Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 06, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | IBTX | ||
Entity Registrant Name | Independent Bank Group, Inc. | ||
Entity Central Index Key | 1,564,618 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 18,922,726 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 471,064,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 158,686 | $ 129,096 |
Interest-bearing deposits in other banks | 336,341 | 164,183 |
Federal funds sold | 10,000 | 0 |
Cash and cash equivalents | 505,027 | 293,279 |
Certificates of deposit held in other banks | 2,707 | 61,746 |
Securities available for sale, at fair value | 316,435 | 273,463 |
Loans held for sale | 9,795 | 12,299 |
Loans, net | 4,539,063 | 3,960,809 |
Premises and equipment, net | 89,898 | 93,015 |
Other real estate owned | 1,972 | 2,168 |
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock | 26,536 | 14,256 |
Bank-owned life insurance (BOLI) | 57,209 | 40,861 |
Deferred tax asset | 9,631 | 5,892 |
Goodwill | 258,319 | 258,643 |
Core deposit intangible, net | 14,177 | 16,357 |
Other assets | 22,032 | 22,212 |
Total assets | 5,852,801 | 5,055,000 |
Deposits: | ||
Noninterest-bearing | 1,117,927 | 1,071,656 |
Interest-bearing | 3,459,182 | 2,956,623 |
Total deposits | 4,577,109 | 4,028,279 |
FHLB advances | 460,746 | 288,325 |
Repurchase agreements | 0 | 12,160 |
Other borrowings | 107,249 | 68,295 |
Other borrowings, related parties | 50 | 2,503 |
Junior subordinated debentures | 18,147 | 18,147 |
Other liabilities | 17,135 | 9,982 |
Total liabilities | 5,180,436 | 4,427,691 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock (18,870,312 and 18,399,194 shares outstanding, respectively) | 189 | 184 |
Additional paid-in capital | 555,325 | 530,107 |
Retained earnings | 117,951 | 70,698 |
Accumulated other comprehensive income (loss) | (1,100) | 2,382 |
Total stockholders’ equity | 672,365 | 603,371 |
Total liabilities, temporary equity and stockholders’ equity | 5,852,801 | 5,055,000 |
Series A Preferred Stock | ||
Deposits: | ||
Temporary equity: Series A preferred stock (0 and 23,938.35 shares issued and outstanding, respectively) | $ 0 | $ 23,938 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Common stock, shares outstanding (shares) | 18,870,312 | 18,399,194 |
Series A Preferred Stock | ||
Temporary equity, shares issued (in shares) | 0 | 23,938.35 |
Temporary equity, shares outstanding (in shares) | 0 | 23,938.35 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income: | |||
Interest and fees on loans | $ 203,577 | $ 169,504 | $ 135,461 |
Interest on taxable securities | 2,681 | 2,168 | 2,803 |
Interest on nontaxable securities | 1,768 | 1,783 | 1,429 |
Interest on federal funds sold and other | 2,023 | 572 | 439 |
Total interest income | 210,049 | 174,027 | 140,132 |
Interest expense: | |||
Interest on deposits | 16,075 | 12,024 | 9,537 |
Interest on FHLB advances | 4,119 | 3,077 | 3,678 |
Interest on repurchase agreements and other borrowings | 5,428 | 4,289 | 2,230 |
Interest on junior subordinated debentures | 621 | 539 | 542 |
Total interest expense | 26,243 | 19,929 | 15,987 |
Net interest income | 183,806 | 154,098 | 124,145 |
Provision for loan losses | 9,440 | 9,231 | 5,359 |
Net interest income after provision for loan losses | 174,366 | 144,867 | 118,786 |
Noninterest income: | |||
Service charges on deposit accounts | 7,222 | 6,898 | 5,884 |
Mortgage fee income | 7,038 | 5,269 | 3,953 |
Gain on sale of loans | 0 | 116 | 1,078 |
Loss on sale of branch | (43) | 0 | 0 |
Gain on sale of other real estate | 57 | 290 | 71 |
Gain on sale of securities available for sale | 4 | 134 | 362 |
Gain (loss) on sale of premises and equipment | 32 | (358) | (22) |
Increase in cash surrender value of BOLI | 1,348 | 1,077 | 972 |
Other | 3,897 | 2,702 | 1,326 |
Total noninterest income | 19,555 | 16,128 | 13,624 |
Noninterest expense: | |||
Salaries and employee benefits | 66,762 | 60,541 | 52,337 |
Occupancy | 16,101 | 16,058 | 13,250 |
Data processing | 4,752 | 3,384 | 2,080 |
FDIC assessment | 3,889 | 2,259 | 1,797 |
Advertising and public relations | 1,107 | 1,038 | 835 |
Communications | 2,116 | 2,219 | 1,787 |
Net other real estate owned expenses (including taxes) | 205 | 169 | 232 |
Other real estate impairment | 106 | 35 | 22 |
Core deposit intangible amortization | 1,964 | 1,555 | 1,281 |
Professional fees | 3,212 | 3,191 | 2,567 |
Acquisition expense, including legal | 1,517 | 1,420 | 3,626 |
Other | 12,059 | 11,329 | 8,698 |
Total noninterest expense | 113,790 | 103,198 | 88,512 |
Income before taxes | 80,131 | 57,797 | 43,898 |
Income tax expense | 26,591 | 19,011 | 14,920 |
Net income | $ 53,540 | $ 38,786 | $ 28,978 |
Basic earnings per share (usd per share) | $ 2.89 | $ 2.23 | $ 1.86 |
Diluted earnings per share (usd per share) | $ 2.88 | $ 2.21 | $ 1.85 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 53,540 | $ 38,786 | $ 28,978 |
Other comprehensive income (loss) before tax: | |||
Change in net unrealized gains (losses) on available for sale securities during the year | (5,353) | 101 | 5,798 |
Reclassification adjustment for gain on sale of securities available for sale included in net income | (4) | (134) | (362) |
Other comprehensive income (loss) before tax | (5,357) | (33) | 5,436 |
Income tax expense (benefit) | (1,875) | (12) | 1,903 |
Other comprehensive income (loss), net of tax | (3,482) | (21) | 3,533 |
Comprehensive income | $ 50,058 | $ 38,765 | $ 32,511 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Series A Preferred Stock $.01 Par Value 10 million shares authorized | Common Stock $.01 Par Value 100 million shares authorized | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2013 | 12,330,158 | |||||
Beginning balance at Dec. 31, 2013 | $ 233,772 | $ 123 | $ 222,116 | $ 12,663 | $ (1,130) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 28,978 | 28,978 | ||||
Other comprehensive income (loss), net of tax | 3,533 | 3,533 | ||||
Stock issued | 23,938 | $ 23,938 | ||||
Stock issued for acquisition of bank, net of offering costs (in shares) | 4,489,336 | |||||
Stock issued for acquisition of bank, net of offering costs | 250,217 | $ 45 | 250,172 | |||
Restricted stock forfeited (shares) | (394) | |||||
Restricted stock forfeited | 0 | |||||
Restricted stock granted (shares) | 213,569 | |||||
Restricted stock granted | 0 | $ 2 | (2) | |||
Excess tax benefit on restricted stock vested | 1,409 | 1,409 | ||||
Stock based compensation expense | 2,914 | 2,914 | ||||
Preferred stock dividends | (169) | (169) | ||||
Dividends ($0.34 per share in 2016, $0.32 per share in 2015, and $0.24 per share in 2014) | (3,741) | (3,741) | ||||
Ending balance (in shares) at Dec. 31, 2014 | 17,032,669 | |||||
Ending balance at Dec. 31, 2014 | 540,851 | 23,938 | $ 170 | 476,609 | 37,731 | 2,403 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 38,786 | 38,786 | ||||
Other comprehensive income (loss), net of tax | (21) | (21) | ||||
Stock issued for acquisition of bank, net of offering costs (in shares) | 1,279,532 | |||||
Stock issued for acquisition of bank, net of offering costs | 49,270 | $ 13 | 49,257 | |||
Restricted stock forfeited (shares) | (19,131) | |||||
Restricted stock forfeited | 0 | |||||
Restricted stock granted (shares) | 106,124 | |||||
Restricted stock granted | 0 | $ 1 | (1) | |||
Stock based compensation expense | 4,314 | 4,314 | ||||
Preferred stock dividends | (240) | (240) | ||||
Dividends ($0.34 per share in 2016, $0.32 per share in 2015, and $0.24 per share in 2014) | (5,579) | (5,579) | ||||
Income tax deficiency on restricted stock vested | (72) | (72) | ||||
Reclassification to temporary equity | (23,938) | (23,938) | ||||
Ending balance (in shares) at Dec. 31, 2015 | 18,399,194 | |||||
Ending balance at Dec. 31, 2015 | 603,371 | 0 | $ 184 | 530,107 | 70,698 | 2,382 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 53,540 | 53,540 | ||||
Other comprehensive income (loss), net of tax | (3,482) | (3,482) | ||||
Stock issued (in shares) | 400,000 | |||||
Stock issued | 19,929 | $ 4 | 19,925 | |||
Restricted stock forfeited (shares) | (25,102) | |||||
Restricted stock forfeited | 0 | |||||
Restricted stock granted (shares) | 96,220 | |||||
Restricted stock granted | 0 | $ 1 | (1) | |||
Stock based compensation expense | 5,431 | 5,431 | ||||
Preferred stock dividends | (8) | (8) | ||||
Dividends ($0.34 per share in 2016, $0.32 per share in 2015, and $0.24 per share in 2014) | (6,279) | (6,279) | ||||
Income tax deficiency on restricted stock vested | (137) | (137) | ||||
Ending balance (in shares) at Dec. 31, 2016 | 18,870,312 | |||||
Ending balance at Dec. 31, 2016 | $ 672,365 | $ 0 | $ 189 | $ 555,325 | $ 117,951 | $ (1,100) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends paid (usd per share) | $ 0.34 | $ 0.32 | $ 0.24 |
Common stock shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Offering costs | $ 568 | $ 566 | |
Series A Preferred Stock $.01 Par Value 10 million shares authorized | |||
Preferred stock shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 53,540 | $ 38,786 | $ 28,978 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation expense | 6,763 | 6,270 | 5,285 |
Accretion related to acquired loans | (4,482) | (2,774) | (5,084) |
Amortization of core deposit intangibles | 1,964 | 1,555 | 1,281 |
Amortization of premium on securities, net | 2,230 | 1,558 | 2,002 |
Amortization of discount and origination costs on other borrowings | 241 | 194 | 77 |
Stock grants amortized | 5,431 | 4,314 | 2,914 |
FHLB stock dividends | (261) | (43) | (47) |
Net (gain) loss on sale of premises and equipment | (32) | 358 | 22 |
Gain on sale of loans | 0 | (116) | (1,078) |
Loss on sale of branch | 43 | 0 | 0 |
Gain on sale of securities available for sale | (4) | (134) | (362) |
Gain on sale of other real estate owned | (57) | (290) | (71) |
Impairment of other real estate | 106 | 35 | 22 |
Deferred tax (benefit) expense | (1,849) | (3,935) | 71 |
Provision for loan losses | 9,440 | 9,231 | 5,359 |
Increase in cash surrender value of life insurance | (1,348) | (1,077) | (972) |
Mortgage loans originated for sale | (276,679) | (215,404) | (148,910) |
Proceeds from sale of mortgage loans | 279,183 | 208,129 | 147,840 |
Net change in other assets | (978) | 5,893 | (4,846) |
Net change in other liabilities | 7,026 | (9,032) | 3,107 |
Net cash provided by operating activities | 80,277 | 43,518 | 35,588 |
Cash flows from investing activities: | |||
Proceeds from maturities and paydowns of securities available for sale | 1,569,462 | 535,141 | 1,483,062 |
Proceeds from sale of securities available for sale | 5,399 | 14,915 | 19,260 |
Purchases of securities available for sale | (1,625,416) | (546,294) | (1,430,794) |
Purchases of certificates of deposits held in other banks | (2,707) | 0 | 0 |
Proceeds from maturities of certificates of deposits held in other banks | 61,746 | 22,781 | 0 |
Purchase of bank owned life insurance contracts | (15,000) | 0 | 0 |
Net (purchases) redemptions of FHLB stock | (12,019) | (1,552) | 4,033 |
Proceeds from sale of loans | 0 | 4,765 | 12,147 |
Net loans originated | (584,316) | (517,846) | (434,282) |
Additions to premises and equipment | (6,139) | (13,781) | (4,854) |
Proceeds from sale of premises and equipment | 332 | 4,254 | 18 |
Proceeds from sale of other real estate owned | 1,860 | 2,460 | 3,415 |
Capitalized additions to other real estate | 0 | (10) | (28) |
Cash received from acquired banks | 0 | 152,913 | 286,596 |
Cash paid in connection with acquisitions | 0 | (24,103) | (60,812) |
Cash paid in connection with branch sale | (107) | 0 | 0 |
Net cash transferred in branch sale | (2,399) | 0 | 0 |
Net cash used in investing activities | (609,304) | (366,357) | (122,239) |
Cash flows from financing activities: | |||
Net increase in demand deposits, NOW and savings accounts | 521,100 | 245,831 | 230,070 |
Net increase in time deposits | 11,670 | 6,128 | 79,850 |
Repayments of FHLB advances | (402,579) | (293,916) | (517,079) |
Proceeds from FHLB advances | 575,000 | 350,000 | 464,000 |
Net change in repurchase agreements | 8,528 | (7,653) | 279 |
Repayments of notes payable and other borrowings | (5,798) | (1,932) | 0 |
Proceeds from other borrowings, net of issuance costs | 43,150 | 0 | 65,000 |
Offering costs paid in connection with acquired banks | 0 | (568) | (566) |
Net proceeds from sale of common stock | 19,929 | 0 | 0 |
Redemption of preferred stock | (23,938) | 0 | 0 |
Dividends paid | (6,287) | (5,819) | (3,910) |
Net cash provided by financing activities | 740,775 | 292,071 | 317,644 |
Net change in cash and cash equivalents | 211,748 | (30,768) | 230,993 |
Cash and cash equivalents at beginning of year | 293,279 | 324,047 | 93,054 |
Cash and cash equivalents at end of year | $ 505,027 | $ 293,279 | $ 324,047 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 north, central and southeast Texas 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., IBG Aircraft Acquisition, Inc., IBG Aircraft Company III, Preston Grand, Inc. and McKinney Avenue Holdings, Inc. and its wholly owned subsidiary, McKinney Avenue SPE 1, Inc. McKinney Avenue Holdings, Inc. and its subsidiary were formed in 2016 for the purpose of possible future asset holdings but are currently not active entities. Adriatica became inactive in 2014 and IBG Aircraft Acquisition, Inc. was dissolved during 2015. All material intercompany transactions and balances have been eliminated in consolidation. In addition, the Company wholly-owns IB Trust I (Trust I), IB Trust II (Trust II), IB Trust III (Trust III), IB Centex Trust I (Centex Trust I) and Community Group Statutory Trust I (CGI Trust I). The Trusts were formed to issue trust preferred securities and do not meet the criteria for consolidation (see Note 13). Accounting standards codification: The Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) is the officially recognized source of authoritative U.S. generally accepted accounting principles (GAAP) applicable to all public and non-public non-governmental entities. Rules and interpretive releases of the SEC under the authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. All other accounting literature is considered non-authoritative. Citing particular content in the ASC involves specifying the unique numeric path to the content through the Topic, Subtopic, Section and Paragraph structure. Segment Reporting: The Company has one reportable segment. The Company’s chief operating decision-maker uses consolidated results to make operating and strategic decisions. Reclassifications: Certain prior period financial statement amounts have been reclassified to conform to current period presentation. The reclassifications have no effect on net income or stockholders' equity as previously reported. Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ from those estimates. The material estimates included in the financial statements relate to the allowance for loan losses, the valuation of goodwill and valuation of assets and liabilities acquired in business combinations. Cash and cash equivalents: For the purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. All highly liquid investments with an initial maturity of less than ninety days are considered to be cash equivalents. The Company maintains deposits with other financial institutions in amounts that exceed FDIC insurance coverage. The Company's management monitors the balance in these accounts and periodically assesses the financial condition of the other financial institutions. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risks on cash or cash equivalents. Certificates of deposit: Certificates of deposit are FDIC insured deposits in other financial institutions that mature within one year and are carried at cost. Securities: Securities classified as available for sale are those debt securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company's assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Securities available for sale are reported at fair value with unrealized gains or losses reported as a separate component of other comprehensive income, net of tax. The amortization of premiums and accretion of discounts, computed by the interest method over their contractual lives, are recognized in interest income. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date. In estimating other than temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent of the Company to retain its investment and whether it is more likely than not the Company will be required to sell its investment before its anticipated recovery in fair value. When the Company does not intend to sell the security, and it is more likely than not that it will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other than temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. Loans held for sale: The Company originates residential mortgage loans that may subsequently be sold to unaffiliated third parties. The loans are not securitized and if sold, are sold without recourse. Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by aggregate outstanding commitments from investors. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Gains and losses on sales of loans are recognized in noninterest income at settlement dates and are determined by the difference between the sales proceeds and the carrying value of the loans. Acquired loans: Acquired loans from the transactions accounted for as a business combination include both non-performing loans with evidence of credit deterioration since their origination date and performing loans. The Company is accounting for the non-performing loans acquired in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . At the date of the acquisition, the acquired loans are recorded at their fair value and there is no carryover of the seller's allowance for loan losses. Purchased credit impaired loans are accounted for individually. The Company estimates the amount and timing of undiscounted expected cash flows for each loan, and the expected cash flows in excess of fair value is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan's contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan, expected cash flows continue to be estimated. If the expected cash flows decrease, an impairment loss is recorded. If the expected cash flows increase, it is recognized as part of future interest income. The performing loans are being accounted for under ASC 310-20, Nonrefundable Fees and Other Costs , with the related discount being adjusted for over the life of the loan and recognized as interest income. Loans, net: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance adjusted for the allowance for loan losses and deferred loan fees. Fees and costs associated with originating loans are generally recognized in the period they are incurred, except in the Houston market and former Grand Bank branches, which fees are deferred. The provisions of ASC 310, Receivables , generally provide that such fees and related costs be deferred and recognized over the life of the loan as an adjustment of yield. Management believes that not deferring such amounts and amortizing them over the life of the related loans does not materially affect the financial position or results of operations of the Company. Allowance for loan losses: The allowance for loan losses is maintained at a level considered adequate by management to provide for probable loan losses. The allowance is increased by provisions charged to expense. Loans are charged against the allowance for loan losses when management believes that collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. The provision for loan losses is the amount, which, in the judgment of management, is necessary to establish the allowance for loan losses at a level that is adequate to absorb known and inherent risks in the loan portfolio. See Note 6 for further information on the Company's policies and methodology used to estimate the allowance for loan losses. Premises and equipment, net: Land is carried at cost. Bank premises, furniture and equipment and aircraft are carried at cost, less accumulated depreciation computed principally by the straight-line method over the estimated useful lives of the assets, which range from three to thirty years. Leasehold improvements are carried at cost and are depreciated over the shorter of the estimated useful life or the lease period. Long-term assets: Premises and equipment and other long-term assets are reviewed for impairment when events indicate that their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. Other real estate owned: Real estate properties acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations of other real estate owned and Adriatica real estate and impairment charges on other real estate are included in noninterest expense. Gains and losses on sale of other real estate are included in noninterest income. Goodwill and core deposit intangible, net: Goodwill represents the excess of costs over fair value of net assets of businesses acquired. Goodwill is tested for impairment annually on December 31 or on an interim basis if an event triggering impairment may have occurred. Core deposit intangibles are acquired customer relationships arising from bank acquisitions and are being amortized on a straight-line basis over their estimated useful lives of ten years. Core deposit intangibles are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. Restricted stock : The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB of Dallas and Independent Bankers Financial Corporation stock do not have readily determinable fair values as ownership is restricted and they lack a ready market. As a result, these stocks are carried at cost and evaluated periodically by management for impairment. Both cash and stock dividends are reported as income. Bank-owned life insurance: Bank-owned life insurance is recorded at the amount that can be realized under the insurance contracts at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Changes in the net cash surrender value of the policies, as well as insurance proceeds received are reflected in noninterest income. Income taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities related to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. The effect of a change in tax rates on deferred assets and liabilities is recognized in income taxes during the period that includes the enactment date. A valuation allowance, if needed, reduces deferred tax assets to the expected amount more likely than not to be realized. Realization of deferred tax assets is dependent upon the level of historical income, prudent and feasible tax planning strategies, reversals of deferred tax liabilities and estimates of future taxable income. The Company evaluates uncertain tax positions at the end of each reporting period. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefit recognized in the financial statements from any such position is measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Any interest and/or penalties related to income taxes are reported as a component of income tax expense. Loan commitments and related financial instruments: In the ordinary course of business, the Company has entered into certain off-balance-sheet financial instruments consisting of commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they are funded or related fees are incurred or received. Management estimates losses on off-balance-sheet financial instruments using the same methodology as for portfolio loans. Estimated losses on off-balance-sheet financial instruments are recorded by charges to the provision for losses and credits to other liabilities in the Company's consolidated balance sheet. There were no estimated losses on off-balance sheet financial instruments as of December 31, 2016 or 2015. Stock based compensation: Compensation cost is recognized for restricted stock awards issued to employees based on the market price of the Company's common stock on the grant date. Stock-based compensation expense is generally recognized using the straight-line method over the requisite service period for all awards. Transfers of financial assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Advertising costs: Advertising costs are expensed as incurred. Business combinations: The Company applies the acquisition method of accounting for business combinations. Under the acquisition method, the acquiring entity in a business combination recognizes 100% of the assets acquired and liabilities assumed at their acquisition date fair values. Management utilizes valuation techniques appropriate for the asset or liability being measured in determining these fair values. Any excess of the purchase price over amounts allocated to assets acquired, including identifiable intangible assets, and liabilities assumed is recorded as goodwill. Where amounts allocated to assets acquired and liabilities assumed is greater than the purchase price, a bargain purchase gain is recognized. Acquisition-related costs are expensed as incurred. Comprehensive income: Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. Gains and losses on available for sale securities are reclassified to net income as the gains or losses are realized upon sale of the securities. Other than temporary impairment charges are reclassified to net income at the time of the charge. Fair values of financial instruments: Accounting standards define fair value, establish a framework for measuring fair value in U.S. generally accepted accounting principles, and require certain disclosures about fair value measurements (see Note 18, Fair Value Measurements ). In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company's creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. Subsequent events: Companies are required to evaluate events and transactions that occur after the balance sheet date but before the date the financial statements are issued. They must recognize in the financial statements the effect of all events or transactions that provide additional evidence of conditions that existed at the balance sheet date, including the estimates inherent in the financial statement preparation process. Entities shall not recognize the impact of events or transactions that provide evidence about conditions that did not exist at the balance sheet date but arose after that date. The Company has evaluated subsequent events through the date of filing these financial statements with the SEC and noted no subsequent events requiring financial statement recognition or disclosure, except as disclosed in Note 24. Earnings per share: Basic earnings per common share are net income divided by the weighted average number of common shares outstanding during the period. The unvested share-based payment awards that contain rights to non forfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock warrants. The dilutive effect of participating non vested common stock was not included as it was anti-dilutive. Proceeds from the assumed exercise of dilutive stock warrants are assumed to be used to repurchase common stock at the average market price. The following table presents a reconciliation of net income available to common shareholders and the number of shares used in the calculation of basic and diluted earnings per common share. Years ended December 31, 2016 2015 2014 Basic earnings per share: Net income $ 53,540 $ 38,786 $ 28,978 Less: Preferred stock dividends 8 240 169 Net income after preferred stock dividends 53,532 38,546 28,809 Less: Undistributed earnings allocated to participating securities 774 661 406 Dividends paid on participating securities 103 111 60 Net income available to common shareholders $ 52,655 $ 37,774 $ 28,343 Weighted-average basic shares outstanding 18,198,578 16,974,484 15,208,544 Basic earnings per share $ 2.89 $ 2.23 $ 1.86 Diluted earnings per share: Net income available to common shareholders $ 52,655 $ 37,774 $ 28,343 Total weighted-average basic shares outstanding 18,198,578 16,974,484 15,208,544 Add dilutive stock warrants 86,646 84,595 98,454 Total weighted-average diluted shares outstanding 18,285,224 17,059,079 15,306,998 Diluted earnings per share $ 2.88 $ 2.21 $ 1.85 Anti-dilutive participating securities 92,196 58,726 96,840 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 was effective for the Company on January 1, 2016 and the Company changed the presentation of debt issuance costs from an asset to a direct reduction of the related debt liability on the accompanying consolidated balance sheet. ASU 2015-15, Interest—Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, further addresses the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. This update was also effective on January 1, 2016 and did not have an impact on the Company's consolidated financial statements. ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. This update was effective for the Company on January 1, 2016 and did not have a significant impact on the Company's consolidated operating results or financial condition. ASU 2014-09, Revenue from Contracts with Customers (Topic 606), ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, and ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The amendments in these updates amends existing guidance related to revenue from contracts with customers. The amendments supersede and replace nearly all existing revenue recognition guidance, including industry-specific guidance, establish a new control-based revenue recognition model, change the basis for deciding when revenue is recognized over a time or point in time, provide new and more detailed guidance on specific topics and expand and improve disclosures about revenue. In addition, these amendments specify the accounting for some costs to obtain or fulfill a contract with a customer. These updates will be effective for the Company on January 1, 2018. The majority of the Company's income consists of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of the amendments. The Company continues to evaluate the impact of the amendments on the components of noninterest income that have recurring revenue streams; however, the Company does not expect any recognition changes to have a significant impact to the Company's consolidated financial statements. ASU 2016-01, Financial Instruments─Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01, among other things, i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (viii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale. This update will be effective for the Company on January 1, 2018 and is not expected to have a significant impact to the Company's consolidated financial statements. ASU 2016-02, Leases (Topic 842) . The amendments in ASU 2016-02, among other things, amended existing guidance that requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: i) A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and ii) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. The amendments will be effective for the Company on January 1, 2019. The Company is currently evaluating the impact of the amendments on its consolidated financial statements. ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in ASU 20106-09 amend existing guidance to simplify several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments will be effective for the Company on January 1, 2017 and are not expected to have a significant impact to the Company's consolidated financial statements. ASU 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this update replace the incurred loss model with the expected loss model. Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. This update will be effective for the Company on January 1, 2020. The Company is currently evaluating the impact of the amendments on its consolidated financial statements. |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Restrictions on Cash and Due From Banks | Restrictions on Cash and Due From Banks At December 31, 2016 and 2015, the Company had a reserve requirement of $0 and $22,513 , respectively, with the Federal Reserve Bank. |
