Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 21, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35854 | |
Entity Registrant Name | Independent Bank Group, Inc. | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 13-4219346 | |
Entity Address, Address Line One | 7777 Henneman Way | |
Entity Address, City or Town | McKinney, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75070-1711 | |
City Area Code | 972 | |
Local Phone Number | 562-9004 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | IBTX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 41,196,213 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001564618 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 145,036 | $ 243,926 |
Interest-bearing deposits in other banks | 371,123 | 2,364,518 |
Cash and cash equivalents | 516,159 | 2,608,444 |
Certificates of deposit held in other banks | 744 | 3,245 |
Securities available for sale, at fair value | 1,730,163 | 2,006,727 |
Securities held to maturity, net of allowance for credit losses of $0 and $0, respectively | 207,516 | 0 |
Loans held for sale (includes $17,248 and $28,249 carried at fair value, respectively) | 21,973 | 32,124 |
Loans, net of allowance for credit losses of $146,395 and $148,706, respectively | 13,548,406 | 12,290,740 |
Premises and equipment, net | 343,004 | 308,023 |
Other real estate owned | 23,900 | 0 |
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock | 19,361 | 21,573 |
Bank-owned life insurance (BOLI) | 239,064 | 235,637 |
Deferred tax asset | 82,018 | 26,178 |
Goodwill | 994,021 | 994,021 |
Other intangible assets, net | 66,110 | 75,490 |
Other assets | 152,054 | 130,446 |
Total assets | 17,944,493 | 18,732,648 |
Deposits: | ||
Noninterest-bearing | 5,107,001 | 5,066,588 |
Interest-bearing | 9,854,007 | 10,487,320 |
Total deposits | 14,961,008 | 15,553,908 |
FHLB advances | 200,000 | 150,000 |
Other borrowings | 266,892 | 283,371 |
Junior subordinated debentures | 54,370 | 54,221 |
Other liabilities | 107,883 | 114,498 |
Total liabilities | 15,590,153 | 16,155,998 |
Commitments and contingencies | 0 | 0 |
Stockholders’ equity: | ||
Preferred stock (0 and 0 shares outstanding, respectively) | 0 | 0 |
Common stock (41,165,006 and 42,756,234 shares outstanding, respectively) | 412 | 428 |
Additional paid-in capital | 1,955,096 | 1,945,497 |
Retained earnings | 613,889 | 625,484 |
Accumulated other comprehensive (loss) income | (215,057) | 5,241 |
Total stockholders’ equity | 2,354,340 | 2,576,650 |
Total liabilities and stockholders’ equity | $ 17,944,493 | $ 18,732,648 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses, securities held to maturity | $ 0 | $ 0 |
Loans held for sale, fair value option | 17,248 | 28,249 |
Allowance for credit losses, loans | $ 146,395 | $ 148,706 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, shares outstanding (shares) | 41,165,006 | 42,756,234 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income: | ||||
Interest and fees on loans | $ 160,160 | $ 134,540 | $ 427,765 | $ 412,312 |
Interest on taxable securities | 8,306 | 6,059 | 24,908 | 16,068 |
Interest on nontaxable securities | 2,655 | 2,077 | 7,729 | 6,207 |
Interest on interest-bearing deposits and other | 2,566 | 1,356 | 4,846 | 3,021 |
Total interest income | 173,687 | 144,032 | 465,248 | 437,608 |
Interest expense: | ||||
Interest on deposits | 21,586 | 10,847 | 35,306 | 35,341 |
Interest on FHLB advances | 443 | 463 | 786 | 1,533 |
Interest on other borrowings | 3,635 | 3,640 | 10,986 | 11,743 |
Interest on junior subordinated debentures | 749 | 437 | 1,749 | 1,320 |
Total interest expense | 26,413 | 15,387 | 48,827 | 49,937 |
Net interest income | 147,274 | 128,645 | 416,421 | 387,671 |
Provision for credit losses | 3,100 | 0 | 1,657 | (9,000) |
Net interest income after provision for credit losses | 144,174 | 128,645 | 414,764 | 396,671 |
Noninterest income: | ||||
Service charges on deposit accounts | 3,194 | 2,619 | 8,996 | 7,130 |
Investment management fees | 2,156 | 2,210 | 6,998 | 6,339 |
Mortgage banking revenue | 2,179 | 5,982 | 7,695 | 18,714 |
Mortgage warehouse purchase program fees | 596 | 1,714 | 2,285 | 5,413 |
(Loss) gain on sale of loans | 0 | 0 | (1,501) | 26 |
Gain on sale of other real estate | 0 | 63 | 0 | 63 |
Loss on sale and disposal of premises and equipment | (101) | (41) | (310) | (61) |
Increase in cash surrender value of BOLI | 1,350 | 1,282 | 3,987 | 3,841 |
Other | 4,103 | 3,067 | 12,089 | 9,966 |
Total noninterest income | 13,477 | 16,896 | 40,239 | 51,431 |
Noninterest expense: | ||||
Salaries and employee benefits | 54,152 | 46,572 | 154,837 | 134,068 |
Occupancy | 11,493 | 10,258 | 31,526 | 30,716 |
Communications and technology | 6,545 | 5,479 | 18,276 | 16,596 |
FDIC assessment | 1,749 | 1,327 | 4,831 | 4,499 |
Advertising and public relations | 424 | 266 | 1,583 | 880 |
Other real estate owned expenses, net | 133 | (8) | 199 | 4 |
Amortization of other intangible assets | 3,117 | 3,145 | 9,380 | 9,435 |
Professional fees | 3,457 | 4,546 | 10,990 | 11,972 |
Other | 10,663 | 8,987 | 28,493 | 25,528 |
Total noninterest expense | 91,733 | 80,572 | 260,115 | 233,698 |
Income before taxes | 65,918 | 64,969 | 194,888 | 214,404 |
Income tax expense | 13,481 | 12,629 | 39,351 | 43,841 |
Net income | $ 52,437 | $ 52,340 | $ 155,537 | $ 170,563 |
Basic earnings per share (usd per share) | $ 1.27 | $ 1.22 | $ 3.71 | $ 3.95 |
Diluted earnings per share (usd per share) | $ 1.27 | $ 1.21 | $ 3.71 | $ 3.95 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 52,437 | $ 52,340 | $ 155,537 | $ 170,563 |
Other comprehensive loss before tax: | ||||
Unrealized (losses) gains arising during the period, excluding the change attributable to available for sale securities reclassified to held to maturity | (58,857) | 330 | (267,832) | (17,558) |
Tax effect | (12,360) | 73 | (56,245) | (3,687) |
Unrealized (losses) gains arising during the period, net of tax, excluding the change attributable to available for sale securities reclassified to held to maturity | (46,497) | 257 | (211,587) | (13,871) |
Change in net unamortized gains on available for sale securities reclassified into held to maturity securities | (6) | 0 | (16) | 0 |
Tax effect | (1) | 0 | (3) | 0 |
Change in net unamortized gains on available for sale securities reclassified into held to maturity securities, net of tax | (5) | 0 | (13) | 0 |
Change in unrealized (losses) gains on securities, net of tax | (46,502) | 257 | (211,600) | (13,871) |
Unrealized holding (losses) gains arising during the period | (4,068) | (127) | (11,088) | 418 |
Tax effect | (854) | (28) | (2,328) | 88 |
Unrealized (losses) gains arising during the period, net of tax | (3,214) | (99) | (8,760) | 330 |
Reclassification of amount of losses (gains) recognized into income | 321 | (221) | 78 | (378) |
Tax effect | 67 | (49) | 16 | (80) |
Reclassification of amount of losses (gains) recognized into income, net of tax | 254 | (172) | 62 | (298) |
Change in unrealized (losses) gains on derivative financial instruments | (2,960) | (271) | (8,698) | 32 |
Other comprehensive loss, net of tax | (49,462) | (14) | (220,298) | (13,839) |
Comprehensive income (loss) | $ 2,975 | $ 52,326 | $ (64,761) | $ 156,724 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock $0.01 Par | Common Stock $0.01 Par Value | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Cumulative Effect of change in accounting principles | [1] | Cumulative Effect of change in accounting principles Retained Earnings | [1] | Adjusted beginning balance | Adjusted beginning balance Preferred Stock $0.01 Par | Adjusted beginning balance Common Stock $0.01 Par Value | Adjusted beginning balance Additional Paid in Capital | Adjusted beginning balance Retained Earnings | Adjusted beginning balance Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2020 | $ 2,515,371 | $ 0 | $ 431 | $ 1,934,807 | $ 543,800 | $ 36,333 | $ (53,880) | $ (53,880) | $ 2,461,491 | $ 0 | $ 431 | $ 1,934,807 | $ 489,920 | $ 36,333 | ||
Beginning balance (shares) at Dec. 31, 2020 | 43,137,104 | 43,137,104 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 170,563 | 170,563 | ||||||||||||||
Other comprehensive loss, net of tax | (13,839) | (13,839) | ||||||||||||||
Common stock repurchased (shares) | (257,280) | |||||||||||||||
Common stock repurchased | (17,921) | $ (3) | (17,918) | |||||||||||||
Restricted stock forfeited (shares) | (34,822) | |||||||||||||||
Restricted stock forfeited | 0 | |||||||||||||||
Restricted stock granted (shares) | 96,713 | |||||||||||||||
Restricted stock granted | 0 | $ 1 | (1) | |||||||||||||
Stock based compensation expense | 7,977 | 7,977 | ||||||||||||||
Cash dividends ($0.38 and $1.14 per share for the three and nine months ended September 30, 2022 and $0.34 and $0.96 per share for the three and nine months ended September 30, 2021) | (41,578) | (41,578) | ||||||||||||||
Ending balance at Sep. 30, 2021 | 2,566,693 | 0 | $ 429 | 1,942,783 | 600,987 | 22,494 | ||||||||||
Ending balance (shares) at Sep. 30, 2021 | 42,941,715 | |||||||||||||||
Beginning balance at Jun. 30, 2021 | 2,542,885 | 0 | $ 432 | 1,940,360 | 579,585 | 22,508 | ||||||||||
Beginning balance (shares) at Jun. 30, 2021 | 43,180,607 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 52,340 | 52,340 | ||||||||||||||
Other comprehensive loss, net of tax | (14) | (14) | ||||||||||||||
Common stock repurchased (shares) | (232,069) | |||||||||||||||
Common stock repurchased | (16,256) | $ (3) | (16,253) | |||||||||||||
Restricted stock forfeited (shares) | (12,495) | |||||||||||||||
Restricted stock forfeited | 0 | |||||||||||||||
Restricted stock granted (shares) | 5,672 | |||||||||||||||
Restricted stock granted | 0 | $ 0 | 0 | |||||||||||||
Stock based compensation expense | 2,423 | 2,423 | ||||||||||||||
Cash dividends ($0.38 and $1.14 per share for the three and nine months ended September 30, 2022 and $0.34 and $0.96 per share for the three and nine months ended September 30, 2021) | (14,685) | (14,685) | ||||||||||||||
Ending balance at Sep. 30, 2021 | 2,566,693 | 0 | $ 429 | 1,942,783 | 600,987 | 22,494 | ||||||||||
Ending balance (shares) at Sep. 30, 2021 | 42,941,715 | |||||||||||||||
Beginning balance at Dec. 31, 2021 | 2,576,650 | 0 | $ 428 | 1,945,497 | 625,484 | 5,241 | ||||||||||
Beginning balance (shares) at Dec. 31, 2021 | 42,756,234 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 155,537 | 155,537 | ||||||||||||||
Other comprehensive loss, net of tax | (220,298) | (220,298) | ||||||||||||||
Common stock repurchased (shares) | (1,695,022) | |||||||||||||||
Common stock repurchased | (119,165) | $ (17) | (119,148) | |||||||||||||
Restricted stock forfeited (shares) | (7,301) | |||||||||||||||
Restricted stock forfeited | 0 | |||||||||||||||
Restricted stock granted (shares) | 111,095 | |||||||||||||||
Restricted stock granted | 0 | $ 1 | (1) | |||||||||||||
Stock based compensation expense | 9,600 | 9,600 | ||||||||||||||
Cash dividends ($0.38 and $1.14 per share for the three and nine months ended September 30, 2022 and $0.34 and $0.96 per share for the three and nine months ended September 30, 2021) | (47,984) | (47,984) | ||||||||||||||
Ending balance at Sep. 30, 2022 | 2,354,340 | 0 | $ 412 | 1,955,096 | 613,889 | (215,057) | ||||||||||
Ending balance (shares) at Sep. 30, 2022 | 41,165,006 | |||||||||||||||
Beginning balance at Jun. 30, 2022 | 2,364,335 | 0 | $ 412 | 1,951,317 | 578,201 | (165,595) | ||||||||||
Beginning balance (shares) at Jun. 30, 2022 | 41,156,261 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 52,437 | 52,437 | ||||||||||||||
Other comprehensive loss, net of tax | (49,462) | (49,462) | ||||||||||||||
Common stock repurchased (shares) | (15,311) | |||||||||||||||
Common stock repurchased | (1,054) | $ 0 | (1,054) | |||||||||||||
Restricted stock forfeited (shares) | (2,755) | |||||||||||||||
Restricted stock forfeited | 0 | |||||||||||||||
Restricted stock granted (shares) | 26,811 | |||||||||||||||
Restricted stock granted | 0 | $ 0 | 0 | |||||||||||||
Stock based compensation expense | 3,779 | 3,779 | ||||||||||||||
Cash dividends ($0.38 and $1.14 per share for the three and nine months ended September 30, 2022 and $0.34 and $0.96 per share for the three and nine months ended September 30, 2021) | (15,695) | (15,695) | ||||||||||||||
Ending balance at Sep. 30, 2022 | $ 2,354,340 | $ 0 | $ 412 | $ 1,955,096 | $ 613,889 | $ (215,057) | ||||||||||
Ending balance (shares) at Sep. 30, 2022 | 41,165,006 | |||||||||||||||
[1]ASU 2016-13 was adopted by the Company on January 1, 2021. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Preferred stock par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock shares authorized (shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock shares authorized (shares) | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 |
Dividends paid (usd per share) | $ 0.38 | $ 0.34 | $ 1.14 | $ 0.96 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 155,537,000 | $ 170,563,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 10,674,000 | 9,273,000 |
Accretion income recognized on loans | (8,825,000) | (15,499,000) |
Amortization of other intangibles assets | 9,380,000 | 9,435,000 |
Amortization of premium on securities, net | 5,467,000 | 3,507,000 |
Amortization of discount and origination costs on borrowings | 670,000 | 670,000 |
Stock based compensation expense | 9,600,000 | 7,977,000 |
Excess tax benefit on restricted stock vested | (673,000) | (647,000) |
FHLB stock dividends | (125,000) | (96,000) |
Loss on sale and disposal of premises and equipment | 310,000 | 61,000 |
Loss (gain) on sale of loans | 1,501,000 | (26,000) |
Gain on sale of other real estate | 0 | (63,000) |
Impairment of other assets | 1,156,000 | 124,000 |
Deferred tax expense | 2,720,000 | 4,393,000 |
Provision for credit losses | 1,657,000 | (9,000,000) |
Increase in cash surrender value of BOLI | (3,987,000) | (3,841,000) |
Excess benefit claim on BOLI | (784,000) | 0 |
Net gain on mortgage loans held for sale | (3,480,000) | (17,379,000) |
Originations of loans held for sale | (237,105,000) | (533,001,000) |
Proceeds from sale of loans held for sale | 250,736,000 | 601,556,000 |
Net change in other assets | (19,050,000) | 6,960,000 |
Net change in other liabilities | (26,751,000) | (25,255,000) |
Net cash provided by operating activities | 148,628,000 | 209,712,000 |
Cash flows from investing activities: | ||
Proceeds from maturities, calls and paydowns | 7,167,979,000 | 7,336,371,000 |
Proceeds from sales | 0 | 181,000 |
Purchases AFS | (7,281,181,000) | (7,959,831,000) |
Purchases HTM | (91,065,000) | 0 |
Proceeds from maturities of certificates of deposit held in other banks | 2,501,000 | 1,237,000 |
Proceeds from benefit claim of BOLI | 1,344,000 | 0 |
Purchase of bank owned life insurance contracts | 0 | (10,000,000) |
Purchases of FHLB stock and other restricted stock | (830,000) | (1,190,000) |
Proceeds from redemptions of FHLB stock and other restricted stock | 3,167,000 | 50,000 |
Proceeds from sale of loans | 19,333,000 | 1,519,000 |
Net loans originated held for investment | (1,669,267,000) | 204,066,000 |
Originations of mortgage warehouse purchase loans | (11,284,831,000) | (23,417,476,000) |
Proceeds from pay-offs of mortgage warehouse purchase loans | 11,664,635,000 | 23,893,473,000 |
Additions to premises and equipment | (45,969,000) | (22,744,000) |
Proceeds from sale of premises and equipment | 174,000 | 21,000 |
Proceeds from sale of other real estate owned | 0 | 538,000 |
Net cash (used in) provided by investing activities | (1,514,010,000) | 26,215,000 |
Cash flows from financing activities: | ||
Net (decrease) increase in demand deposits, money market and savings accounts | (608,272,000) | 1,338,220,000 |
Net increase (decrease) in time deposits | 15,372,000 | (212,965,000) |
Proceeds from FHLB advances | 275,000,000 | 0 |
Repayments of FHLB advances | (225,000,000) | (25,000,000) |
Proceeds from other borrowings | 111,000,000 | 58,000,000 |
Repayments of other borrowings | (128,000,000) | (89,000,000) |
Repurchase of common stock | (119,165,000) | (17,921,000) |
Dividends paid | (47,838,000) | (41,422,000) |
Net cash (used in) provided by financing activities | (726,903,000) | 1,009,912,000 |
Net change in cash and cash equivalents | (2,092,285,000) | 1,245,839,000 |
Cash and cash equivalents at beginning of period | 2,608,444,000 | 1,813,987,000 |
Cash and cash equivalents at end of period | $ 516,159,000 | $ 3,059,826,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Nature of operations: Independent Bank Group, Inc. (IBG) through its subsidiary, Independent Bank, a Texas state banking corporation, doing business as Independent Financial, (Bank) (collectively known as the Company), provides a full range of banking services to individual and corporate customers in the 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, and 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 and all other entities in which IBG has controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation. In addition, the Company wholly-owns nine statutory business trusts that were formed for the purpose of issuing trust preferred securities and do not meet the criteria for consolidation. The consolidated interim financial statements are unaudited, but include all adjustments, which, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments were of a normal and recurring nature. These financial statements should be read in conjunction with the financial statements and the notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. The consolidated balance sheet at December 31, 2021 has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. 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. 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 and disclosure 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 GAAP 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 credit losses, the valuation of goodwill and valuation of assets and liabilities acquired in business combinations. Subsequent events: Companies are required to evaluate events and transactions that occur after the balance sheet date but before the date the financial statements are issued. They must recognize in the financial statements the effect of all events or transactions that provide additional evidence of conditions that existed at the balance sheet date, including the estimates inherent in the financial statement preparation process. Entities shall not recognize the impact of events or transactions that provide evidence about conditions that did not exist at the balance sheet date but arose after that date. The Company has evaluated subsequent events through the date of filing these financial statements with the Securities and Exchange Commission (SEC) and noted no subsequent events requiring financial statement recognition or disclosure, except as disclosed in Note 11. Subsequent Events . Earnings per share: Basic earnings per common share is calculated as net income available to common shareholders divided by the weighted average number of common shares outstanding during the period. The unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under participating nonvested restricted stock awards as well as performance stock units (PSUs). The participating nonvested restricted stock awards were not included in dilutive shares as they were anti-dilutive for the three and nine months ended September 30, 2022 and 2021. Proceeds from the assumed exercise of dilutive participating nonvested restricted stock awards and PSUs are assumed to be used to repurchase common stock at the average market price. The following table presents a reconciliation of net income available to common shareholders and the number of shares used in the calculation of basic and diluted earnings per common share: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic earnings per share: Net income $ 52,437 $ 52,340 $ 155,537 $ 170,563 Less: Undistributed earnings allocated to participating securities 277 324 843 1,246 Dividends paid on participating securities 118 126 374 399 Net income available to common shareholders $ 52,042 $ 51,890 $ 154,320 $ 168,918 Weighted average basic shares outstanding 40,856,786 42,674,563 41,557,304 42,720,519 Basic earnings per share $ 1.27 $ 1.22 $ 3.71 $ 3.95 Diluted earnings per share: Net income available to common shareholders $ 52,042 $ 51,890 $ 154,320 $ 168,918 Total weighted average basic shares outstanding 40,856,786 42,674,563 41,557,304 42,720,519 Add dilutive performance stock units 86,404 59,392 80,521 56,286 Total weighted average diluted shares outstanding 40,943,190 42,733,955 41,637,825 42,776,805 Diluted earnings per share $ 1.27 $ 1.21 $ 3.71 $ 3.95 Anti-dilutive participating securities 100,019 155,036 125,664 182,225 |
Statement of Cash Flows
Statement of Cash Flows | 9 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Statement of Cash Flows | Note 2. Statement of Cash Flows As allowed by the accounting standards, the Company has chosen to report, on a net basis, its cash receipts and cash payments for time deposits accepted and repayments of those deposits, and loans made to customers and principal collections on those loans. The Company uses the indirect method to present cash flows from operating activities. Other supplemental cash flow information is presented below: Nine Months Ended September 30, 2022 2021 Cash transactions: Interest expense paid $ 50,154 $ 54,209 Income taxes paid $ 33,638 $ 44,833 Noncash transactions: Deferred dividend equivalents $ 146 $ 156 Transfer of loans to other real estate owned $ 23,900 $ — Transfer of securities available for sale to held to maturity $ 117,583 $ — Securities purchased, not yet settled $ — $ 25,667 Right-of-use assets obtained in exchange for lease liabilities $ 4,011 $ 4,371 Loans purchased, not yet settled $ 5,898 $ 32,902 |
Securities
Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 3. Securities Securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost of securities and their approximate fair values at September 30, 2022 and December 31, 2021 are as follows: Amortized Cost (1) Gross Gross Fair Securities Available for Sale September 30, 2022 U.S. treasuries $ 260,046 $ — $ (21,112) $ 238,934 Government agency securities 471,058 — (82,310) 388,748 Obligations of state and municipal subdivisions 271,057 79 (16,937) 254,199 Corporate bonds 46,999 — (4,784) 42,215 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 940,976 8 (135,867) 805,117 Other securities 950 — — 950 $ 1,991,086 $ 87 $ (261,010) $ 1,730,163 December 31, 2021 U.S. treasuries $ 174,950 $ 724 $ (678) $ 174,996 Government agency securities 453,402 1,221 (9,948) 444,675 Obligations of state and municipal subdivisions 418,554 15,440 (1,234) 432,760 Corporate bonds 33,994 862 (60) 34,796 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 917,942 10,757 (10,149) 918,550 Other securities 950 — — 950 $ 1,999,792 $ 29,004 $ (22,069) $ 2,006,727 Securities Held to Maturity September 30, 2022 Obligations of state and municipal subdivisions $ 207,516 $ — $ (51,007) $ 156,509 ____________ (1) Excludes accrued interest receivable of $7,061 on available for sale and $1,247 on held to maturity securities at September 30, 2022 and $8,581 on available for sale securities at December 31, 2021 that is recorded in other assets on the accompanying consolidated balance sheets. During the three months ended March 31, 2022, the Company reclassified, at fair value, approximately $117,583 in available for sale obligations of state and municipal subdivisions to the held to maturity category, primarily to limit future volatility in equity due to potential increases in interest rates. The related net unrealized pre-tax gains of approximately $26 remained in accumulated other comprehensive income (loss) and will be amortized over the remaining life of the securities, as an adjustment of the yield on the transferred securities. No transfers of securities occurred in 2021 and as of December 31, 2021, there were no securities held to maturity. The amortized cost and estimated fair value of securities at September 30, 2022, by contractual maturity, are shown below. Maturities of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2022 Available for Sale Held to Maturity Amortized Cost (1) Fair Value Amortized Cost (1) Fair Value Due in one year or less $ 47,139 $ 46,752 $ — $ — Due from one year to five years 330,712 309,920 — — Due from five to ten years 442,440 379,802 — — Thereafter 229,819 188,572 207,516 156,509 1,050,110 925,046 207,516 156,509 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 940,976 805,117 — — $ 1,991,086 $ 1,730,163 $ 207,516 $ 156,509 ____________ (1) Excludes accrued interest receivable of $7,061 on available for sale and $1,247 on held to maturity securities at September 30, 2022 that is recorded in other assets on the accompanying consolidated balance sheets. Securities with a carrying amount of approximately $1,042,361 and $997,416 at September 30, 2022 and December 31, 2021, respectively, were pledged primarily to secure deposits. There were no sales of securities during the three and nine months ended September 30, 2022. Proceeds from sale of securities available for sale and gross gains and gross losses for the three and nine months ended September 30, 2021 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 Proceeds from sale $ — $ 181 Gross gains $ — $ — Gross losses $ — $ — The number of securities, unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of September 30, 2022 and December 31, 2021, are summarized as follows: Less Than 12 Months Greater Than 12 Months Total Description of Securities Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Securities Available for Sale September 30, 2022 U.S. treasuries 33 $ 216,899 $ (17,267) 3 $ 22,035 $ (3,845) $ 238,934 $ (21,112) Government agency securities 16 74,293 (8,696) 60 314,455 (73,614) 388,748 (82,310) Obligations of state and municipal subdivisions 351 225,040 (14,415) 4 7,485 (2,522) 232,525 (16,937) Corporate bonds 9 26,324 (4,176) 1 6,392 (608) 32,716 (4,784) Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 266 446,220 (56,666) 91 358,374 (79,201) 804,594 (135,867) 675 $ 988,776 $ (101,220) 159 $ 708,741 $ (159,790) $ 1,697,517 $ (261,010) December 31, 2021 U.S. treasuries 22 $ 144,172 $ (678) — $ — $ — $ 144,172 $ (678) Government agency securities 38 258,334 (4,622) 22 119,963 (5,326) 378,297 (9,948) Obligations of state and municipal subdivisions 14 47,200 (988) 2 3,555 (246) 50,755 (1,234) Corporate bonds 3 13,440 (60) — — — 13,440 (60) Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 115 621,717 (8,471) 11 44,620 (1,678) 666,337 (10,149) 192 $ 1,084,863 $ (14,819) 35 $ 168,138 $ (7,250) $ 1,253,001 $ (22,069) Securities Held to Maturity September 30, 2022 Obligations of state and municipal subdivisions 31 $ 127,585 $ (39,297) 12 $ 28,924 $ (11,710) $ 156,509 $ (51,007) The Company's securities classified as available for sale and held to maturity are evaluated for expected credit losses by applying the appropriate expected credit losses methodology in accordance with ASC Topic 326, "Financial Instruments - Credit Losses." At September 30, 2022 , management's review of all securities at an unrealized loss position determined that the losses resulted from factors not related to credit quality. This conclusion is based on management's analysis of the underlying risk characteristics, including credit ratings, and other qualitative factors for each security type in our portfolio. The unrealized losses on available for sale securities are generally due to increases in market interest rates. Furthermore, the Company has the intent to hold the available for sale 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, there is no allowance for credit losses on available for sale securities recognized as of September 30, 2022 . The Company's held to maturity securities include taxable and tax-exempt municipal securities issued primarily by school districts, utility districts and municipalities. With regard to securities issued by state and municipal subdivisions, management considers issuer bond ratings, historical loss rates for given bond ratings, whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, internal forecasts and whether or not such securities are guaranteed. A significant portion of the Company's held to maturity securities are guaranteed or insured. Furthermore, as of September 30, 2022 , there were no past due principal or interest payments associated with these securities. As such, no allowance for credit losses has been recorded on held to maturity securities as of September 30, 2022 . |
Loans, Net and Allowance for Cr
Loans, Net and Allowance for Credit Losses on Loans | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans, Net and Allowance for Loan Losses | Note 4. Loans, Net and Allowance for Credit Losses on Loans Loans, net, at September 30, 2022 and December 31, 2021, consisted of the following: September 30, December 31, 2022 2021 Commercial $ 2,171,609 $ 1,983,886 Mortgage warehouse purchase loans 409,044 788,848 Real estate: Commercial 7,710,419 6,617,455 Commercial construction, land and land development 1,167,323 1,180,181 Residential 1,532,689 1,300,122 Single-family interim construction 502,535 380,627 Agricultural 121,431 106,512 Consumer 79,751 81,815 Total loans (1)(2) 13,694,801 12,439,446 Allowance for credit losses (146,395) (148,706) Total loans, net (2) $ 13,548,406 $ 12,290,740 ____________ (1) Loan class amounts are shown at amortized cost, net of deferred loan fees of $14,192 and $9,406, at September 30, 2022 and December 31, 2021, respectively. (2) Excludes accrued interest receivable of $41,111 and $41,051 at September 30, 2022 and December 31, 2021, respectively, that is recorded in other assets on the accompanying consolidated balance sheets. Loans with carrying amounts of $7,350,258 and $6,769,353 at September 30, 2022 and December 31, 2021, respectively, were pledged to secure Federal Home Loan Bank borrowing capacity and Federal Reserve Bank discount window borrowing capacity. 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 nonperforming 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. The 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 September 30, 2022 and December 31, 2021, there were approximately $531,633 and $342,776, of energy related loans outstanding, respectively. With the passage of the CARES Act Paycheck Protection Program (PPP) in 2020, administered by the Small Business Administration (SBA), the Company participated by originating loans to its customers through the program. PPP loans have terms of two The Company has a mortgage warehouse purchase program providing mortgage inventory financing for residential mortgage loans originated by mortgage banker clients across a broad geographic scale. Proceeds from the sale of mortgages is the primary source of repayment for warehouse inventory financing via approved investor takeout commitments. These loans typically have a very short duration ranging between a few days to 15 days. In some cases, loans to larger mortgage originators may be financed for up to 60 days. Warehouse purchase program loans are collectively evaluated for impairment and are purchased under several contractual requirements, providing safeguards to the Company. To date, the Company has not experienced a loss on these loans and no allowance for credit losses has been allocated to them. 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 September 30, 2022, the portfolio consisted of approximately 23% 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’ documented income and ability to repay the Bank and other creditors as well as minimum collateral values and credit scores. Relatively small loan amounts are spread across many individual borrowers, which minimizes risk in the residential portfolio. In addition, management evaluates trends in past dues and current economic factors on a regular basis. Agricultural loans are collateralized by real estate and/or agricultural-related assets. Agricultural real estate loans are primarily comprised of loans for the purchase of farmland. Loan-to-value ratios on loans secured by farmland generally do not exceed 80% and have amortization periods limited to twenty years. Agricultural non-real estate loans are generally comprised of term loans to fund the purchase of equipment, livestock and seasonal operating lines to grain farmers to plant and harvest corn and soybeans. Specific underwriting standards have been established for agricultural-related loans including the establishment of projections for each operating year based on industry developed estimates of farm input costs and expected commodity yields and prices. Operating lines are typically written for one year and secured by the crop and other farm assets as considered necessary. Agricultural loans carry 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 and the state of Colorado, specifically along the Front Range area. As of September 30, 2022, loans in the Colorado region represented about 25% of the total portfolio. A large percentage of the Company’s portfolio consists of commercial and residential real estate loans. As of September 30, 2022 and December 31, 2021, there were no concentrations of loans related to a single industry in excess of 10% of total loans. On January 1, 2021, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) (ASC 326). Under ASC 326, the allowance for credit losses is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged-off against the allowance when they are deemed uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The amount of the allowance represents management's best estimate of current expected credit losses on loans considering available information relevant to assessing collectibility over the loans' contractual terms, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless either of the following applies: management has a reasonable expectation that a troubled debt restructuring will be executed with an individual borrower, or the extension or renewal options are included in the borrower contract and are not unconditionally cancellable by the Company. The Company's allowance balance is estimated using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, credit quality, or term as well as for changes in environmental conditions, such as changes in unemployment rates, gross domestic product, property values or other relevant factors. The Company utilizes Moody’s Analytics economic forecast scenarios and assigns probability weighting to those scenarios which best reflect management’s views on the economic forecast. The allowance for credit losses is measured on a collective basis for portfolios of loans when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. For determining the appropriate allowance for credit losses on a collective basis, the loan portfolio is segmented into pools based upon similar risk characteristics and a lifetime loss-rate model is utilized. For modeling purposes, loan pools include: commercial and industrial, energy, commercial real estate - construction/land development, commercial real estate - owner occupied, commercial real estate - non-owner occupied, agricultural, residential real estate, HELOCs, single-family interim construction, and consumer. Management periodically reassesses each pool to ensure the loans within the pool continue to share similar characteristics and risk profiles and to determine whether further segmentation is necessary. The measurement of expected credit losses is impacted by loan/borrower attributes and certain macroeconomic variables. Management has determined that they are reasonably able to forecast the macroeconomic variables used in the modeling processes with an acceptable degree of confidence for a total of two years then encompassing a reversion process whereby the forecasted macroeconomic variables are reverted to their historical mean utilizing a rational, systematic basis. Management qualitatively adjusts model results for risk factors that are not considered within the modeling processes but are nonetheless relevant in assessing the expected credit losses within the loan pools. These qualitative factor (Q-Factor) adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. Loans exhibiting unique risk characteristics and requiring an individual evaluation are measured based on 1) the present value of expected future cash flows discounted at the loan's 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 individually evaluated loans are measured at the fair value of the collateral. Management continually evaluates the allowance for credit losses based upon the factors noted above. Should any of the factors considered by management change, the Company’s estimate of credit losses could also change and would affect the level of future provision for credit losses. Portions of the allowance may be allocated for specific credits; however, the entire allowance is available for any credit that, in management’s judgment, should be charged-off. While the calculation of the allowance for credit losses utilizes management’s best judgment and all the information available, the adequacy of the allowance for credit 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. Loans requiring an individual evaluation 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, the status of past due loans are routinely discussed within each lending region as well as credit committee meetings to determine if classification is warranted. The Company’s internal loan review department has implemented an internal risk-based loan review process to identify potential internally classified loans that supplements the independent external loan review. External loan reviews cover a wide range of the loan portfolio, including large lending relationships, specifically targeted loan types, and if applicable recently acquired loan portfolios. These reviews include analysis of borrower’s financial condition, payment histories, review of loan documentation and collateral values to determine if a loan should be internally classified. Generally, once classified, an analysis is completed by the credit department to determine the amount of allocated allowance for credit loss required. Expected credit losses for collateral dependent loans, including loans where the borrower is experiencing financial difficulty but foreclosure is not probable, are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. 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 credit losses on loans by class for the three and nine months ended September 30, 2022 and 2021: Commercial Commercial Real Estate Commercial Construction, Residential Single-Family Agricultural Consumer Unallocated Total Three months ended September 30, 2022 Balance at beginning of period $ 53,303 $ 53,846 $ 24,186 $ 3,114 $ 9,225 $ 105 $ 391 $ — $ 144,170 Provision for credit losses (2,307) 6,565 (1,921) (329) 1,471 37 4 — 3,520 Charge-offs (273) (1,187) — — — — — — (1,460) Recoveries 84 — — 81 — — — — 165 Balance at end of period $ 50,807 $ 59,224 $ 22,265 $ 2,866 $ 10,696 $ 142 $ 395 $ — $ 146,395 Nine months ended September 30, 2022 Balance at beginning of period $ 49,747 $ 65,110 $ 23,861 $ 2,192 $ 7,222 $ 106 $ 468 $ — $ 148,706 Provision for credit losses 1,345 (1,727) (1,596) 599 3,474 36 (63) — 2,068 Charge-offs (726) (4,159) — (6) — — (10) — (4,901) Recoveries 441 — — 81 — — — — 522 Balance at end of period $ 50,807 $ 59,224 $ 22,265 $ 2,866 $ 10,696 $ 142 $ 395 $ — $ 146,395 Three months ended September 30, 2021 Balance at beginning of period $ 46,957 $ 67,696 $ 27,842 $ 3,638 $ 8,129 $ 86 $ 443 $ — $ 154,791 Provision for loan losses 2,190 (6,212) 915 (1,293) (66) (18) 73 — (4,411) Charge-offs (78) — — — — — (48) — (126) Recoveries 17 — — — — — 10 — 27 Balance at end of period $ 49,086 $ 61,484 $ 28,757 $ 2,345 $ 8,063 $ 68 $ 478 $ — $ 150,281 Nine months ended September 30, 2021 Balance at beginning of period $ 27,311 $ 36,698 $ 13,425 $ 6,786 $ 2,156 $ 337 $ 684 $ 423 $ 87,820 Impact of adopting ASC 326 12,775 29,108 22,008 (2,255) 7,179 (178) (334) (423) 67,880 Initial allowance on loans purchased with credit deterioration 4,328 7,640 927 140 — — — — 13,035 Provision for credit losses 8,466 (11,587) (7,477) (2,326) (1,272) (91) 256 — (14,031) Charge-offs (3,832) (375) (126) — — — (173) — (4,506) Recoveries 38 — — — — — 45 — 83 Balance at end of period $ 49,086 $ 61,484 $ 28,757 $ 2,345 $ 8,063 $ 68 $ 478 $ — $ 150,281 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 following table presents loans at amortized cost that were evaluated for expected credit losses on an individual basis and the related specific credit loss allocations, by loan class as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Loan Balance Specific Allocations Loan Balance Specific Allocations Commercial $ 36,659 $ 13,119 $ 38,911 $ 15,958 Commercial real estate 14,649 — 24,683 1,553 Commercial construction, land and land development — — 1,350 562 Residential real estate — — — — Single-family Interim construction — — — — Agricultural — — — — Consumer — — — — $ 51,308 $ 13,119 $ 64,944 $ 18,073 Nonperforming loans by loan class at September 30, 2022 and December 31, 2021, at amortized cost, are summarized as follows: Commercial Commercial Commercial Construction, Residential Real Estate Single-Family Agricultural Consumer Total September 30, 2022 Nonaccrual loans (1) $ 37,533 $ 15,811 $ 17 $ 1,301 $ — $ — $ 9 $ 54,671 Loans past due 90 days and still accruing 54 — — 622 189 — — 865 Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) — 1,441 — 63 — — — 1,504 $ 37,587 $ 17,252 $ 17 $ 1,986 $ 189 $ — $ 9 $ 57,040 December 31, 2021 Nonaccrual loans $ 36,802 $ 15,218 $ 23 $ 1,592 $ — $ — $ 38 $ 53,673 Loans past due 90 days and still accruing 187 — — 1,603 — — — 1,790 Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) — 1,714 — 161 — — — 1,875 $ 36,989 $ 16,932 $ 23 $ 3,356 $ — $ — $ 38 $ 57,338 ____________ (1) There are $25 and $18 in loans on nonaccrual without an allowance for credit loss as of September 30, 2022 and December 31, 2021, respectively. Additionally, no interest income was recognized on nonaccrual loans. No significant amounts of accrued interest was reversed during the three and nine months ended September 30, 2022 and 2021. The accrual of interest is discontinued on a loan when management believes that, after considering collection efforts and other factors, the borrower's financial condition is such that collection of interest is doubtful, as well as when required by regulatory provisions. Regulatory provisions would typically require the placement of a loan on non-accrual status if 1) principal or interest has been in default for a period of 90 days or more unless the loan is both well secured and in the process of collection or 2) full payment of principal and interest is not expected. 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 generally returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The restructuring of a loan is considered a “troubled debt restructuring” (TDR) 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. Modifications primarily relate to extending the amortization periods of the loans and interest rate concessions. The modifications during the reported periods did not materially impact the Company’s determination of the allowance for credit losses. The amortized cost basis and recorded investment in troubled debt restructurings, including those on nonaccrual, was $2,465 and $2,918 as of September 30, 2022 and December 31, 2021, respectively. There were no loans modified under troubled debt restructurings during the three and nine months ended September 30, 2022. Following is a summary of loans modified under troubled debt restructurings during the three and nine months ended September 30, 2021: Commercial Commercial Commercial Construction, Residential Single-Family Agricultural Consumer Total Troubled debt restructurings during the three months ended September 30, 2021 Number of contracts — — — — — — — — Pre-restructuring outstanding recorded investment $ — $ — $ — $ — $ — $ — $ — $ — Post-restructuring outstanding recorded investment $ — $ — $ — $ — $ — $ — $ — $ — Troubled debt restructurings during the nine months ended September 30, 2021 Number of contracts 2 — — — — — 1 3 Pre-restructuring outstanding recorded investment $ 1,789 $ — $ — $ — $ — $ — $ 6 $ 1,795 Post-restructuring outstanding recorded investment $ 570 $ — $ — $ — $ — $ — $ 6 $ 576 At September 30, 2022 and 2021, there were no loans modified under troubled debt restructurings during the previous twelve month period that subsequently defaulted during the three and nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022 and 2021, the Company had no commitments to lend additional funds to any borrowers with loans whose terms have been modified under troubled debt restructurings. Under ASC Subtopic 310-40 and federal banking agencies interagency guidance, certain short-term loan modifications made on a good faith basis in response to COVID-19 (as defined by the guidance) are not considered TDRs. Additionally, under section 4013 of the CARES Act, and as amended, banks may elect to suspend the requirement for certain loan modifications to be categorized as a TDR. In response to the COVID-19 pandemic, the Company has implemented prudent modifications allowing for primarily short-term payment deferrals or other payment relief to borrowers with pandemic-related economic hardships, where appropriate, that complies with the above guidance. As such, the Company's TDR loans noted above do not include loans that are modifications to borrowers impacted by COVID-19. As of September 30, 2022, the amount of loans remaining in COVID-19 related deferment was not significant. