Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 03, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
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 | ' | 17,017,169 |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $121,983 | $27,408 |
Federal Reserve Excess Balance Account (EBA) | 127,786 | 65,646 |
Cash and cash equivalents | 249,769 | 93,054 |
Securities available for sale (amortized cost of $233,501 and $196,689, respectively) | 235,844 | 194,038 |
Loans held for sale | 1,811 | 3,383 |
Loans, net of allowance for loan losses of $16,840 and $13,960, respectively | 2,874,084 | 1,709,200 |
Premises and equipment, net | 81,791 | 72,735 |
Other real estate owned | 4,084 | 3,322 |
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock | 15,715 | 9,494 |
Bank-owned life insurance (BOLI) | 39,503 | 21,272 |
Deferred tax asset | 2,983 | 4,834 |
Goodwill | 207,607 | 34,704 |
Core deposit intangible, net | 10,418 | 3,148 |
Other assets | 23,073 | 14,800 |
Total assets | 3,746,682 | 2,163,984 |
Deposits: | ' | ' |
Noninterest-bearing | 715,843 | 302,756 |
Interest-bearing | 2,097,817 | 1,407,563 |
Total deposits | 2,813,660 | 1,710,319 |
FHLB advances | 324,424 | 187,484 |
Repurchase agreements | 5,235 | 0 |
Other borrowings | 69,410 | 4,460 |
Other borrowings, related parties | 3,320 | 3,270 |
Junior subordinated debentures | 18,147 | 18,147 |
Other liabilities | 12,175 | 6,532 |
Total liabilities | 3,246,371 | 1,930,212 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Series A preferred stock (23,938.35 and 0 shares issued and outsanding, respectively) | 23,938 | 0 |
Common stock (16,370,313 and 12,330,158 shares outstanding, respectively) | 164 | 123 |
Additional paid-in capital | 445,379 | 222,116 |
Retained earnings | 28,714 | 12,663 |
Accumulated other comprehensive income (loss) | 2,116 | -1,130 |
Total stockholders’ equity | 500,311 | 233,772 |
Total liabilities and stockholders’ equity | $3,746,682 | $2,163,984 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Amortized cost of securities available for sale | $233,501 | $196,689 |
Allowance for loan losses | $16,840 | $13,960 |
Preferred Stock, Shares Issued | 23,938 | 0 |
Preferred Stock, Shares Outstanding | 23,938 | 0 |
Common stock, shares outstanding (shares) | 16,370,313 | 12,330,158 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest income: | ' | ' | ' | ' |
Interest and fees on loans | $35,633 | $21,140 | $93,637 | $62,347 |
Interest on taxable securities | 711 | 358 | 2,187 | 999 |
Interest on nontaxable securities | 404 | 258 | 1,028 | 765 |
Interest on federal funds sold and other | 192 | 85 | 328 | 256 |
Total interest income | 36,940 | 21,841 | 97,180 | 64,367 |
Interest expense: | ' | ' | ' | ' |
Interest on deposits | 2,530 | 1,717 | 6,874 | 5,178 |
Interest on FHLB advances | 975 | 819 | 2,792 | 2,475 |
Interest on repurchase agreements, notes payable and other borrowings | 871 | 253 | 1,142 | 1,326 |
Interest on junior subordinated debentures | 133 | 137 | 402 | 408 |
Total interest expense | 4,509 | 2,926 | 11,210 | 9,387 |
Net interest income | 32,431 | 18,915 | 85,970 | 54,980 |
Provision for loan losses | 976 | 830 | 3,608 | 2,939 |
Net interest income after provision for loan losses | 31,455 | 18,085 | 82,362 | 52,041 |
Noninterest income: | ' | ' | ' | ' |
Service charges on deposit accounts | 1,541 | 1,248 | 4,205 | 3,597 |
Mortgage fee income | 1,080 | 957 | 2,777 | 3,120 |
Gain on sale of loans | 1,078 | 0 | 1,078 | 0 |
Gain on sale of other real estate | 20 | 0 | 59 | 173 |
(Loss) gain on sale of premises and equipment | -22 | 5 | -22 | 4 |
Increase in cash surrender value of BOLI | 281 | 80 | 690 | 240 |
Other | 232 | 161 | 876 | 475 |
Total noninterest income | 4,210 | 2,451 | 9,663 | 7,609 |
Noninterest expense: | ' | ' | ' | ' |
Salaries and employee benefits | 12,551 | 7,976 | 37,797 | 23,688 |
Occupancy | 3,435 | 2,117 | 9,200 | 6,562 |
Data processing | 472 | 357 | 1,420 | 969 |
FDIC assessment | 426 | 253 | 1,246 | 241 |
Advertising and public relations | 204 | 216 | 618 | 620 |
Communications | 498 | 412 | 1,220 | 1,090 |
Net other real estate owned expenses (including taxes) | 122 | 111 | 258 | 368 |
Operations of IBG Adriatica, net | 0 | 228 | 23 | 600 |
Other real estate impairment | 22 | 12 | 22 | 475 |
Core deposit intangible amortization | 361 | 175 | 859 | 527 |
Professional fees | 828 | 353 | 1,792 | 918 |
Acquisition expense, including legal | 629 | 474 | 2,628 | 602 |
Other | 2,614 | 1,966 | 6,498 | 5,297 |
Total noninterest expense | 22,162 | 14,650 | 63,581 | 41,957 |
Income before taxes | 13,503 | 5,886 | 28,444 | 17,693 |
Income tax expense | 4,543 | 1,927 | 9,564 | 2,172 |
Net income | 8,960 | 3,959 | 18,880 | 15,521 |
Basic earnings per share (usd per share) | $0.54 | $0.33 | $1.26 | $1.44 |
Diluted earnings per share (usd per share) | $0.54 | $0.33 | $1.25 | $1.43 |
Pro Forma | ' | ' | ' | ' |
Noninterest expense: | ' | ' | ' | ' |
Income tax expense | ' | ' | ' | 5,798 |
Net income | ' | ' | ' | 11,895 |
Pro forma net income | ' | ' | ' | $11,895 |
Basic earnings per share (usd per share) | ' | ' | ' | $1.10 |
Diluted earnings per share (usd per share) | ' | ' | ' | $1.10 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $8,960 | $3,959 | $18,880 | $15,521 |
Other comprehensive income (loss) before tax: | ' | ' | ' | ' |
Change in net unrealized gains (losses) on available for sale securities during the year | 408 | 1,002 | 4,994 | -4,348 |
Reclassification adjustment for loss on sale of securities available for sale included in net income | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) before tax | 408 | 1,002 | 4,994 | -4,348 |
Income tax expense (benefit) | 143 | 351 | 1,748 | -1,212 |
Other comprehensive income (loss), net of tax | 265 | 651 | 3,246 | -3,136 |
Comprehensive income | $9,225 | $4,610 | $22,126 | $12,385 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Preferred Stock | Common Stock $.01 Par Value 100 million shares authorized | Additional Paid in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
In Thousands, except Share data, unless otherwise specified | |||||||
Beginning balance at Dec. 31, 2012 | $124,510 | $0 | $83 | $88,791 | $33,290 | ($232) | $2,578 |
Beginning balance (in shares) at Dec. 31, 2012 | ' | ' | 8,278,354 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 15,521 | ' | ' | ' | 15,521 | ' | ' |
Other comprehensive income, net of tax | -3,136 | ' | ' | ' | ' | ' | -3,136 |
Treasury stock retired (shares) | ' | ' | -8,647 | ' | ' | ' | ' |
Treasury stock retired | 0 | ' | ' | -232 | ' | 232 | ' |
Stock issued (shares) | ' | ' | 3,680,000 | ' | ' | ' | ' |
Stock issued | 86,637 | ' | 37 | 86,600 | ' | ' | ' |
Reclassification adjustment for change in taxable status | 0 | ' | ' | 33,624 | -33,624 | ' | ' |
Restricted stock granted (shares) | ' | ' | 127,220 | ' | ' | ' | ' |
Restricted stock granted | 0 | ' | 1 | -1 | ' | ' | ' |
Stock based compensation expense | 1,049 | ' | ' | 1,049 | ' | ' | ' |
Excess tax benefit on restricted stock vested | 9 | ' | ' | 9 | ' | ' | ' |
Dividends ($0.18 per share in 2014 and $0.71 per share in 2013) | -6,079 | ' | ' | ' | -6,079 | ' | ' |
Ending balance at Sep. 30, 2013 | 218,511 | 0 | 121 | 209,840 | 9,108 | 0 | -558 |
Ending balance (in shares) at Sep. 30, 2013 | ' | ' | 12,076,927 | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2013 | 233,772 | 0 | 123 | 222,116 | 12,663 | 0 | -1,130 |
Beginning balance (in shares) at Dec. 31, 2013 | ' | ' | 12,330,158 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 18,880 | ' | ' | ' | 18,880 | ' | ' |
Other comprehensive income, net of tax | 3,246 | ' | ' | ' | ' | ' | 3,246 |
Stock issued | 23,938 | 23,938 | ' | ' | ' | ' | ' |
Stock issued for acquisition of bank (in shares) | ' | ' | 3,851,480 | ' | ' | ' | ' |
Stock issued for acquisition of banks, net of offering costs of $550 | 219,967 | ' | 39 | 219,928 | ' | ' | ' |
Restricted stock forfeited (in shares) | ' | ' | -394 | ' | ' | ' | ' |
Restricted stock forfeited | 0 | ' | ' | ' | ' | ' | ' |
Restricted stock granted (shares) | ' | ' | 189,069 | ' | ' | ' | ' |
Restricted stock granted | 0 | ' | 2 | -2 | ' | ' | ' |
Stock based compensation expense | 2,011 | ' | ' | 2,011 | ' | ' | ' |
Excess tax benefit on restricted stock vested | 1,326 | ' | ' | 1,326 | ' | ' | ' |
Preferred stock dividends | -109 | ' | ' | ' | -109 | ' | ' |
Dividends ($0.18 per share in 2014 and $0.71 per share in 2013) | -2,720 | ' | ' | ' | -2,720 | ' | ' |
Ending balance at Sep. 30, 2014 | $500,311 | $23,938 | $164 | $445,379 | $28,714 | $0 | $2,116 |
Ending balance (in shares) at Sep. 30, 2014 | ' | ' | 16,370,313 | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Dividends paid (usd per share) | $0.18 | $0.71 |
Preferred stock shares authorized | 10,000,000 | 0 |
Offering costs paid in connection with acquired bank | $550 | ' |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $18,880 | $15,521 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation expense | 3,787 | 3,171 |
Amortization of core deposit intangibles | 859 | 527 |
Amortization of premium on securities, net | 1,506 | 51 |
Stock based compensation expense | 2,011 | 1,049 |
FHLB stock dividends | -33 | -20 |
Net loss (gain) on sale of premises and equipment | 22 | -4 |
Gain on sale of loans | -1,078 | 0 |
Gain recognized on other real estate transactions | -59 | -173 |
Impairment of other real estate | 22 | 475 |
Deferred tax expense (benefit) | 128 | -1,727 |
Provision for loan losses | 3,608 | 2,939 |
Increase in cash surrender value of life insurance | -690 | -240 |
Loans originated for sale | -103,165 | -132,897 |
Proceeds from sale of loans | 104,737 | 137,805 |
Net change in other assets | -4,981 | 317 |
Net change in other liabilities | -1,587 | 1,575 |
Net cash provided by operating activities | 23,967 | 28,369 |
Cash flows from investing activities: | ' | ' |
Proceeds from maturities, calls and pay downs of securities available for sale | 67,927 | 142,887 |
Purchases of securities available for sale | -28,364 | -163,918 |
Proceeds from maturities of certificates held in other banks | 0 | 7,372 |
Proceeds from sale of loans | 12,147 | 0 |
Net purchases of FHLB stock | 625 | -139 |
Net loans originated | -324,030 | -190,128 |
Additions to premises and equipment | -3,423 | -6,165 |
Proceeds from sale of premises and equipment | 13 | 66 |
Proceeds from sale of other real estate owned | 1,923 | 1,047 |
Capitalized additions to other real estate | -28 | -85 |
Cash received from acquired banks | 167,771 | 0 |
Cash paid in connection with acquisitions | -44,010 | 0 |
Net cash used in investing activities | -149,449 | -209,063 |
Cash flows from financing activities: | ' | ' |
Net increase in demand deposits, NOW and savings accounts | 85,935 | 109,341 |
Net increase in time deposits | 91,139 | 40,667 |
Net change in FHLB advances | 41,940 | -3,094 |
Net change in repurchase agreements | 1,502 | 0 |
Repayments of notes payable and other borrowings | 0 | -28,787 |
Proceeds from other borrowings | 65,000 | 0 |
Proceeds from sale of common stock | 0 | 86,637 |
Offering costs paid in connection with acquired banks | -550 | 0 |
Dividends paid | -2,769 | -6,079 |
Net cash provided by financing activities | 282,197 | 198,685 |
Net change in cash and cash equivalents | 156,715 | 17,991 |
Cash and cash equivalents at beginning of year | 93,054 | 102,290 |
Cash and cash equivalents at end of period | $249,769 | $120,281 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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 Texas, Central Texas and Houston 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. Adriatica was dissolved during the first quarter of 2014. 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. | ||||||||||||||||
The consolidated interim financial statements are unaudited, but include all adjustments, which, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments were of a normal and recurring nature. These financial statements should be read in conjunction with the financial statements and the notes thereto in the Company's Annual Report of Form10-K for the year ended December 31, 2013. The consolidated statement of condition at December 31, 2013 had been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. | ||||||||||||||||
Segment Reporting: The Company has one reportable segment. The Company’s chief operating decision-maker uses consolidated results to make operating and strategic decisions. | ||||||||||||||||
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 32.8% for the nine months ended September 30, 2013, as if it had been a C Corporation during that period. 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. | ||||||||||||||||
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 13. | ||||||||||||||||
Earnings per share: Basic earnings per common share are net income available to common shareholders 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. | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic earnings per share: | ||||||||||||||||
Net income | $ | 8,960 | $ | 3,959 | $ | 18,880 | $ | 15,521 | ||||||||
Less: Preferred stock dividends | (60 | ) | — | (109 | ) | — | ||||||||||
Net income after preferred stock dividends | 8,900 | 3,959 | 18,771 | 15,521 | ||||||||||||
Less: | ||||||||||||||||
Undistributed earnings allocated to participating securities | 157 | 68 | 291 | 184 | ||||||||||||
Dividends paid on participating securities | 19 | 15 | 49 | 119 | ||||||||||||
Net income available to common shareholders | $ | 8,724 | $ | 3,876 | $ | 18,431 | $ | 15,218 | ||||||||
Weighted-average basic shares outstanding | 16,046,935 | 11,823,655 | 14,657,873 | 10,588,554 | ||||||||||||
Basic earnings per share | $ | 0.54 | $ | 0.33 | $ | 1.26 | $ | 1.44 | ||||||||
Diluted earnings per share: | ||||||||||||||||
Net income available to common shareholders | $ | 8,724 | $ | 3,876 | $ | 18,431 | $ | 15,218 | ||||||||
Total weighted-average basic shares outstanding | 16,046,935 | 11,823,655 | 14,657,873 | 10,588,554 | ||||||||||||
Add dilutive stock warrants | 98,725 | 74,229 | 100,595 | 58,874 | ||||||||||||
Total weighted-average diluted shares outstanding | 16,145,660 | 11,897,884 | 14,758,468 | 10,647,428 | ||||||||||||
Diluted earnings per share | $ | 0.54 | $ | 0.33 | $ | 1.25 | $ | 1.43 | ||||||||
Pro forma earnings per share: | ||||||||||||||||
Pro forma net income | n/a | n/a | n/a | $ | 11,895 | |||||||||||
Less undistributed earnings allocated to participating securities | n/a | n/a | n/a | 113 | ||||||||||||
Less dividends paid on participating securities | n/a | n/a | n/a | 119 | ||||||||||||
Pro forma net income available to common shareholders after tax | n/a | n/a | n/a | $ | 11,663 | |||||||||||
Pro forma basic earnings per share | n/a | n/a | n/a | $ | 1.1 | |||||||||||
Pro forma diluted earnings per share | n/a | n/a | n/a | $ | 1.1 | |||||||||||
Anti-dilutive participating securities | 73,120 | 151,674 | 122,209 | 139,416 | ||||||||||||
Statement_of_Cash_Flows
Statement of Cash Flows | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Statement of Cash Flows | ' | ||||||||
Statement of Cash Flows | |||||||||
As allowed by the accounting standards, 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: | |||||||||
Nine Months Ended September 30, | |||||||||
2014 | 2013 | ||||||||
Cash transactions: | |||||||||
Interest expense paid | $ | 10,222 | $ | 9,270 | |||||
Income taxes paid | $ | 7,730 | $ | 3,100 | |||||
Noncash transactions: | |||||||||
Accrued preferred stock dividends | $ | 60 | $ | — | |||||
Transfers of loans to other real estate owned | $ | 1,088 | $ | 2,885 | |||||
Loans to facilitate the sale of other real estate owned | $ | 48 | $ | 113 | |||||
Writeoff of debt origination costs related to warrants | $ | — | $ | 223 | |||||
Securities purchased, not yet settled | $ | — | $ | 1,000 | |||||
Excess tax benefit on restricted stock vested | $ | 1,326 | $ | 9 | |||||
Transfer of bank premises to other real estate | $ | 356 | $ | — | |||||
Supplemental schedule of noncash investing activities from the Live Oak Financial Corp. and BOH Holdings acquisitions are as follows: | |||||||||
Nine Months Ended September 30, | |||||||||
2014 | 2013 | ||||||||
Noncash assets acquired | |||||||||
Cash and cash equivalents | $ | 167,771 | $ | — | |||||
Securities available for sale | 75,881 | — | |||||||
Loans | 856,899 | — | |||||||
Premises and equipment | 9,811 | — | |||||||
Other real estate owned | 1,224 | — | |||||||
Goodwill | 172,151 | — | |||||||
Core deposit intangibles | 8,147 | — | |||||||
Other assets | 27,804 | — | |||||||
Total assets | $ | 1,319,688 | $ | — | |||||
Noncash liabilities assumed: | |||||||||
Deposits | $ | 925,762 | $ | — | |||||
Repurchase agreements | 3,733 | — | |||||||
FHLB advances | 95,000 | — | |||||||
Other liabilities | 6,728 | — | |||||||
Total liabilities | $ | 1,031,223 | $ | — | |||||
Cash paid to shareholders of acquired banks | $ | 44,010 | $ | — | |||||
Series A preferred stock exchanged in connection with acquired banks | $ | 23,938 | $ | — | |||||
Fair value of common stock issued to shareholders of acquired banks | $ | 220,517 | $ | — | |||||
In addition, the following measurement-period adjustments were made during the period relating the November 30, 2013 acquisition of Collin Bank: | |||||||||
Nine Months Ended September 30, | |||||||||
2014 | 2013 | ||||||||
Noncash assets acquired: | |||||||||
Loans | $ | (328 | ) | $ | — | ||||
Goodwill | 752 | — | |||||||
Core deposit intangibles | (18 | ) | — | ||||||
Deferred tax asset | 109 | — | |||||||
Other assets | 10 | — | |||||||
Total assets | $ | 525 | $ | — | |||||
Noncash liabilities assumed: | |||||||||
Deposits | $ | 505 | $ | — | |||||
Other liabilities | 20 | — | |||||||
Total liabilities | $ | 525 | $ | — | |||||
Securities_Available_for_Sale
Securities Available for Sale | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
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 September 30, 2014 and December 31, 2013, are as follows: | |||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||||||
U.S. treasuries | $ | 999 | $ | 9 | $ | — | $ | 1,008 | |||||||||||||||||||||
Government agency securities | 67,666 | 171 | (430 | ) | 67,407 | ||||||||||||||||||||||||
Obligations of state and municipal subdivisions | 73,447 | 1,735 | (545 | ) | 74,637 | ||||||||||||||||||||||||
Corporate bonds | 1,071 | — | (2 | ) | 1,069 | ||||||||||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC and FHR | 90,318 | 1,406 | (1 | ) | 91,723 | ||||||||||||||||||||||||
$ | 233,501 | $ | 3,321 | $ | (978 | ) | $ | 235,844 | |||||||||||||||||||||
