Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 26, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | IBTX | ||
Entity Registrant Name | Independent Bank Group, Inc. | ||
Entity Central Index Key | 1,564,618 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 28,345,755 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,042,842,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 187,574 | $ 158,686 |
Interest-bearing deposits in other banks | 243,528 | 336,341 |
Federal funds sold | 0 | 10,000 |
Cash and cash equivalents | 431,102 | 505,027 |
Certificates of deposit held in other banks | 12,985 | 2,707 |
Securities available for sale, at fair value | 763,002 | 316,435 |
Loans held for sale | 39,202 | 9,795 |
Loans, net | 6,432,273 | 4,539,063 |
Premises and equipment, net | 147,835 | 89,898 |
Other real estate owned | 7,126 | 1,972 |
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock | 29,184 | 26,536 |
Bank-owned life insurance (BOLI) | 113,170 | 57,209 |
Deferred tax asset | 9,763 | 9,631 |
Goodwill | 621,458 | 258,319 |
Core deposit intangible, net | 43,244 | 14,177 |
Other assets | 34,119 | 22,032 |
Total assets | 8,684,463 | 5,852,801 |
Deposits: | ||
Noninterest-bearing | 1,907,770 | 1,117,927 |
Interest-bearing | 4,725,052 | 3,459,182 |
Total deposits | 6,632,822 | 4,577,109 |
FHLB advances | 530,667 | 460,746 |
Other borrowings | 136,911 | 107,299 |
Junior subordinated debentures | 27,654 | 18,147 |
Other liabilities | 20,391 | 17,135 |
Total liabilities | 7,348,445 | 5,180,436 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock (28,254,893 and 18,870,312 shares outstanding, respectively) | 283 | 189 |
Additional paid-in capital | 1,151,990 | 555,325 |
Retained earnings | 184,232 | 117,951 |
Accumulated other comprehensive loss | (487) | (1,100) |
Total stockholders’ equity | 1,336,018 | 672,365 |
Total liabilities and stockholders’ equity | $ 8,684,463 | $ 5,852,801 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, shares outstanding (shares) | 28,254,893 | 18,870,312 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income: | |||
Interest and fees on loans | $ 290,357 | $ 203,577 | $ 169,504 |
Interest on taxable securities | 8,229 | 2,681 | 2,168 |
Interest on nontaxable securities | 3,877 | 1,768 | 1,783 |
Interest on interest-bearing deposits and other | 5,451 | 2,023 | 572 |
Total interest income | 307,914 | 210,049 | 174,027 |
Interest expense: | |||
Interest on deposits | 28,518 | 16,075 | 12,024 |
Interest on FHLB advances | 5,858 | 4,119 | 3,077 |
Interest on repurchase agreements and other borrowings | 6,898 | 5,428 | 4,289 |
Interest on junior subordinated debentures | 1,162 | 621 | 539 |
Total interest expense | 42,436 | 26,243 | 19,929 |
Net interest income | 265,478 | 183,806 | 154,098 |
Provision for loan losses | 8,265 | 9,440 | 9,231 |
Net interest income after provision for loan losses | 257,213 | 174,366 | 144,867 |
Noninterest income: | |||
Service charges on deposit accounts | 12,955 | 7,222 | 6,898 |
Mortgage banking revenue | 13,755 | 7,038 | 5,269 |
Gain on sale of loans | 351 | 0 | 116 |
Gain (loss) on sale of branches | 2,917 | (43) | 0 |
(Loss) gain on sale of other real estate | (160) | 57 | 290 |
Gain on sale of repossessed assets | 1,010 | 0 | 0 |
Gain on sale of securities available for sale | 124 | 4 | 134 |
(Loss) gain on sale of premises and equipment | (21) | 32 | (358) |
Increase in cash surrender value of BOLI | 2,748 | 1,348 | 1,077 |
Other | 7,608 | 3,897 | 2,702 |
Total noninterest income | 41,287 | 19,555 | 16,128 |
Noninterest expense: | |||
Salaries and employee benefits | 95,741 | 66,762 | 60,541 |
Occupancy | 22,079 | 16,101 | 16,058 |
Data processing | 8,597 | 4,752 | 3,384 |
FDIC assessment | 4,311 | 3,889 | 2,259 |
Advertising and public relations | 1,452 | 1,107 | 1,038 |
Communications | 2,860 | 2,116 | 2,219 |
Net other real estate owned expenses (including taxes) | 304 | 205 | 169 |
Other real estate impairment | 1,412 | 106 | 35 |
Core deposit intangible amortization | 4,639 | 1,964 | 1,555 |
Professional fees | 4,564 | 3,212 | 3,191 |
Acquisition expense, including legal | 12,898 | 1,517 | 1,420 |
Other | 17,956 | 12,059 | 11,329 |
Total noninterest expense | 176,813 | 113,790 | 103,198 |
Income before taxes | 121,687 | 80,131 | 57,797 |
Income tax expense | 45,175 | 26,591 | 19,011 |
Net income | $ 76,512 | $ 53,540 | $ 38,786 |
Basic earnings per share (usd per share) | $ 2.98 | $ 2.89 | $ 2.23 |
Diluted earnings per share (usd per share) | $ 2.97 | $ 2.88 | $ 2.21 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 76,512 | $ 53,540 | $ 38,786 |
Other comprehensive income (loss) before tax: | |||
Change in net unrealized gains (losses) on available for sale securities during the year | 1,067 | (5,353) | 101 |
Reclassification adjustment for gain on sale of securities available for sale included in net income | (124) | (4) | (134) |
Other comprehensive income (loss) before tax | 943 | (5,357) | (33) |
Income tax expense (benefit) | 330 | (1,875) | (12) |
Other comprehensive income (loss), net of tax | 613 | (3,482) | (21) |
Comprehensive income | $ 77,125 | $ 50,058 | $ 38,765 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Series A Preferred Stock $.01 Par Value 10 million shares authorized | Common Stock $.01 Par Value 100 million shares authorized | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2014 | 17,032,669 | |||||
Beginning balance at Dec. 31, 2014 | $ 540,851 | $ 23,938 | $ 170 | $ 476,609 | $ 37,731 | $ 2,403 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 38,786 | 38,786 | ||||
Other comprehensive income (loss), net of tax | (21) | (21) | ||||
Stock issued for acquisition of bank, net of offering costs (in shares) | 1,279,532 | |||||
Stock issued for acquisition of bank, net of offering costs of $568 in 2015 and $942 for 2017 | 49,270 | $ 13 | 49,257 | |||
Restricted stock forfeited (shares) | (19,131) | |||||
Restricted stock forfeited | 0 | |||||
Restricted stock granted (shares) | 106,124 | |||||
Restricted stock granted | 0 | $ 1 | (1) | |||
Income tax deficiency on restricted stock vested | (72) | (72) | ||||
Reclassification to temporary equity | (23,938) | (23,938) | ||||
Stock based compensation expense | 4,314 | 4,314 | ||||
Preferred stock dividends | (240) | (240) | ||||
Dividends ($0.40 per share in 2017, $0.34 per share in 2016, and $0.32 per share in 2015) | (5,579) | (5,579) | ||||
Ending balance (in shares) at Dec. 31, 2015 | 18,399,194 | |||||
Ending balance at Dec. 31, 2015 | 603,371 | 0 | $ 184 | 530,107 | 70,698 | 2,382 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 53,540 | 53,540 | ||||
Other comprehensive income (loss), net of tax | (3,482) | (3,482) | ||||
Common stock issued, net of offering costs (shares) | 400,000 | |||||
Common stock issued, net of offering costs of $525 in 2017 and $1,071 in 2016 | 19,929 | $ 4 | 19,925 | |||
Restricted stock forfeited (shares) | (25,102) | |||||
Restricted stock forfeited | 0 | |||||
Restricted stock granted (shares) | 96,220 | |||||
Restricted stock granted | 0 | $ 1 | (1) | |||
Income tax deficiency on restricted stock vested | (137) | (137) | ||||
Stock based compensation expense | 5,431 | 5,431 | ||||
Preferred stock dividends | (8) | (8) | ||||
Dividends ($0.40 per share in 2017, $0.34 per share in 2016, and $0.32 per share in 2015) | (6,279) | (6,279) | ||||
Ending balance (in shares) at Dec. 31, 2016 | 18,870,312 | |||||
Ending balance at Dec. 31, 2016 | 672,365 | 0 | $ 189 | 555,325 | 117,951 | (1,100) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 76,512 | 76,512 | ||||
Other comprehensive income (loss), net of tax | 613 | 613 | ||||
Stock issued for acquisition of bank, net of offering costs (in shares) | 8,804,699 | |||||
Stock issued for acquisition of bank, net of offering costs of $568 in 2015 and $942 for 2017 | 565,200 | $ 88 | 565,112 | |||
Common stock issued, net of offering costs (shares) | 448,500 | |||||
Common stock issued, net of offering costs of $525 in 2017 and $1,071 in 2016 | 26,816 | $ 5 | 26,811 | |||
Restricted stock forfeited (shares) | (2,543) | |||||
Restricted stock forfeited | 0 | |||||
Restricted stock granted (shares) | 130,722 | |||||
Restricted stock granted | 0 | $ 1 | (1) | |||
Stock based compensation expense | 4,688 | 4,688 | ||||
Exercise of warrants (shares) | 3,203 | |||||
Exercise of warrants | 55 | 55 | ||||
Dividends ($0.40 per share in 2017, $0.34 per share in 2016, and $0.32 per share in 2015) | (10,231) | (10,231) | ||||
Ending balance (in shares) at Dec. 31, 2017 | 28,254,893 | |||||
Ending balance at Dec. 31, 2017 | $ 1,336,018 | $ 0 | $ 283 | $ 1,151,990 | $ 184,232 | $ (487) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends paid (usd per share) | $ 0.4 | $ 0.34 | $ 0.32 |
Common stock shares authorized (shares) | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Offering costs, stock issued for acquisition of bank | $ 942 | $ 568 | |
Common stock issued, offering costs | $ 525 | $ 1,071 | |
Series A Preferred Stock $.01 Par Value 10 million shares authorized | |||
Preferred stock shares authorized (shares) | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 76,512 | $ 53,540 | $ 38,786 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation expense | 8,196 | 6,763 | 6,270 |
Accretion income recognized on acquired loans | (7,833) | (4,482) | (2,774) |
Amortization of core deposit intangibles | 4,639 | 1,964 | 1,555 |
Amortization of premium on securities, net | 3,629 | 2,230 | 1,558 |
Amortization of discount and origination costs on other borrowings | 505 | 241 | 194 |
Stock based compensation expense | 4,688 | 5,431 | 4,314 |
Excess tax benefit on restricted stock vested | (1,323) | 0 | 0 |
FHLB stock dividends | (448) | (261) | (43) |
Loss (gain) on sale of premises and equipment | 21 | (32) | 358 |
Gain on sale of loans | (351) | 0 | (116) |
(Gain) loss on sale of branches | (2,917) | 43 | 0 |
Gain on sale of securities available for sale | (124) | (4) | (134) |
Loss (gain) on sale of other real estate owned | 160 | (57) | (290) |
Gain on sale of repossessed assets | (1,010) | 0 | 0 |
Impairment of other real estate | 1,412 | 106 | 35 |
Deferred tax expense (benefit) | 17,054 | (1,849) | (3,935) |
Provision for loan losses | 8,265 | 9,440 | 9,231 |
Increase in cash surrender value of life insurance | (2,748) | (1,348) | (1,077) |
Originations of loans held for sale | (429,874) | (276,679) | (215,404) |
Proceeds from sale of loans held for sale | 413,249 | 279,183 | 208,129 |
Net change in other assets | (5,987) | (978) | 5,893 |
Net change in other liabilities | (2,920) | 7,026 | (9,032) |
Net cash provided by operating activities | 82,795 | 80,277 | 43,518 |
Cash flows from investing activities: | |||
Proceeds from maturities and paydowns of securities available for sale | 2,328,843 | 1,569,462 | 535,141 |
Proceeds from sale of securities available for sale | 31,367 | 5,399 | 14,915 |
Purchases of securities available for sale | (2,472,799) | (1,625,416) | (546,294) |
Purchases of certificates of deposits held in other banks | 0 | (2,707) | 0 |
Proceeds from maturities of certificates of deposits held in other banks | 747 | 61,746 | 22,781 |
Purchase of bank owned life insurance contracts | 0 | (15,000) | 0 |
Net redemptions (purchases) of FHLB stock | 8,910 | (12,019) | (1,552) |
Proceeds from sale of loans | 3,867 | 0 | 4,765 |
Net loans originated held for investment | (566,881) | (584,316) | (517,846) |
Net originations of mortgage warehouse purchase loans | (64,372) | 0 | 0 |
Additions to premises and equipment | (13,193) | (6,139) | (13,781) |
Proceeds from sale of premises and equipment | 16 | 332 | 4,254 |
Proceeds from sale of other real estate owned | 9,433 | 1,860 | 2,460 |
Proceeds from sale of repossessed assets | 1,010 | 0 | 0 |
Capitalized additions to other real estate owned | (1,030) | 0 | (10) |
Cash received from acquired banks | 148,444 | 0 | 152,913 |
Cash paid in connection with acquisitions | (17,773) | 0 | (24,103) |
Selling costs paid in connection with branch sales | (235) | (107) | 0 |
Net cash transferred in branch sales | (58,687) | (2,399) | 0 |
Net cash used in investing activities | (662,333) | (609,304) | (366,357) |
Cash flows from financing activities: | |||
Net increase in demand deposits, money market and savings accounts | 610,279 | 521,100 | 245,831 |
Net increase (decrease) in time deposits | (210,382) | 11,670 | 6,128 |
Repayments of FHLB advances | (130,079) | (402,579) | (293,916) |
Proceeds from FHLB advances | 200,000 | 575,000 | 350,000 |
Net change in repurchase agreements | (9,158) | 8,528 | (7,653) |
Repayments of notes payable and other borrowings | 0 | (5,798) | (1,932) |
Proceeds from other borrowings, net of issuance costs | 29,255 | 43,150 | 0 |
Proceeds from exercise of common stock warrants | 55 | 0 | 0 |
Offering costs paid in connection with acquired banks | (942) | 0 | (568) |
Net proceeds from issuance of common stock | 26,816 | 19,929 | 0 |
Redemption of preferred stock | 0 | (23,938) | 0 |
Dividends paid | (10,231) | (6,287) | (5,819) |
Net cash provided by financing activities | 505,613 | 740,775 | 292,071 |
Net change in cash and cash equivalents | (73,925) | 211,748 | (30,768) |
Cash and cash equivalents at beginning of year | 505,027 | 293,279 | 324,047 |
Cash and cash equivalents at end of year | $ 431,102 | $ 505,027 | $ 293,279 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 North, Central and Southeast, 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., CFRH II, LLC, McKinney Avenue Holdings, Inc. and its wholly owned subsidiary, McKinney Avenue Holdings SPE 1, Inc.. Adriatica, CFRH II, LLC, McKinney Avenue Holdings, Inc. and its subsidiary are currently not active entities. During the third quarter 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 (Goldome) 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 is a mortgage warehouse purchase company. During the fourth quarter 2017, Goldome was merged with the Bank and dissolved. See Note 20 , 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 (see Note 12 ). Accounting standards codification: The Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) is the officially recognized source of authoritative U.S. generally accepted accounting principles (GAAP) applicable to all public and non-public non-governmental entities. Rules and interpretive releases of the SEC under the authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. All other accounting literature is considered non-authoritative. Citing particular content in the ASC involves specifying the unique numeric path to the content through the Topic, Subtopic, Section and Paragraph structure. Segment Reporting: The Company has one reportable segment. The Company’s chief operating decision-maker uses consolidated results to make operating and strategic decisions. Reclassifications: Certain prior period financial statement amounts have been reclassified to conform to current period presentation. The reclassifications have no effect on net income or stockholders' equity as previously reported. Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ from those estimates. The material estimates included in the financial statements relate to the allowance for loan losses, the valuation of goodwill and valuation of assets and liabilities acquired in business combinations. Cash and cash equivalents: For the purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. All highly liquid investments with an initial maturity of less than ninety days are considered to be cash equivalents. The Company maintains deposits with other financial institutions in amounts that exceed FDIC insurance coverage. The Company's management monitors the balance in these accounts and periodically assesses the financial condition of the other financial institutions. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risks on cash or cash equivalents. Certificates of deposit: Certificates of deposit are FDIC insured deposits in other financial institutions that mature within 18 months and are carried at cost. Securities: Securities classified as available for sale are those debt securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company's assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Securities available for sale are reported at fair value with unrealized gains or losses reported as a separate component of other comprehensive income, net of tax. The amortization of premiums and accretion of discounts, computed by the interest method over their contractual lives, are recognized in interest income. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date. In estimating other than temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent of the Company to retain its investment and whether it is more likely than not the Company will be required to sell its investment before its anticipated recovery in fair value. When the Company does not intend to sell the security, and it is more likely than not that it will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other than temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. Loans held for sale: The Company originates residential mortgage loans that may subsequently be sold to unaffiliated third parties. Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by aggregate outstanding commitments from investors. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Mortgage loans held for sale are sold without servicing rights retained. Gains and losses on sales of loans are recognized in noninterest income at settlement dates and are determined by the difference between the sales proceeds and the carrying value of the loans. Acquired loans: Acquired loans from the transactions accounted for as a business combination include both non-performing loans with evidence of credit deterioration since their origination date and performing loans. The Company is accounting for the non-performing loans acquired in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . The performing loans are being accounted for under ASC 310-20, Nonrefundable Fees and Other Costs , with the related difference in the initial fair value and unpaid principal balance (the discount) recognized as interest income on a level yield basis over the life of the loan. At the date of the acquisition, the acquired loans are recorded at their fair value and there is no carryover of the seller's allowance for loan losses. Purchased credit impaired loans are accounted for individually. The Company estimates the amount and timing of undiscounted expected cash flows for each loan, and the expected cash flows in excess of fair value is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan's contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan, expected cash flows continue to be estimated. If the expected cash flows decrease, an impairment loss is recorded. If the expected cash flows increase, it is recognized as part of future interest income. Loans, net: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance adjusted for the allowance for loan losses and deferred loan fees. Fees and costs associated with originating loans are generally recognized in the period they are incurred, except in the Houston market, former Grand Bank and Carlile branches, which fees are deferred. The provisions of ASC 310, Receivables , generally provide that such fees and related costs be deferred and recognized over the life of the loan as an adjustment of yield. Management believes that not deferring such amounts and amortizing them over the life of the related loans does not materially affect the financial position or results of operations of the Company. Allowance for loan losses: The allowance for loan losses is maintained at a level considered adequate by management to provide for probable loan losses. The allowance is increased by provisions charged to expense. Loans are charged against the allowance for loan losses when management believes that collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. The provision for loan losses is the amount, which, in the judgment of management, is necessary to establish the allowance for loan losses at a level that is adequate to absorb known and inherent risks in the loan portfolio. See Note 6 for further information on the Company's policies and methodology used to estimate the allowance for loan losses. Premises and equipment, net: Land is carried at cost. Bank premises, furniture and equipment and aircraft are carried at cost, less accumulated depreciation computed principally by the straight-line method over the estimated useful lives of the assets, which range from three to thirty years. Leasehold improvements are carried at cost and are depreciated over the shorter of the estimated useful life or the lease period. Long-term assets: Premises and equipment and other long-term assets are reviewed for impairment when events indicate that their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. Other real estate owned: Real estate properties acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations of other real estate owned and impairment charges on other real estate are included in noninterest expense. Gains and losses on sale of other real estate are included in noninterest income. Goodwill and core deposit intangible, net: Goodwill represents the excess of costs over fair value of net assets of businesses acquired. Goodwill is tested for impairment annually on December 31 or on an interim basis if an event triggering impairment may have occurred. Core deposit intangibles are acquired customer relationships arising from bank acquisitions and are amortized on a straight-line basis over their estimated useful lives of ten years. Core deposit intangibles are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. Restricted stock : The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB of Dallas and Independent Bankers Financial Corporation stock do not have readily determinable fair values as ownership is restricted and they lack a ready market. As a result, these stocks are carried at cost and evaluated periodically by management for impairment. Both cash and stock dividends are reported as income. Bank-owned life insurance: Bank-owned life insurance is recorded at the amount that can be realized under the insurance contracts at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Changes in the net cash surrender value of the policies, as well as insurance proceeds received are reflected in noninterest income. Mortgage banking revenue: This revenue category reflects the Company's mortgage production revenue, including fees and income derived from mortgages originated with the intent to sell and gains on sales of mortgage loans. Interest earned on mortgage loans is recorded in interest income. Income taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities related to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. The effect of a change in tax rates on deferred assets and liabilities is recognized in income taxes during the period that includes the enactment date. A valuation allowance, if needed, reduces deferred tax assets to the expected amount more likely than not to be realized. Realization of deferred tax assets is dependent upon the level of historical income, prudent and feasible tax planning strategies, reversals of deferred tax liabilities and estimates of future taxable income. The Company evaluates uncertain tax positions at the end of each reporting period. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefit recognized in the financial statements from any such position is measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Any interest and/or penalties related to income taxes are reported as a component of income tax expense. Loan commitments and related financial instruments: In the ordinary course of business, the Company has entered into certain off-balance-sheet financial instruments consisting of commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they are funded or related fees are incurred or received. Management estimates losses on off-balance-sheet financial instruments using the same methodology as for portfolio loans. Estimated losses on off-balance-sheet financial instruments are recorded by charges to the provision for losses and credits to other liabilities in the Company's consolidated balance sheet. There were no estimated losses on off-balance sheet financial instruments as of December 31, 2017 or 2016 . Stock based compensation: Compensation cost is recognized for restricted stock awards issued to employees based on the market price of the Company's common stock on the grant date. Stock-based compensation expense is generally recognized using the straight-line method over the requisite service period for all awards. The impact of forfeitures of stock-based payment awards on compensation expense is recognized as forfeitures occur. Transfers of financial assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Advertising costs: Advertising costs are expensed as incurred. Business combinations: The Company applies the acquisition method of accounting for business combinations. Under the acquisition method, the acquiring entity in a business combination recognizes 100% of the assets acquired and liabilities assumed at their acquisition date fair values. Management utilizes valuation techniques appropriate for the asset or liability being measured in determining these fair values. Any excess of the purchase price over amounts allocated to assets acquired, including identifiable intangible assets, and liabilities assumed is recorded as goodwill. Where amounts allocated to assets acquired and liabilities assumed is greater than the purchase price, a bargain purchase gain is recognized. Adjustments identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined. Acquisition-related costs are expensed as incurred. Comprehensive income: Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. Gains and losses on available for sale securities are reclassified to net income as the gains or losses are realized upon sale of the securities. Other than temporary impairment charges are reclassified to net income at the time of the charge. Fair values of financial instruments: Accounting standards define fair value, establish a framework for measuring fair value in U.S. generally accepted accounting principles, and require certain disclosures about fair value measurements (see Note 17 , Fair Value Measurements ). In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company's creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. Subsequent events: Companies are required to evaluate events and transactions that occur after the balance sheet date but before the date the financial statements are issued. They must recognize in the financial statements the effect of all events or transactions that provide additional evidence of conditions that existed at the balance sheet date, including the estimates inherent in the financial statement preparation process. Entities shall not recognize the impact of events or transactions that provide evidence about conditions that did not exist at the balance sheet date but arose after that date. The Company has evaluated subsequent events through the date of filing these financial statements with the SEC and noted no subsequent events requiring financial statement recognition or disclosure, except as disclosed in Note 23 . Earnings per share: Basic earnings per common share are net income divided by the weighted average number of common shares outstanding during the period. The unvested share-based payment awards that contain rights to non forfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock warrants. The participating nonvested common stock was not included in dilutive shares as it was anti-dilutive for the years ended December 31, 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. Years ended December 31, 2017 2016 2015 Basic earnings per share: Net income $ 76,512 $ 53,540 $ 38,786 Less: Preferred stock dividends — 8 240 Net income after preferred stock dividends 76,512 53,532 38,546 Less: Undistributed earnings allocated to participating securities 626 774 661 Dividends paid on participating securities 97 103 111 Net income available to common shareholders $ 75,789 $ 52,655 $ 37,774 Weighted-average basic shares outstanding 25,394,079 18,198,578 16,974,484 Basic earnings per share $ 2.98 $ 2.89 $ 2.23 Diluted earnings per share: Net income available to common shareholders $ 75,789 $ 52,655 $ 37,774 Total weighted-average basic shares outstanding 25,394,079 18,198,578 16,974,484 Add dilutive stock warrants 106,070 86,646 84,595 Total weighted-average diluted shares outstanding 25,500,149 18,285,224 17,059,079 Diluted earnings per share $ 2.97 $ 2.88 $ 2.21 Anti-dilutive participating securities 123,564 92,196 58,726 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 expense (or benefit) 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 awards 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 $ 1,323 tax benefit for the year ended December 31, 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 the change in cash flow classification on a prospective basis. The impact of this change and that of the remaining provisions of ASU 2016-09 was not significant to our financial statements. ASU 2014-09, Revenue from Contracts with Customers (Topic 606), ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date: ASU 2014-09 amends existing guidance related to revenue from contracts with customers. The amendments state that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 affects entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards. The Company's revenue consists of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-9, and non-interest income. We finalized our analysis of the impact of ASU 2014-09 on the components of our non-interest income and determined that the adoption of this guidance will not result in any significant changes to our methodology of recognizing revenue or have a material impact on our internal controls over financial reporting. As required by ASU 2014-09, we will adopt the new standard effective January 1, 2018 and, at the time of this filing, we do not anticipate recording a cumulative effect adjustment to opening retained earnings or any presentation changes to the consolidated financial statements. The Company will provide the required revenue disclosures in our Form 10-Q for the quarter ended March 31, 2018. ASU 2016-01, Financial Instruments─Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01, among other things, (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (vii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale. Currently, the company values their financial instruments that are not measured at fair value in the financial statements using an entry price notion consistent with current guidance, and will be changing to the exit price notion in the first quarter of 2018 in compliance with this ASU. This update will be effective for the Company on January 1, 2018 and will not have a significant impact to the Company's consolidated financial statements and disclosures. ASU 2016-02, Leases (Topic 842), and ASU 2018-01 , Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 . The amendments in ASU 2016-02, among other things, amended existing guidance that requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (i) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. The amendments will be effective for the Company on January 1, 2019 and is required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company is currently evaluating the potential effect of adopting this guidance on its consolidated financial statements and related disclosures. We expect our operating leases, as disclosed in Note 14 , will be subject to the new standard resulting in recognized right-of-use assets and operating lease liabilities on the consolidated balance sheets upon adoption. Presentation of leases within the consolidated statements of income and consolidated statements of cash flows will be generally consistent with the current lease accounting guidance. ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this update replace the incurred loss model with the expected loss model. Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. This update will be effective for the Company on January 1, 2020. The Company is currently evaluating the impact of the amendments on its consolidated financial statements and disclosures. ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities . The amendments in this update shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and the discount continues to be amortized to maturity. This update will be effective for the Company on January 1, 2019 and is not expected to have a significant impact to the Company's consolidated financial statements and disclosures. ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendments in this update refine and expand hedge accounting for both financial and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. This update will be effective for the Company on January 1, 2019. The Company is evaluating the impact of the amendments on its consolidated financial statements and disclosures. ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this update allow reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act which was signed into law on December 22, 2017. The amendments also require certain disclosures about stranded tax effects. This update will be effective for all annual and interim periods beginning January 1, 2019, with early adoption permitted, and the guidance should be applied either in the period of adoption or the retrospectively to each period impacted by the change in the U.S federal corporate income tax rate in the Tax Cuts and Job Acts is recognized. The Company currently expects to early adopt the new guidance in the first quarter of 2018, which will result in a cumulative effect adjustment to the consolidated balance sheet as of January 1, 2018 to reclass approximately $132 thousand of tax expense from accumulated other comprehensive loss to retained earnings. |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Restrictions on Cash and Due From Banks | Restrictions on Cash and Due From Banks At December 31, 2017 and 2016 , the Company had a reserve requirement of $36,321 and $0 , respectively, with the Federal Reserve Bank. |
Statement of Cash Flows
Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Statement of Cash Flows | Statement of Cash Flows The Company has chosen to report on a net basis its cash receipts and cash payments for time deposits accepted and repayments of those deposits, and loans made to customers and principal collections on those loans. The Company uses the indirect method to present cash flows from operating activities. Other supplemental cash flow information is presented below: Years ended December 31, 2017 2016 2015 Cash transactions: Interest expense paid $ 41,802 $ 25,015 $ 20,056 Income taxes paid $ 34,161 $ 26,485 $ 24,450 Noncash transactions: Transfers of loans to other real estate owned $ 1,201 $ 1,713 $ 221 Loans to facilitate the sale of other real estate owned $ — $ — $ 248 Transfers of loans to other assets $ — $ 124 $ 1,064 Excess tax deficiency on restricted stock vested $ — $ (137 ) $ (72 ) Transfer of bank premises to other real estate $ 2,716 $ — $ — Transfer of repurchase accounts to deposits $ 8,845 $ 20,688 $ 3,072 Supplemental schedule of noncash investing activities from branch sales is as follows: Years ended December 31, 2017 2016 2015 Noncash assets transferred: Loans, including accrued interest $ 106,008 $ 2 $ — Premises and equipment 7,473 2,193 — Core deposit intangible, net 3,011 — — Other assets 74 — — Total assets $ 116,566 $ 2,195 $ — Noncash liabilities transferred: Deposits, including interest $ 178,279 $ 4,628 $ — Other liabilities 129 30 — Total liabilities $ 178,408 $ 4,658 $ — Cash and cash equivalents transferred in branch sales $ 1,712 $ 208 $ — Deposit premium received $ 7,107 $ 64 $ — Cash paid to buyer, net of deposit premium $ 56,975 $ 2,191 $ — Supplemental schedule of noncash investing activities from acquisitions is as follows: Years Ended December 31, 2017 2016 2015 Noncash assets acquired: Certificates of deposit held in other banks $ 11,025 $ — $ 84,527 Securities available for sale 336,540 — 72,619 Restricted stock 11,110 — 340 Loans 1,384,041 — 273,632 Premises and equipment 63,561 — 1,214 Other real estate owned 9,976 — — Goodwill 362,993 — 28,825 Core deposit intangibles 36,717 — 5,457 Bank owned life insurance 53,213 — — Other assets 25,301 — 649 Total assets $ 2,294,477 $ — $ 467,263 Noncash liabilities assumed: Deposits $ 1,825,181 $ — $ 523,650 Repurchase agreements 18,003 — 18,873 FHLB advances — — 2,836 Junior subordinated debt 9,359 — — Other liabilities 6,463 — 876 Total liabilities $ 1,859,006 $ — $ 546,235 Cash and cash equivalents acquired from acquisitions $ 148,444 $ — $ 152,913 Cash paid to shareholders of acquired banks $ 17,773 $ — $ 24,103 Fair value of common stock issued to shareholders of acquired bank $ 566,142 $ — $ 49,838 In addition, the following measurement-period adjustments were made during the years ended December 31, 2017 , 2016 and 2015 relating to Company acquisition activity: Year Ended December 31, 2017 2016 2015 Noncash assets acquired: Loans $ 169 $ 735 $ — Premises and equipment (395 ) — — Other real estate owned 1,236 — — Goodwill 146 (324 ) 361 Core deposit intangibles — (216 ) — Other assets 78 (175 ) (180 ) Total assets $ 1,234 $ 20 $ 181 Noncash liabilities assumed: Other liabilities $ 1,234 $ 20 $ 181 Total liabilities $ 1,234 $ 20 $ 181 |
Securities Available for Sale
Securities Available for Sale | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 2016 , are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Available for Sale December 31, 2017: U.S. treasuries $ 37,480 $ — $ (326 ) $ 37,154 Government agency securities 213,649 83 (2,223 ) 211,509 Obligations of state and municipal subdivisions 228,782 2,118 (1,287 ) 229,613 Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR, and GNR 274,356 1,229 (1,208 ) 274,377 Other securities 10,397 — (48 ) 10,349 $ 764,664 $ 3,430 $ (5,092 ) $ 763,002 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 $ 238,344 and $ 176,457 at December 31, 2017 and 2016 , respectively, were pledged to secure public fund deposits. Proceeds from sale of securities available for sale and gross gains and losses for the years ended December 31, 2017 , 2016 and 2015 were as follows: Years ended December 31, 2017 2016 2015 Proceeds from sale $ 31,367 $ 5,399 $ 14,915 Gross gains $ 176 $ 4 $ 136 Gross losses $ 52 $ — $ 2 The amortized cost and estimated fair value of securities available for sale at December 31, 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. December 31, 2017 Securities Available for Sale Amortized Cost Fair Value Due in one year or less $ 98,747 $ 98,446 Due from one year to five years 201,644 199,847 Due from five to ten years 86,392 85,900 Thereafter 103,525 104,432 490,308 488,625 Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR, and GNR 274,356 274,377 $ 764,664 $ 763,002 The number of securities, unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2017 and 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 December 31, 2017 U.S. treasuries 7 $ 34,053 $ (267 ) 1 $ 3,101 $ (59 ) $ 37,154 $ (326 ) Government agency securities 51 142,991 (1,155 ) 27 60,030 (1,068 ) 203,021 (2,223 ) Obligations of state and municipal subdivisions 202 87,625 (564 ) 54 26,883 (723 ) 114,508 (1,287 ) Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR, and GNR 55 125,970 (834 ) 10 25,398 (374 ) 151,368 (1,208 ) Other securities 1 10,349 (48 ) — — — 10,349 (48 ) 316 $ 400,988 $ (2,868 ) 92 $ 115,412 $ (2,224 ) $ 516,400 $ (5,092 ) 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 | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loans, Net and Allowance for Loan Losses | Loans, Net and Allowance for Loan Losses Loans, net at December 31, 2017 and 2016 , consisted of the following: December 31, 2017 2016 Commercial $ 1,059,984 $ 630,805 Real estate: Commercial 3,369,892 2,459,221 Commercial construction, land and land development 744,868 531,481 Residential 892,293 634,545 Single family interim construction 289,680 235,475 Agricultural 82,583 53,548 Consumer 34,639 27,530 Other 304 166 6,474,243 4,572,771 Deferred loan fees (2,568 ) (2,117 ) Allowance for loan losses (39,402 ) (31,591 ) $ 6,432,273 $ 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. Additionally, our commercial loan portfolio includes loans made to customers in the energy industry, which is a complex, technical and cyclical industry. Experienced bankers with specialized energy lending experience originate our energy loans. Companies in this industry produce, extract, develop, exploit and explore for oil and natural gas. Loans are primarily collateralized with proven producing oil and gas reserves based on a technical evaluation of these reserves. At December 31, 2017 and 2016 , there were approximately $90,323 and $115,311 respectively, of exploration and production (E&P) energy loans outstanding. Additionally, with the acquisition of Carlile, the Company acquired a mortgage warehouse purchase company, Goldome Financial, which provides a mortgage warehouse lending vehicle to third party 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 commercial loans since the loans are secured by notes receivable, not real estate. As of December 31, 2017 , mortgage warehouse purchase loans outstanding totaled $164,694 . During the fourth quarter of 2017, Goldome Financial was dissolved and the mortgage purchase program was merged into the Bank. Commercial real estate loans are subject to underwriting standards and processes similar to commercial loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type and geographic location. Management monitors the diversification of the portfolio on a quarterly basis by type and geographic location. Management also tracks the level of owner occupied property versus non owner occupied property. At December 31, 2017 , the portfolio consisted of approximately 34% of 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 cash grain farmers to plant and harvest corn and soybeans. Specific underwriting standards have been established for agricultural-related loans including the establishment of projections for each operating year based on industry developed estimates of farm input costs and expected commodity yields and prices. Operating lines are typically written for one year and secured by the crop and other farm assets as considered necessary. Agricultural loans carry significant credit risks as they involve larger balances concentrated with single borrowers or groups of related borrowers. In addition, repayment of such loans depends on the successful operation or management of the farm property securing the loan or for which an operating loan is utilized. Farming operations may be affected by adverse weather conditions such as drought, hail or floods that can severely limit crop yields. Consumer loans represent less than 1% of the outstanding total loan portfolio. Collateral consists primarily of automobiles and other personal assets. Credit score analysis is used to supplement the underwriting process. Most of the Company’s lending activity occurs within the State of Texas, primarily in the north, central and southeast Texas regions. With the acquisition of Carlile as further explained in Note 20 , Business Combination, the Company expanded into the State of Colorado, specifically along the Front Range area. As of December 31, 2017 , loans in the Colorado region represented about 5.5% of the total portfolio. A large percentage of the Company’s portfolio consists of commercial and residential real estate loans. As of December 31, 2017 and 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 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 at a moderate pace during 2017 due largely to improvement in manufacturing output, retail sales expansion, the energy sector and a strong service sector. The Texas economy is the second largest in the nation and remained strong during the last half of 2017, despite the impact of Hurricane Harvey during third quarter of 2017. The Hurricane devastated parts of the Gulf Coast and Houston with major flooding, destroying homes, business and infrastructure and causing refineries to shut down for days. 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 impact on the Bank's loan portfolio, no significant additional risk has materialized and no additional reserves are warranted. Rebuilding efforts have supported the construction industry, generating rapid job creation and increased construction values. Overall, the forecast is strong with continued growth in the manufacturing and service sectors and a return to more normal activity in the energy sector. While the outlook remains optimistic, future concern to the economy continues to include energy price volatility and trade uncertainty, especially with Mexico. The risk of loss associated with all segments of the portfolio could increase due to this impact. The economy and other risk factors are minimized by the Company’s underwriting standards which include the following principles: 1) financial strength of the borrower including strong earnings, high net worth, significant liquidity and acceptable debt to worth ratio, 2) managerial business competence, 3) ability to repay, 4) loan to value, 5) projected cash flow and 6) guarantor financial statements as applicable. The following is a summary of the activity in the allowance for loan losses by loan class for the years ended December 31, 2017 , 2016 and 2015 : Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Unallocated Total Year ended December 31, 2017 Balance at the beginning of year $ 8,593 $ 18,399 $ 2,760 $ 1,301 $ 207 $ 242 $ 29 $ 60 $ 31,591 Provision for loan losses 2,059 4,886 683 416 43 99 90 (11 ) 8,265 Charge-offs (81 ) (15 ) — (134 ) — (182 ) (190 ) — (602 ) Recoveries 28 31 4 — — 46 39 — 148 Balance at end of year $ 10,599 $ 23,301 $ 3,447 $ 1,583 $ 250 $ 205 $ (32 ) $ 49 $ 39,402 Year ended December 31, 2016 Balance at the beginning of year $ 10,573 $ 13,007 $ 2,339 $ 769 $ 215 $ 164 $ 8 $ (32 ) $ 27,043 Provision for loan losses 2,391 5,436 810 532 (8 ) 97 90 92 9,440 Charge-offs (4,384 ) (54 ) (401 ) — — (27 ) (104 ) — (4,970 ) Recoveries 13 10 12 — — 8 35 — 78 Balance at end of year $ 8,593 $ 18,399 $ 2,760 $ 1,301 $ 207 $ 242 $ 29 $ 60 $ 31,591 Year ended December 31, 2015 Balance at the beginning of year $ 5,051 $ 10,110 $ 2,205 $ 669 $ 246 $ 146 $ — $ 125 $ 18,552 Provision for loan losses 6,100 2,924 138 100 (31 ) 56 101 (157 ) 9,231 Charge-offs (606 ) (69 ) (9 ) — — (52 ) (124 ) — (860 ) Recoveries 28 42 5 — — 14 31 — 120 Balance at end of year $ 10,573 $ 13,007 $ 2,339 $ 769 $ 215 $ 164 $ 8 $ (32 ) $ 27,043 The following table details the amount of the allowance for loan losses and recorded investment in loans by class as of December 31, 2017 and 2016 : Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Unallocated Total December 31, 2017 Allowance for losses: Individually evaluated for impairment $ 3,500 $ 311 $ — $ — $ — $ 2 $ — $ — $ 3,813 Collectively evaluated for impairment 7,099 22,990 3,447 1,583 250 203 (32 ) 49 35,589 Loans acquired with deteriorated credit quality — — — — — — — — — Ending balance $ 10,599 $ 23,301 $ 3,447 $ 1,583 $ 250 $ 205 $ (32 ) $ 49 $ 39,402 Loans: Individually evaluated for impairment $ 10,297 $ 3,054 $ 1,727 $ — $ — $ 74 $ — $ — $ 15,152 Collectively evaluated for impairment 1,037,401 4,039,332 887,292 289,680 78,646 34,544 304 — 6,367,199 Acquired with deteriorated credit quality 12,286 72,374 3,274 — 3,937 21 — — 91,892 Ending balance $ 1,059,984 $ 4,114,760 $ 892,293 $ 289,680 $ 82,583 $ 34,639 $ 304 $ — $ 6,474,243 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 December 31, 2017 and 2016 , are summarized as follows: Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Total December 31, 2017 Nonaccrual loans $ 10,304 $ 2,716 $ 998 $ — $ — $ 55 $ — $ 14,073 Loans past due 90 days and still accruing 8 120 8 — — — — 136 Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) — 455 730 — — 20 — 1,205 $ 10,312 $ 3,291 $ 1,736 $ — $ — $ 75 $ — $ 15,414 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 according to contractual terms of the loan agreement will not be collected. The Company has identified these loans through its normal loan review procedures. Impaired loans are measured based on 1) the present value of expected future cash flows discounted at the loans effective interest rate; 2) the loan's observable market price; or 3) the fair value of collateral if the loan is collateral dependent. Substantially all of the Company’s impaired loans are measured at the fair value of the collateral. In limited cases, the Company may use other methods to determine the level of impairment of a loan if such loan is not collateral dependent. All commercial, real estate, agricultural loans and troubled debt restructurings are considered for individual impairment analysis. Smaller balance consumer loans are collectively evaluated for impairment. Impaired loan information by loan class (excluding loans acquired with deteriorated credit quality) at December 31, 2017 and 2016 and for the years ended December 31, 2017 , 2016 and 2015 , is summarized as follows: Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Total December 31, 2017 Recorded investment in impaired loans: Impaired loans with an allowance for loan losses $ 9,255 $ 1,793 $ — $ — $ — $ 2 $ — $ 11,050 Impaired loans with no allowance for loan losses 1,042 1,261 1,727 — — 72 — 4,102 Total $ 10,297 $ 3,054 $ 1,727 $ — $ — $ 74 $ — $ 15,152 Unpaid principal balance of impaired loans $ 13,456 $ 3,124 $ 1,818 $ — $ — $ 197 $ — $ 18,595 Allowance for loan losses on impaired loans $ 3,500 $ 311 $ — $ — $ — $ 2 $ — $ 3,813 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 year ended December 31, 2017 Average recorded investment in impaired loans $ 8,524 $ 3,690 $ 2,431 $ 177 $ — $ 218 $ — $ 15,040 Interest income recognized on impaired loans $ 8 $ 428 $ 58 $ — $ — $ 5 $ — $ 499 For the year ended December 31, 2016 Average recorded investment in impaired loans $ 11,783 $ 3,324 $ 2,773 $ 177 $ 34 $ 118 $ — $ 18,209 Interest income recognized on impaired loans $ 58 $ 73 $ 97 $ — $ — $ — $ — $ 228 For the year ended December 31, 2015 Average recorded investment in impaired loans $ 4,951 $ 5,904 $ 3,220 $ — $ 34 $ 93 $ — $ 14,202 Interest income recognized on impaired loans $ 189 $ 286 $ 181 $ — $ 10 $ 24 $ — $ 690 Certain impaired loans have adequate collateral and do not require a related allowance for loan loss. The Company will charge off that portion of any loan which management considers a loss. Commercial and real estate loans are generally considered for charge-off when exposure beyond collateral coverage is apparent and when no further collection of the loss portion is anticipated based on the borrower’s financial condition. The restructuring of a loan is considered a “troubled debt restructuring” if both 1) the borrower is experiencing financial difficulties and 2) the creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, principal forgiveness, extending amortization and other actions intended to minimize potential losses. A “troubled debt restructured” loan is identified as impaired and measured for credit impairment as of each reporting period in accordance with the guidance in ASC 310-10-35. 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 $3,028 and $2,425 as of December 31, 2017 and 2016 . Following is a summary of loans modified under troubled debt restructurings during the years ended December 31, 2017 and 2016 : Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Total Troubled debt restructurings during the year ended December 31, 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 year ended December 31, 2016 Number of contracts 1 — — — — 1 — 2 Pre-restructuring outstanding recorded investment $ 24 $ — $ — $ — $ — $ 209 $ — $ 233 Post-restructuring outstanding recorded investment $ 24 $ — $ — $ — $ — $ 209 $ — $ 233 At December 31, 2017 and 2016 , there were no loans modified under troubled debt restructurings during the previous twelve month period that subsequently defaulted during the years ended December 31, 2017 and 2016 . At December 31, 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 December 31, 2017 and 2016 : Loans 30-89 Days Past Due Loans 90 or More Past Due Total Past Due Loans Current Loans Total Loans December 31, 2017 Commercial $ 730 $ 10,300 $ 11,030 $ 1,036,668 $ 1,047,698 Commercial real estate, land and land development 4,083 1,944 6,027 4,036,359 4,042,386 Residential real estate 6,269 138 6,407 882,612 889,019 Single-family interim construction 1,436 — 1,436 288,244 289,680 Agricultural — — — 78,646 78,646 Consumer 373 47 420 34,198 34,618 Other — — — 304 304 12,891 12,429 25,320 6,357,031 6,382,351 Acquired with deteriorated credit quality 2,748 4,013 6,761 85,131 91,892 $ 15,639 $ 16,442 $ 32,081 $ 6,442,162 $ 6,474,243 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 which requires monitoring on a more frequent basis. The loans in the Special Mention category reflect the Company’s opinion that the credit contains weaknesses which represent a greater degree of risk and warrant extra attention. These loans are reviewed monthly by officers and senior management to determine if a change in category is warranted. The loans placed in the Substandard category are considered to be potentially inadequately protected by the current debt service capacity of the borrower and/or the pledged collateral. These credits, even if apparently protected by collateral value, have shown weakness related to adverse financial, managerial, economic, market or political conditions which may jeopardize repayment of principal and interest. There is possibility that some future loss could be sustained by the Company if such weakness is not corrected. The Doubtful category includes loans that are in default or principal exposure is probable. Substandard and Doubtful loans are individually evaluated to determine if they should be classified as impaired and an allowance is allocated if deemed necessary under ASC 310-10. The loans that are not impaired are included with the remaining “pass” credits in determining the portion of the allowance for loan loss based on historical loss experience and other qualitative factors. The portfolio is segmented into categories including: commercial loans, consumer loans, commercial real estate loans, residential real estate loans and agricultural loans. The adjusted historical loss percentage is applied to each category. Each category is then added together to determine the allowance allocated under ASC 450-20. A summary of loans by credit quality indicator by class as of December 31, 2017 and 2016 , is as follows: Pass Pass/ Watch Special Mention Substandard Doubtful Total December 31, 2017 Commercial $ 989,953 $ 35,105 $ 3,737 $ 31,189 $ — $ 1,059,984 Commercial real estate, construction, land and land development 4,040,385 46,288 11,915 16,172 — 4,114,760 Residential real estate 883,653 2,722 462 5,456 — 892,293 Single-family interim construction 288,020 1,660 — — — 289,680 Agricultural 59,392 5,762 13,802 3,627 — 82,583 Consumer 34,510 25 4 100 — 34,639 Other 304 — — — — 304 $ 6,296,217 $ 91,562 $ 29,920 $ 56,544 $ — $ 6,474,243 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 (purchase 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 December 31, 2017 and December 31, 2016 : Pass Pass/ Special Mention Substandard Doubtful Total December 31, 2017 $ 36,928 $ 32,674 $ 2,662 $ 19,628 $ — $ 91,892 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 December 31, 2017 and December 31, 2016 , non-accrual PCI loans were $7,889 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 . There were no PCI loans acquired during the year ended December 31, 2016. Acquisition Date April 1, 2017 Carlile Bancshares, Inc. Outstanding balance $ 101,153 Nonaccretable difference (14,700 ) Accretable yield (685 ) Carrying amount $ 85,768 The carrying amount of acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at December 31, 2017 and 2016 , were as follows: December 31, 2017 2016 Outstanding balance $ 105,685 $ 39,442 Carrying amount 91,892 34,678 At December 31, 2017 and 2016 , there was no allocation established in the allowance for loan losses related to PCI loans. The changes in accretable yield during the years ended December 31, 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. 2017 2016 Balance at January 1 $ 1,526 $ 2,380 Additions 685 — Accretion (665 ) (854 ) Net transfers to/from nonaccretable — — Balance at December 31 $ 1,546 $ 1,526 |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Premises and Equipment, Net Premises and equipment, net at December 31, 2017 and 2016 consisted of the following: December 31, 2017 2016 Land $ 45,048 $ 19,801 Building 107,144 71,539 Furniture, fixtures and equipment 31,290 27,263 Aircraft 8,807 8,807 Leasehold and tenant improvements 2,077 1,753 Construction in progress 252 23 194,618 129,186 Less accumulated depreciation (46,783 ) (39,288 ) $ 147,835 $ 89,898 Depreciation expense amounted to $ 8,196 , $ 6,763 and $ 6,270 for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Goodwill and Core Deposit Intan