Statement of Cash Flows
Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Statement of Cash Flows | Statement of Cash Flows The Company has chosen to report on a net basis its cash receipts and cash payments for time deposits accepted and repayments of those deposits, and loans made to customers and principal collections on those loans. The Company uses the indirect method to present cash flows from operating activities. Other supplemental cash flow information is presented below: Years ended December 31, 2016 2015 2014 Cash transactions: Interest expense paid $ 25,015 $ 20,056 $ 14,016 Income taxes paid $ 26,485 $ 24,450 $ 7,730 Noncash transactions: Transfers of loans to other real estate owned $ 1,713 $ 221 $ 1,203 Loans to facilitate the sale of other real estate owned $ — $ 248 $ 48 Transfers of loans to other assets $ 124 $ 1,064 $ — Security purchased, not yet settled $ — $ — $ 327 Excess tax benefit (tax deficiency) on restricted stock vested $ (137 ) $ (72 ) $ 1,409 Transfer of bank premises to other real estate $ — $ — $ 2,400 Transfer of repurchase accounts to deposits $ 20,688 $ 3,072 $ — Supplemental schedule of noncash investing activities from branch sale is as follows: Years ended December 31, 2016 2015 2014 Noncash assets transferred: Loans $ 2 $ — $ — Premises and equipment 2,193 — — Total assets $ 2,195 $ — $ — Noncash liabilities transferred: Deposits $ 4,628 $ — $ — Other liabilities 30 — — Total liabilities $ 4,658 $ — $ — Cash and cash equivalents transferred in branch sale $ 208 $ — $ — Deposit premium received $ 64 $ — $ — Cash paid to buyer, net of deposit premium $ 2,191 $ — $ — Supplemental schedule of noncash investing activities from acquisitions is as follows: Years Ended December 31, 2016 2015 2014 Noncash assets acquired Certificates of deposit held in other banks $ — $ 84,527 $ — Securities available for sale — 72,619 79,429 Restricted stock — 340 6,813 Loans — 273,632 1,051,390 Premises and equipment — 1,214 19,038 Other real estate owned — — 1,224 Goodwill — 28,825 194,179 Core deposit intangibles — 5,457 10,606 Bank owned life insurance — — 17,540 Other assets — 649 3,650 Total assets $ — $ 467,263 $ 1,383,869 Noncash liabilities assumed: Deposits $ — $ 523,650 $ 1,228,854 Repurchase agreements — 18,873 3,733 FHLB advances — 2,836 95,000 Other liabilities — 876 7,345 Total liabilities $ — $ 546,235 $ 1,334,932 Cash and cash equivalents acquired from acquisitions $ — $ 152,913 $ 286,596 Cash paid to shareholders of acquired banks $ — $ 24,103 $ 60,812 Series A preferred stock exchanged in connection with acquired banks $ — $ — $ 23,938 Fair value of common stock issued to shareholders of acquired bank $ — $ 49,838 $ 250,783 In addition, the following measurement-period adjustments were made during the years ended December 31, 2016, 2015 and 2014 relating to Company acquisition activity: Year Ended December 31, 2016 2015 2014 Noncash assets acquired: Loans $ 735 $ — $ (328 ) Goodwill (324 ) 361 574 Core deposit intangibles (216 ) — (18 ) Other assets (175 ) (180 ) 297 Total assets $ 20 $ 181 $ 525 Noncash liabilities assumed: Deposits $ — $ — $ 505 Other liabilities 20 181 20 Total liabilities $ 20 $ 181 $ 525 |
Securities Available for Sale
Securities Available for Sale | 12 Months Ended |
Dec. 31, 2016 | |
Available-for-sale Securities [Abstract] | |
Securities Available for Sale | Securities Available for Sale Securities available for sale have been classified in the consolidated balance sheets according to management’s intent. The amortized cost of securities and their approximate fair values at December 31, 2016 and 2015, are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Available for Sale December 31, 2016: U.S. treasuries $ 3,208 $ — $ (61 ) $ 3,147 Government agency securities 123,605 141 (1,479 ) 122,267 Obligations of state and municipal subdivisions 88,358 920 (2,022 ) 87,256 Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 103,869 928 (1,032 ) 103,765 $ 319,040 $ 1,989 $ (4,594 ) $ 316,435 December 31, 2015: U.S. treasuries $ 999 $ 3 $ — $ 1,002 Government agency securities 135,630 237 (567 ) 135,300 Obligations of state and municipal subdivisions 83,442 2,222 (248 ) 85,416 Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 50,640 1,202 (97 ) 51,745 $ 270,711 $ 3,664 $ (912 ) $ 273,463 Securities with a carrying amount of approximately $ 176,457 and $ 195,479 at December 31, 2016 and 2015, respectively, were pledged to secure public fund deposits. Proceeds from sale of securities available for sale and gross gains and losses for the years ended December 31, 2016 , 2015 and 2014 were as follows: Years ended December 31, 2016 2015 2014 Proceeds from sale $ 5,399 $ 14,915 $ 19,260 Gross gains $ 4 $ 136 $ 362 Gross losses $ — $ 2 $ — The amortized cost and estimated fair value of securities available for sale at December 31, 2016 , by contractual maturity, are shown below. Maturities of pass-through certificates will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2016 Securities Available for Sale Amortized Cost Fair Value Due in one year or less $ 32,583 $ 32,574 Due from one year to five years 99,620 98,779 Due from five to ten years 30,066 29,448 Thereafter 52,902 51,869 215,171 212,670 Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 103,869 103,765 $ 319,040 $ 316,435 The number of securities, unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2016 and 2015, are summarized as follows: Less Than 12 Months Greater Than 12 Months Total Description of Securities Number of Securities Estimated Fair Value Unrealized Losses Number of Securities Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Securities Available for Sale December 31, 2016 U.S. treasuries 1 $ 3,147 $ (61 ) — $ — $ — $ 3,147 $ (61 ) Government agency securities 43 102,044 (1,472 ) 1 993 (7 ) 103,037 (1,479 ) Obligations of state and municipal subdivisions 100 46,186 (2,011 ) 4 1,549 (11 ) 47,735 (2,022 ) Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 30 67,868 (1,032 ) — — — 67,868 (1,032 ) 174 $ 219,245 $ (4,576 ) 5 $ 2,542 $ (18 ) $ 221,787 $ (4,594 ) December 31, 2015 Government agency securities 25 $ 84,798 $ (531 ) 4 $ 4,964 $ (36 ) $ 89,762 $ (567 ) Obligations of state and municipal subdivisions 32 16,202 (88 ) 19 8,662 (160 ) 24,864 (248 ) Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 6 10,765 (97 ) — — — 10,765 (97 ) 63 $ 111,765 $ (716 ) 23 $ 13,626 $ (196 ) $ 125,391 $ (912 ) Unrealized losses are generally due to changes in interest rates. The Company has the intent to hold these securities until maturity or a forecasted recovery and it is more likely than not that the Company will not have to sell the securities before the recovery of their cost basis. As such, the losses are deemed to be temporary. |
Loans, Net and Allowance for Lo
Loans, Net and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans, Net and Allowance for Loan Losses | Loans, Net and Allowance for Loan Losses Loans, net at December 31, 2016 and 2015, consisted of the following: December 31, 2016 2015 Commercial $ 630,805 $ 731,818 Real estate: Commercial 2,459,221 1,949,734 Commercial construction, land and land development 531,481 419,611 Residential 634,545 607,990 Single family interim construction 235,475 187,984 Agricultural 53,548 50,178 Consumer 27,530 41,966 Other 166 124 4,572,771 3,989,405 Deferred loan fees (2,117 ) (1,553 ) Allowance for loan losses (31,591 ) (27,043 ) $ 4,539,063 $ 3,960,809 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. At December 31, 2016 and 2015, there was approximately $115.3 million and $182.5 million , respectively, of exploration and production (E&P) energy loans outstanding. 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. At December 31, 2016, the portfolio consisted of approximately $856.8 million of owner occupied property and $1,409 million of 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. Management believes 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 cash grain farmers to plant and harvest corn and soybeans. Specific underwriting standards have been established for agricultural-related loans including the establishment of projections for each operating year based on industry developed estimates of farm input costs and expected commodity yields and prices. Operating lines are typically written for one year and secured by the crop and other farm assets as considered necessary. Agricultural loans carry significant credit risks as they involve larger balances concentrated with single borrowers or groups of related borrowers. In addition, repayment of such loans depends on the successful operation or management of the farm property securing the loan or for which an operating loan is utilized. Farming operations may be affected by adverse weather conditions such as drought, hail or floods that can severely limit crop yields. Consumer loans represent less than 1% 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. The majority of the Company’s portfolio consists of commercial and residential real estate loans. As of December 31, 2016 and 2015, there were no concentrations of loans related to a single industry in excess of 10% of total loans. The allowance for loan losses is an amount that management believes will be adequate to absorb estimated losses relating to specifically identified loans, as well as probable credit losses inherent in the balance of the loan portfolio. The allowance is derived from the following two components: 1) allowances established on individual impaired loans, which are based on a review of the individual characteristics of each loan, including the customer’s ability to repay the loan, the underlying collateral values, and the industry the customer operates, 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; change in value of underlying collateral; 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 $2.9 million annually. 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 than certain other parts of the country. At the end of 2015 and into the first quarter of 2016, the Company increased its reserves in the energy portfolio in response to the risk associated with volatility in oil prices. Due to the stabilization of commodity prices and reductions to the energy portfolio during the second half of the year, the Company has not made any additional allocations and believes the economic factors indicate the energy sector continues to improve and that the economy in our lending areas, including Houston, will continue to grow. The economy and other risk factors are minimized by the Company’s underwriting standards which include the following principles: 1) financial strength of the borrower including strong earnings, high net worth, significant liquidity and acceptable debt to worth ratio, 2) managerial business competence, 3) ability to repay, 4) loan to value, 5) projected cash flow and 6) guarantor financial statements as applicable. The following is a summary of the activity in the allowance for loan losses by loan class for the years ended December 31, 2016 , 2015 and 2014: Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Unallocated Total Year ended December 31, 2016 Balance at the beginning of year $ 10,573 $ 13,007 $ 2,339 $ 769 $ 215 $ 164 $ 8 $ (32 ) $ 27,043 Provision for loan losses 2,391 5,436 810 532 (8 ) 97 90 92 9,440 Charge-offs (4,384 ) (54 ) (401 ) — — (27 ) (104 ) — (4,970 ) Recoveries 13 10 12 — — 8 35 — 78 Balance at end of year $ 8,593 $ 18,399 $ 2,760 $ 1,301 $ 207 $ 242 $ 29 $ 60 $ 31,591 Year ended December 31, 2015 Balance at the beginning of year $ 5,051 $ 10,110 $ 2,205 $ 669 $ 246 $ 146 $ — $ 125 $ 18,552 Provision for loan losses 6,100 2,924 138 100 (31 ) 56 101 (157 ) 9,231 Charge-offs (606 ) (69 ) (9 ) — — (52 ) (124 ) — (860 ) Recoveries 28 42 5 — — 14 31 — 120 Balance at end of year $ 10,573 $ 13,007 $ 2,339 $ 769 $ 215 $ 164 $ 8 $ (32 ) $ 27,043 Year ended December 31, 2014 Balance at the beginning of year $ 2,401 $ 7,872 $ 2,440 $ 577 $ 238 $ 365 $ 2 $ 65 $ 13,960 Provision for loan losses 2,999 2,530 (211 ) 81 8 (162 ) 54 60 5,359 Charge-offs (368 ) (371 ) (32 ) — — (63 ) (80 ) — (914 ) Recoveries 19 79 8 11 — 6 24 — 147 Balance at end of year $ 5,051 $ 10,110 $ 2,205 $ 669 $ 246 $ 146 $ — $ 125 $ 18,552 The following table details the amount of the allowance for loan losses and recorded investment in loans by class as of December 31, 2016 and 2015: Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Unallocated Total December 31, 2016 Allowance for losses: Individually evaluated for impairment $ 3 $ 4 $ — $ 84 $ — $ 94 $ — $ — $ 185 Collectively evaluated for impairment 8,590 18,395 2,760 1,217 207 148 29 60 31,406 Loans acquired with deteriorated credit quality — — — — — — — — — Ending balance $ 8,593 $ 18,399 $ 2,760 $ 1,301 $ 207 $ 242 $ 29 $ 60 $ 31,591 Loans: Individually evaluated for impairment $ 7,720 $ 7,089 $ 1,889 $ 884 $ — $ 279 $ — $ — $ 17,861 Collectively evaluated for impairment 620,665 2,953,333 630,689 234,591 53,548 27,240 166 — 4,520,232 Acquired with deteriorated credit quality 2,420 30,280 1,967 — — 11 — — 34,678 Ending balance $ 630,805 $ 2,990,702 $ 634,545 $ 235,475 $ 53,548 $ 27,530 $ 166 $ — $ 4,572,771 December 31, 2015 Allowance for losses: Individually evaluated for impairment $ 3,085 $ 116 $ — $ — $ — $ 2 $ — $ — $ 3,203 Collectively evaluated for impairment 7,488 12,891 2,339 769 215 162 8 (32 ) 23,840 Loans acquired with deteriorated credit quality — — — — — — — — — Ending balance $ 10,573 $ 13,007 $ 2,339 $ 769 $ 215 $ 164 $ 8 $ (32 ) $ 27,043 Loans: Individually evaluated for impairment $ 7,382 $ 4,671 $ 3,136 $ — $ 170 $ 111 $ — $ — $ 15,470 Collectively evaluated for impairment 720,732 2,321,209 602,206 187,984 50,008 41,835 124 — 3,924,098 Acquired with deteriorated credit quality 3,704 43,465 2,648 — — 20 — — 49,837 Ending balance $ 731,818 $ 2,369,345 $ 607,990 $ 187,984 $ 50,178 $ 41,966 $ 124 $ — $ 3,989,405 Nonperforming loans by loan class at December 31, 2016 and 2015, are summarized as follows: Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Total December 31, 2016: Nonaccrual loans $ 7,718 $ 5,885 $ 866 $ 884 $ — $ 273 $ — $ 15,626 Loans past due 90 days and still accruing — — — — — — — — Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) 1 1,204 1,011 — — — — 2,216 $ 7,719 $ 7,089 $ 1,877 $ 884 $ — $ 273 $ — $ 17,842 December 31, 2015: Nonaccrual loans $ 7,366 $ 591 $ 552 $ — $ 170 $ 111 $ — $ 8,790 Loans past due 90 days and still accruing — — — — — — — — Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) 16 3,480 2,574 — — — — 6,070 $ 7,382 $ 4,071 $ 3,126 $ — $ 170 $ 111 $ — $ 14,860 The accrual of interest is discontinued on a loan when management believes after considering collection efforts and other factors that the borrower's financial condition is such that collection of interest is doubtful. All interest accrued but not collected for loans that are placed on nonaccrual status or charged-off is reversed against interest income. Cash collections on nonaccrual loans are generally credited to the loan receivable balance, and no interest income is recognized on those loans until the principal balance has been collected. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Impaired loans are those loans where it is probable that all amounts due according to contractual terms of the loan agreement will not be collected. The Company has identified these loans through its normal loan review procedures. Impaired loans are measured based on 1) the present value of expected future cash flows discounted at the loans effective interest rate; 2) the loan's observable market price; or 3) the fair value of collateral if the loan is collateral dependent. Substantially all of the Company’s impaired loans are measured at the fair value of the collateral. In limited cases, the Company may use other methods to determine the level of impairment of a loan if such loan is not collateral dependent. All commercial, real estate, agricultural loans and troubled debt restructurings are considered for individual impairment analysis. Smaller balance consumer loans are collectively evaluated for impairment. Impaired loan information by loan class at December 31, 2016 and 2015 and for the years ended December 31, 2016, 2015 and 2014, is summarized as follows: Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Total December 31, 2016: Recorded investment in impaired loans: Impaired loans with an allowance for loan losses $ 8 $ 78 $ — $ 168 $ — $ 209 $ — $ 463 Impaired loans with no allowance for loan losses 7,712 7,011 1,889 716 — 70 — 17,398 Total $ 7,720 $ 7,089 $ 1,889 $ 884 $ — $ 279 $ — $ 17,861 Unpaid principal balance of impaired loans $ 10,844 $ 7,133 $ 2,087 $ 884 $ — $ 291 $ — $ 21,239 Allowance for loan losses on impaired loans $ 3 $ 4 $ — $ 84 $ — $ 94 $ — $ 185 December 31, 2015: Recorded investment in impaired loans: Impaired loans with an allowance for loan losses $ 7,221 $ 1,930 $ — $ — $ — $ 5 $ — $ 9,156 Impaired loans with no allowance for loan losses 161 2,741 3,136 — 170 106 — 6,314 Total $ 7,382 $ 4,671 $ 3,136 $ — $ 170 $ 111 $ — $ 15,470 Unpaid principal balance of impaired loans $ 7,520 $ 4,936 $ 3,204 $ — $ 172 $ 133 $ — $ 15,965 Allowance for loan losses on impaired loans $ 3,085 $ 116 $ — $ — $ — $ 2 $ — $ 3,203 For the year ended December 31, 2016: Average recorded investment in impaired loans $ 11,783 $ 3,324 $ 2,773 $ 177 $ 34 $ 118 $ — $ 18,209 Interest income recognized on impaired loans $ 58 $ 73 $ 97 $ — $ — $ — $ — $ 228 For the year ended December 31, 2015: Average recorded investment in impaired loans $ 4,951 $ 5,904 $ 3,220 $ — $ 34 $ 93 $ — $ 14,202 Interest income recognized on impaired loans $ 189 $ 286 $ 181 $ — $ 10 $ 24 $ — $ 690 For the year ended December 31, 2014: Average recorded investment in impaired loans $ 502 $ 7,484 $ 3,253 $ 34 $ — $ 69 $ — $ 11,342 Interest income recognized on impaired loans $ 64 $ 400 $ 83 $ — $ — $ 3 $ — $ 550 Certain impaired loans have adequate collateral and do not require a related allowance for loan loss. The Company will charge off that portion of any loan which management considers a loss. Commercial and real estate loans are generally considered for charge-off when exposure beyond collateral coverage is apparent and when no further collection of the loss portion is anticipated based on the borrower’s financial condition. The restructuring of a loan is considered a “troubled debt restructuring” if both 1) the borrower is experiencing financial difficulties and 2) the creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, principal forgiveness, extending amortization and other actions intended to minimize potential losses. A “troubled debt restructured” loan is identified as impaired and measured for credit impairment as of each reporting period in accordance with the guidance in ASC 310-10-35. The recorded investment in troubled debt restructurings, including those on nonaccrual, was $2,425 and $6,691 as of December 31, 2016 and 2015. Following is a summary of loans modified under troubled debt restructurings during the years ended December 31, 2016 and 2015 : . Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Total Troubled debt restructurings during the year ended December 31, 2016 Number of contracts 1 — — — — 1 — 2 Pre-restructuring outstanding recorded investment $ 24 $ — $ — $ — $ — $ 209 $ — $ 233 Post-restructuring outstanding recorded investment $ 24 $ — $ — $ — $ — $ 209 $ — $ 233 Troubled debt restructurings during the year ended December 31, 2015 Number of contracts 1 1 — — — — — 2 Pre-restructuring outstanding recorded investment $ 90 $ 776 $ — $ — $ — $ — $ — $ 866 Post-restructuring outstanding recorded investment $ 90 $ 776 $ — $ — $ — $ — $ — $ 866 At December 31, 2016 and 2015, there were no loans modified under troubled debt restructurings during the previous twelve month period that subsequently defaulted during the years ended December 31, 2016 and 2015. At December, 31, 2016 and 2015, the Company had no commitments to lend additional funds to any borrowers with loans whose terms have been modified under troubled debt restructurings. Modifications primarily relate to extending the amortization periods of the loans and interest rate concessions. The majority of these loans were identified as impaired prior to restructuring; therefore, the modifications did not materially impact the Company’s determination of the allowance for loan losses. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following table presents information regarding the aging of past due loans by loan class as of December 31, 2016 and 2015: Loans 30-89 Days Past Due Loans 90 or More Past Due Total Past Due Loans Current Loans Total Loans December 31, 2016 Commercial $ 226 $ 7,711 $ 7,937 $ 622,868 $ 630,805 Commercial real estate, land and land development 151 6,752 6,903 2,983,799 2,990,702 Residential real estate 846 561 1,407 633,138 634,545 Single-family interim construction 1,062 — 1,062 234,413 235,475 Agricultural 10 — 10 53,538 53,548 Consumer 154 52 206 27,324 27,530 Other — — — 166 166 $ 2,449 $ 15,076 $ 17,525 $ 4,555,246 $ 4,572,771 December 31, 2015 Commercial $ 2,740 $ 7,220 $ 9,960 $ 721,858 $ 731,818 Commercial real estate, land and land development 2,059 — 2,059 2,367,286 2,369,345 Residential real estate 1,456 330 1,786 606,204 607,990 Single-family interim construction 503 — 503 187,481 187,984 Agricultural 89 170 259 49,919 50,178 Consumer 290 26 316 41,650 41,966 Other — — — 124 124 $ 7,137 $ 7,746 $ 14,883 $ 3,974,522 $ 3,989,405 The Company’s internal classified report is segregated into the following categories: 1) Pass/Watch, 2) Special Mention, 3) Substandard and 4) Doubtful. The loans placed in the Pass/Watch category reflect the Company’s opinion that the loans reflect potential weakness which requires monitoring on a more frequent basis. The loans in the Special Mention category reflect the Company’s opinion that the credit contains weaknesses which represent a greater degree of risk and warrant extra attention. These loans are reviewed monthly by officers and senior management to determine if a change in category is warranted. The loans placed in the Substandard category are considered to be potentially inadequately protected by the current debt service capacity of the borrower and/or the pledged collateral. These credits, even if apparently protected by collateral value, have shown weakness related to adverse financial, managerial, economic, market or political conditions which may jeopardize repayment of principal and interest. There is possibility that some future loss could be sustained by the Company if such weakness is not corrected. The Doubtful category includes loans that are in default or principal exposure is probable. Substandard and Doubtful loans are individually evaluated to determine if they should be classified as impaired and an allowance is allocated if deemed necessary under ASC 310-10. The loans that are not impaired are included with the remaining “pass” credits in determining the portion of the allowance for loan loss based on historical loss experience and other qualitative factors. The portfolio is segmented into categories including: commercial loans, consumer loans, commercial real estate loans, residential real estate loans and agricultural loans. The adjusted historical loss percentage is applied to each category. Each category is then added together to determine the allowance allocated under ASC 450-20. A summary of loans by credit quality indicator by class as of December 31, 2016 and 2015, is as follows: Pass Pass/ Watch Special Mention Substandard Doubtful Total December 31, 2016 Commercial $ 555,342 $ 31,954 $ 16,734 $ 26,775 $ — $ 630,805 Commercial real estate, construction, land and land development 2,972,732 5,426 5,148 7,396 — 2,990,702 Residential real estate 629,081 1,897 370 3,197 — 634,545 Single-family interim construction 233,800 791 — 884 — 235,475 Agricultural 52,724 569 255 — — 53,548 Consumer 27,215 12 3 300 — 27,530 Other 166 — — — — 166 $ 4,471,060 $ 40,649 $ 22,510 $ 38,552 $ — $ 4,572,771 December 31, 2015 Commercial $ 616,149 $ 46,607 $ 44,469 $ 24,593 $ — $ 731,818 Commercial real estate, construction, land and land development 2,343,883 18,463 3,341 3,658 — 2,369,345 Residential real estate 599,937 2,150 982 4,921 — 607,990 Single-family interim construction 187,984 — — — — 187,984 Agricultural 48,185 66 1,757 170 — 50,178 Consumer 41,601 57 32 276 — 41,966 Other 124 — — — — 124 $ 3,837,863 $ 67,343 $ 50,581 $ 33,618 $ — $ 3,989,405 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 were no PCI loans acquired during the year ended December 31, 2016. The following table summarizes the outstanding balance and related carrying amount of purchased credit impaired loans as of the respective acquisition date for the acquisition occurring in 2015: Acquisition Date November 1, 2015 Grand Bank Outstanding balance $ 3,548 Nonaccretable difference (593 ) Accretable yield — Carrying amount $ 2,955 The changes in accretable yield during the years ended December 31, 2016 and 2015 in regard to loans transferred at acquisition for which it was probable that all contractually required payments would not be collected are presented in the table below. 2016 2015 Balance at January 1 $ 2,380 $ 2,546 Additions — — Accretion (854 ) (1,048 ) Net transfers to/from nonaccretable — 882 Balance at December 31 $ 1,526 $ 2,380 The carrying amount of acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at December 31, 2016 and 2015, were as follows: December 31, 2016 2015 Outstanding balance $ 39,442 $ 57,178 Carrying amount 34,678 49,837 At December 31, 2016 and 2015, there was no allocation established in the allowance for loan losses related to purchased credit impaired loans. |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Premises and Equipment, Net Premises and equipment, net at December 31, 2016 and 2015 consisted of the following: December 31, 2016 2015 Land $ 19,801 $ 20,081 Building 71,539 71,448 Furniture, fixtures and equipment 27,263 23,629 Aircraft 8,807 8,807 Leasehold and tenant improvements 1,753 1,714 Construction in progress 23 642 129,186 126,321 Less accumulated depreciation (39,288 ) (33,306 ) $ 89,898 $ 93,015 Depreciation expense amounted to $ 6,763 , $ 6,270 and $ 5,285 for the years ended December 31, 2016, 2015 and 2014, respectively. The Company leases office space in certain branches to other unaffiliated tenants. Rental income of $ 192 , $ 277 and $ 399 was recognized during the years ended December 31, 2016, 2015 and 2014, respectively. This rental income is recorded in the statements of income as an offset to occupancy expense. At December 31, 2016, minimum future rental payments receivable from these tenants were as follows: First year $ 143 Second year 62 Third year 13 Fourth year — Fifth year — $ 218 |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Other Real Estate Owned | Other Real Estate Owned Other real estate owned at December 31, 2016 and 2015 consisted of the following: December 31, 2016 2015 Construction, land and land development $ 442 $ 1,198 Residential 1,189 — Commercial real estate 341 970 $ 1,972 $ 2,168 |