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 and FHR | 57,844 | 67 | (468 | ) | 57,443 | ||||||||||||||||||||||||
$ | 196,689 | $ | 707 | $ | (3,358 | ) | $ | 194,038 | |||||||||||||||||||||
Securities with a carrying amount of approximately $177,754 and $111,673 at September 30, 2014 and December 31, 2013, respectively, were pledged to secure public fund deposits and repurchase agreements. | |||||||||||||||||||||||||||||
There were no sales of securities during the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||
The amortized cost and estimated fair value of securities available for sale at September 30, 2014, 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. | |||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||
Due in one year or less | $ | 3,983 | $ | 3,990 | |||||||||||||||||||||||||
Due from one year to five years | 57,240 | 56,927 | |||||||||||||||||||||||||||
Due from five to ten years | 42,682 | 42,911 | |||||||||||||||||||||||||||
Thereafter | 39,278 | 40,293 | |||||||||||||||||||||||||||
143,183 | 144,121 | ||||||||||||||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC and FHR | 90,318 | 91,723 | |||||||||||||||||||||||||||
$ | 233,501 | $ | 235,844 | ||||||||||||||||||||||||||
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 September 30, 2014 and December 31, 2013, 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 | |||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||
Government agency securities | 9 | $ | 13,036 | $ | (58 | ) | 16 | $ | 24,624 | $ | (372 | ) | $ | 37,660 | $ | (430 | ) | ||||||||||||
Obligations of state and municipal subdivisions | 37 | 14,109 | (156 | ) | 15 | 10,040 | (389 | ) | 24,149 | (545 | ) | ||||||||||||||||||
Corporate bonds | 1 | 1,069 | (2 | ) | — | — | — | 1,069 | (2 | ) | |||||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC and FHR | 1 | 94 | (1 | ) | — | — | — | 94 | (1 | ) | |||||||||||||||||||
48 | $ | 28,308 | $ | (217 | ) | 31 | $ | 34,664 | $ | (761 | ) | $ | 62,972 | $ | (978 | ) | |||||||||||||
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 and FHR | 14 | 49,126 | (468 | ) | — | — | — | 49,126 | (468 | ) | |||||||||||||||||||
83 | $ | 137,397 | $ | (2,710 | ) | 6 | $ | 4,047 | $ | (648 | ) | $ | 141,444 | $ | (3,358 | ) | |||||||||||||
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 | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Loans, Net and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
Loans, Net and Allowance for Loan Losses | |||||||||||||||||||||||||||||||||
Loans, net at September 30, 2014 and December 31, 2013, consisted of the following: | |||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Commercial | $ | 587,488 | $ | 241,178 | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | 1,336,416 | 843,436 | |||||||||||||||||||||||||||||||
Commercial construction, land and land development | 290,086 | 130,320 | |||||||||||||||||||||||||||||||
Residential | 479,714 | 338,654 | |||||||||||||||||||||||||||||||
Single family interim construction | 116,785 | 83,144 | |||||||||||||||||||||||||||||||
Agricultural | 43,575 | 40,558 | |||||||||||||||||||||||||||||||
Consumer | 36,967 | 45,762 | |||||||||||||||||||||||||||||||
Other | 161 | 108 | |||||||||||||||||||||||||||||||
2,891,192 | 1,723,160 | ||||||||||||||||||||||||||||||||
Deferred loan fees | (268 | ) | — | ||||||||||||||||||||||||||||||
Allowance for loan losses | (16,840 | ) | (13,960 | ) | |||||||||||||||||||||||||||||
$ | 2,874,084 | $ | 1,709,200 | ||||||||||||||||||||||||||||||
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 agricultural-related assets. 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 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, central and southeast Texas regions. A large percentage of the Company’s portfolio consists of commercial and residential real estate loans. As of September 30, 2014 and December 31, 2013, 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 in which the customer operates, 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, central and southeast 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 three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Single-Family | Agricultural | Consumer | Other | Unallocated | Total | |||||||||||||||||||||||||
Real Estate, | Real Estate | Interim | |||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 3,676 | $ | 9,100 | $ | 2,291 | $ | 584 | $ | 272 | $ | 349 | $ | — | $ | (53 | ) | $ | 16,219 | ||||||||||||||
Provision for loan losses | 427 | 706 | 4 | (26 | ) | 21 | (109 | ) | — | (47 | ) | 976 | |||||||||||||||||||||
Charge-offs | — | (318 | ) | — | — | — | (76 | ) | — | — | (394 | ) | |||||||||||||||||||||
Recoveries | 6 | 23 | 3 | — | — | 7 | — | — | 39 | ||||||||||||||||||||||||
Balance at end of period | $ | 4,109 | $ | 9,511 | $ | 2,298 | $ | 558 | $ | 293 | $ | 171 | $ | — | $ | (100 | ) | $ | 16,840 | ||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 2,401 | $ | 7,872 | $ | 2,440 | $ | 577 | $ | 238 | $ | 363 | $ | — | $ | 69 | $ | 13,960 | |||||||||||||||
Provision for loan losses | 2,061 | 1,907 | (117 | ) | (30 | ) | 55 | (99 | ) | (169 | ) | 3,608 | |||||||||||||||||||||
Charge-offs | (368 | ) | (339 | ) | (32 | ) | — | — | (118 | ) | — | — | (857 | ) | |||||||||||||||||||
Recoveries | 15 | 71 | 7 | 11 | — | 25 | — | — | 129 | ||||||||||||||||||||||||
Balance at end of period | $ | 4,109 | $ | 9,511 | $ | 2,298 | $ | 558 | $ | 293 | $ | 171 | $ | — | $ | (100 | ) | $ | 16,840 | ||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 1,970 | $ | 7,044 | $ | 2,567 | $ | 540 | $ | 210 | $ | 350 | $ | — | $ | 81 | $ | 12,762 | |||||||||||||||
Provision for loan losses | 264 | 401 | (67 | ) | 46 | (17 | ) | (3 | ) | — | 206 | 830 | |||||||||||||||||||||
Charge-offs | (350 | ) | (78 | ) | (21 | ) | — | — | (26 | ) | — | — | (475 | ) | |||||||||||||||||||
Recoveries | 5 | 13 | 2 | — | — | 8 | — | — | 28 | ||||||||||||||||||||||||
Balance at end of period | $ | 1,889 | $ | 7,380 | $ | 2,481 | $ | 586 | $ | 193 | $ | 329 | $ | — | $ | 287 | $ | 13,145 | |||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 2,377 | $ | 4,924 | $ | 2,965 | $ | 523 | $ | 159 | $ | 278 | $ | — | $ | 252 | $ | 11,478 | |||||||||||||||
Provision for loan losses | 79 | 3,068 | (405 | ) | 63 | 34 | 65 | — | 35 | 2,939 | |||||||||||||||||||||||
Charge-offs | (581 | ) | (634 | ) | (87 | ) | — | — | (50 | ) | — | — | (1,352 | ) | |||||||||||||||||||
Recoveries | 14 | 22 | 8 | — | — | 36 | — | — | 80 | ||||||||||||||||||||||||
Balance at end of period | $ | 1,889 | $ | 7,380 | $ | 2,481 | $ | 586 | $ | 193 | $ | 329 | $ | — | $ | 287 | $ | 13,145 | |||||||||||||||
The following table details the amount of the allowance for loan losses and recorded investment in loans by class as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Single-Family | Agricultural | Consumer | Other | Unallocated | Total | |||||||||||||||||||||||||
Real Estate, | Real Estate | Interim | |||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Allowance for losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 49 | $ | 223 | $ | 7 | $ | — | $ | — | $ | 15 | $ | — | $ | — | $ | 294 | |||||||||||||||
Collectively evaluated for impairment | 4,060 | 9,288 | 2,291 | 558 | 293 | 156 | — | (100 | ) | 16,546 | |||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Ending balance | $ | 4,109 | $ | 9,511 | $ | 2,298 | $ | 558 | $ | 293 | $ | 171 | $ | — | $ | (100 | ) | $ | 16,840 | ||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 135 | $ | 6,967 | $ | 3,276 | $ | — | $ | — | $ | 95 | $ | — | $ | — | $ | 10,473 | |||||||||||||||
Collectively evaluated for impairment | 582,508 | 1,573,165 | 474,978 | 116,785 | 43,575 | 36,867 | 161 | — | 2,828,039 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | 4,845 | 46,370 | 1,460 | — | — | 5 | — | — | 52,680 | ||||||||||||||||||||||||
Ending balance | $ | 587,488 | $ | 1,626,502 | $ | 479,714 | $ | 116,785 | $ | 43,575 | $ | 36,967 | $ | 161 | $ | — | $ | 2,891,192 | |||||||||||||||
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 | |||||||||||||||
Nonperforming loans by loan class at September 30, 2014 and December 31, 2013, are summarized as follows: | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential Real Estate | Single-Family | Agricultural | Consumer | Other | Total | ||||||||||||||||||||||||||
Real Estate, | Interim | ||||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 54 | $ | 208 | $ | 1,998 | $ | — | $ | — | $ | 66 | $ | — | $ | 2,326 | |||||||||||||||||
Loans past due 90 days and still accruing | — | — | — | — | — | 6 | — | 6 | |||||||||||||||||||||||||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 80 | 4,702 | 1,262 | — | — | 9 | — | 6,053 | |||||||||||||||||||||||||
$ | 134 | $ | 4,910 | $ | 3,260 | $ | — | $ | — | $ | 81 | $ | — | $ | 8,385 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | 5,090 | 1,288 | — | — | 1 | — | 6,486 | |||||||||||||||||||||||||
$ | 464 | $ | 5,343 | $ | 3,140 | $ | 170 | $ | — | $ | 44 | $ | — | $ | 9,161 | ||||||||||||||||||
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 the 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 September 30, 2014 and December 31, 2013, are summarized as follows: | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Single-Family | Agricultural | Consumer | Other | Total | ||||||||||||||||||||||||||
Real Estate, | Real Estate | Interim | |||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Recorded investment in impaired loans: | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance for loan losses | $ | 83 | $ | 2,131 | $ | 14 | $ | — | $ | — | $ | 23 | $ | — | $ | 2,251 | |||||||||||||||||
Impaired loans with no allowance for loan losses | 52 | 4,836 | 3,262 | — | — | 72 | — | 8,222 | |||||||||||||||||||||||||
Total | $ | 135 | $ | 6,967 | $ | 3,276 | $ | — | $ | — | $ | 95 | $ | — | $ | 10,473 | |||||||||||||||||
Unpaid principal balance of impaired loans | $ | 137 | $ | 7,473 | $ | 3,385 | $ | — | $ | — | $ | 111 | $ | — | $ | 11,106 | |||||||||||||||||
Allowance for loan losses on impaired loans | $ | 49 | $ | 223 | $ | 7 | $ | — | $ | — | $ | 15 | $ | — | $ | 294 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||
For the three months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 139 | $ | 7,538 | $ | 3,232 | $ | — | $ | — | $ | 73 | $ | — | $ | 10,982 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 2 | $ | 101 | $ | 44 | $ | — | $ | — | $ | 1 | $ | — | $ | 148 | |||||||||||||||||
For the nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 257 | $ | 7,663 | $ | 3,219 | $ | 43 | $ | — | $ | 68 | $ | — | $ | 11,250 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 7 | $ | 302 | $ | 126 | $ | — | $ | — | $ | 2 | $ | — | $ | 437 | |||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 599 | $ | 8,095 | $ | 3,394 | $ | — | $ | — | $ | 73 | $ | — | $ | 12,161 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 4 | $ | 112 | $ | 34 | $ | — | $ | — | $ | 1 | $ | — | $ | 151 | |||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 687 | $ | 8,833 | $ | 3,435 | $ | — | $ | — | $ | 83 | $ | — | $ | 13,038 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 26 | $ | 347 | $ | 120 | $ | — | $ | — | $ | 4 | $ | — | $ | 497 | |||||||||||||||||
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 Accounting Standards Codification (ASC) 310-10-35. The recorded investment in troubled debt restructurings, including those on nonaccrual, was $7,443 and $7,938 as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||
Following is a summary of loans modified under troubled debt restructurings during the three months and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||
. | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Single-Family | Agricultural | Consumer | Other | Total | ||||||||||||||||||||||||||
Real Estate, | Real Estate | Interim | |||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
Troubled debt restructurings during the three months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Number of contracts | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||
Pre-restructuring outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9 | $ | — | $ | 9 | |||||||||||||||||
Post-restructuring outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9 | $ | — | $ | 9 | |||||||||||||||||
Troubled debt restructurings during the nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Number of contracts | — | 2 | — | — | — | 1 | — | 3 | |||||||||||||||||||||||||
Pre-restructuring outstanding recorded investment | $ | — | $ | 1,108 | $ | — | $ | — | $ | — | $ | 9 | $ | — | $ | 1,117 | |||||||||||||||||
Post-restructuring outstanding recorded investment | $ | — | $ | 1,108 | $ | — | $ | — | $ | — | $ | 9 | $ | — | $ | 1,117 | |||||||||||||||||
Troubled debt restructurings during the three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Number of contracts | — | 1 | — | — | — | — | — | 1 | |||||||||||||||||||||||||
Pre-restructuring outstanding recorded investment | $ | — | $ | 640 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 640 | |||||||||||||||||
Post-restructuring outstanding recorded investment | $ | — | $ | 640 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 640 | |||||||||||||||||
Troubled debt restructurings during the nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Number of contracts | — | 2 | — | — | — | — | — | 2 | |||||||||||||||||||||||||
Pre-restructuring outstanding recorded investment | $ | — | $ | 1,460 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,460 | |||||||||||||||||
Post-restructuring outstanding recorded investment | $ | — | $ | 1,460 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,460 | |||||||||||||||||
At September 30, 2014 and 2013, there were no loans modified under troubled debt restructurings during the previous twelve month period that subsequently defaulted during the three and nine months ended September 30, 2014 and, 2013, respectively. At September 30, 2014 and 2013, 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 September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Loans | Loans | Total Past | Current | Total | |||||||||||||||||||||||||||||
30-89 Days | 90 or More | Due Loans | Loans | Loans | |||||||||||||||||||||||||||||
Past Due | Past Due | ||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Commercial | $ | 505 | $ | 8 | $ | 513 | $ | 586,975 | $ | 587,488 | |||||||||||||||||||||||
Commercial real estate, land and land development | 295 | 124 | 419 | 1,626,083 | 1,626,502 | ||||||||||||||||||||||||||||
Residential real estate | 1,787 | 388 | 2,175 | 477,539 | 479,714 | ||||||||||||||||||||||||||||
Single-family interim construction | — | — | — | 116,785 | 116,785 | ||||||||||||||||||||||||||||
Agricultural | 17 | — | 17 | 43,558 | 43,575 | ||||||||||||||||||||||||||||
Consumer | 168 | 49 | 217 | 36,750 | 36,967 | ||||||||||||||||||||||||||||
Other | — | — | — | 161 | 161 | ||||||||||||||||||||||||||||
$ | 2,772 | $ | 569 | $ | 3,341 | $ | 2,887,851 | $ | 2,891,192 | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
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 that 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 September 30, 2014 and December 31, 2013, is as follows: | |||||||||||||||||||||||||||||||||
Pass | Pass/ | OAEM | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||||||
Commercial | $ | 576,180 | $ | 9,355 | $ | 1,496 | $ | 457 | $ | — | $ | 587,488 | |||||||||||||||||||||
Commercial real estate, construction, land and land development | 1,599,245 | 9,381 | 6,384 | 11,492 | — | 1,626,502 | |||||||||||||||||||||||||||
Residential real estate | 471,541 | 2,680 | 195 | 5,298 | — | 479,714 | |||||||||||||||||||||||||||
Single-family interim construction | 116,785 | — | — | — | — | 116,785 | |||||||||||||||||||||||||||
Agricultural | 43,510 | 58 | — | 7 | — | 43,575 | |||||||||||||||||||||||||||
Consumer | 36,818 | 44 | 8 | 97 | — | 36,967 | |||||||||||||||||||||||||||
Other | 161 | — | — | — | — | 161 | |||||||||||||||||||||||||||
$ | 2,844,240 | $ | 21,518 | $ | 8,083 | $ | 17,351 | $ | — | $ | 2,891,192 | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
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 for the acquisitions occurring in 2014 and 2013: | |||||||||||||||||||||||||||||||||
Acquisition Date | |||||||||||||||||||||||||||||||||
15-Apr-14 | 1-Jan-14 | 30-Nov-13 | |||||||||||||||||||||||||||||||
Bank of Houston | Live Oak | Collin Bank | |||||||||||||||||||||||||||||||
Outstanding balance | $ | 55,718 | $ | 3,583 | $ | 11,897 | |||||||||||||||||||||||||||
Nonaccretable difference | (5,798 | ) | (519 | ) | (1,810 | ) | |||||||||||||||||||||||||||
Accretable yield | (2,579 | ) | (182 | ) | (408 | ) | |||||||||||||||||||||||||||
Carrying amount | $ | 47,341 | $ | 2,882 | $ | 9,679 | |||||||||||||||||||||||||||
The carrying amount of all acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at September 30, 2014 and December 31, 2013, were as follows: | |||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Outstanding balance | $ | 61,690 | $ | 15,768 | |||||||||||||||||||||||||||||
Carrying amount | 52,680 | 13,777 | |||||||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, there was no allocation established in the allowance for loan losses related to purchased credit impaired loans. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
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 September 30, 2014 and December 31, 2013, the approximate amounts of these financial instruments were as follows: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Commitments to extend credit | $ | 559,620 | $ | 365,575 | |||||
Standby letters of credit | 7,147 | 2,120 | |||||||
$ | 566,767 | $ | 367,695 | ||||||
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 September 30, 2014 and December 31, 2013, 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 $391 and $907 for the three and nine months ended September 30, 2014, respectively, and $168 and $538 for the three and nine months ended September 30, 2013, respectively. |
Repurchase_Agreements_and_Othe
Repurchase Agreements and Other Borrowings | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Repurchase Agreements and Other Borrowings | ' |
Repurchase Agreements and Other Borrowings | |
The Company assumed repurchase agreement accounts in the Live Oak acquisition on January 1, 2014. At September 30, 2014 and December 31, 2013, repurchase accounts totaled $5,235 and $0, respectively. Securities held in safekeeping totaling $5,890 are pledged as security on these repurchase agreement accounts. | |