Goodwill and Core Deposit Intangible, Net | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposit Intangible, Net | Goodwill and Core Deposit Intangible, Net At December 31, 2017 and 2016 , goodwill totaled $621,458 and $258,319 , respectively. In 2017, the Company recorded goodwill of $363,139 relating to the Carlile Bancshares, Inc. acquisition ( Note 20 ). The following is a summary of core deposit intangible activity: December 31, 2017 2016 Core deposit intangible, beginning of the year $ 22,803 $ 22,803 Additions: Carlile acquisition 36,717 — Deletions: branch disposals (3,166 ) — Core deposit intangible, end of the year 56,354 22,803 Less accumulated amortization (13,110 ) (8,626 ) $ 43,244 $ 14,177 Amortization of the core deposit intangible amounted to $ 4,639 , $ 1,964 and $ 1,555 for the years ended December 31, 2017 , 2016 and 2015 , respectively. The remaining weighted average amortization period is 8.6 years as of December 31, 2017 . The future amortization expense related to core deposit intangible remaining at December 31, 2017 is as follows: First year $ 5,527 Second year 5,475 Third year 5,328 Fourth year 4,721 Fifth year 4,642 Thereafter 17,551 $ 43,244 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits at December 31, 2017 and 2016 consisted of the following: December 31, 2017 2016 Amount Percent Amount Percent Noninterest-bearing demand accounts $ 1,907,770 28.7 % $ 1,117,927 24.4 % Interest-bearing checking accounts 2,956,196 44.6 2,022,768 44.2 Savings accounts 283,036 4.3 153,211 3.4 Limited access money market accounts 591,421 8.9 426,683 9.3 Certificates of deposit and individual retirement accounts (IRA), less than $250,000 456,018 6.9 381,754 8.3 Certificates of deposit and individual retirement accounts (IRA), $250,000 and greater 438,381 6.6 474,766 10.4 $ 6,632,822 100.0 % $ 4,577,109 100.0 % At December 31, 2017 , the scheduled maturities of certificates of deposit, including IRAs, were as follows: First year $ 695,608 Second year 120,833 Third year 39,618 Fourth year 22,338 Fifth year 16,002 $ 894,399 Brokered deposits at December 31, 2017 and 2016 totaled $ 400,144 and $ 497,368 , respectively. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Federal Home Loan Bank Advances | Federal Home Loan Bank Advances At December 31, 2017 , the Company has advances from the FHLB of Dallas under note payable arrangements with maturities which range from January 2, 2018 to January 1, 2026 . Interest payments on these notes are made monthly. The weighted average interest rate of all notes was 1.43% and 0.98% at December 31, 2017 and 2016 , respectively. The balances outstanding on these advances were $ 530,667 and $ 460,746 at December 31, 2017 and 2016 , respectively. Contractual maturities of FHLB advances at December 31, 2017 were as follows: First year $ 440,000 (1) Second year 65,020 Third year — Fourth year 25,000 Fifth year — Thereafter 647 $ 530,667 (1) Includes $275,000 in floating advances, which allows for principal payments to be made at anytime without penalty The advances are secured by FHLB stock owned by the Company and a blanket lien on certain loans with an aggregate available carrying value of $ 2,960,808 at December 31, 2017 . The Company had remaining credit available under the FHLB advance program of $ 1,703,309 at December 31, 2017 . At December 31, 2017 , the Company had $ 741,500 in undisbursed advance commitments (letters of credit) with the FHLB. As of December 31, 2017 , these commitments mature on various dates from January 2018 through January 2020. The FHLB letters of credit were obtained in lieu of pledging securities to secure public fund deposits that are over the FDIC insurance limit. At December 31, 2017 , there were no disbursements against the advance commitments. |
Other Borrowings
Other Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Other Borrowings | Other Borrowings Other borrowings at December 31, 2017 and 2016 consisted of the following: December 31, 2017 2016 Unsecured subordinated debentures (notes) in the amount of $110,000. The balance of borrowings at December 31, 2017 and 2016 is net of discount and origination costs of $2,344 and $2,701, respectively. Interest payments of 5.875% are made semiannually on February 1 and August 1. The maturity date is August 1, 2024. The notes may not be redeemed prior to maturity and meet the criteria to be recognized as Tier 2 capital for regulatory purposes. $ 107,656 $ 107,299 Unsecured subordinated debentures (notes) in the amount of $30,000 and $0, respectively. The balance of borrowings at December 31, 2017 is net of origination costs of $745. Interest payments of 5.0% fixed rate are made semiannually on June 30 and December 31 through December 31, 2022. Thereafter, floating rate payments of 3 month LIBOR plus 2.83% are made quarterly in arrears on March 31, June 30, September 30, and December 31 through March 31, 2028. The maturity date is December 31, 2027 with an optional redemption at December 31, 2022. The notes meet the criteria to be recognized as Tier 2 capital for regulatory purposes. 29,255 — $ 136,911 $ 107,299 At December 31, 2017 and 2016 , other borrowings included amounts owed to related parties of $50 . In June 2016, the Company issued $45,000 in aggregate principal of its 5.875% subordinated notes due August 1, 2024. The notes were sold at an original discount of $788 , which will be amortized into interest expense over the life of the notes. In December 2017, the Company issued $30,000 in aggregate principal of 5.000% fixed and floating rate subordinated notes due December 31, 2027. The notes were sold at par. The Company has a $50,000 unsecured revolving line of credit with an unrelated commercial bank. The line bears interest at LIBOR plus 2.50% and matures October 19, 2018 . As of December 31, 2017 and 2016 , there was no outstanding balance on the line. The Company is required to meet certain financial covenants on a quarterly basis, which includes maintaining $5,000 in cash at Independent Bank Group and meeting minimum capital ratios. The Company has established federal funds lines of credit notes with nine unaffiliated banks totaling $225,000 of borrowing capacity at both December 31, 2017 and 2016 . The lines have no stated maturity date and the lenders may terminate the lines at any time without notice. The lines are provided on an unsecured basis and must be repaid the following business day from when the funds were borrowed. There were no borrowings against the lines at December 31, 2017 and 2016 . In addition, the Company maintains a secured line of credit with the Federal Reserve Bank with an availability to borrow approximately $552,181 and $384,168 at December 31, 2017 and 2016 , respectively. Approximately $740,639 and $515,194 of commercial loans were pledged as collateral at December 31, 2017 and 2016 , respectively. There were no borrowings against this line as of December 31, 2017 and 2016 . The Company also participates in an exchange that provides direct overnight borrowings with other financial institutions. The funds are provided on an unsecured basis. Borrowing availability totaled $60,000 and $75,000 at December 31, 2017 and 2016 , respectively. There were no borrowings as of December 31, 2017 and 2016 . |
Junior Subordinated Debentures
Junior Subordinated Debentures | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures | Junior Subordinated Debentures The Company has formed or acquired seven statutory business trusts under the laws of the State of Delaware for the purpose of issuing trust preferred securities. The statutory business trusts formed or acquired by the Company (the "Trusts") have each issued capital and common securities and invested the proceeds thereof in an equivalent amount of junior subordinated debentures (the "Debentures") issued by the Company. The interest rate payable on, and the payment terms of the Debentures are the same as the distribution rate and payment terms of the respective issues of capital and common securities issued by the Trusts. The Debentures are subordinated and junior in right of payment to all present and future senior indebtedness. The Company has fully and unconditionally guaranteed the obligations of each of the Trusts with respect to the capital and common securities. Except under certain circumstances, the common securities issued to the Company by the trusts possess sole voting rights with respect to matters involving those entities. Under certain circumstances, the Company may, from time to time, defer the debentures' interest payments, which would result in a deferral of distribution payments on the related trust preferred securities and, with certain exceptions, prevent the Company from declaring or paying cash distributions on the Company's common stock and any other future debt ranking equally with or junior to the debentures. As of December 31, 2017 and 2016 , the carrying amount of debentures outstanding totaled $27,654 and $18,147 , respectively. As a result of the Carlile acquisition during 2017 (see Note 20 ), the Company assumed subordinated obligations for two statutory Trusts. At acquisition date, the total debt for these two Trusts was recorded at fair value with a recorded discount totaling $4,045 , which will be amortized back to par value over the estimated lives of the instruments. During 2017, $149 was amortized into interest expense related to the discount recorded. Information regarding the Debentures as of December 31, 2017 consisted of the following: Junior Subordinated Debentures Owed to Trusts Carrying Value Repricing Frequency Interest Rate Interest Rate Index Maturity Date IB Trust I $ 5,155 $ 5,155 Quarterly 4.63% LIBOR + 3.25% March 2033 IB Trust II 3,093 3,093 Quarterly 4.21 LIBOR + 2.85 March 2034 IB Trust III 3,712 3,712 Quarterly 3.85 LIBOR + 2.40 December 2035 IB Centex Trust I 2,578 2,578 Quarterly 4.70 LIBOR + 3.25 February 2035 Community Group Statutory Trust I 3,609 3,609 Quarterly 3.19 LIBOR + 1.60 June 2037 Northstar Trust II 5,155 3,662 Quarterly 3.26 LIBOR + 1.67 June 2037 Northstar Trust III 8,248 5,845 Quarterly 3.26 LIBOR + 1.67 September 2037 $ 31,550 $ 27,654 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense for the years ended December 31, 2017 , 2016 and 2015 was as follows: Years Ended December 31, 2017 2016 2015 Current income tax expense $ 28,121 $ 28,440 $ 22,946 Deferred income tax expense (benefit) 11,526 (1,849 ) (3,935 ) Deferred income tax expense related to remeasurement of deferred taxes 5,528 — — Income tax expense, as reported $ 45,175 $ 26,591 $ 19,011 A reconciliation between reported income tax expense and the amounts computed by applying the U.S. federal statutory income tax rate of 35% to income before income taxes for the years ended December 31, 2017 , 2016 and 2015 is presented below: Years Ended December 31, 2017 2016 2015 Income tax expense computed at the statutory rate $ 42,590 $ 28,046 $ 20,229 Tax-exempt interest income from municipal securities (1,357 ) (619 ) (624 ) Tax-exempt loan income (435 ) (436 ) (398 ) Bank owned life insurance income (962 ) (472 ) (377 ) Non-deductible acquisition expenses 491 — 108 State taxes, net of federal benefit 241 — — Net tax benefit from stock based compensation (1,323 ) — — Deferred tax adjustment related to reduction in U.S. Federal statutory income tax rate 5,528 — — Other 402 72 73 $ 45,175 $ 26,591 $ 19,011 The Tax Cuts and Jobs Act, which was enacted on December 22, 2017, made significant changes to the U.S. tax law, including the reduction of the corporate income tax rate from 35% to 21%. As a result of enactment, we remeasured our deferred tax assets and liabilities based upon the newly enacted U.S. statutory federal income tax rate of 21%, which is the tax rate at which these assets and liabilities are expected to reverse in the future and, as noted above, recognized a tax expense related to the remeasurement of $5,528 . On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118), which provides guidance on accounting for the tax effects of the Tax Cuts and Jobs Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740, Income Taxes. The Company has completed its accounting under ASC 740 for all material deferred tax assets and liabilities. Provisional amounts have been recorded for certain immaterial items, such as Schedules K-1 from partnership investments and state apportionment. Material adjustments to provisional amounts are not anticipated during the SAB 118 measurement period. Components of deferred tax assets and liabilities are presented in the table below. As a result of the Tax Cuts and Jobs Act, deferred taxes as of December 31, 2017 are based on the newly enacted U.S. statutory federal income tax rate of 21%. Deferred taxes of December 31, 2016 are based on the previously enacted U.S. statutory federal income tax rate of 35%. December 31, 2017 2016 Deferred tax assets: Allowance for loan losses $ 8,365 $ 11,057 NOL and tax credit carryforwards from acquisitions 6,791 383 Net unrealized loss on available for sale securities 349 912 Acquired loan fair market value adjustments 5,214 2,740 Restricted stock 791 1,363 Reserve for bonuses 479 1,946 Deferred loan fees 545 741 Securities 265 — Start up costs 281 249 Other real estate owned 402 18 Unearned bankcard income 244 495 Deferred compensation 492 — Noncompete agreements 526 — Nonaccrual loans 414 70 Other 310 248 25,468 20,222 Deferred tax liabilities: Premises and equipment (5,128 ) (5,107 ) Core deposit intangibles (9,181 ) (4,953 ) Acquired junior subordinated debentures fair value adjustment (818 ) — Securities — (218 ) FHLB stock (204 ) (157 ) Acquired tax accounting method changes — (156 ) Prepaids (153 ) — Acquired tax goodwill (111 ) — Other (110 ) — (15,705 ) (10,591 ) Net deferred tax asset $ 9,763 $ 9,631 At December 31, 2017 , the Company had federal net operating loss carryforwards of approximately $26,795 which expire in various years from 2022 to 2032, federal tax credit carryovers of approximately $132 which will never expire and state net operating loss carryforwards of approximately $28,203 which expire in various years from 2028 to 2036. Deferred tax assets are recognized for net operating losses because the benefit is more likely than not to be realized. No valuation allowance for deferred tax assets was recorded at December 31, 2017 or 2016 as management believes it is more likely than not that all of the deferred tax assets will be realized. The Company does not have any material uncertain tax positions and does not have any interest and penalties recorded in the income statement for the years ended December 31, 2017 , 2016 and 2015 . The Company files a consolidated income tax return in the US federal tax jurisdiction. The Company is no longer subject to examination by the US federal tax jurisdiction for years prior to 2014. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 2016 , the approximate amounts of these financial instruments were as follows: December 31, 2017 2016 Commitments to extend credit $ 1,286,704 $ 865,668 Standby letters of credit 10,532 10,562 $ 1,297,236 $ 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 December 31, 2017 and 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. A legal proceeding that the Company believes could become material is described below. Independent Bank is a party to a legal proceeding inherited by Independent Bank in connection with its acquisition of BOH Holdings, Inc. and its subsidiary, Bank of Houston (BOH). The plaintiffs in the case are alleging that Independent Bank aided and abetted or participated in a fraudulent scheme. Independent Bank is pursuing insurance coverage for these claims, including reimbursement for defense costs. The Company believes the claims made in this lawsuit are without merit and is vigorously defending the lawsuit. The Company is unable to predict when the matter will be resolved, the ultimate outcome or potential costs or damages to be incurred. Please see Part I, Item 3. for more details on this lawsuit. Lease Commitments The Company leases certain branch facilities and other facilities. Rent expense related to these leases amounted to $ 3,073 , $ 2,114 and $ 1,762 for the years ended December 31, 2017 , 2016 and 2015 , respectively. At December 31, 2017 , minimum future rental payments due under noncancelable lease commitments were as follows: First year $ 2,794 Second year 2,324 Third year 2,105 Fourth year 1,947 Fifth year 1,357 Thereafter 4,707 $ 15,234 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In the ordinary course of business, the Company has and expects to continue to have transactions, including loans to its officers, directors and their affiliates. In the opinion of management, such transactions are on the same terms as those prevailing at the time for comparable transactions with unaffiliated persons. Loan activity for officers, directors and their affiliates for the year ended December 31, 2017 is as follows: Balance at beginning of year $ 58,863 New loans 18,941 Repayments (15,985 ) Changes in affiliated persons 2,097 Balance at end of year $ 63,916 See also Note 11 for related party borrowings. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company has a 401(k) profit sharing plan (Plan) which covers employees over the age of eighteen who have completed ninety days of credited service, as defined by the Plan. The Plan provides for “before tax” employee contributions through salary reduction contributions under Section 401(k) of the Internal Revenue Code. A participant may choose a salary reduction not to exceed the dollar limit set by law each year ( $18 in 2017). Contributions by the Company and by participants are immediately fully vested. The Plan provides for the Company to make 401(k) matching contributions ranging from 50% to 100% depending upon the employee's years of service, but limited to 6% of the participant's eligible salary. The Plan also provides for the Company to make additional discretionary contributions to the Plan. The Company made contributions of approximately $ 2,070 , $ 1,393 and $ 1,208 for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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 and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of December 31, 2017 and 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) December 31, 2017 Measured on a recurring basis: Assets: Securities available for sale: U.S. treasuries $ 37,154 $ — $ 37,154 $ — Government agency securities 211,509 — 211,509 — Obligations of state and municipal subdivisions 229,613 — 229,613 — Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR and GNR 274,377 — 274,377 — Other securities 10,349 10,349 — — December 31, 2016 Measured on a recurring basis: Assets: Securities available for sale: U.S. treasuries $ 3,147 $ — $ 3,147 $ — Government agency securities 122,267 — 122,267 — Obligations of state and municipal subdivisions 87,256 — 87,256 — Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 103,765 — 103,765 — There were no transfers between level categorizations and no changes in valuation methodologies for the years presented. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Securities classified as available for sale are reported at fair value utilizing Level 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 December 31, 2017 and 2016 , for which a nonrecurring change in fair value has been recorded: Fair Value Measurements at Reporting Date Using Assets/ Liabilities Measured at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Period Ended Total Losses December 31, 2017 Measured on a nonrecurring basis: Assets: Impaired loans $ 7,237 $ — $ — $ 7,237 $ 3,719 Other real estate owned 1,726 — — 1,726 375 December 31, 2016 Measured on a nonrecurring basis: Assets: Impaired loans $ 968 $ — $ — $ 968 $ 708 Other real estate owned 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 owned is classified within Level 3 of the valuation hierarchy. When transferred from the loan portfolio, other real estate owned is adjusted to fair value less estimated selling costs and is subsequently carried at the lower of carrying value or fair value less estimated selling costs. The fair value is determined using an external appraisal process, discounted based on internal criteria. In addition, mortgage loans held for sale are required to be measured at the lower of cost or fair value. The fair value of mortgage loans held for sale is based upon binding quotes or bids from third party investors. As of December 31, 2017 and 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 values of privately issued subordinated debentures are based upon prevailing rates on similar debt in the market place. The subordinated debentures that are publicly traded are valued based on indicative bid prices based upon market pricing observations in the current market. Junior subordinated debentures: The fair value of junior subordinated debentures is estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. Accrued interest: The carrying amounts of accrued interest approximate their fair values. Off-balance sheet instruments: Fair values for off-balance sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. The fair value of commitments is not material. The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial instruments were as follows at December 31, 2017 and 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) December 31, 2017 Financial assets: Cash and cash equivalents $ 431,102 $ 431,102 $ 431,102 $ — $ — Certificates of deposit held in other banks 12,985 13,049 — 13,049 — Securities available for sale 763,002 763,002 10,349 752,653 — Loans held for sale 39,202 40,436 — 40,436 — Loans, net 6,432,273 6,350,416 — 6,343,179 7,237 FHLB of Dallas stock and other restricted stock 29,184 29,184 — 29,184 — Accrued interest receivable 20,835 20,835 — 20,835 — Financial liabilities: Deposits 6,632,822 6,637,813 — 6,637,813 — Accrued interest payable 4,654 4,654 — 4,654 — FHLB advances 530,667 526,514 — 526,514 — Other borrowings 136,911 141,650 — 141,650 — Junior subordinated debentures 27,654 20,008 — 20,008 — 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 | 12 Months Ended |
Dec. 31, 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 awards issued prior to 2013 vest five years from the date the award was granted and the related compensation expense is recognized over the vesting period. In connection with the Company's initial public offering in April 2013, the Board of Directors adopted a new 2013 Equity Incentive Plan. Under this plan, the Compensation Committee may grant awards in the form of restricted stock, restricted stock rights, restricted stock units, qualified and nonqualified stock options, performance-based share awards and other equity-based awards. The Plan reserved 800,000 shares of common stock to be awarded by the Company’s compensation committee. As of December 31, 2017 , there were 207,975 shares remaining available for grant for future awards. 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 year ended December 31, 2017 , 25,760 shares that were issued under the 2012 Plan vested during the period. As of December 31, 2017, all stock awards issued under expired plans prior to 2013 are fully vested. The following table summarizes the activity in nonvested shares for the years ended December 31, 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 104,962 61.89 Vested during the period (140,887 ) 34.18 Forfeited during the period (2,543 ) 48.29 Nonvested shares, December 31, 2017 242,056 $ 49.17 Nonvested shares, December 31, 2015 373,572 $ 40.29 Granted during the period 88,220 31.92 Vested during the period (153,766 ) 36.42 Forfeited during the period (27,502 ) 31.75 Nonvested shares, December 31, 2016 280,524 $ 36.88 Compensation expense related to these awards is recorded based on the fair value of the award at the date of grant and totaled $4,688 , $5,431 and $4,314 for the years ended December 31, 2017 , 2016 and 2015 , respectively. Compensation expense is recorded in salaries and employee benefits in the accompanying consolidated statements of income. At December 31, 2017 , future compensation expense is estimated to be $8,136 and will be recognized over a remaining weighted average period of 2.63 years. The fair value of common stock awards that vested during the years ended December 31, 2017 , 2016 and 2015 was $8,597 , $5,208 and $3,300 , respectively. The Company has recorded $ 1,323 in excess tax benefits on vested restricted stock to income tax expense for the year ended December 31, 2017 , as a result of adopting ASU 2016-09 as explained in Note 2. The Company recorded $ (137) and $(72) to additional paid in capital, which represents the income tax deficiency recognized on the vested shares for the years ended December 31, 2016 and 2015 , respectively. There were no modifications of stock agreements during 2017 , 2016 and 2015 that resulted in significant additional incremental compensation costs. At December 31, 2017 , the future vesting schedule of the nonvested shares is as follows: First year 113,247 Second year 75,390 Third year 30,468 Fourth year 13,297 Fifth year 9,654 Total nonvested shares 242,056 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 being 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 year ended December 31, 2017 , warrants to purchase 3,203 shares of common stock were exercised and have been issued by the Company. There were no warrants exercised during 2016 . |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 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 became effective for the Company starting at the 0.625% level and increasing 0.625% each year thereafter, until it reaches 2.5% on January 1, 2019. The capital conservation buffer is designed to absorb losses during periods of economic stress and requires increased capital levels for the purpose of capital distributions and other payments. Failure to meet the full amount of the buffer will result in restrictions on the Company's ability to make capital distributions, including dividend payments and stock repurchases and to pay discretionary bonuses to executive officers. When fully phased in on January 1, 2019, the Basel III Capital Rules will require the Company and Bank to maintain (i) a minimum ratio of Common Equity Tier 1 capital to risk-weighted assets of at least 4.5%, plus the 2.5% capital conservation buffer (7.0% upon full implementation), (ii) a minimum ratio of Tier 1 capital to risk-weighted assets of at least 6.0%, plus the 2.5% capital conservation buffer (8.5% upon full implementation), (iii) a minimum ratio of Total capital (that is, Tier 1 plus Tier 2) to risk-weighted assets of at least 8.0%, plus the 2.5% capital conservation buffer (10.5% upon full implementation) and (iv) a minimum leverage ratio of 4.0%, calculated as the ratio of Tier 1 capital to average quarterly assets. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total, Common Equity Tier 1 ("CET1") and Tier 1 capital (as defined in the regulations) to risk weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). Management believes, as of December 31, 2017 and 2016 , the Company and the Bank meet all capital adequacy requirements to which they are subject, including the capital buffer requirement. As of December 31, 2017 and 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 December 31, 2017 and 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 December 31, 2017 Total capital to risk weighted assets: Consolidated $ 897,760 12.56 % $ 572,025 8.00 % N/A N/A Bank 867,082 12.15 571,142 8.00 $ 713,928 10.00 % Tier 1 capital to risk weighted assets: Consolidated 718,358 10.05 429,019 6.00 N/A N/A Bank 827,680 11.59 428,357 6.00 571,142 8.00 Common equity tier 1 to risk weighted assets: Consolidated 687,006 9.61 321,764 4.50 N/A N/A Bank 827,680 11.59 321,268 4.50 464,053 6.50 Tier 1 capital to average assets: Consolidated 718,358 8.92 322,124 4.00 N/A N/A Bank 827,680 10.30 321,384 4.00 401,730 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 Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Integrity Bancshares, Inc. On November 28, 2017, the Company announced that it entered into a definitive agreement to acquire Integrity Bancshares, Inc. and its subsidiary, Integrity Bank, SSB, Houston, Texas (Integrity). Under the terms of the agreement, the Company will issue 2,072,131 shares of the Company's common stock and pay cash in the aggregate amount of $31.6 million to the shareholders and option holders of Integrity. The merger has been approved by the Boards of Directors of both companies and is expected to close during the second quarter of 2018, although delays may occur. The transaction is subject to certain conditions, including the approval by shareholders of Independent Bank Group, Integrity Bancshares and customary regulatory approvals. 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. During the fourth quarter of 2017, the Company sold nine of the acquired Colorado branches as part of the Northstar branch integration process (see Note 21 ). The Company has recognized total goodwill of $363,139 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 fair value of the consideration exchanged related to the Company's stock was calculated based upon the closing market price of the Company's stock as of March 31, 2017. 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 $15,648 for the year ended December 31, 2017 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, as of December 31, 2017 , the Company paid offering costs totaling $942 which were recorded as a reduction to stock issuance proceeds through additional paid in capital. 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: Initially Recorded at Acquisition Date Measurement Period Adjustments Adjusted Values Assets of acquired bank: Cash and cash equivalents $ 148,444 $ — $ 148,444 Certificates of deposit held in other banks 11,025 — 11,025 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 1,236 11,212 Goodwill 362,993 146 363,139 Core deposit intangible 36,717 — 36,717 Other assets 89,624 78 89,702 Total assets acquired $ 2,442,921 $ 1,234 $ 2,444,155 Liabilities of acquired bank: Deposits $ 1,825,181 $ — $ 1,825,181 Junior subordinated debentures 9,359 — 9,359 Other liabilities 24,466 1,234 25,700 Total liabilities assumed $ 1,859,006 $ 1,234 $ 1,860,240 Common stock issued at $64.30 per share $ 566,142 $ — $ 566,142 Cash paid $ 17,773 $ — $ 17,773 The nature of the measurement period adjustments noted in the table above was a result of information obtained subsequent to our initial reporting of provisional fair values but prior to finalizing our fair values as of December 31, 2017. Such information was determined to be a condition in existence as of acquisition date. The income effects resulting from the recorded measurement period adjustments during the year ending December 31, 2017 are immaterial for separate disclosure. Non-credit impaired loans had a fair value of $1,298,442 at acquisition date and contractual balance of $1,309,360 . As of acquisition date, the Company expects that an insignificant amount of the contractual balance of these loans will be uncollectible. The difference of $10,918 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. December 31, (Dollars in thousands) 2017 2016 Interest income $ 330,792 $ 300,202 Noninterest income 48,165 48,016 Total Revenue 378,957 348,218 Net income (1) 90,700 67,029 Net income attributable to noncontrolling interests — (315 ) Net income to common stockholders $ 90,700 $ 66,714 Basic earnings per share $ 3.26 $ 2.41 Diluted earnings per share $ 3.25 $ 2.40 (1) Excludes acquisition, restructure, conversion, severance and retention related costs incurred by the Company of $15,648 and $659 for the years ended December 31, 2017 and 2016, respectively, and acquisition / change of control related costs incurred by Carlile of $0 and $15,687 for the years ended December 31, 2017 and 2016, 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. |
