Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 25, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
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 | 27,806,877 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 268,498 | $ 158,686 |
Interest-bearing deposits in other banks | 484,519 | 336,341 |
Federal funds sold | 10,000 | 10,000 |
Cash and cash equivalents | 763,017 | 505,027 |
Certificates of deposit held in other banks | 15,692 | 2,707 |
Securities available for sale, at fair value | 747,147 | 316,435 |
Loans held for sale | 25,854 | 9,795 |
Loans, net | 6,324,545 | 4,539,063 |
Premises and equipment, net | 155,741 | 89,898 |
Other real estate owned | 10,189 | 1,972 |
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock | 29,046 | 26,536 |
Bank-owned life insurance (BOLI) | 112,381 | 57,209 |
Deferred tax asset | 21,033 | 9,631 |
Goodwill | 606,701 | 258,319 |
Core deposit intangible, net | 47,198 | 14,177 |
Other assets | 32,570 | 22,032 |
Total assets | 8,891,114 | 5,852,801 |
Deposits: | ||
Noninterest-bearing | 1,939,342 | 1,117,927 |
Interest-bearing | 4,933,289 | 3,459,182 |
Total deposits | 6,872,631 | 4,577,109 |
FHLB advances | 560,687 | 460,746 |
Repurchase agreements | 15,238 | 0 |
Other borrowings | 107,567 | 107,299 |
Junior subordinated debentures | 27,604 | 18,147 |
Other liabilities | 25,927 | 17,135 |
Total liabilities | 7,609,654 | 5,180,436 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock (0 and 0 shares outstanding, respectively) | 0 | 0 |
Common stock (27,804,877 and 18,870,312 shares outstanding, respectively) | 278 | 189 |
Additional paid-in capital | 1,109,884 | 555,325 |
Retained earnings | 167,820 | 117,951 |
Accumulated other comprehensive income (loss) | 3,478 | (1,100) |
Total stockholders’ equity | 1,281,460 | 672,365 |
Total liabilities and stockholders’ equity | $ 8,891,114 | $ 5,852,801 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, shares outstanding (shares) | 27,804,877 | 18,870,312 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest income: | ||||
Interest and fees on loans | $ 79,325 | $ 51,194 | $ 208,263 | $ 151,522 |
Interest on taxable securities | 2,539 | 573 | 5,606 | 2,067 |
Interest on nontaxable securities | 1,124 | 394 | 2,657 | 1,289 |
Interest on interest-bearing deposits and other | 1,684 | 579 | 3,968 | 1,267 |
Total interest income | 84,672 | 52,740 | 220,494 | 156,145 |
Interest expense: | ||||
Interest on deposits | 8,033 | 4,049 | 20,043 | 11,623 |
Interest on FHLB advances | 1,749 | 1,063 | 4,271 | 3,062 |
Interest on repurchase agreements and other borrowings | 1,716 | 1,733 | 5,137 | 3,723 |
Interest on junior subordinated debentures | 317 | 158 | 819 | 457 |
Total interest expense | 11,815 | 7,003 | 30,270 | 18,865 |
Net interest income | 72,857 | 45,737 | 190,224 | 137,280 |
Provision for loan losses | 1,873 | 2,123 | 6,368 | 7,243 |
Net interest income after provision for loan losses | 70,984 | 43,614 | 183,856 | 130,037 |
Noninterest income: | ||||
Service charges on deposit accounts | 3,677 | 1,840 | 9,364 | 5,287 |
Mortgage fee income | 4,569 | 1,922 | 10,855 | 5,319 |
Gain on sale of loans | 351 | 0 | 351 | 0 |
Loss on sale of branch | (127) | (43) | (127) | (43) |
Gain (loss) on sale of other real estate | 0 | 4 | (36) | 57 |
Gain on sale of securities available for sale | 0 | 0 | 52 | 4 |
(Loss) gain on sale of premises and equipment | (21) | (9) | (15) | 32 |
Increase in cash surrender value of BOLI | 778 | 402 | 1,959 | 937 |
Other | 2,903 | 816 | 5,305 | 2,738 |
Total noninterest income | 12,130 | 4,932 | 27,708 | 14,331 |
Noninterest expense: | ||||
Salaries and employee benefits | 25,684 | 15,303 | 69,610 | 51,644 |
Occupancy | 6,380 | 4,038 | 16,399 | 12,119 |
Data processing | 2,546 | 1,190 | 6,449 | 3,575 |
FDIC assessment | 1,077 | 1,123 | 3,156 | 2,718 |
Advertising and public relations | 380 | 229 | 994 | 775 |
Communications | 771 | 563 | 2,098 | 1,648 |
Net other real estate owned expenses (including taxes) | 61 | 145 | 223 | 180 |
Other real estate impairment | 917 | 51 | 1,037 | 106 |
Core deposit intangible amortization | 1,409 | 492 | 3,311 | 1,472 |
Professional fees | 1,273 | 717 | 3,212 | 2,354 |
Acquisition expense, including legal | 2,428 | 3 | 8,247 | 732 |
Other | 4,978 | 3,033 | 12,524 | 9,106 |
Total noninterest expense | 47,904 | 26,887 | 127,260 | 86,429 |
Income before taxes | 35,210 | 21,659 | 84,304 | 57,939 |
Income tax expense | 11,696 | 7,155 | 26,985 | 19,174 |
Net income | $ 23,514 | $ 14,504 | $ 57,319 | $ 38,765 |
Basic earnings per share (usd per share) | $ 0.85 | $ 0.78 | $ 2.31 | $ 2.10 |
Diluted earnings per share (usd per share) | $ 0.84 | $ 0.78 | $ 2.30 | $ 2.09 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 23,514 | $ 14,504 | $ 57,319 | $ 38,765 |
Other comprehensive income (loss) before tax: | ||||
Change in net unrealized gains (losses) on available for sale securities during the year | (219) | (736) | 7,095 | 1,876 |
Reclassification adjustment for gain on sale of securities available for sale included in net income | 0 | 0 | (52) | (4) |
Other comprehensive income (loss) before tax | (219) | (736) | 7,043 | 1,872 |
Income tax expense (benefit) | (77) | (258) | 2,465 | 655 |
Other comprehensive income (loss), net of tax | (142) | (478) | 4,578 | 1,217 |
Comprehensive income | $ 23,372 | $ 14,026 | $ 61,897 | $ 39,982 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | 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 (Loss) Income |
Beginning balance (shares) at Dec. 31, 2015 | 18,399,194 | |||||
Beginning balance at Dec. 31, 2015 | $ 603,371 | $ 0 | $ 184 | $ 530,107 | $ 70,698 | $ 2,382 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 38,765 | 38,765 | ||||
Other comprehensive income, net of tax | 1,217 | 1,217 | ||||
Restricted stock forfeited (shares) | (6,036) | |||||
Restricted stock forfeited | 0 | $ 0 | ||||
Restricted stock granted (shares) | 95,470 | |||||
Restricted stock granted | 0 | $ 1 | (1) | |||
Income tax deficiency on restricted stock vested | (193) | (193) | ||||
Stock based compensation expense | 4,533 | 4,533 | ||||
Preferred stock dividends | (8) | (8) | ||||
Cash dividends ($0.30 per share in 2017 and $0.24 per share in 2016) | (4,432) | (4,432) | ||||
Ending balance (shares) at Sep. 30, 2016 | 18,488,628 | |||||
Ending balance at Sep. 30, 2016 | 643,253 | 0 | $ 185 | 534,446 | 105,023 | 3,599 |
Beginning balance (shares) at Dec. 31, 2016 | 18,870,312 | |||||
Beginning balance at Dec. 31, 2016 | 672,365 | 0 | $ 189 | 555,325 | 117,951 | (1,100) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 57,319 | 57,319 | ||||
Other comprehensive income, net of tax | 4,578 | 4,578 | ||||
Stock issued for acquisition of bank, net of offering costs of $942 (shares) | 8,804,699 | |||||
Stock issued for acquisition of bank, net of offering costs of $942 | 551,151 | $ 88 | 551,063 | |||
Restricted stock forfeited (shares) | (67) | |||||
Restricted stock forfeited | 0 | $ 0 | ||||
Restricted stock granted (shares) | 126,730 | |||||
Restricted stock granted | 0 | $ 1 | (1) | |||
Stock based compensation expense | 3,442 | 3,442 | ||||
Exercise of warrants (shares) | 3,203 | |||||
Exercise of warrants | 55 | 55 | ||||
Cash dividends ($0.30 per share in 2017 and $0.24 per share in 2016) | (7,450) | (7,450) | ||||
Ending balance (shares) at Sep. 30, 2017 | 27,804,877 | |||||
Ending balance at Sep. 30, 2017 | $ 1,281,460 | $ 0 | $ 278 | $ 1,109,884 | $ 167,820 | $ 3,478 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Offering costs | $ 942 | |
Dividends paid (usd per share) | $ 0.30 | $ 0.24 |
Common stock par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (shares) | 100,000,000 | 100,000,000 |
Preferred stock par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized (shares) | 10,000,000 | 10,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 57,319 | $ 38,765 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 6,203 | 5,027 |
Accretion income recognized on acquired loans | (4,293) | (4,218) |
Amortization of core deposit intangibles | 3,311 | 1,472 |
Amortization of premium on securities, net | 2,633 | 1,528 |
Amortization of discount and origination costs on borrowings | 366 | 151 |
Stock based compensation expense | 3,442 | 4,533 |
Excess tax benefit on restricted stock vested | (1,272) | 0 |
FHLB stock dividends | (308) | (176) |
Gain on sale of securities available for sale | (52) | (4) |
Loss (gain) on sale of premises and equipment | 15 | (32) |
Gain on sale of loans | (351) | 0 |
Loss on sale of branch | 127 | 43 |
Loss (gain) on sale of other real estate | 36 | (57) |
Impairment of other real estate | 1,037 | 106 |
Deferred tax expense (benefit) | 3,329 | (151) |
Provision for loan losses | 6,368 | 7,243 |
Increase in cash surrender value of life insurance | (1,959) | (937) |
Originations of loans held for sale | (291,330) | (206,567) |
Proceeds from sale of loans held for sale | 288,053 | 211,769 |
Net change in other assets | (2,537) | 1,161 |
Net change in other liabilities | 103 | 1,163 |
Net cash provided by operating activities | 70,240 | 60,819 |
Cash flows from investing activities: | ||
Proceeds from maturities, calls and pay downs of securities available for sale | 1,390,770 | 1,107,530 |
Proceeds from sale of securities available for sale | 17,227 | 5,399 |
Purchases of securities available for sale | (1,497,707) | (1,106,978) |
Purchases of certificates held in other banks | (1,960) | 0 |
Maturities of certificates held in other banks | 0 | 61,746 |
Proceeds from sale of loans | 3,867 | 0 |
Purchase of bank owned life insurance contracts | 0 | (15,000) |
Net redemptions (purchases) of FHLB stock | 8,908 | (12,020) |
Net loans originated - held for investment | (386,896) | (372,524) |
Net purchases of mortgage warehouse purchase loans | (38,239) | 0 |
Additions to premises and equipment | (11,626) | (4,680) |
Proceeds from sale of premises and equipment | 15 | 579 |
Proceeds from sale of other real estate owned | 5,648 | 1,860 |
Capitalized additions to other real estate owned | (1,032) | 0 |
Cash received from acquired banks | 148,444 | 0 |
Cash paid in connection with acquisitions | (17,773) | 0 |
Selling costs paid in connection with branch sale | (62) | (107) |
Net cash transferred in branch sale | (11,765) | (2,399) |
Net cash used in investing activities | (392,181) | (336,594) |
Cash flows from financing activities: | ||
Net increase in demand deposits, NOW and savings accounts | 635,877 | 336,624 |
Net increase (decrease) in time deposits | (144,785) | 35,530 |
Proceeds from FHLB advances | 100,000 | 575,000 |
Repayments of FHLB advances | (59) | (392,560) |
Net change in repurchase agreements | (2,765) | 8,528 |
Repayments of other borrowings | 0 | (5,798) |
Proceeds from other borrowings | 0 | 43,150 |
Proceeds from exercise of common stock warrants | 55 | 0 |
Redemption of preferred stock | 0 | (23,938) |
Offering costs paid in connection with acquired banks | (942) | 0 |
Dividends paid | (7,450) | (4,440) |
Net cash provided by financing activities | 579,931 | 572,096 |
Net change in cash and cash equivalents | 257,990 | 296,321 |
Cash and cash equivalents at beginning of year | 505,027 | 293,279 |
Cash and cash equivalents at end of period | $ 763,017 | $ 589,600 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations: Independent Bank Group, Inc. (IBG) through its subsidiary, Independent Bank, a Texas state banking corporation (Bank) (collectively known as the Company), provides a full range of banking services to individual and corporate customers in the North, Central and Houston, Texas areas and along the Colorado Front Range, 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, IBG Adriatica Holdings, Inc. (Adriatica) and Carlile Capital, LLC and the Bank’s wholly-owned subsidiaries, IBG Real Estate Holdings, Inc., IBG Real Estate Holdings II, Inc., IBG Aircraft Company III, Preston Grand, Inc., Goldome Financial, LLC, CFRH II, LLC, McKinney Avenue Holdings, Inc. and its wholly owned subsidiary, McKinney Avenue SPE 1, Inc.. Adriatica, McKinney Avenue Holdings, Inc. and its subsidiary are currently not active entities. During the quarter ended September 30, 2017, IBG Real Estate Holdings II, Inc. was formed to hold the real property for the new corporate headquarters. On April 1, 2017, the Company acquired Carlile Bancshares, Inc. (Carlile) and its wholly owned subsidiaries, Carlile Capital, LLC and Northstar Bank of Texas (Northstar) and its wholly owned subsidiaries, Goldome Financial, LLC and CFRH II, LLC. Carlile has been merged into the Company and dissolved and Northstar has been merged with the Bank as of acquisition date. Carlile Capital and CFRH II, LLC were formed to hold and manage non-performing assets, including loans and other real estate owned and Goldome Financial is a mortgage warehouse purchase company. See Note 10, Business Combination for more details of the Carlile acquisition. 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), Community Group Statutory Trust I (CGI Trust I), Northstar Statutory Trust II (Northstar Trust II) and Northstar Statutory Trust III (Northstar Trust III). Northstar Trust II and Northstar Trust III were acquired in the acquisition of Carlile Bancshares. The Trusts were formed to issue trust preferred securities and do not meet the criteria for consolidation. The consolidated interim financial statements are unaudited, but include all adjustments, which, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments were of a normal and recurring nature. These financial statements should be read in conjunction with the financial statements and the notes thereto in the Company's Annual Report of Form10-K for the year ended December 31, 2016 . The consolidated statement of condition at December 31, 2016 had been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. Segment Reporting: The Company has one reportable segment. The Company’s chief operating decision-maker uses consolidated results to make operating and strategic decisions. New Accounting Pronouncement: ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting was effective for the Company on January 1, 2017. ASU 2016-09 requires that all income tax effects related to vestings of share-based payment awards be reported in earnings as an increase (or decrease) to income tax expense. Previously, excess income tax benefits of a vested award were reported as an increase (or decrease) to additional paid-in capital to the extent that those benefits were greater than (or less than) the income tax benefits recognized in earnings during the award's vesting period. The requirement to report those income tax effects in earnings has been applied to vestings occurring on or after January 1, 2017 and resulted in recording a $1,272 tax benefit for the nine months ended September 30, 2017 . ASU 2016-09 also requires that all income tax-related cash flows resulting from share-based payments be reported as operating activities in the statement of cash flows. We have elected to apply that change in cash flow classification on a prospective basis. The impact of this change and that of the remaining provisions of ASU 2016-09 did not have significant impact on our financial statements. 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 Securities and Exchange Commission (SEC) and noted no subsequent events requiring financial statement recognition or disclosure, except as disclosed in Note 11. Earnings per share: Basic earnings per common share are net income available to common shareholders divided by the weighted average number of common shares outstanding during the period. The unvested share-based payment awards that contain rights to non forfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock warrants. The participating nonvested common stock was not included in dilutive shares as it was anti-dilutive for the three and nine months ended September 30, 2017 and 2016 . 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. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Basic earnings per share: Net income $ 23,514 $ 14,504 $ 57,319 $ 38,765 Less: Preferred stock dividends — — — 8 Net income after preferred stock dividends 23,514 14,504 57,319 38,757 Less: Undistributed earnings allocated to participating securities 181 204 555 593 Dividends paid on participating securities 24 23 83 76 Net income available to common shareholders $ 23,309 $ 14,277 $ 56,681 $ 38,088 Weighted-average basic shares outstanding 27,555,978 18,189,163 24,585,473 18,145,604 Basic earnings per share $ 0.85 $ 0.78 $ 2.31 $ 2.10 Diluted earnings per share: Net income available to common shareholders $ 23,309 $ 14,277 $ 56,681 $ 38,088 Total weighted-average basic shares outstanding 27,555,978 18,189,163 24,585,473 18,145,604 Add dilutive stock warrants 103,800 90,333 105,317 78,659 Total weighted-average diluted shares outstanding 27,659,778 18,279,496 24,690,790 18,224,263 Diluted earnings per share $ 0.84 $ 0.78 $ 2.30 $ 2.09 Anti-dilutive participating securities 77,498 106,355 145,925 69,460 |
Statement of Cash Flows
Statement of Cash Flows | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Statement of Cash Flows | Statement of Cash Flows As allowed by the accounting standards, the Company has chosen to report on a net basis its cash receipts and cash payments for time deposits accepted and repayments of those deposits, and loans made to customers and principal collections on those loans. The Company uses the indirect method to present cash flows from operating activities. Other supplemental cash flow information is presented below: Nine Months Ended September 30, 2017 2016 Cash transactions: Interest expense paid $ 31,113 $ 19,381 Income taxes paid $ 21,911 $ 19,560 Noncash transactions: Transfers of loans to other real estate owned $ 750 $ 1,824 Loans to facilitate the sale of other real estate owned $ 684 $ — Excess tax deficiency on restricted stock vested $ — $ (193 ) Transfer of bank premises to other real estate $ 2,716 $ — Transfer of repurchase agreements to deposits $ — $ 20,688 Supplemental schedule of noncash investing activities from branch sales is as follows: Nine Months Ended September 30, 2017 2016 Noncash assets transferred: Loans $ 5,439 $ 2 Premises and equipment — 2,193 Total assets $ 5,439 $ 2,195 Noncash liabilities transferred: Deposits $ 17,509 $ 4,628 Other liabilities 28 30 Total liabilities $ 17,537 $ 4,658 Cash and cash equivalents transferred in branch sale $ 101 $ 208 Deposit premium received $ 333 $ 64 Cash paid to buyer, net of deposit premium $ 11,664 $ 2,191 Supplemental schedule of noncash investing activities from acquisitions is as follows: Nine Months Ended September 30, 2017 2016 Noncash assets acquired Certificates of deposit held in other banks $ 11,025 $ — Securities available for sale 336,540 — Restricted stock 11,110 — Loans 1,384,210 — Premises and equipment 63,166 — Other real estate owned 11,124 — Goodwill 348,382 — Core deposit intangibles 36,717 — Bank owned life insurance 53,213 — Other assets 25,197 — Total assets $ 2,280,684 $ — Noncash liabilities assumed: Deposits $ 1,821,938 $ — Repurchase agreements 18,003 — Junior subordinated debt 9,359 — Other liabilities 9,962 — Total liabilities $ 1,859,262 $ — Cash and cash equivalents acquired from acquisitions $ 148,444 $ — Cash paid to shareholders of acquired banks $ 17,773 $ — Fair value of common stock issued to shareholders of acquired bank $ 552,093 $ — In addition, the following measurement-period adjustments were made during the period related to the acquisition of Grand Bank in 2015: Nine Months Ended September 30, 2017 2016 Assets acquired: Loans $ — $ 735 Goodwill — (324 ) Core deposit intangibles — (216 ) Deferred tax asset — (175 ) Total assets $ — $ 20 Liabilities assumed: Other liabilities — 20 Total liabilities $ — $ 20 |
