63,500,000 | ' |
Premises and equipment | 141,000 | 5,717,000 | 0 | 141,000 | ' | 2,165,000 | ' | 3,530,000 | ' |
Other real estate owned | 0 | 1,545,000 | 0 | ' | ' | 416,000 | ' | 1,129,000 | ' |
Investment in stock | 1,156,000 | 1,417,000 | 0 | 1,156,000 | ' | 702,000 | ' | 715,000 | ' |
Goodwill | 34,704,000 | 28,742,000 | ' | 5,962,000 | 5,962,000 | 12,967,000 | 12,967,000 | 4,807,000 | 4,807,000 |
Core deposit intangibles | 600,000 | 1,362,000 | 0 | 600,000 | ' | 1,097,000 | ' | 265,000 | ' |
Deferred tax asset | 1,385,000 | 0 | 0 | 1,385,000 | ' | ' | ' | ' | ' |
Other assets | 775,000 | 1,669,000 | 0 | 775,000 | ' | 1,221,000 | ' | 470,000 | ' |
Total assets | 145,003,000 | 237,324,000 | 0 | 167,795,000 | ' | 172,587,000 | ' | 110,967,000 | ' |
Liabilities of acquired bank: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits | 111,164,000 | 216,444,000 | 0 | 111,164,000 | ' | 122,876,000 | ' | 93,568,000 | ' |
FHLB advances | 26,000,000 | 12,500,000 | 0 | 26,000,000 | ' | 12,500,000 | ' | ' | ' |
Junior subordinated debt | 0 | 3,609,000 | 0 | ' | ' | ' | ' | 3,609,000 | ' |
Other liabilities | 358,000 | 700,000 | 0 | 358,000 | ' | 211,000 | ' | 489,000 | ' |
Total liabilities | 137,522,000 | 233,253,000 | 0 | 137,522,000 | ' | 135,587,000 | ' | 97,666,000 | ' |
Common stock issued in transaction | 11,861,000 | 3,701,000 | 0 | 11,861,000 | ' | ' | ' | 3,701,000 | ' |
Cash paid in transaction | $18,412,000 | $46,600,000 | $0 | $18,412,000 | ' | $37,000,000 | ' | $9,600,000 | ' |
Sale_of_Branch_Additional_Info
Sale of Branch - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' |
Deposits | $20,074 | ' | ' | ' |
Deposit premium received | 414 | 0 | 414 | 0 |
Total assets | 1,233 | 0 | 1,473 | 0 |
Reduction in goodwill | 254 | 0 | 254 | 0 |
Reduction in core deposit intangibles | 119 | 0 | 119 | 0 |
Gain recognized on sale of branch | $38 | $0 | $38 | $0 |
Subsequent_Events_Subsequent_E2
Subsequent Events Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 06, 2014 | Feb. 12, 2014 | Dec. 31, 2013 | Jan. 02, 2014 | |
Subsequent Event | Subsequent Event | Live Oak Financial Corp | Live Oak Financial Corp | ||||
Subsequent Event | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding stock acquired (percent) | ' | ' | ' | ' | ' | ' | 100.00% |
Stock issued for acquisition of bank (in shares) | ' | ' | ' | ' | ' | ' | 235,594 |
Cash paid to shareholders of acquired banks | $18,412,000 | $46,600,000 | $0 | ' | ' | ' | $10,000,000 |
Goodwill | 34,704,000 | 28,742,000 | ' | ' | ' | ' | 7,616,000 |
Acquisition expense, including legal | 1,956,000 | 1,401,000 | 0 | ' | ' | 357,000 | ' |
Dividends declared (per share) | ' | ' | ' | ' | $0.06 | ' | ' |
Dividends paid | $6,803,000 | $8,681,000 | $6,090,000 | $756,000 | ' | ' | ' |
Subsequent_Events_Subsequent_E3
Subsequent Events Subsequent Events - Schedule of Assets Identified and Liabilities Assumed (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 02, 2014 | |
Subsequent Event | ||||
Live Oak Financial Corp | ||||
Noncash assets acquired | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | $32,246,000 |
Securities available for sale | 62,373,000 | 10,314,000 | 0 | 16,740,000 |
Loans | 72,611,000 | 180,448,000 | 0 | 70,627,000 |
Premises and equipment | 141,000 | 5,717,000 | 0 | 2,675,000 |
Goodwill | 34,704,000 | 28,742,000 | ' | 7,616,000 |
Core deposit intangibles | 600,000 | 1,362,000 | 0 | 775,000 |
Other assets | 775,000 | 1,669,000 | 0 | 256,000 |
Total assets | 145,003,000 | 237,324,000 | 0 | 130,935,000 |
Liabilities of acquired bank: | ' | ' | ' | ' |
Deposits | 111,164,000 | 216,444,000 | 0 | 104,960,000 |