Branch Sales
Branch Sales | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Branch Sales | Branch Sales During September 2017, the Company sold its Marble Falls, Texas branch to an unaffiliated institution. As a result of this branch sale, the Company transferred deposits of $17,508 , including accrued interest, for a deposit premium of $336 , and loans, including interest, of $5,424 . The Company reduced net core deposit intangibles associated with this branch by $385 and recognized a loss of $116 on the sale. During October 2017, the Company sold nine Colorado branches to an unaffiliated institution. As a result of this sale, the Company transferred deposits and interest of $160,771 for a deposit premium of $6,771 . The assets sold included loans and interest of $100,584 and property and equipment of $7,473 . The company reduced net core deposit intangibles associated with these branches by $2,626 and recognized a gain of $3,033 . |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Statements | Parent Company Only Financial Statements The following balance sheets, statements of income and statements of cash flows for Independent Bank Group, Inc. should be read in conjunction with the consolidated financial statements and the notes thereto. Balance Sheets December 31, Assets 2017 2016 Cash and cash equivalents $ 9,400 $ 9,265 Investment in subsidiaries 1,484,217 789,708 Investment in Trusts 950 547 Other assets 10,093 1,969 Total assets $ 1,504,660 $ 801,489 Liabilities and Stockholders' Equity Other borrowings $ 136,911 $ 107,299 Junior subordinated debentures 27,654 18,147 Other liabilities 4,077 3,678 Total liabilities 168,642 129,124 Stockholders' equity: Common stock 283 189 Additional paid-in capital 1,151,990 555,325 Retained earnings 184,232 117,951 Accumulated other comprehensive loss (487 ) (1,100 ) Total stockholders' equity 1,336,018 672,365 Total liabilities and stockholders' equity $ 1,504,660 $ 801,489 Statements of Income Years Ended December 31, 2017 2016 2015 Interest expense: Interest on other borrowings $ 6,873 $ 5,426 $ 4,282 Interest on junior subordinated debentures 1,162 621 539 Total interest expense 8,035 6,047 4,821 Noninterest income: Dividends from subsidiaries 29,563 36,018 35,250 Other 32 25 16 Total noninterest income 29,595 36,043 35,266 Noninterest expense: Salaries and employee benefits 5,175 6,226 4,270 Professional fees 546 523 546 Acquisition expense, including legal 12,767 1,380 1,282 Other 1,614 1,126 1,217 Total noninterest expense 20,102 9,255 7,315 Income before income tax benefit and equity in undistributed income of subsidiaries 1,458 20,741 23,130 Income tax benefit 8,890 5,339 4,121 Income before equity in undistributed income of subsidiaries 10,348 26,080 27,251 Equity in undistributed income of subsidiaries 66,164 27,460 11,535 Net income $ 76,512 $ 53,540 $ 38,786 Statements of Cash Flows Years Ended December 31, 2017 2016 2015 Cash flows from operating activities: Net income $ 76,512 $ 53,540 $ 38,786 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (66,164 ) (27,460 ) (11,535 ) Amortization of discount and origination costs on other borrowings 505 241 — Stock based compensation expense 4,688 5,431 4,314 Excess tax benefit on restricted stock vested (1,323 ) — — Deferred tax expense (benefit) 11,782 (205 ) (330 ) Net change in other assets (6,750 ) — 2,101 Net change in other liabilities (1,663 ) 1,038 (63 ) Net cash provided by operating activities 17,587 32,585 33,273 Cash flows from investing activities: Capital investment in subsidiaries (50,050 ) (57,000 ) — Cash received from acquired banks 5,418 — — Cash paid in connection with acquisitions (17,773 ) — (24,103 ) Net cash used in investing activities (62,405 ) (57,000 ) (24,103 ) Cash flows from financing activities: Repayments of other borrowings — (5,798 ) (1,932 ) Net proceeds from other borrowings 29,255 43,150 — Proceeds from exercise of common stock warrants 55 — — Offering costs paid in connection with acquired banks (942 ) — (568 ) Net proceeds from issuance of common stock 26,816 19,929 — Redemption of preferred stock — (23,938 ) — Dividends paid (10,231 ) (6,287 ) (5,819 ) Net cash provided by (used in) financing activities 44,953 27,056 (8,319 ) Net change in cash and cash equivalents 135 2,641 851 Cash and cash equivalents at beginning of year 9,265 6,624 5,773 Cash and cash equivalents at end of year $ 9,400 $ 9,265 $ 6,624 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Corporate Headquarters Contract On January 18, 2018, the Company entered into an agreement with an independent contractor for the oversight and construction of the Company's new corporate headquarters office building in McKinney, Texas. The 165,000 square foot building is estimated to cost approximately $50,000 and expected to be completed in early 2019. Declaration of Dividends On January 31, 2018, the Company declared a quarterly cash dividend in the amount of $0.12 per share of common stock to the stockholders of record on February 12, 2018. The dividend totaling $3,401 was paid on February 22, 2018. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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., CFRH II, LLC, McKinney Avenue Holdings, Inc. and its wholly owned subsidiary, McKinney Avenue Holdings SPE 1, Inc.. Adriatica, CFRH II, LLC, McKinney Avenue Holdings, Inc. and its subsidiary are currently not active entities. During the third quarter 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 (Goldome) 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 is a mortgage warehouse purchase company. During the fourth quarter 2017, Goldome was merged with the Bank and dissolved. See Note 20 , 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 (see Note 12 ). |
Segment Reporting | Segment Reporting: The Company has one reportable segment. The Company’s chief operating decision-maker uses consolidated results to make operating and strategic decisions. |
Reclassifications | Reclassifications: Certain prior period financial statement amounts have been reclassified to conform to current period presentation. The reclassifications have no effect on net income or stockholders' equity as previously reported. |
Use of estimates | Use of estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ from those estimates. The material estimates included in the financial statements relate to the allowance for loan losses, the valuation of goodwill and valuation of assets and liabilities acquired in business combinations. |
Cash and cash equivalents | Cash and cash equivalents: For the purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. All highly liquid investments with an initial maturity of less than ninety days are considered to be cash equivalents. The Company maintains deposits with other financial institutions in amounts that exceed FDIC insurance coverage. The Company's management monitors the balance in these accounts and periodically assesses the financial condition of the other financial institutions. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risks on cash or cash equivalents. |
Certificates of deposit | Certificates of deposit: Certificates of deposit are FDIC insured deposits in other financial institutions that mature within 18 months and are carried at cost. |
Securities | Securities: Securities classified as available for sale are those debt securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company's assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Securities available for sale are reported at fair value with unrealized gains or losses reported as a separate component of other comprehensive income, net of tax. The amortization of premiums and accretion of discounts, computed by the interest method over their contractual lives, are recognized in interest income. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date. In estimating other than temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent of the Company to retain its investment and whether it is more likely than not the Company will be required to sell its investment before its anticipated recovery in fair value. When the Company does not intend to sell the security, and it is more likely than not that it will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other than temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. |
Loans held for sale | Loans held for sale: The Company originates residential mortgage loans that may subsequently be sold to unaffiliated third parties. Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by aggregate outstanding commitments from investors. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Mortgage loans held for sale are sold without servicing rights retained. Gains and losses on sales of loans are recognized in noninterest income at settlement dates and are determined by the difference between the sales proceeds and the carrying value of the loans. |
Acquired loans | Acquired loans: Acquired loans from the transactions accounted for as a business combination include both non-performing loans with evidence of credit deterioration since their origination date and performing loans. The Company is accounting for the non-performing loans acquired in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . The performing loans are being accounted for under ASC 310-20, Nonrefundable Fees and Other Costs , with the related difference in the initial fair value and unpaid principal balance (the discount) recognized as interest income on a level yield basis over the life of the loan. At the date of the acquisition, the acquired loans are recorded at their fair value and there is no carryover of the seller's allowance for loan losses. Purchased credit impaired loans are accounted for individually. The Company estimates the amount and timing of undiscounted expected cash flows for each loan, and the expected cash flows in excess of fair value is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan's contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan, expected cash flows continue to be estimated. If the expected cash flows decrease, an impairment loss is recorded. If the expected cash flows increase, it is recognized as part of future interest income. |
Loans, net | Loans, net: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance adjusted for the allowance for loan losses and deferred loan fees. Fees and costs associated with originating loans are generally recognized in the period they are incurred, except in the Houston market, former Grand Bank and Carlile branches, which fees are deferred. The provisions of ASC 310, Receivables , generally provide that such fees and related costs be deferred and recognized over the life of the loan as an adjustment of yield. Management believes that not deferring such amounts and amortizing them over the life of the related loans does not materially affect the financial position or results of operations of the Company. |
Allowance for loan losses | Allowance for loan losses: The allowance for loan losses is maintained at a level considered adequate by management to provide for probable loan losses. The allowance is increased by provisions charged to expense. Loans are charged against the allowance for loan losses when management believes that collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. The provision for loan losses is the amount, which, in the judgment of management, is necessary to establish the allowance for loan losses at a level that is adequate to absorb known and inherent risks in the loan portfolio. See Note 6 for further information on the Company's policies and methodology used to estimate the allowance for loan losses. The allowance is derived from the following two components: 1) allowances established on individual impaired loans, which are based on a review of the individual characteristics of each loan, including the customer’s ability to repay the loan, the underlying collateral values, and the industry the customer operates, and 2) allowances based on actual historical loss experience for the last three years for similar types of loans in the Company’s loan portfolio adjusted for primarily changes in the lending policies and procedures; collection, charge-off and recovery practices; nature and volume of the loan portfolio; change in value of underlying collateral; volume and severity of nonperforming loans; existence and effect of any concentrations of credit and the level of such concentrations and current, national and local economic and business conditions. This second component also includes an unallocated allowance to cover uncertainties that could affect management’s estimate of probable losses. The unallocated allowance reflects the imprecision inherent in the underlying assumptions used in the methodologies for estimating this component. The Company’s management continually evaluates the allowance for loan losses determined from the allowances established on individual loans and the amounts determined from historical loss percentages adjusted for the qualitative factors above. Should any of the factors considered by management change, the Company’s estimate of loan losses could also change and would affect the level of future provision expense. While the calculation of the allowance for loan losses utilizes management’s best judgment and all the information available, the adequacy of the allowance for loan losses is dependent on a variety of factors beyond the Company’s control, including, among other things, the performance of the entire loan portfolio, the economy, changes in interest rates and the view of regulatory authorities towards loan classifications. |
Premises and equipment, net | Premises and equipment, net: Land is carried at cost. Bank premises, furniture and equipment and aircraft are carried at cost, less accumulated depreciation computed principally by the straight-line method over the estimated useful lives of the assets, which range from three to thirty years. Leasehold improvements are carried at cost and are depreciated over the shorter of the estimated useful life or the lease period. |
Long-term assets | Long-term assets: Premises and equipment and other long-term assets are reviewed for impairment when events indicate that their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. |
Other real estate owned | Other real estate owned: Real estate properties acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations of other real estate owned and impairment charges on other real estate are included in noninterest expense. Gains and losses on sale of other real estate are included in noninterest income. |
Goodwill and core deposit intangible, net | Goodwill and core deposit intangible, net: Goodwill represents the excess of costs over fair value of net assets of businesses acquired. Goodwill is tested for impairment annually on December 31 or on an interim basis if an event triggering impairment may have occurred. Core deposit intangibles are acquired customer relationships arising from bank acquisitions and are amortized on a straight-line basis over their estimated useful lives of ten years. Core deposit intangibles are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. |
Restricted stock | Restricted stock : The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB of Dallas and Independent Bankers Financial Corporation stock do not have readily determinable fair values as ownership is restricted and they lack a ready market. As a result, these stocks are carried at cost and evaluated periodically by management for impairment. Both cash and stock dividends are reported as income. |
Bank-owned life insurance | Bank-owned life insurance: Bank-owned life insurance is recorded at the amount that can be realized under the insurance contracts at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Changes in the net cash surrender value of the policies, as well as insurance proceeds received are reflected in noninterest income. |
Mortgage banking revenue | Mortgage banking revenue: This revenue category reflects the Company's mortgage production revenue, including fees and income derived from mortgages originated with the intent to sell and gains on sales of mortgage loans. Interest earned on mortgage loans is recorded in interest income. Additionally, with the acquisition of Carlile, the Company acquired a mortgage warehouse purchase company, Goldome Financial, which provides a mortgage warehouse lending vehicle to third party 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 commercial loans since the loans are secured by notes receivable, not real estate. |
Income taxes | Income taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities related to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. The effect of a change in tax rates on deferred assets and liabilities is recognized in income taxes during the period that includes the enactment date. A valuation allowance, if needed, reduces deferred tax assets to the expected amount more likely than not to be realized. Realization of deferred tax assets is dependent upon the level of historical income, prudent and feasible tax planning strategies, reversals of deferred tax liabilities and estimates of future taxable income. The Company evaluates uncertain tax positions at the end of each reporting period. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefit recognized in the financial statements from any such position is measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Any interest and/or penalties related to income taxes are reported as a component of income tax expense. |
Loan commitments and related financial instruments | Loan commitments and related financial instruments: In the ordinary course of business, the Company has entered into certain off-balance-sheet financial instruments consisting of commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they are funded or related fees are incurred or received. Management estimates losses on off-balance-sheet financial instruments using the same methodology as for portfolio loans. Estimated losses on off-balance-sheet financial instruments are recorded by charges to the provision for losses and credits to other liabilities in the Company's consolidated balance sheet. There were no estimated losses on off-balance sheet financial instruments as of December 31, 2017 or 2016 . |
Stock based compensation | Stock based compensation: Compensation cost is recognized for restricted stock awards issued to employees based on the market price of the Company's common stock on the grant date. Stock-based compensation expense is generally recognized using the straight-line method over the requisite service period for all awards. The impact of forfeitures of stock-based payment awards on compensation expense is recognized as forfeitures occur. |
Transfers of financial assets | Transfers of financial assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Advertising costs | Advertising costs: Advertising costs are expensed as incurred. |
Business combinations | Business combinations: The Company applies the acquisition method of accounting for business combinations. Under the acquisition method, the acquiring entity in a business combination recognizes 100% of the assets acquired and liabilities assumed at their acquisition date fair values. Management utilizes valuation techniques appropriate for the asset or liability being measured in determining these fair values. Any excess of the purchase price over amounts allocated to assets acquired, including identifiable intangible assets, and liabilities assumed is recorded as goodwill. Where amounts allocated to assets acquired and liabilities assumed is greater than the purchase price, a bargain purchase gain is recognized. Adjustments identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined. Acquisition-related costs are expensed as incurred. |
Comprehensive income | Comprehensive income: Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. Gains and losses on available for sale securities are reclassified to net income as the gains or losses are realized upon sale of the securities. Other than temporary impairment charges are reclassified to net income at the time of the charge. |
Fair values of financial instruments | Fair values of financial instruments: Accounting standards define fair value, establish a framework for measuring fair value in U.S. generally accepted accounting principles, and require certain disclosures about fair value measurements (see Note 17 , Fair Value Measurements ). In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company's creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. |
Subsequent events | Subsequent events: Companies are required to evaluate events and transactions that occur after the balance sheet date but before the date the financial statements are issued. They must recognize in the financial statements the effect of all events or transactions that provide additional evidence of conditions that existed at the balance sheet date, including the estimates inherent in the financial statement preparation process. Entities shall not recognize the impact of events or transactions that provide evidence about conditions that did not exist at the balance sheet date but arose after that date. The Company has evaluated subsequent events through the date of filing these financial statements with the SEC and noted no subsequent events requiring financial statement recognition or disclosure, except as disclosed in Note 23 . |
Earnings per share | Earnings per share: Basic earnings per common share are net income divided by the weighted average number of common shares outstanding during the period. The unvested share-based payment awards that contain rights to non forfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock warrants. The participating nonvested common stock was not included in dilutive shares as it was anti-dilutive for the years ended December 31, 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. |
Recent accounting pronouncements | Recent Accounting Pronouncements 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 expense (or benefit) 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 awards 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 $ 1,323 tax benefit for the year ended December 31, 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 the change in cash flow classification on a prospective basis. The impact of this change and that of the remaining provisions of ASU 2016-09 was not significant to our financial statements. ASU 2014-09, Revenue from Contracts with Customers (Topic 606), ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date: ASU 2014-09 amends existing guidance related to revenue from contracts with customers. The amendments state that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 affects entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards. The Company's revenue consists of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-9, and non-interest income. We finalized our analysis of the impact of ASU 2014-09 on the components of our non-interest income and determined that the adoption of this guidance will not result in any significant changes to our methodology of recognizing revenue or have a material impact on our internal controls over financial reporting. As required by ASU 2014-09, we will adopt the new standard effective January 1, 2018 and, at the time of this filing, we do not anticipate recording a cumulative effect adjustment to opening retained earnings or any presentation changes to the consolidated financial statements. The Company will provide the required revenue disclosures in our Form 10-Q for the quarter ended March 31, 2018. ASU 2016-01, Financial Instruments─Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01, among other things, (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (vii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale. Currently, the company values their financial instruments that are not measured at fair value in the financial statements using an entry price notion consistent with current guidance, and will be changing to the exit price notion in the first quarter of 2018 in compliance with this ASU. This update will be effective for the Company on January 1, 2018 and will not have a significant impact to the Company's consolidated financial statements and disclosures. ASU 2016-02, Leases (Topic 842), and ASU 2018-01 , Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 . The amendments in ASU 2016-02, among other things, amended existing guidance that requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (i) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. The amendments will be effective for the Company on January 1, 2019 and is required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company is currently evaluating the potential effect of adopting this guidance on its consolidated financial statements and related disclosures. We expect our operating leases, as disclosed in Note 14 , will be subject to the new standard resulting in recognized right-of-use assets and operating lease liabilities on the consolidated balance sheets upon adoption. Presentation of leases within the consolidated statements of income and consolidated statements of cash flows will be generally consistent with the current lease accounting guidance. ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this update replace the incurred loss model with the expected loss model. Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. This update will be effective for the Company on January 1, 2020. The Company is currently evaluating the impact of the amendments on its consolidated financial statements and disclosures. ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities . The amendments in this update shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and the discount continues to be amortized to maturity. This update will be effective for the Company on January 1, 2019 and is not expected to have a significant impact to the Company's consolidated financial statements and disclosures. ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendments in this update refine and expand hedge accounting for both financial and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. This update will be effective for the Company on January 1, 2019. The Company is evaluating the impact of the amendments on its consolidated financial statements and disclosures. ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this update allow reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act which was signed into law on December 22, 2017. The amendments also require certain disclosures about stranded tax effects. This update will be effective for all annual and interim periods beginning January 1, 2019, with early adoption permitted, and the guidance should be applied either in the period of adoption or the retrospectively to each period impacted by the change in the U.S federal corporate income tax rate in the Tax Cuts and Job Acts is recognized. The Company currently expects to early adopt the new guidance in the first quarter of 2018, which will result in a cumulative effect adjustment to the consolidated balance sheet as of January 1, 2018 to reclass approximately $132 thousand of tax expense from accumulated other comprehensive loss to retained earnings. |