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following table presents information regarding the aging of past due loans by loan class as of September 30, 2022 and as of December 31, 2021 (at amortized cost): Loans Loans Total Past Current Total September 30, 2022 Commercial $ 5,733 $ 10,743 $ 16,476 $ 2,155,133 $ 2,171,609 Mortgage warehouse — — — 409,044 409,044 Commercial real estate 3,184 2,270 5,454 7,704,965 7,710,419 Commercial construction, land and land development 7 — 7 1,167,316 1,167,323 Residential real estate 2,927 1,028 3,955 1,528,734 1,532,689 Single-family interim construction — 189 189 502,346 502,535 Agricultural — — — 121,431 121,431 Consumer 1,492 9 1,501 78,250 79,751 $ 13,343 $ 14,239 $ 27,582 $ 13,667,219 $ 13,694,801 December 31, 2021 Commercial $ 1,041 $ 11,056 $ 12,097 $ 1,971,789 $ 1,983,886 Mortgage warehouse — — — 788,848 788,848 Commercial real estate 2,861 11,784 14,645 6,602,810 6,617,455 Commercial construction, land and land development — — — 1,180,181 1,180,181 Residential real estate 3,838 1,913 5,751 1,294,371 1,300,122 Single-family interim construction 1,290 — 1,290 379,337 380,627 Agricultural 16 — 16 106,496 106,512 Consumer 216 9 225 81,590 81,815 $ 9,262 $ 24,762 $ 34,024 $ 12,405,422 $ 12,439,446 The Company’s internal classified report is segregated into the following categories: 1) Pass/Watch, 2) Special Mention, 3) Substandard, 4) Doubtful and 5) Loss. The loans placed in the Pass/Watch category reflect the Company’s opinion that the loans reflect potential weakness that requires monitoring on a more frequent basis. The loans in the Special Mention category reflect the Company’s opinion that the credit contains weaknesses which represent a greater degree of risk and warrant extra attention. These loans are reviewed monthly by officers and senior management to determine if a change in category is warranted. The loans placed in the Substandard category are considered to be potentially inadequately protected by the current debt service capacity of the borrower and/or the pledged collateral. These credits, even if apparently protected by collateral value, have shown weakness related to adverse financial, managerial, economic, market or political conditions, which may jeopardize repayment of principal and interest and may be considered impaired. There is a 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 and the possibility of loss is extremely high. The Loss category includes loans that are considered uncollectible, with little chance of turnaround. Management considers the guidance in ASC 310-20 when determining whether a modification, extension or renewal of a loan constitutes a current period origination. Generally, current period renewals of credit are re-underwritten at the point of renewal and considered current period originations for purposes of the table below. The following summarizes the amortized cost basis of loans by year of origination/renewal and credit quality indicator by class of loan as of September 30, 2022 and December 31, 2021: Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans September 30, 2022 2022 2021 2020 2019 2018 Prior Total Commercial Pass $ 254,467 $ 343,448 $ 154,859 $ 115,410 $ 56,752 $ 166,465 $ 954,633 $ 1,057 $ 2,047,091 Pass/Watch 708 5,377 258 342 1,863 563 16,348 188 25,647 Special Mention 253 — 105 51 — 4,740 12,349 — 17,498 Substandard 1,586 29,916 476 14,404 48 7,184 20,029 — 73,643 Doubtful — — — — — — 7,730 — 7,730 Loss — — — — — — — — — Total commercial $ 257,014 $ 378,741 $ 155,698 $ 130,207 $ 58,663 $ 178,952 $ 1,011,089 $ 1,245 $ 2,171,609 Mortgage warehouse Pass $ 409,044 $ — $ — $ — $ — $ — $ — $ — $ 409,044 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total mortgage warehouse $ 409,044 $ — $ — $ — $ — $ — $ — $ — $ 409,044 Commercial real estate Pass $ 2,287,276 $ 2,025,551 $ 1,063,863 $ 646,987 $ 470,897 $ 725,972 $ 66,206 $ 8,329 $ 7,295,081 Pass/Watch 76,625 19,249 28,520 18,810 59,901 29,216 — — 232,321 Special Mention 17,235 39,917 — 8,942 7,587 10,647 — 28 84,356 Substandard 3,668 57,357 8,668 75 8,317 20,576 — — 98,661 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial real estate $ 2,384,804 $ 2,142,074 $ 1,101,051 $ 674,814 $ 546,702 $ 786,411 $ 66,206 $ 8,357 $ 7,710,419 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans September 30, 2022 2022 2021 2020 2019 2018 Prior Total Commercial construction, land and land development Pass $ 396,147 $ 531,998 $ 130,286 $ 33,923 $ 25,228 $ 15,325 $ 10,123 $ 3,882 $ 1,146,912 Pass/Watch 8,147 47 9,231 — — 75 — — 17,500 Special Mention 2,849 — — — — — — — 2,849 Substandard 28 — — 17 — 17 — — 62 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial construction, land and land development $ 407,171 $ 532,045 $ 139,517 $ 33,940 $ 25,228 $ 15,417 $ 10,123 $ 3,882 $ 1,167,323 Residential real estate Pass $ 454,253 $ 368,413 $ 227,878 $ 159,412 $ 83,685 $ 168,626 $ 53,374 $ 248 $ 1,515,889 Pass/Watch 2,611 943 649 1,452 35 3,244 303 — 9,237 Special Mention — — 195 702 228 1,320 125 — 2,570 Substandard 213 910 349 220 53 3,052 196 — 4,993 Doubtful — — — — — — — — — Loss — — — — — — — — — Total residential real estate $ 457,077 $ 370,266 $ 229,071 $ 161,786 $ 84,001 $ 176,242 $ 53,998 $ 248 $ 1,532,689 Single-family interim construction Pass $ 270,724 $ 166,994 $ 23,512 $ — $ 259 $ — $ 24,286 $ — $ 485,775 Pass/Watch — — — — — 16,759 1 — 16,760 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total single-family interim construction $ 270,724 $ 166,994 $ 23,512 $ — $ 259 $ 16,759 $ 24,287 $ — $ 502,535 Agricultural Pass $ 48,028 $ 25,546 $ 13,896 $ 3,771 $ 6,013 $ 8,980 $ 10,614 $ — $ 116,848 Pass/Watch 568 — 526 1,216 23 — 2,230 — 4,563 Special Mention — — — — — — — — — Substandard — — — — — 20 — — 20 Doubtful — — — — — — — — — Loss — — — — — — — — — Total agricultural $ 48,596 $ 25,546 $ 14,422 $ 4,987 $ 6,036 $ 9,000 $ 12,844 $ — $ 121,431 Consumer Pass $ 6,136 $ 6,168 $ 8,683 $ 1,702 $ 345 $ 95 $ 56,603 $ — $ 79,732 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — 5 — — — 14 — — 19 Doubtful — — — — — — — — — Loss — — — — — — — — — Total consumer $ 6,136 $ 6,173 $ 8,683 $ 1,702 $ 345 $ 109 $ 56,603 $ — $ 79,751 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans September 30, 2022 2022 2021 2020 2019 2018 Prior Total Total loans Pass $ 4,126,075 $ 3,468,118 $ 1,622,977 $ 961,205 $ 643,179 $ 1,085,463 $ 1,175,839 $ 13,516 $ 13,096,372 Pass/Watch 88,659 25,616 39,184 21,820 61,822 49,857 18,882 188 306,028 Special Mention 20,337 39,917 300 9,695 7,815 16,707 12,474 28 107,273 Substandard 5,495 88,188 9,493 14,716 8,418 30,863 20,225 — 177,398 Doubtful — — — — — — 7,730 — 7,730 Loss — — — — — — — — — Total loans $ 4,240,566 $ 3,621,839 $ 1,671,954 $ 1,007,436 $ 721,234 $ 1,182,890 $ 1,235,150 $ 13,732 $ 13,694,801 Revolving Loans Converted to Term Loans Term Loans by Year of Origination Revolving Loans December 31, 2021 2021 2020 2019 2018 2017 Prior Total Commercial Pass $ 422,810 $ 183,433 $ 98,059 $ 78,357 $ 81,620 $ 255,213 $ 690,242 $ 5,231 $ 1,814,965 Pass/Watch 260 3,010 1,019 3,135 11,688 65 18,768 3,319 41,264 Special Mention 1,411 117 8,517 7,244 195 4,571 12,885 — 34,940 Substandard 30,277 605 16,041 94 2,478 18,331 13,006 1,988 82,820 Doubtful — — — — — — 9,897 — 9,897 Total commercial $ 454,758 $ 187,165 $ 123,636 $ 88,830 $ 95,981 $ 278,180 $ 744,798 $ 10,538 $ 1,983,886 Mortgage warehouse Pass $ 788,848 $ — $ — $ — $ — $ — $ — $ — $ 788,848 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total mortgage warehouse $ 788,848 $ — $ — $ — $ — $ — $ — $ — $ 788,848 Commercial real estate Pass $ 2,181,292 $ 1,198,508 $ 830,902 $ 645,470 $ 504,126 $ 626,292 $ 71,850 $ 4,320 $ 6,062,760 Pass/Watch 54,671 18,591 39,045 60,955 30,196 74,762 752 1,319 280,291 Special Mention 56,142 16,770 37,331 29,962 17,649 20,100 — — 177,954 Substandard 36,263 16,118 1,136 11,901 281 29,686 1,065 — 96,450 Doubtful — — — — — — — — — Total commercial real estate $ 2,328,368 $ 1,249,987 $ 908,414 $ 748,288 $ 552,252 $ 750,840 $ 73,667 $ 5,639 $ 6,617,455 Commerc |
Off-Balance Sheet Arrangements,
Off-Balance Sheet Arrangements, Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Arrangements, Commitments and Contingencies | Note 5. Off-Balance Sheet Arrangements, Commitments and Contingencies Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. The commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of this instrument. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. At September 30, 2022 and December 31, 2021, the approximate amounts of these financial instruments were as follows: September 30, December 31, 2022 2021 Commitments to extend credit $ 3,230,692 $ 2,770,036 Standby letters of credit 28,325 30,007 $ 3,259,017 $ 2,800,043 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. Allowance For Credit Losses on Off-Balance Sheet Credit Exposures The allowance for credit losses on off-balance-sheet credit exposures is calculated under ASC 326, representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a contractual obligation to extend credit. Off-balance sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit detailed in the table above. The allowance for credit losses on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur based on historical utilization rates. The allowance is included in other liabilities on the Company’s consolidated balance sheets. The allowance for credit lo sses on off-balance sheet commitments was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance at beginning of period $ 4,731 $ 1,733 $ 4,722 $ — Impact of ASC 326 adoption — — — 1,113 Provision for off-balance sheet credit exposure (420) 4,411 (411) 5,031 Balance at end of period $ 4,311 $ 6,144 $ 4,311 $ 6,144 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. The Bank is a party to a legal proceeding inherited in connection with its acquisition of BOH Holdings, Inc. and its subsidiary, Bank of Houston (BOH). The plaintiffs in the case are alleging that the Bank aided and abetted or participated in a fraudulent scheme. The 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. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6. Income Taxes Income tax expense for the three and nine months ended September 30, 2022 and 2021 was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Income tax expense for the period $ 13,481 $ 12,629 $ 39,351 $ 43,841 Effective tax rate 20.5 % 19.4 % 20.2 % 20.4 % |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 7. 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 Company elected the fair value option for certain residential mortgage loans held for sale in accordance with ASC 825, Financial Instruments. This election allows for a more effective offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC 815, Derivatives and Hedging . The Company has not elected the fair value option for other residential mortgage loans held for sale primarily because they are not economically hedged using derivative instruments. See below and Note 8. Derivative Financial Instruments , for additional information. Assets and Liabilities Measured on a 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 September 30, 2022 and December 31, 2021 by level within the ASC Topic 820 fair value measurement hierarchy: Fair Value Measurements at Reporting Date Using Assets/ Quoted Prices Significant Significant September 30, 2022 Assets: Investment securities available for sale: U.S. treasuries $ 238,934 $ — $ 238,934 $ — Government agency securities 388,748 — 388,748 — Obligations of state and municipal subdivisions 254,199 — 254,199 — Corporate bonds 42,215 — 42,215 — Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 805,117 — 805,117 — Other securities 950 — 950 — Loans held for sale, fair value option elected (1) 17,248 — 17,248 — Fair Value Measurements at Reporting Date Using Assets/ Quoted Prices Significant Significant Derivative financial instruments: Interest rate lock commitments 140 — 140 — Forward mortgage-backed securities trades 468 — 468 — Loan customer counterparty — — — — Financial institution counterparty 16,064 — 16,064 — Liabilities: Derivative financial instruments: Interest rate swaps - cash flow hedge 12,153 — 12,153 — Interest rate lock commitments 72 — 72 — Forward mortgage-backed securities trades 4 — 4 — Loan customer counterparty 15,787 — 15,787 — Financial institution counterparty — — — — December 31, 2021 Assets: Investment securities available for sale: U.S. treasuries $ 174,996 $ — $ 174,996 $ — Government agency securities 444,675 — 444,675 — Obligations of state and municipal subdivisions 432,760 — 432,760 — Corporate bonds 34,796 — 34,796 — Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 918,550 — 918,550 — Other securities 950 — 950 — Loans held for sale, fair value option elected (1) 28,249 — 28,249 — Derivative financial instruments: Interest rate lock commitments 1,029 — 1,029 — Forward mortgage-backed securities trades 27 — 27 — Loan customer counterparty 6,459 — 6,459 — Financial institution counterparty 1,078 — 1,078 — Liabilities: Derivative financial instruments: Interest rate swaps - cash flow hedge 1,158 — 1,158 — Interest rate lock commitments 4 — 4 — Forward mortgage-backed securities trades 21 — 21 — Loan customer counterparty 1,073 — 1,073 — Financial institution counterparty 6,772 — 6,772 — __________ (1) At September 30, 2022 and December 31, 2021, loans held for sale for which the fair value option was elected had an aggregate outstanding principal balance of $17,424 and $27,176, respectively. There were no mortgage loans held for sale under the fair value option that were 90 days or greater past due or on nonaccrual at September 30, 2022. 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. Investment securities available for sale 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. Loans held for sale Certain mortgage loans held for sale are measured at fair value on a recurring basis due to the Company's election to adopt fair value accounting treatment for those loans originated for which the Company has entered into certain derivative financial instruments as part of its mortgage banking and related risk management activities. These instruments include interest rate lock commitments and mandatory forward commitments to sell these loans to investors known as forward mortgage-backed securities trades. This election allows for a more effective offset of the changes in fair values of the assets and the mortgage related derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC 815, Derivatives and Hedging . Mortgage loans held for sale, for which the fair value option was elected, which are sold on a servicing released basis, are valued using a market approach by utilizing either: (i) the fair value of securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan, including the value attributable to mortgage servicing and credit risk, (ii) current commitments to purchase loans or (iii) recent observable market trades for similar loans, adjusted to credit risk and other individual loan characteristics. As these prices are derived from market observable inputs, the Company classifies these valuations as Level 2 in the fair value disclosures. For mortgage loans held for sale for which the fair value option was elected, the earned current contractual interest payment is recognized in interest income, loan origination costs and fees on fair value option loans are recognized in earnings as incurred and not deferred. The Company has no continuing involvement in any residential mortgage loans sold. Derivatives The Company utilizes interest rate swaps to hedge exposure to interest rate risk and variability of cash flows associated to changes in the underlying interest rate of the hedged item. These hedging interest rate swaps are classified as a cash flow hedge. The Company utilizes a third-party vendor for derivative valuation purposes. These vendors determine the appropriate fair value based on a net present value calculation of the cash flows related to the interest rate swaps using primarily observable market inputs such as interest rate yield curves (Level 2 inputs). The estimated fair values of interest rate lock commitments utilize current secondary market prices for underlying loans and estimated servicing value with similar coupons, maturity and credit quality, subject to the anticipated loan funding probability (pull-through rate). The fair value of interest rate lock commitments is subject to change primarily due to changes in interest rates and the estimated pull-through rate. These commitments are classified as Level 2 in the fair value disclosures, as the valuations are based on observable market inputs. Forward mortgage-backed securities trades are exchange-traded or traded within highly active dealer markets. In order to determine the fair value of these instruments, the Company utilized the exchange price or dealer market price for the particular derivative contract; therefore these contracts are classified as Level 2. The estimated fair values are subject to change primarily due to changes in interest rates. The Company also enters into certain interest rate derivative positions. The estimated fair value of these commercial loan interest rate swaps are obtained from a pricing service that provides the swaps' unwind value (Level 2 inputs). See Note 8, Derivative Financial Instruments , for more information. Assets and Liabilities Measured on a Nonrecurring Basis In accordance with ASC Topic 820, certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table presents the assets carried on the consolidated balance sheet by caption and by level in the fair value hierarchy at September 30, 2022 and December 31, 2021, for which a nonrecurring change in fair value has been recorded: Fair Value Measurements at Reporting Date Using Assets Quoted Prices Significant Significant Period Ended September 30, 2022 Assets: Individually evaluated loans $ 18,796 $ — $ — $ 18,796 $ (1,507) Other real estate owned 23,900 — — 23,900 3,548 December 31, 2021 Assets: Individually evaluated loans $ 11,204 $ — $ — $ 11,204 $ 3,526 Individually evaluated loans are measured at an observable market price (if available) or at the fair value of the loan’s underlying 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. In addition, management's discounting criteria may vary for loans secured by non-real estate collateral such as inventory, oil and gas reserves, accounts receivable, equipment or other business assets. Therefore, the Company has categorized its individually evaluated loans as Level 3. Other real estate owned 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. Therefore, the Company has categorized its other real estate as Level 3. There was no other real estate owned remeasured during the year ended December 31, 2021. In addition, mortgage loans held for sale not recorded under the fair value option are required to be measured at the lower of cost or fair value. The fair value of these loans is based upon binding quotes or bids from third party investors. As of September 30, 2022 and December 31, 2021, all mortgage loans held for sale not recorded under the fair value option were recorded at cost. Fair Value of Financial Instruments not Recorded at Fair Value The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial instruments that are reported at amortized cost on the Company's consolidated balance sheets were as follows at September 30, 2022 and December 31, 2021: Fair Value Measurements at Reporting Date Using Carrying Estimated Quoted Prices Significant Significant September 30, 2022 Financial assets: Cash and cash equivalents $ 516,159 $ 516,159 $ 516,159 $ — $ — Certificates of deposit held in other banks 744 744 — 744 — Investment securities held to maturity 207,516 156,509 — 156,509 — Loans held for sale, at cost 4,725 4,847 — 4,847 — Loans, net 13,548,406 13,454,003 — — 13,454,003 FHLB of Dallas stock and other restricted stock 19,361 19,361 — 19,361 — Accrued interest receivable 49,421 49,421 — 49,421 — Financial liabilities: Deposits 14,961,008 14,911,952 — 14,911,952 — Accrued interest payable 3,974 3,974 — 3,974 — FHLB advances 200,000 137,686 — 137,686 — Other borrowings 266,892 259,375 — 259,375 — Junior subordinated debentures 54,370 41,373 — 41,373 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — December 31, 2021 Financial assets: Cash and cash equivalents $ 2,608,444 $ 2,608,444 $ 2,608,444 $ — $ — Certificates of deposit held in other banks 3,245 3,246 — 3,246 — Loans held for sale, at cost 3,875 3,982 — 3,982 — Loans, net 12,290,740 12,415,366 — — 12,415,366 FHLB of Dallas stock and other restricted stock 21,573 21,573 — 21,573 — Accrued interest receivable 49,636 49,636 — 49,636 — Financial liabilities: Deposits 15,553,908 15,553,645 — 15,553,645 — Accrued interest payable 5,301 5,301 — 5,301 — FHLB advances 150,000 128,555 — 128,555 — Other borrowings 283,371 303,250 — 303,250 — Junior subordinated debentures 54,221 45,501 — 45,501 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — 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 market rates. Investment securities held to maturity: For investment securities held to maturity, 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. Loans held for sale, at cost: The fair value of loans held for sale is determined based upon commitments on hand from investors. Loans: A discounted cash flow model is used to estimate the fair value of the loans. The discounted cash flow approach models the credit losses directly in the projected cash flows, applying various assumptions regarding credit, interest and prepayment risks for the loans based on loan types, payment types and fixed or variable classifications. 