In June 2014, the Company entered into a $35 million unsecured revolving line of credit with an unrelated bank. The line bears interest at LIBOR plus 2.50% and matures May 3, 2015. As of September 30, 2014 there is no outstanding balance on the line. | |
In July 2014, the Company issued $65 million of 5.875% subordinated notes (Notes) which are due August 1, 2024. Interest on the Notes will be payable semiannually beginning February 1, 2015. The notes may not be redeemed prior to maturity and meet the criteria to be recognized as Tier 2 capital for regulatory purposes. | |
Other borrowings, including those borrowings due to related parties totaled $72,730 and $7,730 at September 30, 2014 and December 31, 2013, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
In connection with the initial public offering, the Company terminated its S-Corporation status and became a taxable entity (C Corporation) on April 1, 2013. As such, any periods prior to March 31, 2013 do not reflect income tax expense. | ||||||||||||||||
Income tax expense for the three and nine months ended September 30, 2014 and 2013 was as follows: | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Current income tax expense | $ | 4,543 | $ | 1,927 | $ | 9,564 | $ | 3,932 | ||||||||
Initial recording of deferred tax benefit | — | — | — | (1,760 | ) | |||||||||||
Income tax expense for the period | $ | 4,543 | $ | 1,927 | $ | 9,564 | $ | 2,172 | ||||||||
Effective tax rate | 33.6 | % | 32.7 | % | 33.6 | % | 12.3 | % | ||||||||
The reported income tax expense for the nine months ended September 30, 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. Without the initial recording of the deferred tax benefit, the effective tax rate would have been 32.8%. The effective tax rates differ from the statutory federal tax rate of 35% largely due to tax exempt interest income earned on certain investment securities and loans and the nontaxable earnings on bank owned life insurance. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
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 reported on the consolidated balance sheets at their fair value on a recurring basis as of September 30, 2014 and December 31, 2013 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) | ||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
U.S. treasuries | $ | 1,008 | $ | — | $ | 1,008 | $ | — | |||||||||||||
Government agency securities | 67,407 | — | 67,407 | — | |||||||||||||||||
Obligations of state and municipal subdivisions | 74,637 | — | 74,637 | — | |||||||||||||||||
Corporate bonds | 1,069 | — | 1,069 | — | |||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC and FHR | 91,723 | — | 91,723 | — | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
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 and FHR | 57,443 | — | 57,443 | — | |||||||||||||||||
There were no transfers between level categorizations for the periods 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, was reported at fair value using Level 3 inputs. The contingent consideration was 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. The following table presents the activity in the contingent consideration for the nine months ended September 30, 2013: | |||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Balance, beginning of period | $ | 290 | |||||||||||||||||||
Settlements | (287 | ) | |||||||||||||||||||
Change in estimated payments to be made | (3 | ) | |||||||||||||||||||
Balance, end of period | $ | — | |||||||||||||||||||
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 September 30, 2014 and December 31, 2013, 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 | |||||||||||||||||
Measured | in Active | Other | Unobservable | Total (Gains) Losses | |||||||||||||||||
at Fair Value | Markets for | Observable | Inputs (Level 3) | ||||||||||||||||||
Identical Assets | Inputs | ||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Measured on a nonrecurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | $ | 2,453 | $ | — | $ | — | $ | 2,453 | $ | (3 | ) | ||||||||||
Other real estate | 138 | — | — | 138 | $ | 22 | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Measured on a nonrecurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | $ | 1,514 | $ | — | $ | — | $ | 1,514 | $ | 497 | |||||||||||
Other real estate | 2,449 | — | — | 2,449 | 537 | ||||||||||||||||
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. | |||||||||||||||||||||
In addition, mortgage loans held for sale are required to be measured at the lower of cost or fair value. The fair value of mortgage loans held for sale is based upon binding quotes or bids from third party investors. As of September 30, 2014 and December 31, 2013, all mortgage loans held for sale were recorded at cost. | |||||||||||||||||||||
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. | |||||||||||||||||||||
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. | |||||||||||||||||||||
Repurchase agreements and other borrowings: The carrying value of repurchase agreements approximates fair value due to the short term nature. The fair values of private subordinated debentures are based upon prevailing rates on similar debt in the market place. The subordinated notes that are publicly traded are valued based on indicative bid prices based upon market pricing observations in the current market. | |||||||||||||||||||||
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 September 30, 2014 and December 31, 2013: | |||||||||||||||||||||
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) | ||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 249,769 | $ | 249,769 | $ | 249,769 | $ | — | $ | — | |||||||||||
Securities available for sale | 235,844 | 235,844 | — | 235,844 | — | ||||||||||||||||
Loans held for sale | 1,811 | 1,811 | — | 1,811 | — | ||||||||||||||||
Loans, net | 2,874,084 | 2,895,276 | — | 2,893,319 | 1,957 | ||||||||||||||||
FHLB of Dallas stock and other restricted stock | 15,715 | 15,715 | — | 15,715 | — | ||||||||||||||||
Accrued interest receivable | 8,025 | 8,025 | — | 8,025 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 2,813,660 | 2,816,258 | — | 2,816,258 | — | ||||||||||||||||
Accrued interest payable | 1,936 | 1,936 | — | 1,936 | — | ||||||||||||||||
FHLB advances | 324,424 | 323,936 | — | 323,936 | — | ||||||||||||||||
Repurchase agreements | 5,235 | 5,235 | — | 5,235 | — | ||||||||||||||||
Other borrowings | 72,730 | 74,884 | — | 74,884 | — | ||||||||||||||||
Junior subordinated debentures | 18,147 | 18,127 | — | 18,127 | — | ||||||||||||||||
Off-balance sheet assets (liabilities): | |||||||||||||||||||||
Commitments to extend credit | — | — | — | — | — | ||||||||||||||||
Standby letters of credit | — | — | — | — | — | ||||||||||||||||
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 | — | — | — | — | — | ||||||||||||||||
Stock_Awards_and_Stock_Warrant
Stock Awards and Stock Warrants | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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 currently issued under the 2013 Plan are restricted and will vest evenly over the required employment period, ranging from three to five years. Shares granted under a previous plan prior to 2012 and those in and subsequent to 2013 under the 2013 Equity Incentive Plan 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 nine months ended September 30, 2014 and 2013: | ||||||||
Number of | Weighted | |||||||
Shares | Average | |||||||
Grant Date | ||||||||
Fair Value | ||||||||
Nonvested shares, December 31, 2013 | 306,524 | $ | 22.75 | |||||
Granted during the period | 189,069 | 56.7 | ||||||
Vested during the period | (121,364 | ) | 19.93 | |||||
Forfeited during the period | (1,194 | ) | 30.37 | |||||
Nonvested shares, September 30, 2014 | 373,035 | $ | 40.85 | |||||
Nonvested shares, December 31, 2012 | 208,608 | $ | 17.07 | |||||
Granted during the period | 119,540 | 28.68 | ||||||
Vested during the period | (22,716 | ) | 14.3 | |||||
Nonvested shares, September 30, 2013 | 305,432 | $ | 22.16 | |||||
Compensation expense related to these awards is recorded based on the fair value of the award at the date of grant and totaled $841 and $2,011 for the three and nine months ended September 30, 2014, respectively and $455 and $1,049 for the three and nine months ended September 30, 2013, respectively. Compensation expense is recorded in salaries and employee benefits in the accompanying consolidated statements of income. At September 30, 2014, future compensation expense is estimated to be $12,662 and will be recognized over a remaining weighted average period of 3.69 years. | ||||||||
The fair value of common stock awards that vested during the nine months ended September 30, 2014 and 2013 was $6,288 and $641, respectively. The Company has recorded $1,326 and $9 to additional paid in capital, which represents the excess tax benefit recognized on the vested shares for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||
At September 30, 2014, the future vesting schedule of the nonvested shares is as follows: | ||||||||
First year | 84,041 | |||||||
Second year | 83,920 | |||||||
Third year | 97,110 | |||||||
Fourth year | 75,364 | |||||||
Fifth year | 32,600 | |||||||
Total nonvested shares | 373,035 | |||||||
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 | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
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 September 30, 2014 and December 31, 2013, the Company and the Bank meet all capital adequacy requirements to which they are subject. | ||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013, 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 September 30, 2014 and December 31, 2013, 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 | |||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||
Total capital to risk weighted assets: | ||||||||||||||||||||||
Consolidated | $ | 384,794 | 13.36 | % | $ | 230,356 | 8 | % | N/A | N/A | ||||||||||||
Bank | 361,351 | 12.57 | 229,997 | 8 | $ | 287,496 | 10 | % | ||||||||||||||
Tier I capital to risk weighted assets: | ||||||||||||||||||||||
Consolidated | 297,770 | 10.34 | 115,178 | 4 | N/A | N/A | ||||||||||||||||
Bank | 344,511 | 11.98 | 114,998 | 4 | 172,498 | 6 | % | |||||||||||||||
Tier I capital to average assets: | ||||||||||||||||||||||
Consolidated | 297,770 | 8.5 | 140,132 | 4 | N/A | N/A | ||||||||||||||||
Bank | 344,511 | 9.98 | 138,090 | 4 | 172,613 | 5 | % | |||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
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 | % | |||||||||||||||
Small_Business_Lending_Fund_Pr
Small Business Lending Fund Preferred Stock Small Business Lending Fund Preferred Stock | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
Small Business Lending Fund Preferred Stock | ' |
Small Business Lending Fund Preferred Stock | |
In connection with the acquisition of BOH Holdings on April 15, 2014, the Company entered into an Assignment and Assumption Agreement with BOH Holdings to acquire all assets and assume all liabilities of BOH Holdings. BOH Holdings participated in the US Treasury's Small Business Lending Fund (SBLF) program. The SBLF is a U.S. Department of the Treasury lending program that encourages qualified community banks to partner with small businesses and entrepreneurs to create jobs and promote economic development in local communities. As a result of continued participation in the program, the Company issued 23,938.35 shares of Senior Non-Cumulative Perpetual SBLF Preferred Stock, Series A at $1,000 par value to the US Treasury Department in exchange for the 23,938.35 shares of BOH Series C SBLF Preferred Stock. | |
The SBLF Preferred Stock qualifies as Tier 1 capital. The holders of SBLF Preferred Stock are entitled to receive non-cumulative dividends, payable quarterly. The dividend rate was determined based on the level of Qualified Small Business Lending at BOH Holdings and was set at 1.00% at time of acquisition. The Company qualified for the 1.00% rate continuing through January 2016, at which time the dividend rate will increase to 9.00%. During the three and nine months ended September 30, 2014, the Company recorded preferred stock dividends of $60 and $109, respectively. | |
The Series A Preferred Stock is non-voting, except in limited circumstances. The Company may redeem the shares of Series A Preferred Stock, in whole or in part, at any time at a redemption price equal to the sum of the Liquidation Amount of $1,000 per share and the per share amount of any unpaid dividends for the then-current period, subject to any required prior approval by the Company’s primary federal banking regulator. |
Business_Combinations
Business Combinations | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Business Combinations [Abstract] | ' | |||||||||
Business Combinations | ' | |||||||||
Business Combinations | ||||||||||
Collin Bank | ||||||||||
During the nine months ended September 30, 2014, the Company made certain measurement-period adjustments to previous purchase accounting estimates for the November 30, 2013 acquisition of Collin Bank. The differences from estimated values resulted from completion of the valuations. The following table summarizes the previously reported estimates and the measurement-period adjustments made to asset and liability accounts to derive at the final purchase accounting allocations for Collin Bank. | ||||||||||
As Reported at December 31, 2013 | Measurement Period Adjustments | Final Recorded Value | ||||||||
Assets of acquired bank: | ||||||||||
Cash and cash equivalents | $ | 22,792 | $ | — | $ | 22,792 | ||||
Securities available for sale | 62,373 | — | 62,373 | |||||||
Loans | 72,611 | (328 | ) | 72,283 | ||||||
Premises and equipment | 141 | — | 141 | |||||||
Investment in FHLB stock | 1,156 | — | 1,156 | |||||||
Goodwill | 5,962 | 752 | 6,714 | |||||||
Core deposit intangible | 600 | (18 | ) | 582 | ||||||
Deferred tax asset | 1,385 | 109 | 1,494 | |||||||
Other assets | 775 | 10 | 785 | |||||||
Total assets | $ | 167,795 | $ | 525 | $ | 168,320 | ||||
Liabilities of acquired bank: | ||||||||||
Deposits | $ | 111,164 | $ | 505 | $ | 111,669 | ||||
FHLB advances | 26,000 | — | 26,000 | |||||||
Other liabilities | 358 | 20 | 378 | |||||||
Total liabilities | $ | 137,522 | $ | 525 | $ | 138,047 | ||||
Common stock issued in the Collin Bank transaction | $ | 11,861 | $ | — | $ | 11,861 | ||||
Cash paid in the Collin Bank transaction | $ | 18,412 | $ | — | $ | 18,412 | ||||
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 goodwill of $6,988, 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. | ||||||||||
During the nine months ended September 30, 2014, the Company made measurement-period adjustments to increase goodwill by $32, other assets by $18 and deposits by $50. The Company has incurred expenses related to the acquisition of approximately $354 and $357 during the nine months ended September 30, 2014 and year ended December 31, 2013, respectively, which is included in acquisition expenses in the consolidated statements of income. The acquisition is not considered significant to the Company’s financial statements and therefore, pro forma financial data is not included. | ||||||||||
Non-credit impaired loans had a fair value of $68,256 at the date of acquisition and contractual balances of $68,351. The difference of $95 will be recognized into interest income as an adjustment to yield over the life of the loans. | ||||||||||
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 | 71,304 | |||||||||
Premises and equipment | 2,600 | |||||||||
Goodwill | 6,988 | |||||||||
Core deposit intangible | 882 | |||||||||
Other assets | 248 | |||||||||
Total assets | $ | 131,008 | ||||||||
Liabilities of acquired bank: | ||||||||||
Deposits | $ | 105,010 | ||||||||
Repurchase agreements | 3,733 | |||||||||
Other liabilities | 565 | |||||||||
Total liabilities | $ | 109,308 | ||||||||
Common stock issued in the Live Oak transaction | $ | 11,700 | ||||||||
Cash paid in the Live Oak transaction | $ | 10,000 | ||||||||
BOH Holdings | ||||||||||
On April 15, 2014, the Company acquired 100% of the outstanding stock of BOH Holdings, Inc. and its subsidiary, Bank of Houston (BOH), Houston, Texas. This transaction gives the Company six branches in the greater Houston area. The Company issued 3,615,886 shares of Company stock and paid $34,010 in cash for the outstanding shares of BOH common stock. In addition, the Company issued 23,938.35 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series A to the US Treasury Department in exchange for the 23,938.35 shares of BOH Series C Preferred Stock. The preferred stock is senior to the Company's common stock with respect to dividend rights and liquidation. | ||||||||||
The Company has recognized a provisional amount of goodwill of approximately $165.2 million 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 entrance into a desirable Texas market. 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 $1,715 for the nine months ended September 30, 2014, which is included in acquisition expenses in the consolidated statements of income. The Company incurred expenses of $592 during the year ended December 31, 2013. In addition, for the nine months ended September 30, 2014, the Company paid offering costs totaling $550 which were recorded as a reduction to stock issuance proceeds through additional paid in capital. Provisional estimates have been recorded for the acquisition as independent valuations have not been finalized. 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: | ||||||||||
Initially recorded at Acquisition Date | Measurement Period Adjustments | Adjusted Values | ||||||||
Assets of acquired bank: | ||||||||||
Cash and cash equivalents | $ | 135,525 | $ | — | $ | 135,525 | ||||
Securities available for sale | 59,141 | — | 59,141 | |||||||
Loans | 786,761 | (1,166 | ) | 785,595 | ||||||
Premises and equipment | 7,211 | — | 7,211 | |||||||
Other real estate | 1,191 | 33 | 1,224 | |||||||
Goodwill | 164,766 | 397 | 165,163 | |||||||
Core deposit intangible | 7,265 | — | 7,265 | |||||||
Other assets | 27,394 | 162 | 27,556 | |||||||
Total assets acquired | $ | 1,189,254 | $ | (574 | ) | $ | 1,188,680 | |||
Liabilities of acquired bank: | ||||||||||
Deposits | $ | 820,752 | $ | — | $ | 820,752 | ||||
FHLB Advances | 95,000 | — | 95,000 | |||||||
Other liabilities | 6,737 | (574 | ) | 6,163 | ||||||
Total liabilities assumed | $ | 922,489 | $ | (574 | ) | $ | 921,915 | |||
Common stock issued at $57.75 per share | $ | 208,817 | $ | — | $ | 208,817 | ||||
Series A Preferred Stock Exchanged in connection with acquired bank | $ | 23,938 | $ | — | $ | 23,938 | ||||