Nonaccrual loan and lease status | The accrual of interest is discontinued on a loan when management believes after considering collection efforts and other factors that the borrower's financial condition is such that collection of interest is doubtful. All interest accrued but not collected for loans that are placed on nonaccrual status or charged-off is reversed against interest income. Cash collections on nonaccrual loans are generally credited to the loan receivable balance, and no interest income is recognized on those loans until the principal balance has been collected. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Impaired loan and lease receivable | Impaired loans are those loans where it is probable that all amounts due according to contractual terms of the loan agreement will not be collected. The Company has identified these loans through its normal loan review procedures. Impaired loans are measured based on 1) the present value of expected future cash flows discounted at the loans effective interest rate; 2) the loan's observable market price; or 3) the fair value of collateral if the loan is collateral dependent. Substantially all of the Company’s impaired loans are measured at the fair value of the collateral. In limited cases, the Company may use other methods to determine the level of impairment of a loan if such loan is not collateral dependent. |
Loan charge off amounts | The Company will charge off that portion of any loan which management considers a loss. Commercial and real estate loans are generally considered for charge-off when exposure beyond collateral coverage is apparent and when no further collection of the loss portion is anticipated based on the borrower’s financial condition. |
Trouble debt restructuring | The restructuring of a loan is considered a “troubled debt restructuring” if both 1) the borrower is experiencing financial difficulties and 2) the creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, principal forgiveness, extending amortization and other actions intended to minimize potential losses. A “troubled debt restructured” loan is identified as impaired and measured for credit impairment as of each reporting period in accordance with the guidance in ASC 310-10-35. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Earnings Per Share | The following table presents a reconciliation of net income available to common shareholders and the number of shares used in the calculation of basic and diluted earnings per common share. Years ended December 31, 2017 2016 2015 Basic earnings per share: Net income $ 76,512 $ 53,540 $ 38,786 Less: Preferred stock dividends — 8 240 Net income after preferred stock dividends 76,512 53,532 38,546 Less: Undistributed earnings allocated to participating securities 626 774 661 Dividends paid on participating securities 97 103 111 Net income available to common shareholders $ 75,789 $ 52,655 $ 37,774 Weighted-average basic shares outstanding 25,394,079 18,198,578 16,974,484 Basic earnings per share $ 2.98 $ 2.89 $ 2.23 Diluted earnings per share: Net income available to common shareholders $ 75,789 $ 52,655 $ 37,774 Total weighted-average basic shares outstanding 25,394,079 18,198,578 16,974,484 Add dilutive stock warrants 106,070 86,646 84,595 Total weighted-average diluted shares outstanding 25,500,149 18,285,224 17,059,079 Diluted earnings per share $ 2.97 $ 2.88 $ 2.21 Anti-dilutive participating securities 123,564 92,196 58,726 |
Statement of Cash Flows (Tables
Statement of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Other Supplemental Cash Flow Information | Other supplemental cash flow information is presented below: Years ended December 31, 2017 2016 2015 Cash transactions: Interest expense paid $ 41,802 $ 25,015 $ 20,056 Income taxes paid $ 34,161 $ 26,485 $ 24,450 Noncash transactions: Transfers of loans to other real estate owned $ 1,201 $ 1,713 $ 221 Loans to facilitate the sale of other real estate owned $ — $ — $ 248 Transfers of loans to other assets $ — $ 124 $ 1,064 Excess tax deficiency on restricted stock vested $ — $ (137 ) $ (72 ) Transfer of bank premises to other real estate $ 2,716 $ — $ — Transfer of repurchase accounts to deposits $ 8,845 $ 20,688 $ 3,072 Supplemental schedule of noncash investing activities from branch sales is as follows: Years ended December 31, 2017 2016 2015 Noncash assets transferred: Loans, including accrued interest $ 106,008 $ 2 $ — Premises and equipment 7,473 2,193 — Core deposit intangible, net 3,011 — — Other assets 74 — — Total assets $ 116,566 $ 2,195 $ — Noncash liabilities transferred: Deposits, including interest $ 178,279 $ 4,628 $ — Other liabilities 129 30 — Total liabilities $ 178,408 $ 4,658 $ — Cash and cash equivalents transferred in branch sales $ 1,712 $ 208 $ — Deposit premium received $ 7,107 $ 64 $ — Cash paid to buyer, net of deposit premium $ 56,975 $ 2,191 $ — Supplemental schedule of noncash investing activities from acquisitions is as follows: Years Ended December 31, 2017 2016 2015 Noncash assets acquired: Certificates of deposit held in other banks $ 11,025 $ — $ 84,527 Securities available for sale 336,540 — 72,619 Restricted stock 11,110 — 340 Loans 1,384,041 — 273,632 Premises and equipment 63,561 — 1,214 Other real estate owned 9,976 — — Goodwill 362,993 — 28,825 Core deposit intangibles 36,717 — 5,457 Bank owned life insurance 53,213 — — Other assets 25,301 — 649 Total assets $ 2,294,477 $ — $ 467,263 Noncash liabilities assumed: Deposits $ 1,825,181 $ — $ 523,650 Repurchase agreements 18,003 — 18,873 FHLB advances — — 2,836 Junior subordinated debt 9,359 — — Other liabilities 6,463 — 876 Total liabilities $ 1,859,006 $ — $ 546,235 Cash and cash equivalents acquired from acquisitions $ 148,444 $ — $ 152,913 Cash paid to shareholders of acquired banks $ 17,773 $ — $ 24,103 Fair value of common stock issued to shareholders of acquired bank $ 566,142 $ — $ 49,838 In addition, the following measurement-period adjustments were made during the years ended December 31, 2017 , 2016 and 2015 relating to Company acquisition activity: Year Ended December 31, 2017 2016 2015 Noncash assets acquired: Loans $ 169 $ 735 $ — Premises and equipment (395 ) — — Other real estate owned 1,236 — — Goodwill 146 (324 ) 361 Core deposit intangibles — (216 ) — Other assets 78 (175 ) (180 ) Total assets $ 1,234 $ 20 $ 181 Noncash liabilities assumed: Other liabilities $ 1,234 $ 20 $ 181 Total liabilities $ 1,234 $ 20 $ 181 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 2016 , are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Available for Sale December 31, 2017: U.S. treasuries $ 37,480 $ — $ (326 ) $ 37,154 Government agency securities 213,649 83 (2,223 ) 211,509 Obligations of state and municipal subdivisions 228,782 2,118 (1,287 ) 229,613 Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR, and GNR 274,356 1,229 (1,208 ) 274,377 Other securities 10,397 — (48 ) 10,349 $ 764,664 $ 3,430 $ (5,092 ) $ 763,002 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, Gross Gains and Losses of Securities Available for Sale | Proceeds from sale of securities available for sale and gross gains and losses for the years ended December 31, 2017 , 2016 and 2015 were as follows: Years ended December 31, 2017 2016 2015 Proceeds from sale $ 31,367 $ 5,399 $ 14,915 Gross gains $ 176 $ 4 $ 136 Gross losses $ 52 $ — $ 2 |
Amortized Cost and Estimated Fair Value of Securities Available for Sale by Contractual Maturity | The amortized cost and estimated fair value of securities available for sale at December 31, 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. December 31, 2017 Securities Available for Sale Amortized Cost Fair Value Due in one year or less $ 98,747 $ 98,446 Due from one year to five years 201,644 199,847 Due from five to ten years 86,392 85,900 Thereafter 103,525 104,432 490,308 488,625 Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR, and GNR 274,356 274,377 $ 764,664 $ 763,002 |
Summary of Unrealized Losses and Fair Value Securities in Continuous Unrealized Loss Position | The number of securities, unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2017 and 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 December 31, 2017 U.S. treasuries 7 $ 34,053 $ (267 ) 1 $ 3,101 $ (59 ) $ 37,154 $ (326 ) Government agency securities 51 142,991 (1,155 ) 27 60,030 (1,068 ) 203,021 (2,223 ) Obligations of state and municipal subdivisions 202 87,625 (564 ) 54 26,883 (723 ) 114,508 (1,287 ) Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR, and GNR 55 125,970 (834 ) 10 25,398 (374 ) 151,368 (1,208 ) Other securities 1 10,349 (48 ) — — — 10,349 (48 ) 316 $ 400,988 $ (2,868 ) 92 $ 115,412 $ (2,224 ) $ 516,400 $ (5,092 ) 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 36
Loans, Net and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Compositions of Loans | Loans, net at December 31, 2017 and 2016 , consisted of the following: December 31, 2017 2016 Commercial $ 1,059,984 $ 630,805 Real estate: Commercial 3,369,892 2,459,221 Commercial construction, land and land development 744,868 531,481 Residential 892,293 634,545 Single family interim construction 289,680 235,475 Agricultural 82,583 53,548 Consumer 34,639 27,530 Other 304 166 6,474,243 4,572,771 Deferred loan fees (2,568 ) (2,117 ) Allowance for loan losses (39,402 ) (31,591 ) $ 6,432,273 $ 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 years ended December 31, 2017 , 2016 and 2015 : Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Unallocated Total Year ended December 31, 2017 Balance at the beginning of year $ 8,593 $ 18,399 $ 2,760 $ 1,301 $ 207 $ 242 $ 29 $ 60 $ 31,591 Provision for loan losses 2,059 4,886 683 416 43 99 90 (11 ) 8,265 Charge-offs (81 ) (15 ) — (134 ) — (182 ) (190 ) — (602 ) Recoveries 28 31 4 — — 46 39 — 148 Balance at end of year $ 10,599 $ 23,301 $ 3,447 $ 1,583 $ 250 $ 205 $ (32 ) $ 49 $ 39,402 Year ended December 31, 2016 Balance at the beginning of year $ 10,573 $ 13,007 $ 2,339 $ 769 $ 215 $ 164 $ 8 $ (32 ) $ 27,043 Provision for loan losses 2,391 5,436 810 532 (8 ) 97 90 92 9,440 Charge-offs (4,384 ) (54 ) (401 ) — — (27 ) (104 ) — (4,970 ) Recoveries 13 10 12 — — 8 35 — 78 Balance at end of year $ 8,593 $ 18,399 $ 2,760 $ 1,301 $ 207 $ 242 $ 29 $ 60 $ 31,591 Year ended December 31, 2015 Balance at the beginning of year $ 5,051 $ 10,110 $ 2,205 $ 669 $ 246 $ 146 $ — $ 125 $ 18,552 Provision for loan losses 6,100 2,924 138 100 (31 ) 56 101 (157 ) 9,231 Charge-offs (606 ) (69 ) (9 ) — — (52 ) (124 ) — (860 ) Recoveries 28 42 5 — — 14 31 — 120 Balance at end of year $ 10,573 $ 13,007 $ 2,339 $ 769 $ 215 $ 164 $ 8 $ (32 ) $ 27,043 The following table details the amount of the allowance for loan losses and recorded investment in loans by class as of December 31, 2017 and 2016 : Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Unallocated Total December 31, 2017 Allowance for losses: Individually evaluated for impairment $ 3,500 $ 311 $ — $ — $ — $ 2 $ — $ — $ 3,813 Collectively evaluated for impairment 7,099 22,990 3,447 1,583 250 203 (32 ) 49 35,589 Loans acquired with deteriorated credit quality — — — — — — — — — Ending balance $ 10,599 $ 23,301 $ 3,447 $ 1,583 $ 250 $ 205 $ (32 ) $ 49 $ 39,402 Loans: Individually evaluated for impairment $ 10,297 $ 3,054 $ 1,727 $ — $ — $ 74 $ — $ — $ 15,152 Collectively evaluated for impairment 1,037,401 4,039,332 887,292 289,680 78,646 34,544 304 — 6,367,199 Acquired with deteriorated credit quality 12,286 72,374 3,274 — 3,937 21 — — 91,892 Ending balance $ 1,059,984 $ 4,114,760 $ 892,293 $ 289,680 $ 82,583 $ 34,639 $ 304 $ — $ 6,474,243 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 December 31, 2017 and 2016 , are summarized as follows: Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Total December 31, 2017 Nonaccrual loans $ 10,304 $ 2,716 $ 998 $ — $ — $ 55 $ — $ 14,073 Loans past due 90 days and still accruing 8 120 8 — — — — 136 Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) — 455 730 — — 20 — 1,205 $ 10,312 $ 3,291 $ 1,736 $ — $ — $ 75 $ — $ 15,414 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 loan information by loan class (excluding loans acquired with deteriorated credit quality) at December 31, 2017 and 2016 and for the years ended December 31, 2017 , 2016 and 2015 , is summarized as follows: Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Total December 31, 2017 Recorded investment in impaired loans: Impaired loans with an allowance for loan losses $ 9,255 $ 1,793 $ — $ — $ — $ 2 $ — $ 11,050 Impaired loans with no allowance for loan losses 1,042 1,261 1,727 — — 72 — 4,102 Total $ 10,297 $ 3,054 $ 1,727 $ — $ — $ 74 $ — $ 15,152 Unpaid principal balance of impaired loans $ 13,456 $ 3,124 $ 1,818 $ — $ — $ 197 $ — $ 18,595 Allowance for loan losses on impaired loans $ 3,500 $ 311 $ — $ — $ — $ 2 $ — $ 3,813 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 year ended December 31, 2017 Average recorded investment in impaired loans $ 8,524 $ 3,690 $ 2,431 $ 177 $ — $ 218 $ — $ 15,040 Interest income recognized on impaired loans $ 8 $ 428 $ 58 $ — $ — $ 5 $ — $ 499 For the year ended December 31, 2016 Average recorded investment in impaired loans $ 11,783 $ 3,324 $ 2,773 $ 177 $ 34 $ 118 $ — $ 18,209 Interest income recognized on impaired loans $ 58 $ 73 $ 97 $ — $ — $ — $ — $ 228 For the year ended December 31, 2015 Average recorded investment in impaired loans $ 4,951 $ 5,904 $ 3,220 $ — $ 34 $ 93 $ — $ 14,202 Interest income recognized on impaired loans $ 189 $ 286 $ 181 $ — $ 10 $ 24 $ — $ 690 |
Summary of Troubled Debt Restructurings | Following is a summary of loans modified under troubled debt restructurings during the years ended December 31, 2017 and 2016 : Commercial Commercial Real Estate, Land and Land Development Residential Real Estate Single-Family Interim Construction Agricultural Consumer Other Total Troubled debt restructurings during the year ended December 31, 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 year ended December 31, 2016 Number of contracts 1 — — — — 1 — 2 Pre-restructuring outstanding recorded investment $ 24 $ — $ — $ — $ — $ 209 $ — $ 233 Post-restructuring outstanding recorded investment $ 24 $ — $ — $ — $ — $ 209 $ — $ 233 |
Aging of Past Due Loans by Loan Class | The following table presents information regarding the aging of past due loans by loan class as of December 31, 2017 and 2016 : Loans 30-89 Days Past Due Loans 90 or More Past Due Total Past Due Loans Current Loans Total Loans December 31, 2017 Commercial $ 730 $ 10,300 $ 11,030 $ 1,036,668 $ 1,047,698 Commercial real estate, land and land development 4,083 1,944 6,027 4,036,359 4,042,386 Residential real estate 6,269 138 6,407 882,612 889,019 Single-family interim construction 1,436 — 1,436 288,244 289,680 Agricultural — — — 78,646 78,646 Consumer 373 47 420 34,198 34,618 Other — — — 304 304 12,891 12,429 25,320 6,357,031 6,382,351 Acquired with deteriorated credit quality 2,748 4,013 6,761 85,131 91,892 $ 15,639 $ 16,442 $ 32,081 $ 6,442,162 $ 6,474,243 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 | The Company has included PCI loans in the above grading tables. The following provides additional detail on the grades applied to those loans at December 31, 2017 and December 31, 2016 : Pass Pass/ Special Mention Substandard Doubtful Total December 31, 2017 $ 36,928 $ 32,674 $ 2,662 $ 19,628 $ — $ 91,892 December 31, 2016 30,498 1,237 1,069 1,874 — 34,678 A summary of loans by credit quality indicator by class as of December 31, 2017 and 2016 , is as follows: Pass Pass/ Watch Special Mention Substandard Doubtful Total December 31, 2017 Commercial $ 989,953 $ 35,105 $ 3,737 $ 31,189 $ — $ 1,059,984 Commercial real estate, construction, land and land development 4,040,385 46,288 11,915 16,172 — 4,114,760 Residential real estate 883,653 2,722 462 5,456 — 892,293 Single-family interim construction 288,020 1,660 — — — 289,680 Agricultural 59,392 5,762 13,802 3,627 — 82,583 Consumer 34,510 25 4 100 — 34,639 Other 304 — — — — 304 $ 6,296,217 $ 91,562 $ 29,920 $ 56,544 $ — $ 6,474,243 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 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | The following table summarizes the outstanding balance and related carrying amount of purchased credit impaired loans as of the respective acquisition date for the acquisition occurring in 2017 . There were no PCI loans acquired during the year ended December 31, 2016. Acquisition Date April 1, 2017 Carlile Bancshares, Inc. Outstanding balance $ 101,153 Nonaccretable difference (14,700 ) Accretable yield (685 ) Carrying amount $ 85,768 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance and Carrying Amount | The carrying amount of acquired PCI loans included in the consolidated balance sheet and the related outstanding balance at December 31, 2017 and 2016 , were as follows: December 31, 2017 2016 Outstanding balance $ 105,685 $ 39,442 Carrying amount 91,892 34,678 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | The changes in accretable yield during the years ended December 31, 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. 2017 2016 Balance at January 1 $ 1,526 $ 2,380 Additions 685 — Accretion (665 ) (854 ) Net transfers to/from nonaccretable — — Balance at December 31 $ 1,546 $ 1,526 |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Components of Premises and Equipment, Net | Premises and equipment, net at December 31, 2017 and 2016 consisted of the following: December 31, 2017 2016 Land $ 45,048 $ 19,801 Building 107,144 71,539 Furniture, fixtures and equipment 31,290 27,263 Aircraft 8,807 8,807 Leasehold and tenant improvements 2,077 1,753 Construction in progress 252 23 194,618 129,186 Less accumulated depreciation (46,783 ) (39,288 ) $ 147,835 $ 89,898 |
Goodwill and Core Deposit Int38
Goodwill and Core Deposit Intangible, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Core Deposit Intangible Activity | The following is a summary of core deposit intangible activity: December 31, 2017 2016 Core deposit intangible, beginning of the year $ 22,803 $ 22,803 Additions: Carlile acquisition 36,717 — Deletions: branch disposals (3,166 ) — Core deposit intangible, end of the year 56,354 22,803 Less accumulated amortization (13,110 ) (8,626 ) $ 43,244 $ 14,177 |
Future Amortization Expense Related to Core Deposit Intangible | The future amortization expense related to core deposit intangible remaining at December 31, 2017 is as follows: First year $ 5,527 Second year 5,475 Third year 5,328 Fourth year 4,721 Fifth year 4,642 Thereafter 17,551 $ 43,244 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Components of Deposits | Deposits at December 31, 2017 and 2016 consisted of the following: December 31, 2017 2016 Amount Percent Amount Percent Noninterest-bearing demand accounts $ 1,907,770 28.7 % $ 1,117,927 24.4 % Interest-bearing checking accounts 2,956,196 44.6 2,022,768 44.2 Savings accounts 283,036 4.3 153,211 3.4 Limited access money market accounts 591,421 8.9 426,683 9.3 Certificates of deposit and individual retirement accounts (IRA), less than $250,000 456,018 6.9 381,754 8.3 Certificates of deposit and individual retirement accounts (IRA), $250,000 and greater 438,381 6.6 474,766 10.4 $ 6,632,822 100.0 % $ 4,577,109 100.0 % |
Maturities of Certificates of Deposit | At December 31, 2017 , the scheduled maturities of certificates of deposit, including IRAs, were as follows: First year $ 695,608 Second year 120,833 Third year 39,618 Fourth year 22,338 Fifth year 16,002 $ 894,399 |
Federal Home Loan Bank Advanc40
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Contractual Maturities of FHLB Advances | Contractual maturities of FHLB advances at December 31, 2017 were as follows: First year $ 440,000 (1) Second year 65,020 Third year — Fourth year 25,000 Fifth year — Thereafter 647 $ 530,667 (1) Includes $275,000 in floating advances, which allows for principal payments to be made at anytime without penalty |
Other Borrowings (Tables)
Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Other Borrowings | Other borrowings at December 31, 2017 and 2016 consisted of the following: December 31, 2017 2016 Unsecured subordinated debentures (notes) in the amount of $110,000. The balance of borrowings at December 31, 2017 and 2016 is net of discount and origination costs of $2,344 and $2,701, respectively. Interest payments of 5.875% are made semiannually on February 1 and August 1. The maturity date is August 1, 2024. The notes may not be redeemed prior to maturity and meet the criteria to be recognized as Tier 2 capital for regulatory purposes. $ 107,656 $ 107,299 Unsecured subordinated debentures (notes) in the amount of $30,000 and $0, respectively. The balance of borrowings at December 31, 2017 is net of origination costs of $745. Interest payments of 5.0% fixed rate are made semiannually on June 30 and December 31 through December 31, 2022. Thereafter, floating rate payments of 3 month LIBOR plus 2.83% are made quarterly in arrears on March 31, June 30, September 30, and December 31 through March 31, 2028. The maturity date is December 31, 2027 with an optional redemption at December 31, 2022. The notes meet the criteria to be recognized as Tier 2 capital for regulatory purposes. 29,255 — $ 136,911 $ 107,299 Information regarding the Debentures as of December 31, 2017 consisted of the following: Junior Subordinated Debentures Owed to Trusts Carrying Value Repricing Frequency Interest Rate Interest Rate Index Maturity Date IB Trust I $ 5,155 $ 5,155 Quarterly 4.63% LIBOR + 3.25% March 2033 IB Trust II 3,093 3,093 Quarterly 4.21 LIBOR + 2.85 March 2034 IB Trust III 3,712 3,712 Quarterly 3.85 LIBOR + 2.40 December 2035 IB Centex Trust I 2,578 2,578 Quarterly 4.70 LIBOR + 3.25 February 2035 Community Group Statutory Trust I 3,609 3,609 Quarterly 3.19 LIBOR + 1.60 June 2037 Northstar Trust II 5,155 3,662 Quarterly 3.26 LIBOR + 1.67 June 2037 Northstar Trust III 8,248 5,845 Quarterly 3.26 LIBOR + 1.67 September 2037 $ 31,550 $ 27,654 |
Junior Subordinated Debentures
Junior Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Subordinated Borrowing | Other borrowings at December 31, 2017 and 2016 consisted of the following: December 31, 2017 2016 Unsecured subordinated debentures (notes) in the amount of $110,000. The balance of borrowings at December 31, 2017 and 2016 is net of discount and origination costs of $2,344 and $2,701, respectively. Interest payments of 5.875% are made semiannually on February 1 and August 1. The maturity date is August 1, 2024. The notes may not be redeemed prior to maturity and meet the criteria to be recognized as Tier 2 capital for regulatory purposes. $ 107,656 $ 107,299 Unsecured subordinated debentures (notes) in the amount of $30,000 and $0, respectively. The balance of borrowings at December 31, 2017 is net of origination costs of $745. Interest payments of 5.0% fixed rate are made semiannually on June 30 and December 31 through December 31, 2022. Thereafter, floating rate payments of 3 month LIBOR plus 2.83% are made quarterly in arrears on March 31, June 30, September 30, and December 31 through March 31, 2028. The maturity date is December 31, 2027 with an optional redemption at December 31, 2022. The notes meet the criteria to be recognized as Tier 2 capital for regulatory purposes. 29,255 — $ 136,911 $ 107,299 Information regarding the Debentures as of December 31, 2017 consisted of the following: Junior Subordinated Debentures Owed to Trusts Carrying Value Repricing Frequency Interest Rate Interest Rate Index Maturity Date IB Trust I $ 5,155 $ 5,155 Quarterly 4.63% LIBOR + 3.25% March 2033 IB Trust II 3,093 3,093 Quarterly 4.21 LIBOR + 2.85 March 2034 IB Trust III 3,712 3,712 Quarterly 3.85 LIBOR + 2.40 December 2035 IB Centex Trust I 2,578 2,578 Quarterly 4.70 LIBOR + 3.25 February 2035 Community Group Statutory Trust I 3,609 3,609 Quarterly 3.19 LIBOR + 1.60 June 2037 Northstar Trust II 5,155 3,662 Quarterly 3.26 LIBOR + 1.67 June 2037 Northstar Trust III 8,248 5,845 Quarterly 3.26 LIBOR + 1.67 September 2037 $ 31,550 $ 27,654 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Income tax expense for the years ended December 31, 2017 , 2016 and 2015 was as follows: Years Ended December 31, 2017 2016 2015 Current income tax expense $ 28,121 $ 28,440 $ 22,946 Deferred income tax expense (benefit) 11,526 (1,849 ) (3,935 ) Deferred income tax expense related to remeasurement of deferred taxes 5,528 — — Income tax expense, as reported $ 45,175 $ 26,591 $ 19,011 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between reported income tax expense and the amounts computed by applying the U.S. federal statutory income tax rate of 35% to income before income taxes for the years ended December 31, 2017 , 2016 and 2015 is presented below: Years Ended December 31, 2017 2016 2015 Income tax expense computed at the statutory rate $ 42,590 $ 28,046 $ 20,229 Tax-exempt interest income from municipal securities (1,357 ) (619 ) (624 ) Tax-exempt loan income (435 ) (436 ) (398 ) Bank owned life insurance income (962 ) (472 ) (377 ) Non-deductible acquisition expenses 491 — 108 State taxes, net of federal benefit 241 — — Net tax benefit from stock based compensation (1,323 ) — — Deferred tax adjustment related to reduction in U.S. Federal statutory income tax rate 5,528 — — Other 402 72 73 $ 45,175 $ 26,591 $ 19,011 |
Schedule of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities are presented in the table below. As a result of the Tax Cuts and Jobs Act, deferred taxes as of December 31, 2017 are based on the newly enacted U.S. statutory federal income tax rate of 21%. Deferred taxes of December 31, 2016 are based on the previously enacted U.S. statutory federal income tax rate of 35%. December 31, 2017 2016 Deferred tax assets: Allowance for loan losses $ 8,365 $ 11,057 NOL and tax credit carryforwards from acquisitions 6,791 383 Net unrealized loss on available for sale securities 349 912 Acquired loan fair market value adjustments 5,214 2,740 Restricted stock 791 1,363 Reserve for bonuses 479 1,946 Deferred loan fees 545 741 Securities 265 — Start up costs 281 249 Other real estate owned 402 18 Unearned bankcard income 244 495 Deferred compensation 492 — Noncompete agreements 526 — Nonaccrual loans 414 70 Other 310 248 25,468 20,222 Deferred tax liabilities: Premises and equipment (5,128 ) (5,107 ) Core deposit intangibles (9,181 ) (4,953 ) Acquired junior subordinated debentures fair value adjustment (818 ) — Securities — (218 ) FHLB stock (204 ) (157 ) Acquired tax accounting method changes — (156 ) Prepaids (153 ) — Acquired tax goodwill (111 ) — Other (110 ) — (15,705 ) (10,591 ) Net deferred tax asset $ 9,763 $ 9,631 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | At December 31, 2017 and 2016 , the approximate amounts of these financial instruments were as follows: December 31, 2017 2016 Commitments to extend credit $ 1,286,704 $ 865,668 Standby letters of credit 10,532 10,562 $ 1,297,236 $ 876,230 |
Schedule of Future Minimum Lease Payments for Operating Leases | At December 31, 2017 , minimum future rental payments due under noncancelable lease commitments were as follows: First year $ 2,794 Second year 2,324 Third year 2,105 Fourth year 1,947 Fifth year 1,357 Thereafter 4,707 $ 15,234 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Loan Activity for Officers, Directors and Affiliates | Loan activity for officers, directors and their affiliates for the year ended December 31, 2017 is as follows: Balance at beginning of year $ 58,863 New loans 18,941 Repayments (15,985 ) Changes in affiliated persons 2,097 Balance at end of year $ 63,916 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities at Fair Value on Recurring Basis | The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of December 31, 2017 and 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) December 31, 2017 Measured on a recurring basis: Assets: Securities available for sale: U.S. treasuries $ 37,154 $ — $ 37,154 $ — Government agency securities 211,509 — 211,509 — Obligations of state and municipal subdivisions 229,613 — 229,613 — Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR and GNR 274,377 — 274,377 — Other securities 10,349 10,349 — — December 31, 2016 Measured on a recurring basis: Assets: Securities available for sale: U.S. treasuries $ 3,147 $ — $ 3,147 $ — Government agency securities 122,267 — 122,267 — Obligations of state and municipal subdivisions 87,256 — 87,256 — Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC 103,765 — 103,765 — |