Goodwill and Core Deposit Intan
Goodwill and Core Deposit Intangible, Net | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposit Intangible, Net | Goodwill and Core Deposit Intangible, Net At December 31, 2016 and 2015 , goodwill totaled $258,319 and $258,643 , respectively. In 2016, the Company made a measurement-period adjustment of $324 relating to the Grand Bank acquisition (Note 22). The gross carrying value and accumulated amortization of core deposit intangible is as follows: December 31, 2016 2015 Core deposit intangible $ 22,803 $ 23,019 Less accumulated amortization (8,626 ) (6,662 ) $ 14,177 $ 16,357 Amortization of the core deposit intangible amounted to $ 1,964 , $ 1,555 and $ 1,281 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The future amortization expense related to core deposit intangible remaining at December 31, 2016 is as follows: First year $ 1,967 Second year 1,945 Third year 1,900 Fourth year 1,870 Fifth year 1,779 Thereafter 4,716 $ 14,177 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits at December 31, 2016 and 2015 consisted of the following: December 31, 2016 2015 Amount Percent Amount Percent Noninterest-bearing demand accounts $ 1,117,927 24.4 % $ 1,071,656 26.6 % Interest-bearing checking accounts 2,022,768 44.2 1,401,078 34.8 Savings accounts 153,211 3.4 141,792 3.5 Limited access money market accounts 426,683 9.3 568,492 14.1 Certificates of deposit and individual retirement accounts (IRA), less than $250,000 381,754 8.3 470,336 11.7 Certificates of deposit and individual retirement accounts (IRA), $250,000 and greater 474,766 10.4 374,925 9.3 $ 4,577,109 100.0 % $ 4,028,279 100.0 % At December 31, 2016 , the scheduled maturities of certificates of deposit, including IRAs, were as follows: First year $ 597,601 Second year 161,645 Third year 53,133 Fourth year 22,181 Fifth year 21,960 $ 856,520 Brokered deposits at December 31, 2016 and 2015 totaled $ 497,368 and $ 476,558 , respectively. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Federal Home Loan Bank Advances | Federal Home Loan Bank Advances At December 31, 2016 , the Company has advances from the FHLB of Dallas under note payable arrangements with maturities which range from October 23, 2017 to January 1, 2026 . Interest payments on these notes are made monthly. The weighted average interest rate of all notes was 0.98% and 1.21% at December 31, 2016 and 2015, respectively. The balances outstanding on these advances were $ 460,746 and $ 288,325 at December 31, 2016 and 2015 , respectively. Contractual maturities of FHLB advances at December 31, 2016 were as follows: First year $ 30,000 Second year 340,000 (1) Third year 65,037 Fourth year — Fifth year 25,000 Thereafter 709 $ 460,746 (1) Includes $275,000 in floating advances, which allows for principal payments to be made at anytime without penalty The advances are secured by FHLB stock owned by the Company and a blanket lien on certain loans with an aggregate available carrying value of $ 1,982,639 at December 31, 2016 . The Company had remaining credit available under the FHLB advance program of $ 830,779 at December 31, 2016 . At December 31, 2016 , the Company had $ 691,680 in undisbursed advance commitments (letters of credit) with the FHLB. As of December 31, 2016 , these commitments mature on various dates from January 2017 through January 2020. The FHLB letters of credit were obtained in lieu of pledging securities to secure public fund deposits that are over the FDIC insurance limit. At December 31, 2016 , there were no disbursements against the advance commitments. |
Repurchase Agreements and Other
Repurchase Agreements and Other Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Repurchase Agreements and Other Borrowings | Repurchase Agreements and Other Borrowings At December 31, 2016 and 2015, repurchase accounts totaled $0 and $12,160 , respectively. Other borrowings at December 31, 2016 and 2015 consisted of the following: December 31, 2016 2015 Unsecured subordinated debentures (notes) in the amount of $110,000 and $65,000, respectively. The balance of borrowings at December 31, 2016 is net of discount and origination costs of $2,701. Interest payments of 5.875% are made semiannually on February 1 and August 1. The maturity date is August 1, 2024. The notes may not be redeemed prior to maturity and meet the criteria to be recognized as Tier 2 capital for regulatory purposes. $ 107,299 $ 65,000 Unsecured subordinated debentures in the original amount of $5,000. Interest payments at 7.00% are made quarterly with semiannual principal payments of $625. The remaining principal and accrued interest is due on July 15, 2018. The debentures may be redeemed prior to maturity and meet the criteria to be recognized as Tier 2 capital for regulatory purposes. — 3,750 Unsecured subordinated debentures in the original amount of $2,730. Interest payments at 7.00% are made quarterly with semiannual principal payments of $341. The remaining principal and accrued interest is due on October 15, 2018. The debentures may be redeemed prior to maturity and meet the criteria to be recognized as Tier 2 capital for regulatory purposes. — 2,048 $ 107,299 $ 70,798 At December 31, 2016 and 2015 , other borrowings included amounts owed to related parties of $ 50 and $ 2,503 , respectively. In January 2016, the Company redeemed the two small subordinated debenture issuances in full with principal payments totaling $5,798 plus all interest accrued at time of redemption. In June 2016, the Company issued an additional $45,000 in aggregate principal of its 5.875% subordinated notes due August 1, 2024. The notes were sold at an original discount of $787.5 , which will be amortized into interest expense over the life of the notes. The Company has a $50 million unsecured revolving line of credit with two unrelated commercial banks. During 2016, the line was amended to extend the termination date and to change certain covenants. The line bears interest at LIBOR plus 2.50% and matures July 17, 2017. As of December 31, 2016 and 2015, there was no outstanding balance on the line. The Company is required to meet certain financial covenants on a quarterly basis, which includes maintaining $5,000 in cash at Independent Bank Group and meeting minimum capital ratios. The Company has established federal funds lines of credit notes with nine unaffiliated banks totaling $225 million and $200 million of borrowing capacity at December 31, 2016 and 2015, respectively. The lines have no stated maturity date and the lenders may terminate the lines at any time without notice. The lines are provided on an unsecured basis and must be repaid the following business day from when the funds were borrowed. There were no borrowings against the lines at December 31, 2016 or 2015 . In addition, the Company maintains a secured line of credit with the Federal Reserve Bank with an availability to borrow approximately $384,168 and $484,659 at December 31, 2016 and 2015, respectively. Approximately $515,194 and $661,849 of commercial loans were pledged as collateral at December 31, 2016 and 2015, respectively. There were no borrowings against this line as of December 31, 2016 or 2015. The Company also participates in an exchange that provides direct overnight borrowings with other financial institutions. The funds are provided on an unsecured basis. Borrowing availability totaled $75 million and $8 million at December 31, 2016 and 2015, respectively. There were no borrowings as of December 31, 2016 or 2015. |
Junior Subordinated Debentures
Junior Subordinated Debentures | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures | Junior Subordinated Debentures In March 2003, IB Trust I, an unconsolidated subsidiary of the Company, issued 5,000 shares of floating rate trust preferred securities at $1,000 per share for an aggregate price of $5,000 , all of which was outstanding at December 31, 2016 and 2015 . These securities bear an interest rate of 3.25% over the three-month LIBOR ( 4.14% and 3.58% at December 31, 2016 and 2015 , respectively). The trust preferred securities will mature in March 2033 . The proceeds from the sale of the trust preferred securities and the issuance of $155 in common securities to the Company were used by Trust I to purchase approximately $5,155 of floating rate junior subordinated debentures of the Company which have the same payment terms as the trust preferred securities. Distributions on the trust preferred securities and on the common securities issued to the Company are payable quarterly. In March 2004, IB Trust II, an unconsolidated subsidiary of the Company, issued 3,000 shares of floating rate trust preferred securities at $1,000 per share for an aggregate price of $3,000 , all of which was outstanding at December 31, 2016 and 2015 . These securities bear an interest rate of 2.85% over the three-month LIBOR ( 3.73% and 3.17% at December 31, 2016 and 2015 , respectively). The trust preferred securities will mature in March 2034 . The proceeds from the sale of the trust preferred securities and the issuance of $93 in common securities to the Company were used by Trust II to purchase approximately $3,093 of floating rate junior subordinated debentures of the Company which have the same payment terms as the trust preferred securities. Distributions on the trust preferred securities and on the common securities issued to the Company are payable quarterly. In December 2004, IB Trust III, an unconsolidated subsidiary of the Company, issued 3,600 shares of floating rate trust preferred securities at $1,000 per share for an aggregate price of $3,600 , all of which was outstanding at December 31, 2016 and 2015 . These securities bear an interest rate of 2.40% over the three-month LIBOR ( 3.32% and 2.78% at December 31, 2016 and 2015 , respectively). The trust preferred securities will mature in December 2035. The proceeds from the sale of the trust preferred securities and the issuance of $112 in common securities to the Company were used by Trust I to purchase approximately $3,712 of floating rate junior subordinated debentures of the Company which have the same payment terms as the trust preferred securities. Distributions on the trust preferred securities and on the common securities issued to the Company are payable quarterly. In February 2005, IB Centex Trust I, an unconsolidated subsidiary of the Company, issued 2,500 shares of floating rate trust preferred securities at $1,000 per share for an aggregate price of $2,500 , all of which was outstanding at December 31, 2016 and 2015 . These securities bear an interest rate of 3.25% over the three-month LIBOR ( 4.17% and 3.63% at December 31, 2016 and 2015 , respectively). The trust preferred securities will mature in February 2035. The proceeds from the sale of the trust preferred securities and the issuance of $78 in common securities to the Company were used by Centex Trust I to purchase approximately $2,578 of floating rate junior subordinated debentures of the Company which have the same payment terms as the trust preferred securities. Distributions on the trust preferred securities and on the common securities issued to the Company are payable quarterly. In connection with the acquisition of Community Group Inc. in 2012, the Company, assumed $3,500 ( 3,500 shares with a liquidation amount of $ 1,000 per security) of Floating Rate Cumulative Trust Preferred Securities (TPS) which were issued through a wholly-owned subsidiary, Community Group Statutory Trust I (CGI Trust I) and all of which were outstanding at December 31, 2016 and 2015 . CGI Trust I invested the total proceeds from the sale of TPS and the $109 proceeds from the sale of common stock to CGI in floating rate Junior Subordinated Debentures (Debentures) issued by CGI. Interest on the TPS is payable quarterly at a rate equal to the three-month LIBOR rate plus 1.60% ( 2.56% and 2.11% at December 31, 2016 and 2015 ). Principal payments are due at maturity on June 21, 2037. The Company may redeem the Debentures, in whole or in part, on any interest payment date at an amount equal to the principal amount of the Debentures being redeemed plus accrued and unpaid interest. Except under certain circumstances, the common securities issued to the Company by the trusts possess sole voting rights with respect to matters involving those entities. Under certain circumstances, the Company may, from time to time, defer the debentures' interest payments, which would result in a deferral of distribution payments on the related trust preferred securities and, with certain exceptions, prevent the Company from declaring or paying cash distributions on the Company's common stock and any other future debt ranking equally with or junior to the debentures. The trust preferred securities are guaranteed by the Company. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense for the years ended December 31, 2016, 2015 and 2014 was as follows: Years Ended December 31, 2016 2015 2014 Current income tax expense $ 28,440 $ 22,946 $ 14,849 Deferred income tax expense (benefit) (1,849 ) (3,935 ) 71 Income tax expense, as reported $ 26,591 $ 19,011 $ 14,920 Reported income tax expense differed from the amounts computed by applying the U.S. federal statutory income tax rate of 35% to income before income taxes for the years ended December 31, 2016, 2015 and 2014 as follows: Years Ended December 31, 2016 2015 2014 Income tax expense computed at the statutory rate $ 28,046 $ 20,229 $ 15,364 Tax-exempt interest income from municipal securities (619 ) (624 ) (500 ) Tax-exempt loan income (436 ) (398 ) (174 ) Bank owned life insurance income (472 ) (377 ) (340 ) Non-deductible acquisition expenses — 108 486 Other 72 73 84 $ 26,591 $ 19,011 $ 14,920 Components of deferred tax assets and liabilities are as follows: December 31, 2016 2015 Deferred tax assets: Allowance for loan losses $ 11,057 $ 9,428 NOL carryforwards from acquisitions 383 571 Net unrealized loss on available for sale securities 912 — Acquired loan fair market value adjustments 2,740 4,540 Restricted stock 1,363 1,422 Reserve for bonuses 1,946 1,045 Deferred loan fees 741 424 Acquisition costs 108 — Start up costs 249 294 Other real estate owned 18 80 Unearned bank card income 495 91 Nonaccrual loans 70 45 Other 140 235 20,222 18,175 Deferred tax liabilities: Premises and equipment (5,107 ) (4,900 ) Net unrealized gain on available for sale securities — (963 ) Core deposit intangibles (4,953 ) (5,715 ) Securities (218 ) (330 ) FHLB stock (157 ) (66 ) Acquired tax accounting method changes (156 ) (255 ) Other — (54 ) (10,591 ) (12,283 ) Net deferred tax asset $ 9,631 $ 5,892 At December 31, 2016, the Company had federal net operating loss carryforwards of approximately $1,094 which expire in 2028 and 2029. Deferred tax assets are recognized for net operating losses because the benefit is more likely than not to be realized. No valuation allowance for deferred tax assets was recorded at December 31, 2016 or 2015 as management believes it is more likely than not that all of the deferred tax assets will be realized. The Company does not have any material uncertain tax positions and does not have any interest and penalties recorded in the income statement for the years ended December 31, 2016, 2015 and 2014. The Company files a consolidated income tax return in the US federal tax jurisdiction. The Company is no longer subject to examination by the US federal tax jurisdiction for years prior to 2013. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. The commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of this instrument. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. At December 31, 2016 and 2015, the approximate amounts of these financial instruments were as follows: December 31, 2016 2015 Commitments to extend credit $ 865,668 $ 838,341 Standby letters of credit 10,562 10,361 $ 876,230 $ 848,702 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company upon extension of credit is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, farm crops, property, plant and equipment and income-producing commercial properties. Letters of credit are written conditional commitments used by the Company to guarantee the performance of a customer to a third party. The Company’s policies generally require that letter of credit arrangements contain security and debt covenants similar to those contained in loan arrangements. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount shown in the table above. If the commitment is funded, the Company would be entitled to seek recovery from the customer. As of December 31, 2016 and 2015, 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. A legal proceeding that the Company believes could become material is described below. Independent Bank is a party to a legal proceeding inherited by Independent Bank in connection with its acquisition of BOH Holdings, Inc. and its subsidiary, Bank of Houston (BOH). The plaintiffs in the case are alleging that Independent Bank aided and abetted or participated in a fraudulent scheme. Independent Bank is pursuing insurance coverage for these claims, including reimbursement for defense costs. The Company believes the claims made in this lawsuit are without merit and is vigorously defending the lawsuit. The Company is unable to predict when the matter will be resolved, the ultimate outcome or potential costs or damages to be incurred. Please see Part I, Item 3. for more details on this lawsuit. Lease Commitments The Company leases certain branch facilities and other facilities. Rent expense related to these leases amounted to $ 2,566 , $ 2,182 and $ 1,410 for the years ended December 31, 2016 , 2015 and 2014, respectively. At December 31, 2016, minimum future rental payments due under noncancelable lease commitments were as follows: First year $ 2,049 Second year 2,000 Third year 1,849 Fourth year 1,819 Fifth year 1,677 Thereafter 2,412 $ 11,806 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In the ordinary course of business, the Company has and expects to continue to have transactions, including loans to its officers, directors and their affiliates. In the opinion of management, such transactions are on the same terms as those prevailing at the time for comparable transactions with unaffiliated persons. Loan activity for officers, directors and their affiliates for the year ended December 31, 2016 is as follows: Balance at beginning of year $ 56,679 New loans 24,377 Repayments (21,724 ) Changes in affiliated persons (469 ) Balance at end of year $ 58,863 See also Note 12 for related party borrowings. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company has a 401(k) profit sharing plan (Plan) which covers employees over the age of eighteen who have completed ninety days of credited service, as defined by the Plan. The Plan provides for “before tax” employee contributions through salary reduction contributions under Section 401(k) of the Internal Revenue Code. A participant may choose a salary reduction not to exceed the dollar limit set by law each year ( $18 in 2016). Contributions by the Company and by participants are immediately fully vested. The Plan provides for the Company to make 401(k) matching contributions ranging from 50% to 100% depending upon the employee's years of service, but limited to 6% of the participant's eligible salary. The Plan also provides for the Company to make additional discretionary contributions to the Plan. The Company made contributions of approximately $ 1,393 , $ 1,208 and $ 894 for the years ended December 31, 2016, 2015 and 2014, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC Topic 820, Fair Value Measurements and Disclosures , establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of December 31, 2016 and 2015 by level within the ASC Topic 820 fair value measurement hierarchy: Fair Value Measurements at Reporting Date Using Assets/ Liabilities Measured at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2016 Measured on a recurring basis: Assets: Securities available for sale: U.S. treasuries $ 3,147 $ — $ 3,147 $ — Government agency securities 122,267 — 122,267 — Obligations of state and municipal subdivisions 87,256 — 87,256 — Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 103,765 — 103,765 — December 31, 2015 Measured on a recurring basis: Assets: Securities available for sale: U.S. treasuries $ 1,002 $ — $ 1,002 $ — Government agency securities 135,300 — 135,300 — Obligations of state and municipal subdivisions 85,416 — 85,416 — Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 51,745 — 51,745 — There were no transfers between level categorizations and no changes in valuation methodologies for the years presented. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury and other yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things. In accordance with ASC Topic 820, certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table presents the assets carried on the consolidated balance sheet by caption and by level in the fair value hierarchy at December 31, 2016 and 2015, for which a nonrecurring change in fair value has been recorded: Fair Value Measurements at Reporting Date Using Assets/ Liabilities Measured at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Period Ended Total Losses December 31, 2016 Measured on a nonrecurring basis: Assets: Impaired loans $ 968 $ — $ — $ 968 $ 708 Other real estate owned 340 — — 340 52 December 31, 2015 Measured on a nonrecurring basis: Assets: Impaired loans $ 4,827 $ — $ — $ 4,827 $ 3,029 Other real estate owned 577 — — 577 35 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. Impaired loans are evaluated for additional impairment on a quarterly basis and adjusted as necessary. Other real estate is measured at fair value on a nonrecurring basis (upon initial recognition or subsequent impairment). Other real estate owned is classified within Level 3 of the valuation hierarchy. When transferred from the loan portfolio, other real estate owned 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 December 31, 2016 and 2015, 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. Certificates of deposit held in other banks: The fair value of certificates of deposit held in other banks is based upon current rates in the market. 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 privately issued subordinated debentures are based upon prevailing rates on similar debt in the market place. The subordinated debentures 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: Fair values for off-balance sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. The fair value of commitments is not material. The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial instruments were as follows at December 31, 2016 and 2015: Fair Value Measurements at Reporting Date Using Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2016 Financial assets: Cash and cash equivalents $ 505,027 $ 505,027 $ 505,027 $ — $ — Certificates of deposit held in other banks 2,707 2,733 — 2,733 — Securities available for sale 316,435 316,435 — 316,435 — Loans held for sale 9,795 9,795 — 9,795 — Loans, net 4,539,063 4,532,364 — 4,532,086 278 FHLB of Dallas stock and other restricted stock 26,536 26,536 — 26,536 — Accrued interest receivable 12,331 12,331 — 12,331 — Financial liabilities: Deposits 4,577,109 4,581,866 — 4,581,866 — Accrued interest payable 4,020 4,020 — 4,020 — FHLB advances 460,746 459,436 — 459,436 — Repurchase agreements — — — — — Other borrowings 107,299 110,000 — 110,000 — Junior subordinated debentures 18,147 18,131 — 18,131 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — December 31, 2015 Financial assets: Cash and cash equivalents $ 293,279 $ 293,279 $ 293,279 $ — $ — Certificates of deposit held in other banks 61,746 61,873 — 61,873 — Securities available for sale 273,463 273,463 — 273,463 — Loans held for sale 12,299 12,299 — 12,299 — Loans, net 3,960,809 3,966,199 — 3,960,246 5,953 FHLB of Dallas stock and other restricted stock 14,256 14,256 — 14,256 — Accrued interest receivable 10,991 10,991 — 10,991 — Financial liabilities: Deposits 4,028,279 4,031,365 — 4,031,365 — Accrued interest payable 2,792 2,792 — 2,792 — FHLB advances 288,325 295,345 — 295,345 — Repurchase agreements 12,160 12,160 — 12,160 — Other borrowings 70,798 70,935 — 70,935 — Junior subordinated debentures 18,147 18,128 — 18,128 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — |
Stock Awards and Stock Warrants
Stock Awards and Stock Warrants | 12 Months Ended |
Dec. 31, 2016 | |
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 awards issued prior to 2013 vest five years from the date the award was granted and the related compensation expense is recognized over the vesting period. In connection with the Company's 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. As of December 31, 2016, there were 310,394 shares remaining available for grant for future awards. The shares issued under the 2013 Plan are restricted and will generally vest evenly over the 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. During the year ended December 31, 2016, 8,000 shares that were issued under the 2012 Plan vested. The following table summarizes the activity in nonvested shares for the years ended December 31, 2016 and 2015 : Number of Shares Weighted Average Grant Date Fair Value Nonvested shares, December 31, 2015 373,572 $ 40.29 Granted during the period 88,220 31.92 Vested during the period (153,766 ) 36.42 Forfeited during the period (27,502 ) 31.75 Nonvested shares, December 31, 2016 280,524 $ 36.88 Nonvested shares, December 31, 2014 373,886 $ 41.58 Granted during the period 106,124 32.91 Vested during the period (84,107 ) 42.32 Forfeited during the period (22,331 ) 33.64 Nonvested shares, December 31, 2015 373,572 $ 40.29 Compensation expense related to these awards is recorded based on the fair value of the award at the date of grant and totaled $5,431 , $4,314 and $2,914 for the years ended December 31, 2016 , 2015 and 2014, respectively. Compensation expense is recorded in salaries and employee benefits in the accompanying consolidated statements of income. At December 31, 2016 , future compensation expense is estimated to be $6,451 and will be recognized over a remaining weighted average period of 2.41 years. The fair value of common stock awards that vested during the years ended December 31, 2016 , 2015 and 2014 was $5,208 , $3,300 and $6,608 , respectively. The Company has recorded $ (137) , $ (72) and $1,409 to additional paid in capital, which represents the (income tax deficiency) excess tax benefit recognized on the vested shares for the years ended December 31, 2016, 2015 and 2014, respectively. There were no modifications of stock agreements during 2016, 2015 and 2014 that resulted in significant additional incremental compensation costs. At December 31, 2016, the future vesting schedule of the nonvested shares is as follows: First year 138,986 Second year 85,186 Third year 46,652 Fourth year 6,050 Fifth year 3,650 Total nonvested shares 280,524 The Company has issued warrants representing the right to purchase 150,544 shares of Company stock at $17.19 per share to certain Company directors and shareholders. The warrants were issued in return for the shareholders' agreement to repurchase the subordinated debt outstanding to an unaffiliated bank in the event of Company default. The warrants were recorded as equity awards at fair value and were being amortized over the term of the debt. The Company paid off the related subordinated debt in 2013. The warrants expire in December 2018. No warrants were exercised during 2016 or 2015. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2016 | |