Securities Available for Sale
Securities Available for Sale | 9 Months Ended |
Sep. 30, 2017 | |
Available-for-sale Securities [Abstract] | |
Securities Available for Sale | Securities Available for Sale Securities available for sale have been classified in the consolidated balance sheets according to management’s intent. The amortized cost of securities and their approximate fair values at September 30, 2017 and December 31, 2016 , are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Available for Sale September 30, 2017 U. S. treasuries $ 32,383 $ 1 $ (62 ) $ 32,322 Government agency securities 231,876 194 (876 ) 231,194 Obligations of state and municipal subdivisions 227,116 2,874 (777 ) 229,213 Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 240,992 3,245 (181 ) 244,056 Other securities 10,342 20 — 10,362 $ 742,709 $ 6,334 $ (1,896 ) $ 747,147 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 Securities with a carrying amount of approximately $ 264,852 and $ 176,457 at September 30, 2017 and December 31, 2016 , respectively, were pledged to secure public fund deposits and repurchase agreements. Proceeds from sale of securities available for sale and gross gains and gross losses for the three and nine months ended September 30, 2017 and 2016 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Proceeds from sale 417 $ — $ 17,227 $ 5,399 Gross gains — — 104 4 Gross losses — — 52 — The amortized cost and estimated fair value of securities available for sale at September 30, 2017 , by contractual maturity, are shown below. Maturities of pass-through certificates will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2017 Securities Available for Sale Amortized Cost Fair Value Due in one year or less $ 95,050 $ 95,006 Due from one year to five years 213,146 213,082 Due from five to ten years 93,551 93,976 Thereafter 99,970 101,027 501,717 503,091 Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 240,992 244,056 $ 742,709 $ 747,147 The number of securities, unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of September 30, 2017 and December 31, 2016 , 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 September 30, 2017 U.S. treasuries 6 $ 30,320 $ (62 ) — $ — $ — $ 30,320 $ (62 ) Government agency securities 48 131,393 (458 ) 21 45,680 (418 ) 177,073 (876 ) Obligations of state and municipal subdivisions 100 42,864 (184 ) 46 23,618 (593 ) 66,482 (777 ) Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 13 33,003 (181 ) — — — 33,003 (181 ) 167 $ 237,580 $ (885 ) 67 $ 69,298 $ (1,011 ) $ 306,878 $ (1,896 ) 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 ) Unrealized losses are generally due to changes in interest rates. The Company has the intent to hold these securities until maturity or a forecasted recovery, and it is more likely than not that the Company will not have to sell the securities before the recovery of their cost basis. As such, the losses are deemed to be temporary. |
Loans, Net and Allowance for Lo
Loans, Net and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Loans, Net and Allowance for Loan Losses | Loans, Net and Allowance for Loan Losses Loans, net, at September 30, 2017 and December 31, 2016 , consisted of the following: September 30, December 31, 2017 2016 Commercial $ 1,006,104 $ 630,805 Real estate: Commercial 3,255,053 2,459,221 Commercial construction, land and land development 710,475 531,481 Residential 877,920 634,545 Single family interim construction 319,093 235,475 Agricultural 156,824 53,548 Consumer 39,098 27,530 Other 337 166 6,364,904 4,572,771 Deferred loan fees (2,589 ) (2,117 ) Allowance for loan losses (37,770 ) (31,591 ) $ 6,324,545 $ 4,539,063 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. Our commercial loan portfolio also 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 September 30, 2017 and December 31, 2016 , there were approximately $ 87,832 and $ 115,311 of exploration and production (E&P) energy loans outstanding, respectively. Additionally, with the acquisition of Carlile, the Company acquired a mortgage warehouse purchase company, Goldome Financial, which provides mortgage warehouse lending vehicle to mortgage bankers across a broad geographic scale. The mortgage loans are underwritten, in part, on approved investor takeout commitments. These loans have a very short duration ranging between 10 days and 15 days . In some cases, loans to larger mortgage originators may be financed for up to 60 days . These loans are reported as business loans since the loans are secured by notes receivable, not real estate. As of September 30, 2017 , mortgage warehouse purchase loans outstanding totaled $138,561 . Commercial real estate loans are subject to underwriting standards and processes similar to commercial loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is generally largely dependent on the successful operation of the property or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type and geographic location. Management monitors the diversification of the portfolio on a quarterly basis by type and geographic location. Management also tracks the level of owner occupied property versus non owner occupied property. Land and commercial land development loans are underwritten using feasibility studies, independent appraisal reviews and financial analysis of the developers or property owners. Generally, borrowers must have a proven track record of success. Commercial construction loans are generally based upon estimates of cost and value of the completed project. These estimates may not be accurate. Commercial construction loans often involve the disbursement of substantial funds with the repayment dependent on the success of the ultimate project. Sources of repayment for these loans may be pre-committed permanent financing or sale of the developed property. The loans in this portfolio are geographically diverse and due to the increased risk are monitored closely by management and the board of directors on a quarterly basis. Residential real estate and single family interim construction loans are underwritten primarily based on borrowers’ credit scores, documented income and minimum collateral values. Relatively small loan amounts are spread across many individual borrowers, which minimizes risk in the residential portfolio. In addition, management evaluates trends in past dues and current economic factors on a regular basis. Agricultural loans are collateralized by real estate and/or agricultural-related assets. Agricultural real estate loans are primarily comprised of loans for the purchase of farmland. Loan-to-value ratios on loans secured by farmland generally do not exceed 80% and have amortization periods limited to twenty years. Agricultural non-real estate loans are generally comprised of term loans to fund the purchase of equipment, livestock and seasonal operating lines to grain farmers to plant and harvest corn and soybeans. Specific underwriting standards have been established for agricultural-related loans, including the establishment of projections for each operating year based on industry developed estimates of farm input costs and expected commodity yields and prices. Operating lines are typically written for one year and secured by the crop and other farm assets as considered necessary. Agricultural loans carry significant credit risks as they involve larger balances concentrated with single borrowers or groups of related borrowers. In addition, repayment of such loans depends on the successful operation or management of the farm property securing the loan or for which an operating loan is utilized. Farming operations may be affected by adverse weather conditions such as drought, hail or floods that can severely limit crop yields. Consumer loans represent less than 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. With the acquisition of Carlile as further explained in Note 10, Business Combination, the Company expanded into the State of Colorado, specifically along the Front Range area. As of September 30, 2017 , loans in the Colorado region represented about 7% of the total portfolio. A large percentage of the Company’s portfolio consists of commercial and residential real estate loans. As of September 30, 2017 and December 31, 2016 , there were no concentrations of loans related to a single industry in excess of 10% of total loans. The allowance for loan losses is an amount that management believes will be adequate to absorb estimated losses relating to specifically identified loans, as well as probable credit losses inherent in the balance of the loan portfolio. The allowance is derived from the following two components: 1) allowances established on individual impaired loans, which are based on a review of the individual characteristics of each loan, including the customer’s ability to repay the loan, the underlying collateral values, and the industry in which the customer operates, and 2) allowances based on actual historical loss experience for the last three years for similar types of loans in the Company’s loan portfolio adjusted for primarily changes in the lending policies and procedures; collection, charge-off and recovery practices; nature and volume of the loan portfolio; 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 $3.25 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 and Colorado economies, specifically the Company’s lending area of north, central and southeast Texas and the Colorado Front Range area, have continued to expand and recover at a moderate pace during 2017 due largely to improvement in manufacturing output, the energy sector and a strong labor force. The Texas economy is the second largest in the nation. However, uncertainty exists in the potential effect of the Trump administration's impact on foreign trade policy, specifically related to the service and manufacturing industries and industrial real estate. The risk of loss associated with all segments of the portfolio could increase due to this impact. In addition, during third quarter 2017, the Texas economy was somewhat impacted by Hurricane Harvey ("Harvey"), which preliminary estimates indicate could be one of the costliest U.S. natural catastrophes. The Bank initiated a Disaster Recovery Policy as a result of Harvey putting in place procedures and approval authorities for credit officers to provide relief for impacted borrowers. In the overall analysis of Harvey's potential impact on the Bank's loan portfolio, management believes that no significant additional risk has materialized. The Houston portfolio, which is mostly real estate, totals $1.4 billion and lenders have confirmed modest amounts of damage. Management believes no additional reserves are warranted at this time as a result of Harvey. The overall economic impact will be more evident as additional third quarter data is collected. However, the storm's negative impact on employment and business activity is expected to be transitory and should not derail the state's positive economic momentum, according to the Dallas Fed economists. The economy and other risk factors are minimized by the Company’s underwriting standards, which include the following principles: 1) financial strength of the borrower including strong earnings, high net worth, significant liquidity and acceptable debt to worth ratio, 2) managerial business competence, 3) ability to repay, 4) loan to value, 5) projected cash flow and 6) guarantor financial statements as applicable. The following is a summary of the activity in the allowance for loan losses by loan class for the three and nine months ended September 30, 2017 and 2016 : Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Unallocated Total Three months ended September 30, 2017 Balance at the beginning of period $ 8,700 $ 21,497 $ 3,292 $ 1,387 $ 272 $ 288 $ 12 $ 433 $ 35,881 Provision for loan losses 533 949 33 258 8 (37 ) 22 107 1,873 Charge-offs — — — — — (1 ) (38 ) — (39 ) Recoveries 3 3 1 — — 29 19 — 55 Balance at end of period $ 9,236 $ 22,449 $ 3,326 $ 1,645 $ 280 $ 279 $ 15 $ 540 $ 37,770 Nine months ended September 30, 2017 Balance at the beginning of period $ 8,593 $ 18,399 $ 2,760 $ 1,301 $ 207 $ 242 $ 29 $ 60 $ 31,591 Provision for loan losses 618 4,026 563 478 73 62 68 480 6,368 Charge-offs — — — (134 ) — (68 ) (115 ) — (317 ) Recoveries 25 24 3 — — 43 33 — 128 Balance at end of period $ 9,236 $ 22,449 $ 3,326 $ 1,645 $ 280 $ 279 $ 15 $ 540 $ 37,770 Three months ended September 30, 2016 Balance at the beginning of period $ 11,357 $ 15,492 $ 2,533 $ 1,121 $ 175 $ 171 $ 28 $ 39 $ 30,916 Provision for loan losses 412 1,021 601 113 13 (6 ) 23 (54 ) 2,123 Charge-offs (3,025 ) — (421 ) — — (5 ) (33 ) — (3,484 ) Recoveries 3 4 2 — — 2 9 — 20 Balance at end of period $ 8,747 $ 16,517 $ 2,715 $ 1,234 $ 188 $ 162 $ 27 $ (15 ) $ 29,575 Nine months ended September 30, 2016 Balance at the beginning of period $ 10,573 $ 13,007 $ 2,339 $ 769 $ 215 $ 164 $ — $ (24 ) $ 27,043 Provision for loan losses 2,378 3,558 786 465 (27 ) (2 ) 76 9 7,243 Charge-offs (4,216 ) (54 ) (421 ) — — (7 ) (78 ) — (4,776 ) Recoveries 12 6 11 — — 7 29 — 65 Balance at end of period $ 8,747 $ 16,517 $ 2,715 $ 1,234 $ 188 $ 162 $ 27 $ (15 ) $ 29,575 The following table details the amount of the allowance for loan losses and recorded investment in loans by class as of September 30, 2017 and December 31, 2016 : Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Unallocated Total September 30, 2017 Allowance for losses: Individually evaluated for impairment $ 2,530 $ — $ — $ — $ — $ 94 $ — $ — $ 2,624 Collectively evaluated for impairment 6,706 22,449 3,326 1,645 280 185 15 540 35,146 Loans acquired with deteriorated credit quality — — — — — — — — — Ending balance $ 9,236 $ 22,449 $ 3,326 $ 1,645 $ 280 $ 279 $ 15 $ 540 $ 37,770 Loans: Individually evaluated for impairment $ 8,226 $ 2,711 $ 3,226 $ — $ — $ 237 $ — $ — $ 14,400 Collectively evaluated for impairment 983,119 3,888,539 870,784 314,914 152,457 38,836 337 — 6,248,986 Acquired with deteriorated credit quality 14,759 74,278 3,910 4,179 4,367 25 — — 101,518 Ending balance $ 1,006,104 $ 3,965,528 $ 877,920 $ 319,093 $ 156,824 $ 39,098 $ 337 $ — $ 6,364,904 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 Nonperforming loans by loan class (excluding loans acquired with deteriorated credit quality) at September 30, 2017 and December 31, 2016 , are summarized as follows: Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Total September 30, 2017 Nonaccrual loans $ 8,254 $ 1,744 $ 2,389 $ — $ — $ 237 $ — $ 12,624 Loans past due 90 days and still accruing 16 — 16 — 9 2 — 43 Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) — 1,067 919 — — — — 1,986 $ 8,270 $ 2,811 $ 3,324 $ — $ 9 $ 239 $ — $ 14,653 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 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 will not be collected according to contractual terms of the loan agreement. The Company has identified these loans through its normal loan review procedures. Impaired loans are measured based on 1) the present value of expected future cash flows discounted at the loans effective interest rate; 2) the loan's observable market price; or 3) the fair value of collateral if the loan is collateral dependent. Substantially all of the Company’s impaired loans are measured at the fair value of the collateral. In limited cases, the Company may use the other methods to determine the level of impairment of a loan if such loan is not collateral dependent. All commercial, real estate, agricultural loans and troubled debt restructurings are considered for individual impairment analysis. Smaller balance consumer loans are collectively evaluated for impairment. Impaired loans by loan class (excluding loans acquired with deteriorated credit quality) at September 30, 2017 and December 31, 2016 , are summarized as follows: Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Total September 30, 2017 Recorded investment in impaired loans: Impaired loans with an allowance for loan losses $ 6,561 $ — $ — $ — $ — $ 202 $ — $ 6,763 Impaired loans with no allowance for loan losses 1,665 2,711 3,226 — — 35 — 7,637 Total $ 8,226 $ 2,711 $ 3,226 $ — $ — $ 237 $ — $ 14,400 Unpaid principal balance of impaired loans $ 11,360 $ 2,747 $ 3,295 $ — $ — $ 268 $ — $ 17,670 Allowance for loan losses on impaired loans $ 2,530 $ — $ — $ — $ — $ 94 $ — $ 2,624 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 For the three months ended September 30, 2017 Average recorded investment in impaired loans $ 8,201 $ 2,769 $ 2,847 $ — $ — $ 246 $ — $ 14,063 Interest income recognized on impaired loans $ — $ 15 $ 14 $ — $ — $ — $ — $ 29 For the nine months ended September 30, 2017 Average recorded investment in impaired loans $ 8,081 $ 3,849 $ 2,608 $ 221 $ — $ 254 $ — $ 15,013 Interest income recognized on impaired loans $ 4 $ 427 $ 38 $ — $ — $ 5 $ — $ 474 For the three months ended September 30, 2016 Average recorded investment in impaired loans $ 9,920 $ 1,338 $ 2,831 $ — $ — $ 62 $ — $ 14,151 Interest income recognized on impaired loans $ 57 $ 18 $ 12 $ — $ — $ — $ — $ 87 For the nine months ended September 30, 2016 Average recorded investment in impaired loans $ 12,799 $ 2,383 $ 2,994 $ — $ 43 $ 78 $ — $ 18,297 Interest income recognized on impaired loans $ 57 $ 56 $ 84 $ — $ — $ — $ — $ 197 Certain impaired loans have adequate collateral and do not require a related allowance for loan loss. The Company will charge off that portion of any loan which management considers a loss. Commercial and real estate loans are generally considered for charge-off when exposure beyond collateral coverage is apparent and when no further collection of the loss portion is anticipated based on the borrower’s financial condition. The restructuring of a loan is considered a “troubled debt restructuring” if both 1) the borrower is experiencing financial difficulties and 2) the creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, principal forgiveness, extending amortization and other actions intended to minimize potential losses. A “troubled debt restructured” loan is identified as impaired and measured for credit impairment as of each reporting period in accordance with the guidance in Accounting Standards Codification (ASC) 310-10-35. 