Assets and Liabilities at Fair Value on Nonrecurring Basis | The following table presents the assets carried on the consolidated balance sheet by caption and by level in the fair value hierarchy at December 31, 2017 and 2016 , for which a nonrecurring change in fair value has been recorded: Fair Value Measurements at Reporting Date Using Assets/ Liabilities Measured at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Period Ended Total Losses December 31, 2017 Measured on a nonrecurring basis: Assets: Impaired loans $ 7,237 $ — $ — $ 7,237 $ 3,719 Other real estate owned 1,726 — — 1,726 375 December 31, 2016 Measured on a nonrecurring basis: Assets: Impaired loans $ 968 $ — $ — $ 968 $ 708 Other real estate owned 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 December 31, 2017 and 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) December 31, 2017 Financial assets: Cash and cash equivalents $ 431,102 $ 431,102 $ 431,102 $ — $ — Certificates of deposit held in other banks 12,985 13,049 — 13,049 — Securities available for sale 763,002 763,002 10,349 752,653 — Loans held for sale 39,202 40,436 — 40,436 — Loans, net 6,432,273 6,350,416 — 6,343,179 7,237 FHLB of Dallas stock and other restricted stock 29,184 29,184 — 29,184 — Accrued interest receivable 20,835 20,835 — 20,835 — Financial liabilities: Deposits 6,632,822 6,637,813 — 6,637,813 — Accrued interest payable 4,654 4,654 — 4,654 — FHLB advances 530,667 526,514 — 526,514 — Other borrowings 136,911 141,650 — 141,650 — Junior subordinated debentures 27,654 20,008 — 20,008 — 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 Warran47
Stock Awards and Stock Warrants (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Nonvested Shares Activity | The following table summarizes the activity in nonvested shares for the years ended December 31, 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 104,962 61.89 Vested during the period (140,887 ) 34.18 Forfeited during the period (2,543 ) 48.29 Nonvested shares, December 31, 2017 242,056 $ 49.17 Nonvested shares, December 31, 2015 373,572 $ 40.29 Granted during the period 88,220 31.92 Vested during the period (153,766 ) 36.42 Forfeited during the period (27,502 ) 31.75 Nonvested shares, December 31, 2016 280,524 $ 36.88 |
Future Vesting Schedule of Nonvested Shares Activity | At December 31, 2017 , the future vesting schedule of the nonvested shares is as follows: First year 113,247 Second year 75,390 Third year 30,468 Fourth year 13,297 Fifth year 9,654 Total nonvested shares 242,056 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Regulated Operations [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements | The actual capital amounts and ratios of the Company and Bank as of December 31, 2017 and 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 December 31, 2017 Total capital to risk weighted assets: Consolidated $ 897,760 12.56 % $ 572,025 8.00 % N/A N/A Bank 867,082 12.15 571,142 8.00 $ 713,928 10.00 % Tier 1 capital to risk weighted assets: Consolidated 718,358 10.05 429,019 6.00 N/A N/A Bank 827,680 11.59 428,357 6.00 571,142 8.00 Common equity tier 1 to risk weighted assets: Consolidated 687,006 9.61 321,764 4.50 N/A N/A Bank 827,680 11.59 321,268 4.50 464,053 6.50 Tier 1 capital to average assets: Consolidated 718,358 8.92 322,124 4.00 N/A N/A Bank 827,680 10.30 321,384 4.00 401,730 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 Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Estimated Fair Values of Assets Acquired and Liabilities Assumed | Fair values of the assets acquired and liabilities assumed in this transaction as of the closing date and subsequent measurement period adjustments are as follows: Initially Recorded at Acquisition Date Measurement Period Adjustments Adjusted Values Assets of acquired bank: Cash and cash equivalents $ 148,444 $ — $ 148,444 Certificates of deposit held in other banks 11,025 — 11,025 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 1,236 11,212 Goodwill 362,993 146 363,139 Core deposit intangible 36,717 — 36,717 Other assets 89,624 78 89,702 Total assets acquired $ 2,442,921 $ 1,234 $ 2,444,155 Liabilities of acquired bank: Deposits $ 1,825,181 $ — $ 1,825,181 Junior subordinated debentures 9,359 — 9,359 Other liabilities 24,466 1,234 25,700 Total liabilities assumed $ 1,859,006 $ 1,234 $ 1,860,240 Common stock issued at $64.30 per share $ 566,142 $ — $ 566,142 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. December 31, (Dollars in thousands) 2017 2016 Interest income $ 330,792 $ 300,202 Noninterest income 48,165 48,016 Total Revenue 378,957 348,218 Net income (1) 90,700 67,029 Net income attributable to noncontrolling interests — (315 ) Net income to common stockholders $ 90,700 $ 66,714 Basic earnings per share $ 3.26 $ 2.41 Diluted earnings per share $ 3.25 $ 2.40 (1) Excludes acquisition, restructure, conversion, severance and retention related costs incurred by the Company of $15,648 and $659 for the years ended December 31, 2017 and 2016, respectively, and acquisition / change of control related costs incurred by Carlile of $0 and $15,687 for the years ended December 31, 2017 and 2016, respectively, and related tax effects. |
Parent Company Only Financial50
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Balance Sheet for the Parent Company | Balance Sheets December 31, Assets 2017 2016 Cash and cash equivalents $ 9,400 $ 9,265 Investment in subsidiaries 1,484,217 789,708 Investment in Trusts 950 547 Other assets 10,093 1,969 Total assets $ 1,504,660 $ 801,489 Liabilities and Stockholders' Equity Other borrowings $ 136,911 $ 107,299 Junior subordinated debentures 27,654 18,147 Other liabilities 4,077 3,678 Total liabilities 168,642 129,124 Stockholders' equity: Common stock 283 189 Additional paid-in capital 1,151,990 555,325 Retained earnings 184,232 117,951 Accumulated other comprehensive loss (487 ) (1,100 ) Total stockholders' equity 1,336,018 672,365 Total liabilities and stockholders' equity $ 1,504,660 $ 801,489 |
Statement of Income for the Parent Company | Statements of Income Years Ended December 31, 2017 2016 2015 Interest expense: Interest on other borrowings $ 6,873 $ 5,426 $ 4,282 Interest on junior subordinated debentures 1,162 621 539 Total interest expense 8,035 6,047 4,821 Noninterest income: Dividends from subsidiaries 29,563 36,018 35,250 Other 32 25 16 Total noninterest income 29,595 36,043 35,266 Noninterest expense: Salaries and employee benefits 5,175 6,226 4,270 Professional fees 546 523 546 Acquisition expense, including legal 12,767 1,380 1,282 Other 1,614 1,126 1,217 Total noninterest expense 20,102 9,255 7,315 Income before income tax benefit and equity in undistributed income of subsidiaries 1,458 20,741 23,130 Income tax benefit 8,890 5,339 4,121 Income before equity in undistributed income of subsidiaries 10,348 26,080 27,251 Equity in undistributed income of subsidiaries 66,164 27,460 11,535 Net income $ 76,512 $ 53,540 $ 38,786 |
Statement of Cash Flows for the Parent Company | Statements of Cash Flows Years Ended December 31, 2017 2016 2015 Cash flows from operating activities: Net income $ 76,512 $ 53,540 $ 38,786 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (66,164 ) (27,460 ) (11,535 ) Amortization of discount and origination costs on other borrowings 505 241 — Stock based compensation expense 4,688 5,431 4,314 Excess tax benefit on restricted stock vested (1,323 ) — — Deferred tax expense (benefit) 11,782 (205 ) (330 ) Net change in other assets (6,750 ) — 2,101 Net change in other liabilities (1,663 ) 1,038 (63 ) Net cash provided by operating activities 17,587 32,585 33,273 Cash flows from investing activities: Capital investment in subsidiaries (50,050 ) (57,000 ) — Cash received from acquired banks 5,418 — — Cash paid in connection with acquisitions (17,773 ) — (24,103 ) Net cash used in investing activities (62,405 ) (57,000 ) (24,103 ) Cash flows from financing activities: Repayments of other borrowings — (5,798 ) (1,932 ) Net proceeds from other borrowings 29,255 43,150 — Proceeds from exercise of common stock warrants 55 — — Offering costs paid in connection with acquired banks (942 ) — (568 ) Net proceeds from issuance of common stock 26,816 19,929 — Redemption of preferred stock — (23,938 ) — Dividends paid (10,231 ) (6,287 ) (5,819 ) Net cash provided by (used in) financing activities 44,953 27,056 (8,319 ) Net change in cash and cash equivalents 135 2,641 851 Cash and cash equivalents at beginning of year 9,265 6,624 5,773 Cash and cash equivalents at end of year $ 9,400 $ 9,265 $ 6,624 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017segment | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of reportable segments | 1 |
Finite-lived intangible assets, useful life | 10 years |
Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Premises and equipment, useful life | 3 years |
Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Premises and equipment, useful life | 30 years |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic earnings per share: | |||
Net income | $ 76,512 | $ 53,540 | $ 38,786 |
Less: Preferred stock dividends | 0 | 8 | 240 |
Net income after preferred stock dividends | 76,512 | 53,532 | 38,546 |
Undistributed earnings allocated to participating securities | 626 | 774 | 661 |
Dividends paid on participating securities | 97 | 103 | 111 |
Net income available to common shareholders | $ 75,789 | $ 52,655 | $ 37,774 |
Weighted-average basic shares outstanding (shares) | 25,394,079 | 18,198,578 | 16,974,484 |
Basic earnings per share (usd per share) | $ 2.98 | $ 2.89 | $ 2.23 |
Diluted earnings per share: | |||
Net income available to common shareholders | $ 75,789 | $ 52,655 | $ 37,774 |
Weighted-average basic shares outstanding (shares) | 25,394,079 | 18,198,578 | 16,974,484 |
Add dilutive stock warrants (shares) | 106,070 | 86,646 | 84,595 |
Total weighted-average diluted shares outstanding (shares) | 25,500,149 | 18,285,224 | 17,059,079 |
Diluted earnings per share (usd per share) | $ 2.97 | $ 2.88 | $ 2.21 |
Anti-dilutive participating securities (shares) | 123,564 | 92,196 | 58,726 |
Recent Accounting Pronounceme53
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Excess tax benefits of a vested award | $ 1,323 | $ 0 | $ 0 | |
Accounting Standards Update 2016-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Excess tax benefits of a vested award | $ 1,323 | |||
Accumulated other comprehensive loss | Accounting Standards Update 2018-02 | Scenario, Forecast | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect adjustment | $ 132 | |||
Retained earnings | Accounting Standards Update 2018-02 | Scenario, Forecast | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect adjustment | $ (132) |
Restrictions on Cash and Due 54
Restrictions on Cash and Due from Banks (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||
Deposit reserve requirement | $ 36,321 | $ 0 |
Statement of Cash Flows - Other
Statement of Cash Flows - Other Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash transactions: | |||
Interest expense paid | $ 41,802 | $ 25,015 | $ 20,056 |
Income taxes paid | 34,161 | 26,485 | 24,450 |
Noncash transactions: | |||
Transfers of loans to other real estate owned | 1,201 | 1,713 | 221 |
Loans to facilitate the sale of other real estate owned | 0 | 0 | 248 |
Transfers of loans to other assets | 0 | 124 | 1,064 |
Excess tax deficiency on restricted stock vested | 0 | (137) | (72) |
Transfer of bank premises to other real estate | 2,716 | 0 | 0 |
Transfer of repurchase accounts to deposits | $ 8,845 | $ 20,688 | $ 3,072 |
Statement of Cash Flows - Nonca
Statement of Cash Flows - Noncash Investing from Branch Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Noncash liabilities transferred: | |||
Deposit premium received | $ 7,107 | $ 64 | $ 0 |
Cash paid to buyer, net of deposit premium | 56,975 | 2,191 | 0 |
Sale of Branch | |||
Noncash assets transferred: | |||
Loans, including accrued interest | 106,008 | 2 | 0 |
Premises and equipment | 7,473 | 2,193 | 0 |
Core deposit intangible, net | 3,011 | 0 | 0 |
Other assets | 74 | 0 | 0 |
Total assets | 116,566 | 2,195 | 0 |
Noncash liabilities transferred: | |||
Deposits, including interest | 178,279 | 4,628 | 0 |
Other liabilities | 129 | 30 | 0 |
Total liabilities | 178,408 | 4,658 | 0 |
Sale of Branch | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Noncash liabilities transferred: | |||
Cash and cash equivalents transferred in branch sales | $ 1,712 | $ 208 | $ 0 |
Statement of Cash Flows - Non57
Statement of Cash Flows - Noncash Investing Activities from Acquisitions and Branch Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Noncash assets acquired: | |||
Certificates of deposit held in other banks | $ 11,025 | $ 0 | $ 84,527 |
Securities available for sale | 336,540 | 0 | 72,619 |
Restricted stock | 11,110 | 0 | 340 |
Loans | 1,384,041 | 0 | 273,632 |
Premises and equipment | 63,561 | 0 | 1,214 |
Other real estate owned | 9,976 | 0 | 0 |
Goodwill | 362,993 | 0 | 28,825 |
Core deposit intangibles | 36,717 | 0 | 5,457 |
Bank owned life insurance | 53,213 | 0 | 0 |
Other assets | 25,301 | 0 | 649 |
Total assets | 2,294,477 | 0 | 467,263 |
Noncash liabilities assumed: | |||
Deposits | 1,825,181 | 0 | 523,650 |
Repurchase agreements | 18,003 | 0 | 18,873 |
FHLB advances | 0 | 0 | 2,836 |
Junior subordinated debt | 9,359 | 0 | 0 |
Other liabilities | 6,463 | 0 | 876 |
Total liabilities | 1,859,006 | 0 | 546,235 |
Cash and cash equivalents acquired from acquisitions | 148,444 | 0 | 152,913 |
Cash paid to shareholders of acquired banks | 17,773 | 0 | 24,103 |
Fair value of common stock issued to shareholders of acquired bank | $ 566,142 | $ 0 | $ 49,838 |
Statement of Cash Flows - Measu
Statement of Cash Flows - Measurement-Period Adjustments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Noncash assets acquired: | |||
Loans | $ 169 | $ 735 | $ 0 |
Premises and equipment | (395) | 0 | 0 |
Other real estate owned | 1,236 | 0 | 0 |
Goodwill | 146 | (324) | 361 |
Core deposit intangibles | 0 | (216) | 0 |
Other assets | 78 | (175) | (180) |
Total assets | 1,234 | 20 | 181 |
Noncash liabilities assumed: | |||
Other liabilities | 1,234 | 20 | 181 |
Total liabilities | $ 1,234 | $ 20 | $ 181 |
Securities Available for Sale -
Securities Available for Sale - Amortized Cost of Securities and Approximate Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 764,664 | $ 319,040 |
Gross Unrealized Gains | 3,430 | 1,989 |
Gross Unrealized Losses | (5,092) | (4,594) |
Fair Value | 763,002 | 316,435 |
U.S. treasuries | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 37,480 | 3,208 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (326) | (61) |
Fair Value | 37,154 | 3,147 |
Government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 213,649 | 123,605 |
Gross Unrealized Gains | 83 | 141 |
Gross Unrealized Losses | (2,223) | (1,479) |
Fair Value | 211,509 | 122,267 |
Obligations of state and municipal subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 228,782 | 88,358 |
Gross Unrealized Gains | 2,118 | 920 |
Gross Unrealized Losses | (1,287) | (2,022) |
Fair Value | 229,613 | 87,256 |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR, and GNR | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 274,356 | 103,869 |
Gross Unrealized Gains | 1,229 | 928 |
Gross Unrealized Losses | (1,208) | (1,032) |
Fair Value | 274,377 | $ 103,765 |
Other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,397 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (48) | |
Fair Value | $ 10,349 |
Securities Available for Sale60
Securities Available for Sale - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities [Abstract] | ||
Carrying value of securities pledged | $ 238,344 | $ 176,457 |
Securities Available for Sale61
Securities Available for Sale - Proceeds from Sale, Gross Gains and Losses of Securities Available for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Available-for-sale Securities [Abstract] | |||
Proceeds from sale | $ 31,367 | $ 5,399 | $ 14,915 |
Gross gains | 176 | 4 | 136 |
Gross losses | $ 52 | $ 0 | $ 2 |
Securities Available for Sale62
Securities Available for Sale - Amortized Cost and Estimated Fair Value of Securities Available for Sale by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Amortized Cost | ||
Due in one year or less | $ 98,747 | |
Due from one year to five years | 201,644 | |
Due from five to ten years | 86,392 | |
Thereafter | 103,525 | |
Single maturity dates, amortized cost basis | 490,308 | |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR, and GNR | 274,356 | |
Amortized Cost | 764,664 | $ 319,040 |
Fair Value | ||
Due in one year or less | 98,446 | |
Due from one year to five years | 199,847 | |
Due from five to ten years | 85,900 | |
Thereafter | 104,432 | |
Total | 488,625 | |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR, and GNR | 274,377 | |
Total | $ 763,002 | $ 316,435 |
Securities Available for Sale63
Securities Available for Sale - Summary of Unrealized Losses and Fair Value of Securities in Continuous Unrealized Loss Positions (Details) $ in Thousands | Dec. 31, 2017USD ($)security | Dec. 31, 2016USD ($)security |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, number of securities | security | 316 | 174 |
Less than 12 months, estimated fair value | $ 400,988 | $ 219,245 |
Less than 12 months, unrealized losses | $ (2,868) | $ (4,576) |
Greater than 12 months, number of securities | security | 92 | 5 |
Greater than 12 months, estimated fair value | $ 115,412 | $ 2,542 |
Greater than 12 months, unrealized losses | (2,224) | (18) |
Total, estimated fair value | 516,400 | 221,787 |
Total, unrealized losses | $ (5,092) | $ (4,594) |
U.S. treasuries | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, number of securities | security | 7 | 1 |
Less than 12 months, estimated fair value | $ 34,053 | $ 3,147 |
Less than 12 months, unrealized losses | $ (267) | $ (61) |
Greater than 12 months, number of securities | security | 1 | 0 |
Greater than 12 months, estimated fair value | $ 3,101 | $ 0 |
Greater than 12 months, unrealized losses | (59) | 0 |
Total, estimated fair value | 37,154 | 3,147 |
Total, unrealized losses | $ (326) | $ (61) |
Government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, number of securities | security | 51 | 43 |
Less than 12 months, estimated fair value | $ 142,991 | $ 102,044 |
Less than 12 months, unrealized losses | $ (1,155) | $ (1,472) |
Greater than 12 months, number of securities | security | 27 | 1 |
Greater than 12 months, estimated fair value | $ 60,030 | $ 993 |
Greater than 12 months, unrealized losses | (1,068) | (7) |
Total, estimated fair value | 203,021 | 103,037 |
Total, unrealized losses | $ (2,223) | $ (1,479) |
Obligations of state and municipal subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, number of securities | security | 202 | 100 |
Less than 12 months, estimated fair value | $ 87,625 | $ 46,186 |
Less than 12 months, unrealized losses | $ (564) | $ (2,011) |
Greater than 12 months, number of securities | security | 54 | 4 |
Greater than 12 months, estimated fair value | $ 26,883 | $ 1,549 |
Greater than 12 months, unrealized losses | (723) | (11) |
Total, estimated fair value | 114,508 | 47,735 |
Total, unrealized losses | $ (1,287) | $ (2,022) |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR, and GNR | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, number of securities | security | 55 | 30 |
Less than 12 months, estimated fair value | $ 125,970 | $ 67,868 |
Less than 12 months, unrealized losses | $ (834) | $ (1,032) |
Greater than 12 months, number of securities | security | 10 | 0 |
Greater than 12 months, estimated fair value | $ 25,398 | $ 0 |
Greater than 12 months, unrealized losses | (374) | 0 |
Total, estimated fair value | 151,368 | 67,868 |
Total, unrealized losses | $ (1,208) | $ (1,032) |
Other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, number of securities | security | 1 | |
Less than 12 months, estimated fair value | $ 10,349 | |
Less than 12 months, unrealized losses | $ (48) | |
Greater than 12 months, number of securities | security | 0 | |
Greater than 12 months, estimated fair value | $ 0 | |
Greater than 12 months, unrealized losses | 0 | |
Total, estimated fair value | 10,349 | |
Total, unrealized losses | $ (48) |
Loans, Net and Allowance for 64
Loans, Net and Allowance for Loan Losses - Composition of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | $ 6,474,243 | $ 4,572,771 | ||
Deferred loan fees | (2,568) | (2,117) | ||
Allowance for loan losses | (39,402) | (31,591) | $ (27,043) | $ (18,552) |
Loans, net | 6,432,273 | 4,539,063 | ||
Commercial | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | 1,059,984 | 630,805 | ||
Allowance for loan losses | (10,599) | (8,593) | (10,573) | (5,051) |
Commercial real estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | 3,369,892 | 2,459,221 | ||
Real estate | Commercial construction, land and land development | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | 744,868 | 531,481 | ||
Real estate | Residential | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | 892,293 | 634,545 | ||
Allowance for loan losses | (3,447) | (2,760) | (2,339) | (2,205) |
Real estate | Single family interim construction | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | 289,680 | 235,475 | ||
Allowance for loan losses | (1,583) | (1,301) | (769) | (669) |
Agricultural | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | 82,583 | 53,548 | ||
Allowance for loan losses | (250) | (207) | (215) | (246) |
Consumer | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | 34,639 | 27,530 | ||
Allowance for loan losses | (205) | (242) | (164) | (146) |
Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans, gross | 304 | 166 | ||
Allowance for loan losses | $ 32 | $ (29) | $ (8) | $ 0 |
Loans, Net and Allowance for 65
Loans, Net and Allowance for Loan Losses - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2017USD ($)modified_loancomponent | Dec. 31, 2016USD ($)modified_loan | |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans, net amount | $ 6,432,273,000 | $ 4,539,063,000 |
Loans, gross | $ 6,474,243,000 | 4,572,771,000 |
Number of components derived from | component | 2 | |
Recorded investment in troubled debt restructuring including nonaccrual | $ 3,028,000 | $ 2,425,000 |
Number of contracts | modified_loan | 0 | 0 |
Commitments to lend additional funds | $ 0 | $ 0 |
Minimum | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans requiring external review | $ 3,250,000 | |
Owner Occupied | Loans and Leases, Net | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of portfolio | 34.00% | |
Commercial | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans, gross | $ 1,059,984,000 | 630,805,000 |
Commercial | Exploration and Production Energy Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans, net amount | 90,323,000 | 115,311,000 |
Commercial | Warehouse Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans, net amount | $ 164,694,000 | |
Duration of the loans to larger mortgage originators | 60 days | |
Commercial | Warehouse Loans | Minimum | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Duration of the loans to mortgage bankers | 10 days | |
Commercial | Warehouse Loans | Maximum | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Duration of the loans to mortgage bankers | 15 days | |
Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans, gross | $ 3,369,892,000 | 2,459,221,000 |
Agricultural | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans, gross | $ 82,583,000 | 53,548,000 |
Agricultural | Agricultural | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan to value ratio (percent) | 80.00% | |
Loan, amortization period | 20 years | |
Agricultural | Non-Real Estate Loan | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Period of operating lines | 1 year | |
Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans, gross | $ 34,639,000 | 27,530,000 |
Percentage of total loan portfolio (percent) (less than) | 1.00% | |
COLORADO | Geographic Concentration Risk | Loans and Leases, Net | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of portfolio | 5.50% | |
Receivables Acquired with Deteriorated Credit Quality | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans, gross | $ 91,892,000 | 34,678,000 |
Nonaccrual loans | $ 7,889,000 | $ 960,000 |
Loans, Net and Allowance for 66
Loans, Net and Allowance for Loan Losses - Summary of Activity in Allowance for Loan Losses by Loan Class (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | $ 31,591 | $ 27,043 | $ 18,552 | ||
Provision for loan losses | 8,265 | 9,440 | 9,231 | ||
Charge-offs | (602) | (4,970) | (860) | ||
Recoveries | 148 | 78 | 120 | ||
Balance at end of year | 39,402 | 31,591 | 27,043 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | $ 3,813 | $ 185 | |||
Collectively evaluated for impairment | 35,589 | 31,406 | |||
Ending balance | 31,591 | 27,043 | 18,552 | 39,402 | 31,591 |
Loans: | |||||
Individually evaluated for impairment | 15,152 | 17,861 | |||
Collectively evaluated for impairment | 6,367,199 | 4,520,232 | |||
Ending balance | 6,474,243 | 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 | 91,892 | 34,678 | |||
Ending balance | 91,892 | 34,678 | |||
Commercial | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | 8,593 | 10,573 | 5,051 | ||
Provision for loan losses | 2,059 | 2,391 | 6,100 | ||
Charge-offs | (81) | (4,384) | (606) | ||
Recoveries | 28 | 13 | 28 | ||
Balance at end of year | 10,599 | 8,593 | 10,573 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | 3,500 | 3 | |||
Collectively evaluated for impairment | 7,099 | 8,590 | |||
Ending balance | 8,593 | 10,573 | 5,051 | 10,599 | 8,593 |
Loans: | |||||
Individually evaluated for impairment | 10,297 | 7,720 | |||
Collectively evaluated for impairment | 1,037,401 | 620,665 | |||
Ending balance | 1,059,984 | 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 | 12,286 | 2,420 | |||
Real estate | Commercial real estate, land and land development | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | 18,399 | 13,007 | 10,110 | ||
Provision for loan losses | 4,886 | 5,436 | 2,924 | ||
Charge-offs | (15) | (54) | (69) | ||
Recoveries | 31 | 10 | 42 | ||
Balance at end of year | 23,301 | 18,399 | 13,007 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | 311 | 4 | |||
Collectively evaluated for impairment | 22,990 | 18,395 | |||
Ending balance | 18,399 | 13,007 | 10,110 | 23,301 | 18,399 |
Loans: | |||||
Individually evaluated for impairment | 3,054 | 7,089 | |||
Collectively evaluated for impairment | 4,039,332 | 2,953,333 | |||
Ending balance | 4,114,760 | 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 | 72,374 | 30,280 | |||
Real estate | Residential | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | 2,760 | 2,339 | 2,205 | ||
Provision for loan losses | 683 | 810 | 138 | ||
Charge-offs | 0 | (401) | (9) | ||
Recoveries | 4 | 12 | 5 | ||
Balance at end of year | 3,447 | 2,760 | 2,339 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 3,447 | 2,760 | |||
Ending balance | 2,760 | 2,339 | 2,205 | 3,447 | 2,760 |
Loans: | |||||
Individually evaluated for impairment | 1,727 | 1,889 | |||
Collectively evaluated for impairment | 887,292 | 630,689 | |||
Ending balance | 892,293 | 634,545 | |||
Real estate | Residential | Receivables Acquired with Deteriorated Credit Quality | |||||
Allowance for losses: | |||||
Loans acquired with deteriorated credit quality | 0 | 0 | |||
Loans: | |||||
Acquired with deteriorated credit quality | 3,274 | 1,967 | |||
Real estate | Single family interim construction | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | 1,301 | 769 | 669 | ||
Provision for loan losses | 416 | 532 | 100 | ||
Charge-offs | (134) | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Balance at end of year | 1,583 | 1,301 | 769 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | 0 | 84 | |||
Collectively evaluated for impairment | 1,583 | 1,217 | |||
Ending balance | 1,301 | 769 | 669 | 1,583 | 1,301 |
Loans: | |||||
Individually evaluated for impairment | 0 | 884 | |||
Collectively evaluated for impairment | 289,680 | 234,591 | |||
Ending balance | 289,680 | 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 | 0 | 0 | |||
Agricultural | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | 207 | 215 | 246 | ||
Provision for loan losses | 43 | (8) | (31) | ||
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Balance at end of year | 250 | 207 | 215 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 250 | 207 | |||
Ending balance | 207 | 215 | 246 | 250 | 207 |
Loans: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 78,646 | 53,548 | |||
Ending balance | 82,583 | 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 | 3,937 | 0 | |||
Consumer | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | 242 | 164 | 146 | ||
Provision for loan losses | 99 | 97 | 56 | ||
Charge-offs | (182) | (27) | (52) | ||
Recoveries | 46 | 8 | 14 | ||
Balance at end of year | 205 | 242 | 164 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | 2 | 94 | |||
Collectively evaluated for impairment | 203 | 148 | |||
Ending balance | 242 | 164 | 146 | 205 | 242 |
Loans: | |||||
Individually evaluated for impairment | 74 | 279 | |||
Collectively evaluated for impairment | 34,544 | 27,240 | |||
Ending balance | 34,639 | 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 | 21 | 11 | |||