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. The Company is subject to the Basel III regulatory capital framework (the "Basel III Capital Rules"). Starting in January 2016, the implementation of the capital conservation buffer became effective for the Company starting at the 0.625% level and increasing 0.625% each year thereafter, until it reaches 2.5% on January 1, 2019. The capital conservation buffer is designed to absorb losses during periods of economic stress and requires increased capital levels for the purpose of capital distributions and other payments. Failure to meet the full amount of the buffer will result in restrictions on the Company's ability to make capital distributions, including dividend payments and stock repurchases and to pay discretionary bonuses to executive officers. 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, Common Equity Tier 1 ("CET1") and Tier 1 capital (as defined in the regulations) to risk weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). Management believes, as of December 31, 2016 and 2015, the Company and the Bank meet all capital adequacy requirements to which they are subject. As of December 31, 2016 and 2015, 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, CET1, Tier 1 risk based and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’s category. The actual capital amounts and ratios of the Company and Bank as of December 31, 2016 and 2015, are presented in the following table: Actual Minimum for Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2016 Total capital to risk weighted assets: Consolidated $ 568,808 11.38 % $ 399,698 8.00 % N/A N/A Bank 558,551 11.19 399,497 8.00 $ 499,371 10.00 % Tier 1 capital to risk weighted assets: Consolidated 427,217 8.55 299,774 6.00 N/A N/A Bank 526,960 10.55 299,623 6.00 399,497 8.00 Common equity tier 1 to risk weighted assets: Consolidated 409,617 8.20 224,830 4.50 N/A N/A Bank 526,960 10.55 224,717 4.50 324,591 6.50 Tier 1 capital to average assets: Consolidated 427,217 7.82 218,612 4.00 N/A N/A Bank 526,960 9.65 218,517 4.00 273,146 5.00 December 31, 2015 Total capital to risk weighted assets: Consolidated $ 473,993 11.14 % $ 340,533 8.00 % N/A N/A Bank 470,495 11.06 340,259 8.00 $ 425,323 10.00 % Tier 1 capital to risk weighted assets: Consolidated 379,631 8.92 255,400 6.00 N/A N/A Bank 443,452 10.43 255,194 6.00 340,259 8.00 Common equity tier 1 to risk weighted assets: Consolidated 338,093 7.94 191,550 4.50 N/A N/A Bank 443,452 10.43 191,396 4.50 276,460 6.50 Tier 1 capital to average assets: Consolidated 379,631 8.28 183,379 4.00 N/A N/A Bank 443,452 9.72 182,421 4.00 228,026 5.00 |
Small Business Lending Fund Pre
Small Business Lending Fund Preferred Stock | 12 Months Ended |
Dec. 31, 2016 | |
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 assumed all liabilities of BOH Holdings. BOH Holdings participated in the US Treasury's Small Business Lending Fund (SBLF) program. 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 holders of SBLF Preferred Stock were 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. During the years ended December 31, 2016 and 2015, the Company recorded preferred stock dividends of $8 and $240 , respectively. In December 2015, the Board of Directors approved the redemption of the SBLF Series A Preferred Stock and the redemption was approved by both the Federal Reserve and U.S. Department of Treasury. Upon such approval, the shares became redeemable at a determinable price and date; therefore, the Company reclassified the preferred stock to temporary equity on its balance sheet. On January 14, 2016, the Company redeemed all 23,938.35 outstanding shares of its Senior Non-Cumulative Perpetual Small Business Lending Fund Series A Preferred Stock and related accrued dividends for a total redemption price of $23,947 . |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Carlile Bancshares, Inc. On November 21, 2016, the Company announced that it entered into a definitive agreement to acquire Carlile Bancshares, Inc. and its subsidiary, Northstar Bank, which has locations in the DFW Metroplex and Austin, Texas as well as Colorado, for an expected combination of cash and stock purchase price as calculated based upon an aggregate merger consideration of $434 million as defined in the agreement. The merger has been approved by the Boards of Directors of both companies and is expected to close during the second quarter of 2017, although delays may occur. The transaction is subject to certain conditions, including the approval by shareholders of Independent Bank Group, Carlile Bancshares and customary regulatory approvals. Grand Bank On November 1, 2015, the Company acquired 100% of the outstanding stock of Grand Bank with two branches located in Dallas, TX. The Company issued 1,279,532 shares of Company stock and paid $24,103 in cash for the outstanding shares of Grand Bank common stock. The Company has recognized total goodwill of $28,501 , which is calculated as the excess of both the consideration exchanged and liabilities assumed compared to the fair 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 Dallas market. None of the goodwill recognized is expected to be deductible for income tax purposes. Non-credit impaired loans had an estimated fair value of $271,412 at the date of acquisition and contractual balances of $273,680 . The difference of $2,268 will be recognized into interest income as an adjustment to yield over the life of the loans. The Company has incurred expenses related to the acquisition of approximately $800 and $902 during the years ended December 31, 2016 and 2015, which is included in acquisition expenses in the consolidated statements of income. In addition, for the year ended December 31, 2015, the Company paid offering costs totaling $424 which were recorded as a reduction to stock issuance proceeds through additional paid in capital. The acquisition is not considered significant to the Company’s financial statements and therefore, pro forma financial data is not included. The following table summarizes the previously reported estimates and the measurement-period adjustments made during 2016 to asset and liability accounts to derive at the final acquisition accounting allocations for Grand Bank: Assets of acquired bank: Reported Estimates at December 31, 2015 Measurement Period Adjustments Final Recorded Value Cash and cash equivalents $ 152,913 $ — $ 152,913 Time deposits with other banks 84,527 — 84,527 Securities available for sale 72,619 — 72,619 Loans 273,632 735 274,367 Premises and equipment 1,214 — 1,214 Goodwill 28,825 (324 ) 28,501 Core deposit intangible 5,457 (216 ) 5,241 Other assets 989 (175 ) 814 Total assets $ 620,176 $ 20 $ 620,196 Liabilities of acquired bank: Deposits $ 523,650 $ — $ 523,650 Repurchase accounts 18,873 — 18,873 FHLB advances 2,836 — 2,836 Other liabilities 876 20 896 Total liabilities $ 546,235 $ 20 $ 546,255 Common stock issued in the Grand Bank transaction $ 49,838 $ — $ 49,838 Cash paid for the Grand Bank transaction $ 24,103 $ — $ 24,103 |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Statements | Parent Company Only Financial Statements The following balance sheets, statements of income and statements of cash flows for Independent Bank Group, Inc. should be read in conjunction with the consolidated financial statements and the notes thereto. Balance Sheets December 31, Assets 2016 2015 Cash and cash equivalents $ 9,265 $ 6,624 Investment in subsidiaries 789,708 708,730 Investment in Trusts 547 547 Other assets 1,969 2,856 Total assets $ 801,489 $ 718,757 Liabilities, Temporary Equity and Stockholders' Equity Other borrowings $ 107,299 $ 70,798 Junior subordinated debentures 18,147 18,147 Other liabilities 3,678 2,503 Total liabilities 129,124 91,448 Temporary equity: Preferred stock — 23,938 Stockholders' equity: Common stock 189 184 Additional paid-in capital 555,325 530,107 Retained earnings 117,951 70,698 Accumulated other comprehensive income (loss) (1,100 ) 2,382 Total stockholders' equity 672,365 603,371 Total liabilities, temporary equity and stockholders' equity $ 801,489 $ 718,757 Statements of Income Years Ended December 31, 2016 2015 2014 Interest expense: Interest on notes payable and other borrowings $ 5,426 $ 4,282 $ 2,225 Interest on junior subordinated debentures 621 539 542 Total interest expense 6,047 4,821 2,767 Noninterest income: Dividends from subsidiaries 36,018 35,250 33,850 Other 25 16 19 36,043 35,266 33,869 Noninterest expense: Salaries and employee benefits 6,226 4,270 3,693 Professional fees 523 546 1,163 Acquisition expense, including legal 1,380 1,282 2,681 Other 1,126 1,217 800 Total noninterest expense 9,255 7,315 8,337 Income before income tax benefit and equity in undistributed income of subsidiaries 20,741 23,130 22,765 Income tax benefit 5,339 4,121 3,283 Income before equity in undistributed income of subsidiaries 26,080 27,251 26,048 Equity in undistributed income of subsidiaries 27,460 11,535 2,930 Net income $ 53,540 $ 38,786 $ 28,978 Statements of Cash Flows Years Ended December 31, 2016 2015 2014 Cash flows from operating activities: Net income $ 53,540 $ 38,786 $ 28,978 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (27,460 ) (11,535 ) (2,930 ) Amortization of discount and origination costs on other borrowings 241 — — Stock compensation expense 5,431 4,314 2,914 Net change in other assets (205 ) 1,771 (3,291 ) Net change in other liabilities 1,038 (63 ) 2,233 Net cash provided by operating activities 32,585 33,273 27,904 Cash flows from investing activities: Capital investment in subsidiaries (57,000 ) — (52,000 ) Cash received from liquidation of Adriatica — — 10,940 Cash received from acquired companies — — 6,108 Cash paid in acquisitions — (24,103 ) (60,814 ) Net cash used in investing activities (57,000 ) (24,103 ) (95,766 ) Cash flows from financing activities: Repayments of other borrowings (5,798 ) (1,932 ) — Net proceeds from other borrowings 43,150 — 65,000 Offering costs paid in connection with acquired banks — (568 ) (566 ) Net proceeds from issuance of common stock 19,929 — — Redemption of preferred stock (23,938 ) — — Dividends paid (6,287 ) (5,819 ) (3,910 ) Net cash provided by (used in) financing activities 27,056 (8,319 ) 60,524 Net change in cash and cash equivalents 2,641 851 (7,338 ) Cash and cash equivalents at beginning of year 6,624 5,773 13,111 Cash and cash equivalents at end of year $ 9,265 $ 6,624 $ 5,773 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Declaration of Dividends On January 27, 2017, the Company declared a quarterly cash dividend in the amount of $0.10 per share of common stock to the stockholders of record on February 6, 2017. The dividend totaling $1,892 was paid on February 16, 2017. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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., IBG Aircraft Acquisition, Inc., IBG Aircraft Company III, Preston Grand, Inc. and McKinney Avenue Holdings, Inc. and its wholly owned subsidiary, McKinney Avenue SPE 1, Inc. McKinney Avenue Holdings, Inc. and its subsidiary were formed in 2016 for the purpose of possible future asset holdings but are currently not active entities. Adriatica became inactive in 2014 and IBG Aircraft Acquisition, Inc. was dissolved during 2015. All material intercompany transactions and balances have been eliminated in consolidation. In addition, the Company wholly-owns IB Trust I (Trust I), IB Trust II (Trust II), IB Trust III (Trust III), IB Centex Trust I (Centex Trust I) and Community Group Statutory Trust I (CGI Trust I). The Trusts were formed to issue trust preferred securities and do not meet the criteria for consolidation (see Note 13). |
Segment reporting | Segment Reporting: The Company has one reportable segment. The Company’s chief operating decision-maker uses consolidated results to make operating and strategic decisions. |
Reclassifications | Reclassifications: Certain prior period financial statement amounts have been reclassified to conform to current period presentation. The reclassifications have no effect on net income or stockholders' equity as previously reported. |
Use of estimates | Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ from those estimates. The material estimates included in the financial statements relate to the allowance for loan losses, the valuation of goodwill and valuation of assets and liabilities acquired in business combinations. |
Cash and cash equivalents | Cash and cash equivalents: For the purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. All highly liquid investments with an initial maturity of less than ninety days are considered to be cash equivalents. The Company maintains deposits with other financial institutions in amounts that exceed FDIC insurance coverage. The Company's management monitors the balance in these accounts and periodically assesses the financial condition of the other financial institutions. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risks on cash or cash equivalents. |
Certificates of deposit | Certificates of deposit: Certificates of deposit are FDIC insured deposits in other financial institutions that mature within one year and are carried at cost. |
Securities | Securities: Securities classified as available for sale are those debt securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company's assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Securities available for sale are reported at fair value with unrealized gains or losses reported as a separate component of other comprehensive income, net of tax. The amortization of premiums and accretion of discounts, computed by the interest method over their contractual lives, are recognized in interest income. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date. In estimating other than temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent of the Company to retain its investment and whether it is more likely than not the Company will be required to sell its investment before its anticipated recovery in fair value. When the Company does not intend to sell the security, and it is more likely than not that it will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other than temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. |
Loans held for sale | Loans held for sale: The Company originates residential mortgage loans that may subsequently be sold to unaffiliated third parties. The loans are not securitized and if sold, are sold without recourse. Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by aggregate outstanding commitments from investors. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Gains and losses on sales of loans are recognized in noninterest income at settlement dates and are determined by the difference between the sales proceeds and the carrying value of the loans. |
Acquired Loans | Acquired loans: Acquired loans from the transactions accounted for as a business combination include both non-performing loans with evidence of credit deterioration since their origination date and performing loans. The Company is accounting for the non-performing loans acquired in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . At the date of the acquisition, the acquired loans are recorded at their fair value and there is no carryover of the seller's allowance for loan losses. Purchased credit impaired loans are accounted for individually. The Company estimates the amount and timing of undiscounted expected cash flows for each loan, and the expected cash flows in excess of fair value is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan's contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan, expected cash flows continue to be estimated. If the expected cash flows decrease, an impairment loss is recorded. If the expected cash flows increase, it is recognized as part of future interest income. The performing loans are being accounted for under ASC 310-20, Nonrefundable Fees and Other Costs , with the related discount being adjusted for over the life of the loan and recognized as interest income. |
Loans, net | Loans, net: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance adjusted for the allowance for loan losses and deferred loan fees. Fees and costs associated with originating loans are generally recognized in the period they are incurred, except in the Houston market and former Grand Bank branches, which fees are deferred. The provisions of ASC 310, Receivables , generally provide that such fees and related costs be deferred and recognized over the life of the loan as an adjustment of yield. Management believes that not deferring such amounts and amortizing them over the life of the related loans does not materially affect the financial position or results of operations of the Company. |
Allowance for loan losses | Allowance for loan losses: The allowance for loan losses is maintained at a level considered adequate by management to provide for probable loan losses. The allowance is increased by provisions charged to expense. Loans are charged against the allowance for loan losses when management believes that collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. The provision for loan losses is the amount, which, in the judgment of management, is necessary to establish the allowance for loan losses at a level that is adequate to absorb known and inherent risks in the loan portfolio. See Note 6 for further information on the Company's policies and methodology used to estimate the allowance for loan losses. The allowance is derived from the following two components: 1) allowances established on individual impaired loans, which are based on a review of the individual characteristics of each loan, including the customer’s ability to repay the loan, the underlying collateral values, and the industry the customer operates, 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; change in value of underlying collateral; 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. |
Premises and equipment, net | Premises and equipment, net: Land is carried at cost. Bank premises, furniture and equipment and aircraft are carried at cost, less accumulated depreciation computed principally by the straight-line method over the estimated useful lives of the assets, which range from three to thirty years. Leasehold improvements are carried at cost and are depreciated over the shorter of the estimated useful life or the lease period. |
Long-term assets | Long-term assets: Premises and equipment and other long-term assets are reviewed for impairment when events indicate that their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. |
Other real estate owned | Other real estate owned: Real estate properties acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations of other real estate owned and Adriatica real estate and impairment charges on other real estate are included in noninterest expense. Gains and losses on sale of other real estate are included in noninterest income. |
Goodwill and core deposit intangible, net | Goodwill and core deposit intangible, net: Goodwill represents the excess of costs over fair value of net assets of businesses acquired. Goodwill is tested for impairment annually on December 31 or on an interim basis if an event triggering impairment may have occurred. Core deposit intangibles are acquired customer relationships arising from bank acquisitions and are being amortized on a straight-line basis over their estimated useful lives of ten years. Core deposit intangibles are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. |
Restricted stock | Restricted stock : The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB of Dallas and Independent Bankers Financial Corporation stock do not have readily determinable fair values as ownership is restricted and they lack a ready market. As a result, these stocks are carried at cost and evaluated periodically by management for impairment. Both cash and stock dividends are reported as income. |
Bank-owned life insurance | Bank-owned life insurance: Bank-owned life insurance is recorded at the amount that can be realized under the insurance contracts at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Changes in the net cash surrender value of the policies, as well as insurance proceeds received are reflected in noninterest income. |
Income taxes | Income taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities related to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. The effect of a change in tax rates on deferred assets and liabilities is recognized in income taxes during the period that includes the enactment date. A valuation allowance, if needed, reduces deferred tax assets to the expected amount more likely than not to be realized. Realization of deferred tax assets is dependent upon the level of historical income, prudent and feasible tax planning strategies, reversals of deferred tax liabilities and estimates of future taxable income. The Company evaluates uncertain tax positions at the end of each reporting period. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefit recognized in the financial statements from any such position is measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Any interest and/or penalties related to income taxes are reported as a component of income tax expense. |
Loan commitments and related financial instruments | Loan commitments and related financial instruments: In the ordinary course of business, the Company has entered into certain off-balance-sheet financial instruments consisting of commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they are funded or related fees are incurred or received. Management estimates losses on off-balance-sheet financial instruments using the same methodology as for portfolio loans. Estimated losses on off-balance-sheet financial instruments are recorded by charges to the provision for losses and credits to other liabilities in the Company's consolidated balance sheet. There were no estimated losses on off-balance sheet financial instruments as of December 31, 2016 or 2015. |
Stock based compensation | Stock based compensation: Compensation cost is recognized for restricted stock awards issued to employees based on the market price of the Company's common stock on the grant date. Stock-based compensation expense is generally recognized using the straight-line method over the requisite service period for all awards. |
Transfers of financial assets | Transfers of financial assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Advertising costs | Advertising costs: Advertising costs are expensed as incurred. |
Business combinations | Business combinations: The Company applies the acquisition method of accounting for business combinations. Under the acquisition method, the acquiring entity in a business combination recognizes 100% of the assets acquired and liabilities assumed at their acquisition date fair values. Management utilizes valuation techniques appropriate for the asset or liability being measured in determining these fair values. Any excess of the purchase price over amounts allocated to assets acquired, including identifiable intangible assets, and liabilities assumed is recorded as goodwill. Where amounts allocated to assets acquired and liabilities assumed is greater than the purchase price, a bargain purchase gain is recognized. Acquisition-related costs are expensed as incurred. |
Comprehensive income | Comprehensive income: Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. Gains and losses on available for sale securities are reclassified to net income as the gains or losses are realized upon sale of the securities. Other than temporary impairment charges are reclassified to net income at the time of the charge. |
Fair values of financial instruments | Fair values of financial instruments: Accounting standards define fair value, establish a framework for measuring fair value in U.S. generally accepted accounting principles, and require certain disclosures about fair value measurements (see Note 18, Fair Value Measurements ). In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company's creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. |
Subsequent events | Subsequent events: Companies are required to evaluate events and transactions that occur after the balance sheet date but before the date the financial statements are issued. They must recognize in the financial statements the effect of all events or transactions that provide additional evidence of conditions that existed at the balance sheet date, including the estimates inherent in the financial statement preparation process. Entities shall not recognize the impact of events or transactions that provide evidence about conditions that did not exist at the balance sheet date but arose after that date. The Company has evaluated subsequent events through the date of filing these financial statements with the SEC and noted no subsequent events requiring financial statement recognition or disclosure, except as disclosed in Note 24. |
Earnings per share | Earnings per share: Basic earnings per common share are net income divided by the weighted average number of common shares outstanding during the period. The unvested share-based payment awards that contain rights to non forfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock warrants. The dilutive effect of participating non vested common stock was not included as it was anti-dilutive. Proceeds from the assumed exercise of dilutive stock warrants are assumed to be used to repurchase common stock at the average market price. |