Cash paid | $ | 34,010 | $ | — | $ | 34,010 | ||||
Pro forma net income for the nine months ended September 30, 2014 and 2013 was $19,519 and $23,710, respectively and pro forma revenue was $119,310 and $102,424, respectively had the transaction occurred as of January 1, 2014. Pro forma after tax net income for the year ended December 31, 2013 was $26,959 and pro forma revenue was $139,164 had the transaction occurred on January 1, 2013. |
Subsequent_Events
Subsequent Events | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Subsequent Events [Abstract] | ' | |||
Subsequent Events | ' | |||
Subsequent Events | ||||
Business Combination - Houston City Bancshares | ||||
On October 1, 2014, the Company acquired 100% of the outstanding stock of Houston City Bancshares, Inc. and its wholly owned subsidiary, Houston Community Bank, Houston, TX (HCB) with six branches located in the Houston area. The Company issued 637,856 shares of Company stock and paid approximately $16.8 million in cash for the outstanding shares of HCB common stock. | ||||
The Company recognized a provisional amount of goodwill of $19.6 million, 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 the intent to expand our presence in the Houston market. None of the goodwill recognized is expected to be deductible for income tax purposes. | ||||
Management is still evaluating the loan portfolio but does not anticipate a significant amount of credit-impaired loans. | ||||
The Company has incurred expenses related to the acquisition of approximately $180 and $337 during the three and nine months ended September 30, 2014, which is included in acquisition expenses in the consolidated statements of income. The acquisition is not considered significant to the Company’s financial statements and therefore, pro forma financial data is not included. | ||||
Provisional estimates have been recorded for the acquisition as independent valuations have not been finalized. 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 | $ | 118,825 | ||
Securities available for sale | 3,549 | |||
Loans | 196,791 | |||
Premises and equipment | 8,678 | |||
Goodwill | 19,602 | |||
Core deposit intangible | 1,801 | |||
Other assets | 1,498 | |||
Total assets | $ | 350,744 | ||
Liabilities of acquired bank: | ||||
Deposits | $ | 303,092 | ||
Other liabilities | 582 | |||
Total liabilities | $ | 303,674 | ||
Common stock issued in the HCB transaction | $ | 30,266 | ||
Cash paid for the HCB transaction | $ | 16,804 | ||
Declaration of Dividends | ||||
On November 4, 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 November 14, 2014. The dividend will be paid on November 26, 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
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. Adriatica was dissolved during the first quarter of 2014. 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. | |
The consolidated interim financial statements are unaudited, but include all adjustments, which, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments were of a normal and recurring nature. These financial statements should be read in conjunction with the financial statements and the notes thereto in the Company's Annual Report of Form10-K for the year ended December 31, 2013. The consolidated statement of condition at December 31, 2013 had been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. | |
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. | |
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 32.8% for the nine months ended September 30, 2013, as if it had been a C Corporation during that period. 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. | |
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 13. | |
Earnings Per Share | ' |
Earnings per share: Basic earnings per common share are net income available to common shareholders 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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Earning Per Share | ' | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic earnings per share: | ||||||||||||||||
Net income | $ | 8,960 | $ | 3,959 | $ | 18,880 | $ | 15,521 | ||||||||
Less: Preferred stock dividends | (60 | ) | — | (109 | ) | — | ||||||||||
Net income after preferred stock dividends | 8,900 | 3,959 | 18,771 | 15,521 | ||||||||||||
Less: | ||||||||||||||||
Undistributed earnings allocated to participating securities | 157 | 68 | 291 | 184 | ||||||||||||
Dividends paid on participating securities | 19 | 15 | 49 | 119 | ||||||||||||
Net income available to common shareholders | $ | 8,724 | $ | 3,876 | $ | 18,431 | $ | 15,218 | ||||||||
Weighted-average basic shares outstanding | 16,046,935 | 11,823,655 | 14,657,873 | 10,588,554 | ||||||||||||
Basic earnings per share | $ | 0.54 | $ | 0.33 | $ | 1.26 | $ | 1.44 | ||||||||
Diluted earnings per share: | ||||||||||||||||
Net income available to common shareholders | $ | 8,724 | $ | 3,876 | $ | 18,431 | $ | 15,218 | ||||||||
Total weighted-average basic shares outstanding | 16,046,935 | 11,823,655 | 14,657,873 | 10,588,554 | ||||||||||||
Add dilutive stock warrants | 98,725 | 74,229 | 100,595 | 58,874 | ||||||||||||
Total weighted-average diluted shares outstanding | 16,145,660 | 11,897,884 | 14,758,468 | 10,647,428 | ||||||||||||
Diluted earnings per share | $ | 0.54 | $ | 0.33 | $ | 1.25 | $ | 1.43 | ||||||||
Pro forma earnings per share: | ||||||||||||||||
Pro forma net income | n/a | n/a | n/a | $ | 11,895 | |||||||||||
Less undistributed earnings allocated to participating securities | n/a | n/a | n/a | 113 | ||||||||||||
Less dividends paid on participating securities | n/a | n/a | n/a | 119 | ||||||||||||
Pro forma net income available to common shareholders after tax | n/a | n/a | n/a | $ | 11,663 | |||||||||||
Pro forma basic earnings per share | n/a | n/a | n/a | $ | 1.1 | |||||||||||
Pro forma diluted earnings per share | n/a | n/a | n/a | $ | 1.1 | |||||||||||
Anti-dilutive participating securities | 73,120 | 151,674 | 122,209 | 139,416 | ||||||||||||
Statement_of_Cash_Flows_Tables
Statement of Cash Flows (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Other Supplemental Cash Flow Information | ' | ||||||||
Other supplemental cash flow information is presented below: | |||||||||
Nine Months Ended September 30, | |||||||||
2014 | 2013 | ||||||||
Cash transactions: | |||||||||
Interest expense paid | $ | 10,222 | $ | 9,270 | |||||
Income taxes paid | $ | 7,730 | $ | 3,100 | |||||
Noncash transactions: | |||||||||
Accrued preferred stock dividends | $ | 60 | $ | — | |||||
Transfers of loans to other real estate owned | $ | 1,088 | $ | 2,885 | |||||
Loans to facilitate the sale of other real estate owned | $ | 48 | $ | 113 | |||||
Writeoff of debt origination costs related to warrants | $ | — | $ | 223 | |||||
Securities purchased, not yet settled | $ | — | $ | 1,000 | |||||
Excess tax benefit on restricted stock vested | $ | 1,326 | $ | 9 | |||||
Transfer of bank premises to other real estate | $ | 356 | $ | — | |||||
Supplemental schedule of noncash investing activities from the Live Oak Financial Corp. and BOH Holdings acquisitions are as follows: | |||||||||
Nine Months Ended September 30, | |||||||||
2014 | 2013 | ||||||||
Noncash assets acquired | |||||||||
Cash and cash equivalents | $ | 167,771 | $ | — | |||||
Securities available for sale | 75,881 | — | |||||||
Loans | 856,899 | — | |||||||
Premises and equipment | 9,811 | — | |||||||
Other real estate owned | 1,224 | — | |||||||
Goodwill | 172,151 | — | |||||||
Core deposit intangibles | 8,147 | — | |||||||
Other assets | 27,804 | — | |||||||
Total assets | $ | 1,319,688 | $ | — | |||||
Noncash liabilities assumed: | |||||||||
Deposits | $ | 925,762 | $ | — | |||||
Repurchase agreements | 3,733 | — | |||||||
FHLB advances | 95,000 | — | |||||||
Other liabilities | 6,728 | — | |||||||
Total liabilities | $ | 1,031,223 | $ | — | |||||
Cash paid to shareholders of acquired banks | $ | 44,010 | $ | — | |||||
Series A preferred stock exchanged in connection with acquired banks | $ | 23,938 | $ | — | |||||
Fair value of common stock issued to shareholders of acquired banks | $ | 220,517 | $ | — | |||||
In addition, the following measurement-period adjustments were made during the period relating the November 30, 2013 acquisition of Collin Bank: | |||||||||
Nine Months Ended September 30, | |||||||||
2014 | 2013 | ||||||||
Noncash assets acquired: | |||||||||
Loans | $ | (328 | ) | $ | — | ||||
Goodwill | 752 | — | |||||||
Core deposit intangibles | (18 | ) | — | ||||||
Deferred tax asset | 109 | — | |||||||
Other assets | 10 | — | |||||||
Total assets | $ | 525 | $ | — | |||||
Noncash liabilities assumed: | |||||||||
Deposits | $ | 505 | $ | — | |||||
Other liabilities | 20 | — | |||||||
Total liabilities | $ | 525 | $ | — | |||||
Securities_Available_for_Sale_
Securities Available for Sale (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Amortized Cost of Securities and Approximate Fair Values | ' | ||||||||||||||||||||||||||||
The amortized cost of securities and their approximate fair values at September 30, 2014 and December 31, 2013, are as follows: | |||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||||||
U.S. treasuries | $ | 999 | $ | 9 | $ | — | $ | 1,008 | |||||||||||||||||||||
Government agency securities | 67,666 | 171 | (430 | ) | 67,407 | ||||||||||||||||||||||||
Obligations of state and municipal subdivisions | 73,447 | 1,735 | (545 | ) | 74,637 | ||||||||||||||||||||||||
Corporate bonds | 1,071 | — | (2 | ) | 1,069 | ||||||||||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC and FHR | 90,318 | 1,406 | (1 | ) | 91,723 | ||||||||||||||||||||||||
$ | 233,501 | $ | 3,321 | $ | (978 | ) | $ | 235,844 | |||||||||||||||||||||
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 and FHR | 57,844 | 67 | (468 | ) | 57,443 | ||||||||||||||||||||||||
$ | 196,689 | $ | 707 | $ | (3,358 | ) | $ | 194,038 | |||||||||||||||||||||
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 September 30, 2014, 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. | |||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||
Due in one year or less | $ | 3,983 | $ | 3,990 | |||||||||||||||||||||||||
Due from one year to five years | 57,240 | 56,927 | |||||||||||||||||||||||||||
Due from five to ten years | 42,682 | 42,911 | |||||||||||||||||||||||||||
Thereafter | 39,278 | 40,293 | |||||||||||||||||||||||||||
143,183 | 144,121 | ||||||||||||||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC and FHR | 90,318 | 91,723 | |||||||||||||||||||||||||||
$ | 233,501 | $ | 235,844 | ||||||||||||||||||||||||||
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 September 30, 2014 and December 31, 2013, 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 | |||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||
Government agency securities | 9 | $ | 13,036 | $ | (58 | ) | 16 | $ | 24,624 | $ | (372 | ) | $ | 37,660 | $ | (430 | ) | ||||||||||||
Obligations of state and municipal subdivisions | 37 | 14,109 | (156 | ) | 15 | 10,040 | (389 | ) | 24,149 | (545 | ) | ||||||||||||||||||
Corporate bonds | 1 | 1,069 | (2 | ) | — | — | — | 1,069 | (2 | ) | |||||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC and FHR | 1 | 94 | (1 | ) | — | — | — | 94 | (1 | ) | |||||||||||||||||||
48 | $ | 28,308 | $ | (217 | ) | 31 | $ | 34,664 | $ | (761 | ) | $ | 62,972 | $ | (978 | ) | |||||||||||||
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 and FHR | 14 | 49,126 | (468 | ) | — | — | — | 49,126 | (468 | ) | |||||||||||||||||||
83 | $ | 137,397 | $ | (2,710 | ) | 6 | $ | 4,047 | $ | (648 | ) | $ | 141,444 | $ | (3,358 | ) | |||||||||||||
Loans_Net_and_Allowance_for_Lo1
Loans, Net and Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Compositions of Loans | ' | ||||||||||||||||||||||||||||||||
Loans, net at September 30, 2014 and December 31, 2013, consisted of the following: | |||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Commercial | $ | 587,488 | $ | 241,178 | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Commercial | 1,336,416 | 843,436 | |||||||||||||||||||||||||||||||
Commercial construction, land and land development | 290,086 | 130,320 | |||||||||||||||||||||||||||||||
Residential | 479,714 | 338,654 | |||||||||||||||||||||||||||||||
Single family interim construction | 116,785 | 83,144 | |||||||||||||||||||||||||||||||
Agricultural | 43,575 | 40,558 | |||||||||||||||||||||||||||||||
Consumer | 36,967 | 45,762 | |||||||||||||||||||||||||||||||
Other | 161 | 108 | |||||||||||||||||||||||||||||||
2,891,192 | 1,723,160 | ||||||||||||||||||||||||||||||||
Deferred loan fees | (268 | ) | — | ||||||||||||||||||||||||||||||
Allowance for loan losses | (16,840 | ) | (13,960 | ) | |||||||||||||||||||||||||||||
$ | 2,874,084 | $ | 1,709,200 | ||||||||||||||||||||||||||||||
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 three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Single-Family | Agricultural | Consumer | Other | Unallocated | Total | |||||||||||||||||||||||||
Real Estate, | Real Estate | Interim | |||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 3,676 | $ | 9,100 | $ | 2,291 | $ | 584 | $ | 272 | $ | 349 | $ | — | $ | (53 | ) | $ | 16,219 | ||||||||||||||
Provision for loan losses | 427 | 706 | 4 | (26 | ) | 21 | (109 | ) | — | (47 | ) | 976 | |||||||||||||||||||||
Charge-offs | — | (318 | ) | — | — | — | (76 | ) | — | — | (394 | ) | |||||||||||||||||||||
Recoveries | 6 | 23 | 3 | — | — | 7 | — | — | 39 | ||||||||||||||||||||||||
Balance at end of period | $ | 4,109 | $ | 9,511 | $ | 2,298 | $ | 558 | $ | 293 | $ | 171 | $ | — | $ | (100 | ) | $ | 16,840 | ||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 2,401 | $ | 7,872 | $ | 2,440 | $ | 577 | $ | 238 | $ | 363 | $ | — | $ | 69 | $ | 13,960 | |||||||||||||||
Provision for loan losses | 2,061 | 1,907 | (117 | ) | (30 | ) | 55 | (99 | ) | (169 | ) | 3,608 | |||||||||||||||||||||
Charge-offs | (368 | ) | (339 | ) | (32 | ) | — | — | (118 | ) | — | — | (857 | ) | |||||||||||||||||||
Recoveries | 15 | 71 | 7 | 11 | — | 25 | — | — | 129 | ||||||||||||||||||||||||
Balance at end of period | $ | 4,109 | $ | 9,511 | $ | 2,298 | $ | 558 | $ | 293 | $ | 171 | $ | — | $ | (100 | ) | $ | 16,840 | ||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 1,970 | $ | 7,044 | $ | 2,567 | $ | 540 | $ | 210 | $ | 350 | $ | — | $ | 81 | $ | 12,762 | |||||||||||||||
Provision for loan losses | 264 | 401 | (67 | ) | 46 | (17 | ) | (3 | ) | — | 206 | 830 | |||||||||||||||||||||
Charge-offs | (350 | ) | (78 | ) | (21 | ) | — | — | (26 | ) | — | — | (475 | ) | |||||||||||||||||||
Recoveries | 5 | 13 | 2 | — | — | 8 | — | — | 28 | ||||||||||||||||||||||||
Balance at end of period | $ | 1,889 | $ | 7,380 | $ | 2,481 | $ | 586 | $ | 193 | $ | 329 | $ | — | $ | 287 | $ | 13,145 | |||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Balance at the beginning of period | $ | 2,377 | $ | 4,924 | $ | 2,965 | $ | 523 | $ | 159 | $ | 278 | $ | — | $ | 252 | $ | 11,478 | |||||||||||||||
Provision for loan losses | 79 | 3,068 | (405 | ) | 63 | 34 | 65 | — | 35 | 2,939 | |||||||||||||||||||||||
Charge-offs | (581 | ) | (634 | ) | (87 | ) | — | — | (50 | ) | — | — | (1,352 | ) | |||||||||||||||||||
Recoveries | 14 | 22 | 8 | — | — | 36 | — | — | 80 | ||||||||||||||||||||||||
Balance at end of period | $ | 1,889 | $ | 7,380 | $ | 2,481 | $ | 586 | $ | 193 | $ | 329 | $ | — | $ | 287 | $ | 13,145 | |||||||||||||||
The following table details the amount of the allowance for loan losses and recorded investment in loans by class as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Single-Family | Agricultural | Consumer | Other | Unallocated | Total | |||||||||||||||||||||||||
Real Estate, | Real Estate | Interim | |||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Allowance for losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 49 | $ | 223 | $ | 7 | $ | — | $ | — | $ | 15 | $ | — | $ | — | $ | 294 | |||||||||||||||
Collectively evaluated for impairment | 4,060 | 9,288 | 2,291 | 558 | 293 | 156 | — | (100 | ) | 16,546 | |||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Ending balance | $ | 4,109 | $ | 9,511 | $ | 2,298 | $ | 558 | $ | 293 | $ | 171 | $ | — | $ | (100 | ) | $ | 16,840 | ||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 135 | $ | 6,967 | $ | 3,276 | $ | — | $ | — | $ | 95 | $ | — | $ | — | $ | 10,473 | |||||||||||||||
Collectively evaluated for impairment | 582,508 | 1,573,165 | 474,978 | 116,785 | 43,575 | 36,867 | 161 | — | 2,828,039 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | 4,845 | 46,370 | 1,460 | — | — | 5 | — | — | 52,680 | ||||||||||||||||||||||||
Ending balance | $ | 587,488 | $ | 1,626,502 | $ | 479,714 | $ | 116,785 | $ | 43,575 | $ | 36,967 | $ | 161 | $ | — | $ | 2,891,192 | |||||||||||||||
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 | |||||||||||||||
Summary of Nonperforming Loans by Loan Class | ' | ||||||||||||||||||||||||||||||||
Nonperforming loans by loan class at September 30, 2014 and December 31, 2013, are summarized as follows: | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential Real Estate | Single-Family | Agricultural | Consumer | Other | Total | ||||||||||||||||||||||||||
Real Estate, | Interim | ||||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 54 | $ | 208 | $ | 1,998 | $ | — | $ | — | $ | 66 | $ | — | $ | 2,326 | |||||||||||||||||
Loans past due 90 days and still accruing | — | — | — | — | — | 6 | — | 6 | |||||||||||||||||||||||||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 80 | 4,702 | 1,262 | — | — | 9 | — | 6,053 | |||||||||||||||||||||||||
$ | 134 | $ | 4,910 | $ | 3,260 | $ | — | $ | — | $ | 81 | $ | — | $ | 8,385 | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | 5,090 | 1,288 | — | — | 1 | — | 6,486 | |||||||||||||||||||||||||
$ | 464 | $ | 5,343 | $ | 3,140 | $ | 170 | $ | — | $ | 44 | $ | — | $ | 9,161 | ||||||||||||||||||
Impaired Loans by Loan Class | ' | ||||||||||||||||||||||||||||||||
Impaired loans by loan class at September 30, 2014 and December 31, 2013, are summarized as follows: | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Single-Family | Agricultural | Consumer | Other | Total | ||||||||||||||||||||||||||
Real Estate, | Real Estate | Interim | |||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Recorded investment in impaired loans: | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance for loan losses | $ | 83 | $ | 2,131 | $ | 14 | $ | — | $ | — | $ | 23 | $ | — | $ | 2,251 | |||||||||||||||||
Impaired loans with no allowance for loan losses | 52 | 4,836 | 3,262 | — | — | 72 | — | 8,222 | |||||||||||||||||||||||||