Other liabilities | 358,000 | 700,000 | 0 | 4,278,000 |
Total liabilities | 137,522,000 | 233,253,000 | 0 | 109,238,000 |
Common stock issued in transaction | 11,861,000 | 3,701,000 | 0 | 11,697,000 |
Cash paid to shareholders of acquired banks | $18,412,000 | $46,600,000 | $0 | $10,000,000 |
Parent_Company_Only_Financial_2
Parent Company Only Financial Statements - Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $93,054 | $102,290 | $56,654 | $86,346 |
Other assets | 14,800 | 11,288 | ' | ' |
Total assets | 2,163,984 | 1,740,060 | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' |
Notes payable | 0 | 15,729 | ' | ' |
Other borrowings | 4,460 | 12,252 | ' | ' |
Junior subordinated debentures | 18,147 | 18,147 | ' | ' |
Other liabilities | 6,532 | 5,545 | ' | ' |
Total liabilities | 1,930,212 | 1,615,550 | ' | ' |
Stockholders’ equity: | ' | ' | ' | ' |
Common stock | 123 | 83 | ' | ' |
Additional paid-in capital | 222,116 | 88,791 | ' | ' |
Retained earnings | 12,663 | 33,290 | ' | ' |
Treasury stock | 0 | -232 | ' | ' |
Accumulated other comprehensive income | -1,130 | 2,578 | ' | ' |
Total stockholders’ equity | 233,772 | 124,510 | 85,997 | 76,044 |
Total liabilities and stockholders’ equity | 2,163,984 | 1,740,060 | ' | ' |
Parent Company | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 13,111 | 1,396 | 4,375 | 2,713 |
Investment in subsidiaries | 246,143 | 173,724 | ' | ' |
Investment in Trusts | 547 | 547 | ' | ' |
Other assets | 1,518 | 987 | ' | ' |
Total assets | 261,319 | 176,654 | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' |
Notes payable | 0 | 12,250 | ' | ' |
Other borrowings | 7,730 | 20,788 | ' | ' |
Junior subordinated debentures | 18,147 | 18,147 | ' | ' |
Other liabilities | 1,670 | 959 | ' | ' |
Total liabilities | 27,547 | 52,144 | ' | ' |
Stockholders’ equity: | ' | ' | ' | ' |
Common stock | 123 | 83 | ' | ' |
Additional paid-in capital | 222,116 | 88,791 | ' | ' |
Retained earnings | 12,663 | 33,290 | ' | ' |
Treasury stock | 0 | -232 | ' | ' |
Accumulated other comprehensive income | -1,130 | 2,578 | ' | ' |
Total stockholders’ equity | 233,772 | 124,510 | ' | ' |
Total liabilities and stockholders’ equity | $261,319 | $176,654 | ' | ' |
Parent_Company_Only_Financial_3
Parent Company Only Financial Statements - Statement of Income (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest expense: | ' | ' | ' | ' |
Interest on notes payable and other borrowings | ' | $1,461 | $2,072 | $1,489 |
Interest on junior subordinated debentures | ' | 543 | 531 | 480 |
Total interest expense | ' | 12,281 | 13,337 | 13,358 |
Noninterest income: | ' | ' | ' | ' |
Other | ' | 600 | 512 | 402 |
Total noninterest income | ' | 11,021 | 9,168 | 7,708 |
Noninterest expense: | ' | ' | ' | ' |
Salaries and employee benefits | ' | -31,836 | -26,569 | -21,118 |
Professional fees | ' | -1,298 | -1,104 | -971 |
Acquisition expense, including legal | ' | -1,956 | -1,401 | 0 |
Other | ' | -7,080 | -5,009 | -3,998 |
Total noninterest expense | ' | -57,671 | -47,160 | -38,639 |
Income before equity in undistributed income of subsidiaries | ' | 24,461 | 17,377 | 13,700 |
Income tax benefit | -4,661 | -4,661 | 0 | 0 |
Net income | ' | 19,800 | 17,377 | 13,700 |
Parent Company | ' | ' | ' | ' |
Interest expense: | ' | ' | ' | ' |
Interest on notes payable and other borrowings | ' | 1,425 | 1,720 | 1,270 |
Interest on junior subordinated debentures | ' | 543 | 531 | 480 |
Total interest expense | ' | 1,968 | 2,251 | 1,750 |
Noninterest income: | ' | ' | ' | ' |
Dividends from subsidiaries | ' | 11,547 | 25,634 | 10,690 |
Other | ' | 16 | 24 | 33 |
Total noninterest income | ' | 11,563 | 25,658 | 10,723 |