Recent accounting pronouncements | ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 was effective for the Company on January 1, 2016 and the Company changed the presentation of debt issuance costs from an asset to a direct reduction of the related debt liability on the accompanying consolidated balance sheet. ASU 2015-15, Interest—Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, further addresses the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. This update was also effective on January 1, 2016 and did not have an impact on the Company's consolidated financial statements. ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. This update was effective for the Company on January 1, 2016 and did not have a significant impact on the Company's consolidated operating results or financial condition. ASU 2014-09, Revenue from Contracts with Customers (Topic 606), ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, and ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The amendments in these updates amends existing guidance related to revenue from contracts with customers. The amendments supersede and replace nearly all existing revenue recognition guidance, including industry-specific guidance, establish a new control-based revenue recognition model, change the basis for deciding when revenue is recognized over a time or point in time, provide new and more detailed guidance on specific topics and expand and improve disclosures about revenue. In addition, these amendments specify the accounting for some costs to obtain or fulfill a contract with a customer. These updates will be effective for the Company on January 1, 2018. The majority of the Company's income consists of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of the amendments. The Company continues to evaluate the impact of the amendments on the components of noninterest income that have recurring revenue streams; however, the Company does not expect any recognition changes to have a significant impact to the Company's consolidated financial statements. ASU 2016-01, Financial Instruments─Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01, among other things, i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (viii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale. This update will be effective for the Company on January 1, 2018 and is not expected to have a significant impact to the Company's consolidated financial statements. ASU 2016-02, Leases (Topic 842) . The amendments in ASU 2016-02, among other things, amended existing guidance that requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: i) A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and ii) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. The amendments will be effective for the Company on January 1, 2019. The Company is currently evaluating the impact of the amendments on its consolidated financial statements. ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in ASU 20106-09 amend existing guidance to simplify several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments will be effective for the Company on January 1, 2017 and are not expected to have a significant impact to the Company's consolidated financial statements. ASU 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this update replace the incurred loss model with the expected loss model. Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. This update will be effective for the Company on January 1, 2020. The Company is currently evaluating the impact of the amendments on its consolidated financial statements. |
Nonaccrual loan and lease status | 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 loan and lease receivable | Impaired loans are those loans where it is probable that all amounts due according to contractual terms of the loan agreement will not be collected. The Company has identified these loans through its normal loan review procedures. Impaired loans are measured based on 1) the present value of expected future cash flows discounted at the loans effective interest rate; 2) the loan's observable market price; or 3) the fair value of collateral if the loan is collateral dependent. Substantially all of the Company’s impaired loans are measured at the fair value of the collateral. In limited cases, the Company may use other methods to determine the level of impairment of a loan if such loan is not collateral dependent. |
Loan charge off amounts | 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. |
Trouble debt restructuring | The restructuring of a loan is considered a “troubled debt restructuring” if both 1) the borrower is experiencing financial difficulties and 2) the creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, principal forgiveness, extending amortization and other actions intended to minimize potential losses. A “troubled debt restructured” loan is identified as impaired and measured for credit impairment as of each reporting period in accordance with the guidance in ASC 310-10-35. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Earnings Per Share | The following table presents a reconciliation of net income available to common shareholders and the number of shares used in the calculation of basic and diluted earnings per common share. Years ended December 31, 2016 2015 2014 Basic earnings per share: Net income $ 53,540 $ 38,786 $ 28,978 Less: Preferred stock dividends 8 240 169 Net income after preferred stock dividends 53,532 38,546 28,809 Less: Undistributed earnings allocated to participating securities 774 661 406 Dividends paid on participating securities 103 111 60 Net income available to common shareholders $ 52,655 $ 37,774 $ 28,343 Weighted-average basic shares outstanding 18,198,578 16,974,484 15,208,544 Basic earnings per share $ 2.89 $ 2.23 $ 1.86 Diluted earnings per share: Net income available to common shareholders $ 52,655 $ 37,774 $ 28,343 Total weighted-average basic shares outstanding 18,198,578 16,974,484 15,208,544 Add dilutive stock warrants 86,646 84,595 98,454 Total weighted-average diluted shares outstanding 18,285,224 17,059,079 15,306,998 Diluted earnings per share $ 2.88 $ 2.21 $ 1.85 Anti-dilutive participating securities 92,196 58,726 96,840 |
Statement of Cash Flows (Tables
Statement of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Other Supplemental Cash Flow Information | Other supplemental cash flow information is presented below: Years ended December 31, 2016 2015 2014 Cash transactions: Interest expense paid $ 25,015 $ 20,056 $ 14,016 Income taxes paid $ 26,485 $ 24,450 $ 7,730 Noncash transactions: Transfers of loans to other real estate owned $ 1,713 $ 221 $ 1,203 Loans to facilitate the sale of other real estate owned $ — $ 248 $ 48 Transfers of loans to other assets $ 124 $ 1,064 $ — Security purchased, not yet settled $ — $ — $ 327 Excess tax benefit (tax deficiency) on restricted stock vested $ (137 ) $ (72 ) $ 1,409 Transfer of bank premises to other real estate $ — $ — $ 2,400 Transfer of repurchase accounts to deposits $ 20,688 $ 3,072 $ — Supplemental schedule of noncash investing activities from branch sale is as follows: Years ended December 31, 2016 2015 2014 Noncash assets transferred: Loans $ 2 $ — $ — Premises and equipment 2,193 — — Total assets $ 2,195 $ — $ — Noncash liabilities transferred: Deposits $ 4,628 $ — $ — Other liabilities 30 — — Total liabilities $ 4,658 $ — $ — Cash and cash equivalents transferred in branch sale $ 208 $ — $ — Deposit premium received $ 64 $ — $ — Cash paid to buyer, net of deposit premium $ 2,191 $ — $ — Supplemental schedule of noncash investing activities from acquisitions is as follows: Years Ended December 31, 2016 2015 2014 Noncash assets acquired Certificates of deposit held in other banks $ — $ 84,527 $ — Securities available for sale — 72,619 79,429 Restricted stock — 340 6,813 Loans — 273,632 1,051,390 Premises and equipment — 1,214 19,038 Other real estate owned — — 1,224 Goodwill — 28,825 194,179 Core deposit intangibles — 5,457 10,606 Bank owned life insurance — — 17,540 Other assets — 649 3,650 Total assets $ — $ 467,263 $ 1,383,869 Noncash liabilities assumed: Deposits $ — $ 523,650 $ 1,228,854 Repurchase agreements — 18,873 3,733 FHLB advances — 2,836 95,000 Other liabilities — 876 7,345 Total liabilities $ — $ 546,235 $ 1,334,932 Cash and cash equivalents acquired from acquisitions $ — $ 152,913 $ 286,596 Cash paid to shareholders of acquired banks $ — $ 24,103 $ 60,812 Series A preferred stock exchanged in connection with acquired banks $ — $ — $ 23,938 Fair value of common stock issued to shareholders of acquired bank $ — $ 49,838 $ 250,783 In addition, the following measurement-period adjustments were made during the years ended December 31, 2016, 2015 and 2014 relating to Company acquisition activity: Year Ended December 31, 2016 2015 2014 Noncash assets acquired: Loans $ 735 $ — $ (328 ) Goodwill (324 ) 361 574 Core deposit intangibles (216 ) — (18 ) Other assets (175 ) (180 ) 297 Total assets $ 20 $ 181 $ 525 Noncash liabilities assumed: Deposits $ — $ — $ 505 Other liabilities 20 181 20 Total liabilities $ 20 $ 181 $ 525 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Available-for-sale Securities [Abstract] | |
Amortized Cost of Securities and Approximate Fair Values | The amortized cost of securities and their approximate fair values at December 31, 2016 and 2015, are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Available for Sale December 31, 2016: U.S. treasuries $ 3,208 $ — $ (61 ) $ 3,147 Government agency securities 123,605 141 (1,479 ) 122,267 Obligations of state and municipal subdivisions 88,358 920 (2,022 ) 87,256 Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 103,869 928 (1,032 ) 103,765 $ 319,040 $ 1,989 $ (4,594 ) $ 316,435 December 31, 2015: U.S. treasuries $ 999 $ 3 $ — $ 1,002 Government agency securities 135,630 237 (567 ) 135,300 Obligations of state and municipal subdivisions 83,442 2,222 (248 ) 85,416 Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 50,640 1,202 (97 ) 51,745 $ 270,711 $ 3,664 $ (912 ) $ 273,463 |
Proceeds from Sale, Gross Gains and Losses of Securities Available for Sale | Proceeds from sale of securities available for sale and gross gains and losses for the years ended December 31, 2016 , 2015 and 2014 were as follows: Years ended December 31, 2016 2015 2014 Proceeds from sale $ 5,399 $ 14,915 $ 19,260 Gross gains $ 4 $ 136 $ 362 Gross losses $ — $ 2 $ — |
Amortized Cost and Estimated Fair Value of Securities Available for Sale by Contractual Maturity | The amortized cost and estimated fair value of securities available for sale at December 31, 2016 , by contractual maturity, are shown below. Maturities of pass-through certificates will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2016 Securities Available for Sale Amortized Cost Fair Value Due in one year or less $ 32,583 $ 32,574 Due from one year to five years 99,620 98,779 Due from five to ten years 30,066 29,448 Thereafter 52,902 51,869 215,171 212,670 Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 103,869 103,765 $ 319,040 $ 316,435 |
Summary of Unrealized Losses and Fair Value Securities in Continuous Unrealized Loss Position | The number of securities, unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2016 and 2015, are summarized as follows: Less Than 12 Months Greater Than 12 Months Total Description of Securities Number of Securities Estimated Fair Value Unrealized Losses Number of Securities Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Securities Available for Sale December 31, 2016 U.S. treasuries 1 $ 3,147 $ (61 ) — $ — $ — $ 3,147 $ (61 ) Government agency securities 43 102,044 (1,472 ) 1 993 (7 ) 103,037 (1,479 ) Obligations of state and municipal subdivisions 100 46,186 (2,011 ) 4 1,549 (11 ) 47,735 (2,022 ) Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 30 67,868 (1,032 ) — — — 67,868 (1,032 ) 174 $ 219,245 $ (4,576 ) 5 $ 2,542 $ (18 ) $ 221,787 $ (4,594 ) December 31, 2015 Government agency securities 25 $ 84,798 $ (531 ) 4 $ 4,964 $ (36 ) $ 89,762 $ (567 ) Obligations of state and municipal subdivisions 32 16,202 (88 ) 19 8,662 (160 ) 24,864 (248 ) Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 6 10,765 (97 ) — — — 10,765 (97 ) 63 $ 111,765 $ (716 ) 23 $ 13,626 $ (196 ) $ 125,391 $ (912 ) |
Loans, Net and Allowance for 37
Loans, Net and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Compositions of Loans | Loans, net at December 31, 2016 and 2015, consisted of the following: December 31, 2016 2015 Commercial $ 630,805 $ 731,818 Real estate: Commercial 2,459,221 1,949,734 Commercial construction, land and land development 531,481 419,611 Residential 634,545 607,990 Single family interim construction 235,475 187,984 Agricultural 53,548 50,178 Consumer 27,530 41,966 Other 166 124 4,572,771 3,989,405 Deferred loan fees (2,117 ) (1,553 ) Allowance for loan losses (31,591 ) (27,043 ) $ 4,539,063 $ 3,960,809 |
Summary of Activity in Allowance for Loan Losses by Loan Class | The following is a summary of the activity in the allowance for loan losses by loan class for the years ended December 31, 2016 , 2015 and 2014: Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Unallocated Total Year ended December 31, 2016 Balance at the beginning of year $ 10,573 $ 13,007 $ 2,339 $ 769 $ 215 $ 164 $ 8 $ (32 ) $ 27,043 Provision for loan losses 2,391 5,436 810 532 (8 ) 97 90 92 9,440 Charge-offs (4,384 ) (54 ) (401 ) — — (27 ) (104 ) — (4,970 ) Recoveries 13 10 12 — — 8 35 — 78 Balance at end of year $ 8,593 $ 18,399 $ 2,760 $ 1,301 $ 207 $ 242 $ 29 $ 60 $ 31,591 Year ended December 31, 2015 Balance at the beginning of year $ 5,051 $ 10,110 $ 2,205 $ 669 $ 246 $ 146 $ — $ 125 $ 18,552 Provision for loan losses 6,100 2,924 138 100 (31 ) 56 101 (157 ) 9,231 Charge-offs (606 ) (69 ) (9 ) — — (52 ) (124 ) — (860 ) Recoveries 28 42 5 — — 14 31 — 120 Balance at end of year $ 10,573 $ 13,007 $ 2,339 $ 769 $ 215 $ 164 $ 8 $ (32 ) $ 27,043 Year ended December 31, 2014 Balance at the beginning of year $ 2,401 $ 7,872 $ 2,440 $ 577 $ 238 $ 365 $ 2 $ 65 $ 13,960 Provision for loan losses 2,999 2,530 (211 ) 81 8 (162 ) 54 60 5,359 Charge-offs (368 ) (371 ) (32 ) — — (63 ) (80 ) — (914 ) Recoveries 19 79 8 11 — 6 24 — 147 Balance at end of year $ 5,051 $ 10,110 $ 2,205 $ 669 $ 246 $ 146 $ — $ 125 $ 18,552 The following table details the amount of the allowance for loan losses and recorded investment in loans by class as of December 31, 2016 and 2015: Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Unallocated Total December 31, 2016 Allowance for losses: Individually evaluated for impairment $ 3 $ 4 $ — $ 84 $ — $ 94 $ — $ — $ 185 Collectively evaluated for impairment 8,590 18,395 2,760 1,217 207 148 29 60 31,406 Loans acquired with deteriorated credit quality — — — — — — — — — Ending balance $ 8,593 $ 18,399 $ 2,760 $ 1,301 $ 207 $ 242 $ 29 $ 60 $ 31,591 Loans: Individually evaluated for impairment $ 7,720 $ 7,089 $ 1,889 $ 884 $ — $ 279 $ — $ — $ 17,861 Collectively evaluated for impairment 620,665 2,953,333 630,689 234,591 53,548 27,240 166 — 4,520,232 Acquired with deteriorated credit quality 2,420 30,280 1,967 — — 11 — — 34,678 Ending balance $ 630,805 $ 2,990,702 $ 634,545 $ 235,475 $ 53,548 $ 27,530 $ 166 $ — $ 4,572,771 December 31, 2015 Allowance for losses: Individually evaluated for impairment $ 3,085 $ 116 $ — $ — $ — $ 2 $ — $ — $ 3,203 Collectively evaluated for impairment 7,488 12,891 2,339 769 215 162 8 (32 ) 23,840 Loans acquired with deteriorated credit quality — — — — — — — — — Ending balance $ 10,573 $ 13,007 $ 2,339 $ 769 $ 215 $ 164 $ 8 $ (32 ) $ 27,043 Loans: Individually evaluated for impairment $ 7,382 $ 4,671 $ 3,136 $ — $ 170 $ 111 $ — $ — $ 15,470 Collectively evaluated for impairment 720,732 2,321,209 602,206 187,984 50,008 41,835 124 — 3,924,098 Acquired with deteriorated credit quality 3,704 43,465 2,648 — — 20 — — 49,837 Ending balance $ 731,818 $ 2,369,345 $ 607,990 $ 187,984 $ 50,178 $ 41,966 $ 124 $ — $ 3,989,405 |
Summary of Nonperforming Loans by Loan Class | Nonperforming loans by loan class at December 31, 2016 and 2015, are summarized as follows: Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Total December 31, 2016: Nonaccrual loans $ 7,718 $ 5,885 $ 866 $ 884 $ — $ 273 $ — $ 15,626 Loans past due 90 days and still accruing — — — — — — — — Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) 1 1,204 1,011 — — — — 2,216 $ 7,719 $ 7,089 $ 1,877 $ 884 $ — $ 273 $ — $ 17,842 December 31, 2015: Nonaccrual loans $ 7,366 $ 591 $ 552 $ — $ 170 $ 111 $ — $ 8,790 Loans past due 90 days and still accruing — — — — — — — — Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) 16 3,480 2,574 — — — — 6,070 $ 7,382 $ 4,071 $ 3,126 $ — $ 170 $ 111 $ — $ 14,860 |
Impaired Loans by Loan Class | Impaired loan information by loan class at December 31, 2016 and 2015 and for the years ended December 31, 2016, 2015 and 2014, is summarized as follows: Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Total December 31, 2016: Recorded investment in impaired loans: Impaired loans with an allowance for loan losses $ 8 $ 78 $ — $ 168 $ — $ 209 $ — $ 463 Impaired loans with no allowance for loan losses 7,712 7,011 1,889 716 — 70 — 17,398 Total $ 7,720 $ 7,089 $ 1,889 $ 884 $ — $ 279 $ — $ 17,861 Unpaid principal balance of impaired loans $ 10,844 $ 7,133 $ 2,087 $ 884 $ — $ 291 $ — $ 21,239 Allowance for loan losses on impaired loans $ 3 $ 4 $ — $ 84 $ — $ 94 $ — $ 185 December 31, 2015: Recorded investment in impaired loans: Impaired loans with an allowance for loan losses $ 7,221 $ 1,930 $ — $ — $ — $ 5 $ — $ 9,156 Impaired loans with no allowance for loan losses 161 2,741 3,136 — 170 106 — 6,314 Total $ 7,382 $ 4,671 $ 3,136 $ — $ 170 $ 111 $ — $ 15,470 Unpaid principal balance of impaired loans $ 7,520 $ 4,936 $ 3,204 $ — $ 172 $ 133 $ — $ 15,965 Allowance for loan losses on impaired loans $ 3,085 $ 116 $ — $ — $ — $ 2 $ — $ 3,203 For the year ended December 31, 2016: Average recorded investment in impaired loans $ 11,783 $ 3,324 $ 2,773 $ 177 $ 34 $ 118 $ — $ 18,209 Interest income recognized on impaired loans $ 58 $ 73 $ 97 $ — $ — $ — $ — $ 228 For the year ended December 31, 2015: Average recorded investment in impaired loans $ 4,951 $ 5,904 $ 3,220 $ — $ 34 $ 93 $ — $ 14,202 Interest income recognized on impaired loans $ 189 $ 286 $ 181 $ — $ 10 $ 24 $ — $ 690 For the year ended December 31, 2014: Average recorded investment in impaired loans $ 502 $ 7,484 $ 3,253 $ 34 $ — $ 69 $ — $ 11,342 Interest income recognized on impaired loans $ 64 $ 400 $ 83 $ — $ — $ 3 $ — $ 550 |
Summary of Troubled Debt Restructurings | Following is a summary of loans modified under troubled debt restructurings during the years ended December 31, 2016 and 2015 : . Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Total Troubled debt restructurings during the year ended December 31, 2016 Number of contracts 1 — — — — 1 — 2 Pre-restructuring outstanding recorded investment $ 24 $ — $ — $ — $ — $ 209 $ — $ 233 Post-restructuring outstanding recorded investment $ 24 $ — $ — $ — $ — $ 209 $ — $ 233 Troubled debt restructurings during the year ended December 31, 2015 Number of contracts 1 1 — — — — — 2 Pre-restructuring outstanding recorded investment $ 90 $ 776 $ — $ — $ — $ — $ — $ 866 Post-restructuring outstanding recorded investment $ 90 $ 776 $ — $ — $ — $ — $ — $ 866 |
Aging of Past Due Loans by Loan Class | The following table presents information regarding the aging of past due loans by loan class as of December 31, 2016 and 2015: Loans 30-89 Days Past Due Loans 90 or More Past Due Total Past Due Loans Current Loans Total Loans December 31, 2016 Commercial $ 226 $ 7,711 $ 7,937 $ 622,868 $ 630,805 Commercial real estate, land and land development 151 6,752 6,903 2,983,799 2,990,702 Residential real estate 846 561 1,407 633,138 634,545 Single-family interim construction 1,062 — 1,062 234,413 235,475 Agricultural 10 — 10 53,538 53,548 Consumer 154 52 206 27,324 27,530 Other — — — 166 166 $ 2,449 $ 15,076 $ 17,525 $ 4,555,246 $ 4,572,771 December 31, 2015 Commercial $ 2,740 $ 7,220 $ 9,960 $ 721,858 $ 731,818 Commercial real estate, land and land development 2,059 — 2,059 2,367,286 2,369,345 Residential real estate 1,456 330 1,786 606,204 607,990 Single-family interim construction 503 — 503 187,481 187,984 Agricultural 89 170 259 49,919 50,178 Consumer 290 26 316 41,650 41,966 Other — — — 124 124 $ 7,137 $ 7,746 $ 14,883 $ 3,974,522 $ 3,989,405 |
Summary of Loans by Credit Quality Indicator by Class | A summary of loans by credit quality indicator by class as of December 31, 2016 and 2015, is as follows: Pass Pass/ Watch Special Mention Substandard Doubtful Total December 31, 2016 Commercial $ 555,342 $ 31,954 $ 16,734 $ 26,775 $ — $ 630,805 Commercial real estate, construction, land and land development 2,972,732 5,426 5,148 7,396 — 2,990,702 Residential real estate 629,081 1,897 370 3,197 — 634,545 Single-family interim construction 233,800 791 — 884 — 235,475 Agricultural 52,724 569 255 — — 53,548 Consumer 27,215 12 3 300 — 27,530 Other 166 — — — — 166 $ 4,471,060 $ 40,649 $ 22,510 $ 38,552 $ — $ 4,572,771 December 31, 2015 Commercial $ 616,149 $ 46,607 $ 44,469 $ 24,593 $ — $ 731,818 Commercial real estate, construction, land and land development 2,343,883 18,463 3,341 3,658 — 2,369,345 Residential real estate 599,937 2,150 982 4,921 — 607,990 Single-family interim construction 187,984 — — — — 187,984 Agricultural 48,185 66 1,757 170 — 50,178 Consumer 41,601 57 32 276 — 41,966 Other 124 — — — — 124 $ 3,837,863 $ 67,343 $ 50,581 $ 33,618 $ — $ 3,989,405 |
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 as of the respective acquisition date for the acquisition occurring in 2015: Acquisition Date November 1, 2015 Grand Bank Outstanding balance $ 3,548 Nonaccretable difference (593 ) Accretable yield — Carrying amount $ 2,955 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | The changes in accretable yield during the years ended December 31, 2016 and 2015 in regard to loans transferred at acquisition for which it was probable that all contractually required payments would not be collected are presented in the table below. 2016 2015 Balance at January 1 $ 2,380 $ 2,546 Additions — — Accretion (854 ) (1,048 ) Net transfers to/from nonaccretable — 882 Balance at December 31 $ 1,526 $ 2,380 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance and Carrying Amount | The carrying amount of acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at December 31, 2016 and 2015, were as follows: December 31, 2016 2015 Outstanding balance $ 39,442 $ 57,178 Carrying amount 34,678 49,837 |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Components of Premises and Equipment, Net | Premises and equipment, net at December 31, 2016 and 2015 consisted of the following: December 31, 2016 2015 Land $ 19,801 $ 20,081 Building 71,539 71,448 Furniture, fixtures and equipment 27,263 23,629 Aircraft 8,807 8,807 Leasehold and tenant improvements 1,753 1,714 Construction in progress 23 642 129,186 126,321 Less accumulated depreciation (39,288 ) (33,306 ) $ 89,898 $ 93,015 |
Minimum Future Rental Payments Receivable from Tenants | At December 31, 2016, minimum future rental payments receivable from these tenants were as follows: First year $ 143 Second year 62 Third year 13 Fourth year — Fifth year — $ 218 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Other Real Estate Owned | Other real estate owned at December 31, 2016 and 2015 consisted of the following: December 31, 2016 2015 Construction, land and land development $ 442 $ 1,198 Residential 1,189 — Commercial real estate 341 970 $ 1,972 $ 2,168 |
Goodwill and Core Deposit Int40
Goodwill and Core Deposit Intangible, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross Carrying Value and Accumulated Amortization of Intangible Assets | The gross carrying value and accumulated amortization of core deposit intangible is as follows: December 31, 2016 2015 Core deposit intangible $ 22,803 $ 23,019 Less accumulated amortization (8,626 ) (6,662 ) $ 14,177 $ 16,357 |
Future Amortization Expense Related to Core Deposit Intangible | The future amortization expense related to core deposit intangible remaining at December 31, 2016 is as follows: First year $ 1,967 Second year 1,945 Third year 1,900 Fourth year 1,870 Fifth year 1,779 Thereafter 4,716 $ 14,177 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Components of Deposits | Deposits at December 31, 2016 and 2015 consisted of the following: December 31, 2016 2015 Amount Percent Amount Percent Noninterest-bearing demand accounts $ 1,117,927 24.4 % $ 1,071,656 26.6 % Interest-bearing checking accounts 2,022,768 44.2 1,401,078 34.8 Savings accounts 153,211 3.4 141,792 3.5 Limited access money market accounts 426,683 9.3 568,492 14.1 Certificates of deposit and individual retirement accounts (IRA), less than $250,000 381,754 8.3 470,336 11.7 Certificates of deposit and individual retirement accounts (IRA), $250,000 and greater 474,766 10.4 374,925 9.3 $ 4,577,109 100.0 % $ 4,028,279 100.0 % |
Maturities of Certificates of Deposit | At December 31, 2016 , the scheduled maturities of certificates of deposit, including IRAs, were as follows: First year $ 597,601 Second year 161,645 Third year 53,133 Fourth year 22,181 Fifth year 21,960 $ 856,520 |
Federal Home Loan Bank Advanc42
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Contractual Maturities of FHLB Advances | Contractual maturities of FHLB advances at December 31, 2016 were as follows: First year $ 30,000 Second year 340,000 (1) Third year 65,037 Fourth year — Fifth year 25,000 Thereafter 709 $ 460,746 (1) Includes $275,000 in floating advances, which allows for principal payments to be made at anytime without penalty |
Repurchase Agreements and Oth43
Repurchase Agreements and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Other Borrowings | Other borrowings at December 31, 2016 and 2015 consisted of the following: December 31, 2016 2015 Unsecured subordinated debentures (notes) in the amount of $110,000 and $65,000, respectively. The balance of borrowings at December 31, 2016 is net of discount and origination costs of $2,701. Interest payments of 5.875% are made semiannually on February 1 and August 1. The maturity date is August 1, 2024. The notes may not be redeemed prior to maturity and meet the criteria to be recognized as Tier 2 capital for regulatory purposes. $ 107,299 $ 65,000 Unsecured subordinated debentures in the original amount of $5,000. Interest payments at 7.00% are made quarterly with semiannual principal payments of $625. The remaining principal and accrued interest is due on July 15, 2018. The debentures may be redeemed prior to maturity and meet the criteria to be recognized as Tier 2 capital for regulatory purposes. — 3,750 Unsecured subordinated debentures in the original amount of $2,730. Interest payments at 7.00% are made quarterly with semiannual principal payments of $341. The remaining principal and accrued interest is due on October 15, 2018. The debentures may be redeemed prior to maturity and meet the criteria to be recognized as Tier 2 capital for regulatory purposes. — 2,048 $ 107,299 $ 70,798 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Income tax expense for the years ended December 31, 2016, 2015 and 2014 was as follows: Years Ended December 31, 2016 2015 2014 Current income tax expense $ 28,440 $ 22,946 $ 14,849 Deferred income tax expense (benefit) (1,849 ) (3,935 ) 71 Income tax expense, as reported $ 26,591 $ 19,011 $ 14,920 |
Schedule of Effective Income Tax Rate Reconciliation | Reported income tax expense differed from the amounts computed by applying the U.S. federal statutory income tax rate of 35% to income before income taxes for the years ended December 31, 2016, 2015 and 2014 as follows: Years Ended December 31, 2016 2015 2014 Income tax expense computed at the statutory rate $ 28,046 $ 20,229 $ 15,364 Tax-exempt interest income from municipal securities (619 ) (624 ) (500 ) Tax-exempt loan income (436 ) (398 ) (174 ) Bank owned life insurance income (472 ) (377 ) (340 ) Non-deductible acquisition expenses — 108 486 Other 72 73 84 $ 26,591 $ 19,011 $ 14,920 |
Schedule of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities are as follows: December 31, 2016 2015 Deferred tax assets: Allowance for loan losses $ 11,057 $ 9,428 NOL carryforwards from acquisitions 383 571 Net unrealized loss on available for sale securities 912 — Acquired loan fair market value adjustments 2,740 4,540 Restricted stock 1,363 1,422 Reserve for bonuses 1,946 1,045 Deferred loan fees 741 424 Acquisition costs 108 — Start up costs 249 294 Other real estate owned 18 80 Unearned bank card income 495 91 Nonaccrual loans 70 45 Other 140 235 20,222 18,175 Deferred tax liabilities: Premises and equipment (5,107 ) (4,900 ) Net unrealized gain on available for sale securities — (963 ) Core deposit intangibles (4,953 ) (5,715 ) Securities (218 ) (330 ) FHLB stock (157 ) (66 ) Acquired tax accounting method changes (156 ) (255 ) Other — (54 ) (10,591 ) (12,283 ) Net deferred tax asset $ 9,631 $ 5,892 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | At December 31, 2016 and 2015, the approximate amounts of these financial instruments were as follows: December 31, 2016 2015 Commitments to extend credit $ 865,668 $ 838,341 Standby letters of credit 10,562 10,361 $ 876,230 $ 848,702 |
Schedule of Future Minimum Lease Payments for Operating Leases | At December 31, 2016, minimum future rental payments due under noncancelable lease commitments were as follows: First year $ 2,049 Second year 2,000 Third year 1,849 Fourth year 1,819 Fifth year 1,677 Thereafter 2,412 $ 11,806 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Loan Activity for Officers, Directors and Affiliates | Loan activity for officers, directors and their affiliates for the year ended December 31, 2016 is as follows: Balance at beginning of year $ 56,679 New loans 24,377 Repayments (21,724 ) Changes in affiliated persons (469 ) Balance at end of year $ 58,863 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities at Fair Value on Recurring Basis | The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of December 31, 2016 and 2015 by level within the ASC Topic 820 fair value measurement hierarchy: Fair Value Measurements at Reporting Date Using Assets/ Liabilities Measured at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2016 Measured on a recurring basis: Assets: Securities available for sale: U.S. treasuries $ 3,147 $ — $ 3,147 $ — Government agency securities 122,267 — 122,267 — Obligations of state and municipal subdivisions 87,256 — 87,256 — Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 103,765 — 103,765 — December 31, 2015 Measured on a recurring basis: Assets: Securities available for sale: U.S. treasuries $ 1,002 $ — $ 1,002 $ — Government agency securities 135,300 — 135,300 — Obligations of state and municipal subdivisions 85,416 — 85,416 — Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 51,745 — 51,745 — |