Other | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | 29 | 8 | 0 | ||
Provision for loan losses | 90 | 90 | 101 | ||
Charge-offs | (190) | (104) | (124) | ||
Recoveries | 39 | 35 | 31 | ||
Balance at end of year | (32) | 29 | 8 | ||
Allowance for losses: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | (32) | 29 | |||
Ending balance | 29 | 8 | 0 | (32) | 29 |
Loans: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 304 | 166 | |||
Ending balance | 304 | 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 Loan and Lease Losses [Roll Forward] | |||||
Balance at the beginning of year | 60 | (32) | 125 | ||
Provision for loan losses | (11) | 92 | (157) | ||
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Balance at end of year | 49 | 60 | (32) | ||
Allowance for losses: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 49 | 60 | |||
Ending balance | $ 60 | $ (32) | $ 125 | 49 | 60 |
Loans: | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 0 | 0 | |||
Ending balance | 0 | 0 | |||
Unallocated | Receivables Acquired with Deteriorated Credit Quality | |||||
Allowance for losses: | |||||
Loans acquired with deteriorated credit quality | 0 | 0 | |||
Loans: | |||||
Acquired with deteriorated credit quality | $ 0 | $ 0 |
Loans, Net and Allowance for 67
Loans, Net and Allowance for Loan Losses - Summary of Non Performing Loans by Loan Class (Details) - Nonperforming Loans - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Non Performing Loans [Line Items] | ||
Nonaccrual loans | $ 14,073 | $ 15,626 |
Loans past due 90 days and still accruing | 136 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 1,205 | 2,216 |
Total nonperforming loans | 15,414 | 17,842 |
Commercial | ||
Non Performing Loans [Line Items] | ||
Nonaccrual loans | 10,304 | 7,718 |
Loans past due 90 days and still accruing | 8 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | 1 |
Total nonperforming loans | 10,312 | 7,719 |
Real estate | Commercial real estate, land and land development | ||
Non Performing Loans [Line Items] | ||
Nonaccrual loans | 2,716 | 5,885 |
Loans past due 90 days and still accruing | 120 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 455 | 1,204 |
Total nonperforming loans | 3,291 | 7,089 |
Real estate | Residential | ||
Non Performing Loans [Line Items] | ||
Nonaccrual loans | 998 | 866 |
Loans past due 90 days and still accruing | 8 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 730 | 1,011 |
Total nonperforming loans | 1,736 | 1,877 |
Real estate | Single family interim construction | ||
Non Performing Loans [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 | ||
Non Performing Loans [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | 0 |
Total nonperforming loans | 0 | 0 |
Consumer | ||
Non Performing Loans [Line Items] | ||
Nonaccrual loans | 55 | 273 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 20 | 0 |
Total nonperforming loans | 75 | 273 |
Other | ||
Non Performing Loans [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | 0 |
Total nonperforming loans | $ 0 | $ 0 |
Loans, Net and Allowance for 68
Loans, Net and Allowance for Loan Losses - Impaired Loans by Loan Class (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Recorded investment in impaired loans: | |||
Impaired loans with an allowance for loan losses | $ 11,050 | $ 463 | |
Impaired loans with no allowance for loan losses | 4,102 | 17,398 | |
Total | 15,152 | 17,861 | |
Unpaid principal balance of impaired loans | 18,595 | 21,239 | |
Allowance for loan losses on impaired loans | 3,813 | 185 | |
Average recorded investment in impaired loans | 15,040 | 18,209 | $ 14,202 |
Interest income recognized on impaired loans | 499 | 228 | 690 |
Commercial | |||
Recorded investment in impaired loans: | |||
Impaired loans with an allowance for loan losses | 9,255 | 8 | |
Impaired loans with no allowance for loan losses | 1,042 | 7,712 | |
Total | 10,297 | 7,720 | |
Unpaid principal balance of impaired loans | 13,456 | 10,844 | |
Allowance for loan losses on impaired loans | 3,500 | 3 | |
Average recorded investment in impaired loans | 8,524 | 11,783 | 4,951 |
Interest income recognized on impaired loans | 8 | 58 | 189 |
Real estate | Commercial real estate, land and land development | |||
Recorded investment in impaired loans: | |||
Impaired loans with an allowance for loan losses | 1,793 | 78 | |
Impaired loans with no allowance for loan losses | 1,261 | 7,011 | |
Total | 3,054 | 7,089 | |
Unpaid principal balance of impaired loans | 3,124 | 7,133 | |
Allowance for loan losses on impaired loans | 311 | 4 | |
Average recorded investment in impaired loans | 3,690 | 3,324 | 5,904 |
Interest income recognized on impaired loans | 428 | 73 | 286 |
Real estate | Residential | |||
Recorded investment in impaired loans: | |||
Impaired loans with an allowance for loan losses | 0 | 0 | |
Impaired loans with no allowance for loan losses | 1,727 | 1,889 | |
Total | 1,727 | 1,889 | |
Unpaid principal balance of impaired loans | 1,818 | 2,087 | |
Allowance for loan losses on impaired loans | 0 | 0 | |
Average recorded investment in impaired loans | 2,431 | 2,773 | 3,220 |
Interest income recognized on impaired loans | 58 | 97 | 181 |
Real estate | Single family interim construction | |||
Recorded investment in impaired loans: | |||
Impaired loans with an allowance for loan losses | 0 | 168 | |
Impaired loans with no allowance for loan losses | 0 | 716 | |
Total | 0 | 884 | |
Unpaid principal balance of impaired loans | 0 | 884 | |
Allowance for loan losses on impaired loans | 0 | 84 | |
Average recorded investment in impaired loans | 177 | 177 | 0 |
Interest income recognized on impaired loans | 0 | 0 | 0 |
Agricultural | |||
Recorded investment in impaired loans: | |||
Impaired loans with an allowance for loan losses | 0 | 0 | |
Impaired loans with no allowance for loan losses | 0 | 0 | |
Total | 0 | 0 | |
Unpaid principal balance of impaired loans | 0 | 0 | |
Allowance for loan losses on impaired loans | 0 | 0 | |
Average recorded investment in impaired loans | 0 | 34 | 34 |
Interest income recognized on impaired loans | 0 | 0 | 10 |
Consumer | |||
Recorded investment in impaired loans: | |||
Impaired loans with an allowance for loan losses | 2 | 209 | |
Impaired loans with no allowance for loan losses | 72 | 70 | |
Total | 74 | 279 | |
Unpaid principal balance of impaired loans | 197 | 291 | |
Allowance for loan losses on impaired loans | 2 | 94 | |
Average recorded investment in impaired loans | 218 | 118 | 93 |
Interest income recognized on impaired loans | 5 | 0 | 24 |
Other | |||
Recorded investment in impaired loans: | |||
Impaired loans with an allowance for loan losses | 0 | 0 | |
Impaired loans with no allowance for loan losses | 0 | 0 | |
Total | 0 | 0 | |
Unpaid principal balance of impaired loans | 0 | 0 | |
Allowance for loan losses on impaired loans | 0 | 0 | |
Average recorded investment in impaired loans | 0 | 0 | 0 |
Interest income recognized on impaired loans | $ 0 | $ 0 | $ 0 |
Loans, Net and Allowance for 69
Loans, Net and Allowance for Loan Losses - Summary of Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 3 | 2 |
Pre-restructuring outstanding recorded investment | $ 1,360 | $ 233 |
Post-restructuring outstanding recorded investment | $ 1,360 | $ 233 |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 1 |
Pre-restructuring outstanding recorded investment | $ 873 | $ 24 |
Post-restructuring outstanding recorded investment | $ 873 | $ 24 |
Real estate | Commercial real estate, land and land development | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 0 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 |
Real estate | Residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 0 |
Pre-restructuring outstanding recorded investment | $ 465 | $ 0 |
Post-restructuring outstanding recorded investment | $ 465 | $ 0 |
Real estate | Single family interim construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 0 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 |
Agricultural | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 0 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 1 |
Pre-restructuring outstanding recorded investment | $ 22 | $ 209 |
Post-restructuring outstanding recorded investment | $ 22 | $ 209 |
Other | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 0 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 |
Post-restructuring outstanding recorded investment | $ 0 | $ 0 |
Loans, Net and Allowance for 70
Loans, Net and Allowance for Loan Losses - Aging of Past Due Loans by Loan Class (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 32,081 | $ 18,616 |
Current Loans | 6,442,162 | 4,554,155 |
Ending balance | 6,474,243 | 4,572,771 |
Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 15,639 | 2,630 |
Loans 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 16,442 | 15,986 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 1,059,984 | 630,805 |
Real estate | Commercial real estate, land and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 4,114,760 | 2,990,702 |
Real estate | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 892,293 | 634,545 |
Real estate | Single family interim construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 289,680 | 235,475 |
Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 82,583 | 53,548 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 34,639 | 27,530 |
Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Ending balance | 304 | 166 |
Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 6,761 | 1,091 |
Current Loans | 85,131 | 33,587 |
Ending balance | 91,892 | 34,678 |
Receivables Acquired with Deteriorated Credit Quality | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,748 | 181 |
Receivables Acquired with Deteriorated Credit Quality | Loans 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,013 | 910 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 25,320 | 17,525 |
Current Loans | 6,357,031 | 4,520,568 |
Ending balance | 6,382,351 | 4,538,093 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 12,891 | 2,449 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Loans 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 12,429 | 15,076 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 11,030 | 7,937 |
Current Loans | 1,036,668 | 620,448 |
Ending balance | 1,047,698 | 628,385 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 730 | 226 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial | Loans 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 10,300 | 7,711 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate | Commercial real estate, land and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 6,027 | 6,903 |
Current Loans | 4,036,359 | 2,953,519 |
Ending balance | 4,042,386 | 2,960,422 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 6,407 | 1,407 |
Current Loans | 882,612 | 631,171 |
Ending balance | 889,019 | 632,578 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate | Single family interim construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,436 | 1,062 |
Current Loans | 288,244 | 234,413 |
Ending balance | 289,680 | 235,475 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate | Loans 30-89 Days Past Due | Commercial real estate, land and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,083 | 151 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate | Loans 30-89 Days Past Due | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 6,269 | 846 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate | Loans 30-89 Days Past Due | Single family interim construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,436 | 1,062 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate | Loans 90 or More Past Due | Commercial real estate, land and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,944 | 6,752 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate | Loans 90 or More Past Due | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 138 | 561 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Real estate | Loans 90 or More Past Due | Single family interim construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 0 | 0 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 0 | 10 |
Current Loans | 78,646 | 53,538 |
Ending balance | 78,646 | 53,548 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Agricultural | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 0 | 10 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Agricultural | Loans 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 0 | 0 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 420 | 206 |
Current Loans | 34,198 | 27,313 |
Ending balance | 34,618 | 27,519 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 373 | 154 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer | Loans 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 47 | 52 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 0 | 0 |
Current Loans | 304 | 166 |
Ending balance | 304 | 166 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Other | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 0 | 0 |
Financing Receivables, Excluding Receivables Acquired with Deteriorated Credit Quality [Member] | Other | Loans 90 or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 0 | $ 0 |
Loans, Net and Allowance for 71
Loans, Net and Allowance for Loan Losses - Summary of Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 6,474,243 | $ 4,572,771 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 6,296,217 | 4,471,060 |
Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 91,562 | 40,649 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 29,920 | 22,510 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 56,544 | 38,552 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 1,059,984 | 630,805 |
Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 989,953 | 555,342 |
Commercial | Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 35,105 | 31,954 |
Commercial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 3,737 | 16,734 |
Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 31,189 | 26,775 |
Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Real estate | Commercial Real Estate, Construction, Land and Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 4,114,760 | 2,990,702 |
Real estate | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 892,293 | 634,545 |
Real estate | Single family interim construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 289,680 | 235,475 |
Real estate | Pass | Commercial Real Estate, Construction, Land and Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 4,040,385 | 2,972,732 |
Real estate | Pass | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 883,653 | 629,081 |
Real estate | Pass | Single family interim construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 288,020 | 233,800 |
Real estate | Pass/ Watch | Commercial Real Estate, Construction, Land and Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 46,288 | 5,426 |
Real estate | Pass/ Watch | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 2,722 | 1,897 |
Real estate | Pass/ Watch | Single family interim construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 1,660 | 791 |
Real estate | Special Mention | Commercial Real Estate, Construction, Land and Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 11,915 | 5,148 |
Real estate | Special Mention | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 462 | 370 |
Real estate | Special Mention | Single family interim construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Real estate | Substandard | Commercial Real Estate, Construction, Land and Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 16,172 | 7,396 |
Real estate | Substandard | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 5,456 | 3,197 |
Real estate | Substandard | Single family interim construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 884 |
Real estate | Doubtful | Commercial Real Estate, Construction, Land and Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Real estate | Doubtful | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Real estate | Doubtful | Single family interim construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 82,583 | 53,548 |
Agricultural | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 59,392 | 52,724 |
Agricultural | Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 5,762 | 569 |
Agricultural | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 13,802 | 255 |
Agricultural | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 3,627 | 0 |
Agricultural | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 34,639 | 27,530 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 34,510 | 27,215 |
Consumer | Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 25 | 12 |
Consumer | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 4 | 3 |
Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 100 | 300 |
Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 0 | 0 |
Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 304 | 166 |
Other | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 304 | 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 |
Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 91,892 | 34,678 |
Nonaccrual loans | 7,889 | 960 |
Receivables Acquired with Deteriorated Credit Quality | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 36,928 | 30,498 |
Receivables Acquired with Deteriorated Credit Quality | Pass/ Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 32,674 | 1,237 |
Receivables Acquired with Deteriorated Credit Quality | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 2,662 | 1,069 |
Receivables Acquired with Deteriorated Credit Quality | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | 19,628 | 1,874 |
Receivables Acquired with Deteriorated Credit Quality | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 0 | $ 0 |
Loans, Net and Allowance for 72
Loans, Net and Allowance for Loan Losses - Outstanding Balance and Related Carrying Amount of Purchased Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Apr. 01, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||
Outstanding balance | $ 105,685 | $ 39,442 | |
Carrying amount | $ 91,892 | $ 34,678 | |
Carlile Bancshares, Inc. | |||
Business Acquisition [Line Items] | |||
Outstanding balance | $ 101,153 | ||
Nonaccretable difference | (14,700) | ||
Accretable yield | (685) | ||
Carrying amount | $ 85,768 |
Loans, Net and Allowance for 73
Loans, Net and Allowance for Loan Losses - Purchased Credit Impaired Loans in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Outstanding balance | $ 105,685 | $ 39,442 |
Carrying amount | $ 91,892 | $ 34,678 |
Loans, Net and Allowance for 74
Loans, Net and Allowance for Loan Losses - Accretable Yield Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 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 | 685 | 0 |
Accretion | (665) | (854) |
Net transfers to/from nonaccretable | 0 | 0 |
Balance at December 31 | $ 1,546 | $ 1,526 |
Premises and Equipment, Net - C
Premises and Equipment, Net - Components of Premises and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 45,048 | $ 19,801 |
Building | 107,144 | 71,539 |
Furniture, fixtures and equipment | 31,290 | 27,263 |
Aircraft | 8,807 | 8,807 |
Leasehold and tenant improvements | 2,077 | 1,753 |
Construction in progress | 252 | 23 |
Premises and equipment, gross | 194,618 | 129,186 |
Less accumulated depreciation | (46,783) | (39,288) |
Premises and equipment, net | $ 147,835 | $ 89,898 |
Premises and Equipment, Net - A
Premises and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 8,196 | $ 6,763 | $ 6,270 |
Goodwill and Core Deposit Int77
Goodwill and Core Deposit Intangible, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 01, 2017 | |
Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill | $ 621,458 | $ 258,319 | ||
Core deposit intangible amortization | $ 4,639 | $ 1,964 | $ 1,555 | |
Remaining weighted averaged amortization period | 8 years 7 months 6 days | |||
Carlile Bancshares, Inc. | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill | $ 363,139 | |||
Goodwill, acquired during period | $ 363,139 |
Goodwill and Core Deposit Int78
Goodwill and Core Deposit Intangible, Net - Gross Carrying Value and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Core deposit intangible, beginning of the year | $ 22,803 | $ 22,803 |
Additions: Carlile acquisition | 36,717 | 0 |
Deletions: branch disposals | (3,166) | 0 |
Core deposit intangible, end of the year | 56,354 | 22,803 |
Less accumulated amortization | (13,110) | (8,626) |
Core deposit intangible, net | $ 43,244 | $ 14,177 |
Goodwill and Core Deposit Int79
Goodwill and Core Deposit Intangible, Net - Future Amortization Expense Related to Core Deposit Intangible (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
First year | $ 5,527 |
Second year | 5,475 |
Third year | 5,328 |
Fourth year | 4,721 |
Fifth year | 4,642 |
Thereafter | 17,551 |
Future amortization expense | $ 43,244 |
Deposits - Components of Deposi
Deposits - Components of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Amount | ||
Noninterest-bearing demand accounts | $ 1,907,770 | $ 1,117,927 |
Interest-bearing checking accounts | 2,956,196 | 2,022,768 |
Savings accounts | 283,036 | 153,211 |
Limited access money market accounts | 591,421 | 426,683 |
Certificates of deposit and individual retirement accounts (IRA), less than $250,000 | 456,018 | 381,754 |
Certificates of deposit and individual retirement accounts (IRA), $250,000 and greater | 438,381 | 474,766 |
Total deposits | $ 6,632,822 | $ 4,577,109 |
Percent | ||
Noninterest-bearing demand accounts (percent) | 28.70% | 24.40% |
Interest-bearing checking accounts (percent) | 44.60% | 44.20% |
Savings accounts (percent) | 4.30% | 3.40% |
Limited access money market accounts (percent) | 8.90% | 9.30% |
Certificates of deposit and individual retirement accounts (IRA), less than $250,000 (percent) | 6.90% | 8.30% |
Certificates of deposit and individual retirement account (IRA), $250,000 and greater (percent) | 6.60% | 10.40% |
Total deposits (percent) | 100.00% | 100.00% |
Deposits - Maturities of Certif
Deposits - Maturities of Certificates of Deposit (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
First year | $ 695,608 |
Second year | 120,833 |
Third year | 39,618 |
Fourth year | 22,338 |
Fifth year | 16,002 |
Total | $ 894,399 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | ||
Brokered deposit | $ 400,144 | $ 497,368 |
Federal Home Loan Bank Advanc83
Federal Home Loan Bank Advances - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Weighted average interest rate on advances (percent) | 1.43% | 0.98% |
Outstanding balances of advances | $ 530,667 | $ 460,746 |
Carrying value of loans with blanket lien | 2,960,808 | |
Remaining credit facility under FHLB advances | 1,703,309 | |
Federal Home Loan Bank Advances | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Undisbursed advance commitments (letter of credit) | $ 741,500 |
Federal Home Loan Bank Advanc84
Federal Home Loan Bank Advances - Schedule of Outstanding Balances on Advances (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
First year | $ 440,000 | |
Second year | 65,020 | |
Third year | 0 | |
Fourth year | 25,000 | |
Fifth year | 0 | |
Thereafter | 647 | |
FHLB advances | 530,667 | $ 460,746 |
Floating Advances | ||
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
FHLB advances | $ 275,000 |
Other Borrowings - Other Borrow
Other Borrowings - Other Borrowings (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Other borrowings | $ 136,911,000 | $ 107,299,000 |
5.875% Subordinated Notes Due August 1, 2024 | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Other borrowings | 107,656,000 | 107,299,000 |
Debt original amount | $ 110,000,000 | 110,000,000 |
Stated interest rate (percent) | 5.875% | |
Discount and origination costs | $ 2,344,000 | 2,701,000 |
Unsecured Subordinated Debenture Notes Due December 31, 2027 | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Other borrowings | 29,255,000 | 0 |
Debt original amount | $ 30,000,000 | $ 0 |
Stated interest rate (percent) | 5.00% | |
Origination costs | $ 745,000 | |
London Interbank Offered Rate (LIBOR) | Unsecured Subordinated Debenture Notes Due December 31, 2027 | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Basis spread on variable rate | 2.83% |
Other Borrowings - Additional I
Other Borrowings - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)unaffiliated_bank | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | |
Line of Credit Facility [Line Items] | |||
Other borrowings, related parties | $ 50,000 | $ 50,000 | |
Subordinated Debt | |||
Line of Credit Facility [Line Items] | |||
Debt original amount | $ 45,000,000 | ||
Stated interest rate (percent) | 5.875% | ||
Debt instrument, unamortized discount | $ 788,000 | ||
Subordinated Debt, Fixed And Floating Rate | |||
Line of Credit Facility [Line Items] | |||
Debt original amount | $ 30,000,000 | ||
Stated interest rate (percent) | 5.00% | ||
Revolving Credit Facility | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Line of credit, maximum capacity | $ 50,000,000 | ||
Outstanding borrowings on line of credit | 0 | 0 | |
Financial covenant, minimum cash balance | $ 5,000,000 | ||
Revolving Credit Facility | Line of Credit | London Interbank Offered Rate (LIBOR) | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 2.50% | ||
Federal Funds Line of Credit | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Line of credit, maximum capacity | $ 225,000,000 | ||
Outstanding borrowings on line of credit | $ 0 | 0 | |
Number of unaffiliated banks | unaffiliated_bank | 9 | ||
Secured Debt | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Line of credit, maximum capacity | $ 552,181,000 | 384,168,000 | |
Outstanding borrowings on line of credit | 0 | 0 | |
Line of credit, collateral | 740,639,000 | 515,194,000 | |
Direct Overnight Borrowings | Unsecured Debt | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Line of credit, maximum capacity | 60,000,000 | 75,000,000 | |
Outstanding borrowings on line of credit | $ 0 | $ 0 |
Junior Subordinated Debenture87
Junior Subordinated Debentures - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Junior Subordinated Debentures Owed to Trusts | $ 31,550 | ||
Junior subordinated debentures, carrying value | 27,654 | $ 18,147 | |
Junior subordinated debentures, unamortized discount | 4,045 | ||
Interest on junior subordinated debentures | 1,162 | $ 621 | $ 539 |
The Trusts | |||
Debt Instrument [Line Items] | |||
Interest on junior subordinated debentures | 149 | ||
IB Trust I | |||
Debt Instrument [Line Items] | |||
Junior Subordinated Debentures Owed to Trusts | 5,155 | ||
Junior subordinated debentures, carrying value | $ 5,155 | ||
Interest Rate | 4.63% | ||
IB Trust II | |||
Debt Instrument [Line Items] | |||
Junior Subordinated Debentures Owed to Trusts | $ 3,093 | ||
Junior subordinated debentures, carrying value | $ 3,093 | ||
Interest Rate | 4.21% | ||
IB Trust III | |||
Debt Instrument [Line Items] | |||
Junior Subordinated Debentures Owed to Trusts | $ 3,712 | ||
Junior subordinated debentures, carrying value | $ 3,712 | ||
Interest Rate | 3.85% | ||
IB Centex Trust I | |||
Debt Instrument [Line Items] | |||
Junior Subordinated Debentures Owed to Trusts | $ 2,578 | ||
Junior subordinated debentures, carrying value | $ 2,578 | ||
Interest Rate | 4.70% | ||
Community Group Statutory Trust One | |||
Debt Instrument [Line Items] | |||
Junior Subordinated Debentures Owed to Trusts | $ 3,609 | ||
Junior subordinated debentures, carrying value | $ 3,609 | ||
Interest Rate | 3.19% | ||
Northstar Trust II | |||
Debt Instrument [Line Items] | |||
Junior Subordinated Debentures Owed to Trusts | $ 5,155 | ||
Junior subordinated debentures, carrying value | $ 3,662 | ||
Interest Rate | 3.26% | ||
Northstar Trust III | |||
Debt Instrument [Line Items] | |||
Junior Subordinated Debentures Owed to Trusts | $ 8,248 | ||
Junior subordinated debentures, carrying value | $ 5,845 | ||
Interest Rate | 3.26% | ||
London Interbank Offered Rate (LIBOR) | IB Trust I | |||
Debt Instrument [Line Items] | |||
Description of variable rate basis | LIBOR | ||
Interest Rate Index | 3.25% | ||
London Interbank Offered Rate (LIBOR) | IB Trust II | |||
Debt Instrument [Line Items] | |||
Description of variable rate basis | LIBOR | ||
Interest Rate Index | 2.85% | ||
London Interbank Offered Rate (LIBOR) | IB Trust III | |||
Debt Instrument [Line Items] | |||
Description of variable rate basis | LIBOR | ||
Interest Rate Index | 2.40% | ||
London Interbank Offered Rate (LIBOR) | IB Centex Trust I | |||
Debt Instrument [Line Items] | |||
Description of variable rate basis | LIBOR | ||
Interest Rate Index | 3.25% | ||
London Interbank Offered Rate (LIBOR) | Community Group Statutory Trust One | |||
Debt Instrument [Line Items] | |||
Description of variable rate basis | LIBOR | ||
Interest Rate Index | 1.60% | ||
London Interbank Offered Rate (LIBOR) | Northstar Trust II | |||
Debt Instrument [Line Items] | |||
Description of variable rate basis | LIBOR | ||