Total | $ | 135 | $ | 6,967 | $ | 3,276 | $ | — | $ | — | $ | 95 | $ | — | $ | 10,473 | |||||||||||||||||
Unpaid principal balance of impaired loans | $ | 137 | $ | 7,473 | $ | 3,385 | $ | — | $ | — | $ | 111 | $ | — | $ | 11,106 | |||||||||||||||||
Allowance for loan losses on impaired loans | $ | 49 | $ | 223 | $ | 7 | $ | — | $ | — | $ | 15 | $ | — | $ | 294 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||
For the three months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 139 | $ | 7,538 | $ | 3,232 | $ | — | $ | — | $ | 73 | $ | — | $ | 10,982 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 2 | $ | 101 | $ | 44 | $ | — | $ | — | $ | 1 | $ | — | $ | 148 | |||||||||||||||||
For the nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 257 | $ | 7,663 | $ | 3,219 | $ | 43 | $ | — | $ | 68 | $ | — | $ | 11,250 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 7 | $ | 302 | $ | 126 | $ | — | $ | — | $ | 2 | $ | — | $ | 437 | |||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 599 | $ | 8,095 | $ | 3,394 | $ | — | $ | — | $ | 73 | $ | — | $ | 12,161 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 4 | $ | 112 | $ | 34 | $ | — | $ | — | $ | 1 | $ | — | $ | 151 | |||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 687 | $ | 8,833 | $ | 3,435 | $ | — | $ | — | $ | 83 | $ | — | $ | 13,038 | |||||||||||||||||
Interest income recognized on impaired loans | $ | 26 | $ | 347 | $ | 120 | $ | — | $ | — | $ | 4 | $ | — | $ | 497 | |||||||||||||||||
Summary of Troubled Debt Restructurings | ' | ||||||||||||||||||||||||||||||||
Following is a summary of loans modified under troubled debt restructurings during the three months and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||
. | |||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | Single-Family | Agricultural | Consumer | Other | Total | ||||||||||||||||||||||||||
Real Estate, | Real Estate | Interim | |||||||||||||||||||||||||||||||
Land and Land | Construction | ||||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||
Troubled debt restructurings during the three months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Number of contracts | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||
Pre-restructuring outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9 | $ | — | $ | 9 | |||||||||||||||||
Post-restructuring outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9 | $ | — | $ | 9 | |||||||||||||||||
Troubled debt restructurings during the nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Number of contracts | — | 2 | — | — | — | 1 | — | 3 | |||||||||||||||||||||||||
Pre-restructuring outstanding recorded investment | $ | — | $ | 1,108 | $ | — | $ | — | $ | — | $ | 9 | $ | — | $ | 1,117 | |||||||||||||||||
Post-restructuring outstanding recorded investment | $ | — | $ | 1,108 | $ | — | $ | — | $ | — | $ | 9 | $ | — | $ | 1,117 | |||||||||||||||||
Troubled debt restructurings during the three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Number of contracts | — | 1 | — | — | — | — | — | 1 | |||||||||||||||||||||||||
Pre-restructuring outstanding recorded investment | $ | — | $ | 640 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 640 | |||||||||||||||||
Post-restructuring outstanding recorded investment | $ | — | $ | 640 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 640 | |||||||||||||||||
Troubled debt restructurings during the nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Number of contracts | — | 2 | — | — | — | — | — | 2 | |||||||||||||||||||||||||
Pre-restructuring outstanding recorded investment | $ | — | $ | 1,460 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,460 | |||||||||||||||||
Post-restructuring outstanding recorded investment | $ | — | $ | 1,460 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,460 | |||||||||||||||||
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 September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Loans | Loans | Total Past | Current | Total | |||||||||||||||||||||||||||||
30-89 Days | 90 or More | Due Loans | Loans | Loans | |||||||||||||||||||||||||||||
Past Due | Past Due | ||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Commercial | $ | 505 | $ | 8 | $ | 513 | $ | 586,975 | $ | 587,488 | |||||||||||||||||||||||
Commercial real estate, land and land development | 295 | 124 | 419 | 1,626,083 | 1,626,502 | ||||||||||||||||||||||||||||
Residential real estate | 1,787 | 388 | 2,175 | 477,539 | 479,714 | ||||||||||||||||||||||||||||
Single-family interim construction | — | — | — | 116,785 | 116,785 | ||||||||||||||||||||||||||||
Agricultural | 17 | — | 17 | 43,558 | 43,575 | ||||||||||||||||||||||||||||
Consumer | 168 | 49 | 217 | 36,750 | 36,967 | ||||||||||||||||||||||||||||
Other | — | — | — | 161 | 161 | ||||||||||||||||||||||||||||
$ | 2,772 | $ | 569 | $ | 3,341 | $ | 2,887,851 | $ | 2,891,192 | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Summary of Loans by Credit Quality Indicator by Class | ' | ||||||||||||||||||||||||||||||||
A summary of loans by credit quality indicator by class as of September 30, 2014 and December 31, 2013, is as follows: | |||||||||||||||||||||||||||||||||
Pass | Pass/ | OAEM | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||||||
Commercial | $ | 576,180 | $ | 9,355 | $ | 1,496 | $ | 457 | $ | — | $ | 587,488 | |||||||||||||||||||||
Commercial real estate, construction, land and land development | 1,599,245 | 9,381 | 6,384 | 11,492 | — | 1,626,502 | |||||||||||||||||||||||||||
Residential real estate | 471,541 | 2,680 | 195 | 5,298 | — | 479,714 | |||||||||||||||||||||||||||
Single-family interim construction | 116,785 | — | — | — | — | 116,785 | |||||||||||||||||||||||||||
Agricultural | 43,510 | 58 | — | 7 | — | 43,575 | |||||||||||||||||||||||||||
Consumer | 36,818 | 44 | 8 | 97 | — | 36,967 | |||||||||||||||||||||||||||
Other | 161 | — | — | — | — | 161 | |||||||||||||||||||||||||||
$ | 2,844,240 | $ | 21,518 | $ | 8,083 | $ | 17,351 | $ | — | $ | 2,891,192 | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
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 for the acquisitions occurring in 2014 and 2013: | |||||||||||||||||||||||||||||||||
Acquisition Date | |||||||||||||||||||||||||||||||||
15-Apr-14 | 1-Jan-14 | 30-Nov-13 | |||||||||||||||||||||||||||||||
Bank of Houston | Live Oak | Collin Bank | |||||||||||||||||||||||||||||||
Outstanding balance | $ | 55,718 | $ | 3,583 | $ | 11,897 | |||||||||||||||||||||||||||
Nonaccretable difference | (5,798 | ) | (519 | ) | (1,810 | ) | |||||||||||||||||||||||||||
Accretable yield | (2,579 | ) | (182 | ) | (408 | ) | |||||||||||||||||||||||||||
Carrying amount | $ | 47,341 | $ | 2,882 | $ | 9,679 | |||||||||||||||||||||||||||
The carrying amount of all acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at September 30, 2014 and December 31, 2013, were as follows: | |||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Outstanding balance | $ | 61,690 | $ | 15,768 | |||||||||||||||||||||||||||||
Carrying amount | 52,680 | 13,777 | |||||||||||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
At September 30, 2014 and December 31, 2013, the approximate amounts of these financial instruments were as follows: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Commitments to extend credit | $ | 559,620 | $ | 365,575 | |||||
Standby letters of credit | 7,147 | 2,120 | |||||||
$ | 566,767 | $ | 367,695 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Income Tax Expense | ' | |||||||||||||||
Income tax expense for the three and nine months ended September 30, 2014 and 2013 was as follows: | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Current income tax expense | $ | 4,543 | $ | 1,927 | $ | 9,564 | $ | 3,932 | ||||||||
Initial recording of deferred tax benefit | — | — | — | (1,760 | ) | |||||||||||
Income tax expense for the period | $ | 4,543 | $ | 1,927 | $ | 9,564 | $ | 2,172 | ||||||||
Effective tax rate | 33.6 | % | 32.7 | % | 33.6 | % | 12.3 | % |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Assets at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
The following table represents assets reported on the consolidated balance sheets at their fair value on a recurring basis as of September 30, 2014 and December 31, 2013 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) | ||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
U.S. treasuries | $ | 1,008 | $ | — | $ | 1,008 | $ | — | |||||||||||||
Government agency securities | 67,407 | — | 67,407 | — | |||||||||||||||||
Obligations of state and municipal subdivisions | 74,637 | — | 74,637 | — | |||||||||||||||||
Corporate bonds | 1,069 | — | 1,069 | — | |||||||||||||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC and FHR | 91,723 | — | 91,723 | — | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
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 and FHR | 57,443 | — | 57,443 | — | |||||||||||||||||
Contingent Consideration Related to Acquisition of Town Center Bank | ' | ||||||||||||||||||||
The following table presents the activity in the contingent consideration for the nine months ended September 30, 2013: | |||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Balance, beginning of period | $ | 290 | |||||||||||||||||||
Settlements | (287 | ) | |||||||||||||||||||
Change in estimated payments to be made | (3 | ) | |||||||||||||||||||
Balance, end of period | $ | — | |||||||||||||||||||
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 September 30, 2014 and December 31, 2013, 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 | |||||||||||||||||
Measured | in Active | Other | Unobservable | Total (Gains) Losses | |||||||||||||||||
at Fair Value | Markets for | Observable | Inputs (Level 3) | ||||||||||||||||||
Identical Assets | Inputs | ||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Measured on a nonrecurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | $ | 2,453 | $ | — | $ | — | $ | 2,453 | $ | (3 | ) | ||||||||||
Other real estate | 138 | — | — | 138 | $ | 22 | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Measured on a nonrecurring basis: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | $ | 1,514 | $ | — | $ | — | $ | 1,514 | $ | 497 | |||||||||||
Other real estate | 2,449 | — | — | 2,449 | 537 | ||||||||||||||||
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 September 30, 2014 and December 31, 2013: | |||||||||||||||||||||
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) | ||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 249,769 | $ | 249,769 | $ | 249,769 | $ | — | $ | — | |||||||||||
Securities available for sale | 235,844 | 235,844 | — | 235,844 | — | ||||||||||||||||
Loans held for sale | 1,811 | 1,811 | — | 1,811 | — | ||||||||||||||||
Loans, net | 2,874,084 | 2,895,276 | — | 2,893,319 | 1,957 | ||||||||||||||||
FHLB of Dallas stock and other restricted stock | 15,715 | 15,715 | — | 15,715 | — | ||||||||||||||||
Accrued interest receivable | 8,025 | 8,025 | — | 8,025 | — | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 2,813,660 | 2,816,258 | — | 2,816,258 | — | ||||||||||||||||
Accrued interest payable | 1,936 | 1,936 | — | 1,936 | — | ||||||||||||||||
FHLB advances | 324,424 | 323,936 | — | 323,936 | — | ||||||||||||||||
Repurchase agreements | 5,235 | 5,235 | — | 5,235 | — | ||||||||||||||||
Other borrowings | 72,730 | 74,884 | — | 74,884 | — | ||||||||||||||||
Junior subordinated debentures | 18,147 | 18,127 | — | 18,127 | — | ||||||||||||||||
Off-balance sheet assets (liabilities): | |||||||||||||||||||||
Commitments to extend credit | — | — | — | — | — | ||||||||||||||||
Standby letters of credit | — | — | — | — | — | ||||||||||||||||
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 | — | — | — | — | — | ||||||||||||||||
Stock_Awards_and_Stock_Warrant1
Stock Awards and Stock Warrants (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Nonvested Shares Activity | ' | |||||||
The following table summarizes the activity in nonvested shares for the nine months ended September 30, 2014 and 2013: | ||||||||
Number of | Weighted | |||||||
Shares | Average | |||||||
Grant Date | ||||||||
Fair Value | ||||||||
Nonvested shares, December 31, 2013 | 306,524 | $ | 22.75 | |||||
Granted during the period | 189,069 | 56.7 | ||||||
Vested during the period | (121,364 | ) | 19.93 | |||||
Forfeited during the period | (1,194 | ) | 30.37 | |||||
Nonvested shares, September 30, 2014 | 373,035 | $ | 40.85 | |||||
Nonvested shares, December 31, 2012 | 208,608 | $ | 17.07 | |||||
Granted during the period | 119,540 | 28.68 | ||||||
Vested during the period | (22,716 | ) | 14.3 | |||||
Nonvested shares, September 30, 2013 | 305,432 | $ | 22.16 | |||||
Schedule of Vesting of Restricted Stock Award | ' | |||||||
At September 30, 2014, the future vesting schedule of the nonvested shares is as follows: | ||||||||
First year | 84,041 | |||||||
Second year | 83,920 | |||||||
Third year | 97,110 | |||||||
Fourth year | 75,364 | |||||||
Fifth year | 32,600 | |||||||
Total nonvested shares | 373,035 | |||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Regulated Operations [Abstract] | ' | |||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements | ' | |||||||||||||||||||||
The actual capital amounts and ratios of the Company and Bank as of September 30, 2014 and December 31, 2013, 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 | |||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||
Total capital to risk weighted assets: | ||||||||||||||||||||||
Consolidated | $ | 384,794 | 13.36 | % | $ | 230,356 | 8 | % | N/A | N/A | ||||||||||||
Bank | 361,351 | 12.57 | 229,997 | 8 | $ | 287,496 | 10 | % | ||||||||||||||
Tier I capital to risk weighted assets: | ||||||||||||||||||||||
Consolidated | 297,770 | 10.34 | 115,178 | 4 | N/A | N/A | ||||||||||||||||
Bank | 344,511 | 11.98 | 114,998 | 4 | 172,498 | 6 | % | |||||||||||||||
Tier I capital to average assets: | ||||||||||||||||||||||
Consolidated | 297,770 | 8.5 | 140,132 | 4 | N/A | N/A | ||||||||||||||||
Bank | 344,511 | 9.98 | 138,090 | 4 | 172,613 | 5 | % | |||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
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 | % | |||||||||||||||
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Collin Bank | ' | |||||||||
Business Acquisition [Line Items] | ' | |||||||||
Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | |||||||||
The following table summarizes the previously reported estimates and the measurement-period adjustments made to asset and liability accounts to derive at the final purchase accounting allocations for Collin Bank. | ||||||||||
As Reported at December 31, 2013 | Measurement Period Adjustments | Final Recorded Value | ||||||||
Assets of acquired bank: | ||||||||||
Cash and cash equivalents | $ | 22,792 | $ | — | $ | 22,792 | ||||
Securities available for sale | 62,373 | — | 62,373 | |||||||
Loans | 72,611 | (328 | ) | 72,283 | ||||||
Premises and equipment | 141 | — | 141 | |||||||
Investment in FHLB stock | 1,156 | — | 1,156 | |||||||
Goodwill | 5,962 | 752 | 6,714 | |||||||
Core deposit intangible | 600 | (18 | ) | 582 | ||||||
Deferred tax asset | 1,385 | 109 | 1,494 | |||||||
Other assets | 775 | 10 | 785 | |||||||
Total assets | $ | 167,795 | $ | 525 | $ | 168,320 | ||||
Liabilities of acquired bank: | ||||||||||
Deposits | $ | 111,164 | $ | 505 | $ | 111,669 | ||||
FHLB advances | 26,000 | — | 26,000 | |||||||
Other liabilities | 358 | 20 | 378 | |||||||
Total liabilities | $ | 137,522 | $ | 525 | $ | 138,047 | ||||
Common stock issued in the Collin Bank transaction | $ | 11,861 | $ | — | $ | 11,861 | ||||
Cash paid in the Collin Bank transaction | $ | 18,412 | $ | — | $ | 18,412 | ||||
Live Oak Financial Corp | ' | |||||||||
Business Acquisition [Line Items] | ' | |||||||||
Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | |||||||||
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 | 71,304 | |||||||||
Premises and equipment | 2,600 | |||||||||
Goodwill | 6,988 | |||||||||
Core deposit intangible | 882 | |||||||||
Other assets | 248 | |||||||||
Total assets | $ | 131,008 | ||||||||
Liabilities of acquired bank: | ||||||||||
Deposits | $ | 105,010 | ||||||||
Repurchase agreements | 3,733 | |||||||||
Other liabilities | 565 | |||||||||
Total liabilities | $ | 109,308 | ||||||||
Common stock issued in the Live Oak transaction | $ | 11,700 | ||||||||
Cash paid in the Live Oak transaction | $ | 10,000 | ||||||||
BOH Holdings, Inc. | ' | |||||||||
Business Acquisition [Line Items] | ' | |||||||||
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: | ||||||||||
Initially recorded at Acquisition Date | Measurement Period Adjustments | Adjusted Values | ||||||||
Assets of acquired bank: | ||||||||||
Cash and cash equivalents | $ | 135,525 | $ | — | $ | 135,525 | ||||
Securities available for sale | 59,141 | — | 59,141 | |||||||
Loans | 786,761 | (1,166 | ) | 785,595 | ||||||
Premises and equipment | 7,211 | — | 7,211 | |||||||
Other real estate | 1,191 | 33 | 1,224 | |||||||
Goodwill | 164,766 | 397 | 165,163 | |||||||
Core deposit intangible | 7,265 | — | 7,265 | |||||||
Other assets | 27,394 | 162 | 27,556 | |||||||
Total assets acquired | $ | 1,189,254 | $ | (574 | ) | $ | 1,188,680 | |||
Liabilities of acquired bank: | ||||||||||
Deposits | $ | 820,752 | $ | — | $ | 820,752 | ||||
FHLB Advances | 95,000 | — | 95,000 | |||||||
Other liabilities | 6,737 | (574 | ) | 6,163 | ||||||
Total liabilities assumed | $ | 922,489 | $ | (574 | ) | $ | 921,915 | |||
Common stock issued at $57.75 per share | $ | 208,817 | $ | — | $ | 208,817 | ||||
Series A Preferred Stock Exchanged in connection with acquired bank | $ | 23,938 | $ | — | $ | 23,938 | ||||
Cash paid | $ | 34,010 | $ | — | $ | 34,010 | ||||
Subsequent_Events_Tables
Subsequent Events (Tables) (Houston City Bancshares) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Houston City Bancshares | ' | |||
Subsequent Event [Line Items] | ' | |||
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 | $ | 118,825 | ||
Securities available for sale | 3,549 | |||
Loans | 196,791 | |||
Premises and equipment | 8,678 | |||
Goodwill | 19,602 | |||
Core deposit intangible | 1,801 | |||
Other assets | 1,498 | |||
Total assets | $ | 350,744 | ||
Liabilities of acquired bank: | ||||
Deposits | $ | 303,092 | ||
Other liabilities | 582 | |||
Total liabilities | $ | 303,674 | ||
Common stock issued in the HCB transaction | $ | 30,266 | ||
Cash paid for the HCB transaction | $ | 16,804 | ||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
segment | ||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of reportable segments (segment) | ' | ' | 1 | ' |
Effective tax rates (percent) | 33.60% | 32.70% | 33.60% | 12.30% |