Assets and Liabilities at Fair Value on Nonrecurring Basis | The following table presents the assets carried on the consolidated balance sheet by caption and by level in the fair value hierarchy at December 31, 2016 and 2015, for which a nonrecurring change in fair value has been recorded: Fair Value Measurements at Reporting Date Using Assets/ Liabilities Measured at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Period Ended Total Losses December 31, 2016 Measured on a nonrecurring basis: Assets: Impaired loans $ 968 $ — $ — $ 968 $ 708 Other real estate owned 340 — — 340 52 December 31, 2015 Measured on a nonrecurring basis: Assets: Impaired loans $ 4,827 $ — $ — $ 4,827 $ 3,029 Other real estate owned 577 — — 577 35 |
Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial instruments were as follows at December 31, 2016 and 2015: Fair Value Measurements at Reporting Date Using Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2016 Financial assets: Cash and cash equivalents $ 505,027 $ 505,027 $ 505,027 $ — $ — Certificates of deposit held in other banks 2,707 2,733 — 2,733 — Securities available for sale 316,435 316,435 — 316,435 — Loans held for sale 9,795 9,795 — 9,795 — Loans, net 4,539,063 4,532,364 — 4,532,086 278 FHLB of Dallas stock and other restricted stock 26,536 26,536 — 26,536 — Accrued interest receivable 12,331 12,331 — 12,331 — Financial liabilities: Deposits 4,577,109 4,581,866 — 4,581,866 — Accrued interest payable 4,020 4,020 — 4,020 — FHLB advances 460,746 459,436 — 459,436 — Repurchase agreements — — — — — Other borrowings 107,299 110,000 — 110,000 — Junior subordinated debentures 18,147 18,131 — 18,131 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — December 31, 2015 Financial assets: Cash and cash equivalents $ 293,279 $ 293,279 $ 293,279 $ — $ — Certificates of deposit held in other banks 61,746 61,873 — 61,873 — Securities available for sale 273,463 273,463 — 273,463 — Loans held for sale 12,299 12,299 — 12,299 — Loans, net 3,960,809 3,966,199 — 3,960,246 5,953 FHLB of Dallas stock and other restricted stock 14,256 14,256 — 14,256 — Accrued interest receivable 10,991 10,991 — 10,991 — Financial liabilities: Deposits 4,028,279 4,031,365 — 4,031,365 — Accrued interest payable 2,792 2,792 — 2,792 — FHLB advances 288,325 295,345 — 295,345 — Repurchase agreements 12,160 12,160 — 12,160 — Other borrowings 70,798 70,935 — 70,935 — Junior subordinated debentures 18,147 18,128 — 18,128 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — |
Stock Awards and Stock Warran48
Stock Awards and Stock Warrants (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Nonvested Shares Activity | The following table summarizes the activity in nonvested shares for the years ended December 31, 2016 and 2015 : Number of Shares Weighted Average Grant Date Fair Value Nonvested shares, December 31, 2015 373,572 $ 40.29 Granted during the period 88,220 31.92 Vested during the period (153,766 ) 36.42 Forfeited during the period (27,502 ) 31.75 Nonvested shares, December 31, 2016 280,524 $ 36.88 Nonvested shares, December 31, 2014 373,886 $ 41.58 Granted during the period 106,124 32.91 Vested during the period (84,107 ) 42.32 Forfeited during the period (22,331 ) 33.64 Nonvested shares, December 31, 2015 373,572 $ 40.29 |
Schedule Of Vesting Of Restricted Stock Award Table | At December 31, 2016, the future vesting schedule of the nonvested shares is as follows: First year 138,986 Second year 85,186 Third year 46,652 Fourth year 6,050 Fifth year 3,650 Total nonvested shares 280,524 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Regulated Operations [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements | The actual capital amounts and ratios of the Company and Bank as of December 31, 2016 and 2015, are presented in the following table: Actual Minimum for Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2016 Total capital to risk weighted assets: Consolidated $ 568,808 11.38 % $ 399,698 8.00 % N/A N/A Bank 558,551 11.19 399,497 8.00 $ 499,371 10.00 % Tier 1 capital to risk weighted assets: Consolidated 427,217 8.55 299,774 6.00 N/A N/A Bank 526,960 10.55 299,623 6.00 399,497 8.00 Common equity tier 1 to risk weighted assets: Consolidated 409,617 8.20 224,830 4.50 N/A N/A Bank 526,960 10.55 224,717 4.50 324,591 6.50 Tier 1 capital to average assets: Consolidated 427,217 7.82 218,612 4.00 N/A N/A Bank 526,960 9.65 218,517 4.00 273,146 5.00 December 31, 2015 Total capital to risk weighted assets: Consolidated $ 473,993 11.14 % $ 340,533 8.00 % N/A N/A Bank 470,495 11.06 340,259 8.00 $ 425,323 10.00 % Tier 1 capital to risk weighted assets: Consolidated 379,631 8.92 255,400 6.00 N/A N/A Bank 443,452 10.43 255,194 6.00 340,259 8.00 Common equity tier 1 to risk weighted assets: Consolidated 338,093 7.94 191,550 4.50 N/A N/A Bank 443,452 10.43 191,396 4.50 276,460 6.50 Tier 1 capital to average assets: Consolidated 379,631 8.28 183,379 4.00 N/A N/A Bank 443,452 9.72 182,421 4.00 228,026 5.00 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the previously reported estimates and the measurement-period adjustments made during 2016 to asset and liability accounts to derive at the final acquisition accounting allocations for Grand Bank: Assets of acquired bank: Reported Estimates at December 31, 2015 Measurement Period Adjustments Final Recorded Value Cash and cash equivalents $ 152,913 $ — $ 152,913 Time deposits with other banks 84,527 — 84,527 Securities available for sale 72,619 — 72,619 Loans 273,632 735 274,367 Premises and equipment 1,214 — 1,214 Goodwill 28,825 (324 ) 28,501 Core deposit intangible 5,457 (216 ) 5,241 Other assets 989 (175 ) 814 Total assets $ 620,176 $ 20 $ 620,196 Liabilities of acquired bank: Deposits $ 523,650 $ — $ 523,650 Repurchase accounts 18,873 — 18,873 FHLB advances 2,836 — 2,836 Other liabilities 876 20 896 Total liabilities $ 546,235 $ 20 $ 546,255 Common stock issued in the Grand Bank transaction $ 49,838 $ — $ 49,838 Cash paid for the Grand Bank transaction $ 24,103 $ — $ 24,103 |
Parent Company Only Financial51
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Balance Sheet for the Parent Company | Balance Sheets December 31, Assets 2016 2015 Cash and cash equivalents $ 9,265 $ 6,624 Investment in subsidiaries 789,708 708,730 Investment in Trusts 547 547 Other assets 1,969 2,856 Total assets $ 801,489 $ 718,757 Liabilities, Temporary Equity and Stockholders' Equity Other borrowings $ 107,299 $ 70,798 Junior subordinated debentures 18,147 18,147 Other liabilities 3,678 2,503 Total liabilities 129,124 91,448 Temporary equity: Preferred stock — 23,938 Stockholders' equity: Common stock 189 184 Additional paid-in capital 555,325 530,107 Retained earnings 117,951 70,698 Accumulated other comprehensive income (loss) (1,100 ) 2,382 Total stockholders' equity 672,365 603,371 Total liabilities, temporary equity and stockholders' equity $ 801,489 $ 718,757 |
Statement of Income for the Parent Company | Statements of Income Years Ended December 31, 2016 2015 2014 Interest expense: Interest on notes payable and other borrowings $ 5,426 $ 4,282 $ 2,225 Interest on junior subordinated debentures 621 539 542 Total interest expense 6,047 4,821 2,767 Noninterest income: Dividends from subsidiaries 36,018 35,250 33,850 Other 25 16 19 36,043 35,266 33,869 Noninterest expense: Salaries and employee benefits 6,226 4,270 3,693 Professional fees 523 546 1,163 Acquisition expense, including legal 1,380 1,282 2,681 Other 1,126 1,217 800 Total noninterest expense 9,255 7,315 8,337 Income before income tax benefit and equity in undistributed income of subsidiaries 20,741 23,130 22,765 Income tax benefit 5,339 4,121 3,283 Income before equity in undistributed income of subsidiaries 26,080 27,251 26,048 Equity in undistributed income of subsidiaries 27,460 11,535 2,930 Net income $ 53,540 $ 38,786 $ 28,978 |
Statement of Cash Flows for the Parent Company | Statements of Cash Flows Years Ended December 31, 2016 2015 2014 Cash flows from operating activities: Net income $ 53,540 $ 38,786 $ 28,978 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (27,460 ) (11,535 ) (2,930 ) Amortization of discount and origination costs on other borrowings 241 — — Stock compensation expense 5,431 4,314 2,914 Net change in other assets (205 ) 1,771 (3,291 ) Net change in other liabilities 1,038 (63 ) 2,233 Net cash provided by operating activities 32,585 33,273 27,904 Cash flows from investing activities: Capital investment in subsidiaries (57,000 ) — (52,000 ) Cash received from liquidation of Adriatica — — 10,940 Cash received from acquired companies — — 6,108 Cash paid in acquisitions — (24,103 ) (60,814 ) Net cash used in investing activities (57,000 ) (24,103 ) (95,766 ) Cash flows from financing activities: Repayments of other borrowings (5,798 ) (1,932 ) — Net proceeds from other borrowings 43,150 — 65,000 Offering costs paid in connection with acquired banks — (568 ) (566 ) Net proceeds from issuance of common stock 19,929 — — Redemption of preferred stock (23,938 ) — — Dividends paid (6,287 ) (5,819 ) (3,910 ) Net cash provided by (used in) financing activities 27,056 (8,319 ) 60,524 Net change in cash and cash equivalents 2,641 851 (7,338 ) Cash and cash equivalents at beginning of year 6,624 5,773 13,111 Cash and cash equivalents at end of year $ 9,265 $ 6,624 $ 5,773 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016segment | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of reportable segments | 1 |
Finite-lived intangible assets, useful life | 10 years |
Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life | 30 years |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basic earnings per share: | |||
Net income | $ 53,540 | $ 38,786 | $ 28,978 |
Less: Preferred stock dividends | 8 | 240 | 169 |
Net income after preferred stock dividends | 53,532 | 38,546 | 28,809 |
Undistributed earnings allocated to participating securities | 774 | 661 | 406 |
Dividends paid on participating securities | 103 | 111 | 60 |
Net income available to common shareholders | $ 52,655 | $ 37,774 | $ 28,343 |
Weighted-average basic shares outstanding (shares) | 18,198,578 | 16,974,484 | 15,208,544 |
Basic earnings per share (usd per share) | $ 2.89 | $ 2.23 | $ 1.86 |
Diluted earnings per share: | |||
Net income available to common shareholders | $ 52,655 | $ 37,774 | $ 28,343 |
Weighted-average basic shares outstanding (shares) | 18,198,578 | 16,974,484 | 15,208,544 |
Add dilutive stock warrants (shares) | 86,646 | 84,595 | 98,454 |
Total weighted-average diluted shares outstanding (shares) | 18,285,224 | 17,059,079 | 15,306,998 |
Diluted earnings per share (usd per share) | $ 2.88 | $ 2.21 | $ 1.85 |
Anti-dilutive participating securities (shares) | 92,196 | 58,726 | 96,840 |
Restrictions on Cash and Due 54
Restrictions on Cash and Due from Banks (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents [Abstract] | ||
Deposit reserve requirement | $ 0 | $ 22,513,000 |
Statement of Cash Flows - Addit
Statement of Cash Flows - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash transactions: | |||
Interest expense paid | $ 25,015 | $ 20,056 | $ 14,016 |
Income taxes paid | 26,485 | 24,450 | 7,730 |
Noncash transactions: | |||
Transfers of loans to other real estate owned | 1,713 | 221 | 1,203 |
Loans to facilitate the sale of other real estate owned | 0 | 248 | 48 |
Transfers of loans to other assets | 124 | 1,064 | 0 |
Security purchased, not yet settled | 0 | 0 | 327 |
Excess tax benefit (tax deficiency) on restricted stock vested | (137) | (72) | 1,409 |
Transfer of bank premises to other real estate | 0 | 0 | 2,400 |
Transfer of repurchase accounts to deposits | $ 20,688 | $ 3,072 | $ 0 |
Statement of Cash Flows - Nonca
Statement of Cash Flows - Noncash Investing from Branch Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncash liabilities transferred: | |||
Deposit premium received | $ 64 | $ 0 | $ 0 |
Cash paid to buyer, net of deposit premium | 2,191 | 0 | 0 |
Sale of Branch | |||
Noncash assets transferred: | |||
Loans | 2 | 0 | 0 |
Premises and equipment | 2,193 | 0 | 0 |
Total assets | 2,195 | 0 | 0 |
Noncash liabilities transferred: | |||
Deposits | 4,628 | 0 | 0 |
Other liabilities | 30 | 0 | 0 |
Total liabilities | 4,658 | 0 | 0 |
Sale of Branch | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Noncash liabilities transferred: | |||
Cash and cash equivalents transferred in branch sale | $ 208 | $ 0 | $ 0 |
Statement of Cash Flows - Non57
Statement of Cash Flows - Noncash Investing Activities from Acquisitions and Branch Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncash assets acquired | |||
Certificates of deposit held in other banks | $ 0 | $ 84,527 | $ 0 |
Securities available for sale | 0 | 72,619 | 79,429 |
Restricted stock | 0 | 340 | 6,813 |
Loans | 0 | 273,632 | 1,051,390 |
Premises and equipment | 0 | 1,214 | 19,038 |
Other real estate owned | 0 | 0 | 1,224 |
Goodwill | 0 | 28,825 | 194,179 |
Core deposit intangibles | 0 | 5,457 | 10,606 |
Bank owned life insurance | 0 | 0 | 17,540 |
Other assets | 0 | 649 | 3,650 |
Total assets | 0 | 467,263 | 1,383,869 |
Noncash liabilities assumed: | |||
Deposits | 0 | 523,650 | 1,228,854 |
Repurchase agreements | 0 | 18,873 | 3,733 |
FHLB advances | 0 | 2,836 | 95,000 |
Other liabilities | 0 | 876 | 7,345 |
Total liabilities | 0 | 546,235 | 1,334,932 |
Cash and cash equivalents acquired from acquisitions | 0 | 152,913 | 286,596 |
Cash paid to shareholders of acquired banks | 0 | 24,103 | 60,812 |
Fair value of common stock issued to shareholders of acquired bank | 0 | 49,838 | 250,783 |
Senior Non-Cumulative Perpetual Preferred Stock, Series A | |||
Noncash liabilities assumed: | |||
Fair value of common stock issued to shareholders of acquired bank | $ 0 | $ 0 | $ 23,938 |
Statement of Cash Flows - Measu
Statement of Cash Flows - Measurement-Period Adjustments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncash assets acquired | |||
Loans | $ 735 | $ 0 | $ (328) |
Goodwill | (324) | 361 | 574 |
Core deposit intangibles | (216) | 0 | (18) |
Other assets | (175) | (180) | 297 |
Total assets | 20 | 181 | 525 |
Noncash liabilities assumed: | |||
Deposits | 0 | 0 | 505 |
Other liabilities | 20 | 181 | 20 |
Total liabilities | $ 20 | $ 181 | $ 525 |
Securities Available for Sale -
Securities Available for Sale - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Carrying value of securities pledged | $ 176,457 | $ 195,479 |
Securities Available for Sale60
Securities Available for Sale - Amortized Cost of Securities and Approximate Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 319,040 | $ 270,711 |
Gross Unrealized Gains | 1,989 | 3,664 |
Gross Unrealized Losses | (4,594) | (912) |
Securities available for sale | 316,435 | 273,463 |
U.S. treasuries | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,208 | 999 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | (61) | 0 |
Securities available for sale | 3,147 | 1,002 |
Government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 123,605 | 135,630 |
Gross Unrealized Gains | 141 | 237 |
Gross Unrealized Losses | (1,479) | (567) |
Securities available for sale | 122,267 | 135,300 |
Obligations of state and municipal subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 88,358 | 83,442 |
Gross Unrealized Gains | 920 | 2,222 |
Gross Unrealized Losses | (2,022) | (248) |
Securities available for sale | 87,256 | 85,416 |
Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 103,869 | 50,640 |
Gross Unrealized Gains | 928 | 1,202 |
Gross Unrealized Losses | (1,032) | (97) |
Securities available for sale | $ 103,765 | $ 51,745 |
Securities Available for Sale61
Securities Available for Sale - Proceeds from Sale, Gross Gains and Losses of Securities Available for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Available-for-sale Securities [Abstract] | |||
Proceeds from sale | $ 5,399 | $ 14,915 | $ 19,260 |
Gross gains | 4 | 136 | 362 |
Gross losses | $ 0 | $ 2 | $ 0 |
Securities Available for Sale62
Securities Available for Sale - Amortized Cost and Estimated Fair Value of Securities Available for Sale by Contractual Maturity (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Amortized Cost | |
Due in one year or less | $ 32,583 |
Due from one year to five years | 99,620 |
Due from five to ten years | 30,066 |
Thereafter | 52,902 |
Single maturity dates, amortized cost basis | 215,171 |
Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC | 103,869 |
Total | 319,040 |
Fair Value | |
Due in one year or less | 32,574 |
Due from one year to five years | 98,779 |
Due from five to ten years | 29,448 |
Thereafter | 51,869 |
Total | 212,670 |
Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC | 103,765 |
Fair Value | $ 316,435 |
Securities Available for Sale63
Securities Available for Sale - Summary of Unrealized Losses and Fair Value of Securities in Continuous Unrealized Loss Positions (Details) $ in Thousands | Dec. 31, 2016USD ($)security | Dec. 31, 2015USD ($)security |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities, less than 12 months | security | 174 | 63 |
Less than 12 months, estimated fair value | $ 219,245 | $ 111,765 |
Less than 12 months, unrealized losses | $ (4,576) | $ (716) |
Number of securities, greater than 12 months | security | 5 | 23 |
Greater than 12 months, estimated fair value | $ 2,542 | $ 13,626 |
Greater than 12 months, unrealized losses | (18) | (196) |
Total, estimated fair value | 221,787 | 125,391 |
Total, unrealized losses | $ (4,594) | $ (912) |
U.S. treasuries | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities, less than 12 months | security | 1 | |
Less than 12 months, estimated fair value | $ 3,147 | |
Less than 12 months, unrealized losses | $ (61) | |
Number of securities, greater than 12 months | security | 0 | |
Greater than 12 months, estimated fair value | $ 0 | |
Greater than 12 months, unrealized losses | 0 | |
Total, estimated fair value | 3,147 | |
Total, unrealized losses | $ (61) | |
Government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities, less than 12 months | security | 43 | 25 |
Less than 12 months, estimated fair value | $ 102,044 | $ 84,798 |
Less than 12 months, unrealized losses | $ (1,472) | $ (531) |
Number of securities, greater than 12 months | security | 1 | 4 |
Greater than 12 months, estimated fair value | $ 993 | $ 4,964 |
Greater than 12 months, unrealized losses | (7) | (36) |
Total, estimated fair value | 103,037 | 89,762 |
Total, unrealized losses | $ (1,479) | $ (567) |
Obligations of state and municipal subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities, less than 12 months | security | 100 | 32 |
Less than 12 months, estimated fair value | $ 46,186 | $ 16,202 |
Less than 12 months, unrealized losses | $ (2,011) | $ (88) |
Number of securities, greater than 12 months | security | 4 | 19 |
Greater than 12 months, estimated fair value | $ 1,549 | $ 8,662 |
Greater than 12 months, unrealized losses | (11) | (160) |
Total, estimated fair value | 47,735 | 24,864 |
Total, unrealized losses | $ (2,022) | $ (248) |
Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities, less than 12 months | security | 30 | 6 |
Less than 12 months, estimated fair value | $ 67,868 | $ 10,765 |
Less than 12 months, unrealized losses | $ (1,032) | $ (97) |
Number of securities, greater than 12 months | security | 0 | 0 |
Greater than 12 months, estimated fair value | $ 0 | $ 0 |
Greater than 12 months, unrealized losses | 0 | 0 |
Total, estimated fair value | 67,868 | 10,765 |
Total, unrealized losses | $ (1,032) | $ (97) |
Loans, Net and Allowance for 64
Loans, Net and Allowance for Loan Losses - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)modified_loancomponent | Dec. 31, 2015USD ($)modified_loan | |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans, net amount | $ 4,539,063 | $ 3,960,809 |
Loans, gross | $ 4,572,771 | 3,989,405 |
Number of components derived from | component | 2 | |
Recorded investment in troubled debt restructuring including nonaccrual | $ 2,425 | $ 6,691 |
Number of contracts | modified_loan | 0 | 0 |
Minimum | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans requiring external review | $ 2,900 | |
Commercial | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans, gross | 630,805 | $ 731,818 |
Commercial | Exploration and Production Energy Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans, net amount | 115,300 | 182,500 |
Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans, gross | 2,459,221 | 1,949,734 |
Commercial Real Estate | Owner Occupied | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans, gross | 856,800 | |
Commercial Real Estate | Non-Owner Occupied | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans, gross | 1,409,000 | |
Agricultural | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans, gross | $ 53,548 | 50,178 |
Agricultural | Agricultural | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan to value ratio (percent) | 80.00% | |
Loan, amortization period | 20 years | |
Agricultural | Non-Real Estate Loan | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Period of operating lines | 1 year | |
Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans, gross | $ 27,530 | $ 41,966 |
Percentage of total loan portfolio (percent) (less than) | 1.00% |
Loans, Net and Allowance for 65
Loans, Net and Allowance for Loan Losses - Composition of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | $ 4,572,771 | $ 3,989,405 | ||
Deferred loan fees | (2,117) | (1,553) | ||
Allowance for loan losses | (31,591) | (27,043) | $ (18,552) | $ (13,960) |
Loans, net | 4,539,063 | 3,960,809 | ||
Commercial | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | 630,805 | 731,818 | ||
Allowance for loan losses | (8,593) | (10,573) | (5,051) | (2,401) |
Commercial Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | 2,459,221 | 1,949,734 | ||
Real estate | Commercial construction, land and land development | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | 531,481 | 419,611 | ||
Real estate | Residential | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | 634,545 | 607,990 | ||
Allowance for loan losses | (2,760) | (2,339) | (2,205) | (2,440) |
Real estate | Single-Family Interim Construction | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | 235,475 | 187,984 | ||
Allowance for loan losses | (1,301) | (769) | (669) | (577) |
Agricultural | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | 53,548 | 50,178 | ||
Allowance for loan losses | (207) | (215) | (246) | (238) |
Consumer | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | 27,530 | 41,966 | ||
Allowance for loan losses | (242) | (164) | (146) | (365) |
Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | 166 | 124 | ||
Allowance for loan losses | $ (29) | $ (8) | $ 0 | $ (2) |
Loans, Net and Allowance for 66
Loans, Net and Allowance for Loan Losses - Summary of Activity in Allowance for Loan Losses by Loan Class (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | $ 27,043 | $ 18,552 | $ 13,960 | ||
Provision for loan losses | 9,440 | 9,231 | 5,359 | ||
Charge-offs | (4,970) | (860) | (914) | ||
Recoveries | 78 | 120 | 147 | ||
Balance at end of year | 31,591 | 27,043 | 18,552 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | $ 185 | $ 3,203 | |||
Collectively evaluated for impairment | 31,406 | 23,840 | |||
Allowance for loan losses | 27,043 | 18,552 | 13,960 | 31,591 | 27,043 |
Loans: | |||||
Individually evaluated for impairment | 17,861 | 15,470 | |||
Collectively evaluated for impairment | 4,520,232 | 3,924,098 | |||
Ending balance | 4,572,771 | 3,989,405 | |||
Receivables Acquired with Deteriorated Credit Quality | |||||
Allowance for losses: | |||||
Loans acquired with deteriorated credit quality | 0 | 0 | |||
Loans: | |||||
Acquired with deteriorated credit quality | 34,678 | 49,837 | |||
Commercial | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | 10,573 | 5,051 | 2,401 | ||
Provision for loan losses | 2,391 | 6,100 | 2,999 | ||
Charge-offs | (4,384) | (606) | (368) | ||
Recoveries | 13 | 28 | 19 | ||
Balance at end of year | 8,593 | 10,573 | 5,051 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | 3 | 3,085 | |||
Collectively evaluated for impairment | 8,590 | 7,488 | |||
Allowance for loan losses | 10,573 | 5,051 | 2,401 | 8,593 | 10,573 |
Loans: | |||||
Individually evaluated for impairment | 7,720 | 7,382 | |||
Collectively evaluated for impairment | 620,665 | 720,732 | |||
Ending balance | 630,805 | 731,818 | |||
Commercial | Receivables Acquired with Deteriorated Credit Quality | |||||
Allowance for losses: | |||||
Loans acquired with deteriorated credit quality | 0 | 0 | |||
Loans: | |||||
Acquired with deteriorated credit quality | 2,420 | 3,704 | |||
Real estate | Commercial Real Estate, Land and Land Development | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | 13,007 | 10,110 | 7,872 | ||
Provision for loan losses | 5,436 | 2,924 | 2,530 | ||
Charge-offs | (54) | (69) | (371) | ||
Recoveries | 10 | 42 | 79 | ||
Balance at end of year | 18,399 | 13,007 | 10,110 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | 4 | 116 | |||
Collectively evaluated for impairment | 18,395 | 12,891 | |||
Allowance for loan losses | 13,007 | 10,110 | 7,872 | 18,399 | 13,007 |
Loans: | |||||
Individually evaluated for impairment | 7,089 | 4,671 | |||
Collectively evaluated for impairment | 2,953,333 | 2,321,209 | |||
Ending balance | 2,990,702 | 2,369,345 | |||
Real estate | Commercial Real Estate, Land and Land Development | Receivables Acquired with Deteriorated Credit Quality | |||||
Allowance for losses: | |||||
Loans acquired with deteriorated credit quality | 0 | 0 | |||
Loans: | |||||
Acquired with deteriorated credit quality | 30,280 | 43,465 | |||
Real estate | Residential | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | 2,339 | 2,205 | 2,440 | ||
Provision for loan losses | 810 | 138 | (211) | ||
Charge-offs | (401) | (9) | (32) | ||
Recoveries | 12 | 5 | 8 | ||
Balance at end of year | 2,760 | 2,339 | 2,205 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 2,760 | 2,339 | |||
Allowance for loan losses | 2,339 | 2,205 | 2,440 | 2,760 | 2,339 |
Loans: | |||||
Individually evaluated for impairment | 1,889 | 3,136 | |||
Collectively evaluated for impairment | 630,689 | 602,206 | |||
Ending balance | 634,545 | 607,990 | |||
Real estate | Residential | Receivables Acquired with Deteriorated Credit Quality | |||||
Allowance for losses: | |||||
Loans acquired with deteriorated credit quality | 0 | 0 | |||
Loans: | |||||
Acquired with deteriorated credit quality | 1,967 | 2,648 | |||
Real estate | Single-Family Interim Construction | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | 769 | 669 | 577 | ||
Provision for loan losses | 532 | 100 | 81 | ||
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 11 | ||
Balance at end of year | 1,301 | 769 | 669 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | 84 | 0 | |||
Collectively evaluated for impairment | 1,217 | 769 | |||
Allowance for loan losses | 769 | 669 | 577 | 1,301 | 769 |
Loans: | |||||
Individually evaluated for impairment | 884 | 0 | |||
Collectively evaluated for impairment | 234,591 | 187,984 | |||
Ending balance | 235,475 | 187,984 | |||
Real estate | Single-Family Interim Construction | Receivables Acquired with Deteriorated Credit Quality | |||||
Allowance for losses: | |||||
Loans acquired with deteriorated credit quality | 0 | 0 | |||
Loans: | |||||
Acquired with deteriorated credit quality | 0 | 0 | |||
Agricultural | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | 215 | 246 | 238 | ||
Provision for loan losses | (8) | (31) | 8 | ||
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Balance at end of year | 207 | 215 | 246 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 207 | 215 | |||
Allowance for loan losses | 215 | 246 | 238 | 207 | 215 |
Loans: | |||||