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. The recorded investment in troubled debt restructurings, including those on nonaccrual, was $3,466 and $2,425 as of September 30, 2017 and December 31, 2016 . Following is a summary of loans modified under troubled debt restructurings during the three and nine months ended September 30, 2017 and 2016 : Commercial Commercial Residential Single-Family Agricultural Consumer Other Total Troubled debt restructurings during the three months ended September 30, 2017 Number of contracts 1 — — — — — — 1 Pre-restructuring outstanding recorded investment $ 873 $ — $ — $ — $ — $ — $ — $ 873 Post-restructuring outstanding recorded investment $ 873 $ — $ — $ — $ — $ — $ — $ 873 Troubled debt restructurings during the nine months ended September 30, 2017 Number of contracts 1 — 1 — — 1 — 3 Pre-restructuring outstanding recorded investment $ 873 $ — $ 465 $ — $ — $ 22 $ — $ 1,360 Post-restructuring outstanding recorded investment $ 873 $ — $ 465 $ — $ — $ 22 $ — $ 1,360 Troubled debt restructurings during the three months ended September 30, 2016 Number of contracts — — — — — — — — Pre-restructuring outstanding recorded investment $ — $ — $ — $ — $ — $ — $ — $ — Post-restructuring outstanding recorded investment $ — $ — $ — $ — $ — $ — $ — $ — Troubled debt restructurings during the nine months ended September 30, 2016 Number of contracts 1 — — — — — — 1 Pre-restructuring outstanding recorded investment $ 24 $ — $ — $ — $ — $ — $ — $ 24 Post-restructuring outstanding recorded investment $ 24 $ — $ — $ — $ — $ — $ — $ 24 At September 30, 2017 and 2016 , there were no loans modified under troubled debt restructurings during the previous twelve month period that subsequently defaulted during the three and nine months ended September 30, 2017 and 2016, respectively. At September 30, 2017 and 2016 , the Company had no commitments to lend additional funds to any borrowers with loans whose terms have been modified under troubled debt restructurings. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following table presents information regarding the aging of past due loans by loan class as of September 30, 2017 and December 31, 2016 : Loans 30-89 Days Past Due Loans 90 or More Past Due Total Past Due Loans Current Loans Total Loans September 30, 2017 Commercial $ 1,714 $ 8,240 $ 9,954 $ 981,391 $ 991,345 Commercial real estate, land and land development 2,094 1,612 3,706 3,887,544 3,891,250 Residential real estate 3,419 1,455 4,874 869,136 874,010 Single-family interim construction — — — 314,914 314,914 Agricultural 99 9 108 152,349 152,457 Consumer 177 232 409 38,664 39,073 Other — — — 337 337 7,503 11,548 19,051 6,244,335 6,263,386 Acquired with deteriorated credit quality 3,768 6,792 10,560 90,958 101,518 $ 11,271 $ 18,340 $ 29,611 $ 6,335,293 $ 6,364,904 December 31, 2016 Commercial $ 226 $ 7,711 $ 7,937 $ 620,448 $ 628,385 Commercial real estate, land and land development 151 6,752 6,903 2,953,519 2,960,422 Residential real estate 846 561 1,407 631,171 632,578 Single-family interim construction 1,062 — 1,062 234,413 235,475 Agricultural 10 — 10 53,538 53,548 Consumer 154 52 206 27,313 27,519 Other — — — 166 166 2,449 15,076 17,525 4,520,568 4,538,093 Acquired with deteriorated credit quality 181 910 1,091 33,587 34,678 $ 2,630 $ 15,986 $ 18,616 $ 4,554,155 $ 4,572,771 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 that 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 September 30, 2017 and December 31, 2016 , is as follows: Pass Pass/ Watch Special Mention Substandard Doubtful Total September 30, 2017 Commercial $ 933,126 $ 39,532 $ 3,783 $ 29,663 $ — $ 1,006,104 Commercial real estate, construction, land and land development 3,877,125 58,568 13,924 15,911 — 3,965,528 Residential real estate 867,627 3,295 1,197 5,801 — 877,920 Single-family interim construction 313,133 4,921 — 1,039 — 319,093 Agricultural 127,846 9,903 14,708 4,367 — 156,824 Consumer 38,799 9 7 283 — 39,098 Other 337 — — — — 337 $ 6,157,993 $ 116,228 $ 33,619 $ 57,064 $ — $ 6,364,904 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 The Company has acquired certain loans which experienced credit deterioration since origination (purchased credit impaired (PCI) loans). The Company has included PCI loans in the above grading tables. The following provides additional detail on the grades applied to those loans at September 30, 2017 and December 31, 2016 : Pass Pass/ Special Mention Substandard Doubtful Total September 30, 2017 $ 38,752 $ 37,440 $ 3,752 $ 21,574 $ — $ 101,518 December 31, 2016 30,498 1,237 1,069 1,874 — 34,678 PCI loans may remain on accrual status to the extent the company can reasonably estimate the amount and timing of expected future cash flows. At September 30, 2017 and December 31, 2016 , non-accrual PCI loans were $10,401 and $960 , respectively. Accretion on PCI loans is based on estimated future cash flows, regardless of contractual maturity. 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 2017 : Acquisition Date April 1, 2017 Carlile Bancshares, Inc. Outstanding balance $ 101,153 Nonaccretable difference (12,630 ) Accretable yield (3,916 ) Carrying amount $ 84,607 The carrying amount of all acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at September 30, 2017 and December 31, 2016 were as follows: September 30, 2017 December 31, 2016 Outstanding balance $ 117,978 $ 39,442 Carrying amount 101,518 34,678 There was no allocation established in the allowance for loan losses relating to PCI loans at September 30, 2017 or December 31, 2016 . The changes in accretable yield during the nine months ended September 30, 2017 and 2016 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. For the Nine Months Ended September 30, 2017 2016 Balance at January 1, $ 1,526 $ 2,380 Additions 3,916 — Accretion (3,586 ) (759 ) Transfers from nonaccretable — — Balance at September 30, $ 1,856 $ 1,621 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. The commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of this instrument. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. At September 30, 2017 and December 31, 2016 , the approximate amounts of these financial instruments were as follows: September 30, December 31, 2017 2016 Commitments to extend credit $ 1,115,678 $ 865,668 Standby letters of credit 8,580 10,562 $ 1,124,258 $ 876,230 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company upon extension of credit is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, farm crops, property, plant and equipment and income-producing commercial properties. Letters of credit are written conditional commitments used by the Company to guarantee the performance of a customer to a third party. The Company’s policies generally require that letter of credit arrangements contain security and debt covenants similar to those contained in loan arrangements. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount shown in the table above. If the commitment is funded, the Company would be entitled to seek recovery from the customer. As of September 30, 2017 and December 31, 2016 , 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. Independent Bank is a party to a legal proceeding inherited in connection with its acquisition of BOH Holdings, Inc. and its subsidiary, Bank of Houston. Please see Part II, Item 1. 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 $ 873 and $2,278 for the three and nine months ended September 30, 2017 , respectively, and $ 516 and $1,575 for the three and nine months ended September 30, 2016 , respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense for the three and nine months ended September 30, 2017 and 2016 was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Income tax expense for the period $ 11,696 $ 7,155 $ 26,985 $ 19,174 Effective tax rate 33.2 % 33.0 % 32.0 % 33.1 % The effective tax rates differ from the statutory federal tax rate of 35% largely due to tax exempt interest income earned on certain investment securities and loans and the nontaxable earnings on bank owned life insurance. In addition, the effective tax rate differs for the three and nine months ended September 30, 2017 due to nondeductible acquisition expenses incurred during the period and excess tax benefit on restricted stock vestings recognized in income tax expense during the period as a result of adopting ASU 2016-09 on January 1, 2017. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC Topic 820, Fair Value Measurements and Disclosures , establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. The following table represents assets reported on the consolidated balance sheets at their fair value on a recurring basis as of September 30, 2017 and December 31, 2016 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) September 30, 2017 Measured on a recurring basis: Assets: Investment securities available for sale: U.S. treasuries $ 32,322 $ — $ 32,322 $ — Government agency securities 231,194 — 231,194 — Obligations of state and municipal subdivisions 229,213 — 229,213 — Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 244,056 — 244,056 — Other securities 10,362 10,362 — — December 31, 2016 Measured on a recurring basis: Assets: Investment 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 — There were no transfers between level categorizations and no changes in valuation methodologies for the periods presented. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Securities classified as available for sale are reported at fair value utilizing Level 1 and Level 2 inputs. Securities are classified within Level 1 when quoted market prices are available in an active market. Inputs include securities that have quoted prices in active markets for identical assets. For securities utilizing Level 2 inputs, 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 September 30, 2017 and December 31, 2016 , for which a nonrecurring change in fair value has been recorded: Fair Value Measurements at Reporting Date Using Assets 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 September 30, 2017 Measured on a nonrecurring basis: Assets: Impaired loans $ 4,031 $ — $ — $ 4,031 $ 2,530 Other real estate 322 — — 322 120 December 31, 2016 Measured on a nonrecurring basis: Assets: Impaired loans $ 968 $ — $ — $ 968 $ 708 Other real estate 340 — — 340 52 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. Other real estate is measured at fair value on a nonrecurring basis (upon initial recognition or subsequent impairment). Other real estate is classified within Level 3 of the valuation hierarchy. When transferred from the loan portfolio, other real estate is adjusted to fair value less estimated selling costs and is subsequently carried at the lower of carrying value or fair value less estimated selling costs. The fair value is determined using an external appraisal process, discounted based on internal criteria. In addition, mortgage loans held for sale are required to be measured at the lower of cost or fair value. The fair value of mortgage loans held for sale is based upon binding quotes or bids from third party investors. As of September 30, 2017 and December 31, 2016 , 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 held for sale: The fair value of loans held for sale is determined based upon commitments on hand from investors. Loans: 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 value of private 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 September 30, 2017 and December 31, 2016 : 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) September 30, 2017 Financial assets: Cash and cash equivalents $ 763,017 $ 763,017 $ 763,017 $ — $ — Certificates of deposit held in other banks 15,692 15,800 — 15,800 — Securities available for sale 747,147 747,147 10,362 736,785 — Loans held for sale 25,854 26,728 — 26,728 — Loans, net 6,324,545 6,263,277 — 6,259,138 4,139 FHLB of Dallas stock and other restricted stock 29,046 29,046 — 29,046 — Accrued interest receivable 19,335 19,335 — 19,335 — Financial liabilities: Deposits 6,872,631 6,878,244 — 6,878,244 — Accrued interest payable 3,177 3,177 — 3,177 — FHLB advances 560,687 555,288 — 555,288 — Repurchase agreements 15,238 15,238 — 15,238 — Other borrowings 107,567 111,100 — 111,100 — Junior subordinated debentures 27,604 19,479 — 19,479 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — 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 — 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 — — — — — |
Stock Awards and Stock Warrants
Stock Awards and Stock Warrants | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Awards and Stock Warrants | Stock Awards and Stock Warrants The Company grants common stock awards to certain employees of the Company. The common stock issued prior to 2013 vests five years from the date the award is granted and the related compensation expense is recognized over the vesting period. In connection with the initial public offering in April 2013, the Board of Directors adopted a new 2013 Equity Incentive Plan. Under this plan, the Compensation Committee may grant awards in the form of restricted stock, restricted stock rights, restricted stock units, qualified and nonqualified stock options, performance-based share awards and other equity-based awards. The Plan reserved 800,000 shares of common stock to be awarded by the Company’s compensation committee. The shares currently issued under the 2013 Plan are restricted and will vest evenly over the required employment period, generally 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 nine months ended September 30, 2017 , 24,160 shares that were issued under the 2012 Plan vested during the period. The following table summarizes the activity in nonvested shares for the nine months ended September 30, 2017 and 2016 : Number of Shares Weighted Average Grant Date Fair Value Nonvested shares, December 31, 2016 280,524 $ 36.88 Granted during the period 102,570 61.90 Vested during the period (135,220 ) 34.10 Forfeited during the period (67 ) 29.91 Nonvested shares, September 30, 2017 247,807 $ 48.76 Nonvested shares, December 31, 2015 373,572 $ 40.29 Granted during the period 87,470 31.82 Vested during the period (139,699 ) 36.55 Forfeited during the period (6,836 ) 36.11 Nonvested shares, September 30, 2016 314,507 $ 36.35 Compensation expense related to these awards is recorded based on the fair value of the award at the date of grant and totaled $1,276 and $3,442 for the three and nine months ended September 30, 2017 , respectively and $892 and $4,533 for the three and nine months ended September 30, 2016 , respectively. Compensation expense is recorded in salaries and employee benefits in the accompanying consolidated statements of income. At September 30, 2017 , future compensation expense is estimated to be $9,345 and will be recognized over a remaining weighted average period of 3.03 years. The fair value of common stock awards that vested during the nine months ended September 30, 2017 and 2016 was $8,243 and $4,554 , respectively. The Company has recorded $28 and $ 1,272 in excess tax benefits on vested restricted stock to income tax expense for the three and nine months ended September 30, 2017 , respectively, as a result of adopting ASU 2016-09. The Company recorded $185 and $ (193) to additional paid in capital, which represents the income tax benefit (deficiency) recognized on the vested shares for the three and nine months ended September 30, 2016 , respectively. At September 30, 2017 , the future vesting schedule of the nonvested shares is as follows: First year 115,069 Second year 75,945 Third year 31,723 Fourth year 15,456 Fifth year 9,614 Total nonvested shares 247,807 The Company has warrants outstanding representing the right to purchase 147,341 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 amortized over the term of the debt. The subordinated debt was paid off by the Company in 2013. The warrants expire in December 2018. During the nine months ended September 30, 2017 , warrants to purchase 3,203 shares of common stock were exercised and have been issued by the Company. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2017 | |