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. Other borrowings: The estimated fair value approximates carrying value for short-term borrowings. The fair value of private subordinated debentures are based upon prevailing rates on similar debt in the market place. The subordinated debentures that are publicly traded are valued based on indicative bid prices based upon market pricing observations in the current market. Junior subordinated debentures: The fair value of junior subordinated debentures is estimated using discounted cash flow analyses based on the published Bloomberg US Financials BB rated corporate bond index yield. 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. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 8. Derivative Financial Instruments The Company accounts for its derivative financial instruments in accordance with ASC Topic 815 which requires all derivative instruments to be carried at fair value on the balance sheet. The Company has designated certain derivative instruments used to manage interest rate risk as hedge relationships with certain assets, liabilities or cash flows being hedged. Certain derivatives used for interest rate risk management are not designated in a hedge relationship and are used for asset and liability management related to the Company's mortgage banking activities and commercial customers' financing needs. All derivatives are carried at fair value in either other assets or other liabilities. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. The Company formally documents the relationship between derivatives and hedged items, as well as the risk management objective and the strategy for undertaking hedge transactions at the inception of the hedge relationship. This documentation includes linking the fair value of cash flow hedges to the specific assets and liabilities on the balance sheet or the specific firm commitments or forecasted transaction. The Company assesses, both at the hedge's inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. The Company's objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for the Company making variable-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company has two interest rate swap derivatives with an aggregated notional amount of $100,000 that were designated as cash flow hedges. The derivatives are intended to hedge the variable cash flows associated with certain existing variable-interest rate loans and were determined to be effective during the three and nine months ended September 30, 2022. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest income in the same period that the hedged transaction affects earnings. Amounts of losses recognized in accumulated other comprehensive income (loss) related to derivatives was $3,214 and $8,760, net of tax, and the amounts of losses that were reclassified to interest income as interest payments were made on the Company’s variable-rate loans was $254 and $62, net of tax, during and for the three and nine months ended September 30, 2022, respectively. Amounts of (losses) gains recognized in accumulated other comprehensive income related to derivatives was $(99) and $330, net of tax, and the amounts of gains that were reclassified to interest income as interest payments were received on the Company’s variable-rate loans was $172 and $298, net of tax, during and for the three and nine months ended September 30, 2021, respectively. During the next twelve months, the Company estimates that $3,305 will be reclassified as a decrease to interest income. Through its mortgage banking division, the Company enters into interest rate lock commitments with consumers to originate mortgage loans at a specified interest rate. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by the Company. The Company manages the changes in fair value associated with changes in interest rates related to interest rate lock commitments by using forward sold commitments known as forward mortgage-backed securities trades. These instruments are typically entered into at the time the interest rate lock commitment is made. The Company offers certain derivatives products, primarily interest rate swaps, directly to qualified commercial banking customers to facilitate their risk management strategies. The interest rate swap derivative positions relate to transactions in which the Company enters into an interest rate swap with a customer, while at the same time entering into an offsetting interest rate swap with another financial institution. An interest rate swap transaction allows customers to effectively convert a variable rate loan to a fixed rate. In connection with each swap, the Company agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. At the same time, the Company agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The following table provides the outstanding notional balances and fair values of outstanding derivative positions at September 30, 2022 and December 31, 2021: Outstanding Notional Balance Asset Derivative Liability Derivative September 30, 2022 Derivatives designated as hedging instruments: Interest rate swaps - cash flow hedge $ 100,000 $ — $ 12,153 Derivatives not designated as hedging instruments: Interest rate lock commitments 20,531 140 72 Forward mortgage-backed securities trades 20,250 468 4 Commercial loan interest rate swaps: Loan customer counterparty 208,726 — 15,787 Financial institution counterparty 208,726 16,064 — December 31, 2021 Derivatives designated as hedging instruments: Interest rate swaps - cash flow hedge $ 100,000 $ — $ 1,158 Derivatives not designated as hedging instruments: Interest rate lock commitments 34,064 1,029 4 Forward mortgage-backed securities trades 30,500 27 21 Commercial loan interest rate swaps: Loan customer counterparty 254,935 6,459 1,073 Financial institution counterparty 254,935 1,078 6,772 The commercial loan customer counterparty weighted average received and paid interest rates for interest rate swaps outstanding were as follows: Weighted Average Interest Rate September 30, 2022 December 31, 2021 Received Paid Received Paid Loan customer counterparty 4.20 % 5.34 % 4.12 % 2.40 % The credit exposure related to interest rate swaps is limited to the net favorable value of all swaps by each counterparty, which was approximately $16,064 and $7,537 at September 30, 2022 and December 31, 2021, respectively. In some cases collateral may be required from the counterparties involved if the net value of the derivative instruments exceeds a nominal amount. Collateral levels are monitored and adjusted on a regular basis for changes in interest rate swap values. At September 30, 2022 and December 31, 2021, cash of $15,946 and $20,491 and securities of $2,915 and $3,168 were pledged as collateral for these derivatives, respectively. The Company has entered into credit risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which the Company is either a participant or a lead bank. Risk participation agreements entered into as a participant bank provide credit protection to the financial institution counterparty should the borrower fail to perform on its interest rate derivative contract with that financial institution. The Company is party to no risk participation agreements as a participant bank at September 30, 2022. Risk participation agreements entered into as the lead bank provide credit protection to the Company should the borrower fail to perform on its interest rate derivative contract. The Company is party to one risk participation agreement as the lead bank having a notional amount of $9,151 at September 30, 2022. The changes in the fair value of interest rate lock commitments and the forward sales of mortgage-backed securities are recorded in mortgage banking revenue. These gains and losses were not attributable to instrument-specific credit risk. For commercial interest rate swaps, because the Company acts as an intermediary for our customer, changes in the fair value of the underlying derivative contracts substantially offset each other and do not have a material impact on the results of operations. A summary of derivative activity and the related impact on the consolidated statements of income for the three and nine months ended September 30, 2022 and 2021 is as follows: Income Statement Location Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Derivatives designated as hedging instruments Interest rate swaps - cash flow hedges Interest and fees on loans $ (326) $ 215 $ (93) $ 369 Derivatives not designated as hedging instruments Interest rate lock commitments Mortgage banking revenue (544) (502) (957) (1,951) Forward mortgage-backed securities trades Mortgage banking revenue 470 148 458 656 |
Stock Awards
Stock Awards | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Awards | Note 9. Stock Awards The Company grants common stock awards to certain employees of the Company. In May 2022, the shareholders of the Company approved a new 2022 Equity Incentive Plan (2022 Plan). Under this plan, the Compensation Committee may grant awards to certain employees of the Company in the form of restricted stock, restricted stock units, stock appreciation rights, qualified and nonqualified stock options, performance share awards and other equity-based awards. Effective with the adoption of the 2022 Plan, no further awards will be granted under the prior 2013 Equity Incentive Plan (2013 Plan). Awards outstanding under the 2013 Plan will remain in effect under the prior plan according to their respective terms and any terminated 2013 Plan awards will be available for awards under the 2022 Plan in accordance with the 2022 Plan's provisions. The 2022 Plan has 1,500,000 reserved shares of common stock to be awarded by the Company’s Compensation Committee. As of September 30, 2022, there were 1,484,749 shares remaining available for grant for future awards. Shares issued under these plans are restricted stock awards and performance stock units at target award level. Restricted stock awarded to employees generally vest evenly over the required employment period and range from one three four Restricted Stock Awards The following table summarizes the activity in nonvested restricted stock awards for the nine months ended September 30, 2022 and 2021: Restricted Stock Awards Number of Weighted Average Nonvested shares, December 31, 2021 363,551 $ 53.14 Granted during the period 111,095 72.55 Vested during the period (161,936) 53.83 Forfeited during the period (7,301) 55.06 Nonvested shares, September 30, 2022 305,409 $ 59.79 Nonvested shares, December 31, 2020 468,800 $ 49.01 Granted during the period 96,713 64.91 Vested during the period (176,689) 51.43 Forfeited during the period (34,822) 50.10 Nonvested shares, September 30, 2021 354,002 $ 51.96 Compensation expense related to these awards is recorded based on the fair value of the award at the date of grant and totaled $2,610 and $7,178 for the three and nine months ended September 30, 2022, respectively, and $2,087 and $6,613 for the three and nine months ended September 30, 2021, respectively. Compensation expense is recorded in salaries and employee benefits in the accompanying consolidated statements of income. At September 30, 2022, future compensation expense is estimated to be $13,180 and will be recognized over a remaining weighted average period of 2.16 years. The fair value of common stock awards that vested during the nine months ended September 30, 2022 and 2021 was $11,822 and $12,019, respectively. The Company has recorded $321 and $673 in excess tax benefit on vested restricted stock to income tax expense for the three and nine months ended September 30, 2022, respectively, and $421 and $647 in excess tax benefit for the three and nine months ended September 30, 2021, respectively. There were no modifications of stock agreements during the nine months ended September 30, 2022 and 2021 that resulted in significant additional incremental compensation costs. At September 30, 2022, the future vesting schedule of the nonvested restricted stock awards is as follows: First year 155,400 Second year 99,910 Third year 39,455 Fourth year 10,644 Total nonvested shares 305,409 Performance Stock Units Performance stock units represent shares potentially issuable in the future. The number of shares issued is based upon the measure of the Company's achievement of its relative adjusted return on average tangible common equity, as defined by the Company, over the award's performance period as compared to an identified peer group's achievement over the same performance period. The number of shares issuable under each performance award is the product of the award target and the award payout percentage for the given level of achievement which ranges from 0% to 150% of the target. The following table summarizes the activity in nonvested performance stock units at target award level for the nine months ended September 30, 2022 and 2021: Performance-Based Restricted Stock Units Number of Weighted Average Nonvested shares, December 31, 2021 114,498 $ 43.93 Granted during the period 20,742 73.94 Nonvested shares, September 30, 2022 135,240 $ 48.53 Nonvested shares, December 31, 2020 89,300 $ 38.29 Granted during the period 25,198 63.92 Nonvested shares, September 30, 2021 114,498 $ 43.93 Compensation expense related to performance stock units is estimated each period based on the fair value of the target stock unit at the grant date and the most probable level of achievement of the performance condition, adjusted for the passage of time within the vesting periods of the awards. Compensation expense related to these awards was $1,169 and $2,422 for the three and nine months ended September 30, 2022, respectively, and $336 and $1,364 for the three and nine months ended September 30, 2021, respectively. As of September 30, 2022, the unrecognized compensation expense assuming the target attainment is estimated to be $2,970, while the estimated maximum payout rate is $6,243 . The remaining performance period over which the expense will be recognized is 2.00 years. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2022 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Note 10. 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. Tier 2 capital for the Company includes permissible portions of the Company's subordinated notes. The permissible portion of qualified subordinated notes decreases 20% per year during the final five years of the term of the notes. The Company is subject to the Basel III regulatory capital framework (the Basel III Capital Rules). The Basel III Capital Rules require that the Company maintain a 2.5% capital conservation buffer above the minimum risk-based capital adequacy requirements. 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. In February 2019, the federal bank regulatory agencies issued a final rule that revised certain capital regulations under ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and included a transition option that allows banking organizations to phase in, over a three year period, the day one adverse effects of adoption on their regulatory capital ratios (three year transition option). In connection with the adoption of ASC 326 on January 1, 2021, the Company recognized an after-tax cumulative effect reduction to retained earnings. The Company elected to adopt the three year transition option and the deferral has been applied in capital ratios presented below. 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 September 30, 2022 and December 31, 2021, the Company and the Bank meet all capital adequacy requirements to which they are subject, including the capital buffer requirement. As of September 30, 2022 and December 31, 2021, 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 that management believes have changed the Bank’s category. The following table presents actual capital amounts and required ratios under Basel III Capital Rules for the Company and Bank as of September 30, 2022 and December 31, 2021. Actual Minimum Capital To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio September 30, 2022 Total capital to risk weighted assets: Consolidated $ 1,902,932 12.27 % $ 1,628,457 10.50 % N/A N/A Bank 1,977,152 12.75 1,627,987 10.50 $ 1,550,464 10.00 % Tier 1 capital to risk weighted assets: Consolidated 1,605,750 10.35 1,318,275 8.50 N/A N/A Bank 1,861,970 12.01 1,317,894 8.50 1,240,371 8.00 Common equity tier 1 to risk weighted assets: Consolidated 1,550,150 10.00 1,085,638 7.00 N/A N/A Bank 1,861,970 12.01 1,085,325 7.00 1,007,802 6.50 Tier 1 capital to average assets: Consolidated 1,605,750 9.41 682,529 4.00 N/A N/A Bank 1,861,970 10.91 682,386 4.00 852,982 5.00 December 31, 2021 Total capital to risk weighted assets: Consolidated $ 1,916,163 13.67 % $ 1,471,510 10.50 % N/A N/A Bank 1,983,530 14.16 1,471,036 10.50 $ 1,400,987 10.00 % Tier 1 capital to risk weighted assets: Consolidated 1,614,372 11.52 1,191,223 8.50 N/A N/A Bank 1,885,739 13.46 1,190,839 8.50 1,120,790 8.00 Common equity tier 1 to risk weighted assets: Consolidated 1,558,772 11.12 981,007 7.00 N/A N/A Bank 1,885,739 13.46 980,691 7.00 910,642 6.50 Tier 1 capital to average assets: Consolidated 1,614,372 8.80 733,954 4.00 N/A N/A Bank 1,885,739 10.28 733,785 4.00 917,231 5.00 Stock repurchase program: From time to time, the Company's Board of Directors has authorized stock repurchase programs which allow the Company to purchase its common stock generally over a one-year period at various prices in the open market or in privately negotiated transactions. In December 2021, the Company's Board established the 2022 Stock Repurchase Plan, which provides for the repurchase of up to $160,000 of common stock through December 31, 2022. Under this program, the Company repurchased 1,651,236 shares at a total cost of $115,966 for the nine months ended September 30, 2022. There were no shares repurchased during the three months ended September 30, 2022. There were 217,772 shares repurchased at a total cost of $15,207 by the Company during both the three and nine months ended September 30, 2021 under a prior plan. Federal bank regulators have adopted final rules that, among other things, eliminated the standalone prior approval requirement for any repurchase of common stock. However, the Company remains subject to a Federal Reserve Board guideline that requires consultation with the Federal Reserve Board regarding plans for share repurchases. The Company’s repurchases of its common stock may be subject to a prior approval or notice requirement under other regulations, policies or supervisory expectations of the Federal Reserve Board. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 11. Subsequent Events Declaration of Dividends On October 20, 2022, the Company declared a quarterly cash dividend in the amount of $0.38 per share of common stock to the stockholders of record on November 3, 2022. The dividend will be paid on November 17, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation: The accompanying consolidated financial statements include the accounts of IBG and all other entities in which IBG has controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation. In addition, the Company wholly-owns nine statutory business trusts that were formed for the purpose of issuing trust preferred securities and do not meet the criteria for consolidation. The consolidated interim financial statements are unaudited, but include all adjustments, which, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments were of a normal and recurring nature. These financial statements should be read in conjunction with the financial statements and the notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. The consolidated balance sheet at December 31, 2021 has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. 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. |
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 and disclosure 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 GAAP 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 credit losses, the valuation of goodwill and valuation of assets and liabilities acquired in business combinations. |
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 Securities and Exchange Commission (SEC) and noted no subsequent events requiring financial statement recognition or disclosure, except as disclosed in Note 11. Subsequent Events . |
Earnings per share | Earnings per share: Basic earnings per common share is calculated as net income available to common shareholders divided by the weighted average number of common shares outstanding during the period. The unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under participating nonvested restricted stock awards as well as performance stock units (PSUs). The participating nonvested restricted stock awards were not included in dilutive shares as they were anti-dilutive for the three and nine months ended September 30, 2022 and 2021. Proceeds from the assumed exercise of dilutive participating nonvested restricted stock awards and PSUs are assumed to be used to repurchase common stock at the average market price. |