Noninterest expense: | ' | ' | ' | ' |
Salaries and employee benefits | ' | 2,316 | 1,163 | 1,028 |
Professional fees | ' | 157 | 0 | 168 |
Acquisition expense, including legal | ' | 1,956 | 1,401 | 0 |
Other | ' | 397 | 36 | 155 |
Total noninterest expense | ' | 4,826 | 2,600 | 1,351 |
Income before equity in undistributed income of subsidiaries | ' | 4,769 | 20,807 | 7,622 |
Income tax benefit | ' | 2,643 | 0 | 0 |
Income before equity in undistributed income of subsidiaries | ' | 7,412 | 0 | 0 |
Equity in undistributed income (loss) of subsidiaries | ' | 12,388 | -3,430 | 6,078 |
Net income | ' | $19,800 | $17,377 | $13,700 |
Parent_Company_Only_Financial_4
Parent Company Only Financial Statements - Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities: | ' | ' | ' |
Net income | $19,800,000 | $17,377,000 | $13,700,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Stock grants amortized | 1,469,000 | 643,000 | 572,000 |
Net change in other assets | -2,582,000 | 95,000 | -18,000 |
Net change in other liabilities | 701,000 | -421,000 | 891,000 |
Net cash provided by operating activities | 30,761,000 | 17,809,000 | 19,793,000 |
Cash flows from investing activities: | ' | ' | ' |
Cash received from acquired bank | 22,792,000 | 46,230,000 | 0 |
Cash paid in acquisitions | -18,412,000 | -46,600,000 | 0 |
Net cash used in investing activities | -296,276,000 | -222,846,000 | -176,578,000 |
Cash flows from financing activities: | ' | ' | ' |
Repayments of other borrowings | -28,787,000 | -10,958,000 | -4,859,000 |
Proceeds from other borrowings | 0 | 11,680,000 | 8,083,000 |
Treasury stock purchased | 0 | -208,000 | 0 |
Proceeds from issuance of common stock | 86,571,000 | 25,150,000 | 0 |
Dividends paid | -6,803,000 | -8,681,000 | -6,090,000 |
Net cash provided by financing activities | 256,279,000 | 250,673,000 | 127,093,000 |
Net change in cash and cash equivalents | -9,236,000 | 45,636,000 | -29,692,000 |
Cash and cash equivalents at beginning of year | 102,290,000 | 56,654,000 | 86,346,000 |
Cash and cash equivalents at end of year | 93,054,000 | 102,290,000 | 56,654,000 |
Parent Company | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 19,800,000 | 17,377,000 | 13,700,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Equity in undistributed net (income) loss of subsidiaries | -12,388,000 | 3,430,000 | -6,078,000 |
Stock grants amortized | 1,469,000 | 643,000 | 572,000 |
Net change in other assets | -531,000 | -523,000 | 184,000 |
Net change in other liabilities | 783,000 | 9,000 | 372,000 |
Net cash provided by operating activities | 9,133,000 | 20,936,000 | 8,750,000 |
Cash flows from investing activities: | ' | ' | ' |
Capital investment in subsidiaries | -33,466,000 | -2,050,000 | -5,215,000 |
Cash received from acquired bank | 0 | 39,000 | 0 |
Cash paid in acquisitions | -18,412,000 | -46,600,000 | 0 |
Net cash used in investing activities | -51,878,000 | -48,611,000 | -5,215,000 |
Cash flows from financing activities: | ' | ' | ' |
Repayments of other borrowings | -25,308,000 | -3,245,000 | -3,513,000 |
Proceeds from other borrowings | 0 | 11,680,000 | 7,730,000 |
Treasury stock purchased | 0 | -208,000 | 0 |
Proceeds from issuance of common stock | 86,571,000 | 25,150,000 | 0 |
Dividends paid | -6,803,000 | -8,681,000 | -6,090,000 |
Net cash provided by financing activities | 54,460,000 | 24,696,000 | -1,873,000 |
Net change in cash and cash equivalents | 11,715,000 | -2,979,000 | 1,662,000 |
Cash and cash equivalents at beginning of year | 1,396,000 | 4,375,000 | 2,713,000 |
Cash and cash equivalents at end of year | $13,111,000 | $1,396,000 | $4,375,000 |