Federal income tax at statutory rate (percent) | ' | ' | ' | 35.00% |
Pro Forma | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Effective tax rates (percent) | ' | ' | ' | 32.80% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies-EPS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income | $8,960 | $3,959 | $18,880 | $15,521 |
Less: Preferred stock dividends | -60 | 0 | -109 | 0 |
Net income after preferred stock dividends | 8,900 | 3,959 | 18,771 | 15,521 |
Undistributed earnings allocated to participating securities | 157 | 68 | 291 | 184 |
Dividends paid on participating securities | 19 | 15 | 49 | 119 |
Net income available to common shareholders | 8,724 | 3,876 | 18,431 | 15,218 |
Weighted-average basic shares outstanding (shares) | 16,046,935 | 11,823,655 | 14,657,873 | 10,588,554 |
Basic earnings per share (usd per share) | $0.54 | $0.33 | $1.26 | $1.44 |
Add dilutive stock warrants (shares) | 98,725 | 74,229 | 100,595 | 58,874 |
Total weighted-average diluted shares outstanding (shares) | 16,145,660 | 11,897,884 | 14,758,468 | 10,647,428 |
Diluted earnings per share (usd per share) | $0.54 | $0.33 | $1.25 | $1.43 |
Anti-dilutive participating securities (shares) | 73,120 | 151,674 | 122,209 | 139,416 |
Pro Forma | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income | ' | ' | ' | 11,895 |
Undistributed earnings allocated to participating securities | ' | ' | ' | 113 |
Dividends paid on participating securities | ' | ' | ' | 119 |
Net income available to common shareholders | ' | ' | ' | $11,663 |
Pro forma basic earnings per share (usd per share) | ' | ' | ' | $1.10 |
Pro forma diluted earnings per share (usd per share) | ' | ' | ' | $1.10 |
Statement_of_Cash_Flows_Additi
Statement of Cash Flows - Additional Information (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash transactions: | ' | ' |
Interest expense paid | $10,222 | $9,270 |
Income taxes paid | 7,730 | 3,100 |
Noncash transactions: | ' | ' |
Transfers of loans to other real estate owned | 1,088 | 2,885 |
Loans to facilitate the sale of other real estate owned | 48 | 113 |
Writeoff of debt origination costs related to warrants | 0 | 223 |
Securities purchased, not yet settled | 0 | 1,000 |
Excess tax benefit on restricted stock vested | 1,326 | 9 |
Transfer of bank premises to other real estate | 356 | 0 |
Series A Preferred Stock | ' | ' |
Noncash transactions: | ' | ' |
Dividends declared, not yet paid | $60 | $0 |
Statement_of_Cash_Flows_Noncas
Statement of Cash Flows - Noncash Investing Activities from Acquisitions and Branch Sale (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Noncash assets acquired | ' | ' |
Goodwill | $207,607 | ' |
Noncash liabilities assumed: | ' | ' |
Cash paid to shareholders of acquired banks | 44,010 | 0 |
Live Oak Financial Corp and BOH Holdings | ' | ' |
Noncash assets acquired | ' | ' |
Cash and cash equivalents | 167,771 | 0 |
Securities available for sale | 75,881 | 0 |
Loans | 856,899 | 0 |
Premises and equipment | 9,811 | 0 |
Other real estate | 1,224 | 0 |
Goodwill | 172,151 | 0 |
Core deposit intangibles | 8,147 | 0 |
Other assets | 27,804 | 0 |
Total assets | 1,319,688 | 0 |
Noncash liabilities assumed: | ' | ' |
Deposits | 925,762 | 0 |
Repurchase agreements | 3,733 | 0 |
FHLB advances | 95,000 | ' |
Other liabilities | 6,728 | 0 |
Total liabilities | 1,031,223 | 0 |
Cash paid to shareholders of acquired banks | 44,010 | 0 |
Fair value of common stock issued to shareholders of acquired banks | 220,517 | 0 |
Senior Non-Cumulative Perpetual Preferred Stock, Series A | Live Oak Financial Corp and BOH Holdings | ' | ' |
Noncash liabilities assumed: | ' | ' |
Fair value of common stock issued to shareholders of acquired banks | $23,938 | $0 |
Statement_of_Cash_Flows_Measur
Statement of Cash Flows - Measurement-Period Adjustments (Details) (Collin Bank, USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Noncash assets acquired | ' | ' |
Loans | $72,283 | ' |
Core deposit intangibles | 582 | ' |
Deferred tax asset | 1,494 | ' |
Other assets | 785 | ' |
Total assets | 168,320 | ' |
Noncash liabilities assumed: | ' | ' |
Deposits | 111,669 | ' |
Other liabilities | 378 | ' |
Total liabilities | 138,047 | ' |
Restatement Adjustment | ' | ' |
Noncash assets acquired | ' | ' |
Loans | -328 | 0 |
Goodwill | 752 | 0 |
Core deposit intangibles | -18 | 0 |
Deferred tax asset | 109 | 0 |
Other assets | 10 | 0 |
Total assets | 525 | 0 |
Noncash liabilities assumed: | ' | ' |
Deposits | 505 | 0 |
Other liabilities | 20 | 0 |
Total liabilities | $525 | $0 |
Securities_Available_for_Sale_1
Securities Available for Sale - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Carrying value of securities pledged | $177,754 | $111,673 |
Securities_Available_for_SaleA
Securities Available for Sale-Amortized Cost of Securities and Approximate Fair Values (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $233,501 | $196,689 |
Gross Unrealized Gains | 3,321 | 707 |
Gross Unrealized Losses | -978 | -3,358 |
Fair Value | 235,844 | 194,038 |
U.S. treasuries | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 999 | 3,498 |
Gross Unrealized Gains | 9 | 15 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,008 | 3,513 |
Government agency securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 67,666 | 95,407 |
Gross Unrealized Gains | 171 | 84 |
Gross Unrealized Losses | -430 | -1,076 |
Fair Value | 67,407 | 94,415 |
Obligations of state and municipal subdivisions | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 73,447 | 37,861 |
Gross Unrealized Gains | 1,735 | 541 |
Gross Unrealized Losses | -545 | -1,787 |
Fair Value | 74,637 | 36,615 |
Corporate bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,071 | 2,079 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -2 | -27 |
Fair Value | 1,069 | 2,052 |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC and FHR | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 90,318 | 57,844 |
Gross Unrealized Gains | 1,406 | 67 |
Gross Unrealized Losses | -1 | -468 |
Fair Value | $91,723 | $57,443 |
Securities_Available_for_SaleA1
Securities Available for Sale-Amortized Cost and Estimated Fair Value of Securities Available for Sale by Contractual Maturity (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized Cost | ' | ' |
Due in one year or less | $3,983 | ' |
Due from one year to five years | 57,240 | ' |
Due from five to ten years | 42,682 | ' |
Thereafter | 39,278 | ' |
SIngle maturity dates, amortized cost basis | 143,183 | ' |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC and FHR | 90,318 | ' |
Amortized Cost | 233,501 | 196,689 |
Fair Value | ' | ' |
Due in one year or less | 3,990 | ' |
Due from one year to five years | 56,927 | ' |
Due from five to ten years | 42,911 | ' |
Thereafter | 40,293 | ' |
Single maturity date fair value | 144,121 | ' |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC and FHR | 91,723 | ' |
Fair Value | $235,844 | $194,038 |
Securities_Available_for_SaleS
Securities Available for Sale-Summary of Unrealized Losses and Fair Value of Securities in COntinuous Unrealized Loss Positions (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | security | security |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities, Less Than 12 Months | 48 | 83 |
Less than 12 months: Estimated Fair Value | $28,308 | $137,397 |
Less than 12 months: Unrealized Losses | -217 | -2,710 |
Number of Securities, Greater than 12 Months | 31 | 6 |
Greater Than 12 Months: Estimated Fair Value | 34,664 | 4,047 |
Greater Than 12 Months: Unrealized Losses | -761 | -648 |
Total: Estimated Fair Value | 62,972 | 141,444 |
Total: Unrealized Losses | -978 | -3,358 |
Government agency securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities, Less Than 12 Months | 9 | 46 |
Less than 12 months: Estimated Fair Value | 13,036 | 74,331 |
Less than 12 months: Unrealized Losses | -58 | -1,076 |
Number of Securities, Greater than 12 Months | 16 | 0 |
Greater Than 12 Months: Estimated Fair Value | 24,624 | 0 |
Greater Than 12 Months: Unrealized Losses | -372 | 0 |
Total: Estimated Fair Value | 37,660 | 74,331 |
Total: Unrealized Losses | -430 | -1,076 |
Obligations of state and municipal subdivisions | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities, Less Than 12 Months | 37 | 21 |
Less than 12 months: Estimated Fair Value | 14,109 | 11,888 |
Less than 12 months: Unrealized Losses | -156 | -1,139 |
Number of Securities, Greater than 12 Months | 15 | 6 |
Greater Than 12 Months: Estimated Fair Value | 10,040 | 4,047 |
Greater Than 12 Months: Unrealized Losses | -389 | -648 |
Total: Estimated Fair Value | 24,149 | 15,935 |
Total: Unrealized Losses | -545 | -1,787 |
Corporate bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities, Less Than 12 Months | 1 | 2 |
Less than 12 months: Estimated Fair Value | 1,069 | 2,052 |
Less than 12 months: Unrealized Losses | -2 | -27 |
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 | 1,069 | 2,052 |
Total: Unrealized Losses | -2 | -27 |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC and FHR | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities, Less Than 12 Months | 1 | 14 |
Less than 12 months: Estimated Fair Value | 94 | 49,126 |
Less than 12 months: Unrealized Losses | -1 | -468 |
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 | 94 | 49,126 |
Total: Unrealized Losses | ($1) | ($468) |
Loans_Net_and_Allowance_for_Lo2
Loans, Net and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
component | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Period of operating lines | '1 year | ' |
Number of components allowance for loan losses is derived from | 2 | ' |
Recorded investment in troubled debt restructuring including nonaccraul | $7,443,000 | $7,938,000 |
Minimum | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Loans Requiring External Review | $1,500,000 | ' |
Agricultural | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Loan, amortization period | '20 years | ' |
Agricultural | Maximum | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Loan to value ratio (percent) | 80.00% | ' |
Consumer | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Percentage of total loan portfolio (percent) (less than 3%) | 3.00% | ' |
Loans_Net_and_Allowance_for_Lo3
Loans, Net and Allowance for Loan Losses - Composition of Loans (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans, gross | $2,891,192 | ' | $1,723,160 | ' | ' | ' |
Deferred loan fees | -268 | ' | 0 | ' | ' | ' |
Allowance for loan losses | -16,840 | -16,219 | -13,960 | -13,145 | -12,762 | -11,478 |
Loans, net | 2,874,084 | ' | 1,709,200 | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans, gross | 587,488 | ' | 241,178 | ' | ' | ' |
Allowance for loan losses | -4,109 | -3,676 | -2,401 | -1,889 | -1,970 | -2,377 |
Commercial real estate | ' | ' | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans, gross | 1,336,416 | ' | 843,436 | ' | ' | ' |
Commercial construction, land and land development | ' | ' | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans, gross | 290,086 | ' | 130,320 | ' | ' | ' |
Residential Real Estate | ' | ' | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans, gross | 479,714 | ' | 338,654 | ' | ' | ' |
Allowance for loan losses | -2,298 | -2,291 | -2,440 | -2,481 | -2,567 | -2,965 |
Single-Family Interim Construction | ' | ' | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans, gross | 116,785 | ' | 83,144 | ' | ' | ' |
Allowance for loan losses | -558 | -584 | -577 | -586 | -540 | -523 |
Agricultural | ' | ' | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans, gross | 43,575 | ' | 40,558 | ' | ' | ' |
Allowance for loan losses | -293 | -272 | -238 | -193 | -210 | -159 |
Consumer | ' | ' | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans, gross | 36,967 | ' | 45,762 | ' | ' | ' |
Allowance for loan losses | -171 | -349 | -363 | -329 | -350 | -278 |
Other | ' | ' | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans, gross | 161 | ' | 108 | ' | ' | ' |
Allowance for loan losses | $0 | $0 | $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 $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' |
Balance at the beginning of period | $16,219 | $12,762 | $13,960 | $11,478 | ' |
Provision for loan losses | 976 | 830 | 3,608 | 2,939 | ' |
Charge-offs | -394 | -475 | -857 | -1,352 | ' |
Recoveries | 39 | 28 | 129 | 80 | ' |
Balance at end of period | 16,840 | 13,145 | 16,840 | 13,145 | ' |
Allowance for losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 294 | ' | 294 | ' | 855 |
Collectively evaluated for impairment | 16,546 | ' | 16,546 | ' | 13,105 |
Loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Allowance for loan losses | 16,840 | 13,145 | 16,840 | 13,145 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 10,473 | ' | 10,473 | ' | 11,934 |
Collectively evaluated for impairment | 2,828,039 | ' | 2,828,039 | ' | 1,697,449 |
Acquired with deteriorated credit quality | 52,680 | ' | 52,680 | ' | 13,777 |
Ending balance | 2,891,192 | ' | 2,891,192 | ' | 1,723,160 |
Commercial | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' |
Balance at the beginning of period | 3,676 | 1,970 | 2,401 | 2,377 | ' |
Provision for loan losses | 427 | 264 | 2,061 | 79 | ' |
Charge-offs | 0 | -350 | -368 | -581 | ' |
Recoveries | 6 | 5 | 15 | 14 | ' |
Balance at end of period | 4,109 | 1,889 | 4,109 | 1,889 | ' |
Allowance for losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 49 | ' | 49 | ' | 313 |
Collectively evaluated for impairment | 4,060 | ' | 4,060 | ' | 2,088 |
Loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Allowance for loan losses | 4,109 | 1,889 | 4,109 | 1,889 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 135 | ' | 135 | ' | 501 |
Collectively evaluated for impairment | 582,508 | ' | 582,508 | ' | 234,103 |
Acquired with deteriorated credit quality | 4,845 | ' | 4,845 | ' | 6,574 |
Ending balance | 587,488 | ' | 587,488 | ' | 241,178 |
Commercial Real Estate, Land and Land Development | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' |
Balance at the beginning of period | 9,100 | 7,044 | 7,872 | 4,924 | ' |
Provision for loan losses | 706 | 401 | 1,907 | 3,068 | ' |
Charge-offs | -318 | -78 | -339 | -634 | ' |
Recoveries | 23 | 13 | 71 | 22 | ' |
Balance at end of period | 9,511 | 7,380 | 9,511 | 7,380 | ' |
Allowance for losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 223 | ' | 223 | ' | 504 |
Collectively evaluated for impairment | 9,288 | ' | 9,288 | ' | 7,368 |
Loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Allowance for loan losses | 9,511 | 7,380 | 9,511 | 7,380 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 6,967 | ' | 6,967 | ' | 8,013 |
Collectively evaluated for impairment | 1,573,165 | ' | 1,573,165 | ' | 959,254 |
Acquired with deteriorated credit quality | 46,370 | ' | 46,370 | ' | 6,489 |
Ending balance | 1,626,502 | ' | 1,626,502 | ' | 973,756 |
Residential Real Estate | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' |
Balance at the beginning of period | 2,291 | 2,567 | 2,440 | 2,965 | ' |
Provision for loan losses | 4 | -67 | -117 | -405 | ' |
Charge-offs | 0 | -21 | -32 | -87 | ' |
Recoveries | 3 | 2 | 7 | 8 | ' |
Balance at end of period | 2,298 | 2,481 | 2,298 | 2,481 | ' |
Allowance for losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 7 | ' | 7 | ' | 14 |
Collectively evaluated for impairment | 2,291 | ' | 2,291 | ' | 2,426 |
Loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Allowance for loan losses | 2,298 | 2,481 | 2,298 | 2,481 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 3,276 | ' | 3,276 | ' | 3,182 |
Collectively evaluated for impairment | 474,978 | ' | 474,978 | ' | 334,770 |
Acquired with deteriorated credit quality | 1,460 | ' | 1,460 | ' | 702 |
Ending balance | 479,714 | ' | 479,714 | ' | 338,654 |
Single-Family Interim Construction | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' |
Balance at the beginning of period | 584 | 540 | 577 | 523 | ' |
Provision for loan losses | -26 | 46 | -30 | 63 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 11 | 0 | ' |
Balance at end of period | 558 | 586 | 558 | 586 | ' |
Allowance for losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Collectively evaluated for impairment | 558 | ' | 558 | ' | 577 |
Loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Allowance for loan losses | 558 | 586 | 558 | 586 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 170 |
Collectively evaluated for impairment | 116,785 | ' | 116,785 | ' | 82,974 |
Acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Ending balance | 116,785 | ' | 116,785 | ' | 83,144 |
Agricultural | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' |
Balance at the beginning of period | 272 | 210 | 238 | 159 | ' |
Provision for loan losses | 21 | -17 | 55 | 34 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Balance at end of period | 293 | 193 | 293 | 193 | ' |
Allowance for losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Collectively evaluated for impairment | 293 | ' | 293 | ' | 238 |
Loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Allowance for loan losses | 293 | 193 | 293 | 193 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Collectively evaluated for impairment | 43,575 | ' | 43,575 | ' | 40,558 |
Acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Ending balance | 43,575 | ' | 43,575 | ' | 40,558 |
Consumer | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' |
Balance at the beginning of period | 349 | 350 | 363 | 278 | ' |
Provision for loan losses | -109 | -3 | -99 | 65 | ' |
Charge-offs | -76 | -26 | -118 | -50 | ' |
Recoveries | 7 | 8 | 25 | 36 | ' |
Balance at end of period | 171 | 329 | 171 | 329 | ' |
Allowance for losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 15 | ' | 15 | ' | 24 |
Collectively evaluated for impairment | 156 | ' | 156 | ' | 339 |
Loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Allowance for loan losses | 171 | 329 | 171 | 329 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 95 | ' | 95 | ' | 68 |
Collectively evaluated for impairment | 36,867 | ' | 36,867 | ' | 45,682 |
Acquired with deteriorated credit quality | 5 | ' | 5 | ' | 12 |
Ending balance | 36,967 | ' | 36,967 | ' | 45,762 |
Other | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' |
Balance at the beginning of period | 0 | 0 | 0 | 0 | ' |
Provision for loan losses | 0 | 0 | ' | 0 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Balance at end of period | 0 | 0 | 0 | 0 | ' |
Allowance for losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Collectively evaluated for impairment | 0 | ' | 0 | ' | 0 |
Loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Allowance for loan losses | 0 | 0 | 0 | 0 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Collectively evaluated for impairment | 161 | ' | 161 | ' | 108 |
Acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Ending balance | 161 | ' | 161 | ' | 108 |
Unallocated | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' |
Balance at the beginning of period | -53 | 81 | 69 | 252 | ' |
Provision for loan losses | -47 | 206 | -169 | 35 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Balance at end of period | -100 | 287 | -100 | 287 | ' |
Allowance for losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Collectively evaluated for impairment | -100 | ' | -100 | ' | 69 |
Loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Allowance for loan losses | -100 | 287 | -100 | 287 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Collectively evaluated for impairment | 0 | ' | 0 | ' | 0 |
Acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Ending balance | $0 | ' | $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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Non Performing Loans [Line Items] | ' | ' |
Nonaccrual loans | $2,326 | $2,675 |
Loans past due 90 days and still accruing | 6 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 6,053 | 6,486 |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest, Total | 8,385 | 9,161 |
Commercial | ' | ' |
Non Performing Loans [Line Items] | ' | ' |
Nonaccrual loans | 54 | 357 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 80 | 107 |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest, Total | 134 | 464 |
Commercial Real Estate, Land and Land Development | ' | ' |
Non Performing Loans [Line Items] | ' | ' |
Nonaccrual loans | 208 | 253 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 4,702 | 5,090 |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest, Total | 4,910 | 5,343 |
Residential Real Estate | ' | ' |
Non Performing Loans [Line Items] | ' | ' |
Nonaccrual loans | 1,998 | 1,852 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 1,262 | 1,288 |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest, Total | 3,260 | 3,140 |
Single-Family Interim Construction | ' | ' |
Non Performing Loans [Line Items] | ' | ' |
Nonaccrual loans | 0 | 170 |
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 | 170 |
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 | 66 | 43 |
Loans past due 90 days and still accruing | 6 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 9 | 1 |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest, Total | 81 | 44 |
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 $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Recorded investment in impaired loans: | ' | ' | ' | ' | ' |
Impaired loans with an allowance for loan losses | $2,251 | ' | $2,251 | ' | $5,442 |
Impaired loans with no allowance for loan losses | 8,222 | ' | 8,222 | ' | 6,492 |
Total | 10,473 | ' | 10,473 | ' | 11,934 |
Unpaid principal balance of impaired loans | 11,106 | ' | 11,106 | ' | 12,370 |
Allowance for loan losses on impaired loans | 294 | ' | 294 | ' | 855 |
Average recorded investment in impaired loans | 10,982 | 12,161 | 11,250 | 13,038 | ' |
Interest income recognized on impaired loans | 148 | 151 | 437 | 497 | ' |
Commercial | ' | ' | ' | ' | ' |
Recorded investment in impaired loans: | ' | ' | ' | ' | ' |
Impaired loans with an allowance for loan losses | 83 | ' | 83 | ' | 401 |
Impaired loans with no allowance for loan losses | 52 | ' | 52 | ' | 100 |
Total | 135 | ' | 135 | ' | 501 |
Unpaid principal balance of impaired loans | 137 | ' | 137 | ' | 501 |
Allowance for loan losses on impaired loans | 49 | ' | 49 | ' | 313 |
Average recorded investment in impaired loans | 139 | 599 | 257 | 687 | ' |
Interest income recognized on impaired loans | 2 | 4 | 7 | 26 | ' |
Commercial Real Estate, Land and Land Development | ' | ' | ' | ' | ' |
Recorded investment in impaired loans: | ' | ' | ' | ' | ' |
Impaired loans with an allowance for loan losses | 2,131 | ' | 2,131 | ' | 3,866 |
Impaired loans with no allowance for loan losses | 4,836 | ' | 4,836 | ' | 4,147 |
Total | 6,967 | ' | 6,967 | ' | 8,013 |
Unpaid principal balance of impaired loans | 7,473 | ' | 7,473 | ' | 8,408 |
Allowance for loan losses on impaired loans | 223 | ' | 223 | ' | 504 |
Average recorded investment in impaired loans | 7,538 | 8,095 | 7,663 | 8,833 | ' |
Interest income recognized on impaired loans | 101 | 112 | 302 | 347 | ' |
Residential Real Estate | ' | ' | ' | ' | ' |
Recorded investment in impaired loans: | ' | ' | ' | ' | ' |
Impaired loans with an allowance for loan losses | 14 | ' | 14 | ' | 1,135 |
Impaired loans with no allowance for loan losses | 3,262 | ' | 3,262 | ' | 2,047 |
Total | 3,276 | ' | 3,276 | ' | 3,182 |
Unpaid principal balance of impaired loans | 3,385 | ' | 3,385 | ' | 3,216 |
Allowance for loan losses on impaired loans | 7 | ' | 7 | ' | 14 |
Average recorded investment in impaired loans | 3,232 | 3,394 | 3,219 | 3,435 | ' |
Interest income recognized on impaired loans | 44 | 34 | 126 | 120 | ' |
Single-Family Interim Construction | ' | ' | ' | ' | ' |
Recorded investment in impaired loans: | ' | ' | ' | ' | ' |
Impaired loans with an allowance for loan losses | 0 | ' | 0 | ' | 0 |
Impaired loans with no allowance for loan losses | 0 | ' | 0 | ' | 170 |
Total | 0 | ' | 0 | ' | 170 |
Unpaid principal balance of impaired loans | 0 | ' | 0 | ' | 170 |
Allowance for loan losses on impaired loans | 0 | ' | 0 | ' | 0 |
Average recorded investment in impaired loans | 0 | 0 | 43 | 0 | ' |
Interest income recognized on impaired loans | 0 | 0 | 0 | 0 | ' |
Agricultural | ' | ' | ' | ' | ' |
Recorded investment in impaired loans: | ' | ' | ' | ' | ' |
Impaired loans with an allowance for loan losses | 0 | ' | 0 | ' | 0 |
Impaired loans with no allowance for loan losses | 0 | ' | 0 | ' | 0 |
Total | 0 | ' | 0 | ' | 0 |
Unpaid principal balance of impaired loans | 0 | ' | 0 | ' | 0 |
Allowance for loan losses on impaired loans | 0 | ' | 0 | ' | 0 |
Average recorded investment in impaired loans | 0 | 0 | 0 | 0 | ' |
Interest income recognized on impaired loans | 0 | 0 | 0 | 0 | ' |
Consumer | ' | ' | ' | ' | ' |
Recorded investment in impaired loans: | ' | ' | ' | ' | ' |
Impaired loans with an allowance for loan losses | 23 | ' | 23 | ' | 40 |
Impaired loans with no allowance for loan losses | 72 | ' | 72 | ' | 28 |
Total | 95 | ' | 95 | ' | 68 |
Unpaid principal balance of impaired loans | 111 | ' | 111 | ' | 75 |
Allowance for loan losses on impaired loans | 15 | ' | 15 | ' | 24 |
Average recorded investment in impaired loans | 73 | 73 | 68 | 83 | ' |
Interest income recognized on impaired loans | 1 | 1 | 2 | 4 | ' |
Other | ' | ' | ' | ' | ' |
Recorded investment in impaired loans: | ' | ' | ' | ' | ' |
Impaired loans with an allowance for loan losses | 0 | ' | 0 | ' | 0 |
Impaired loans with no allowance for loan losses | 0 | ' | 0 | ' | 0 |
Total | 0 | ' | 0 | ' | 0 |
Unpaid principal balance of impaired loans | 0 | ' | 0 | ' | 0 |
Allowance for loan losses on impaired loans | 0 | ' | 0 | ' | 0 |
Average recorded investment in impaired loans | 0 | 0 | 0 | 0 | ' |
Interest income recognized on impaired loans | $0 | $0 | $0 | $0 | ' |
Loans_Net_and_Allowance_for_Lo7
Loans, Net and Allowance for Loan Losses - Summary of Troubled Debt Restructurings (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
contract | contract | contract | contract | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of contracts | 1 | 1 | 3 | 2 |
Pre-restructuring outstanding recorded investment | $9 | $640 | $1,117 | $1,460 |
Post-restructuring outstanding recorded investment | 9 | 640 | 1,117 | 1,460 |
Commercial | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of contracts | 0 | 0 | 0 | 0 |
Pre-restructuring outstanding recorded investment | 0 | 0 | 0 | 0 |
Post-restructuring outstanding recorded investment | 0 | 0 | 0 | 0 |
Commercial Real Estate, Land and Land Development | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of contracts | 0 | 1 | 2 | 2 |
Pre-restructuring outstanding recorded investment | 0 | 640 | 1,108 | 1,460 |
Post-restructuring outstanding recorded investment | 0 | 640 | 1,108 | 1,460 |
Residential Real Estate | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of contracts | 0 | 0 | 0 | 0 |
Pre-restructuring outstanding recorded investment | 0 | 0 | 0 | 0 |
Post-restructuring outstanding recorded investment | 0 | 0 | 0 | 0 |
Single-Family Interim Construction | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of contracts | 0 | 0 | 0 | 0 |
Pre-restructuring outstanding recorded investment | 0 | 0 | 0 | 0 |
Post-restructuring outstanding recorded investment | 0 | 0 | 0 | 0 |
Agricultural | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of contracts | 0 | 0 | 0 | 0 |
Pre-restructuring outstanding recorded investment | 0 | 0 | 0 | 0 |
Post-restructuring outstanding recorded investment | 0 | 0 | 0 | 0 |
Consumer | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of contracts | 1 | 0 | 1 | 0 |
Pre-restructuring outstanding recorded investment | 9 | 0 | 9 | 0 |
Post-restructuring outstanding recorded investment | 9 | 0 | 9 | 0 |
Other Loan | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of contracts | 0 | 0 | 0 | 0 |
Pre-restructuring outstanding recorded investment | 0 | 0 | 0 | 0 |
Post-restructuring outstanding recorded investment | $0 | $0 | $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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 30-89 Days Past Due | $2,772 | $3,755 |
Loans 90 or More Past Due | 569 | 2,204 |
Total Past Due Loans | 3,341 | 5,959 |
Current Loans | 2,887,851 | 1,717,201 |
Ending balance | 2,891,192 | 1,723,160 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 30-89 Days Past Due | 505 | 257 |
Loans 90 or More Past Due | 8 | 357 |
Total Past Due Loans | 513 | 614 |
Current Loans | 586,975 | 240,564 |
Ending balance | 587,488 | 241,178 |
Commercial Real Estate, Land and Land Development | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 30-89 Days Past Due | 295 | 2,076 |
Loans 90 or More Past Due | 124 | 73 |
Total Past Due Loans | 419 | 2,149 |
Current Loans | 1,626,083 | 971,607 |
Ending balance | 1,626,502 | 973,756 |
Residential Real Estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 30-89 Days Past Due | 1,787 | 1,322 |
Loans 90 or More Past Due | 388 | 1,603 |
Total Past Due Loans | 2,175 | 2,925 |
Current Loans | 477,539 | 335,729 |
Ending balance | 479,714 | 338,654 |
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 | 0 | 170 |
Total Past Due Loans | 0 | 170 |
Current Loans | 116,785 | 82,974 |
Ending balance | 116,785 | 83,144 |
Agricultural | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 30-89 Days Past Due | 17 | 3 |
Loans 90 or More Past Due | 0 | 0 |
Total Past Due Loans | 17 | 3 |
Current Loans | 43,558 | 40,555 |
Ending balance | 43,575 | 40,558 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans 30-89 Days Past Due | 168 | 97 |
Loans 90 or More Past Due | 49 | 1 |
Total Past Due Loans | 217 | 98 |
Current Loans | 36,750 | 45,664 |
Ending balance | 36,967 | 45,762 |
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 | 0 |
Total Past Due Loans | 0 | 0 |
Current Loans | 161 | 108 |
Ending balance | $161 | $108 |
Loans_Net_and_Allowance_for_Lo9
Loans, Net and Allowance for Loan Losses - Summary of Loans by Credit Quality Indicator (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | $2,891,192 | $1,723,160 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 587,488 | 241,178 |
Commercial Real Estate, Land and Land Development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 1,626,502 | 973,756 |
Residential Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 479,714 | 338,654 |
Single-Family Interim Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 116,785 | 83,144 |
Agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 43,575 | 40,558 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 36,967 | 45,762 |
Other Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 161 | 108 |
Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 2,844,240 | 1,681,997 |
Pass | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 576,180 | 231,080 |
Pass | Commercial Real Estate, Land and Land Development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 1,599,245 | 952,863 |
Pass | Residential Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 471,541 | 328,918 |
Pass | Single-Family Interim Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 116,785 | 83,144 |
Pass | Agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 43,510 | 40,328 |
Pass | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 36,818 | 45,556 |
Pass | Other Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 161 | 108 |
Pass/ Watch | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 21,518 | 23,567 |
Pass/ Watch | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 9,355 | 7,199 |
Pass/ Watch | Commercial Real Estate, Land and Land Development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 9,381 | 10,697 |
Pass/ Watch | Residential Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 2,680 | 5,379 |
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 | 58 | 210 |
Pass/ Watch | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 44 | 82 |
Pass/ Watch | Other Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 0 |
OAEM | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 8,083 | 4,786 |
OAEM | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 1,496 | 1,311 |
OAEM | Commercial Real Estate, Land and Land Development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 6,384 | 2,982 |
OAEM | Residential Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 195 | 454 |
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 | 8 | 39 |
OAEM | Other Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 0 |
Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 17,351 | 12,675 |
Substandard | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 457 | 1,453 |
Substandard | Commercial Real Estate, Land and Land Development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 11,492 | 7,214 |
Substandard | Residential Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 5,298 | 3,903 |
Substandard | Single-Family Interim Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 0 |
Substandard | Agricultural | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 7 | 20 |
Substandard | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 97 | 85 |
Substandard | Other Loan | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 0 |
Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 135 |
Doubtful | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans, gross | 0 | 135 |
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 | 0 |
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 $) | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 15, 2014 | Jan. 01, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | Bank Of Houston [Member] | Live Oak Financial Corp | Collin Bank | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Outstanding balance | $61,690 | $15,768 | $55,718 | $3,583 | $11,897 |
Nonaccretable difference | ' | ' | -5,798 | -519 | -1,810 |
Accretable yield | ' | ' | -2,579 | -182 | -408 |
Carrying amount | $52,680 | $13,777 | $47,341 | $2,882 | $9,679 |
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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Outstanding balance | $61,690 | $15,768 |
Carrying amount | $52,680 | $13,777 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loss Contingencies [Line Items] | ' | ' |
Financial instruments with off-balance sheet risk | $566,767 | $367,695 |
Commitments to extend credit | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Financial instruments with off-balance sheet risk | 559,620 | 365,575 |
Standby letters of credit | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Financial instruments with off-balance sheet risk | $7,147 | $2,120 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Rent expense | $391 | $168 | $907 | $538 |
Repurchase_Agreements_and_Othe1
Repurchase Agreements and Other Borrowings - Note Payable (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 31, 2014 |
Subordinated Debt | Subordinated Debt | Revolving Credit Facility | LIBOR | 5.875% Subordinated Notes Due August 1, 2014 | |||
Line of Credit | Revolving Credit Facility | Subordinated Debt | |||||
Line of Credit | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Repurchase agreements | $5,235,000 | $0 | ' | ' | ' | ' | ' |
Securities pledged under repurchase agreements | 5,890,000 | 5,890,000 | ' | ' | ' | ' | ' |
Other borrowings, related parties | 3,320,000 | 3,270,000 | 72,730,000 | 7,730,000 | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | 35,000,000 | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | 2.50% | ' |
Amount of debt issued | ' | ' | ' | ' | ' | ' | $65,000,000 |
Interest rate | ' | ' | ' | ' | ' | ' | 5.88% |
Income_Taxes_Tax_Expense_Detai
Income Taxes - Tax Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Current income tax expense | $4,543 | $1,927 | $9,564 | $3,932 |
Initial recording of deferred tax benefit | 0 | 0 | 0 | -1,760 |
Income tax expense for the period | $4,543 | $1,927 | $9,564 | $2,172 |
Effective tax rates (percent) | 33.60% | 32.70% | 33.60% | 12.30% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' |
Deferred tax asset net | $1,760 |
Effective income tax rate prior to deferred tax asset | 32.80% |
Federal income tax at statutory rate (percent) | 35.00% |
Fair_Value_MeasurementsAssets_
Fair Value Measurements-Assets and Liabilities at Fair Value on Recurring Basis (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
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 | $1,008 | $3,513 |
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 | 1,008 | 3,513 |
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 | 67,407 | 94,415 |
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 | 67,407 | 94,415 |
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 | 74,637 | 36,615 |
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 | 74,637 | 36,615 |
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 | 1,069 | 2,052 |
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 | 1,069 | 2,052 |
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 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 | 91,723 | 57,443 |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC 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 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 | 91,723 | 57,443 |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC 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 |