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 was 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, 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 September 30, 2017 and December 31, 2016 , the Company and the Bank meet all capital adequacy requirements to which they are subject, including the capital buffer requirement. As of September 30, 2017 and December 31, 2016 , 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 September 30, 2017 and December 31, 2016 , 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 September 30, 2017 Total capital to risk weighted assets: Consolidated $ 818,998 11.72 % $ 559,083 8.00 % N/A N/A Bank 793,048 11.37 557,977 8.00 $ 697,471 10.00 % Tier 1 capital to risk weighted assets: Consolidated 671,228 9.60 419,312 6.00 N/A N/A Bank 755,269 10.83 418,483 6.00 557,977 8.00 Common equity tier 1 to risk weighted assets Consolidated 641,114 9.17 314,484 4.50 N/A N/A Bank 755,269 10.83 313,862 4.50 453,356 6.50 Tier 1 capital to average assets: Consolidated 671,228 8.30 323,599 4.00 N/A N/A Bank 755,269 9.35 323,037 4.00 403,797 5.00 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 |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Business Combination | Business Combination Carlile Bancshares, Inc. On April 1, 2017, the Company acquired 100% of the outstanding stock of Carlile. This transaction resulted in 24 additional branches in the DFW Metroplex and Austin area as well as 18 branches in Colorado. The Company issued 8,804,699 shares of Company stock and paid $17,773 in cash for the outstanding shares of Carlile common stock. Subsequent to September 30, 2017, the Company sold nine of the acquired Colorado branches as further explained in Note 11. The Company has recognized total goodwill of $348,382 which is calculated as the excess of both the consideration exchanged and liabilities assumed compared to the fair market value of identifiable assets acquired. The goodwill in this acquisition resulted from a combination of expected synergies and entrance into desirable Texas and Colorado markets. None of the goodwill recognized is expected to be deductible for income tax purposes. The Company has incurred expenses related to the acquisition of approximately $2,558 and $9,664 for the three and nine months ended September 30, 2017 , respectively, which are included in noninterest expense in the consolidated statements of income. The Company incurred expenses of $659 during the year ended December 31, 2016. In addition, for the nine months ended September 30, 2017 , the Company paid offering costs totaling $942 which were recorded as a reduction to stock issuance proceeds through additional paid in capital. Estimated fair values of the assets acquired and liabilities assumed in this transaction as of the closing date and subsequent measurement period adjustments are as follows: Assets of acquired bank: Initially Recorded at Acquisition Date Measurement Period Adjustments Adjusted Values Cash, cash equivalents, and certificates of deposit $ 159,469 $ — $ 159,469 Securities available for sale 336,540 — 336,540 Loans 1,384,041 169 1,384,210 Premises and equipment 63,561 (395 ) 63,166 Other real estate owned 9,976 1,148 11,124 Goodwill 348,944 (562 ) 348,382 Core deposit intangible 36,717 — 36,717 Other assets 89,624 (104 ) 89,520 Total assets acquired $ 2,428,872 $ 256 $ 2,429,128 Liabilities of acquired bank: Deposits $ 1,821,938 $ — $ 1,821,938 Junior subordinated debentures 9,359 — 9,359 Other liabilities 27,709 256 27,965 Total liabilities assumed $ 1,859,006 $ 256 $ 1,859,262 Common stock issued at $62.70 per share $ 552,093 $ — $ 552,093 Cash paid $ 17,773 $ — $ 17,773 The income effects resulting from the recorded measurement period adjustments during the period ending September 30, 2017 are immaterial for separate disclosure. Non-credit impaired loans had an estimated fair value of $1,299,602 at acquisition date and contractual balance of $1,310,420 . As of acquisition date, the Company expects that an insignificant amount of the contractual balance of these loans will be uncollectible. The difference of $10,818 will be recognized into interest income as an adjustment to yield over the life of the loans. The following table presents pro forma information as if the Carlile acquisition was completed as of January 1, 2016. The pro forma results combine the historical results of Carlile into the Company's consolidated statement of income including the impact of certain purchase accounting adjustments including loan discount accretion, intangible assets amortization, and junior subordinated debentures discount amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1 of each year. Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2017 2016 2017 2016 Interest income $ 84,672 $ 76,063 $ 243,892 $ 224,918 Noninterest income 12,130 12,756 34,586 35,751 Total Revenue 96,802 88,819 278,478 260,669 Net income (1) 25,177 21,003 68,457 56,733 Net income attributable to noncontrolling interests — — — (315 ) Net income to common stockholders $ 25,177 $ 21,003 $ 68,457 $ 56,418 Basic earnings per share $ 0.91 $ 0.76 $ 2.47 $ 2.04 Diluted earnings per share $ 0.90 $ 0.76 $ 2.46 $ 2.03 (1) Excludes acquisition / restructure related costs incurred by the Company of $2.6 million and $9.7 million for the three and nine months ended September 30, 2017, respectively, and acquisition / change of control related costs incurred by Carlile of $0 million and $15.7 million for the three and nine months ended September 30, 2017, respectively, and related tax effects. Revenues and earnings of the acquired company since the acquisition date have not been disclosed as Carlile was merged into the Company and separate financial information is not readily available. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Branch Sales On October 6, 2017, the Bank completed the sale of nine of its Colorado branches to an unaffiliated commercial bank. Approximately $99 million in loans and $161 million in deposits were transferred in the sale. The Bank received a deposit premium of approximately $6.8 million from the sale. Management believes the financial effects of the sale will have minimal impact on the Company's continued operations and financial condition. Line of Credit Amendment On October 20, 2017, the Company's unsecured line of credit with two unrelated commercial banks was amended with only one of the commercial banks to extend the termination date. The line bears interest at LIBOR plus 2.5% and matures on October 19, 2018. As of September 30, 2017, there were no advances outstanding on these lines. Declaration of Dividends On October 25, 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 November 6, 2017. The dividend will be paid on November 16, 2017. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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, IBG Adriatica Holdings, Inc. (Adriatica) and Carlile Capital, LLC and the Bank’s wholly-owned subsidiaries, IBG Real Estate Holdings, Inc., IBG Real Estate Holdings II, Inc., IBG Aircraft Company III, Preston Grand, Inc., Goldome Financial, LLC, CFRH II, LLC, McKinney Avenue Holdings, Inc. and its wholly owned subsidiary, McKinney Avenue SPE 1, Inc.. Adriatica, McKinney Avenue Holdings, Inc. and its subsidiary are currently not active entities. During the quarter ended September 30, 2017, IBG Real Estate Holdings II, Inc. was formed to hold the real property for the new corporate headquarters. On April 1, 2017, the Company acquired Carlile Bancshares, Inc. (Carlile) and its wholly owned subsidiaries, Carlile Capital, LLC and Northstar Bank of Texas (Northstar) and its wholly owned subsidiaries, Goldome Financial, LLC and CFRH II, LLC. Carlile has been merged into the Company and dissolved and Northstar has been merged with the Bank as of acquisition date. Carlile Capital and CFRH II, LLC were formed to hold and manage non-performing assets, including loans and other real estate owned and Goldome Financial is a mortgage warehouse purchase company. See Note 10, Business Combination for more details of the Carlile acquisition. 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), Community Group Statutory Trust I (CGI Trust I), Northstar Statutory Trust II (Northstar Trust II) and Northstar Statutory Trust III (Northstar Trust III). Northstar Trust II and Northstar Trust III were acquired in the acquisition of Carlile Bancshares. The Trusts were formed to issue trust preferred securities and do not meet the criteria for consolidation. The consolidated interim financial statements are unaudited, but include all adjustments, which, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments were of a normal and recurring nature. These financial statements should be read in conjunction with the financial statements and the notes thereto in the Company's Annual Report of Form10-K for the year ended December 31, 2016 . The consolidated statement of condition at December 31, 2016 had been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. |
Segment Reporting | Segment Reporting: The Company has one reportable segment. The Company’s chief operating decision-maker uses consolidated results to make operating and strategic decisions. |
New Accounting Pronouncement | New Accounting Pronouncement: ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting was effective for the Company on January 1, 2017. ASU 2016-09 requires that all income tax effects related to vestings of share-based payment awards be reported in earnings as an increase (or decrease) to income tax expense. Previously, excess income tax benefits of a vested award were reported as an increase (or decrease) to additional paid-in capital to the extent that those benefits were greater than (or less than) the income tax benefits recognized in earnings during the award's vesting period. The requirement to report those income tax effects in earnings has been applied to vestings occurring on or after January 1, 2017 and resulted in recording a $1,272 tax benefit for the nine months ended September 30, 2017 . ASU 2016-09 also requires that all income tax-related cash flows resulting from share-based payments be reported as operating activities in the statement of cash flows. We have elected to apply that change in cash flow classification on a prospective basis. The impact of this change and that of the remaining provisions of ASU 2016-09 did not have significant impact on our financial statements. |
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. |
Earnings Per Share | Earnings per share: Basic earnings per common share are net income available to common shareholders divided by the weighted average number of common shares outstanding during the period. The unvested share-based payment awards that contain rights to non forfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock warrants. The participating nonvested common stock was not included in dilutive shares as it was anti-dilutive for the three and nine months ended September 30, 2017 and 2016 . Proceeds from the assumed exercise of dilutive stock warrants are assumed to be used to repurchase common stock at the average market price. |
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 in which the customer operates, and 2) allowances based on actual historical loss experience for the last three years for similar types of loans in the Company’s loan portfolio adjusted for primarily changes in the lending policies and procedures; collection, charge-off and recovery practices; nature and volume of the loan portfolio; 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. |
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 will not be collected according to contractual terms of the loan agreement. The Company has identified these loans through its normal loan review procedures. Impaired loans are measured based on 1) the present value of expected future cash flows discounted at the loans effective interest rate; 2) the loan's observable market price; or 3) the fair value of collateral if the loan is collateral dependent. Substantially all of the Company’s impaired loans are measured at the fair value of the collateral. In limited cases, the Company may use the other methods to determine the level of impairment of a loan if such loan is not collateral dependent. |
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. |
Troubled 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 Accounting Standards Codification (ASC) 310-10-35. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Earning 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. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Basic earnings per share: Net income $ 23,514 $ 14,504 $ 57,319 $ 38,765 Less: Preferred stock dividends — — — 8 Net income after preferred stock dividends 23,514 14,504 57,319 38,757 Less: Undistributed earnings allocated to participating securities 181 204 555 593 Dividends paid on participating securities 24 23 83 76 Net income available to common shareholders $ 23,309 $ 14,277 $ 56,681 $ 38,088 Weighted-average basic shares outstanding 27,555,978 18,189,163 24,585,473 18,145,604 Basic earnings per share $ 0.85 $ 0.78 $ 2.31 $ 2.10 Diluted earnings per share: Net income available to common shareholders $ 23,309 $ 14,277 $ 56,681 $ 38,088 Total weighted-average basic shares outstanding 27,555,978 18,189,163 24,585,473 18,145,604 Add dilutive stock warrants 103,800 90,333 105,317 78,659 Total weighted-average diluted shares outstanding 27,659,778 18,279,496 24,690,790 18,224,263 Diluted earnings per share $ 0.84 $ 0.78 $ 2.30 $ 2.09 Anti-dilutive participating securities 77,498 106,355 145,925 69,460 |
Statement of Cash Flows (Tables
Statement of Cash Flows (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Other Supplemental Cash Flow Information | Other supplemental cash flow information is presented below: Nine Months Ended September 30, 2017 2016 Cash transactions: Interest expense paid $ 31,113 $ 19,381 Income taxes paid $ 21,911 $ 19,560 Noncash transactions: Transfers of loans to other real estate owned $ 750 $ 1,824 Loans to facilitate the sale of other real estate owned $ 684 $ — Excess tax deficiency on restricted stock vested $ — $ (193 ) Transfer of bank premises to other real estate $ 2,716 $ — Transfer of repurchase agreements to deposits $ — $ 20,688 Supplemental schedule of noncash investing activities from branch sales is as follows: Nine Months Ended September 30, 2017 2016 Noncash assets transferred: Loans $ 5,439 $ 2 Premises and equipment — 2,193 Total assets $ 5,439 $ 2,195 Noncash liabilities transferred: Deposits $ 17,509 $ 4,628 Other liabilities 28 30 Total liabilities $ 17,537 $ 4,658 Cash and cash equivalents transferred in branch sale $ 101 $ 208 Deposit premium received $ 333 $ 64 Cash paid to buyer, net of deposit premium $ 11,664 $ 2,191 Supplemental schedule of noncash investing activities from acquisitions is as follows: Nine Months Ended September 30, 2017 2016 Noncash assets acquired Certificates of deposit held in other banks $ 11,025 $ — Securities available for sale 336,540 — Restricted stock 11,110 — Loans 1,384,210 — Premises and equipment 63,166 — Other real estate owned 11,124 — Goodwill 348,382 — Core deposit intangibles 36,717 — Bank owned life insurance 53,213 — Other assets 25,197 — Total assets $ 2,280,684 $ — Noncash liabilities assumed: Deposits $ 1,821,938 $ — Repurchase agreements 18,003 — Junior subordinated debt 9,359 — Other liabilities 9,962 — Total liabilities $ 1,859,262 $ — Cash and cash equivalents acquired from acquisitions $ 148,444 $ — Cash paid to shareholders of acquired banks $ 17,773 $ — Fair value of common stock issued to shareholders of acquired bank $ 552,093 $ — In addition, the following measurement-period adjustments were made during the period related to the acquisition of Grand Bank in 2015: Nine Months Ended September 30, 2017 2016 Assets acquired: Loans $ — $ 735 Goodwill — (324 ) Core deposit intangibles — (216 ) Deferred tax asset — (175 ) Total assets $ — $ 20 Liabilities assumed: Other liabilities — 20 Total liabilities $ — $ 20 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Available-for-sale Securities [Abstract] | |
Amortized Cost of Securities and Approximate Fair Values | The amortized cost of securities and their approximate fair values at September 30, 2017 and December 31, 2016 , are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Available for Sale September 30, 2017 U. S. treasuries $ 32,383 $ 1 $ (62 ) $ 32,322 Government agency securities 231,876 194 (876 ) 231,194 Obligations of state and municipal subdivisions 227,116 2,874 (777 ) 229,213 Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 240,992 3,245 (181 ) 244,056 Other securities 10,342 20 — 10,362 $ 742,709 $ 6,334 $ (1,896 ) $ 747,147 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 |
Proceeds from Sale of Available for Sale Securities | Proceeds from sale of securities available for sale and gross gains and gross losses for the three and nine months ended September 30, 2017 and 2016 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Proceeds from sale 417 $ — $ 17,227 $ 5,399 Gross gains — — 104 4 Gross losses — — 52 — |
Amortized Cost and Estimated Fair Value of Securities Available for Sale by Contractual Maturity | The amortized cost and estimated fair value of securities available for sale at September 30, 2017 , by contractual maturity, are shown below. Maturities of pass-through certificates will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2017 Securities Available for Sale Amortized Cost Fair Value Due in one year or less $ 95,050 $ 95,006 Due from one year to five years 213,146 213,082 Due from five to ten years 93,551 93,976 Thereafter 99,970 101,027 501,717 503,091 Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 240,992 244,056 $ 742,709 $ 747,147 |
Summary of Unrealized Losses and Fair Value Securities in Continuous Unrealized Loss Position | The number of securities, unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of September 30, 2017 and December 31, 2016 , 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 September 30, 2017 U.S. treasuries 6 $ 30,320 $ (62 ) — $ — $ — $ 30,320 $ (62 ) Government agency securities 48 131,393 (458 ) 21 45,680 (418 ) 177,073 (876 ) Obligations of state and municipal subdivisions 100 42,864 (184 ) 46 23,618 (593 ) 66,482 (777 ) Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 13 33,003 (181 ) — — — 33,003 (181 ) 167 $ 237,580 $ (885 ) 67 $ 69,298 $ (1,011 ) $ 306,878 $ (1,896 ) 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 ) |
Loans, Net and Allowance for 24
Loans, Net and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Compositions of Loans | Loans, net, at September 30, 2017 and December 31, 2016 , consisted of the following: September 30, December 31, 2017 2016 Commercial $ 1,006,104 $ 630,805 Real estate: Commercial 3,255,053 2,459,221 Commercial construction, land and land development 710,475 531,481 Residential 877,920 634,545 Single family interim construction 319,093 235,475 Agricultural 156,824 53,548 Consumer 39,098 27,530 Other 337 166 6,364,904 4,572,771 Deferred loan fees (2,589 ) (2,117 ) Allowance for loan losses (37,770 ) (31,591 ) $ 6,324,545 $ 4,539,063 |
Summary of Activity in Allowance for Loan Losses by Loan Class | The following is a summary of the activity in the allowance for loan losses by loan class for the three and nine months ended September 30, 2017 and 2016 : Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Unallocated Total Three months ended September 30, 2017 Balance at the beginning of period $ 8,700 $ 21,497 $ 3,292 $ 1,387 $ 272 $ 288 $ 12 $ 433 $ 35,881 Provision for loan losses 533 949 33 258 8 (37 ) 22 107 1,873 Charge-offs — — — — — (1 ) (38 ) — (39 ) Recoveries 3 3 1 — — 29 19 — 55 Balance at end of period $ 9,236 $ 22,449 $ 3,326 $ 1,645 $ 280 $ 279 $ 15 $ 540 $ 37,770 Nine months ended September 30, 2017 Balance at the beginning of period $ 8,593 $ 18,399 $ 2,760 $ 1,301 $ 207 $ 242 $ 29 $ 60 $ 31,591 Provision for loan losses 618 4,026 563 478 73 62 68 480 6,368 Charge-offs — — — (134 ) — (68 ) (115 ) — (317 ) Recoveries 25 24 3 — — 43 33 — 128 Balance at end of period $ 9,236 $ 22,449 $ 3,326 $ 1,645 $ 280 $ 279 $ 15 $ 540 $ 37,770 Three months ended September 30, 2016 Balance at the beginning of period $ 11,357 $ 15,492 $ 2,533 $ 1,121 $ 175 $ 171 $ 28 $ 39 $ 30,916 Provision for loan losses 412 1,021 601 113 13 (6 ) 23 (54 ) 2,123 Charge-offs (3,025 ) — (421 ) — — (5 ) (33 ) — (3,484 ) Recoveries 3 4 2 — — 2 9 — 20 Balance at end of period $ 8,747 $ 16,517 $ 2,715 $ 1,234 $ 188 $ 162 $ 27 $ (15 ) $ 29,575 Nine months ended September 30, 2016 Balance at the beginning of period $ 10,573 $ 13,007 $ 2,339 $ 769 $ 215 $ 164 $ — $ (24 ) $ 27,043 Provision for loan losses 2,378 3,558 786 465 (27 ) (2 ) 76 9 7,243 Charge-offs (4,216 ) (54 ) (421 ) — — (7 ) (78 ) — (4,776 ) Recoveries 12 6 11 — — 7 29 — 65 Balance at end of period $ 8,747 $ 16,517 $ 2,715 $ 1,234 $ 188 $ 162 $ 27 $ (15 ) $ 29,575 The following table details the amount of the allowance for loan losses and recorded investment in loans by class as of September 30, 2017 and December 31, 2016 : Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Unallocated Total September 30, 2017 Allowance for losses: Individually evaluated for impairment $ 2,530 $ — $ — $ — $ — $ 94 $ — $ — $ 2,624 Collectively evaluated for impairment 6,706 22,449 3,326 1,645 280 185 15 540 35,146 Loans acquired with deteriorated credit quality — — — — — — — — — Ending balance $ 9,236 $ 22,449 $ 3,326 $ 1,645 $ 280 $ 279 $ 15 $ 540 $ 37,770 Loans: Individually evaluated for impairment $ 8,226 $ 2,711 $ 3,226 $ — $ — $ 237 $ — $ — $ 14,400 Collectively evaluated for impairment 983,119 3,888,539 870,784 314,914 152,457 38,836 337 — 6,248,986 Acquired with deteriorated credit quality 14,759 74,278 3,910 4,179 4,367 25 — — 101,518 Ending balance $ 1,006,104 $ 3,965,528 $ 877,920 $ 319,093 $ 156,824 $ 39,098 $ 337 $ — $ 6,364,904 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 |