Allowance for Credit Losses on Loans | The Company's allowance balance is estimated using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, credit quality, or term as well as for changes in environmental conditions, such as changes in unemployment rates, gross domestic product, property values or other relevant factors. The Company utilizes Moody’s Analytics economic forecast scenarios and assigns probability weighting to those scenarios which best reflect management’s views on the economic forecast.The allowance for credit losses is measured on a collective basis for portfolios of loans when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. For determining the appropriate allowance for credit losses on a collective basis, the loan portfolio is segmented into pools based upon similar risk characteristics and a lifetime loss-rate model is utilized. For modeling purposes, loan pools include: commercial and industrial, energy, commercial real estate - construction/land development, commercial real estate - owner occupied, commercial real estate - non-owner occupied, agricultural, residential real estate, HELOCs, single-family interim construction, and consumer. Management periodically reassesses each pool to ensure the loans within the pool continue to share similar characteristics and risk profiles and to determine whether further segmentation is necessary. The measurement of expected credit losses is impacted by loan/borrower attributes and certain macroeconomic variables. Management has determined that they are reasonably able to forecast the macroeconomic variables used in the modeling processes with an acceptable degree of confidence for a total of two years then encompassing a reversion process whereby the forecasted macroeconomic variables are reverted to their historical mean utilizing a rational, systematic basis. Management qualitatively adjusts model results for risk factors that are not considered within the modeling processes but are nonetheless relevant in assessing the expected credit losses within the loan pools. These qualitative factor (Q-Factor) adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. |
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. |
Nonaccrual loan and lease status | The accrual of interest is discontinued on a loan when management believes that, after considering collection efforts and other factors, the borrower's financial condition is such that collection of interest is doubtful, as well as when required by regulatory provisions. Regulatory provisions would typically require the placement of a loan on non-accrual status if 1) principal or interest has been in default for a period of 90 days or more unless the loan is both well secured and in the process of collection or 2) full payment of principal and interest is not expected. 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 generally returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Troubled debt restructuring | The restructuring of a loan is considered a “troubled debt restructuring” (TDR) 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. Modifications primarily relate to extending the amortization periods of the loans and interest rate concessions. |
Loans past due | Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. |
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 Company elected the fair value option for certain residential mortgage loans held for sale in accordance with ASC 825, Financial Instruments. This election allows for a more effective offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC 815, Derivatives and Hedging . The Company has not elected the fair value option for other residential mortgage loans held for sale primarily because they are not economically hedged using derivative instruments. See below and Note 8. Derivative Financial Instruments , for additional information. Investment securities available for sale 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. Loans held for sale Certain mortgage loans held for sale are measured at fair value on a recurring basis due to the Company's election to adopt fair value accounting treatment for those loans originated for which the Company has entered into certain derivative financial instruments as part of its mortgage banking and related risk management activities. These instruments include interest rate lock commitments and mandatory forward commitments to sell these loans to investors known as forward mortgage-backed securities trades. This election allows for a more effective offset of the changes in fair values of the assets and the mortgage related derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC 815, Derivatives and Hedging . Mortgage loans held for sale, for which the fair value option was elected, which are sold on a servicing released basis, are valued using a market approach by utilizing either: (i) the fair value of securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan, including the value attributable to mortgage servicing and credit risk, (ii) current commitments to purchase loans or (iii) recent observable market trades for similar loans, adjusted to credit risk and other individual loan characteristics. As these prices are derived from market observable inputs, the Company classifies these valuations as Level 2 in the fair value disclosures. For mortgage loans held for sale for which the fair value option was elected, the earned current contractual interest payment is recognized in interest income, loan origination costs and fees on fair value option loans are recognized in earnings as incurred and not deferred. The Company has no continuing involvement in any residential mortgage loans sold. Derivatives The Company utilizes interest rate swaps to hedge exposure to interest rate risk and variability of cash flows associated to changes in the underlying interest rate of the hedged item. These hedging interest rate swaps are classified as a cash flow hedge. The Company utilizes a third-party vendor for derivative valuation purposes. These vendors determine the appropriate fair value based on a net present value calculation of the cash flows related to the interest rate swaps using primarily observable market inputs such as interest rate yield curves (Level 2 inputs). The estimated fair values of interest rate lock commitments utilize current secondary market prices for underlying loans and estimated servicing value with similar coupons, maturity and credit quality, subject to the anticipated loan funding probability (pull-through rate). The fair value of interest rate lock commitments is subject to change primarily due to changes in interest rates and the estimated pull-through rate. These commitments are classified as Level 2 in the fair value disclosures, as the valuations are based on observable market inputs. Forward mortgage-backed securities trades are exchange-traded or traded within highly active dealer markets. In order to determine the fair value of these instruments, the Company utilized the exchange price or dealer market price for the particular derivative contract; therefore these contracts are classified as Level 2. The estimated fair values are subject to change primarily due to changes in interest rates. The Company also enters into certain interest rate derivative positions. The estimated fair value of these commercial loan interest rate swaps are obtained from a pricing service that provides the swaps' unwind value (Level 2 inputs). See Note 8, Derivative Financial Instruments , for more information. Individually evaluated loans are measured at an observable market price (if available) or at the fair value of the loan’s underlying 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. In addition, management's discounting criteria may vary for loans secured by non-real estate collateral such as inventory, oil and gas reserves, accounts receivable, equipment or other business assets. Therefore, the Company has categorized its individually evaluated loans as Level 3. Other real estate owned 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. Therefore, the Company has categorized its other real estate as Level 3. There was no other real estate owned remeasured during the year ended December 31, 2021. 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 market rates. Investment securities held to maturity: For investment securities held to maturity, 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. Loans held for sale, at cost: The fair value of loans held for sale is determined based upon commitments on hand from investors. Loans: A discounted cash flow model is used to estimate the fair value of the loans. The discounted cash flow approach models the credit losses directly in the projected cash flows, applying various assumptions regarding credit, interest and prepayment risks for the loans based on loan types, payment types and fixed or variable classifications. 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. Other borrowings: The estimated fair value approximates carrying value for short-term borrowings. The fair value of private subordinated debentures are based upon prevailing rates on similar debt in the market place. The subordinated debentures that are publicly traded are valued based on indicative bid prices based upon market pricing observations in the current market. Junior subordinated debentures: The fair value of junior subordinated debentures is estimated using discounted cash flow analyses based on the published Bloomberg US Financials BB rated corporate bond index yield. 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. |
Derivatives | Through its mortgage banking division, the Company enters into interest rate lock commitments with consumers to originate mortgage loans at a specified interest rate. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by the Company. The Company manages the changes in fair value associated with changes in interest rates related to interest rate lock commitments by using forward sold commitments known as forward mortgage-backed securities trades. These instruments are typically entered into at the time the interest rate lock commitment is made.The Company offers certain derivatives products, primarily interest rate swaps, directly to qualified commercial banking customers to facilitate their risk management strategies. The interest rate swap derivative positions relate to transactions in which the Company enters into an interest rate swap with a customer, while at the same time entering into an offsetting interest rate swap with another financial institution. An interest rate swap transaction allows customers to effectively convert a variable rate loan to a fixed rate. In connection with each swap, the Company agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. At the same time, the Company agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. |
Stock repurchase program | Stock repurchase program: From time to time, the Company's Board of Directors has authorized stock repurchase programs which allow the Company to purchase its common stock generally over a one-year period at various prices in the open market or in privately negotiated transactions. In December 2021, the Company's Board established the 2022 Stock Repurchase Plan, which provides for the repurchase of up to $160,000 of common stock through December 31, 2022. Under this program, the Company repurchased 1,651,236 shares at a total cost of $115,966 for the nine months ended September 30, 2022. There were no shares repurchased during the three months ended September 30, 2022. There were 217,772 shares repurchased at a total cost of $15,207 by the Company during both the three and nine months ended September 30, 2021 under a prior plan. Federal bank regulators have adopted final rules that, among other things, eliminated the standalone prior approval requirement for any repurchase of common stock. However, the Company remains subject to a Federal Reserve Board guideline that requires consultation with the Federal Reserve Board regarding plans for share repurchases. The Company’s repurchases of its common stock may be subject to a prior approval or notice requirement under other regulations, policies or supervisory expectations of the Federal Reserve Board. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Earning Per Share | The following table presents a reconciliation of net income available to common shareholders and the number of shares used in the calculation of basic and diluted earnings per common share: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic earnings per share: Net income $ 52,437 $ 52,340 $ 155,537 $ 170,563 Less: Undistributed earnings allocated to participating securities 277 324 843 1,246 Dividends paid on participating securities 118 126 374 399 Net income available to common shareholders $ 52,042 $ 51,890 $ 154,320 $ 168,918 Weighted average basic shares outstanding 40,856,786 42,674,563 41,557,304 42,720,519 Basic earnings per share $ 1.27 $ 1.22 $ 3.71 $ 3.95 Diluted earnings per share: Net income available to common shareholders $ 52,042 $ 51,890 $ 154,320 $ 168,918 Total weighted average basic shares outstanding 40,856,786 42,674,563 41,557,304 42,720,519 Add dilutive performance stock units 86,404 59,392 80,521 56,286 Total weighted average diluted shares outstanding 40,943,190 42,733,955 41,637,825 42,776,805 Diluted earnings per share $ 1.27 $ 1.21 $ 3.71 $ 3.95 Anti-dilutive participating securities 100,019 155,036 125,664 182,225 |
Statement of Cash Flows (Tables
Statement of Cash Flows (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Other Supplemental Cash Flow Information | Other supplemental cash flow information is presented below: Nine Months Ended September 30, 2022 2021 Cash transactions: Interest expense paid $ 50,154 $ 54,209 Income taxes paid $ 33,638 $ 44,833 Noncash transactions: Deferred dividend equivalents $ 146 $ 156 Transfer of loans to other real estate owned $ 23,900 $ — Transfer of securities available for sale to held to maturity $ 117,583 $ — Securities purchased, not yet settled $ — $ 25,667 Right-of-use assets obtained in exchange for lease liabilities $ 4,011 $ 4,371 Loans purchased, not yet settled $ 5,898 $ 32,902 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost of Securities and Approximate Fair Values | The amortized cost of securities and their approximate fair values at September 30, 2022 and December 31, 2021 are as follows: Amortized Cost (1) Gross Gross Fair Securities Available for Sale September 30, 2022 U.S. treasuries $ 260,046 $ — $ (21,112) $ 238,934 Government agency securities 471,058 — (82,310) 388,748 Obligations of state and municipal subdivisions 271,057 79 (16,937) 254,199 Corporate bonds 46,999 — (4,784) 42,215 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 940,976 8 (135,867) 805,117 Other securities 950 — — 950 $ 1,991,086 $ 87 $ (261,010) $ 1,730,163 December 31, 2021 U.S. treasuries $ 174,950 $ 724 $ (678) $ 174,996 Government agency securities 453,402 1,221 (9,948) 444,675 Obligations of state and municipal subdivisions 418,554 15,440 (1,234) 432,760 Corporate bonds 33,994 862 (60) 34,796 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 917,942 10,757 (10,149) 918,550 Other securities 950 — — 950 $ 1,999,792 $ 29,004 $ (22,069) $ 2,006,727 Securities Held to Maturity September 30, 2022 Obligations of state and municipal subdivisions $ 207,516 $ — $ (51,007) $ 156,509 ____________ (1) Excludes accrued interest receivable of $7,061 on available for sale and $1,247 on held to maturity securities at September 30, 2022 and $8,581 on available for sale securities at December 31, 2021 that is recorded in other assets on the accompanying consolidated balance sheets. |
Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity | The amortized cost and estimated fair value of securities at September 30, 2022, by contractual maturity, are shown below. Maturities of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2022 Available for Sale Held to Maturity Amortized Cost (1) Fair Value Amortized Cost (1) Fair Value Due in one year or less $ 47,139 $ 46,752 $ — $ — Due from one year to five years 330,712 309,920 — — Due from five to ten years 442,440 379,802 — — Thereafter 229,819 188,572 207,516 156,509 1,050,110 925,046 207,516 156,509 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 940,976 805,117 — — $ 1,991,086 $ 1,730,163 $ 207,516 $ 156,509 ____________ (1) Excludes accrued interest receivable of $7,061 on available for sale and $1,247 on held to maturity securities at September 30, 2022 that is recorded in other assets on the accompanying consolidated balance sheets. |
Proceeds from Sale of Available for Sale Securities | Proceeds from sale of securities available for sale and gross gains and gross losses for the three and nine months ended September 30, 2021 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 Proceeds from sale $ — $ 181 Gross gains $ — $ — Gross losses $ — $ — |
Summary of Unrealized Losses and Fair Value Securities in Continuous Unrealized Loss Position | The number of securities, unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of September 30, 2022 and December 31, 2021, are summarized as follows: Less Than 12 Months Greater Than 12 Months Total Description of Securities Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Securities Available for Sale September 30, 2022 U.S. treasuries 33 $ 216,899 $ (17,267) 3 $ 22,035 $ (3,845) $ 238,934 $ (21,112) Government agency securities 16 74,293 (8,696) 60 314,455 (73,614) 388,748 (82,310) Obligations of state and municipal subdivisions 351 225,040 (14,415) 4 7,485 (2,522) 232,525 (16,937) Corporate bonds 9 26,324 (4,176) 1 6,392 (608) 32,716 (4,784) Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 266 446,220 (56,666) 91 358,374 (79,201) 804,594 (135,867) 675 $ 988,776 $ (101,220) 159 $ 708,741 $ (159,790) $ 1,697,517 $ (261,010) December 31, 2021 U.S. treasuries 22 $ 144,172 $ (678) — $ — $ — $ 144,172 $ (678) Government agency securities 38 258,334 (4,622) 22 119,963 (5,326) 378,297 (9,948) Obligations of state and municipal subdivisions 14 47,200 (988) 2 3,555 (246) 50,755 (1,234) Corporate bonds 3 13,440 (60) — — — 13,440 (60) Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 115 621,717 (8,471) 11 44,620 (1,678) 666,337 (10,149) 192 $ 1,084,863 $ (14,819) 35 $ 168,138 $ (7,250) $ 1,253,001 $ (22,069) Securities Held to Maturity September 30, 2022 Obligations of state and municipal subdivisions 31 $ 127,585 $ (39,297) 12 $ 28,924 $ (11,710) $ 156,509 $ (51,007) |
Loans, Net and Allowance for _2
Loans, Net and Allowance for Credit Losses on Loans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Compositions of Loans | Loans, net, at September 30, 2022 and December 31, 2021, consisted of the following: September 30, December 31, 2022 2021 Commercial $ 2,171,609 $ 1,983,886 Mortgage warehouse purchase loans 409,044 788,848 Real estate: Commercial 7,710,419 6,617,455 Commercial construction, land and land development 1,167,323 1,180,181 Residential 1,532,689 1,300,122 Single-family interim construction 502,535 380,627 Agricultural 121,431 106,512 Consumer 79,751 81,815 Total loans (1)(2) 13,694,801 12,439,446 Allowance for credit losses (146,395) (148,706) Total loans, net (2) $ 13,548,406 $ 12,290,740 ____________ (1) Loan class amounts are shown at amortized cost, net of deferred loan fees of $14,192 and $9,406, at September 30, 2022 and December 31, 2021, respectively. |
Summary of Activity in Allowance for Credit Losses by Loan Class | The following is a summary of the activity in the allowance for credit losses on loans by class for the three and nine months ended September 30, 2022 and 2021: Commercial Commercial Real Estate Commercial Construction, Residential Single-Family Agricultural Consumer Unallocated Total Three months ended September 30, 2022 Balance at beginning of period $ 53,303 $ 53,846 $ 24,186 $ 3,114 $ 9,225 $ 105 $ 391 $ — $ 144,170 Provision for credit losses (2,307) 6,565 (1,921) (329) 1,471 37 4 — 3,520 Charge-offs (273) (1,187) — — — — — — (1,460) Recoveries 84 — — 81 — — — — 165 Balance at end of period $ 50,807 $ 59,224 $ 22,265 $ 2,866 $ 10,696 $ 142 $ 395 $ — $ 146,395 Nine months ended September 30, 2022 Balance at beginning of period $ 49,747 $ 65,110 $ 23,861 $ 2,192 $ 7,222 $ 106 $ 468 $ — $ 148,706 Provision for credit losses 1,345 (1,727) (1,596) 599 3,474 36 (63) — 2,068 Charge-offs (726) (4,159) — (6) — — (10) — (4,901) Recoveries 441 — — 81 — — — — 522 Balance at end of period $ 50,807 $ 59,224 $ 22,265 $ 2,866 $ 10,696 $ 142 $ 395 $ — $ 146,395 Three months ended September 30, 2021 Balance at beginning of period $ 46,957 $ 67,696 $ 27,842 $ 3,638 $ 8,129 $ 86 $ 443 $ — $ 154,791 Provision for loan losses 2,190 (6,212) 915 (1,293) (66) (18) 73 — (4,411) Charge-offs (78) — — — — — (48) — (126) Recoveries 17 — — — — — 10 — 27 Balance at end of period $ 49,086 $ 61,484 $ 28,757 $ 2,345 $ 8,063 $ 68 $ 478 $ — $ 150,281 Nine months ended September 30, 2021 Balance at beginning of period $ 27,311 $ 36,698 $ 13,425 $ 6,786 $ 2,156 $ 337 $ 684 $ 423 $ 87,820 Impact of adopting ASC 326 12,775 29,108 22,008 (2,255) 7,179 (178) (334) (423) 67,880 Initial allowance on loans purchased with credit deterioration 4,328 7,640 927 140 — — — — 13,035 Provision for credit losses 8,466 (11,587) (7,477) (2,326) (1,272) (91) 256 — (14,031) Charge-offs (3,832) (375) (126) — — — (173) — (4,506) Recoveries 38 — — — — — 45 — 83 Balance at end of period $ 49,086 $ 61,484 $ 28,757 $ 2,345 $ 8,063 $ 68 $ 478 $ — $ 150,281 |
Individually Evaluated Loans | The following table presents loans at amortized cost that were evaluated for expected credit losses on an individual basis and the related specific credit loss allocations, by loan class as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Loan Balance Specific Allocations Loan Balance Specific Allocations Commercial $ 36,659 $ 13,119 $ 38,911 $ 15,958 Commercial real estate 14,649 — 24,683 1,553 Commercial construction, land and land development — — 1,350 562 Residential real estate — — — — Single-family Interim construction — — — — Agricultural — — — — Consumer — — — — $ 51,308 $ 13,119 $ 64,944 $ 18,073 |