Fair_Value_MeasurementsConting
Fair Value Measurements-Contingent Consideration Related to Acquisition of Town Center Bank (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Contingent Consideration [Roll Forward] | ' |
Balance, beginning of period | $290 |
Settlements | -287 |
Change in estimated payments to be made | -3 |
Balance, end of period | $0 |
Fair_Value_MeasurementsAssets_1
Fair Value Measurements-Assets and Liabilities at Fair Value on Nonrecurring Basis (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Impaired loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, measured on a nonrecurring basis | $2,453 | $1,514 |
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 | 2,453 | 1,514 |
Impaired loans | Fair Value, Gain Loss | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Period Ended Total (Gains) Losses | -3 | 497 |
Other real estate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, measured on a nonrecurring basis | 138 | 2,449 |
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 | 138 | 2,449 |
Other real estate | Fair Value, Gain Loss | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Period Ended Total (Gains) Losses | $22 | $537 |
Fair_Value_MeasurementsCarryin
Fair Value Measurements-Carrying Amount and Estimated Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets: | ' | ' |
Securities available for sale | $235,844 | $194,038 |
Financial liabilities: | ' | ' |
Repurchase agreements | 5,235 | 0 |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | 566,767 | 367,695 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 249,769 | 93,054 |
Securities available for sale | 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 |
Repurchase agreements | 0 | ' |
Other borrowings | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 235,844 | 194,038 |
Loans held for sale | 1,811 | 3,383 |
Loans, net | 2,893,319 | 1,710,228 |
FHLB of Dallas stock and other restricted stock | 15,715 | 9,494 |
Accrued interest receivable | 8,025 | 4,713 |
Financial liabilities: | ' | ' |
Deposits | 2,816,258 | 1,712,654 |
Accrued interest payable | 1,936 | 948 |
FHLB advances | 323,936 | 189,092 |
Repurchase agreements | 5,235 | ' |
Other borrowings | 74,884 | 8,061 |
Junior subordinated debentures | 18,127 | 18,099 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 1,957 | 4,587 |
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 |
Repurchase agreements | 0 | ' |
Other borrowings | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Carrying Amount | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 249,769 | 93,054 |
Securities available for sale | 235,844 | 194,038 |
Loans held for sale | 1,811 | 3,383 |
Loans, net | 2,874,084 | 1,709,200 |
FHLB of Dallas stock and other restricted stock | 15,715 | 9,494 |
Accrued interest receivable | 8,025 | 4,713 |
Financial liabilities: | ' | ' |
Deposits | 2,813,660 | 1,710,319 |
Accrued interest payable | 1,936 | 948 |
FHLB advances | 324,424 | 187,484 |
Repurchase agreements | 5,235 | ' |
Other borrowings | 72,730 | 7,730 |
Junior subordinated debentures | 18,147 | 18,147 |
Assets Measured at Fair Value | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 249,769 | 93,054 |
Securities available for sale | 235,844 | 194,038 |
Loans held for sale | 1,811 | 3,383 |
Loans, net | 2,895,276 | 1,714,815 |
FHLB of Dallas stock and other restricted stock | 15,715 | 9,494 |
Accrued interest receivable | 8,025 | 4,713 |
Financial liabilities: | ' | ' |
Deposits | 2,816,258 | 1,712,654 |
Accrued interest payable | 1,936 | 948 |
FHLB advances | 323,936 | 189,092 |
Repurchase agreements | 5,235 | ' |
Other borrowings | 74,884 | 8,061 |
Junior subordinated debentures | 18,127 | 18,099 |
Commitments to extend credit | ' | ' |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | 559,620 | 365,575 |
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 | Carrying Amount | ' | ' |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | 0 | 0 |
Commitments to extend credit | Assets Measured at Fair Value | ' | ' |
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 | 7,147 | 2,120 |
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 | Carrying Amount | ' | ' |
Fair Value Off Balance Sheet [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk | 0 | 0 |
Standby letters of credit | Assets Measured at Fair Value | ' | ' |
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 $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Number of Shares | ' | ' |
Nonvested shares, beginning balance (shares) | 306,524 | 208,608 |
Granted during the period (shares) | 189,069 | 119,540 |
Vested during the period (shares) | -121,364 | -22,716 |
Forfeited during the period (shares) | -1,194 | ' |
Nonvested shares, ending balance (shares) | 373,035 | 305,432 |
Weighted Average Grant Date Fair Value | ' | ' |
Nonvested shares, beginning balance (usd per share) | $22.75 | $17.07 |
Granted during the period (usd per share) | $56.70 | $28.68 |
Vested during the period (usd per share) | $19.93 | $14.30 |
Forfeited during the period (shares) | $30.37 | ' |
Nonvested shares, ending balance (usd per share) | $40.85 | $22.16 |
Stock_Awards_and_Stock_Warrant3
Stock Awards and Stock Warrants - Future Vesting Schedule of Nonvested Shares (Detail) | Sep. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested shares | 373,035 |
First year | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested shares | 84,041 |
Second year | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested shares | 83,920 |
Third year | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested shares | 97,110 |
Fourth year | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested shares | 75,364 |
Fifth year | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested shares | 32,600 |
Stock_Awards_and_Stock_Warrant4
Stock Awards and Stock Warrants - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Common stock vesting period | ' | ' | ' | ' | ' | '5 years |
Compensation expense | ' | $841 | $455 | $2,011 | $1,049 | ' |
Estimated future compensation expense | ' | 12,662 | ' | 12,662 | ' | ' |
Period for recognition | ' | ' | ' | '3 years 8 months 7 days | ' | ' |
Fair value of common stock awards vested | ' | ' | ' | 6,288 | 641 | ' |
Excess tax benefit on restricted stock vested | ' | ' | ' | 1,326 | 9 | ' |
Issuance of warrant (shares) | ' | ' | ' | 150,544 | ' | ' |
Purchase price of common stock, per share (usd per share) | ' | ' | ' | $17.19 | ' | ' |
Warrant fair value | ' | 475 | ' | 475 | ' | ' |
Writeoff of debt origination costs related to warrants | $223 | ' | ' | $0 | $223 | ' |
2013 Equity Incentive Plan | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Shares reserved for future issuance (shares) | ' | 800,000 | ' | 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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Consolidated | ' | ' |
Total capital to risk weighted assets: | ' | ' |
Actual Amount | $384,794 | $234,794 |
Actual Ratio (percent) | 13.36% | 13.83% |
Minimum Required for Capital Adequacy Purposes Amount | 230,356 | 135,801 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 8.00% | 8.00% |
Tier I capital to risk weighted assets: | ' | ' |
Actual Amount | 297,770 | 214,650 |
Actual Ratio (percent) | 10.34% | 12.64% |
Minimum Required for Capital Adequacy Purposes Amount | 115,178 | 67,901 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 4.00% | 4.00% |
Tier I capital to average assets: | ' | ' |
Actual Amount | 297,770 | 214,650 |
Actual Ratio (percent) | 8.50% | 10.71% |
Minimum Required for Capital Adequacy Purposes Amount | 140,132 | 80,204 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 4.00% | 4.00% |
Bank | ' | ' |
Total capital to risk weighted assets: | ' | ' |
Actual Amount | 361,351 | 212,656 |
Actual Ratio (percent) | 12.57% | 12.54% |
Minimum Required for Capital Adequacy Purposes Amount | 229,997 | 135,648 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 8.00% | 8.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 287,496 | 169,560 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 10.00% | 10.00% |
Tier I capital to risk weighted assets: | ' | ' |
Actual Amount | 344,511 | 198,696 |
Actual Ratio (percent) | 11.98% | 11.72% |
Minimum Required for Capital Adequacy Purposes Amount | 114,998 | 67,824 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 172,498 | 101,736 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 6.00% | 6.00% |
Tier I capital to average assets: | ' | ' |
Actual Amount | 344,511 | 198,696 |
Actual Ratio (percent) | 9.98% | 9.97% |
Minimum Required for Capital Adequacy Purposes Amount | 138,090 | 79,710 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $172,613 | $99,637 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 5.00% | 5.00% |
Small_Business_Lending_Fund_Pr1
Small Business Lending Fund Preferred Stock Small Business Lending Fund Preferred Stock (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Apr. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Series A Preferred Stock | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Preferred stock dividend rate | 1.00% | ' | ' |
Preferred stock dividends | ' | $60 | $109 |
Liquidation preference per share | ' | $1,000 | $1,000 |
BOH Holdings, Inc. | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Stock issued for acquisition of bank (in shares) | 3,615,886 | ' | ' |
BOH Holdings, Inc. | Series A Preferred Stock | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Stock issued for acquisition of bank (in shares) | 23,938 | ' | ' |
BOH Holdings, Inc. | BOH Series C Preferred Stock | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Number of shares received in acquisition | 23,938 | ' | ' |
Through January 2016 | Series A Preferred Stock | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Preferred stock dividend rate | 1.00% | ' | ' |
After January 2016 | Series A Preferred Stock | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Preferred stock dividend rate | 9.00% | ' | ' |
Business_Combination_Additiona
Business Combination - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jan. 01, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2014 | Jan. 01, 2014 | Apr. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Apr. 15, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | Jan. 01, 2014 | Apr. 15, 2014 | Apr. 15, 2014 |
Live Oak Financial Corp | Live Oak Financial Corp | Live Oak Financial Corp | Live Oak Financial Corp | Live Oak Financial Corp | BOH Holdings, Inc. | BOH Holdings, Inc. | BOH Holdings, Inc. | BOH Holdings, Inc. | BOH Holdings, Inc. | Houston Area | Series A Preferred Stock | BOH Series C Preferred Stock | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | ||||||
branch | Non-Credit Impaired Loans | branch | BOH Holdings, Inc. | BOH Holdings, Inc. | Live Oak Financial Corp | BOH Holdings, Inc. | BOH Holdings, Inc. | ||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding stock acquired (percent) | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Number of branches acquired | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued for acquisition of bank (in shares) | ' | ' | ' | ' | ' | 235,594 | ' | ' | ' | ' | 3,615,886 | ' | ' | ' | ' | ' | 23,938 | ' | ' | ' | ' |
Cash paid in the transaction | ' | ' | $44,010 | $0 | ' | $10,000 | ' | ' | ' | ' | $34,010 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' |
Goodwill acquired | 207,607 | ' | 207,607 | ' | 34,704 | ' | ' | ' | 6,988 | ' | ' | ' | ' | ' | 165,163 | ' | ' | ' | 32 | ' | 397 |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | 248 | ' | ' | ' | ' | ' | 27,556 | ' | ' | ' | 18 | ' | 162 |
Deposits | ' | ' | ' | ' | ' | ' | ' | ' | 105,010 | ' | ' | ' | ' | ' | 820,752 | ' | ' | ' | 50 | ' | 0 |
Acquisition related expenses | 629 | 474 | 2,628 | 602 | ' | ' | 354 | 357 | ' | ' | ' | 1,715 | ' | 592 | ' | ' | ' | ' | ' | ' | ' |
Acquired loans, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,256 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,351 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual amount over fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of branches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' |
Number of shares received in acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,938 | ' | ' | ' |
Offering costs paid in connection with acquired bank | ' | ' | 550 | 0 | ' | ' | ' | ' | ' | ' | ' | 550 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,519 | 23,710 | 26,959 | ' | ' | ' | ' | ' | ' | ' |
Pro forma revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $119,310 | $102,424 | $139,164 | ' | ' | ' | ' | ' | ' | ' |
Business_Combination_Estimated
Business Combination - Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 01, 2014 | Jan. 01, 2014 | Jan. 01, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | Apr. 15, 2014 | Apr. 15, 2014 |
Collin Bank | Collin Bank | Collin Bank | Collin Bank | Live Oak Financial Corp | Live Oak Financial Corp | Live Oak Financial Corp | BOH Holdings, Inc. | BOH Holdings, Inc. | BOH Holdings, Inc. | BOH Holdings, Inc. | BOH Holdings, Inc. | BOH Holdings, Inc. | BOH Holdings, Inc. | BOH Holdings, Inc. | BOH Holdings, Inc. | BOH Holdings, Inc. | BOH Holdings, Inc. | BOH Holdings, Inc. | ||||
Previously Reported | Restatement Adjustment | Restatement Adjustment | Restatement Adjustment | Previously Reported | Previously Reported | Restatement Adjustment | Restatement Adjustment | Senior Non-Cumulative Perpetual Preferred Stock, Series A | Senior Non-Cumulative Perpetual Preferred Stock, Series A | Senior Non-Cumulative Perpetual Preferred Stock, Series A | Common Stock $.01 Par Value 100 million shares authorized | Common Stock $.01 Par Value 100 million shares authorized | Common Stock $.01 Par Value 100 million shares authorized | |||||||||
Previously Reported | Restatement Adjustment | Previously Reported | Restatement Adjustment | |||||||||||||||||||
Assets of acquired bank: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | $22,792 | $22,792 | $0 | ' | ' | $32,246 | ' | ' | $135,525 | ' | $135,525 | ' | $0 | ' | ' | ' | ' | ' | ' |
Securities available for sale | ' | ' | ' | 62,373 | 62,373 | 0 | ' | ' | 16,740 | ' | ' | 59,141 | ' | 59,141 | ' | 0 | ' | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | 72,283 | 72,611 | -328 | 0 | ' | 71,304 | ' | ' | 785,595 | ' | 786,761 | ' | -1,166 | ' | ' | ' | ' | ' | ' |
Premises and equipment | ' | ' | ' | 141 | 141 | 0 | ' | ' | 2,600 | ' | ' | 7,211 | ' | 7,211 | ' | 0 | ' | ' | ' | ' | ' | ' |
Other real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,224 | ' | 1,191 | ' | 33 | ' | ' | ' | ' | ' | ' |
Investment in FHLB stock | ' | ' | ' | 1,156 | 1,156 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 207,607 | ' | 34,704 | 6,714 | 5,962 | 752 | ' | ' | 6,988 | 32 | ' | 165,163 | ' | 164,766 | ' | 397 | ' | ' | ' | ' | ' | ' |
Deferred tax asset | ' | ' | ' | 1,494 | 1,385 | 109 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Core deposit intangibles | ' | ' | ' | 582 | 600 | -18 | 0 | ' | 882 | ' | ' | 7,265 | ' | 7,265 | ' | 0 | ' | ' | ' | ' | ' | ' |
Other assets | ' | ' | ' | 785 | 775 | 10 | 0 | ' | 248 | 18 | ' | 27,556 | ' | 27,394 | ' | 162 | ' | ' | ' | ' | ' | ' |
Total assets | ' | ' | ' | 168,320 | 167,795 | 525 | 0 | ' | 131,008 | ' | ' | 1,188,680 | ' | 1,189,254 | ' | -574 | ' | ' | ' | ' | ' | ' |
Liabilities of acquired bank: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits | ' | ' | ' | 111,669 | 111,164 | 505 | 0 | ' | 105,010 | 50 | ' | 820,752 | ' | 820,752 | ' | 0 | ' | ' | ' | ' | ' | ' |
Repurchase agreements | ' | ' | ' | ' | ' | ' | ' | ' | 3,733 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FHLB advances | ' | ' | ' | 26,000 | 26,000 | 0 | ' | ' | ' | ' | ' | 95,000 | ' | 95,000 | ' | 0 | ' | ' | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | 378 | 358 | 20 | 0 | ' | 565 | ' | ' | 6,163 | ' | 6,737 | ' | -574 | ' | ' | ' | ' | ' | ' |
Total liabilities | ' | ' | ' | 138,047 | 137,522 | 525 | 0 | ' | 109,308 | ' | ' | 921,915 | ' | 922,489 | ' | -574 | ' | ' | ' | ' | ' | ' |
Common stock issued in transaction | ' | ' | ' | 11,861 | 11,861 | 0 | ' | 11,700 | ' | ' | ' | ' | ' | ' | ' | ' | 23,938 | 23,938 | 0 | 208,817 | 208,817 | 0 |
Cash paid to shareholders of acquired banks | $44,010 | $0 | ' | $18,412 | $18,412 | $0 | ' | $10,000 | ' | ' | $34,010 | ' | $34,010 | ' | $0 | ' | ' | ' | ' | ' | ' | ' |
Common stock issued (in usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $57.75 | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Nov. 04, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 01, 2014 | Oct. 01, 2014 |
Subsequent Event | Houston City Bancshares | Houston City Bancshares | Houston City Bancshares | Houston City Bancshares | ||||||
Subsequent Event | Subsequent Event | |||||||||
branch | ||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding stock acquired (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Number of branches | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' |
Stock issued for acquisition of bank (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 637,856 | ' |
Cash paid to shareholders of acquired banks | ' | ' | $44,010 | $0 | ' | ' | ' | ' | $16,804 | ' |
Goodwill | 207,607 | ' | 207,607 | ' | 34,704 | ' | ' | ' | ' | 19,602 |
Acquisition expense, including legal | $629 | $474 | $2,628 | $602 | ' | ' | $180 | $337 | ' | ' |
Dividends declared (per share) | ' | ' | ' | ' | ' | $0.06 | ' | ' | ' | ' |
Subsequent_Events_Acquisition_
Subsequent Events - Acquisition (Details) (USD $) | 9 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Oct. 01, 2014 | Oct. 01, 2014 |
Houston City Bancshares | Houston City Bancshares | ||||
Subsequent Event | Subsequent Event | ||||
Assets of acquired bank: | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | $118,825 |
Securities available for sale | ' | ' | ' | ' | 3,549 |
Loans | ' | ' | ' | ' | 196,791 |
Premises and equipment | ' | ' | ' | ' | 8,678 |
Goodwill | 207,607 | ' | 34,704 | ' | 19,602 |
Core deposit intangibles | ' | ' | ' | ' | 1,801 |
Other assets | ' | ' | ' | ' | 1,498 |
Total assets | ' | ' | ' | ' | 350,744 |
Liabilities of acquired bank: | ' | ' | ' | ' | ' |
Deposits | ' | ' | ' | ' | 303,092 |
Other liabilities | ' | ' | ' | ' | 582 |
Total liabilities | ' | ' | ' | ' | 303,674 |
Common stock issued in transaction | ' | ' | ' | 30,266 | ' |
Cash paid to shareholders of acquired banks | $44,010 | $0 | ' | $16,804 | ' |