Summary of Nonperforming Loans by Loan Class | Nonperforming loans by loan class (excluding loans acquired with deteriorated credit quality) at September 30, 2017 and December 31, 2016 , are summarized as follows: Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Total September 30, 2017 Nonaccrual loans $ 8,254 $ 1,744 $ 2,389 $ — $ — $ 237 $ — $ 12,624 Loans past due 90 days and still accruing 16 — 16 — 9 2 — 43 Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) — 1,067 919 — — — — 1,986 $ 8,270 $ 2,811 $ 3,324 $ — $ 9 $ 239 $ — $ 14,653 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 |
Impaired Loans by Loan Class | Impaired loans by loan class (excluding loans acquired with deteriorated credit quality) at September 30, 2017 and December 31, 2016 , are summarized as follows: Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Total September 30, 2017 Recorded investment in impaired loans: Impaired loans with an allowance for loan losses $ 6,561 $ — $ — $ — $ — $ 202 $ — $ 6,763 Impaired loans with no allowance for loan losses 1,665 2,711 3,226 — — 35 — 7,637 Total $ 8,226 $ 2,711 $ 3,226 $ — $ — $ 237 $ — $ 14,400 Unpaid principal balance of impaired loans $ 11,360 $ 2,747 $ 3,295 $ — $ — $ 268 $ — $ 17,670 Allowance for loan losses on impaired loans $ 2,530 $ — $ — $ — $ — $ 94 $ — $ 2,624 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 For the three months ended September 30, 2017 Average recorded investment in impaired loans $ 8,201 $ 2,769 $ 2,847 $ — $ — $ 246 $ — $ 14,063 Interest income recognized on impaired loans $ — $ 15 $ 14 $ — $ — $ — $ — $ 29 For the nine months ended September 30, 2017 Average recorded investment in impaired loans $ 8,081 $ 3,849 $ 2,608 $ 221 $ — $ 254 $ — $ 15,013 Interest income recognized on impaired loans $ 4 $ 427 $ 38 $ — $ — $ 5 $ — $ 474 For the three months ended September 30, 2016 Average recorded investment in impaired loans $ 9,920 $ 1,338 $ 2,831 $ — $ — $ 62 $ — $ 14,151 Interest income recognized on impaired loans $ 57 $ 18 $ 12 $ — $ — $ — $ — $ 87 For the nine months ended September 30, 2016 Average recorded investment in impaired loans $ 12,799 $ 2,383 $ 2,994 $ — $ 43 $ 78 $ — $ 18,297 Interest income recognized on impaired loans $ 57 $ 56 $ 84 $ — $ — $ — $ — $ 197 |
Summary of Trouble Debt Restructurings | Following is a summary of loans modified under troubled debt restructurings during the three and nine months ended September 30, 2017 and 2016 : Commercial Commercial Residential Single-Family Agricultural Consumer Other Total Troubled debt restructurings during the three months ended September 30, 2017 Number of contracts 1 — — — — — — 1 Pre-restructuring outstanding recorded investment $ 873 $ — $ — $ — $ — $ — $ — $ 873 Post-restructuring outstanding recorded investment $ 873 $ — $ — $ — $ — $ — $ — $ 873 Troubled debt restructurings during the nine months ended September 30, 2017 Number of contracts 1 — 1 — — 1 — 3 Pre-restructuring outstanding recorded investment $ 873 $ — $ 465 $ — $ — $ 22 $ — $ 1,360 Post-restructuring outstanding recorded investment $ 873 $ — $ 465 $ — $ — $ 22 $ — $ 1,360 Troubled debt restructurings during the three months ended September 30, 2016 Number of contracts — — — — — — — — Pre-restructuring outstanding recorded investment $ — $ — $ — $ — $ — $ — $ — $ — Post-restructuring outstanding recorded investment $ — $ — $ — $ — $ — $ — $ — $ — Troubled debt restructurings during the nine months ended September 30, 2016 Number of contracts 1 — — — — — — 1 Pre-restructuring outstanding recorded investment $ 24 $ — $ — $ — $ — $ — $ — $ 24 Post-restructuring outstanding recorded investment $ 24 $ — $ — $ — $ — $ — $ — $ 24 |
Aging of Past Due Loans by Loan Class | The following table presents information regarding the aging of past due loans by loan class as of September 30, 2017 and December 31, 2016 : Loans 30-89 Days Past Due Loans 90 or More Past Due Total Past Due Loans Current Loans Total Loans September 30, 2017 Commercial $ 1,714 $ 8,240 $ 9,954 $ 981,391 $ 991,345 Commercial real estate, land and land development 2,094 1,612 3,706 3,887,544 3,891,250 Residential real estate 3,419 1,455 4,874 869,136 874,010 Single-family interim construction — — — 314,914 314,914 Agricultural 99 9 108 152,349 152,457 Consumer 177 232 409 38,664 39,073 Other — — — 337 337 7,503 11,548 19,051 6,244,335 6,263,386 Acquired with deteriorated credit quality 3,768 6,792 10,560 90,958 101,518 $ 11,271 $ 18,340 $ 29,611 $ 6,335,293 $ 6,364,904 December 31, 2016 Commercial $ 226 $ 7,711 $ 7,937 $ 620,448 $ 628,385 Commercial real estate, land and land development 151 6,752 6,903 2,953,519 2,960,422 Residential real estate 846 561 1,407 631,171 632,578 Single-family interim construction 1,062 — 1,062 234,413 235,475 Agricultural 10 — 10 53,538 53,548 Consumer 154 52 206 27,313 27,519 Other — — — 166 166 2,449 15,076 17,525 4,520,568 4,538,093 Acquired with deteriorated credit quality 181 910 1,091 33,587 34,678 $ 2,630 $ 15,986 $ 18,616 $ 4,554,155 $ 4,572,771 |
Summary of Loans by Credit Quality Indicator by Class | A summary of loans by credit quality indicator by class as of September 30, 2017 and December 31, 2016 , is as follows: Pass Pass/ Watch Special Mention Substandard Doubtful Total September 30, 2017 Commercial $ 933,126 $ 39,532 $ 3,783 $ 29,663 $ — $ 1,006,104 Commercial real estate, construction, land and land development 3,877,125 58,568 13,924 15,911 — 3,965,528 Residential real estate 867,627 3,295 1,197 5,801 — 877,920 Single-family interim construction 313,133 4,921 — 1,039 — 319,093 Agricultural 127,846 9,903 14,708 4,367 — 156,824 Consumer 38,799 9 7 283 — 39,098 Other 337 — — — — 337 $ 6,157,993 $ 116,228 $ 33,619 $ 57,064 $ — $ 6,364,904 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 The following provides additional detail on the grades applied to those loans at September 30, 2017 and December 31, 2016 : Pass Pass/ Special Mention Substandard Doubtful Total September 30, 2017 $ 38,752 $ 37,440 $ 3,752 $ 21,574 $ — $ 101,518 December 31, 2016 30,498 1,237 1,069 1,874 — 34,678 |
Outstanding Balance and Related Carrying Amount of Purchased Impaired Loans | 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 2017 : Acquisition Date April 1, 2017 Carlile Bancshares, Inc. Outstanding balance $ 101,153 Nonaccretable difference (12,630 ) Accretable yield (3,916 ) Carrying amount $ 84,607 The carrying amount of all acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at September 30, 2017 and December 31, 2016 were as follows: September 30, 2017 December 31, 2016 Outstanding balance $ 117,978 $ 39,442 Carrying amount 101,518 34,678 |
Accretable Yield Rollforward | The changes in accretable yield during the nine months ended September 30, 2017 and 2016 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. For the Nine Months Ended September 30, 2017 2016 Balance at January 1, $ 1,526 $ 2,380 Additions 3,916 — Accretion (3,586 ) (759 ) Transfers from nonaccretable — — Balance at September 30, $ 1,856 $ 1,621 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | At September 30, 2017 and December 31, 2016 , the approximate amounts of these financial instruments were as follows: September 30, December 31, 2017 2016 Commitments to extend credit $ 1,115,678 $ 865,668 Standby letters of credit 8,580 10,562 $ 1,124,258 $ 876,230 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Income tax expense for the three and nine months ended September 30, 2017 and 2016 was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Income tax expense for the period $ 11,696 $ 7,155 $ 26,985 $ 19,174 Effective tax rate 33.2 % 33.0 % 32.0 % 33.1 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets at Fair Value on Recurring Basis | The following table represents assets reported on the consolidated balance sheets at their fair value on a recurring basis as of September 30, 2017 and December 31, 2016 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) September 30, 2017 Measured on a recurring basis: Assets: Investment securities available for sale: U.S. treasuries $ 32,322 $ — $ 32,322 $ — Government agency securities 231,194 — 231,194 — Obligations of state and municipal subdivisions 229,213 — 229,213 — Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 244,056 — 244,056 — Other securities 10,362 10,362 — — December 31, 2016 Measured on a recurring basis: Assets: Investment 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 — |
Assets and Liabilities at Fair Value on Nonrecurring Basis | The following table presents the assets carried on the consolidated balance sheet by caption and by level in the fair value hierarchy at September 30, 2017 and December 31, 2016 , for which a nonrecurring change in fair value has been recorded: Fair Value Measurements at Reporting Date Using Assets 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 September 30, 2017 Measured on a nonrecurring basis: Assets: Impaired loans $ 4,031 $ — $ — $ 4,031 $ 2,530 Other real estate 322 — — 322 120 December 31, 2016 Measured on a nonrecurring basis: Assets: Impaired loans $ 968 $ — $ — $ 968 $ 708 Other real estate 340 — — 340 52 |
Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial instruments were as follows at September 30, 2017 and December 31, 2016 : 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) September 30, 2017 Financial assets: Cash and cash equivalents $ 763,017 $ 763,017 $ 763,017 $ — $ — Certificates of deposit held in other banks 15,692 15,800 — 15,800 — Securities available for sale 747,147 747,147 10,362 736,785 — Loans held for sale 25,854 26,728 — 26,728 — Loans, net 6,324,545 6,263,277 — 6,259,138 4,139 FHLB of Dallas stock and other restricted stock 29,046 29,046 — 29,046 — Accrued interest receivable 19,335 19,335 — 19,335 — Financial liabilities: Deposits 6,872,631 6,878,244 — 6,878,244 — Accrued interest payable 3,177 3,177 — 3,177 — FHLB advances 560,687 555,288 — 555,288 — Repurchase agreements 15,238 15,238 — 15,238 — Other borrowings 107,567 111,100 — 111,100 — Junior subordinated debentures 27,604 19,479 — 19,479 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — 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 — 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 — — — — — |
Stock Awards and Stock Warran28
Stock Awards and Stock Warrants (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Nonvested Shares Activity | The following table summarizes the activity in nonvested shares for the nine months ended September 30, 2017 and 2016 : Number of Shares Weighted Average Grant Date Fair Value Nonvested shares, December 31, 2016 280,524 $ 36.88 Granted during the period 102,570 61.90 Vested during the period (135,220 ) 34.10 Forfeited during the period (67 ) 29.91 Nonvested shares, September 30, 2017 247,807 $ 48.76 Nonvested shares, December 31, 2015 373,572 $ 40.29 Granted during the period 87,470 31.82 Vested during the period (139,699 ) 36.55 Forfeited during the period (6,836 ) 36.11 Nonvested shares, September 30, 2016 314,507 $ 36.35 |
Schedule of Vesting of Restricted Stock Award | At September 30, 2017 , the future vesting schedule of the nonvested shares is as follows: First year 115,069 Second year 75,945 Third year 31,723 Fourth year 15,456 Fifth year 9,614 Total nonvested shares 247,807 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Regulated Operations [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements | The actual capital amounts and ratios of the Company and Bank as of September 30, 2017 and December 31, 2016 , 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 September 30, 2017 Total capital to risk weighted assets: Consolidated $ 818,998 11.72 % $ 559,083 8.00 % N/A N/A Bank 793,048 11.37 557,977 8.00 $ 697,471 10.00 % Tier 1 capital to risk weighted assets: Consolidated 671,228 9.60 419,312 6.00 N/A N/A Bank 755,269 10.83 418,483 6.00 557,977 8.00 Common equity tier 1 to risk weighted assets Consolidated 641,114 9.17 314,484 4.50 N/A N/A Bank 755,269 10.83 313,862 4.50 453,356 6.50 Tier 1 capital to average assets: Consolidated 671,228 8.30 323,599 4.00 N/A N/A Bank 755,269 9.35 323,037 4.00 403,797 5.00 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 |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of Assets Acquired and Liabilities Assumed | Estimated fair values of the assets acquired and liabilities assumed in this transaction as of the closing date and subsequent measurement period adjustments are as follows: Assets of acquired bank: Initially Recorded at Acquisition Date Measurement Period Adjustments Adjusted Values Cash, cash equivalents, and certificates of deposit $ 159,469 $ — $ 159,469 Securities available for sale 336,540 — 336,540 Loans 1,384,041 169 1,384,210 Premises and equipment 63,561 (395 ) 63,166 Other real estate owned 9,976 1,148 11,124 Goodwill 348,944 (562 ) 348,382 Core deposit intangible 36,717 — 36,717 Other assets 89,624 (104 ) 89,520 Total assets acquired $ 2,428,872 $ 256 $ 2,429,128 Liabilities of acquired bank: Deposits $ 1,821,938 $ — $ 1,821,938 Junior subordinated debentures 9,359 — 9,359 Other liabilities 27,709 256 27,965 Total liabilities assumed $ 1,859,006 $ 256 $ 1,859,262 Common stock issued at $62.70 per share $ 552,093 $ — $ 552,093 Cash paid $ 17,773 $ — $ 17,773 |
Business Acquisition, Pro Forma Information | The following table presents pro forma information as if the Carlile acquisition was completed as of January 1, 2016. The pro forma results combine the historical results of Carlile into the Company's consolidated statement of income including the impact of certain purchase accounting adjustments including loan discount accretion, intangible assets amortization, and junior subordinated debentures discount amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1 of each year. Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2017 2016 2017 2016 Interest income $ 84,672 $ 76,063 $ 243,892 $ 224,918 Noninterest income 12,130 12,756 34,586 35,751 Total Revenue 96,802 88,819 278,478 260,669 Net income (1) 25,177 21,003 68,457 56,733 Net income attributable to noncontrolling interests — — — (315 ) Net income to common stockholders $ 25,177 $ 21,003 $ 68,457 $ 56,418 Basic earnings per share $ 0.91 $ 0.76 $ 2.47 $ 2.04 Diluted earnings per share $ 0.90 $ 0.76 $ 2.46 $ 2.03 (1) Excludes acquisition / restructure related costs incurred by the Company of $2.6 million and $9.7 million for the three and nine months ended September 30, 2017, respectively, and acquisition / change of control related costs incurred by Carlile of $0 million and $15.7 million for the three and nine months ended September 30, 2017, respectively, and related tax effects. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | segment | 1 |
Excess tax benefits of a vested award | $ | $ 1,272 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Basic earnings per share: | ||||
Net income | $ 23,514 | $ 14,504 | $ 57,319 | $ 38,765 |
Less: Preferred stock dividends | 0 | 0 | 0 | 8 |
Net income after preferred stock dividends | 23,514 | 14,504 | 57,319 | 38,757 |
Less: Undistributed earnings allocated to participating securities | 181 | 204 | 555 | 593 |
Less: Dividends paid on participating securities | 24 | 23 | 83 | 76 |
Net income available to common shareholders | $ 23,309 | $ 14,277 | $ 56,681 | $ 38,088 |
Weighted-average basic shares outstanding (shares) | 27,555,978 | 18,189,163 | 24,585,473 | 18,145,604 |
Basic earnings per share (usd per share) | $ 0.85 | $ 0.78 | $ 2.31 | $ 2.10 |
Diluted earnings per share: | ||||
Add dilutive stock warrants (shares) | 103,800 | 90,333 | 105,317 | 78,659 |
Total weighted-average diluted shares outstanding (shares) | 27,659,778 | 18,279,496 | 24,690,790 | 18,224,263 |
Diluted earnings per share (usd per share) | $ 0.84 | $ 0.78 | $ 2.30 | $ 2.09 |
Anti-dilutive participating securities (shares) | 77,498 | 106,355 | 145,925 | 69,460 |
Statement of Cash Flows - Other
Statement of Cash Flows - Other Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash transactions: | ||
Interest expense paid | $ 31,113 | $ 19,381 |
Income taxes paid | 21,911 | 19,560 |
Noncash transactions: | ||
Transfers of loans to other real estate owned | 750 | 1,824 |
Loans to facilitate the sale of other real estate owned | 684 | 0 |
Excess tax deficiency on restricted stock vested | 0 | (193) |
Transfer of bank premises to other real estate | 2,716 | 0 |
Transfer of repurchase agreements to deposits | $ 0 | $ 20,688 |
Statement of Cash Flows - Suppl
Statement of Cash Flows - Supplemental Schedule of Noncash Investing Activities from Branch Sale (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Noncash liabilities transferred: | ||
Deposit premium received | $ 333 | $ 64 |
Cash paid to buyer, net of deposit premium | 11,664 | 2,191 |
Sale of Branch | ||
Noncash assets transferred: | ||
Loans | 5,439 | 2 |
Premises and equipment | 0 | 2,193 |
Total assets | 5,439 | 2,195 |
Noncash liabilities transferred: | ||
Deposits | 17,509 | 4,628 |
Other liabilities | 28 | 30 |
Total liabilities | 17,537 | 4,658 |
Sale of Branch | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||
Noncash liabilities transferred: | ||
Cash and cash equivalents transferred in branch sale | $ 101 | $ 208 |
Statement of Cash Flows - Nonca
Statement of Cash Flows - Noncash Investing Activities from Acquisitions and Branch Sale (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Noncash assets acquired | ||
Certificates of deposit held in other banks | $ 11,025 | $ 0 |
Securities available for sale | 336,540 | 0 |
Restricted stock | 11,110 | 0 |
Loans | 1,384,210 | 0 |
Premises and equipment | 63,166 | 0 |
Other real estate owned | 11,124 | 0 |
Goodwill | 348,382 | 0 |
Core deposit intangibles | 36,717 | 0 |
Bank owned life insurance | 53,213 | 0 |
Other assets | 25,197 | 0 |
Total assets | 2,280,684 | 0 |
Noncash liabilities assumed: | ||
Deposits | 1,821,938 | 0 |
Repurchase agreements | 18,003 | 0 |
Junior subordinated debt | 9,359 | 0 |
Other liabilities | 9,962 | 0 |
Total liabilities | 1,859,262 | 0 |
Cash and cash equivalents acquired from acquisitions | 148,444 | 0 |
Cash paid to shareholders of acquired banks | 17,773 | 0 |
Fair value of common stock issued to shareholders of acquired bank | $ 552,093 | $ 0 |
Statement of Cash Flows - Sup36
Statement of Cash Flows - Supplemental Investing Noncash Activities from Acquisition (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Assets acquired: | ||