Interest Rate Index | 1.67% | ||
London Interbank Offered Rate (LIBOR) | Northstar Trust III | |||
Debt Instrument [Line Items] | |||
Description of variable rate basis | LIBOR | ||
Interest Rate Index | 1.67% |
Income Taxes - Tax Expense (Det
Income Taxes - Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Current income tax expense | $ 28,121 | $ 28,440 | $ 22,946 |
Deferred income tax expense (benefit) | 11,526 | (1,849) | (3,935) |
Deferred income tax expense related to remeasurement of deferred taxes | 5,528 | 0 | 0 |
Income tax expense, as reported | $ 45,175 | $ 26,591 | $ 19,011 |
Income Taxes - Tax Reconciliati
Income Taxes - Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income tax expense computed at the statutory rate | $ 42,590 | $ 28,046 | $ 20,229 |
Tax-exempt interest income from municipal securities | (1,357) | (619) | (624) |
Tax-exempt loan income | (435) | (436) | (398) |
Bank owned life insurance income | (962) | (472) | (377) |
Non-deductible acquisition expenses | 491 | 0 | 108 |
State taxes, net of federal benefit | 241 | 0 | 0 |
Net tax benefit from stock based compensation | (1,323) | 0 | 0 |
Deferred tax adjustment related to reduction in U.S. Federal statutory income tax rate | 5,528 | 0 | 0 |
Other | 402 | 72 | 73 |
Income tax expense, as reported | $ 45,175 | $ 26,591 | $ 19,011 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | ||
Deferred expense related to impact of Tax Cuts and Jobs Act | $ 5,528,000 | |
Federal income tax at statutory rate (percent) | 35.00% | 35.00% |
Valuation allowance | $ 0 | $ 0 |
Federal Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 26,795,000 | |
Tax credit carryforward | 132,000 | |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 28,203,000 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Allowance for loan losses | $ 8,365 | $ 11,057 |
NOL and tax credit carryforwards from acquisitions | 6,791 | 383 |
Net unrealized loss on available for sale securities | 349 | 912 |
Acquired loan fair market value adjustments | 5,214 | 2,740 |
Restricted stock | 791 | 1,363 |
Reserve for bonuses | 479 | 1,946 |
Deferred loan fees | 545 | 741 |
Securities | 265 | 0 |
Start up costs | 281 | 249 |
Other real estate owned | 402 | 18 |
Unearned bankcard income | 244 | 495 |
Deferred compensation | 492 | 0 |
Noncompete agreements | 526 | 0 |
Nonaccrual loans | 414 | 70 |
Other | 310 | 248 |
Deferred tax assets, gross | 25,468 | 20,222 |
Deferred tax liabilities: | ||
Premises and equipment | (5,128) | (5,107) |
Core deposit intangibles | (9,181) | (4,953) |
Acquired junior subordinated debentures fair value adjustment | (818) | 0 |
Securities | 0 | (218) |
FHLB stock | (204) | (157) |
Acquired tax accounting method changes | 0 | (156) |
Prepaids | (153) | 0 |
Acquired tax goodwill | (111) | 0 |
Other | (110) | 0 |
Deferred tax liabilities, gross | (15,705) | (10,591) |
Net deferred tax asset | $ 9,763 | $ 9,631 |
Commitments and Contingencies92
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 1,297,236 | $ 876,230 |
Commitments to extend credit | ||
Loss Contingencies [Line Items] | ||
Financial instruments with off-balance sheet risk | 1,286,704 | 865,668 |
Standby letters of credit | ||
Loss Contingencies [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 10,532 | $ 10,562 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 3,073 | $ 2,114 | $ 1,762 |
Commitments and Contingencies94
Commitments and Contingencies - Minimum Future Rental Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
First year | $ 2,794 |
Second year | 2,324 |
Third year | 2,105 |
Fourth year | 1,947 |
Fifth year | 1,357 |
Thereafter | 4,707 |
Future minimum payments due, total | $ 15,234 |
Related Party Transactions - Lo
Related Party Transactions - Loan Activity for Officers, Directors and Affiliates (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |
Balance at beginning of year | $ 58,863 |
New loans | 18,941 |
Repayments | (15,985) |
Changes in affiliated persons | 2,097 |
Balance at end of year | $ 63,916 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Minimum age | 18 years | ||
Credited service period | 90 days | ||
Salary reduction set by law | $ 18 | ||
Employer contribution as percentage of participant's eligible salary (percent) | 6.00% | ||
Employer contribution, amount | $ 2,070 | $ 1,393 | $ 1,208 |
Minimum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer contribution, matching percentage (percent) | 50.00% | ||
Maximum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer contribution, matching percentage (percent) | 100.00% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
U.S. treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | $ 37,154 | $ 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] | ||
Securities available for sale measured on a recurring basis | 0 | 0 |
U.S. treasuries | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 37,154 | 3,147 |
U.S. treasuries | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 0 | 0 |
Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 211,509 | 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] | ||
Securities available for sale measured on a recurring basis | 0 | 0 |
Government agency securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 211,509 | 122,267 |
Government agency securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 0 | 0 |
Obligations of state and municipal subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 229,613 | 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] | ||
Securities available for sale measured on a recurring basis | 0 | 0 |
Obligations of state and municipal subdivisions | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 229,613 | 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] | ||
Securities available for sale measured on a recurring basis | 0 | 0 |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR, and GNR | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 274,377 | 103,765 |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR, and GNR | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 0 | 0 |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR, and GNR | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 274,377 | 103,765 |
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR, and GNR | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 0 | $ 0 |
Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 10,349 | |
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] | ||
Securities available for sale measured on a recurring basis | 10,349 | |
Other securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | 0 | |
Other securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale measured on a recurring basis | $ 0 |
Fair Value Measurements - Ass98
Fair Value Measurements - Assets and Liabilities at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets/ Liabilities Measured at Fair Value | $ 7,237 | $ 968 |
Period Ended Total Losses | 3,719 | 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/ Liabilities 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/ Liabilities 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/ Liabilities Measured at Fair Value | 7,237 | 968 |
Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets/ Liabilities Measured at Fair Value | 1,726 | 340 |
Period Ended Total Losses | 375 | 52 |
Other real estate owned | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets/ Liabilities Measured at Fair Value | 0 | 0 |
Other real estate owned | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets/ Liabilities Measured at Fair Value | 0 | 0 |
Other real estate owned | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets/ Liabilities Measured at Fair Value | $ 1,726 | $ 340 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Securities available for sale | $ 763,002 | $ 316,435 |
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 1,297,236 | 876,230 |
Commitments to extend credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 1,286,704 | 865,668 |
Standby letters of credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 10,532 | 10,562 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 431,102 | 505,027 |
Certificates of deposit held in other banks | 0 | 0 |
Securities available for sale | 10,349 | 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 |
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 | 13,049 | 2,733 |
Securities available for sale | 752,653 | 316,435 |
Loans held for sale | 40,436 | 9,795 |
Loans, net | 6,343,179 | 4,532,086 |
FHLB of Dallas stock and other restricted stock | 29,184 | 26,536 |
Accrued interest receivable | 20,835 | 12,331 |
Financial liabilities: | ||
Deposits | 6,637,813 | 4,581,866 |
Accrued interest payable | 4,654 | 4,020 |
FHLB advances | 526,514 | 459,436 |
Other borrowings | 141,650 | 110,000 |
Junior subordinated debentures | 20,008 | 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 | 7,237 | 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 |
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 | 431,102 | 505,027 |
Certificates of deposit held in other banks | 12,985 | 2,707 |
Securities available for sale | 763,002 | 316,435 |
Loans held for sale | 39,202 | 9,795 |
Loans, net | 6,432,273 | 4,539,063 |
FHLB of Dallas stock and other restricted stock | 29,184 | 26,536 |
Accrued interest receivable | 20,835 | 12,331 |
Financial liabilities: | ||
Deposits | 6,632,822 | 4,577,109 |
Accrued interest payable | 4,654 | 4,020 |
FHLB advances | 530,667 | 460,746 |
Other borrowings | 136,911 | 107,299 |
Junior subordinated debentures | 27,654 | 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 | 431,102 | 505,027 |
Certificates of deposit held in other banks | 13,049 | 2,733 |
Securities available for sale | 763,002 | 316,435 |
Loans held for sale | 40,436 | 9,795 |
Loans, net | 6,350,416 | 4,532,364 |
FHLB of Dallas stock and other restricted stock | 29,184 | 26,536 |
Accrued interest receivable | 20,835 | 12,331 |
Financial liabilities: | ||
Deposits | 6,637,813 | 4,581,866 |
Accrued interest payable | 4,654 | 4,020 |
FHLB advances | 526,514 | 459,436 |
Other borrowings | 141,650 | 110,000 |
Junior subordinated debentures | 20,008 | 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 Warra100
Stock Awards and Stock Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock vesting period | 5 years | ||
Compensation expense | $ 4,688 | $ 5,431 | $ 4,314 |
Estimated future compensation expense | $ 8,136 | ||
Period for recognition | 2 years 7 months 17 days | ||
Fair value of common stock awards vested | $ 8,597 | 5,208 | 3,300 |
Excess tax benefits of a vested award | $ 1,323 | 0 | 0 |
Adjustments to additional paid in capital, excess tax benefit (income tax deficiency) | $ (137) | $ (72) | |
Warrants outstanding (shares) | 147,341 | ||
Purchase price of common stock, per share (usd per share) | $ 17.19 | ||
Number of warrants exercised (shares) | 3,203 | ||
2013 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance (shares) | 800,000 | ||
Remaining available for grant for future awards (shares) | 207,975 | ||
2013 Equity Incentive Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock vesting period | 3 years | ||
2013 Equity Incentive Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock vesting period | 5 years | ||
2012 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock granted (shares) | 25,760 |
Stock Awards and Stock Warra101
Stock Awards and Stock Warrants - Schedule of Nonvested Shares Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares | ||
Nonvested shares, beginning balance (shares) | 280,524 | 373,572 |
Granted during the period (shares) | 104,962 | 88,220 |
Vested during the period (shares) | (140,887) | (153,766) |
Forfeited during the period (shares) | (2,543) | (27,502) |
Nonvested shares, ending balance (shares) | 242,056 | 280,524 |
Weighted Average Grant Date Fair Value | ||
Nonvested shares, beginning balance (usd per share) | $ 36.88 | $ 40.29 |
Granted during the period (usd per share) | 61.89 | 31.92 |
Vested during the period (usd per share) | (34.18) | (36.42) |
Forfeited during the period (use per share) | (48.29) | (31.75) |
Nonvested shares, ending balance (usd per share) | $ 49.17 | $ 36.88 |
Stock Awards and Stock Warra102
Stock Awards and Stock Warrants - Future Vesting Schedule of Nonvested Shares (Detail) | Dec. 31, 2017shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 242,056 |
First year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 113,247 |
Second year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 75,390 |
Third year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 30,468 |
Fourth year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 13,297 |
Fifth year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 9,654 |
Regulatory Matters - Actual Cap
Regulatory Matters - Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Consolidated | ||
Total capital to risk weighted assets: | ||
Actual Amount | $ 897,760 | $ 568,808 |
Actual Ratio (percent) | 12.56% | 11.38% |
Minimum Required for Capital Adequacy Purposes Amount | $ 572,025 | $ 399,698 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 8.00% | 8.00% |
Tier 1 capital to risk weighted assets: | ||
Actual Amount | $ 718,358 | $ 427,217 |
Actual Ratio (percent) | 10.05% | 8.55% |
Minimum Required for Capital Adequacy Purposes Amount | $ 429,019 | $ 299,774 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 6.00% | 6.00% |
Common equity tier 1 to risk weighted assets: | ||
Actual Amount | $ 687,006 | $ 409,617 |
Actual Ratio (percent) | 9.61% | 8.20% |
Minimum Required for Capital Adequacy Purposes Amount | $ 321,764 | $ 224,830 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 4.50% | 4.50% |
Tier 1 capital to average assets: | ||
Actual Amount | $ 718,358 | $ 427,217 |
Actual Ratio (percent) | 8.92% | 7.82% |
Minimum Required for Capital Adequacy Purposes Amount | $ 322,124 | $ 218,612 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 4.00% | 4.00% |
Bank | ||
Total capital to risk weighted assets: | ||
Actual Amount | $ 867,082 | $ 558,551 |
Actual Ratio (percent) | 12.15% | 11.19% |
Minimum Required for Capital Adequacy Purposes Amount | $ 571,142 | $ 399,497 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 8.00% | 8.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 713,928 | $ 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 | $ 827,680 | $ 526,960 |
Actual Ratio (percent) | 11.59% | 10.55% |
Minimum Required for Capital Adequacy Purposes Amount | $ 428,357 | $ 299,623 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 6.00% | 6.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 571,142 | $ 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 | $ 827,680 | $ 526,960 |
Actual Ratio (percent) | 11.59% | 10.55% |
Minimum Required for Capital Adequacy Purposes Amount | $ 321,268 | $ 224,717 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 4.50% | 4.50% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 464,053 | $ 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 | $ 827,680 | $ 526,960 |
Actual Ratio (percent) | 10.30% | 9.65% |
Minimum Required for Capital Adequacy Purposes Amount | $ 321,384 | $ 218,517 |
Minimum Required for Capital Adequacy Purposes Ratio (percent) | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 401,730 | $ 273,146 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 5.00% | 5.00% |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | Apr. 01, 2017USD ($)branchshares | Jun. 30, 2018USD ($)shares | Dec. 31, 2017USD ($)branch | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||||
Cash paid in the transaction | $ 17,773,000 | $ 0 | $ 24,103,000 | ||||
Number of branches sold | branch | 9 | ||||||
Goodwill acquired | $ 621,458,000 | 621,458,000 | 258,319,000 | ||||
Acquisition related expenses | 12,898,000 | 1,517,000 | 1,420,000 | ||||
Offering costs paid in connection with acquired banks | 942,000 | 0 | $ 568,000 | ||||
Carlile Bancshares, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Stock issued for acquisition of bank (in shares) | shares | 8,804,699 | ||||||
Cash paid in the transaction | $ 17,773,000 | ||||||
Percentage of outstanding stock acquired (percent) | 100.00% | ||||||
Goodwill acquired | $ 363,139,000 | ||||||
Acquisition related expenses | $ 15,648,000 | $ 659,000 | |||||
Offering costs paid in connection with acquired banks | $ 942,000 | ||||||
Estimated fair value of non-credit impaired loans | 1,298,442,000 | ||||||
Contractual balance of non-credit impaired loans | 1,309,360,000 | ||||||
Interest income adjustment for non-credit impaired loans | $ 10,918,000 | ||||||
Scenario, Forecast | Integrity Bancshares, Inc. And Integrity Bank, SSB, Houston, Texas | |||||||
Business Acquisition [Line Items] | |||||||
Stock issued for acquisition of bank (in shares) | shares | 2,072,131 | ||||||
Cash paid in the transaction | $ 31,600,000 | ||||||
DFW Metroplex and Austin | Carlile Bancshares, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Number of branches acquired | branch | 24 | ||||||
COLORADO | Carlile Bancshares, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Number of branches acquired | branch | 18 |
Business Combinations - Estimat
Business Combinations - Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets of acquired bank: | |||||
Goodwill | $ 621,458 | $ 621,458 | $ 258,319 | ||
Liabilities of acquired bank: | |||||
Common stock issued at $64.30 per share | 566,142 | 0 | $ 49,838 | ||
Cash paid | 17,773 | 0 | 24,103 | ||
Measurement period adjustments: | |||||
Premises and equipment | (395) | 0 | 0 | ||
Other real estate owned | 1,236 | 0 | 0 | ||
Goodwill | 146 | (324) | 361 | ||
Total assets | 1,234 | 20 | 181 | ||
Other liabilities | 1,234 | 20 | 181 | ||
Total liabilities | $ 1,234 | $ 20 | $ 181 | ||
Carlile Bancshares, Inc. | |||||
Assets of acquired bank: | |||||
Cash and cash equivalents | $ 148,444 | ||||
Certificates of deposit held in other banks | 11,025 | ||||
Securities available for sale | 336,540 | ||||
Loans | 1,384,210 | ||||
Premises and equipment | 63,166 | ||||
Other real estate owned | 11,212 | ||||
Goodwill | 363,139 | ||||
Core deposit intangible | 36,717 | ||||
Other assets | 89,702 | ||||
Total assets acquired | 2,444,155 | ||||
Liabilities of acquired bank: | |||||
Deposits | 1,825,181 | ||||
Junior subordinated debentures | 9,359 | ||||
Other liabilities | 25,700 | ||||
Total liabilities assumed | 1,860,240 | ||||
Common stock issued at $64.30 per share | 566,142 | ||||
Cash paid | $ 17,773 | ||||
Measurement period adjustments: | |||||
Loans | 169 | ||||
Premises and equipment | (395) | ||||
Other real estate owned | 1,236 | ||||
Goodwill | 146 | ||||
Other assets | 78 | ||||
Total assets | 1,234 | ||||
Other liabilities | 1,234 | ||||
Total liabilities | $ 1,234 | ||||
Share price (in USD per share) | $ 64.30 | ||||
Scenario, Previously Reported | Carlile Bancshares, Inc. | |||||
Assets of acquired bank: | |||||
Cash and cash equivalents | $ 148,444 | ||||
Certificates of deposit held in other banks | 11,025 | ||||
Securities available for sale | 336,540 | ||||
Loans | 1,384,041 | ||||
Premises and equipment | 63,561 | ||||
Other real estate owned | 9,976 | ||||
Goodwill | 362,993 | ||||
Core deposit intangible | 36,717 | ||||
Other assets | 89,624 | ||||
Total assets acquired | 2,442,921 | ||||
Liabilities of acquired bank: | |||||
Deposits | 1,825,181 | ||||
Junior subordinated debentures | 9,359 | ||||
Other liabilities | 24,466 | ||||
Total liabilities assumed | 1,859,006 | ||||
Common stock issued at $64.30 per share | 566,142 | ||||
Cash paid | $ 17,773 |
Business Combinations - Pro For
Business Combinations - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||
Acquisition related expenses | $ 12,898 | $ 1,517 | $ 1,420 |
Carlile Bancshares, Inc. | |||
Business Acquisition [Line Items] | |||
Interest income | 330,792 | 300,202 | |
Noninterest income | 48,165 | 48,016 | |
Total Revenue | 378,957 | 348,218 | |
Net income | 90,700 | 67,029 | |
Net income attributable to noncontrolling interests | 0 | (315) | |
Net income to common stockholders | $ 90,700 | $ 66,714 | |
Basic earnings per share (in dollars per share) | $ 3.26 | $ 2.41 | |
Diluted earnings per share (in dollars per share) | $ 3.25 | $ 2.40 | |
Acquisition related expenses | $ 15,648 | $ 659 | |
Carlile Bancshares, Inc. | Carlile Bancshares, Inc. | |||
Business Acquisition [Line Items] | |||
Acquisition related expenses | $ 0 | $ 15,687 |
Branch Sales (Details)
Branch Sales (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Oct. 31, 2017USD ($)branch | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)branch | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Interest-bearing deposits in other banks | $ 243,528 | $ 243,528 | $ 336,341 | |||
Deposit premium received | 7,107 | 64 | $ 0 | |||
Loans, net | 6,432,273 | 6,432,273 | 4,539,063 | |||
Core deposit intangible, net | $ 43,244 | 43,244 | 14,177 | |||
Number of branches sold | branch | 9 | |||||
Premises and equipment, net | $ 147,835 | $ 147,835 | $ 89,898 | |||
Marble Falls Texas Branch | Disposal group | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Interest-bearing deposits in other banks | $ 17,508 | |||||
Deposit premium received | 336 | |||||
Loans, net | 5,424 | |||||
Core deposit intangible, net | 385 | |||||
Gain (loss) on sale of branch | $ (116) | |||||
Colorado Branches | Disposal group | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Interest-bearing deposits in other banks | $ 160,771 | |||||
Deposit premium received | 6,771 | |||||
Loans, net | 100,584 | |||||
Core deposit intangible, net | 2,626 | |||||
Gain (loss) on sale of branch | $ 3,033 | |||||
Number of branches sold | branch | 9 | |||||
Premises and equipment, net | $ 7,473 |
Parent Company Only Financia108
Parent Company Only Financial Statements - Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and cash equivalents | $ 431,102 | $ 505,027 | $ 293,279 | $ 324,047 |
Other assets | 34,119 | 22,032 | ||
Total assets | 8,684,463 | 5,852,801 | ||
Liabilities and Stockholders’ Equity | ||||
Other borrowings | 136,911 | 107,299 | ||
Junior subordinated debentures | 27,654 | 18,147 | ||
Other liabilities | 20,391 | 17,135 | ||
Total liabilities | 7,348,445 | 5,180,436 | ||
Stockholders’ equity: | ||||
Common stock | 283 | 189 | ||
Additional paid-in capital | 1,151,990 | 555,325 | ||
Retained earnings | 184,232 | 117,951 | ||
Accumulated other comprehensive loss | (487) | (1,100) | ||
Total stockholders’ equity | 1,336,018 | 672,365 | 603,371 | 540,851 |
Total liabilities and stockholders’ equity | 8,684,463 | 5,852,801 | ||
Parent | ||||
Assets | ||||
Cash and cash equivalents | 9,400 | 9,265 | $ 6,624 | $ 5,773 |
Investment in subsidiaries | 1,484,217 | 789,708 | ||
Investment in Trusts | 950 | 547 | ||
Other assets | 10,093 | 1,969 | ||
Total assets | 1,504,660 | 801,489 | ||
Liabilities and Stockholders’ Equity | ||||
Other borrowings | 136,911 | 107,299 | ||
Junior subordinated debentures | 27,654 | 18,147 | ||
Other liabilities | 4,077 | 3,678 | ||
Total liabilities | 168,642 | 129,124 | ||
Stockholders’ equity: | ||||
Common stock | 283 | 189 | ||
Additional paid-in capital | 1,151,990 | 555,325 | ||
Retained earnings | 184,232 | 117,951 | ||
Accumulated other comprehensive loss | (487) | (1,100) | ||
Total stockholders’ equity | 1,336,018 | 672,365 | ||
Total liabilities and stockholders’ equity | $ 1,504,660 | $ 801,489 |
Parent Company Only Financia109
Parent Company Only Financial Statements - Statement of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest expense: | |||
Interest on other borrowings | $ 6,898 | $ 5,428 | $ 4,289 |
Interest on junior subordinated debentures | 1,162 | 621 | 539 |
Total interest expense | 42,436 | 26,243 | 19,929 |
Noninterest income: | |||
Other | 7,608 | 3,897 | 2,702 |
Total noninterest income | 41,287 | 19,555 | 16,128 |
Noninterest expense: | |||
Salaries and employee benefits | 95,741 | 66,762 | 60,541 |
Professional fees | 4,564 | 3,212 | 3,191 |
Acquisition expense, including legal | 12,898 | 1,517 | 1,420 |
Other | 17,956 | 12,059 | 11,329 |
Total noninterest expense | 176,813 | 113,790 | 103,198 |
Income before income tax benefit and equity in undistributed income of subsidiaries | 121,687 | 80,131 | 57,797 |
Income tax benefit | (45,175) | (26,591) | (19,011) |
Net income | 76,512 | 53,540 | 38,786 |
Parent | |||
Interest expense: | |||
Interest on other borrowings | 6,873 | 5,426 | 4,282 |
Interest on junior subordinated debentures | 1,162 | 621 | 539 |
Total interest expense | 8,035 | 6,047 | 4,821 |
Noninterest income: | |||
Dividends from subsidiaries | 29,563 | 36,018 | 35,250 |
Other | 32 | 25 | 16 |
Total noninterest income | 29,595 | 36,043 | 35,266 |
Noninterest expense: | |||
Salaries and employee benefits | 5,175 | 6,226 | 4,270 |
Professional fees | 546 | 523 | 546 |
Acquisition expense, including legal | 12,767 | 1,380 | 1,282 |
Other | 1,614 | 1,126 | 1,217 |
Total noninterest expense | 20,102 | 9,255 | 7,315 |
Income before income tax benefit and equity in undistributed income of subsidiaries | 1,458 | 20,741 | 23,130 |
Income tax benefit | 8,890 | 5,339 | 4,121 |
Income before equity in undistributed income of subsidiaries | 10,348 | 26,080 | 27,251 |
Equity in undistributed income of subsidiaries | 66,164 | 27,460 | 11,535 |
Net income | $ 76,512 | $ 53,540 | $ 38,786 |
Parent Company Only Financia110
Parent Company Only Financial Statements - Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 76,512 | $ 53,540 | $ 38,786 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of discount and origination costs on other borrowings | 505 | 241 | 194 |
Stock based compensation expense | 4,688 | 5,431 | 4,314 |
Excess tax benefit on restricted stock vested | (1,323) | 0 | 0 |
Deferred tax expense (benefit) | 17,054 | (1,849) | (3,935) |
Net change in other assets | (5,987) | (978) | 5,893 |
Net change in other liabilities | (2,920) | 7,026 | (9,032) |
Net cash provided by operating activities | 82,795 | 80,277 | 43,518 |
Cash flows from investing activities: | |||
Cash received from acquired banks | 148,444 | 0 | 152,913 |
Cash paid in connection with acquisitions | (17,773) | 0 | (24,103) |
Net cash used in investing activities | (662,333) | (609,304) | (366,357) |
Cash flows from financing activities: | |||
Repayments of other borrowings | 0 | (5,798) | (1,932) |
Proceeds from other borrowings, net of issuance costs | 29,255 | 43,150 | 0 |
Proceeds from exercise of common stock warrants | 55 | 0 | 0 |
Offering costs paid in connection with acquired banks | (942) | 0 | (568) |
Net proceeds from issuance of common stock | 26,816 | 19,929 | 0 |
Redemption of preferred stock | 0 | (23,938) | 0 |
Dividends paid | (10,231) | (6,287) | (5,819) |
Net cash provided by financing activities | 505,613 | 740,775 | 292,071 |
Net change in cash and cash equivalents | (73,925) | 211,748 | (30,768) |
Cash and cash equivalents at beginning of year | 505,027 | 293,279 | 324,047 |
Cash and cash equivalents at end of year | 431,102 | 505,027 | 293,279 |
Parent | |||
Cash flows from operating activities: | |||
Net income | 76,512 | 53,540 | 38,786 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed net income of subsidiaries | (66,164) | (27,460) | (11,535) |
Amortization of discount and origination costs on other borrowings | 505 | 241 | 0 |
Stock based compensation expense | 4,688 | 5,431 | 4,314 |
Excess tax benefit on restricted stock vested | (1,323) | 0 | 0 |
Deferred tax expense (benefit) | 11,782 | (205) | (330) |
Net change in other assets | (6,750) | 0 | 2,101 |
Net change in other liabilities | (1,663) | 1,038 | (63) |
Net cash provided by operating activities | 17,587 | 32,585 | 33,273 |
Cash flows from investing activities: | |||
Capital investment in subsidiaries | (50,050) | (57,000) | 0 |
Cash received from acquired banks | 5,418 | 0 | 0 |
Cash paid in connection with acquisitions | (17,773) | 0 | (24,103) |
Net cash used in investing activities | (62,405) | (57,000) | (24,103) |
Cash flows from financing activities: | |||
Repayments of other borrowings | 0 | (5,798) | (1,932) |
Proceeds from other borrowings, net of issuance costs | 29,255 | 43,150 | 0 |
Proceeds from exercise of common stock warrants | 55 | 0 | 0 |
Offering costs paid in connection with acquired banks | (942) | 0 | (568) |
Net proceeds from issuance of common stock | 26,816 | 19,929 | 0 |
Redemption of preferred stock | 0 | (23,938) | 0 |
Dividends paid | (10,231) | (6,287) | (5,819) |
Net cash provided by financing activities | 44,953 | 27,056 | (8,319) |
Net change in cash and cash equivalents | 135 | 2,641 | 851 |
Cash and cash equivalents at beginning of year | 9,265 | 6,624 | 5,773 |
Cash and cash equivalents at end of year | $ 9,400 | $ 9,265 | $ 6,624 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event $ / shares in Units, ft² in Thousands, $ in Thousands | Feb. 22, 2018USD ($) | Jan. 31, 2018$ / shares | Jan. 18, 2018USD ($)ft² |
Subsequent Event [Line Items] | |||
Area of building acquired | ft² | 165 | ||
Payment to acquire building | $ 50,000 | ||
Dividends declared (per share) | $ / shares | $ 0.12 | ||
Dividends paid | $ 3,401 |