Summary of Nonperforming Loans by Loan Class | Nonperforming loans by loan class at September 30, 2022 and December 31, 2021, at amortized cost, are summarized as follows: Commercial Commercial Commercial Construction, Residential Real Estate Single-Family Agricultural Consumer Total September 30, 2022 Nonaccrual loans (1) $ 37,533 $ 15,811 $ 17 $ 1,301 $ — $ — $ 9 $ 54,671 Loans past due 90 days and still accruing 54 — — 622 189 — — 865 Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) — 1,441 — 63 — — — 1,504 $ 37,587 $ 17,252 $ 17 $ 1,986 $ 189 $ — $ 9 $ 57,040 December 31, 2021 Nonaccrual loans $ 36,802 $ 15,218 $ 23 $ 1,592 $ — $ — $ 38 $ 53,673 Loans past due 90 days and still accruing 187 — — 1,603 — — — 1,790 Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) — 1,714 — 161 — — — 1,875 $ 36,989 $ 16,932 $ 23 $ 3,356 $ — $ — $ 38 $ 57,338 ____________ (1) There are $25 and $18 in loans on nonaccrual without an allowance for credit loss as of September 30, 2022 and December 31, 2021, respectively. Additionally, no interest income was recognized on nonaccrual loans. No significant amounts of accrued interest was reversed during the three and nine months ended September 30, 2022 and 2021. |
Summary of Troubled Debt Restructurings | Following is a summary of loans modified under troubled debt restructurings during the three and nine months ended September 30, 2021: Commercial Commercial Commercial Construction, Residential Single-Family Agricultural Consumer Total Troubled debt restructurings during the three months ended September 30, 2021 Number of contracts — — — — — — — — Pre-restructuring outstanding recorded investment $ — $ — $ — $ — $ — $ — $ — $ — Post-restructuring outstanding recorded investment $ — $ — $ — $ — $ — $ — $ — $ — Troubled debt restructurings during the nine months ended September 30, 2021 Number of contracts 2 — — — — — 1 3 Pre-restructuring outstanding recorded investment $ 1,789 $ — $ — $ — $ — $ — $ 6 $ 1,795 Post-restructuring outstanding recorded investment $ 570 $ — $ — $ — $ — $ — $ 6 $ 576 |
Aging of Past Due Loans by Loan Class | The following table presents information regarding the aging of past due loans by loan class as of September 30, 2022 and as of December 31, 2021 (at amortized cost): Loans Loans Total Past Current Total September 30, 2022 Commercial $ 5,733 $ 10,743 $ 16,476 $ 2,155,133 $ 2,171,609 Mortgage warehouse — — — 409,044 409,044 Commercial real estate 3,184 2,270 5,454 7,704,965 7,710,419 Commercial construction, land and land development 7 — 7 1,167,316 1,167,323 Residential real estate 2,927 1,028 3,955 1,528,734 1,532,689 Single-family interim construction — 189 189 502,346 502,535 Agricultural — — — 121,431 121,431 Consumer 1,492 9 1,501 78,250 79,751 $ 13,343 $ 14,239 $ 27,582 $ 13,667,219 $ 13,694,801 December 31, 2021 Commercial $ 1,041 $ 11,056 $ 12,097 $ 1,971,789 $ 1,983,886 Mortgage warehouse — — — 788,848 788,848 Commercial real estate 2,861 11,784 14,645 6,602,810 6,617,455 Commercial construction, land and land development — — — 1,180,181 1,180,181 Residential real estate 3,838 1,913 5,751 1,294,371 1,300,122 Single-family interim construction 1,290 — 1,290 379,337 380,627 Agricultural 16 — 16 106,496 106,512 Consumer 216 9 225 81,590 81,815 $ 9,262 $ 24,762 $ 34,024 $ 12,405,422 $ 12,439,446 |
Summary of Loans by Credit Quality Indicator by Class | The following summarizes the amortized cost basis of loans by year of origination/renewal and credit quality indicator by class of loan as of September 30, 2022 and December 31, 2021: Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans September 30, 2022 2022 2021 2020 2019 2018 Prior Total Commercial Pass $ 254,467 $ 343,448 $ 154,859 $ 115,410 $ 56,752 $ 166,465 $ 954,633 $ 1,057 $ 2,047,091 Pass/Watch 708 5,377 258 342 1,863 563 16,348 188 25,647 Special Mention 253 — 105 51 — 4,740 12,349 — 17,498 Substandard 1,586 29,916 476 14,404 48 7,184 20,029 — 73,643 Doubtful — — — — — — 7,730 — 7,730 Loss — — — — — — — — — Total commercial $ 257,014 $ 378,741 $ 155,698 $ 130,207 $ 58,663 $ 178,952 $ 1,011,089 $ 1,245 $ 2,171,609 Mortgage warehouse Pass $ 409,044 $ — $ — $ — $ — $ — $ — $ — $ 409,044 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total mortgage warehouse $ 409,044 $ — $ — $ — $ — $ — $ — $ — $ 409,044 Commercial real estate Pass $ 2,287,276 $ 2,025,551 $ 1,063,863 $ 646,987 $ 470,897 $ 725,972 $ 66,206 $ 8,329 $ 7,295,081 Pass/Watch 76,625 19,249 28,520 18,810 59,901 29,216 — — 232,321 Special Mention 17,235 39,917 — 8,942 7,587 10,647 — 28 84,356 Substandard 3,668 57,357 8,668 75 8,317 20,576 — — 98,661 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial real estate $ 2,384,804 $ 2,142,074 $ 1,101,051 $ 674,814 $ 546,702 $ 786,411 $ 66,206 $ 8,357 $ 7,710,419 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans September 30, 2022 2022 2021 2020 2019 2018 Prior Total Commercial construction, land and land development Pass $ 396,147 $ 531,998 $ 130,286 $ 33,923 $ 25,228 $ 15,325 $ 10,123 $ 3,882 $ 1,146,912 Pass/Watch 8,147 47 9,231 — — 75 — — 17,500 Special Mention 2,849 — — — — — — — 2,849 Substandard 28 — — 17 — 17 — — 62 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial construction, land and land development $ 407,171 $ 532,045 $ 139,517 $ 33,940 $ 25,228 $ 15,417 $ 10,123 $ 3,882 $ 1,167,323 Residential real estate Pass $ 454,253 $ 368,413 $ 227,878 $ 159,412 $ 83,685 $ 168,626 $ 53,374 $ 248 $ 1,515,889 Pass/Watch 2,611 943 649 1,452 35 3,244 303 — 9,237 Special Mention — — 195 702 228 1,320 125 — 2,570 Substandard 213 910 349 220 53 3,052 196 — 4,993 Doubtful — — — — — — — — — Loss — — — — — — — — — Total residential real estate $ 457,077 $ 370,266 $ 229,071 $ 161,786 $ 84,001 $ 176,242 $ 53,998 $ 248 $ 1,532,689 Single-family interim construction Pass $ 270,724 $ 166,994 $ 23,512 $ — $ 259 $ — $ 24,286 $ — $ 485,775 Pass/Watch — — — — — 16,759 1 — 16,760 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total single-family interim construction $ 270,724 $ 166,994 $ 23,512 $ — $ 259 $ 16,759 $ 24,287 $ — $ 502,535 Agricultural Pass $ 48,028 $ 25,546 $ 13,896 $ 3,771 $ 6,013 $ 8,980 $ 10,614 $ — $ 116,848 Pass/Watch 568 — 526 1,216 23 — 2,230 — 4,563 Special Mention — — — — — — — — — Substandard — — — — — 20 — — 20 Doubtful — — — — — — — — — Loss — — — — — — — — — Total agricultural $ 48,596 $ 25,546 $ 14,422 $ 4,987 $ 6,036 $ 9,000 $ 12,844 $ — $ 121,431 Consumer Pass $ 6,136 $ 6,168 $ 8,683 $ 1,702 $ 345 $ 95 $ 56,603 $ — $ 79,732 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — 5 — — — 14 — — 19 Doubtful — — — — — — — — — Loss — — — — — — — — — Total consumer $ 6,136 $ 6,173 $ 8,683 $ 1,702 $ 345 $ 109 $ 56,603 $ — $ 79,751 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans September 30, 2022 2022 2021 2020 2019 2018 Prior Total Total loans Pass $ 4,126,075 $ 3,468,118 $ 1,622,977 $ 961,205 $ 643,179 $ 1,085,463 $ 1,175,839 $ 13,516 $ 13,096,372 Pass/Watch 88,659 25,616 39,184 21,820 61,822 49,857 18,882 188 306,028 Special Mention 20,337 39,917 300 9,695 7,815 16,707 12,474 28 107,273 Substandard 5,495 88,188 9,493 14,716 8,418 30,863 20,225 — 177,398 Doubtful — — — — — — 7,730 — 7,730 Loss — — — — — — — — — Total loans $ 4,240,566 $ 3,621,839 $ 1,671,954 $ 1,007,436 $ 721,234 $ 1,182,890 $ 1,235,150 $ 13,732 $ 13,694,801 Revolving Loans Converted to Term Loans Term Loans by Year of Origination Revolving Loans December 31, 2021 2021 2020 2019 2018 2017 Prior Total Commercial Pass $ 422,810 $ 183,433 $ 98,059 $ 78,357 $ 81,620 $ 255,213 $ 690,242 $ 5,231 $ 1,814,965 Pass/Watch 260 3,010 1,019 3,135 11,688 65 18,768 3,319 41,264 Special Mention 1,411 117 8,517 7,244 195 4,571 12,885 — 34,940 Substandard 30,277 605 16,041 94 2,478 18,331 13,006 1,988 82,820 Doubtful — — — — — — 9,897 — 9,897 Total commercial $ 454,758 $ 187,165 $ 123,636 $ 88,830 $ 95,981 $ 278,180 $ 744,798 $ 10,538 $ 1,983,886 Mortgage warehouse Pass $ 788,848 $ — $ — $ — $ — $ — $ — $ — $ 788,848 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total mortgage warehouse $ 788,848 $ — $ — $ — $ — $ — $ — $ — $ 788,848 Commercial real estate Pass $ 2,181,292 $ 1,198,508 $ 830,902 $ 645,470 $ 504,126 $ 626,292 $ 71,850 $ 4,320 $ 6,062,760 Pass/Watch 54,671 18,591 39,045 60,955 30,196 74,762 752 1,319 280,291 Special Mention 56,142 16,770 37,331 29,962 17,649 20,100 — — 177,954 Substandard 36,263 16,118 1,136 11,901 281 29,686 1,065 — 96,450 Doubtful — — — — — — — — — Total commercial real estate $ 2,328,368 $ 1,249,987 $ 908,414 $ 748,288 $ 552,252 $ 750,840 $ 73,667 $ 5,639 $ 6,617,455 Commercial construction, land and land development Pass $ 618,288 $ 262,136 $ 98,007 $ 85,596 $ 13,751 $ 14,939 $ 18,586 $ — $ 1,111,303 Pass/Watch 17,899 10,459 6,869 — — 84 — — 35,311 Special Mention 3,780 — — — 1,909 — — — 5,689 Substandard 11,601 — 387 14,489 28 1,373 — — 27,878 Doubtful — — — — — — — — — Total commercial construction, land and land development $ 651,568 $ 272,595 $ 105,263 $ 100,085 $ 15,688 $ 16,396 $ 18,586 $ — $ 1,180,181 Revolving Loans Converted to Term Loans Term Loans by Year of Origination Revolving Loans December 31, 2021 2021 2020 2019 2018 2017 Prior Total Residential real estate Pass $ 408,402 $ 267,147 $ 190,890 $ 114,616 $ 88,295 $ 149,871 $ 60,212 $ 2,344 $ 1,281,777 Pass/Watch 1,019 487 1,270 405 2,331 4,179 169 — 9,860 Special Mention 657 — 568 129 250 1,043 126 — 2,773 Substandard 640 369 384 519 774 2,974 52 — 5,712 Doubtful — — — — — — — — — Total residential real estate $ 410,718 $ 268,003 $ 193,112 $ 115,669 $ 91,650 $ 158,067 $ 60,559 $ 2,344 $ 1,300,122 Single-family interim construction Pass $ 305,267 $ 59,584 $ 2,801 $ 312 $ — $ — $ 12,663 $ — $ 380,627 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total single-family interim construction $ 305,267 $ 59,584 $ 2,801 $ 312 $ — $ — $ 12,663 $ — $ 380,627 Agricultural Pass $ 36,442 $ 15,005 $ 4,454 $ 8,033 $ 12,229 $ 4,773 $ 18,993 $ — $ 99,929 Pass/Watch — 526 1,462 52 1,035 — 3,502 — 6,577 Special Mention — — — — — — — — — Substandard — — — — — 6 — — 6 Doubtful — — — — — — — — — Total agricultural $ 36,442 $ 15,531 $ 5,916 $ 8,085 $ 13,264 $ 4,779 $ 22,495 $ — $ 106,512 Consumer Pass $ 10,568 $ 9,496 $ 2,706 $ 710 $ 308 $ 181 $ 57,744 $ 43 $ 81,756 Pass/Watch — — — — 1 — — — 1 Special Mention — — — — — — — — — Substandard 30 2 — — 9 17 — — 58 Doubtful — — — — — — — — — Total consumer $ 10,598 $ 9,498 $ 2,706 $ 710 $ 318 $ 198 $ 57,744 $ 43 $ 81,815 Total loans Pass $ 4,771,917 $ 1,995,309 $ 1,227,819 $ 933,094 $ 700,329 $ 1,051,269 $ 930,290 $ 11,938 $ 11,621,965 Pass/Watch 73,849 33,073 49,665 64,547 45,251 79,090 23,191 4,638 373,304 Special Mention 61,990 16,887 46,416 37,335 20,003 25,714 13,011 — 221,356 Substandard 78,811 17,094 17,948 27,003 3,570 52,387 14,123 1,988 212,924 Doubtful — — — — — — 9,897 — 9,897 Total loans $ 4,986,567 $ 2,062,363 $ 1,341,848 $ 1,061,979 $ 769,153 $ 1,208,460 $ 990,512 $ 18,564 $ 12,439,446 |
Off-Balance Sheet Arrangement_2
Off-Balance Sheet Arrangements, Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | At September 30, 2022 and December 31, 2021, the approximate amounts of these financial instruments were as follows: September 30, December 31, 2022 2021 Commitments to extend credit $ 3,230,692 $ 2,770,036 Standby letters of credit 28,325 30,007 $ 3,259,017 $ 2,800,043 |
Commitments Off Balance Sheet Allowance for Credit Losses | The allowance for credit lo sses on off-balance sheet commitments was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance at beginning of period $ 4,731 $ 1,733 $ 4,722 $ — Impact of ASC 326 adoption — — — 1,113 Provision for off-balance sheet credit exposure (420) 4,411 (411) 5,031 Balance at end of period $ 4,311 $ 6,144 $ 4,311 $ 6,144 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Income tax expense for the three and nine months ended September 30, 2022 and 2021 was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Income tax expense for the period $ 13,481 $ 12,629 $ 39,351 $ 43,841 Effective tax rate 20.5 % 19.4 % 20.2 % 20.4 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets 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 September 30, 2022 and December 31, 2021 by level within the ASC Topic 820 fair value measurement hierarchy: Fair Value Measurements at Reporting Date Using Assets/ Quoted Prices Significant Significant September 30, 2022 Assets: Investment securities available for sale: U.S. treasuries $ 238,934 $ — $ 238,934 $ — Government agency securities 388,748 — 388,748 — Obligations of state and municipal subdivisions 254,199 — 254,199 — Corporate bonds 42,215 — 42,215 — Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 805,117 — 805,117 — Other securities 950 — 950 — Loans held for sale, fair value option elected (1) 17,248 — 17,248 — Fair Value Measurements at Reporting Date Using Assets/ Quoted Prices Significant Significant Derivative financial instruments: Interest rate lock commitments 140 — 140 — Forward mortgage-backed securities trades 468 — 468 — Loan customer counterparty — — — — Financial institution counterparty 16,064 — 16,064 — Liabilities: Derivative financial instruments: Interest rate swaps - cash flow hedge 12,153 — 12,153 — Interest rate lock commitments 72 — 72 — Forward mortgage-backed securities trades 4 — 4 — Loan customer counterparty 15,787 — 15,787 — Financial institution counterparty — — — — December 31, 2021 Assets: Investment securities available for sale: U.S. treasuries $ 174,996 $ — $ 174,996 $ — Government agency securities 444,675 — 444,675 — Obligations of state and municipal subdivisions 432,760 — 432,760 — Corporate bonds 34,796 — 34,796 — Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 918,550 — 918,550 — Other securities 950 — 950 — Loans held for sale, fair value option elected (1) 28,249 — 28,249 — Derivative financial instruments: Interest rate lock commitments 1,029 — 1,029 — Forward mortgage-backed securities trades 27 — 27 — Loan customer counterparty 6,459 — 6,459 — Financial institution counterparty 1,078 — 1,078 — Liabilities: Derivative financial instruments: Interest rate swaps - cash flow hedge 1,158 — 1,158 — Interest rate lock commitments 4 — 4 — Forward mortgage-backed securities trades 21 — 21 — Loan customer counterparty 1,073 — 1,073 — Financial institution counterparty 6,772 — 6,772 — __________ (1) At September 30, 2022 and December 31, 2021, loans held for sale for which the fair value option was elected had an aggregate outstanding principal balance of $17,424 and $27,176, respectively. There were no mortgage loans held for sale under the fair value option that were 90 days or greater past due or on nonaccrual at September 30, 2022. |
Assets and Liabilities at Fair Value on Nonrecurring Basis | The following table presents the assets carried on the consolidated balance sheet by caption and by level in the fair value hierarchy at September 30, 2022 and December 31, 2021, for which a nonrecurring change in fair value has been recorded: Fair Value Measurements at Reporting Date Using Assets Quoted Prices Significant Significant Period Ended September 30, 2022 Assets: Individually evaluated loans $ 18,796 $ — $ — $ 18,796 $ (1,507) Other real estate owned 23,900 — — 23,900 3,548 December 31, 2021 Assets: Individually evaluated loans $ 11,204 $ — $ — $ 11,204 $ 3,526 |
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 that are reported at amortized cost on the Company's consolidated balance sheets were as follows at September 30, 2022 and December 31, 2021: Fair Value Measurements at Reporting Date Using Carrying Estimated Quoted Prices Significant Significant September 30, 2022 Financial assets: Cash and cash equivalents $ 516,159 $ 516,159 $ 516,159 $ — $ — Certificates of deposit held in other banks 744 744 — 744 — Investment securities held to maturity 207,516 156,509 — 156,509 — Loans held for sale, at cost 4,725 4,847 — 4,847 — Loans, net 13,548,406 13,454,003 — — 13,454,003 FHLB of Dallas stock and other restricted stock 19,361 19,361 — 19,361 — Accrued interest receivable 49,421 49,421 — 49,421 — Financial liabilities: Deposits 14,961,008 14,911,952 — 14,911,952 — Accrued interest payable 3,974 3,974 — 3,974 — FHLB advances 200,000 137,686 — 137,686 — Other borrowings 266,892 259,375 — 259,375 — Junior subordinated debentures 54,370 41,373 — 41,373 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — December 31, 2021 Financial assets: Cash and cash equivalents $ 2,608,444 $ 2,608,444 $ 2,608,444 $ — $ — Certificates of deposit held in other banks 3,245 3,246 — 3,246 — Loans held for sale, at cost 3,875 3,982 — 3,982 — Loans, net 12,290,740 12,415,366 — — 12,415,366 FHLB of Dallas stock and other restricted stock 21,573 21,573 — 21,573 — Accrued interest receivable 49,636 49,636 — 49,636 — Financial liabilities: Deposits 15,553,908 15,553,645 — 15,553,645 — Accrued interest payable 5,301 5,301 — 5,301 — FHLB advances 150,000 128,555 — 128,555 — Other borrowings 283,371 303,250 — 303,250 — Junior subordinated debentures 54,221 45,501 — 45,501 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Balances and Fair Values of Outstanding Positions | The following table provides the outstanding notional balances and fair values of outstanding derivative positions at September 30, 2022 and December 31, 2021: Outstanding Notional Balance Asset Derivative Liability Derivative September 30, 2022 Derivatives designated as hedging instruments: Interest rate swaps - cash flow hedge $ 100,000 $ — $ 12,153 Derivatives not designated as hedging instruments: Interest rate lock commitments 20,531 140 72 Forward mortgage-backed securities trades 20,250 468 4 Commercial loan interest rate swaps: Loan customer counterparty 208,726 — 15,787 Financial institution counterparty 208,726 16,064 — December 31, 2021 Derivatives designated as hedging instruments: Interest rate swaps - cash flow hedge $ 100,000 $ — $ 1,158 Derivatives not designated as hedging instruments: Interest rate lock commitments 34,064 1,029 4 Forward mortgage-backed securities trades 30,500 27 21 Commercial loan interest rate swaps: Loan customer counterparty 254,935 6,459 1,073 Financial institution counterparty 254,935 1,078 6,772 |
Schedule of Weighted Average Interest Rate Received and Paid | The commercial loan customer counterparty weighted average received and paid interest rates for interest rate swaps outstanding were as follows: Weighted Average Interest Rate September 30, 2022 December 31, 2021 Received Paid Received Paid Loan customer counterparty 4.20 % 5.34 % 4.12 % 2.40 % |
Income on Derivatives | A summary of derivative activity and the related impact on the consolidated statements of income for the three and nine months ended September 30, 2022 and 2021 is as follows: Income Statement Location Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Derivatives designated as hedging instruments Interest rate swaps - cash flow hedges Interest and fees on loans $ (326) $ 215 $ (93) $ 369 Derivatives not designated as hedging instruments Interest rate lock commitments Mortgage banking revenue (544) (502) (957) (1,951) Forward mortgage-backed securities trades Mortgage banking revenue 470 148 458 656 |
Stock Awards (Tables)
Stock Awards (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of nonvested restricted stock awards | The following table summarizes the activity in nonvested restricted stock awards for the nine months ended September 30, 2022 and 2021: Restricted Stock Awards Number of Weighted Average Nonvested shares, December 31, 2021 363,551 $ 53.14 Granted during the period 111,095 72.55 Vested during the period (161,936) 53.83 Forfeited during the period (7,301) 55.06 Nonvested shares, September 30, 2022 305,409 $ 59.79 Nonvested shares, December 31, 2020 468,800 $ 49.01 Granted during the period 96,713 64.91 Vested during the period (176,689) 51.43 Forfeited during the period (34,822) 50.10 Nonvested shares, September 30, 2021 354,002 $ 51.96 |
Schedule of future vesting of restricted stock award | At September 30, 2022, the future vesting schedule of the nonvested restricted stock awards is as follows: First year 155,400 Second year 99,910 Third year 39,455 Fourth year 10,644 Total nonvested shares 305,409 |
Nonvested performance stock units | The following table summarizes the activity in nonvested performance stock units at target award level for the nine months ended September 30, 2022 and 2021: Performance-Based Restricted Stock Units Number of Weighted Average Nonvested shares, December 31, 2021 114,498 $ 43.93 Granted during the period 20,742 73.94 Nonvested shares, September 30, 2022 135,240 $ 48.53 Nonvested shares, December 31, 2020 89,300 $ 38.29 Granted during the period 25,198 63.92 Nonvested shares, September 30, 2021 114,498 $ 43.93 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Regulated Operations [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements | The following table presents actual capital amounts and required ratios under Basel III Capital Rules for the Company and Bank as of September 30, 2022 and December 31, 2021. Actual Minimum Capital To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio September 30, 2022 Total capital to risk weighted assets: Consolidated $ 1,902,932 12.27 % $ 1,628,457 10.50 % N/A N/A Bank 1,977,152 12.75 1,627,987 10.50 $ 1,550,464 10.00 % Tier 1 capital to risk weighted assets: Consolidated 1,605,750 10.35 1,318,275 8.50 N/A N/A Bank 1,861,970 12.01 1,317,894 8.50 1,240,371 8.00 Common equity tier 1 to risk weighted assets: Consolidated 1,550,150 10.00 1,085,638 7.00 N/A N/A Bank 1,861,970 12.01 1,085,325 7.00 1,007,802 6.50 Tier 1 capital to average assets: Consolidated 1,605,750 9.41 682,529 4.00 N/A N/A Bank 1,861,970 10.91 682,386 4.00 852,982 5.00 December 31, 2021 Total capital to risk weighted assets: Consolidated $ 1,916,163 13.67 % $ 1,471,510 10.50 % N/A N/A Bank 1,983,530 14.16 1,471,036 10.50 $ 1,400,987 10.00 % Tier 1 capital to risk weighted assets: Consolidated 1,614,372 11.52 1,191,223 8.50 N/A N/A Bank 1,885,739 13.46 1,190,839 8.50 1,120,790 8.00 Common equity tier 1 to risk weighted assets: Consolidated 1,558,772 11.12 981,007 7.00 N/A N/A Bank 1,885,739 13.46 980,691 7.00 910,642 6.50 Tier 1 capital to average assets: Consolidated 1,614,372 8.80 733,954 4.00 N/A N/A Bank 1,885,739 10.28 733,785 4.00 917,231 5.00 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2022 segment business_trust | |
Accounting Policies [Abstract] | |
Number of wholly owned statutory business trusts | business_trust | 9 |
Number of reportable segments | segment | 1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Basic earnings per share: | ||||
Net income | $ 52,437 | $ 52,340 | $ 155,537 | $ 170,563 |
Less: Undistributed earnings allocated to participating securities | 277 | 324 | 843 | 1,246 |
Less: Dividends paid on participating securities | 118 | 126 | 374 | 399 |