Loans | $ 0 | $ 735 |
Goodwill | 0 | (324) |
Core deposit intangibles | 0 | (216) |
Deferred tax asset | 0 | (175) |
Total assets | 0 | 20 |
Liabilities assumed: | ||
Other liabilities | 0 | 20 |
Total liabilities | $ 0 | $ 20 |
Securities Available for Sale -
Securities Available for Sale - Amortized Cost of Securities and Approximate Fair Values (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 742,709 | $ 319,040 |
Gross Unrealized Gains | 6,334 | 1,989 |
Gross Unrealized Losses | (1,896) | (4,594) |
Fair Value | 747,147 | 316,435 |
U.S. treasuries | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 32,383 | 3,208 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (62) | (61) |
Fair Value | 32,322 | 3,147 |
Government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 231,876 | 123,605 |
Gross Unrealized Gains | 194 | 141 |
Gross Unrealized Losses | (876) | (1,479) |
Fair Value | 231,194 | 122,267 |
Obligations of state and municipal subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 227,116 | 88,358 |
Gross Unrealized Gains | 2,874 | 920 |
Gross Unrealized Losses | (777) | (2,022) |
Fair Value | 229,213 | 87,256 |
Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 240,992 | 103,869 |
Gross Unrealized Gains | 3,245 | 928 |
Gross Unrealized Losses | (181) | (1,032) |
Fair Value | 244,056 | $ 103,765 |
Other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,342 | |
Gross Unrealized Gains | 20 | |
Gross Unrealized Losses | 0 | |
Fair Value | $ 10,362 |
Securities Available for Sale38
Securities Available for Sale - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities [Abstract] | ||
Carrying value of securities pledged | $ 264,852 | $ 176,457 |
Securities Available for Sale39
Securities Available for Sale - Proceeds, Gross Gains and Gross Losses from Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Available-for-sale Securities [Abstract] | ||||
Proceeds from sale | $ 417 | $ 0 | $ 17,227 | $ 5,399 |
Gross gains | 0 | 0 | 104 | 4 |
Gross losses | $ 0 | $ 0 | $ 52 | $ 0 |
Securities Available for Sale40
Securities Available for Sale - Amortized Cost and Estimated Fair Value of Securities Available for Sale by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Amortized Cost | ||
Due in one year or less | $ 95,050 | |
Due from one year to five years | 213,146 | |
Due from five to ten years | 93,551 | |
Thereafter | 99,970 | |
Total | 501,717 | |
Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC | 240,992 | |
Amortized Cost | 742,709 | $ 319,040 |
Fair Value | ||
Due in one year or less | 95,006 | |
Due from one year to five years | 213,082 | |
Due from five to ten years | 93,976 | |
Thereafter | 101,027 | |
Total | 503,091 | |
Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC | 244,056 | |
Fair Value | $ 747,147 | $ 316,435 |
Securities Available for Sale41
Securities Available for Sale - Summary of Unrealized Losses and Fair Value of Securities in Continuous Unrealized Loss Positions (Details) $ in Thousands | Sep. 30, 2017USD ($)security | Dec. 31, 2016USD ($)security |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months: Number of Securities | security | 167 | 174 |
Less Than 12 Months: Estimated Fair Value | $ 237,580 | $ 219,245 |
Less Than 12 Months: Unrealized Losses | $ (885) | $ (4,576) |
Greater Than 12 Months: Number of Securities | security | 67 | 5 |
Greater Than 12 Months: Estimated Fair Value | $ 69,298 | $ 2,542 |
Greater Than 12 Months: Unrealized Losses | (1,011) | (18) |
Total: Estimated Fair Value | 306,878 | 221,787 |
Total: Unrealized Losses | $ (1,896) | $ (4,594) |
U.S. treasuries | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months: Number of Securities | security | 6 | 1 |
Less Than 12 Months: Estimated Fair Value | $ 30,320 | $ 3,147 |
Less Than 12 Months: Unrealized Losses | $ (62) | $ (61) |
Greater Than 12 Months: Number of Securities | security | 0 | 0 |
Greater Than 12 Months: Estimated Fair Value | $ 0 | $ 0 |
Greater Than 12 Months: Unrealized Losses | 0 | 0 |
Total: Estimated Fair Value | 30,320 | 3,147 |
Total: Unrealized Losses | $ (62) | $ (61) |
Government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months: Number of Securities | security | 48 | 43 |
Less Than 12 Months: Estimated Fair Value | $ 131,393 | $ 102,044 |
Less Than 12 Months: Unrealized Losses | $ (458) | $ (1,472) |
Greater Than 12 Months: Number of Securities | security | 21 | 1 |
Greater Than 12 Months: Estimated Fair Value | $ 45,680 | $ 993 |
Greater Than 12 Months: Unrealized Losses | (418) | (7) |
Total: Estimated Fair Value | 177,073 | 103,037 |
Total: Unrealized Losses | $ (876) | $ (1,479) |
Obligations of state and municipal subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months: Number of Securities | security | 100 | 100 |
Less Than 12 Months: Estimated Fair Value | $ 42,864 | $ 46,186 |
Less Than 12 Months: Unrealized Losses | $ (184) | $ (2,011) |
Greater Than 12 Months: Number of Securities | security | 46 | 4 |
Greater Than 12 Months: Estimated Fair Value | $ 23,618 | $ 1,549 |
Greater Than 12 Months: Unrealized Losses | (593) | (11) |
Total: Estimated Fair Value | 66,482 | 47,735 |
Total: Unrealized Losses | $ (777) | $ (2,022) |
Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months: Number of Securities | security | 13 | 30 |
Less Than 12 Months: Estimated Fair Value | $ 33,003 | $ 67,868 |
Less Than 12 Months: Unrealized Losses | $ (181) | $ (1,032) |
Greater Than 12 Months: Number of Securities | security | 0 | 0 |
Greater Than 12 Months: Estimated Fair Value | $ 0 | $ 0 |
Greater Than 12 Months: Unrealized Losses | 0 | 0 |
Total: Estimated Fair Value | 33,003 | 67,868 |
Total: Unrealized Losses | $ (181) | $ (1,032) |
Loans, Net and Allowance for 42
Loans, Net and Allowance for Loan Losses - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($)modified_loan | Sep. 30, 2016USD ($)modified_loan | Sep. 30, 2017USD ($)modified_loancomponent | Sep. 30, 2016USD ($)modified_loan | Dec. 31, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, net | $ 6,324,545,000 | $ 6,324,545,000 | $ 4,539,063,000 | ||
Number of components allowance for loan losses is derived from | component | 2 | ||||
Loans, gross | 6,364,904,000 | $ 6,364,904,000 | 4,572,771,000 | ||
Recorded investment in troubled debt restructuring including nonaccrual | $ 3,466,000 | $ 3,466,000 | 2,425,000 | ||
Number of loans modified under troubled debt restructuring | modified_loan | 0 | 0 | 0 | 0 | |
Commitments to lend | $ 0 | $ 0 | $ 0 | $ 0 | |
Nonaccrual loans | 12,624,000 | 12,624,000 | 15,626,000 | ||
Receivables Acquired with Deteriorated Credit Quality | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, gross | 101,518,000 | 101,518,000 | 34,678,000 | ||
Nonaccrual loans | 10,401,000 | 10,401,000 | 960,000 | ||
Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans requiring external review (greater than) | 3,250,000 | ||||
Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, gross | 1,006,104,000 | 1,006,104,000 | 630,805,000 | ||
Nonaccrual loans | 8,254,000 | 8,254,000 | 7,718,000 | ||
Agricultural | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, gross | 156,824,000 | 156,824,000 | 53,548,000 | ||
Nonaccrual loans | $ 0 | $ 0 | 0 | ||
Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of loan portfolio, consumer loans | 1.00% | 1.00% | |||
Loans, gross | $ 39,098,000 | $ 39,098,000 | 27,530,000 | ||
Nonaccrual loans | 237,000 | $ 237,000 | 273,000 | ||
Geographic Concentration Risk | Loans and Leases, Net | Colorado | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of the portfolio, Colorado region loans | 7.00% | ||||
Geographic Concentration Risk | Loans And Leases | Houston | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, gross | 1,400,000,000 | $ 1,400,000,000 | |||
Exploration and Production Energy Loans | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, net | 87,832,000 | 87,832,000 | $ 115,311,000 | ||
Warehouse Loans | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, net | $ 138,561,000 | $ 138,561,000 | |||
Duration of the loans to larger mortgage originators | 60 days | ||||
Warehouse Loans | Commercial | Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Duration of the loans to mortgage bankers | 10 days | ||||
Warehouse Loans | Commercial | Maximum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Duration of the loans to mortgage bankers | 15 days | ||||
Real Estate Loan | Agricultural | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loan to value ratio (percent) | 80.00% | 80.00% | |||
Loan, amortization period | 20 years | ||||
Non-Real Estate Loan | Agricultural | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Period of operating lines | 1 year |
Loans, Net and Allowance for 43
Loans, Net and Allowance for Loan Losses - Composition of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, gross | $ 6,364,904 | $ 4,572,771 | ||||
Deferred loan fees | (2,589) | (2,117) | ||||
Allowance for loan losses | (37,770) | $ (35,881) | (31,591) | $ (29,575) | $ (30,916) | $ (27,043) |
Loans, net | 6,324,545 | 4,539,063 | ||||
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, gross | 1,006,104 | 630,805 | ||||
Allowance for loan losses | (9,236) | (8,700) | (8,593) | (8,747) | (11,357) | (10,573) |
Real estate | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, gross | 3,255,053 | 2,459,221 | ||||
Real estate | Commercial construction, land and land development | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, gross | 710,475 | 531,481 | ||||
Real estate | Residential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, gross | 877,920 | 634,545 | ||||
Allowance for loan losses | (3,326) | (2,760) | ||||
Real estate | Single family interim construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, gross | 319,093 | 235,475 | ||||
Allowance for loan losses | (1,645) | (1,301) | ||||
Agricultural | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, gross | 156,824 | 53,548 | ||||
Allowance for loan losses | (280) | (272) | (207) | (188) | (175) | (215) |
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, gross | 39,098 | 27,530 | ||||
Allowance for loan losses | (279) | (288) | (242) | (162) | (171) | (164) |
Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, gross | 337 | 166 | ||||
Allowance for loan losses | $ (15) | $ (12) | $ (29) | $ (27) | $ (28) | $ 0 |
Loans, Net and Allowance for 44
Loans, Net and Allowance for Loan Losses - Rollforward of Activity in Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of period | $ 35,881 | $ 30,916 | $ 31,591 | $ 27,043 |
Provision for loan losses | 1,873 | 2,123 | 6,368 | 7,243 |
Charge-offs | (39) | (3,484) | (317) | (4,776) |
Recoveries | 55 | 20 | 128 | 65 |
Balance at end of period | 37,770 | 29,575 | 37,770 | 29,575 |
Commercial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of period | 8,700 | 11,357 | 8,593 | 10,573 |
Provision for loan losses | 533 | 412 | 618 | 2,378 |
Charge-offs | 0 | (3,025) | 0 | (4,216) |
Recoveries | 3 | 3 | 25 | 12 |
Balance at end of period | 9,236 | 8,747 | 9,236 | 8,747 |
Real estate | Commercial Real Estate, Land and Land Development | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of period | 21,497 | 15,492 | 18,399 | 13,007 |
Provision for loan losses | 949 | 1,021 | 4,026 | 3,558 |
Charge-offs | 0 | 0 | 0 | (54) |
Recoveries | 3 | 4 | 24 | 6 |
Balance at end of period | 22,449 | 16,517 | 22,449 | 16,517 |
Real estate | Residential Real Estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of period | 3,292 | 2,533 | 2,760 | 2,339 |
Provision for loan losses | 33 | 601 | 563 | 786 |
Charge-offs | 0 | (421) | 0 | (421) |
Recoveries | 1 | 2 | 3 | 11 |
Balance at end of period | 3,326 | 2,715 | 3,326 | 2,715 |
Real estate | Single-Family Interim Construction | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of period | 1,387 | 1,121 | 1,301 | 769 |
Provision for loan losses | 258 | 113 | 478 | 465 |
Charge-offs | 0 | 0 | (134) | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 1,645 | 1,234 | 1,645 | 1,234 |
Agricultural | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of period | 272 | 175 | 207 | 215 |
Provision for loan losses | 8 | 13 | 73 | (27) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 280 | 188 | 280 | 188 |
Consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of period | 288 | 171 | 242 | 164 |
Provision for loan losses | (37) | (6) | 62 | (2) |
Charge-offs | (1) | (5) | (68) | (7) |
Recoveries | 29 | 2 | 43 | 7 |
Balance at end of period | 279 | 162 | 279 | 162 |
Other | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of period | 12 | 28 | 29 | 0 |
Provision for loan losses | 22 | 23 | 68 | 76 |
Charge-offs | (38) | (33) | (115) | (78) |
Recoveries | 19 | 9 | 33 | 29 |
Balance at end of period | 15 | 27 | 15 | 27 |
Unallocated | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of period | 433 | 39 | 60 | (24) |
Provision for loan losses | 107 | (54) | 480 | 9 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | $ 540 | $ (15) | $ 540 | $ (15) |
Loans, Net and Allowance for 45
Loans, Net and Allowance for Loan Losses - Summary of Activity in Allowance for Loan Losses by Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Allowance for losses: | ||||||
Individually evaluated for impairment | $ 2,624 | $ 185 | ||||
Collectively evaluated for impairment | 35,146 | 31,406 | ||||
Ending balance | 37,770 | $ 35,881 | 31,591 | $ 29,575 | $ 30,916 | $ 27,043 |
Loans: | ||||||
Individually evaluated for impairment | 14,400 | 17,861 | ||||
Collectively evaluated for impairment | 6,248,986 | 4,520,232 | ||||
Ending balance | 6,364,904 | 4,572,771 | ||||
Receivables Acquired with Deteriorated Credit Quality | ||||||
Allowance for losses: | ||||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 101,518 | 34,678 | ||||
Ending balance | 101,518 | 34,678 | ||||
Commercial | ||||||
Allowance for losses: | ||||||
Individually evaluated for impairment | 2,530 | 3 | ||||
Collectively evaluated for impairment | 6,706 | 8,590 | ||||
Ending balance | 9,236 | 8,700 | 8,593 | 8,747 | 11,357 | 10,573 |
Loans: | ||||||
Individually evaluated for impairment | 8,226 | 7,720 | ||||
Collectively evaluated for impairment | 983,119 | 620,665 | ||||
Ending balance | 1,006,104 | 630,805 | ||||
Commercial | Receivables Acquired with Deteriorated Credit Quality | ||||||
Allowance for losses: | ||||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 14,759 | 2,420 | ||||
Real estate | Commercial Real Estate, Land and Land Development | ||||||
Allowance for losses: | ||||||
Individually evaluated for impairment | 0 | 4 | ||||
Collectively evaluated for impairment | 22,449 | 18,395 | ||||
Ending balance | 22,449 | 18,399 | ||||
Loans: | ||||||
Individually evaluated for impairment | 2,711 | 7,089 | ||||
Collectively evaluated for impairment | 3,888,539 | 2,953,333 | ||||
Ending balance | 3,965,528 | 2,990,702 | ||||
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 | 74,278 | 30,280 | ||||
Real estate | Residential real estate | ||||||
Allowance for losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 3,326 | 2,760 | ||||
Ending balance | 3,326 | 2,760 | ||||
Loans: | ||||||
Individually evaluated for impairment | 3,226 | 1,889 | ||||
Collectively evaluated for impairment | 870,784 | 630,689 | ||||
Ending balance | 877,920 | 634,545 | ||||
Real estate | Residential real estate | Receivables Acquired with Deteriorated Credit Quality | ||||||
Allowance for losses: | ||||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 3,910 | 1,967 | ||||
Real estate | Single-family interim construction | ||||||
Allowance for losses: | ||||||
Individually evaluated for impairment | 0 | 84 | ||||
Collectively evaluated for impairment | 1,645 | 1,217 | ||||
Ending balance | 1,645 | 1,301 | ||||
Loans: | ||||||
Individually evaluated for impairment | 0 | 884 | ||||
Collectively evaluated for impairment | 314,914 | 234,591 | ||||
Ending balance | 319,093 | 235,475 | ||||
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 | 4,179 | 0 | ||||
Agricultural | ||||||
Allowance for losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 280 | 207 | ||||
Ending balance | 280 | 272 | 207 | 188 | 175 | 215 |
Loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 152,457 | 53,548 | ||||
Ending balance | 156,824 | 53,548 | ||||
Agricultural | Receivables Acquired with Deteriorated Credit Quality | ||||||
Allowance for losses: | ||||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 4,367 | 0 | ||||
Consumer | ||||||
Allowance for losses: | ||||||
Individually evaluated for impairment | 94 | 94 | ||||
Collectively evaluated for impairment | 185 | 148 | ||||
Ending balance | 279 | 288 | 242 | 162 | 171 | 164 |
Loans: | ||||||
Individually evaluated for impairment | 237 | 279 | ||||
Collectively evaluated for impairment | 38,836 | 27,240 | ||||
Ending balance | 39,098 | 27,530 | ||||
Consumer | Receivables Acquired with Deteriorated Credit Quality | ||||||
Allowance for losses: | ||||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans: | ||||||
Acquired with deteriorated credit quality | 25 | 11 | ||||
Other | ||||||
Allowance for losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 15 | 29 | ||||
Ending balance | 15 | 12 | 29 | 27 | 28 | 0 |
Loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 337 | 166 | ||||
Ending balance | 337 | 166 | ||||
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 losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 540 | 60 | ||||
Ending balance | 540 | $ 433 | 60 | $ (15) | $ 39 | $ (24) |
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 46
Loans, Net and Allowance for Loan Losses - Summary of Non Performing Loans by Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 12,624 | $ 15,626 |
Loans past due 90 days and still accruing | 43 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 1,986 | 2,216 |
Total nonperforming loans | 14,653 | 17,842 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 8,254 | 7,718 |
Loans past due 90 days and still accruing | 16 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | 1 |
Total nonperforming loans | 8,270 | 7,719 |
Real estate | Commercial Real Estate, Land and Land Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 1,744 | 5,885 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 1,067 | 1,204 |
Total nonperforming loans | 2,811 | 7,089 |
Real estate | Residential Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 2,389 | 866 |
Loans past due 90 days and still accruing | 16 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 919 | 1,011 |
Total nonperforming loans | 3,324 | 1,877 |
Real estate | Single-Family Interim Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 0 | 884 |
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 | 884 |
Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Loans past due 90 days and still accruing | 9 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | 0 |
Total nonperforming loans | 9 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 237 | 273 |