Individually evaluated for impairment | 0 | 170 | |||
Collectively evaluated for impairment | 53,548 | 50,008 | |||
Ending balance | 53,548 | 50,178 | |||
Agricultural | Receivables Acquired with Deteriorated Credit Quality | |||||
Allowance for losses: | |||||
Loans acquired with deteriorated credit quality | 0 | 0 | |||
Loans: | |||||
Acquired with deteriorated credit quality | 0 | 0 | |||
Consumer | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | 164 | 146 | 365 | ||
Provision for loan losses | 97 | 56 | (162) | ||
Charge-offs | (27) | (52) | (63) | ||
Recoveries | 8 | 14 | 6 | ||
Balance at end of year | 242 | 164 | 146 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | 94 | 2 | |||
Collectively evaluated for impairment | 148 | 162 | |||
Allowance for loan losses | 164 | 146 | 365 | 242 | 164 |
Loans: | |||||
Individually evaluated for impairment | 279 | 111 | |||
Collectively evaluated for impairment | 27,240 | 41,835 | |||
Ending balance | 27,530 | 41,966 | |||
Consumer | Receivables Acquired with Deteriorated Credit Quality | |||||
Allowance for losses: | |||||
Loans acquired with deteriorated credit quality | 0 | 0 | |||
Loans: | |||||
Acquired with deteriorated credit quality | 11 | 20 | |||
Other | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | 8 | 0 | 2 | ||
Provision for loan losses | 90 | 101 | 54 | ||
Charge-offs | (104) | (124) | (80) | ||
Recoveries | 35 | 31 | 24 | ||
Balance at end of year | 29 | 8 | 0 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 29 | 8 | |||
Allowance for loan losses | 8 | 0 | 2 | 29 | 8 |
Loans: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 166 | 124 | |||
Ending balance | 166 | 124 | |||
Other | Receivables Acquired with Deteriorated Credit Quality | |||||
Allowance for losses: | |||||
Loans acquired with deteriorated credit quality | 0 | 0 | |||
Loans: | |||||
Acquired with deteriorated credit quality | 0 | 0 | |||
Unallocated | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | (32) | 125 | 65 | ||
Provision for loan losses | 92 | (157) | 60 | ||
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Balance at end of year | 60 | (32) | 125 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 60 | (32) | |||
Allowance for loan losses | $ (32) | $ 125 | $ 65 | 60 | (32) |
Loans: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 0 | 0 | |||
Ending balance | 0 | 0 | |||
Unallocated | Receivables Acquired with Deteriorated Credit Quality | |||||
Allowance for losses: | |||||
Loans acquired with deteriorated credit quality | 0 | 0 | |||
Loans: | |||||
Acquired with deteriorated credit quality | $ 0 | $ 0 |
Loans, Net and Allowance for 67
Loans, Net and Allowance for Loan Losses - Summary of Non Performing Loans by Loan Class (Details) - Nonperforming Loans - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Non Performing Loans [Line Items] | ||
Nonaccrual loans | $ 15,626 | $ 8,790 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 2,216 | 6,070 |
Total nonperforming loans | 17,842 | 14,860 |
Commercial | ||
Non Performing Loans [Line Items] | ||
Nonaccrual loans | 7,718 | 7,366 |
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 | 16 |
Total nonperforming loans | 7,719 | 7,382 |
Real estate | Commercial Real Estate, Land and Land Development | ||
Non Performing Loans [Line Items] | ||
Nonaccrual loans | 5,885 | 591 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 1,204 | 3,480 |
Total nonperforming loans | 7,089 | 4,071 |
Real estate | Residential | ||
Non Performing Loans [Line Items] | ||
Nonaccrual loans | 866 | 552 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 1,011 | 2,574 |
Total nonperforming loans | 1,877 | 3,126 |
Real estate | Single-Family Interim Construction | ||
Non Performing Loans [Line Items] | ||
Nonaccrual loans | 884 | 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 |
Total nonperforming loans | 884 | 0 |
Agricultural | ||
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 |
Total nonperforming loans | 0 | 170 |
Consumer | ||
Non Performing Loans [Line Items] | ||
Nonaccrual loans | 273 | 111 |
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 |
Total nonperforming loans | 273 | 111 |
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 |
Total nonperforming loans | $ 0 | $ 0 |
Loans, Net and Allowance for 68
Loans, Net and Allowance for Loan Losses - Impaired Loans by Loan Class (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Recorded investment in impaired loans: | |||
Impaired loans with an allowance for loan losses | $ 463 | $ 9,156 | |
Impaired loans with no allowance for loan losses | 17,398 | 6,314 | |
Total | 17,861 | 15,470 | |
Unpaid principal balance of impaired loans | 21,239 | 15,965 | |
Allowance for loan losses on impaired loans | 185 | 3,203 | |
Average recorded investment in impaired loans | 18,209 | 14,202 | $ 11,342 |
Interest income recognized on impaired loans | 228 | 690 | 550 |
Commercial | |||
Recorded investment in impaired loans: | |||
Impaired loans with an allowance for loan losses | 8 | 7,221 | |
Impaired loans with no allowance for loan losses | 7,712 | 161 | |
Total | 7,720 | 7,382 | |
Unpaid principal balance of impaired loans | 10,844 | 7,520 | |
Allowance for loan losses on impaired loans | 3 | 3,085 | |
Average recorded investment in impaired loans | 11,783 | 4,951 | 502 |
Interest income recognized on impaired loans | 58 | 189 | 64 |
Real estate | Commercial Real Estate, Land and Land Development | |||
Recorded investment in impaired loans: | |||
Impaired loans with an allowance for loan losses | 78 | 1,930 | |
Impaired loans with no allowance for loan losses | 7,011 | 2,741 | |
Total | 7,089 | 4,671 | |
Unpaid principal balance of impaired loans | 7,133 | 4,936 | |
Allowance for loan losses on impaired loans | 4 | 116 | |
Average recorded investment in impaired loans | 3,324 | 5,904 | 7,484 |
Interest income recognized on impaired loans | 73 | 286 | 400 |
Real estate | Residential | |||
Recorded investment in impaired loans: | |||
Impaired loans with an allowance for loan losses | 0 | 0 | |
Impaired loans with no allowance for loan losses | 1,889 | 3,136 | |
Total | 1,889 | 3,136 | |
Unpaid principal balance of impaired loans | 2,087 | 3,204 | |
Allowance for loan losses on impaired loans | 0 | 0 | |
Average recorded investment in impaired loans | 2,773 | 3,220 | 3,253 |
Interest income recognized on impaired loans | 97 | 181 | 83 |
Real estate | Single-Family Interim Construction | |||
Recorded investment in impaired loans: | |||
Impaired loans with an allowance for loan losses | 168 | 0 | |
Impaired loans with no allowance for loan losses | 716 | 0 | |
Total | 884 | 0 | |
Unpaid principal balance of impaired loans | 884 | 0 | |
Allowance for loan losses on impaired loans | 84 | 0 | |
Average recorded investment in impaired loans | 177 | 0 | 34 |
Interest income recognized on impaired loans | 0 | 0 | 0 |
Agricultural | |||
Recorded investment in impaired loans: | |||
Impaired loans with an allowance for loan losses | 0 | 0 | |
Impaired loans with no allowance for loan losses | 0 | 170 | |
Total | 0 | 170 | |
Unpaid principal balance of impaired loans | 0 | 172 | |
Allowance for loan losses on impaired loans | 0 | 0 | |
Average recorded investment in impaired loans | 34 | 34 | 0 |
Interest income recognized on impaired loans | 0 | 10 | 0 |
Consumer | |||
Recorded investment in impaired loans: | |||
Impaired loans with an allowance for loan losses | 209 | 5 | |
Impaired loans with no allowance for loan losses | 70 | 106 | |
Total | 279 | 111 | |
Unpaid principal balance of impaired loans | 291 | 133 | |
Allowance for loan losses on impaired loans | 94 | 2 | |
Average recorded investment in impaired loans | 118 | 93 | 69 |
Interest income recognized on impaired loans | 0 | 24 | 3 |
Other | |||
Recorded investment in impaired loans: | |||
Impaired loans with an allowance for loan losses | 0 | 0 | |
Impaired loans with no allowance for loan losses | 0 | 0 | |
Total | 0 | 0 | |
Unpaid principal balance of impaired loans | 0 | 0 | |
Allowance for loan losses on impaired loans | 0 | 0 | |
Average recorded investment in impaired loans | 0 | 0 | 0 |
Interest income recognized on impaired loans | $ 0 | $ 0 | $ 0 |
Loans, Net and Allowance for 69
Loans, Net and Allowance for Loan Losses - Summary of Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)contract | Dec. 31, 2015USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 2 | 2 |
Pre-restructuring outstanding recorded investment | $ 233 | $ 866 |
Post-restructuring outstanding recorded investment | $ 233 | $ 866 |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 1 |
Pre-restructuring outstanding recorded investment | $ 24 | $ 90 |
Post-restructuring outstanding recorded investment | $ 24 | $ 90 |
Real estate | Commercial Real Estate, Land and Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 1 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 776 |
Post-restructuring outstanding recorded investment | $ 0 | $ 776 |
Real estate | Residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 0 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 |
Real estate | Single-Family Interim Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 0 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 |
Agricultural | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 0 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 0 |
Pre-restructuring outstanding recorded investment | $ 209 | $ 0 |
Post-restructuring outstanding recorded investment | $ 209 | $ 0 |
Other Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 0 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 |
Loans, Net and Allowance for 70
Loans, Net and Allowance for Loan Losses - Aging of Past Due Loans by Loan Class (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 17,525 | $ 14,883 |
Current Loans | 4,555,246 | 3,974,522 |
Ending balance | 4,572,771 | 3,989,405 |
Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,449 | 7,137 |
Loans 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 15,076 | 7,746 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 7,937 | 9,960 |
Current Loans | 622,868 | 721,858 |
Ending balance | 630,805 | 731,818 |
Commercial | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 226 | 2,740 |
Commercial | Loans 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 7,711 | 7,220 |
Real estate | Commercial Real Estate, Land and Land Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 6,903 | 2,059 |
Current Loans | 2,983,799 | 2,367,286 |
Ending balance | 2,990,702 | 2,369,345 |
Real estate | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,407 | 1,786 |
Current Loans | 633,138 | 606,204 |
Ending balance | 634,545 | 607,990 |
Real estate | Single-Family Interim Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,062 | 503 |
Current Loans | 234,413 | 187,481 |
Ending balance | 235,475 | 187,984 |
Real estate | Loans 30-89 Days Past Due | Commercial Real Estate, Land and Land Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 151 | 2,059 |
Real estate | Loans 30-89 Days Past Due | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 846 | 1,456 |
Real estate | Loans 30-89 Days Past Due | Single-Family Interim Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,062 | 503 |
Real estate | Loans 90 or More Past Due | Commercial Real Estate, Land and Land Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 6,752 | 0 |
Real estate | Loans 90 or More Past Due | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 561 | 330 |
Real estate | Loans 90 or More Past Due | Single-Family Interim Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 0 | 0 |
Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 10 | 259 |
Current Loans | 53,538 | 49,919 |
Ending balance | 53,548 | 50,178 |
Agricultural | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 10 | 89 |
Agricultural | Loans 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 0 | 170 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 206 | 316 |
Current Loans | 27,324 | 41,650 |
Ending balance | 27,530 | 41,966 |
Consumer | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 154 | 290 |
Consumer | Loans 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 52 | 26 |
Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 0 | 0 |
Current Loans | 166 | 124 |
Ending balance | 166 | 124 |
Other | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 0 | 0 |
Other | Loans 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 0 | $ 0 |
Loans, Net and Allowance for 71
Loans, Net and Allowance for Loan Losses - Summary of Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 4,572,771 | $ 3,989,405 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 4,471,060 | 3,837,863 |
Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 40,649 | 67,343 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 22,510 | 50,581 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 38,552 | 33,618 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 630,805 | 731,818 |
Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 555,342 | 616,149 |
Commercial | Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 31,954 | 46,607 |
Commercial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 16,734 | 44,469 |
Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 26,775 | 24,593 |
Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Real estate | Commercial Real Estate, Construction, Land and Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 2,990,702 | 2,369,345 |
Real estate | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 634,545 | 607,990 |
Real estate | Single-Family Interim Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 235,475 | 187,984 |
Real estate | Pass | Commercial Real Estate, Construction, Land and Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 2,972,732 | 2,343,883 |
Real estate | Pass | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 629,081 | 599,937 |
Real estate | Pass | Single-Family Interim Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 233,800 | 187,984 |
Real estate | Pass/ Watch | Commercial Real Estate, Construction, Land and Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 5,426 | 18,463 |
Real estate | Pass/ Watch | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 1,897 | 2,150 |
Real estate | Pass/ Watch | Single-Family Interim Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 791 | 0 |
Real estate | Special Mention | Commercial Real Estate, Construction, Land and Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 5,148 | 3,341 |
Real estate | Special Mention | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 370 | 982 |
Real estate | Special Mention | Single-Family Interim Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Real estate | Substandard | Commercial Real Estate, Construction, Land and Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 7,396 | 3,658 |
Real estate | Substandard | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 3,197 | 4,921 |
Real estate | Substandard | Single-Family Interim Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 884 | 0 |
Real estate | Doubtful | Commercial Real Estate, Construction, Land and Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Real estate | Doubtful | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Real estate | Doubtful | Single-Family Interim Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 53,548 | 50,178 |
Agricultural | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 52,724 | 48,185 |
Agricultural | Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 569 | 66 |
Agricultural | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 255 | 1,757 |
Agricultural | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 170 |
Agricultural | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 27,530 | 41,966 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 27,215 | 41,601 |
Consumer | Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 12 | 57 |
Consumer | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 3 | 32 |
Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 300 | 276 |
Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 166 | 124 |
Other | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 166 | 124 |
Other | Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Other | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Other | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Other | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 0 | $ 0 |
Loans, Net and Allowance for 72
Loans, Net and Allowance for Loan Losses - Outstanding Balance and Related Carrying Amount of Purchased Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 01, 2015 |
Business Acquisition [Line Items] | |||
Outstanding balance | $ 39,442 | $ 57,178 | |
Carrying amount | $ 34,678 | $ 49,837 | |
Grand Bank | |||
Business Acquisition [Line Items] | |||
Outstanding balance | $ 3,548 | ||
Nonaccretable difference | (593) | ||
Accretable yield | 0 | ||
Carrying amount | $ 2,955 |
Loans, Net and Allowance for 73
Loans, Net and Allowance for Loan Losses - Accretable Yield Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at January 1 | $ 2,380 | $ 2,546 |
Additions | 0 | 0 |
Accretion | (854) | (1,048) |
Net transfers to/from nonaccretable | 0 | 882 |
Balance at December 31 | $ 1,526 | $ 2,380 |
Loans, Net and Allowance for 74
Loans, Net and Allowance for Loan Losses Loans, Net and Allowance for Loan Losses - Purchased Credit Impaired Loans in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Outstanding balance | $ 39,442 | $ 57,178 |
Carrying amount | $ 34,678 | $ 49,837 |
Premises and Equipment, Net - A
Premises and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 6,763 | $ 6,270 | $ 5,285 |
Rental income on leased offices | $ 192 | $ 277 | $ 399 |
Premises and Equipment, Net - C
Premises and Equipment, Net - Components of Premises and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 19,801 | $ 20,081 |
Building | 71,539 | 71,448 |
Furniture, fixtures and equipment | 27,263 | 23,629 |
Aircraft | 8,807 | 8,807 |
Leasehold and tenant improvements | 1,753 | 1,714 |
Construction in progress | 23 | 642 |
Premises and equipment, gross | 129,186 | 126,321 |
Less accumulated depreciation | (39,288) | (33,306) |
Premises and equipment, net | $ 89,898 | $ 93,015 |
Premises and Equipment, Net - M
Premises and Equipment, Net - Minimum Future Rental Payments Receivable from Tenants (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
First year | $ 143 |
Second year | 62 |
Third year | 13 |
Fourth year | 0 |
Fifth year | 0 |
Total | $ 218 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate Properties [Line Items] | ||
Other real estate owned | $ 1,972 | $ 2,168 |
Construction, land and land development | ||
Real Estate Properties [Line Items] | ||
Other real estate owned | 442 | 1,198 |
Residential | ||
Real Estate Properties [Line Items] | ||
Other real estate owned | 1,189 | 0 |
Commercial real estate | ||
Real Estate Properties [Line Items] | ||
Other real estate owned | $ 341 | $ 970 |
Goodwill and Core Deposit Int79
Goodwill and Core Deposit Intangible, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 01, 2015 | |
Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill | $ 258,319 | $ 258,643 | ||
Measurement-period adjustment, goodwill | 324 | (361) | $ (574) | |
Core deposit intangible amortization | 1,964 | 1,555 | $ 1,281 | |
Grand Bank | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill | 28,501 | $ 28,825 | $ 28,501 | |
Measurement-period adjustment, goodwill | $ 324 |
Goodwill and Core Deposit Int80
Goodwill and Core Deposit Intangible, Net - Gross Carrying Value and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Core deposit intangible | $ 22,803 | $ 23,019 |
Less accumulated amortization | (8,626) | (6,662) |
Core deposit intangible, net | $ 14,177 | $ 16,357 |
Goodwill and Core Deposit Int81
Goodwill and Core Deposit Intangible, Net - Future Amortization Expense Related to Core Deposit Intangible (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
First year | $ 1,967 |
Second year | 1,945 |
Third year | 1,900 |
Fourth year | 1,870 |
Fifth year | 1,779 |
Thereafter | 4,716 |
Future amortization expense | $ 14,177 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Banking and Thrift [Abstract] | ||
Brokered deposit | $ 497,368 | $ 476,558 |
Deposits - Components of Deposi
Deposits - Components of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits: | ||
Noninterest-bearing demand accounts | $ 1,117,927 | $ 1,071,656 |
Interest-bearing checking accounts | 2,022,768 | 1,401,078 |
Savings accounts | 153,211 | 141,792 |
Limited access money market accounts | 426,683 | 568,492 |
Certificates of deposit and individual retirement accounts (IRA), less than $250,000 | 381,754 | 470,336 |
Certificates of deposit and individual retirement accounts (IRA), $250,000 and greater | 474,766 | 374,925 |
Total deposits | $ 4,577,109 | $ 4,028,279 |
Percentage of Interest-bearing Domestic Deposit Liabilities to Deposit Liabilities [Abstract] | ||
Noninterest-bearing demand accounts (percent) | 24.40% | 26.60% |
Interest-bearing checking accounts (percent) | 44.20% | 34.80% |
Savings accounts (percent) | 3.40% | 3.50% |
Limited access money market accounts (percent) | 9.30% | 14.10% |
Certificates of deposit, less than $250,000 (percent) | 8.30% | 11.70% |
Certificates of deposit, $250,000 and greater (percent) | 10.40% | 9.30% |
Total deposits (percent) | 100.00% | 100.00% |
Deposits - Maturities of Certif
Deposits - Maturities of Certificates of Deposit (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
First year | $ 597,601 |
Second year | 161,645 |
Third year | 53,133 |
Fourth year | 22,181 |
Fifth year | 21,960 |
Total | $ 856,520 |
Federal Home Loan Bank Advanc85
Federal Home Loan Bank Advances - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Weighted average interest rate on advances (percent) | 0.98% | 1.21% |
Outstanding balances of advances | $ 460,746 | $ 288,325 |
Carrying value of loans with blanket lien | 1,982,639 | |
Remaining credit facility under FHLB advances | 830,779 | |
Federal Home Loan Bank Advances | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Undisbursed advance commitments (letter of credit) | $ 691,680 |
Federal Home Loan Bank Advanc86
Federal Home Loan Bank Advances - Schedule of Outstanding Balances on Advances (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
First year | $ 30,000 | |
Second year | 340,000 | |
Third year | 65,037 | |
Fourth year | 0 | |
Fifth year | 25,000 | |
Thereafter | 709 | |
FHLB advances | 460,746 | $ 288,325 |
Floating Advances | ||
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
FHLB advances | $ 275,000 |
Repurchase Agreements and Oth87
Repurchase Agreements and Other Borrowings - Other Borrowings (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Other borrowings | $ 107,299,000 | $ 70,798,000 |
5.875% Subordinated Notes Due August 1, 2024 | ||
Debt Instrument [Line Items] | ||
Other borrowings | 107,299,000 | 65,000,000 |
Discount and origination costs | 2,701,000 | |
5.875% Subordinated Note One, Due August 1, 2024 | ||
Debt Instrument [Line Items] | ||
Debt original amount | $ 110,000,000 | |
Stated interest rate (percent) | 5.875% | |
5.875% Subordinated Note Two, Due August 1, 2024 | ||
Debt Instrument [Line Items] | ||
Debt original amount | $ 65,000,000 | |
Stated interest rate (percent) | 5.875% | |
Unsecured Subordinated Debenture Due July 15, 2018 | ||
Debt Instrument [Line Items] | ||
Other borrowings | $ 0 | 3,750,000 |
Debt original amount | $ 5,000,000 | |
Stated interest rate (percent) | 7.00% | |
Semiannual principal payment | $ 625,000 | |
Unsecured Subordinated Debenture Due October 15, 2018 | ||
Debt Instrument [Line Items] | ||
Other borrowings | 0 | $ 2,048,000 |
Debt original amount | $ 2,730,000 | |
Stated interest rate (percent) | 7.00% | |
Semiannual principal payment | $ 341,000 |
Repurchase Agreements and Oth88
Repurchase Agreements and Other Borrowings - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2016USD ($)debt_issuance | Dec. 31, 2016USD ($)bankunaffiliated_bank | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Payables and Accruals [Abstract] | ||||
Repurchase agreements | $ 0 | $ 12,160,000 | ||
Other borrowings, related parties | 50,000 | 2,503,000 | ||
Subordinated Debt | ||||
Line of Credit Facility [Line Items] | ||||
Debt original amount | $ 45,000,000 | |||
Stated interest rate (percent) | 5.875% | |||
Debt instrument, unamortized discount | $ 787,500 | |||
Revolving Credit Facility | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, maximum capacity | $ 50,000,000 | |||
Line of credit, number of lenders | bank | 2 | |||
Outstanding borrowings on line of credit | $ 0 | 0 | ||
Financial covenant, minimum cash balance | $ 5,000,000 | |||
Revolving Credit Facility | Line of Credit | London Interbank Offered Rate (LIBOR) | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 2.50% | |||
Federal Funds Line of Credit | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, maximum capacity | $ 225,000,000 | 200,000,000 | ||
Outstanding borrowings on line of credit | $ 0 | 0 | ||
Number of unaffiliated banks | unaffiliated_bank | 9 | |||
Secured Debt | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, maximum capacity | $ 384,168,000 | 484,659,000 | ||
Outstanding borrowings on line of credit | 0 | 0 | ||
Line of credit, collateral | 515,194,000 | 661,849,000 | ||
Unsecured Subordinated Debenture Due July Fifteenth Twenty Eighteen and Due October Fifteenth Twenty Eighteen [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Number of redeemed subordinated debenture issuances | debt_issuance | 2 | |||
Early repayment of subordinated debenture | $ 5,798,000 | |||
Direct Overnight Borrowings | Unsecured Debt | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, maximum capacity | 75,000,000 | 8,000,000 | ||
Outstanding borrowings on line of credit | $ 0 | $ 0 |
Junior Subordinated Debentures
Junior Subordinated Debentures - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Feb. 28, 2005 | Dec. 31, 2004 | Mar. 31, 2004 | Mar. 31, 2003 | Dec. 31, 2012 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||||
Purchase of junior subordinate debenture | $ 18,147,000 | $ 18,147,000 | |||||
IB Trust I | |||||||
Debt Instrument [Line Items] | |||||||
Purchase of junior subordinate debenture | $ 5,155,000 | ||||||
IB Trust I | Trust Preferred Securities | |||||||
Debt Instrument [Line Items] | |||||||
Per share amount of shares issued by unconsolidated subsidiary (usd per share) | $ 1,000 | ||||||
Number shares issued by unconsolidated subsidiary (shares) | 5,000 | ||||||
Aggregate price of shares issued by unconsolidated subsidiary | $ 5,000,000 | ||||||
Floating rate trust preferred shares, percentage added to three-month LIBOR (percent) | 3.25% | ||||||
Floating rate trust preferred shares, effective interest rate (percent) | 4.14% | 3.58% | |||||
IB Trust I | Trust Common Securities | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate price of shares issued by unconsolidated subsidiary | $ 155,000 | ||||||
IB Trust II | |||||||
Debt Instrument [Line Items] | |||||||
Purchase of junior subordinate debenture | $ 3,093,000 | ||||||
IB Trust II | Trust Preferred Securities | |||||||
Debt Instrument [Line Items] | |||||||
Per share amount of shares issued by unconsolidated subsidiary (usd per share) | $ 1,000 | ||||||
Number shares issued by unconsolidated subsidiary (shares) | 3,000 | ||||||
Aggregate price of shares issued by unconsolidated subsidiary | $ 3,000,000 | ||||||
Floating rate trust preferred shares, percentage added to three-month LIBOR (percent) | 2.85% | ||||||
Floating rate trust preferred shares, effective interest rate (percent) | 3.73% | 3.17% | |||||
IB Trust II | Trust Common Securities | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate price of shares issued by unconsolidated subsidiary | $ 93,000 | ||||||
IB Trust III | |||||||
Debt Instrument [Line Items] | |||||||
Purchase of junior subordinate debenture | $ 3,712,000 | ||||||
IB Trust III | Trust Preferred Securities | |||||||
Debt Instrument [Line Items] | |||||||
Per share amount of shares issued by unconsolidated subsidiary (usd per share) | $ 1,000 | ||||||
Number shares issued by unconsolidated subsidiary (shares) | 3,600 | ||||||
Aggregate price of shares issued by unconsolidated subsidiary | $ 3,600,000 | ||||||
Floating rate trust preferred shares, percentage added to three-month LIBOR (percent) | 2.40% | ||||||
Floating rate trust preferred shares, effective interest rate (percent) | 3.32% | 2.78% | |||||