Net income available to common shareholders | $ 52,042 | $ 51,890 | $ 154,320 | $ 168,918 |
Weighted average basic shares outstanding (shares) | 40,856,786 | 42,674,563 | 41,557,304 | 42,720,519 |
Basic earnings per share (usd per share) | $ 1.27 | $ 1.22 | $ 3.71 | $ 3.95 |
Diluted earnings per share: | ||||
Total weighted average diluted shares outstanding (shares) | 40,943,190 | 42,733,955 | 41,637,825 | 42,776,805 |
Diluted earnings per share (usd per share) | $ 1.27 | $ 1.21 | $ 3.71 | $ 3.95 |
Anti-dilutive participating securities (shares) | 100,019 | 155,036 | 125,664 | 182,225 |
Performance stock units | ||||
Diluted earnings per share: | ||||
Add dilutive performance stock (shares) | 86,404 | 59,392 | 80,521 | 56,286 |
Statement of Cash Flows - Other
Statement of Cash Flows - Other Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash transactions: | ||
Interest expense paid | $ 50,154 | $ 54,209 |
Income taxes paid | 33,638 | 44,833 |
Noncash transactions: | ||
Deferred dividend equivalents | 146 | 156 |
Transfer of loans to other real estate owned | 23,900 | 0 |
Transfer of securities available for sale to held to maturity | 117,583 | 0 |
Securities purchased, not yet settled | 0 | 25,667 |
Right-of-use assets obtained in exchange for lease liabilities | 4,011 | 4,371 |
Loans purchased, not yet settled | $ 5,898 | $ 32,902 |
Securities - Amortized Cost of
Securities - Amortized Cost of Securities and Approximate Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | $ 1,991,086 | $ 1,999,792 |
Gross Unrealized Gain, AFS | 87 | 29,004 |
Gross Unrealized Loss, AFS | (261,010) | (22,069) |
Fair Value, AFS | 1,730,163 | 2,006,727 |
Amortized Cost, HTM | 207,516 | 0 |
Investment securities held to maturity | 156,509 | |
Accrued Interest, AFS | 7,061 | 8,581 |
Accrued Interest, HTM | 1,247 | |
U.S. treasuries | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 260,046 | 174,950 |
Gross Unrealized Gain, AFS | 0 | 724 |
Gross Unrealized Loss, AFS | (21,112) | (678) |
Fair Value, AFS | 238,934 | 174,996 |
Government agency securities | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 471,058 | 453,402 |
Gross Unrealized Gain, AFS | 0 | 1,221 |
Gross Unrealized Loss, AFS | (82,310) | (9,948) |
Fair Value, AFS | 388,748 | 444,675 |
Obligations of state and municipal subdivisions | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 271,057 | 418,554 |
Gross Unrealized Gain, AFS | 79 | 15,440 |
Gross Unrealized Loss, AFS | (16,937) | (1,234) |
Fair Value, AFS | 254,199 | 432,760 |
Amortized Cost, HTM | 207,516 | |
Gross Unrealized Gain, HTM | 0 | |
Gross Unrealized Loss, HTM | (51,007) | |
Investment securities held to maturity | 156,509 | |
Corporate bonds | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 46,999 | 33,994 |
Gross Unrealized Gain, AFS | 0 | 862 |
Gross Unrealized Loss, AFS | (4,784) | (60) |
Fair Value, AFS | 42,215 | 34,796 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 940,976 | 917,942 |
Gross Unrealized Gain, AFS | 8 | 10,757 |
Gross Unrealized Loss, AFS | (135,867) | (10,149) |
Fair Value, AFS | 805,117 | 918,550 |
Other securities | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 950 | 950 |
Gross Unrealized Gain, AFS | 0 | 0 |
Gross Unrealized Loss, AFS | 0 | 0 |
Fair Value, AFS | $ 950 | $ 950 |
Securities - Additional Informa
Securities - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||||
Securities transferred from AFS to HTM | $ 117,583,000 | |||||
Transfers unrealized pre-tax gains | $ 26,000 | |||||
Securities held to maturity | $ 207,516,000 | $ 207,516,000 | $ 0 | |||
Carrying value of securities pledged | 1,042,361,000 | 1,042,361,000 | 997,416,000 | |||
Proceeds from sales | 0 | $ 0 | 0 | $ 181,000 | ||
Allowance for credit loss, AFS securities | 0 | 0 | ||||
Allowance for credit loss, HTM securities | $ 0 | $ 0 | $ 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized Cost, AFS | ||
Due in one year or less | $ 47,139 | |
Due from one year to five years | 330,712 | |
Due from five to ten years | 442,440 | |
Thereafter | 229,819 | |
Total | 1,050,110 | |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | 940,976 | |
Amortized Cost, AFS | 1,991,086 | $ 1,999,792 |
Fair Value, AFS | ||
Due in one year or less | 46,752 | |
Due from one year to five years | 309,920 | |
Due from five to ten years | 379,802 | |
Thereafter | 188,572 | |
Total | 925,046 | |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | 805,117 | |
Fair Value | 1,730,163 | 2,006,727 |
Amortized Cost, HTM | ||
Due in one year or less | 0 | |
Due from one year to five years | 0 | |
Due from five to ten years | 0 | |
Thereafter | 207,516 | |
Total | 207,516 | |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | 0 | |
Amortized Cost, HTM | 207,516 | $ 0 |
Fair Value, HTM | ||
Due in one year or less | 0 | |
Due from one year to five years | 0 | |
Due from five to ten years | 0 | |
Thereafter | 156,509 | |
Total | 156,509 | |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | 0 | |
Fair Value | $ 156,509 |
Securities Available for Sale -
Securities Available for Sale - Proceeds, Gross Gains and Gross Losses from Sale (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sale | $ 0 | $ 0 | $ 0 | $ 181,000 |
Gross gains | 0 | 0 | ||
Gross losses | $ 0 | $ 0 |
Securities - Summary of Unreali
Securities - Summary of Unrealized Losses and Fair Value of Securities in Continuous Unrealized Loss Positions (Details) $ in Thousands | Sep. 30, 2022 USD ($) security | Dec. 31, 2021 USD ($) security |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: number of securities AFS | security | 675 | 192 |
Less than 12 months: estimated fair value AFS | $ 988,776 | $ 1,084,863 |
Less than 12 months: unrealized losses AFS | $ (101,220) | $ (14,819) |
Greater than 12 months: number of securities AFS | security | 159 | 35 |
Greater than 12 months: estimated fair value AFS | $ 708,741 | $ 168,138 |
Greater than 12 months: unrealized losses AFS | (159,790) | (7,250) |
Total: estimated fair value AFS | 1,697,517 | 1,253,001 |
Total: unrealized losses AFS | $ (261,010) | $ (22,069) |
U.S. treasuries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: number of securities AFS | security | 33 | 22 |
Less than 12 months: estimated fair value AFS | $ 216,899 | $ 144,172 |
Less than 12 months: unrealized losses AFS | $ (17,267) | $ (678) |
Greater than 12 months: number of securities AFS | security | 3 | 0 |
Greater than 12 months: estimated fair value AFS | $ 22,035 | $ 0 |
Greater than 12 months: unrealized losses AFS | (3,845) | 0 |
Total: estimated fair value AFS | 238,934 | 144,172 |
Total: unrealized losses AFS | $ (21,112) | $ (678) |
Government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: number of securities AFS | security | 16 | 38 |
Less than 12 months: estimated fair value AFS | $ 74,293 | $ 258,334 |
Less than 12 months: unrealized losses AFS | $ (8,696) | $ (4,622) |
Greater than 12 months: number of securities AFS | security | 60 | 22 |
Greater than 12 months: estimated fair value AFS | $ 314,455 | $ 119,963 |
Greater than 12 months: unrealized losses AFS | (73,614) | (5,326) |
Total: estimated fair value AFS | 388,748 | 378,297 |
Total: unrealized losses AFS | $ (82,310) | $ (9,948) |
Obligations of state and municipal subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: number of securities AFS | security | 351 | 14 |
Less than 12 months: estimated fair value AFS | $ 225,040 | $ 47,200 |
Less than 12 months: unrealized losses AFS | $ (14,415) | $ (988) |
Greater than 12 months: number of securities AFS | security | 4 | 2 |
Greater than 12 months: estimated fair value AFS | $ 7,485 | $ 3,555 |
Greater than 12 months: unrealized losses AFS | (2,522) | (246) |
Total: estimated fair value AFS | 232,525 | 50,755 |
Total: unrealized losses AFS | $ (16,937) | $ (1,234) |
Less than 12 months: number of securities HTM | security | 31 | |
Less than 12 months: estimated fair value HTM | $ 127,585 | |
Less than 12 months: unrealized losses HTM | $ (39,297) | |
Greater than 12 months: number of securities HTM | security | 12 | |
Greater than 12 months: estimated fair value HTM | $ 28,924 | |
Greater than 12 months: unrealized losses HTM | (11,710) | |
Total: estimated fair value HTM | 156,509 | |
Total: unrealized losses HTM | $ (51,007) | |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: number of securities AFS | security | 9 | 3 |
Less than 12 months: estimated fair value AFS | $ 26,324 | $ 13,440 |
Less than 12 months: unrealized losses AFS | $ (4,176) | $ (60) |
Greater than 12 months: number of securities AFS | security | 1 | 0 |
Greater than 12 months: estimated fair value AFS | $ 6,392 | $ 0 |
Greater than 12 months: unrealized losses AFS | (608) | 0 |
Total: estimated fair value AFS | 32,716 | 13,440 |
Total: unrealized losses AFS | $ (4,784) | $ (60) |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: number of securities AFS | security | 266 | 115 |
Less than 12 months: estimated fair value AFS | $ 446,220 | $ 621,717 |
Less than 12 months: unrealized losses AFS | $ (56,666) | $ (8,471) |
Greater than 12 months: number of securities AFS | security | 91 | 11 |
Greater than 12 months: estimated fair value AFS | $ 358,374 | $ 44,620 |
Greater than 12 months: unrealized losses AFS | (79,201) | (1,678) |
Total: estimated fair value AFS | 804,594 | 666,337 |
Total: unrealized losses AFS | $ (135,867) | $ (10,149) |
Loans, Net and Allowance for _3
Loans, Net and Allowance for Credit Losses on Loans - Composition of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | $ 13,694,801 | $ 12,439,446 | ||||
Allowance for credit losses | (146,395) | $ (144,170) | (148,706) | $ (150,281) | $ (154,791) | $ (87,820) |
Total loans, net | 13,548,406 | 12,290,740 | ||||
Deferred loan fees, net | (14,192) | (9,406) | ||||
Accrued Interest Receivable | 41,111 | 41,051 | ||||
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 2,171,609 | 1,983,886 | ||||
Allowance for credit losses | (50,807) | (53,303) | (49,747) | (49,086) | (46,957) | (27,311) |
Mortgage warehouse | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 409,044 | 788,848 | ||||
Real estate | Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 7,710,419 | 6,617,455 | ||||
Allowance for credit losses | (59,224) | (53,846) | (65,110) | (61,484) | (67,696) | (36,698) |
Real estate | Commercial Construction, Land and Land Development | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 1,167,323 | 1,180,181 | ||||
Allowance for credit losses | (22,265) | (24,186) | (23,861) | (28,757) | (27,842) | (13,425) |
Real estate | Residential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 1,532,689 | 1,300,122 | ||||
Allowance for credit losses | (2,866) | (3,114) | (2,192) | (2,345) | (3,638) | (6,786) |
Real estate | Single-family interim construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 502,535 | 380,627 | ||||
Allowance for credit losses | (10,696) | (9,225) | (7,222) | (8,063) | (8,129) | (2,156) |
Agricultural | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 121,431 | 106,512 | ||||
Allowance for credit losses | (142) | (105) | (106) | (68) | (86) | (337) |
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 79,751 | 81,815 | ||||
Allowance for credit losses | $ (395) | $ (391) | $ (468) | $ (478) | $ (443) | $ (684) |
Loans, Net and Allowance for _4
Loans, Net and Allowance for Credit Losses on Loans - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) modified_loan | Sep. 30, 2021 USD ($) contract modified_loan | Sep. 30, 2022 USD ($) modified_loan | Sep. 30, 2021 USD ($) contract modified_loan | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans pledged | $ 7,350,258,000 | $ 7,350,258,000 | $ 6,769,353,000 | ||
Commercial Loans | 13,548,406,000 | 13,548,406,000 | 12,290,740,000 | ||
Troubled debt restructuring modification recorded investment | $ 2,465,000 | $ 2,465,000 | 2,918,000 | ||
Number of loans modified under troubled debt restructuring | 0 | 0 | 0 | 3 | |
Number of loans modified under troubled debt restructurings that subsequently defaulted | modified_loan | 0 | 0 | 0 | 0 | |
Commitments to lend | $ 0 | $ 0 | $ 0 | $ 0 | |
Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of loans modified under troubled debt restructuring | contract | 0 | 2 | |||
Commercial | Paycheck Protection Program | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PPP interest rate | 1% | 1% | |||
PPP loans outstanding | $ 7,029,000 | $ 7,029,000 | 112,128,000 | ||
PPP deferred loan fees | 159,000 | $ 159,000 | 2,552,000 | ||
Agricultural | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of loans modified under troubled debt restructuring | contract | 0 | 0 | |||
Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of loans modified under troubled debt restructuring | contract | 0 | 1 | |||
Customer Concentration Risk | Consumer | Loans and Leases, Net | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of the portfolio | 1% | ||||
Geographic Concentration Risk | Loans and Leases, Net | Colorado | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of the portfolio | 25% | ||||
Minimum | Commercial | Paycheck Protection Program | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PPP term | 2 years | ||||
Maximum | Commercial | Paycheck Protection Program | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PPP term | 5 years | ||||
Energy Related Loans | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial Loans | $ 531,633,000 | $ 531,633,000 | $ 342,776,000 | ||
Mortgage warehouse | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Duration of the loans to larger mortgage originators | 60 days | ||||
Mortgage warehouse | Maximum | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Duration of the loans to mortgage bankers | 15 days | ||||
Owner Occupied | Customer Concentration Risk | Loans and Leases, Net | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of the portfolio | 23% | ||||
Real Estate Loan | Agricultural | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loan to value ratio (percent) | 80% | 80% | |||
Loan, amortization period | 20 years | ||||
Non-Real Estate Loan | Agricultural | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Period of operating lines | 1 year |
Loans, Net and Allowance for _5
Loans, Net and Allowance for Credit Losses on Loans - Rollforward of Activity in Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ 144,170 | $ 154,791 | $ 148,706 | $ 87,820 |
Provision for credit losses | 3,520 | (4,411) | 2,068 | (14,031) |
Charge-offs | (1,460) | (126) | (4,901) | (4,506) |
Recoveries | 165 | 27 | 522 | 83 |
Balance at end of period | 146,395 | 150,281 | 146,395 | 150,281 |
Impact of ASC 326 adoption | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Impact of adopting ASC 326 | 67,880 | |||
Initial allowance on loans purchased with credit deterioration | 13,035 | |||
Commercial | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 53,303 | 46,957 | 49,747 | 27,311 |
Provision for credit losses | (2,307) | 2,190 | 1,345 | 8,466 |
Charge-offs | (273) | (78) | (726) | (3,832) |
Recoveries | 84 | 17 | 441 | 38 |
Balance at end of period | 50,807 | 49,086 | 50,807 | 49,086 |
Commercial | Impact of ASC 326 adoption | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Impact of adopting ASC 326 | 12,775 | |||
Initial allowance on loans purchased with credit deterioration | 4,328 | |||
Real estate | Commercial Real Estate | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 53,846 | 67,696 | 65,110 | 36,698 |
Provision for credit losses | 6,565 | (6,212) | (1,727) | (11,587) |
Charge-offs | (1,187) | 0 | (4,159) | (375) |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 59,224 | 61,484 | 59,224 | 61,484 |
Real estate | Commercial Real Estate | Impact of ASC 326 adoption | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Impact of adopting ASC 326 | 29,108 | |||
Initial allowance on loans purchased with credit deterioration | 7,640 | |||
Real estate | Commercial Construction, Land and Land Development | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 24,186 | 27,842 | 23,861 | 13,425 |
Provision for credit losses | (1,921) | 915 | (1,596) | (7,477) |
Charge-offs | 0 | 0 | 0 | (126) |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 22,265 | 28,757 | 22,265 | 28,757 |
Real estate | Commercial Construction, Land and Land Development | Impact of ASC 326 adoption | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Impact of adopting ASC 326 | 22,008 | |||
Initial allowance on loans purchased with credit deterioration | 927 | |||
Real estate | Residential Real Estate | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 3,114 | 3,638 | 2,192 | 6,786 |
Provision for credit losses | (329) | (1,293) | 599 | (2,326) |
Charge-offs | 0 | 0 | (6) | 0 |
Recoveries | 81 | 0 | 81 | 0 |
Balance at end of period | 2,866 | 2,345 | 2,866 | 2,345 |
Real estate | Residential Real Estate | Impact of ASC 326 adoption | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Impact of adopting ASC 326 | (2,255) | |||
Initial allowance on loans purchased with credit deterioration | 140 | |||
Real estate | Single-family interim construction | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 9,225 | 8,129 | 7,222 | 2,156 |
Provision for credit losses | 1,471 | (66) | 3,474 | (1,272) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 10,696 | 8,063 | 10,696 | 8,063 |
Real estate | Single-family interim construction | Impact of ASC 326 adoption | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Impact of adopting ASC 326 | 7,179 | |||
Initial allowance on loans purchased with credit deterioration | 0 | |||
Agricultural | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 105 | 86 | 106 | 337 |
Provision for credit losses | 37 | (18) | 36 | (91) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 142 | 68 | 142 | 68 |
Agricultural | Impact of ASC 326 adoption | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Impact of adopting ASC 326 | (178) | |||
Initial allowance on loans purchased with credit deterioration | 0 | |||
Consumer | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 391 | 443 | 468 | 684 |
Provision for credit losses | 4 | 73 | (63) | 256 |
Charge-offs | 0 | (48) | (10) | (173) |
Recoveries | 0 | 10 | 0 | 45 |
Balance at end of period | 395 | 478 | 395 | 478 |
Consumer | Impact of ASC 326 adoption | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Impact of adopting ASC 326 | (334) | |||
Initial allowance on loans purchased with credit deterioration | 0 | |||
Unallocated | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 0 | 423 |
Provision for credit losses | 0 | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | $ 0 | $ 0 | $ 0 | 0 |
Unallocated | Impact of ASC 326 adoption | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Impact of adopting ASC 326 | (423) | |||
Initial allowance on loans purchased with credit deterioration | $ 0 |
Loans, Net and Allowance for _6
Loans, Net and Allowance for Credit Losses on Loans - Individually Evaluated Loans by Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated loans | $ 51,308 | $ 64,944 |
Specific allocations of individually evaluated loans | 13,119 | 18,073 |
Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated loans | 36,659 | 38,911 |
Specific allocations of individually evaluated loans | 13,119 | 15,958 |
Real estate | Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated loans | 14,649 | 24,683 |
Specific allocations of individually evaluated loans | 0 | 1,553 |
Real estate | Commercial Construction, Land and Land Development | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated loans | 0 | 1,350 |
Specific allocations of individually evaluated loans | 0 | 562 |
Real estate | Residential Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Specific allocations of individually evaluated loans | 0 | 0 |
Real estate | Single-family interim construction | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Specific allocations of individually evaluated loans | 0 | 0 |
Agricultural | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Specific allocations of individually evaluated loans | 0 | 0 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Specific allocations of individually evaluated loans | $ 0 | $ 0 |
Loans, Net and Allowance for _7
Loans, Net and Allowance for Credit Losses on Loans - Summary of Non Performing Loans by Loan Class (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | $ 2,465,000 | $ 2,465,000 | $ 2,918,000 | ||
Nonaccrual, No Allowance | 25,000 | 25,000 | 18,000 | ||
Financing Receivable, Nonaccrual, Interest Income | 0 | $ 0 | 0 | $ 0 | |
Nonperforming Financial Instruments | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual Loans | 54,671,000 | 54,671,000 | 53,673,000 | ||
Loans past due 90 days and still accruing | 865,000 | 865,000 | 1,790,000 | ||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 1,504,000 | 1,504,000 | 1,875,000 | ||
Total nonperforming loans | 57,040,000 | 57,040,000 | 57,338,000 | ||
Nonperforming Financial Instruments | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual Loans | 37,533,000 | 37,533,000 | 36,802,000 | ||
Loans past due 90 days and still accruing | 54,000 | 54,000 | 187,000 | ||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | 0 | 0 | ||
Total nonperforming loans | 37,587,000 | 37,587,000 | 36,989,000 | ||
Nonperforming Financial Instruments | Real estate | Commercial Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual Loans | 15,811,000 | 15,811,000 | 15,218,000 | ||
Loans past due 90 days and still accruing | 0 | 0 | 0 | ||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 1,441,000 | 1,441,000 | 1,714,000 | ||
Total nonperforming loans | 17,252,000 | 17,252,000 | 16,932,000 | ||
Nonperforming Financial Instruments | Real estate | Commercial Construction, Land and Land Development | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual Loans | 17,000 | 17,000 | 23,000 | ||
Loans past due 90 days and still accruing | 0 | 0 | 0 | ||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | 0 | 0 | ||
Total nonperforming loans | 17,000 | 17,000 | 23,000 | ||
Nonperforming Financial Instruments | Real estate | Residential Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual Loans | 1,301,000 | 1,301,000 | 1,592,000 | ||