Loans past due 90 days and still accruing | 2 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | 0 |
Total nonperforming loans | 239 | 273 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [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 47
Loans, Net and Allowance for Loan Losses - Impaired Loans by Loan Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Recorded investment in impaired loans: | |||||
Impaired loans with an allowance for loan losses | $ 6,763 | $ 6,763 | $ 463 | ||
Impaired loans with no allowance for loan losses | 7,637 | 7,637 | 17,398 | ||
Total | 14,400 | 14,400 | 17,861 | ||
Unpaid principal balance of impaired loans | 17,670 | 17,670 | 21,239 | ||
Allowance for loan losses on impaired loans | 2,624 | 2,624 | 185 | ||
Average recorded investment in impaired loans | 14,063 | $ 14,151 | 15,013 | $ 18,297 | |
Interest income recognized on impaired loans | 29 | 87 | 474 | 197 | |
Commercial | |||||
Recorded investment in impaired loans: | |||||
Impaired loans with an allowance for loan losses | 6,561 | 6,561 | 8 | ||
Impaired loans with no allowance for loan losses | 1,665 | 1,665 | 7,712 | ||
Total | 8,226 | 8,226 | 7,720 | ||
Unpaid principal balance of impaired loans | 11,360 | 11,360 | 10,844 | ||
Allowance for loan losses on impaired loans | 2,530 | 2,530 | 3 | ||
Average recorded investment in impaired loans | 8,201 | 9,920 | 8,081 | 12,799 | |
Interest income recognized on impaired loans | 0 | 57 | 4 | 57 | |
Real estate | Commercial Real Estate, Land and Land Development | |||||
Recorded investment in impaired loans: | |||||
Impaired loans with an allowance for loan losses | 0 | 0 | 78 | ||
Impaired loans with no allowance for loan losses | 2,711 | 2,711 | 7,011 | ||
Total | 2,711 | 2,711 | 7,089 | ||
Unpaid principal balance of impaired loans | 2,747 | 2,747 | 7,133 | ||
Allowance for loan losses on impaired loans | 0 | 0 | 4 | ||
Average recorded investment in impaired loans | 2,769 | 1,338 | 3,849 | 2,383 | |
Interest income recognized on impaired loans | 15 | 18 | 427 | 56 | |
Real estate | Residential Real Estate | |||||
Recorded investment in impaired loans: | |||||
Impaired loans with an allowance for loan losses | 0 | 0 | 0 | ||
Impaired loans with no allowance for loan losses | 3,226 | 3,226 | 1,889 | ||
Total | 3,226 | 3,226 | 1,889 | ||
Unpaid principal balance of impaired loans | 3,295 | 3,295 | 2,087 | ||
Allowance for loan losses on impaired loans | 0 | 0 | 0 | ||
Average recorded investment in impaired loans | 2,847 | 2,831 | 2,608 | 2,994 | |
Interest income recognized on impaired loans | 14 | 12 | 38 | 84 | |
Real estate | Single-Family Interim Construction | |||||
Recorded investment in impaired loans: | |||||
Impaired loans with an allowance for loan losses | 0 | 0 | 168 | ||
Impaired loans with no allowance for loan losses | 0 | 0 | 716 | ||
Total | 0 | 0 | 884 | ||
Unpaid principal balance of impaired loans | 0 | 0 | 884 | ||
Allowance for loan losses on impaired loans | 0 | 0 | 84 | ||
Average recorded investment in impaired loans | 0 | 0 | 221 | 0 | |
Interest income recognized on impaired loans | 0 | 0 | 0 | 0 | |
Agricultural | |||||
Recorded investment in impaired loans: | |||||
Impaired loans with an allowance for loan losses | 0 | 0 | 0 | ||
Impaired loans with no allowance for loan losses | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Unpaid principal balance of impaired loans | 0 | 0 | 0 | ||
Allowance for loan losses on impaired loans | 0 | 0 | 0 | ||
Average recorded investment in impaired loans | 0 | 0 | 0 | 43 | |
Interest income recognized on impaired loans | 0 | 0 | 0 | 0 | |
Consumer | |||||
Recorded investment in impaired loans: | |||||
Impaired loans with an allowance for loan losses | 202 | 202 | 209 | ||
Impaired loans with no allowance for loan losses | 35 | 35 | 70 | ||
Total | 237 | 237 | 279 | ||
Unpaid principal balance of impaired loans | 268 | 268 | 291 | ||
Allowance for loan losses on impaired loans | 94 | 94 | 94 | ||
Average recorded investment in impaired loans | 246 | 62 | 254 | 78 | |
Interest income recognized on impaired loans | 0 | 0 | 5 | 0 | |
Other | |||||
Recorded investment in impaired loans: | |||||
Impaired loans with an allowance for loan losses | 0 | 0 | 0 | ||
Impaired loans with no allowance for loan losses | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Unpaid principal balance of impaired loans | 0 | 0 | 0 | ||
Allowance for loan losses on impaired loans | 0 | 0 | $ 0 | ||
Average recorded investment in impaired loans | 0 | 0 | 0 | 0 | |
Interest income recognized on impaired loans | $ 0 | $ 0 | $ 0 | $ 0 |
Loans, Net and Allowance for 48
Loans, Net and Allowance for Loan Losses - Summary of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)contract | Sep. 30, 2016USD ($)contract | Sep. 30, 2017USD ($)contract | Sep. 30, 2016USD ($)contract | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Number of contracts | contract | 1 | 0 | 3 | 1 |
Pre-restructuring outstanding recorded investment | $ 873 | $ 0 | $ 1,360 | $ 24 |
Post-restructuring outstanding recorded investment | $ 873 | $ 0 | $ 1,360 | $ 24 |
Commercial | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Number of contracts | contract | 1 | 0 | 1 | 1 |
Pre-restructuring outstanding recorded investment | $ 873 | $ 0 | $ 873 | $ 24 |
Post-restructuring outstanding recorded investment | $ 873 | $ 0 | $ 873 | $ 24 |
Real estate | Commercial Real Estate, Land and Land Development | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Number of contracts | contract | 0 | 0 | 0 | 0 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Real estate | Residential Real Estate | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Number of contracts | contract | 0 | 0 | 1 | 0 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 | $ 465 | $ 0 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 | $ 465 | $ 0 |
Real estate | Single-Family Interim Construction | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Number of contracts | contract | 0 | 0 | 0 | 0 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Agricultural | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Number of contracts | contract | 0 | 0 | 0 | 0 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Number of contracts | contract | 0 | 0 | 1 | 0 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 | $ 22 | $ 0 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 | $ 22 | $ 0 |
Other | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Number of contracts | contract | 0 | 0 | 0 | 0 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Loans, Net and Allowance for 49
Loans, Net and Allowance for Loan Losses - Aging of Past Due Loans by Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | $ 29,611 | $ 18,616 |
Current Loans | 6,335,293 | 4,554,155 |
Ending balance | 6,364,904 | 4,572,771 |
Acquired with deteriorated credit quality | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 10,560 | 1,091 |
Current Loans | 90,958 | 33,587 |
Ending balance | 101,518 | 34,678 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 1,006,104 | 630,805 |
Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 156,824 | 53,548 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 39,098 | 27,530 |
Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 337 | 166 |
Commercial Real Estate, Land and Land Development | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 3,965,528 | 2,990,702 |
Residential real estate | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 877,920 | 634,545 |
Single-family interim construction | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 319,093 | 235,475 |
Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 11,271 | 2,630 |
Loans 30-89 Days Past Due | Acquired with deteriorated credit quality | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 3,768 | 181 |
Loans 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 18,340 | 15,986 |
Loans 90 or More Past Due | Acquired with deteriorated credit quality | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 6,792 | 910 |
Receivables, excluding receivables acquired with deteriorated credit quality | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 19,051 | 17,525 |
Current Loans | 6,244,335 | 4,520,568 |
Ending balance | 6,263,386 | 4,538,093 |
Receivables, excluding receivables acquired with deteriorated credit quality | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 9,954 | 7,937 |
Current Loans | 981,391 | 620,448 |
Ending balance | 991,345 | 628,385 |
Receivables, excluding receivables acquired with deteriorated credit quality | Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 108 | 10 |
Current Loans | 152,349 | 53,538 |
Ending balance | 152,457 | 53,548 |
Receivables, excluding receivables acquired with deteriorated credit quality | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 409 | 206 |
Current Loans | 38,664 | 27,313 |
Ending balance | 39,073 | 27,519 |
Receivables, excluding receivables acquired with deteriorated credit quality | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 0 | 0 |
Current Loans | 337 | 166 |
Ending balance | 337 | 166 |
Receivables, excluding receivables acquired with deteriorated credit quality | Commercial Real Estate, Land and Land Development | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 3,706 | 6,903 |
Current Loans | 3,887,544 | 2,953,519 |
Ending balance | 3,891,250 | 2,960,422 |
Receivables, excluding receivables acquired with deteriorated credit quality | Residential real estate | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 4,874 | 1,407 |
Current Loans | 869,136 | 631,171 |
Ending balance | 874,010 | 632,578 |
Receivables, excluding receivables acquired with deteriorated credit quality | Single-family interim construction | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 0 | 1,062 |
Current Loans | 314,914 | 234,413 |
Ending balance | 314,914 | 235,475 |
Receivables, excluding receivables acquired with deteriorated credit quality | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 7,503 | 2,449 |
Receivables, excluding receivables acquired with deteriorated credit quality | Loans 30-89 Days Past Due | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 1,714 | 226 |
Receivables, excluding receivables acquired with deteriorated credit quality | Loans 30-89 Days Past Due | Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 99 | 10 |
Receivables, excluding receivables acquired with deteriorated credit quality | Loans 30-89 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 177 | 154 |
Receivables, excluding receivables acquired with deteriorated credit quality | Loans 30-89 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 0 | 0 |
Receivables, excluding receivables acquired with deteriorated credit quality | Loans 30-89 Days Past Due | Commercial Real Estate, Land and Land Development | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 2,094 | 151 |
Receivables, excluding receivables acquired with deteriorated credit quality | Loans 30-89 Days Past Due | Residential real estate | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 3,419 | 846 |
Receivables, excluding receivables acquired with deteriorated credit quality | Loans 30-89 Days Past Due | Single-family interim construction | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 0 | 1,062 |
Receivables, excluding receivables acquired with deteriorated credit quality | Loans 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 11,548 | 15,076 |
Receivables, excluding receivables acquired with deteriorated credit quality | Loans 90 or More Past Due | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 8,240 | 7,711 |
Receivables, excluding receivables acquired with deteriorated credit quality | Loans 90 or More Past Due | Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 9 | 0 |
Receivables, excluding receivables acquired with deteriorated credit quality | Loans 90 or More Past Due | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 232 | 52 |
Receivables, excluding receivables acquired with deteriorated credit quality | Loans 90 or More Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 0 | 0 |
Receivables, excluding receivables acquired with deteriorated credit quality | Loans 90 or More Past Due | Commercial Real Estate, Land and Land Development | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 1,612 | 6,752 |
Receivables, excluding receivables acquired with deteriorated credit quality | Loans 90 or More Past Due | Residential real estate | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | 1,455 | 561 |
Receivables, excluding receivables acquired with deteriorated credit quality | Loans 90 or More Past Due | Single-family interim construction | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans past due | $ 0 | $ 0 |
Loans, Net and Allowance for 50
Loans, Net and Allowance for Loan Losses - Summary of Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 6,364,904 | $ 4,572,771 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 6,157,993 | 4,471,060 |
Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 116,228 | 40,649 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 33,619 | 22,510 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 57,064 | 38,552 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 1,006,104 | 630,805 |
Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 933,126 | 555,342 |
Commercial | Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 39,532 | 31,954 |
Commercial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 3,783 | 16,734 |
Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 29,663 | 26,775 |
Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Real estate | Commercial real estate, construction, land and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 3,965,528 | 2,990,702 |
Real estate | Commercial real estate, construction, land and land development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 3,877,125 | 2,972,732 |
Real estate | Commercial real estate, construction, land and land development | Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 58,568 | 5,426 |
Real estate | Commercial real estate, construction, land and land development | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 13,924 | 5,148 |
Real estate | Commercial real estate, construction, land and land development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 15,911 | 7,396 |
Real estate | Commercial real estate, construction, land and land development | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Real estate | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 877,920 | 634,545 |
Real estate | Residential real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 867,627 | 629,081 |
Real estate | Residential real estate | Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 3,295 | 1,897 |
Real estate | Residential real estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 1,197 | 370 |
Real estate | Residential real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 5,801 | 3,197 |
Real estate | Residential real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Real estate | Single-family interim construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 319,093 | 235,475 |
Real estate | Single-family interim construction | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 313,133 | 233,800 |
Real estate | Single-family interim construction | Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 4,921 | 791 |
Real estate | Single-family interim construction | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Real estate | Single-family interim construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 1,039 | 884 |
Real estate | Single-family interim construction | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 156,824 | 53,548 |
Agricultural | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 127,846 | 52,724 |
Agricultural | Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 9,903 | 569 |
Agricultural | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 14,708 | 255 |
Agricultural | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 4,367 | 0 |
Agricultural | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 39,098 | 27,530 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 38,799 | 27,215 |
Consumer | Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 9 | 12 |
Consumer | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 7 | 3 |
Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 283 | 300 |
Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 337 | 166 |
Other | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 337 | 166 |
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 51
Loans, Net and Allowance for Loan Losses - Additional Detail Related to the Credit Quality Indicator (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 6,364,904 | $ 4,572,771 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 6,157,993 | 4,471,060 |
Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 116,228 | 40,649 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 33,619 | 22,510 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 57,064 | 38,552 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 101,518 | 34,678 |
Receivables Acquired with Deteriorated Credit Quality | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 38,752 | 30,498 |
Receivables Acquired with Deteriorated Credit Quality | Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 37,440 | 1,237 |
Receivables Acquired with Deteriorated Credit Quality | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 3,752 | 1,069 |
Receivables Acquired with Deteriorated Credit Quality | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 21,574 | 1,874 |
Receivables Acquired with Deteriorated Credit Quality | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 0 | $ 0 |
Loans, Net and Allowance for 52
Loans, Net and Allowance for Loan Losses - Outstanding Balance and Related Carrying Amount of Purchased Impaired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Apr. 01, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||
Outstanding balance | $ 117,978 | $ 39,442 | |
Carrying amount | $ 101,518 | $ 34,678 | |
Carlile Bancshares, Inc. | |||
Business Acquisition [Line Items] | |||
Outstanding balance | $ 101,153 | ||
Nonaccretable difference | (12,630) | ||
Accretable yield | (3,916) | ||
Carrying amount | $ 84,607 |
Loans, Net and Allowance for 53
Loans, Net and Allowance for Loan Losses - Purchased Credit Impaired Loans in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Outstanding balance | $ 117,978 | $ 39,442 |
Carrying amount | $ 101,518 | $ 34,678 |
Loans, Net and Allowance for 54
Loans, Net and Allowance for Loan Losses - Accretable Yield Rollforward (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at January 1, | $ 1,526 | $ 2,380 |
Additions | 3,916 | 0 |