IB Trust III | Trust Common Securities | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate price of shares issued by unconsolidated subsidiary | $ 112,000 | ||||||
IB Centex Trust I | |||||||
Debt Instrument [Line Items] | |||||||
Purchase of junior subordinate debenture | $ 2,578,000 | ||||||
IB Centex Trust I | Trust Preferred Securities | |||||||
Debt Instrument [Line Items] | |||||||
Per share amount of shares issued by unconsolidated subsidiary (usd per share) | $ 1,000 | ||||||
Number shares issued by unconsolidated subsidiary (shares) | 2,500 | ||||||
Aggregate price of shares issued by unconsolidated subsidiary | $ 2,500,000 | ||||||
Floating rate trust preferred shares, percentage added to three-month LIBOR (percent) | 3.25% | ||||||
Floating rate trust preferred shares, effective interest rate (percent) | 4.17% | 3.63% | |||||
IB Centex Trust I | Trust Common Securities | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate price of shares issued by unconsolidated subsidiary | $ 78,000 | ||||||
CGI Trust I | Community Group | Trust Preferred Securities | |||||||
Debt Instrument [Line Items] | |||||||
Per share amount of shares issued by unconsolidated subsidiary (usd per share) | $ 1,000 | ||||||
Number shares issued by unconsolidated subsidiary (shares) | 3,500 | ||||||
Aggregate price of shares issued by unconsolidated subsidiary | $ 3,500,000 | ||||||
Floating rate trust preferred shares, percentage added to three-month LIBOR (percent) | 1.60% | ||||||
Floating rate trust preferred shares, effective interest rate (percent) | 2.56% | 2.11% | |||||
CGI Trust I | Community Group | Trust Common Securities | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate price of shares issued by unconsolidated subsidiary | $ 109,000 |
Income Taxes - Tax Expense (Det
Income Taxes - Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current income tax expense | $ 28,440 | $ 22,946 | $ 14,849 |
Deferred income tax expense (benefit) | (1,849) | (3,935) | 71 |
Income tax expense, as reported | $ 26,591 | $ 19,011 | $ 14,920 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||
Federal income tax at statutory rate (percent) | 35.00% | 35.00% | 35.00% |
Valuation allowance | $ 0 | $ 0 | |
Federal Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 1,094,000 |
Income Taxes Income Taxes - Tax
Income Taxes Income Taxes - Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income tax expense computed at the statutory rate | $ 28,046 | $ 20,229 | $ 15,364 |
Tax-exempt interest income from municipal securities | (619) | (624) | (500) |
Tax-exempt loan income | (436) | (398) | (174) |
Bank owned life insurance income | (472) | (377) | (340) |
Non-deductible acquisition expenses | 0 | 108 | 486 |
Other | 72 | 73 | 84 |
Income tax expense, as reported | $ 26,591 | $ 19,011 | $ 14,920 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Allowance for loan losses | $ 11,057 | $ 9,428 |
NOL carryforwards from acquisitions | 383 | 571 |
Net unrealized loss on available for sale securities | 912 | 0 |
Acquired loan fair market value adjustments | 2,740 | 4,540 |
Restricted stock | 1,363 | 1,422 |
Reserve for bonuses | 1,946 | 1,045 |
Deferred loan fees | 741 | 424 |
Acquisition costs | 108 | 0 |
Start up costs | 249 | 294 |
Other real estate owned | 18 | 80 |
Unearned bank card income | 495 | 91 |
Nonaccrual loans | 70 | 45 |
Other | 140 | 235 |
Deferred tax assets, gross | 20,222 | 18,175 |
Deferred tax liabilities: | ||
Premises and equipment | (5,107) | (4,900) |
Net unrealized gain on available for sale securities | 0 | (963) |
Core deposit intangibles | (4,953) | (5,715) |
Securities | (218) | (330) |
FHLB stock | (157) | (66) |
Acquired tax accounting method changes | (156) | (255) |
Other | 0 | (54) |
Deferred tax liabilities, gross | (10,591) | (12,283) |
Net deferred tax asset | $ 9,631 | $ 5,892 |
Commitments and Contingencies94
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 876,230 | $ 848,702 |
Commitments to extend credit | ||
Loss Contingencies [Line Items] | ||
Financial instruments with off-balance sheet risk | 865,668 | 838,341 |
Standby letters of credit | ||
Loss Contingencies [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 10,562 | $ 10,361 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 2,566 | $ 2,182 | $ 1,410 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies - Minimum Future Rental Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
First year | $ 2,049 |
Second year | 2,000 |
Third year | 1,849 |
Fourth year | 1,819 |
Fifth year | 1,677 |
Thereafter | 2,412 |
Future minimum payments due, total | $ 11,806 |
Related Party Transactions - Lo
Related Party Transactions - Loan Activity for Officers, Directors and Affiliates (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |
Balance at beginning of year | $ 56,679 |
New loans | 24,377 |
Repayments | (21,724) |
Changes in affiliated persons | (469) |
Balance at end of year | $ 58,863 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Minimum age | 18 years | ||
Credited service period | 90 days | ||
Salary reduction set by law | $ 18 | ||
Employer contribution as percentage of participant's eligible salary (percent) | 6.00% | ||
Employer contribution, amount | $ 1,393 | $ 1,208 | $ 894 |
Minimum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer contribution, matching percentage (percent) | 50.00% | ||
Maximum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer contribution, matching percentage (percent) | 100.00% |
Fair Value Measurements-Assets
Fair Value Measurements-Assets and Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
U.S. treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | $ 3,147 | $ 1,002 |
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] | ||
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] | ||
Securities available for sale measured on a recurring basis | 3,147 | 1,002 |
U.S. treasuries | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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] | ||
Securities available for sale measured on a recurring basis | 122,267 | 135,300 |
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] | ||
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] | ||
Securities available for sale measured on a recurring basis | 122,267 | 135,300 |
Government agency securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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] | ||
Securities available for sale measured on a recurring basis | 87,256 | 85,416 |
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] | ||
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] | ||
Securities available for sale measured on a recurring basis | 87,256 | 85,416 |
Obligations of state and municipal subdivisions | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 0 | 0 |
Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 103,765 | 51,745 |
Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 0 | 0 |
Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 103,765 | 51,745 |
Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | $ 0 | $ 0 |
Fair Value Measurements-Asse100
Fair Value Measurements-Assets and Liabilities at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, measured on a nonrecurring basis | $ 968 | $ 4,827 |
Period Ended Total Losses | 708 | 3,029 |
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 | 968 | 4,827 |
Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, measured on a nonrecurring basis | 340 | 577 |
Period Ended Total Losses | 52 | 35 |
Other real estate owned | 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 owned | 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 owned | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, measured on a nonrecurring basis | $ 340 | $ 577 |
Fair Value Measurements-Carryin
Fair Value Measurements-Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Securities available for sale | $ 316,435 | $ 273,463 |
Financial liabilities: | ||
Repurchase agreements | 0 | 12,160 |
Fair Value Off Balance Sheet [Abstract] | ||
Financial instruments with off-balance sheet risk | 876,230 | 848,702 |
Commitments to extend credit | ||
Fair Value Off Balance Sheet [Abstract] | ||
Financial instruments with off-balance sheet risk | 865,668 | 838,341 |
Standby letters of credit | ||
Fair Value Off Balance Sheet [Abstract] | ||
Financial instruments with off-balance sheet risk | 10,562 | 10,361 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 505,027 | 293,279 |
Certificates of deposit held in other banks | 0 | 0 |
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 | 0 |
Other borrowings | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commitments to extend credit | ||
Fair Value Off Balance Sheet [Abstract] | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Standby letters of credit | ||
Fair Value Off Balance Sheet [Abstract] | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposit held in other banks | 2,733 | 61,873 |
Securities available for sale | 316,435 | 273,463 |
Loans held for sale | 9,795 | 12,299 |
Loans, net | 4,532,086 | 3,960,246 |
FHLB of Dallas stock and other restricted stock | 26,536 | 14,256 |
Accrued interest receivable | 12,331 | 10,991 |
Financial liabilities: | ||
Deposits | 4,581,866 | 4,031,365 |
Accrued interest payable | 4,020 | 2,792 |
FHLB advances | 459,436 | 295,345 |
Repurchase agreements | 0 | 12,160 |
Other borrowings | 110,000 | 70,935 |
Junior subordinated debentures | 18,131 | 18,128 |
Significant Other Observable Inputs (Level 2) | Commitments to extend credit | ||
Fair Value Off Balance Sheet [Abstract] | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Standby letters of credit | ||
Fair Value Off Balance Sheet [Abstract] | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposit held in other banks | 0 | 0 |
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 278 | 5,953 |
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 | 0 |
Other borrowings | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commitments to extend credit | ||
Fair Value Off Balance Sheet [Abstract] | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Standby letters of credit | ||
Fair Value Off Balance Sheet [Abstract] | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 505,027 | 293,279 |
Certificates of deposit held in other banks | 2,707 | 61,746 |
Securities available for sale | 316,435 | 273,463 |
Loans held for sale | 9,795 | 12,299 |
Loans, net | 4,539,063 | 3,960,809 |
FHLB of Dallas stock and other restricted stock | 26,536 | 14,256 |
Accrued interest receivable | 12,331 | 10,991 |
Financial liabilities: | ||
Deposits | 4,577,109 | 4,028,279 |
Accrued interest payable | 4,020 | 2,792 |
FHLB advances | 460,746 | 288,325 |
Repurchase agreements | 12,160 | |
Other borrowings | 107,299 | 70,798 |
Junior subordinated debentures | 18,147 | 18,147 |
Carrying Amount | Commitments to extend credit | ||
Fair Value Off Balance Sheet [Abstract] | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Carrying Amount | Standby letters of credit | ||
Fair Value Off Balance Sheet [Abstract] | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 505,027 | 293,279 |
Certificates of deposit held in other banks | 2,733 | 61,873 |
Securities available for sale | 316,435 | 273,463 |
Loans held for sale | 9,795 | 12,299 |
Loans, net | 4,532,364 | 3,966,199 |
FHLB of Dallas stock and other restricted stock | 26,536 | 14,256 |
Accrued interest receivable | 12,331 | 10,991 |
Financial liabilities: | ||
Deposits | 4,581,866 | 4,031,365 |
Accrued interest payable | 4,020 | 2,792 |
FHLB advances | 459,436 | 295,345 |
Repurchase agreements | 0 | 12,160 |
Other borrowings | 110,000 | 70,935 |
Junior subordinated debentures | 18,131 | 18,128 |
Estimated Fair Value | Commitments to extend credit | ||
Fair Value Off Balance Sheet [Abstract] | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Estimated Fair Value | Standby letters of credit | ||
Fair Value Off Balance Sheet [Abstract] | ||
Financial instruments with off-balance sheet risk | $ 0 | $ 0 |
Stock Awards and Stock Warra102
Stock Awards and Stock Warrants Stock Awards and Stock Warrants (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Shares | ||
Nonvested shares, beginning balance (shares) | 373,572 | 373,886 |
Granted during the period (shares) | 88,220 | 106,124 |
Vested during the period (shares) | (153,766) | (84,107) |
Forfeited during the period (shares) | (27,502) | (22,331) |
Nonvested shares, ending balance (shares) | 280,524 | 373,572 |
Weighted Average Grant Date Fair Value | ||
Nonvested shares, beginning balance (usd per share) | $ 40.29 | $ 41.58 |
Granted during the period (usd per share) | 31.92 | 32.91 |
Vested during the period (usd per share) | 36.42 | 42.32 |
Forfeited during the period (use per share) | 31.75 | 33.64 |
Nonvested shares, ending balance (usd per share) | $ 36.88 | $ 40.29 |
Stock Awards and Stock Warra103
Stock Awards and Stock Warrants - Future Vesting Schedule of Nonvested Shares (Detail) | Dec. 31, 2016shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 280,524 |
First year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 138,986 |
Second year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 85,186 |
Third year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 46,652 |
Fourth year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 6,050 |
Fifth year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 3,650 |
Stock Awards and Stock Warra104
Stock Awards and Stock Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock vesting period | 5 years | ||
Compensation expense | $ 5,431 | $ 4,314 | $ 2,914 |
Estimated future compensation expense | $ 6,451 | ||
Period for recognition | 2 years 4 months 28 days | ||
Fair value of common stock awards vested | $ 5,208 | 3,300 | 6,608 |
Adjustments to additional paid in capital, excess tax benefit (income tax deficiency) | $ (137) | $ (72) | $ 1,409 |
Issuance of warrant (shares) | 150,544 | ||
Purchase price of common stock, per share (usd per share) | $ 17.19 | ||
2013 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance (shares) | 800,000 | ||
Remaining available for grant for future awards (shares) | 310,394 | ||
2013 Equity Incentive Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock vesting period | 3 years | ||
2013 Equity Incentive Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock vesting period | 5 years | ||
2012 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock granted (shares) | 8,000 |
Regulatory Matters-Actual Capit
Regulatory Matters-Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Consolidated | ||
Total capital to risk weighted assets: | ||
Actual Amount | $ 568,808 | $ 473,993 |
Actual Ratio (percent) | 11.38% | 11.14% |
Minimum Required for Capital Adequacy Purposes Amount | $ 399,698 | $ 340,533 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 8.00% | 8.00% |
Tier 1 capital to risk weighted assets: | ||
Actual Amount | $ 427,217 | $ 379,631 |
Actual Ratio (percent) | 8.55% | 8.92% |
Minimum Required for Capital Adequacy Purposes Amount | $ 299,774 | $ 255,400 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 6.00% | 6.00% |
Common equity tier 1 to risk weighted assets: | ||
Actual Amount | $ 409,617 | $ 338,093 |
Actual Ratio (percent) | 8.20% | 7.94% |
Minimum Required for Capital Adequacy Purposes Amount | $ 224,830 | $ 191,550 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 4.50% | 4.50% |
Tier 1 capital to average assets: | ||
Actual Amount | $ 427,217 | $ 379,631 |
Actual Ratio (percent) | 7.82% | 8.28% |
Minimum Required for Capital Adequacy Purposes Amount | $ 218,612 | $ 183,379 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 4.00% | 4.00% |
Bank | ||
Total capital to risk weighted assets: | ||
Actual Amount | $ 558,551 | $ 470,495 |
Actual Ratio (percent) | 11.19% | 11.06% |
Minimum Required for Capital Adequacy Purposes Amount | $ 399,497 | $ 340,259 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 8.00% | 8.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 499,371 | $ 425,323 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 10.00% | 10.00% |
Tier 1 capital to risk weighted assets: | ||
Actual Amount | $ 526,960 | $ 443,452 |
Actual Ratio (percent) | 10.55% | 10.43% |
Minimum Required for Capital Adequacy Purposes Amount | $ 299,623 | $ 255,194 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 6.00% | 6.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 399,497 | $ 340,259 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 8.00% | 8.00% |
Common equity tier 1 to risk weighted assets: | ||
Actual Amount | $ 526,960 | $ 443,452 |
Actual Ratio (percent) | 10.55% | 10.43% |
Minimum Required for Capital Adequacy Purposes Amount | $ 224,717 | $ 191,396 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 4.50% | 4.50% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 324,591 | $ 276,460 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 6.50% | 6.50% |
Tier 1 capital to average assets: | ||
Actual Amount | $ 526,960 | $ 443,452 |
Actual Ratio (percent) | 9.65% | 9.72% |
Minimum Required for Capital Adequacy Purposes Amount | $ 218,517 | $ 182,421 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 273,146 | $ 228,026 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 5.00% | 5.00% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) | Jan. 01, 2016 |
Banking and Thrift [Abstract] | |
Initial capital conservation buffer (percent) | 0.625% |
Capital conservation buffer, annual increase (percent) | 0.625% |
Maximum capital conservation buffer | 2.50% |
Small Business Lending Fund 107
Small Business Lending Fund Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 14, 2016 | Apr. 15, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Series A Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividend rate | 1.00% | |||
Preferred stock dividends | $ 8 | $ 240 | ||
Stock redeemed (in shares) | 23,938.35 | |||
Stock redeemed | $ 23,947 | |||
Series A Preferred Stock | Through January 2016 | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividend rate | 1.00% | |||
BOH Holdings, Inc. | Series A Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Stock issued for acquisition of bank (in shares) | 23,938.35 | |||
Preferred stock par value (in usd per share) | $ 1,000 | |||
BOH Holdings, Inc. | BOH Series C Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Number of shares received in acquisition | 23,938.35 |
Business Combination - Addition
Business Combination - Additional Information (Detail) $ in Thousands | Nov. 21, 2016USD ($) | Nov. 01, 2015USD ($)branchshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||
Cash paid in the transaction | $ 0 | $ 24,103 | $ 60,812 | ||
Goodwill acquired | 258,319 | 258,643 | |||
Contractual amount over fair value | 1,526 | 2,380 | 2,546 | ||
Acquisition related expenses | 1,517 | 1,420 | 3,626 | ||
Offering costs paid in connection with acquired banks | 0 | 568 | $ 566 | ||
Carlile Bancshares, Inc. | |||||
Business Acquisition [Line Items] | |||||
Consideration transferred | $ 434,000 | ||||
Grand Bank | |||||
Business Acquisition [Line Items] | |||||
Number of branches acquired | branch | 2 | ||||
Percentage of outstanding stock acquired (percent) | 100.00% | ||||
Stock issued for acquisition of bank (in shares) | shares | 1,279,532 | ||||
Cash paid in the transaction | $ 24,103 | 24,103 | 24,103 | ||
Goodwill acquired | 28,501 | 28,501 | 28,825 | ||
Acquisition related expenses | $ 800 | 902 | |||
Offering costs paid in connection with acquired banks | $ 424 | ||||
Grand Bank | Non-Credit Impaired Loans | |||||
Business Acquisition [Line Items] | |||||
Acquired loans, fair value | 271,412 | ||||
Loans | 273,680 | ||||
Contractual amount over fair value | $ 2,268 |
Business Combination - Estimate
Business Combination - Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Detail) - USD ($) $ in Thousands | Nov. 01, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets of acquired bank: | ||||
Goodwill | $ 258,319 | $ 258,643 | ||
Liabilities of acquired bank: | ||||
Stock issued in transaction | 0 | 49,838 | $ 250,783 | |
Cash paid in transaction | 0 | 24,103 | 60,812 | |
Measurement period adjustments: | ||||
Goodwill | (324) | 361 | 574 | |
Core deposit intangible | (216) | 0 | (18) | |
Total assets | 20 | 181 | 525 | |
Deposits | 0 | 0 | 505 | |
Other liabilities | 20 | 181 | 20 | |
Total liabilities | 20 | 181 | $ 525 | |
Grand Bank | ||||
Assets of acquired bank: | ||||
Cash and cash equivalents | 152,913 | 152,913 | ||
Time deposits with other banks | 84,527 | 84,527 | ||
Securities available for sale | 72,619 | 72,619 | ||
Loans | 274,367 | 273,632 | ||
Premises and equipment | 1,214 | 1,214 | ||
Goodwill | $ 28,501 | 28,501 | 28,825 | |
Core deposit intangible | 5,241 | 5,457 | ||
Other assets | 814 | 989 | ||
Total assets | 620,196 | 620,176 | ||
Liabilities of acquired bank: | ||||
Deposits | 523,650 | 523,650 | ||
Repurchase accounts | 18,873 | 18,873 | ||
FHLB Advances | 2,836 | 2,836 | ||
Other liabilities | 896 | 876 | ||
Total liabilities | 546,255 | 546,235 | ||
Stock issued in transaction | 49,838 | 49,838 | ||
Cash paid in transaction | $ 24,103 | 24,103 | $ 24,103 | |
Measurement period adjustments: | ||||
Cash and cash equivalents | 0 | |||
Time deposits with other banks | 0 | |||
Securities available for sale | 0 | |||
Loans | 735 | |||
Premises and equipment | 0 | |||
Goodwill | (324) | |||
Core deposit intangible | (216) | |||
Other assets | (175) | |||
Total assets | 20 | |||
Deposits | 0 | |||
Repurchase accounts | 0 | |||
FHLB advances | 0 | |||
Other liabilities | 20 | |||
Total liabilities | 20 | |||
Stock issued in transaction | 0 | |||
Cash paid in transaction | $ 0 |
Parent Company Only Financia110
Parent Company Only Financial Statements - Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Cash and cash equivalents | $ 505,027 | $ 293,279 | $ 324,047 | $ 93,054 |
Other assets | 22,032 | 22,212 | ||
Total assets | 5,852,801 | 5,055,000 | ||
Liabilities, Temporary Equity and Stockholders’ Equity | ||||
Other borrowings | 107,249 | 68,295 | ||
Junior subordinated debentures | 18,147 | 18,147 | ||
Other liabilities | 17,135 | 9,982 | ||
Total liabilities | 5,180,436 | 4,427,691 | ||
Stockholders’ equity: | ||||
Common stock | 189 | 184 | ||
Additional paid-in capital | 555,325 | 530,107 | ||
Retained earnings | 117,951 | 70,698 | ||
Accumulated other comprehensive income (loss) | (1,100) | 2,382 | ||
Total stockholders’ equity | 672,365 | 603,371 | 540,851 | 233,772 |
Total liabilities, temporary equity and stockholders’ equity | 5,852,801 | 5,055,000 | ||
Parent | ||||
Assets | ||||
Cash and cash equivalents | 9,265 | 6,624 | $ 5,773 | $ 13,111 |
Investment in subsidiaries | 789,708 | 708,730 | ||
Investment in Trusts | 547 | 547 | ||
Other assets | 1,969 | 2,856 | ||
Total assets | 801,489 | 718,757 | ||
Liabilities, Temporary Equity and Stockholders’ Equity | ||||
Other borrowings | 107,299 | 70,798 | ||
Junior subordinated debentures | 18,147 | 18,147 | ||
Other liabilities | 3,678 | 2,503 | ||
Total liabilities | 129,124 | 91,448 | ||
Temporary equity: Preferred stock | 0 | 23,938 | ||
Stockholders’ equity: | ||||
Common stock | 189 | 184 | ||
Additional paid-in capital | 555,325 | 530,107 | ||
Retained earnings | 117,951 | 70,698 | ||
Accumulated other comprehensive income (loss) | (1,100) | 2,382 | ||
Total stockholders’ equity | 672,365 | 603,371 | ||
Total liabilities, temporary equity and stockholders’ equity | $ 801,489 | $ 718,757 |
Parent Company Only Financia111
Parent Company Only Financial Statements - Statement of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest expense: | |||
Interest on notes payable and other borrowings | $ 5,428 | $ 4,289 | $ 2,230 |
Interest on junior subordinated debentures | 621 | 539 | 542 |
Total interest expense | 26,243 | 19,929 | 15,987 |
Noninterest income: | |||
Other | 3,897 | 2,702 | 1,326 |
Total noninterest income | 19,555 | 16,128 | 13,624 |
Noninterest expense: | |||
Salaries and employee benefits | 66,762 | 60,541 | 52,337 |
Professional fees | 3,212 | 3,191 | 2,567 |
Acquisition expense, including legal | 1,517 | 1,420 | 3,626 |
Other | 12,059 | 11,329 | 8,698 |
Total noninterest expense | 113,790 | 103,198 | 88,512 |
Income before taxes | 80,131 | 57,797 | 43,898 |
Income tax benefit | (26,591) | (19,011) | (14,920) |
Net income | 53,540 | 38,786 | 28,978 |
Parent | |||
Interest expense: | |||
Interest on notes payable and other borrowings | 5,426 | 4,282 | 2,225 |
Interest on junior subordinated debentures | 621 | 539 | 542 |
Total interest expense | 6,047 | 4,821 | 2,767 |
Noninterest income: | |||
Dividends from subsidiaries | 36,018 | 35,250 | 33,850 |
Other | 25 | 16 | 19 |
Total noninterest income | 36,043 | 35,266 | 33,869 |
Noninterest expense: | |||
Salaries and employee benefits | 6,226 | 4,270 | 3,693 |
Professional fees | 523 | 546 | 1,163 |
Acquisition expense, including legal | 1,380 | 1,282 | 2,681 |
Other | 1,126 | 1,217 | 800 |
Total noninterest expense | 9,255 | 7,315 | 8,337 |
Income before taxes | 20,741 | 23,130 | 22,765 |
Income tax benefit | 5,339 | 4,121 | 3,283 |
Income before equity in undistributed income of subsidiaries | 26,080 | 27,251 | 26,048 |
Equity in undistributed income of subsidiaries | 27,460 | 11,535 | 2,930 |
Net income | $ 53,540 | $ 38,786 | $ 28,978 |
Parent Company Only Financia112
Parent Company Only Financial Statements - Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 53,540 | $ 38,786 | $ 28,978 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of discount and origination costs on other borrowings | 241 | 194 | 77 |
Stock grants amortized | 5,431 | 4,314 | 2,914 |
Net change in other assets | (978) | 5,893 | (4,846) |
Net change in other liabilities | 7,026 | (9,032) | 3,107 |
Net cash provided by operating activities | 80,277 | 43,518 | 35,588 |
Cash flows from investing activities: | |||
Cash received from acquired banks | 0 | 152,913 | 286,596 |
Cash paid in acquisitions | 0 | (24,103) | (60,812) |
Net cash used in investing activities | (609,304) | (366,357) | (122,239) |
Cash flows from financing activities: | |||
Repayments of other borrowings | (5,798) | (1,932) | 0 |
Proceeds from other borrowings, net of issuance costs | 43,150 | 0 | 65,000 |
Offering costs paid in connection with acquired banks | 0 | (568) | (566) |
Net proceeds from issuance of common stock | 19,929 | 0 | 0 |
Redemption of preferred stock | (23,938) | 0 | 0 |
Dividends paid | (6,287) | (5,819) | (3,910) |
Net cash provided by financing activities | 740,775 | 292,071 | 317,644 |
Net change in cash and cash equivalents | 211,748 | (30,768) | 230,993 |
Cash and cash equivalents at beginning of year | 293,279 | 324,047 | 93,054 |
Cash and cash equivalents at end of year | 505,027 | 293,279 | 324,047 |
Parent | |||
Cash flows from operating activities: | |||
Net income | 53,540 | 38,786 | 28,978 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed net income of subsidiaries | (27,460) | (11,535) | (2,930) |
Amortization of discount and origination costs on other borrowings | 241 | 0 | 0 |
Stock grants amortized | 5,431 | 4,314 | 2,914 |
Net change in other assets | (205) | 1,771 | (3,291) |
Net change in other liabilities | 1,038 | (63) | 2,233 |
Net cash provided by operating activities | 32,585 | 33,273 | 27,904 |
Cash flows from investing activities: | |||
Capital investment in subsidiaries | (57,000) | 0 | (52,000) |
Cash received from liquidation of Adriatica | 0 | 0 | 10,940 |
Cash received from acquired banks | 0 | 0 | 6,108 |
Cash paid in acquisitions | 0 | (24,103) | (60,814) |
Net cash used in investing activities | (57,000) | (24,103) | (95,766) |
Cash flows from financing activities: | |||
Repayments of other borrowings | (5,798) | (1,932) | 0 |
Proceeds from other borrowings, net of issuance costs | 43,150 | 0 | 65,000 |
Offering costs paid in connection with acquired banks | 0 | (568) | (566) |
Net proceeds from issuance of common stock | 19,929 | 0 | 0 |
Redemption of preferred stock | (23,938) | 0 | 0 |
Dividends paid | (6,287) | (5,819) | (3,910) |
Net cash provided by financing activities | 27,056 | (8,319) | 60,524 |
Net change in cash and cash equivalents | 2,641 | 851 | (7,338) |
Cash and cash equivalents at beginning of year | 6,624 | 5,773 | 13,111 |
Cash and cash equivalents at end of year | $ 9,265 | $ 6,624 | $ 5,773 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Thousands | Feb. 16, 2017 | Jan. 27, 2017 |
Subsequent Event [Line Items] | ||
Dividends declared (per share) | $ 0.10 | |
Dividends paid | $ 1,892 |