Accretion | (3,586) | (759) |
Transfers from nonaccretable | 0 | 0 |
Balance at September 30, | $ 1,856 | $ 1,621 |
Commitments and Contingencies55
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 1,124,258 | $ 876,230 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | 1,115,678 | 865,668 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 8,580 | $ 10,562 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Rent expense | $ 873 | $ 516 | $ 2,278 | $ 1,575 |
Income Taxes - Tax Expense (Det
Income Taxes - Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense for the period | $ 11,696 | $ 7,155 | $ 26,985 | $ 19,174 |
Effective tax rate (percent) | 33.20% | 33.00% | 32.00% | 33.10% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Federal income tax at statutory rate (percent) | 35.00% | 35.00% | 35.00% | 35.00% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
U.S. treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | $ 32,322 | $ 3,147 |
U.S. treasuries | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | 0 | 0 |
U.S. treasuries | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | 32,322 | 3,147 |
U.S. treasuries | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | 0 | 0 |
Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | 231,194 | 122,267 |
Government agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | 0 | 0 |
Government agency securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | 231,194 | 122,267 |
Government agency securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | 0 | 0 |
Obligations of state and municipal subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | 229,213 | 87,256 |
Obligations of state and municipal subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | 0 | 0 |
Obligations of state and municipal subdivisions | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | 229,213 | 87,256 |
Obligations of state and municipal subdivisions | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | 0 | 0 |
Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | 244,056 | 103,765 |
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] | ||
Investment 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] | ||
Investment securities available for sale measured on a recurring basis | 244,056 | 103,765 |
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] | ||
Investment securities available for sale measured on a recurring basis | 0 | $ 0 |
Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | 10,362 | |
Other securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | 10,362 | |
Other securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | 0 | |
Other securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale measured on a recurring basis | $ 0 |
Fair Value Measurements - Ass60
Fair Value Measurements - Assets and Liabilities at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Measured at Fair Value | $ 4,031 | $ 968 |
Period Ended Total Losses | 2,530 | 708 |
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 at Fair Value | 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 at Fair Value | 0 | 0 |
Impaired loans | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Measured at Fair Value | 4,031 | 968 |
Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Measured at Fair Value | 322 | 340 |
Period Ended Total Losses | 120 | 52 |
Other real estate | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Measured at Fair Value | 0 | 0 |
Other real estate | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Measured at Fair Value | 0 | 0 |
Other real estate | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Measured at Fair Value | $ 322 | $ 340 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Securities available for sale | $ 747,147 | $ 316,435 |
Financial liabilities: | ||
Repurchase agreements | 15,238 | 0 |
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 1,124,258 | 876,230 |
Commitments to extend credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 1,115,678 | 865,668 |
Standby letters of credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 8,580 | 10,562 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 763,017 | 505,027 |
Certificates of deposit held in other banks | 0 | 0 |
Securities available for sale | 10,362 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
FHLB of Dallas stock and other restricted stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
FHLB advances | 0 | 0 |
Repurchase agreements | 0 | |
Other borrowings | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commitments to extend credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Standby letters of credit | ||
Off-balance sheet assets (liabilities): | ||
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 | 15,800 | 2,733 |
Securities available for sale | 736,785 | 316,435 |
Loans held for sale | 26,728 | 9,795 |
Loans, net | 6,259,138 | 4,532,086 |
FHLB of Dallas stock and other restricted stock | 29,046 | 26,536 |
Accrued interest receivable | 19,335 | 12,331 |
Financial liabilities: | ||
Deposits | 6,878,244 | 4,581,866 |
Accrued interest payable | 3,177 | 4,020 |
FHLB advances | 555,288 | 459,436 |
Repurchase agreements | 15,238 | |
Other borrowings | 111,100 | 110,000 |
Junior subordinated debentures | 19,479 | 18,131 |
Significant Other Observable Inputs (Level 2) | Commitments to extend credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Standby letters of credit | ||
Off-balance sheet assets (liabilities): | ||
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 | 4,139 | 278 |
FHLB of Dallas stock and other restricted stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
FHLB advances | 0 | 0 |
Repurchase agreements | 0 | |
Other borrowings | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commitments to extend credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Standby letters of credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 763,017 | 505,027 |
Certificates of deposit held in other banks | 15,692 | 2,707 |
Securities available for sale | 747,147 | 316,435 |
Loans held for sale | 25,854 | 9,795 |
Loans, net | 6,324,545 | 4,539,063 |
FHLB of Dallas stock and other restricted stock | 29,046 | 26,536 |
Accrued interest receivable | 19,335 | 12,331 |
Financial liabilities: | ||
Deposits | 6,872,631 | 4,577,109 |
Accrued interest payable | 3,177 | 4,020 |
FHLB advances | 560,687 | 460,746 |
Repurchase agreements | 15,238 | |
Other borrowings | 107,567 | 107,299 |
Junior subordinated debentures | 27,604 | 18,147 |
Carrying Amount | Commitments to extend credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Carrying Amount | Standby letters of credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 763,017 | 505,027 |
Certificates of deposit held in other banks | 15,800 | 2,733 |
Securities available for sale | 747,147 | 316,435 |
Loans held for sale | 26,728 | 9,795 |
Loans, net | 6,263,277 | 4,532,364 |
FHLB of Dallas stock and other restricted stock | 29,046 | 26,536 |
Accrued interest receivable | 19,335 | 12,331 |
Financial liabilities: | ||
Deposits | 6,878,244 | 4,581,866 |
Accrued interest payable | 3,177 | 4,020 |
FHLB advances | 555,288 | 459,436 |
Repurchase agreements | 15,238 | |
Other borrowings | 111,100 | 110,000 |
Junior subordinated debentures | 19,479 | 18,131 |
Estimated Fair Value | Commitments to extend credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Estimated Fair Value | Standby letters of credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | $ 0 | $ 0 |
Stock Awards and Stock Warran62
Stock Awards and Stock Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vested during the period (shares) | 135,220 | 139,699 | |||
Compensation expense | $ 1,276 | $ 892 | $ 3,442 | $ 4,533 | |
Estimated future compensation expense | $ 9,345 | $ 9,345 | |||
Period for recognition | 3 years 11 days | ||||
Fair value of common stock awards vested | $ 8,243 | 4,554 | |||
AOCI income tax effect from share-based compensation, net | $ 185 | $ (193) | |||
Warrants outstanding (shares) | 147,341 | ||||
Purchase price of common stock (usd per share) | $ 17.19 | ||||
Number of warrants exercised (shares) | 3,203 | 3,203 | |||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Excess tax benefits on vested restricted stock | $ 28 | $ 1,272 | |||
2012 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock vesting period | 5 years | ||||
Vested during the period (shares) | 24,160 | ||||
2013 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares reserved for future issuance (shares) | 800,000 | 800,000 | |||
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 |
Stock Awards and Stock Warran63
Stock Awards and Stock Warrants - Nonvested Shares Activity (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Number of Shares | ||
Nonvested shares, beginning balance (shares) | 280,524 | 373,572 |
Granted during the period (shares) | 102,570 | 87,470 |
Vested during the period (shares) | (135,220) | (139,699) |
Forfeited during the period (shares) | (67) | (6,836) |
Nonvested shares, ending balance (shares) | 247,807 | 314,507 |
Weighted Average Grant Date Fair Value | ||
Nonvested shares, beginning balance (usd per share) | $ 36.88 | $ 40.29 |
Granted during the period (usd per share) | 61.90 | 31.82 |
Vested during the period (usd per share) | 34.10 | 36.55 |
Forfeited during the period (usd per share) | 29.91 | 36.11 |
Nonvested shares, ending balance (usd per share) | $ 48.76 | $ 36.35 |
Stock Awards and Stock Warran64
Stock Awards and Stock Warrants - Future Vesting Schedule of Nonvested Shares (Details) | Sep. 30, 2017shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares (shares) | 247,807 |
First year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares (shares) | 115,069 |
Second year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares (shares) | 75,945 |
Third year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares (shares) | 31,723 |
Fourth year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares (shares) | 15,456 |
Fifth year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares (shares) | 9,614 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) | Jan. 01, 2016 |
Regulated Operations [Abstract] | |
Capital required for capital adequacy ratio, capital conservation buffer (percent) | 0.625% |
Capital required for capital adequacy ratio, capital conservation buffer, annual increase (percent) | 0.625% |
Capital required for capital adequacy ratio, capital conservation buffer, maximum (percent) | 2.50% |
Regulatory Matters - Actual Cap
Regulatory Matters - Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Consolidated | ||
Total capital to risk weighted assets: | ||
Actual Amount | $ 818,998 | $ 568,808 |
Actual Ratio (percent) | 11.72% | 11.38% |
Minimum for Capital Adequacy Purposes Amount | $ 559,083 | $ 399,698 |
Minimum for Capital Adequacy Purposes Ratio (percent) | 8.00% | 8.00% |
Tier 1 capital to risk weighted assets: | ||
Actual Amount | $ 671,228 | $ 427,217 |
Actual Ratio (percent) | 9.60% | 8.55% |
Minimum for Capital Adequacy Purposes Amount | $ 419,312 | $ 299,774 |
Minimum for Capital Adequacy Purposes Ratio (percent) | 6.00% | 6.00% |
Common equity tier 1 to risk weighted assets | ||
Actual Amount | $ 641,114 | $ 409,617 |
Actual Ratio (percent) | 9.17% | 8.20% |
Minimum for Capital Adequacy Purposes Amount | $ 314,484 | $ 224,830 |
Minimum for Capital Adequacy Purposes Ratio (percent) | 4.50% | 4.50% |
Tier 1 capital to average assets: | ||
Actual Amount | $ 671,228 | $ 427,217 |
Actual Ratio (percent) | 8.30% | 7.82% |
Minimum for Capital Adequacy Purposes Amount | $ 323,599 | $ 218,612 |
Minimum for Capital Adequacy Purposes Ratio (percent) | 4.00% | 4.00% |
Bank | ||
Total capital to risk weighted assets: | ||
Actual Amount | $ 793,048 | $ 558,551 |
Actual Ratio (percent) | 11.37% | 11.19% |
Minimum for Capital Adequacy Purposes Amount | $ 557,977 | $ 399,497 |
Minimum for Capital Adequacy Purposes Ratio (percent) | 8.00% | 8.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 697,471 | $ 499,371 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 10.00% | 10.00% |
Tier 1 capital to risk weighted assets: | ||
Actual Amount | $ 755,269 | $ 526,960 |
Actual Ratio (percent) | 10.83% | 10.55% |
Minimum for Capital Adequacy Purposes Amount | $ 418,483 | $ 299,623 |
Minimum for Capital Adequacy Purposes Ratio (percent) | 6.00% | 6.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 557,977 | $ 399,497 |
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 | $ 755,269 | $ 526,960 |
Actual Ratio (percent) | 10.83% | 10.55% |
Minimum for Capital Adequacy Purposes Amount | $ 313,862 | $ 224,717 |
Minimum for Capital Adequacy Purposes Ratio (percent) | 4.50% | 4.50% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 453,356 | $ 324,591 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 6.50% | 6.50% |
Tier 1 capital to average assets: | ||
Actual Amount | $ 755,269 | $ 526,960 |
Actual Ratio (percent) | 9.35% | 9.65% |
Minimum for Capital Adequacy Purposes Amount | $ 323,037 | $ 218,517 |
Minimum for Capital Adequacy Purposes Ratio (percent) | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 403,797 | $ 273,146 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 5.00% | 5.00% |
Business Combination - Addition
Business Combination - Additional Information (Details) $ in Thousands | Oct. 06, 2017branch | Apr. 01, 2017USD ($)branchshares | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||||
Cash paid to shareholders of acquired banks | $ 17,773 | $ 0 | |||||
Total goodwill | $ 606,701 | 606,701 | $ 258,319 | ||||
Acquisition expense | 2,428 | $ 3 | 8,247 | 732 | |||
Offering costs paid in connection with acquired banks | 942 | $ 0 | |||||
Subsequent Event | |||||||
Business Acquisition [Line Items] | |||||||
Number of branches sold | branch | 9 | ||||||
Carlile Bancshares, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of outstanding stock in business acquisition (percent) | 100.00% | ||||||
Stock issued (shares) | shares | 8,804,699 | ||||||
Cash paid to shareholders of acquired banks | $ 17,773 | ||||||
Total goodwill | 348,382 | ||||||
Acquisition expense | $ 2,558 | 9,664 | $ 659 | ||||
Offering costs paid in connection with acquired banks | $ 942 | ||||||
Estimated fair value of non-credit impaired loans | 1,299,602 | ||||||
Contractual balance of non-credit impaired loans | 1,310,420 | ||||||
Interest income adjustment for non-credit impaired loans | $ 10,818 | ||||||
Carlile Bancshares, Inc. | DFW Metroplex and Austin | |||||||
Business Acquisition [Line Items] | |||||||
Number branches acquired | branch | 24 | ||||||
Carlile Bancshares, Inc. | Colorado | |||||||
Business Acquisition [Line Items] | |||||||
Number branches acquired | branch | 18 |
Business Combination - Schedule
Business Combination - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 01, 2017 | Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Assets of acquired bank: | |||||
Goodwill | $ 606,701 | $ 606,701 | $ 258,319 | ||
Liabilities of acquired bank: | |||||
Common stock issued at $62.70 per share | 552,093 | $ 0 | |||
Cash paid | 17,773 | 0 | |||
Measurement Period Adjustments | |||||
Goodwill | 0 | (324) | |||
Total assets | 0 | 20 | |||
Other liabilities | 0 | 20 | |||
Total liabilities | $ 0 | $ 20 | |||
Carlile Bancshares, Inc. | |||||
Assets of acquired bank: | |||||
Cash and cash equivalents | $ 159,469 | ||||
Securities available for sale | 336,540 | ||||
Loans | 1,384,210 | ||||
Premises and equipment | 63,166 | ||||
Other real estate owned | 11,124 | ||||
Goodwill | 348,382 | ||||
Core deposit intangible | 36,717 | ||||
Other assets | 89,520 | ||||
Total assets acquired | 2,429,128 | ||||
Liabilities of acquired bank: | |||||
Deposits | 1,821,938 | ||||
Junior subordinated debentures | 9,359 | ||||
Other liabilities | 27,965 | ||||
Total liabilities assumed | 1,859,262 | ||||
Common stock issued at $62.70 per share | $ 552,093 | ||||
Share price of business acquisition (usd per share) | $ 62.70 | ||||
Cash paid | $ 17,773 | ||||
Measurement Period Adjustments | |||||
Loans | 169 | ||||
Premises and equipment | (395) | ||||
Other real estate owned | 1,148 | ||||
Goodwill | (562) | ||||
Other assets | (104) | ||||
Total assets | 256 | ||||
Other liabilities | 256 | ||||
Total liabilities | $ 256 | ||||
Scenario, Previously Reported | Carlile Bancshares, Inc. | |||||
Assets of acquired bank: | |||||
Cash and cash equivalents | 159,469 | ||||
Securities available for sale | 336,540 | ||||
Loans | 1,384,041 | ||||
Premises and equipment | 63,561 | ||||
Other real estate owned | 9,976 | ||||
Goodwill | 348,944 | ||||
Core deposit intangible | 36,717 | ||||
Other assets | 89,624 | ||||
Total assets acquired | 2,428,872 | ||||
Liabilities of acquired bank: | |||||
Deposits | 1,821,938 | ||||
Junior subordinated debentures | 9,359 | ||||
Other liabilities | 27,709 | ||||
Total liabilities assumed | 1,859,006 | ||||
Common stock issued at $62.70 per share | 552,093 | ||||
Cash paid | $ 17,773 |
Business Combination - Pro Form
Business Combination - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||||
Acquisition expense, including legal | $ 2,428 | $ 3 | $ 8,247 | $ 732 | |
Carlile Bancshares, Inc. | |||||
Business Acquisition [Line Items] | |||||
Interest income | 84,672 | 76,063 | 243,892 | 224,918 | |
Noninterest income | 12,130 | 12,756 | 34,586 | 35,751 | |
Total Revenue | 96,802 | 88,819 | 278,478 | 260,669 | |
Net income | 25,177 | 21,003 | 68,457 | 56,733 | |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | (315) | |
Net income to common stockholders | $ 25,177 | $ 21,003 | $ 68,457 | $ 56,418 | |
Basic earnings per share (usd per share) | $ 0.91 | $ 0.76 | $ 2.47 | $ 2.04 | |
Diluted earnings per share (usd per share) | $ 0.90 | $ 0.76 | $ 2.46 | $ 2.03 | |
Acquisition expense, including legal | $ 2,558 | $ 9,664 | $ 659 | ||
Carlile Bancshares, Inc. | Carlile Bancshares, Inc. | |||||
Business Acquisition [Line Items] | |||||
Acquisition expense, including legal | $ 0 | $ 15,700 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) | Oct. 25, 2017$ / shares | Oct. 20, 2017bank | Oct. 06, 2017USD ($)branch | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) |
Subsequent Event [Line Items] | |||||
Deposit premium received | $ 333,000 | $ 64,000 | |||
Advances outstanding on line of credit | $ 0 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Number of branches sold | branch | 9 | ||||
Loans transferred in branch sale | $ 99,000,000 | ||||
Deposits transferred in branch sale | 161,000,000 | ||||
Deposit premium received | $ 6,800,000 | ||||
Number of unaffiliated banks | bank | 2 | ||||
Number of unaffiliated banks affected by line of credit amendment | bank | 1 | ||||
Dividends declared (usd per share) | $ / shares | $ 0.10 | ||||
Subsequent Event | Line of Credit | London Interbank Offered Rate (LIBOR) | |||||
Subsequent Event [Line Items] | |||||
Basis spread on variable rate | 2.50% |