Loans past due 90 days and still accruing | 622,000 | 622,000 | 1,603,000 | ||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 63,000 | 63,000 | 161,000 | ||
Total nonperforming loans | 1,986,000 | 1,986,000 | 3,356,000 | ||
Nonperforming Financial Instruments | Real estate | Single-family interim construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual Loans | 0 | 0 | 0 | ||
Loans past due 90 days and still accruing | 189,000 | 189,000 | 0 | ||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | 0 | 0 | ||
Total nonperforming loans | 189,000 | 189,000 | 0 | ||
Nonperforming Financial Instruments | Agricultural | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual Loans | 0 | 0 | 0 | ||
Loans past due 90 days and still accruing | 0 | 0 | 0 | ||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | 0 | 0 | ||
Total nonperforming loans | 0 | 0 | 0 | ||
Nonperforming Financial Instruments | Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual Loans | 9,000 | 9,000 | 38,000 | ||
Loans past due 90 days and still accruing | 0 | 0 | 0 | ||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | 0 | 0 | ||
Total nonperforming loans | $ 9,000 | $ 9,000 | $ 38,000 |
Loans, Net and Allowance for _8
Loans, Net and Allowance for Credit Losses on Loans - Summary of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 modified_loan | Sep. 30, 2021 USD ($) contract | Sep. 30, 2022 modified_loan | Sep. 30, 2021 USD ($) contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans modified under troubled debt restructuring | 0 | 0 | 0 | 3 |
Pre-restructuring outstanding recorded investment | $ 0 | $ 1,795 | ||
Post-restructuring outstanding recorded investment | $ 0 | $ 576 | ||
Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans modified under troubled debt restructuring | contract | 0 | 2 | ||
Pre-restructuring outstanding recorded investment | $ 0 | $ 1,789 | ||
Post-restructuring outstanding recorded investment | $ 0 | $ 570 | ||
Real estate | Commercial Real Estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans modified under troubled debt restructuring | contract | 0 | 0 | ||
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 | ||
Post-restructuring outstanding recorded investment | $ 0 | $ 0 | ||
Real estate | Commercial Construction, Land and Land Development | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans modified under troubled debt restructuring | contract | 0 | 0 | ||
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 | ||
Post-restructuring outstanding recorded investment | $ 0 | $ 0 | ||
Real estate | Residential Real Estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans modified under troubled debt restructuring | contract | 0 | 0 | ||
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 | ||
Post-restructuring outstanding recorded investment | $ 0 | $ 0 | ||
Real estate | Single-family interim construction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans modified under troubled debt restructuring | contract | 0 | 0 | ||
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 | ||
Post-restructuring outstanding recorded investment | $ 0 | $ 0 | ||
Agricultural | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans modified under troubled debt restructuring | contract | 0 | 0 | ||
Pre-restructuring outstanding recorded investment | $ 0 | $ 0 | ||
Post-restructuring outstanding recorded investment | $ 0 | $ 0 | ||
Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans modified under troubled debt restructuring | contract | 0 | 1 | ||
Pre-restructuring outstanding recorded investment | $ 0 | $ 6 | ||
Post-restructuring outstanding recorded investment | $ 0 | $ 6 |
Loans, Net and Allowance for _9
Loans, Net and Allowance for Credit Losses on Loans - Aging of Past Due Loans by Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 13,694,801 | $ 12,439,446 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,171,609 | 1,983,886 |
Mortgage warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 409,044 | 788,848 |
Real estate | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 7,710,419 | 6,617,455 |
Real estate | Commercial Construction, Land and Land Development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,167,323 | 1,180,181 |
Real estate | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,532,689 | 1,300,122 |
Real estate | Single-family interim construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 502,535 | 380,627 |
Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 121,431 | 106,512 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 79,751 | 81,815 |
Loans 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 13,343 | 9,262 |
Loans 30-89 Days Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,733 | 1,041 |
Loans 30-89 Days Past Due | Mortgage warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Loans 30-89 Days Past Due | Real estate | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,184 | 2,861 |
Loans 30-89 Days Past Due | Real estate | Commercial Construction, Land and Land Development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 7 | 0 |
Loans 30-89 Days Past Due | Real estate | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,927 | 3,838 |
Loans 30-89 Days Past Due | Real estate | Single-family interim construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 1,290 |
Loans 30-89 Days Past Due | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 16 |
Loans 30-89 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,492 | 216 |
Loans 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 14,239 | 24,762 |
Loans 90 Days or More Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 10,743 | 11,056 |
Loans 90 Days or More Past Due | Mortgage warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Loans 90 Days or More Past Due | Real estate | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,270 | 11,784 |
Loans 90 Days or More Past Due | Real estate | Commercial Construction, Land and Land Development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Loans 90 Days or More Past Due | Real estate | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,028 | 1,913 |
Loans 90 Days or More Past Due | Real estate | Single-family interim construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 189 | 0 |
Loans 90 Days or More Past Due | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Loans 90 Days or More Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 9 | 9 |
Total Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 27,582 | 34,024 |
Total Past Due Loans | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 16,476 | 12,097 |
Total Past Due Loans | Mortgage warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Total Past Due Loans | Real estate | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,454 | 14,645 |
Total Past Due Loans | Real estate | Commercial Construction, Land and Land Development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 7 | 0 |
Total Past Due Loans | Real estate | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,955 | 5,751 |
Total Past Due Loans | Real estate | Single-family interim construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 189 | 1,290 |
Total Past Due Loans | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 16 |
Total Past Due Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,501 | 225 |
Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 13,667,219 | 12,405,422 |
Current Loans | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,155,133 | 1,971,789 |
Current Loans | Mortgage warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 409,044 | 788,848 |
Current Loans | Real estate | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 7,704,965 | 6,602,810 |
Current Loans | Real estate | Commercial Construction, Land and Land Development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,167,316 | 1,180,181 |
Current Loans | Real estate | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,528,734 | 1,294,371 |
Current Loans | Real estate | Single-family interim construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 502,346 | 379,337 |
Current Loans | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 121,431 | 106,496 |
Current Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 78,250 | $ 81,590 |
Loans, Net and Allowance for_10
Loans, Net and Allowance for Credit Losses on Loans - Loans held for investment by year of origination and internally assigned credit grade (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | $ 4,240,566 | $ 4,986,567 |
Term Loans by Year of Origination, Year 2 | 3,621,839 | 2,062,363 |
Term Loans by Year of Origination, Year 3 | 1,671,954 | 1,341,848 |
Term Loans by Year of Origination, Year 4 | 1,007,436 | 1,061,979 |
Term Loans by Year of Origination, Year 5 | 721,234 | 769,153 |
Term Loans by Year of Origination, Prior | 1,182,890 | 1,208,460 |
Revolving Loans | 1,235,150 | 990,512 |
Revolving Loans Converted to Term Loans | 13,732 | 18,564 |
Total Loans | 13,694,801 | 12,439,446 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 4,126,075 | 4,771,917 |
Term Loans by Year of Origination, Year 2 | 3,468,118 | 1,995,309 |
Term Loans by Year of Origination, Year 3 | 1,622,977 | 1,227,819 |
Term Loans by Year of Origination, Year 4 | 961,205 | 933,094 |
Term Loans by Year of Origination, Year 5 | 643,179 | 700,329 |
Term Loans by Year of Origination, Prior | 1,085,463 | 1,051,269 |
Revolving Loans | 1,175,839 | 930,290 |
Revolving Loans Converted to Term Loans | 13,516 | 11,938 |
Total Loans | 13,096,372 | 11,621,965 |
Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 88,659 | 73,849 |
Term Loans by Year of Origination, Year 2 | 25,616 | 33,073 |
Term Loans by Year of Origination, Year 3 | 39,184 | 49,665 |
Term Loans by Year of Origination, Year 4 | 21,820 | 64,547 |
Term Loans by Year of Origination, Year 5 | 61,822 | 45,251 |
Term Loans by Year of Origination, Prior | 49,857 | 79,090 |
Revolving Loans | 18,882 | 23,191 |
Revolving Loans Converted to Term Loans | 188 | 4,638 |
Total Loans | 306,028 | 373,304 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 20,337 | 61,990 |
Term Loans by Year of Origination, Year 2 | 39,917 | 16,887 |
Term Loans by Year of Origination, Year 3 | 300 | 46,416 |
Term Loans by Year of Origination, Year 4 | 9,695 | 37,335 |
Term Loans by Year of Origination, Year 5 | 7,815 | 20,003 |
Term Loans by Year of Origination, Prior | 16,707 | 25,714 |
Revolving Loans | 12,474 | 13,011 |
Revolving Loans Converted to Term Loans | 28 | 0 |
Total Loans | 107,273 | 221,356 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 5,495 | 78,811 |
Term Loans by Year of Origination, Year 2 | 88,188 | 17,094 |
Term Loans by Year of Origination, Year 3 | 9,493 | 17,948 |
Term Loans by Year of Origination, Year 4 | 14,716 | 27,003 |
Term Loans by Year of Origination, Year 5 | 8,418 | 3,570 |
Term Loans by Year of Origination, Prior | 30,863 | 52,387 |
Revolving Loans | 20,225 | 14,123 |
Revolving Loans Converted to Term Loans | 0 | 1,988 |
Total Loans | 177,398 | 212,924 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 7,730 | 9,897 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 7,730 | 9,897 |
Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | |
Term Loans by Year of Origination, Year 2 | 0 | |
Term Loans by Year of Origination, Year 3 | 0 | |
Term Loans by Year of Origination, Year 4 | 0 | |
Term Loans by Year of Origination, Year 5 | 0 | |
Term Loans by Year of Origination, Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans | 0 | |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 257,014 | 454,758 |
Term Loans by Year of Origination, Year 2 | 378,741 | 187,165 |
Term Loans by Year of Origination, Year 3 | 155,698 | 123,636 |
Term Loans by Year of Origination, Year 4 | 130,207 | 88,830 |
Term Loans by Year of Origination, Year 5 | 58,663 | 95,981 |
Term Loans by Year of Origination, Prior | 178,952 | 278,180 |
Revolving Loans | 1,011,089 | 744,798 |
Revolving Loans Converted to Term Loans | 1,245 | 10,538 |
Total Loans | 2,171,609 | 1,983,886 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 254,467 | 422,810 |
Term Loans by Year of Origination, Year 2 | 343,448 | 183,433 |
Term Loans by Year of Origination, Year 3 | 154,859 | 98,059 |
Term Loans by Year of Origination, Year 4 | 115,410 | 78,357 |
Term Loans by Year of Origination, Year 5 | 56,752 | 81,620 |
Term Loans by Year of Origination, Prior | 166,465 | 255,213 |
Revolving Loans | 954,633 | 690,242 |
Revolving Loans Converted to Term Loans | 1,057 | 5,231 |
Total Loans | 2,047,091 | 1,814,965 |
Commercial | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 708 | 260 |
Term Loans by Year of Origination, Year 2 | 5,377 | 3,010 |
Term Loans by Year of Origination, Year 3 | 258 | 1,019 |
Term Loans by Year of Origination, Year 4 | 342 | 3,135 |
Term Loans by Year of Origination, Year 5 | 1,863 | 11,688 |
Term Loans by Year of Origination, Prior | 563 | 65 |
Revolving Loans | 16,348 | 18,768 |
Revolving Loans Converted to Term Loans | 188 | 3,319 |
Total Loans | 25,647 | 41,264 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 253 | 1,411 |
Term Loans by Year of Origination, Year 2 | 0 | 117 |
Term Loans by Year of Origination, Year 3 | 105 | 8,517 |
Term Loans by Year of Origination, Year 4 | 51 | 7,244 |
Term Loans by Year of Origination, Year 5 | 0 | 195 |
Term Loans by Year of Origination, Prior | 4,740 | 4,571 |
Revolving Loans | 12,349 | 12,885 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 17,498 | 34,940 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 1,586 | 30,277 |
Term Loans by Year of Origination, Year 2 | 29,916 | 605 |
Term Loans by Year of Origination, Year 3 | 476 | 16,041 |
Term Loans by Year of Origination, Year 4 | 14,404 | 94 |
Term Loans by Year of Origination, Year 5 | 48 | 2,478 |
Term Loans by Year of Origination, Prior | 7,184 | 18,331 |
Revolving Loans | 20,029 | 13,006 |
Revolving Loans Converted to Term Loans | 0 | 1,988 |
Total Loans | 73,643 | 82,820 |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 7,730 | 9,897 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 7,730 | 9,897 |
Commercial | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | |
Term Loans by Year of Origination, Year 2 | 0 | |
Term Loans by Year of Origination, Year 3 | 0 | |
Term Loans by Year of Origination, Year 4 | 0 | |
Term Loans by Year of Origination, Year 5 | 0 | |
Term Loans by Year of Origination, Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans | 0 | |
Mortgage warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 409,044 | 788,848 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 409,044 | 788,848 |
Mortgage warehouse | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 409,044 | 788,848 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 409,044 | 788,848 |
Mortgage warehouse | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Mortgage warehouse | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Mortgage warehouse | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Mortgage warehouse | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Mortgage warehouse | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | |
Term Loans by Year of Origination, Year 2 | 0 | |
Term Loans by Year of Origination, Year 3 | 0 | |
Term Loans by Year of Origination, Year 4 | 0 | |
Term Loans by Year of Origination, Year 5 | 0 | |
Term Loans by Year of Origination, Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans | 0 | |
Real estate | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 2,384,804 | 2,328,368 |
Term Loans by Year of Origination, Year 2 | 2,142,074 | 1,249,987 |
Term Loans by Year of Origination, Year 3 | 1,101,051 | 908,414 |
Term Loans by Year of Origination, Year 4 | 674,814 | 748,288 |
Term Loans by Year of Origination, Year 5 | 546,702 | 552,252 |
Term Loans by Year of Origination, Prior | 786,411 | 750,840 |
Revolving Loans | 66,206 | 73,667 |
Revolving Loans Converted to Term Loans | 8,357 | 5,639 |
Total Loans | 7,710,419 | 6,617,455 |
Real estate | Commercial Real Estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 2,287,276 | 2,181,292 |
Term Loans by Year of Origination, Year 2 | 2,025,551 | 1,198,508 |
Term Loans by Year of Origination, Year 3 | 1,063,863 | 830,902 |
Term Loans by Year of Origination, Year 4 | 646,987 | 645,470 |
Term Loans by Year of Origination, Year 5 | 470,897 | 504,126 |
Term Loans by Year of Origination, Prior | 725,972 | 626,292 |
Revolving Loans | 66,206 | 71,850 |
Revolving Loans Converted to Term Loans | 8,329 | 4,320 |
Total Loans | 7,295,081 | 6,062,760 |
Real estate | Commercial Real Estate | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 76,625 | 54,671 |
Term Loans by Year of Origination, Year 2 | 19,249 | 18,591 |
Term Loans by Year of Origination, Year 3 | 28,520 | 39,045 |
Term Loans by Year of Origination, Year 4 | 18,810 | 60,955 |
Term Loans by Year of Origination, Year 5 | 59,901 | 30,196 |
Term Loans by Year of Origination, Prior | 29,216 | 74,762 |
Revolving Loans | 0 | 752 |
Revolving Loans Converted to Term Loans | 0 | 1,319 |
Total Loans | 232,321 | 280,291 |
Real estate | Commercial Real Estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 17,235 | 56,142 |
Term Loans by Year of Origination, Year 2 | 39,917 | 16,770 |
Term Loans by Year of Origination, Year 3 | 0 | 37,331 |
Term Loans by Year of Origination, Year 4 | 8,942 | 29,962 |
Term Loans by Year of Origination, Year 5 | 7,587 | 17,649 |
Term Loans by Year of Origination, Prior | 10,647 | 20,100 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 28 | 0 |
Total Loans | 84,356 | 177,954 |
Real estate | Commercial Real Estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 3,668 | 36,263 |
Term Loans by Year of Origination, Year 2 | 57,357 | 16,118 |
Term Loans by Year of Origination, Year 3 | 8,668 | 1,136 |
Term Loans by Year of Origination, Year 4 | 75 | 11,901 |
Term Loans by Year of Origination, Year 5 | 8,317 | 281 |
Term Loans by Year of Origination, Prior | 20,576 | 29,686 |
Revolving Loans | 0 | 1,065 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 98,661 | 96,450 |
Real estate | Commercial Real Estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Real estate | Commercial Real Estate | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | |
Term Loans by Year of Origination, Year 2 | 0 | |
Term Loans by Year of Origination, Year 3 | 0 | |
Term Loans by Year of Origination, Year 4 | 0 | |
Term Loans by Year of Origination, Year 5 | 0 | |
Term Loans by Year of Origination, Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans | 0 | |
Real estate | Commercial Construction, Land and Land Development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 407,171 | 651,568 |
Term Loans by Year of Origination, Year 2 | 532,045 | 272,595 |
Term Loans by Year of Origination, Year 3 | 139,517 | 105,263 |
Term Loans by Year of Origination, Year 4 | 33,940 | 100,085 |
Term Loans by Year of Origination, Year 5 | 25,228 | 15,688 |
Term Loans by Year of Origination, Prior | 15,417 | 16,396 |
Revolving Loans | 10,123 | 18,586 |
Revolving Loans Converted to Term Loans | 3,882 | 0 |
Total Loans | 1,167,323 | 1,180,181 |
Real estate | Commercial Construction, Land and Land Development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 396,147 | 618,288 |
Term Loans by Year of Origination, Year 2 | 531,998 | 262,136 |
Term Loans by Year of Origination, Year 3 | 130,286 | 98,007 |
Term Loans by Year of Origination, Year 4 | 33,923 | 85,596 |
Term Loans by Year of Origination, Year 5 | 25,228 | 13,751 |
Term Loans by Year of Origination, Prior | 15,325 | 14,939 |
Revolving Loans | 10,123 | 18,586 |
Revolving Loans Converted to Term Loans | 3,882 | 0 |
Total Loans | 1,146,912 | 1,111,303 |
Real estate | Commercial Construction, Land and Land Development | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 8,147 | 17,899 |
Term Loans by Year of Origination, Year 2 | 47 | 10,459 |
Term Loans by Year of Origination, Year 3 | 9,231 | 6,869 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 75 | 84 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 17,500 | 35,311 |
Real estate | Commercial Construction, Land and Land Development | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 2,849 | 3,780 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 1,909 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 2,849 | 5,689 |
Real estate | Commercial Construction, Land and Land Development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 28 | 11,601 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 387 |
Term Loans by Year of Origination, Year 4 | 17 | 14,489 |
Term Loans by Year of Origination, Year 5 | 0 | 28 |
Term Loans by Year of Origination, Prior | 17 | 1,373 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 62 | 27,878 |
Real estate | Commercial Construction, Land and Land Development | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Real estate | Commercial Construction, Land and Land Development | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | |
Term Loans by Year of Origination, Year 2 | 0 | |
Term Loans by Year of Origination, Year 3 | 0 | |
Term Loans by Year of Origination, Year 4 | 0 | |
Term Loans by Year of Origination, Year 5 | 0 | |
Term Loans by Year of Origination, Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans | 0 | |
Real estate | Residential Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 457,077 | 410,718 |
Term Loans by Year of Origination, Year 2 | 370,266 | 268,003 |
Term Loans by Year of Origination, Year 3 | 229,071 | 193,112 |
Term Loans by Year of Origination, Year 4 | 161,786 | 115,669 |
Term Loans by Year of Origination, Year 5 | 84,001 | 91,650 |
Term Loans by Year of Origination, Prior | 176,242 | 158,067 |
Revolving Loans | 53,998 | 60,559 |
Revolving Loans Converted to Term Loans | 248 | 2,344 |
Total Loans | 1,532,689 | 1,300,122 |
Real estate | Residential Real Estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 454,253 | 408,402 |
Term Loans by Year of Origination, Year 2 | 368,413 | 267,147 |
Term Loans by Year of Origination, Year 3 | 227,878 | 190,890 |
Term Loans by Year of Origination, Year 4 | 159,412 | 114,616 |
Term Loans by Year of Origination, Year 5 | 83,685 | 88,295 |
Term Loans by Year of Origination, Prior | 168,626 | 149,871 |
Revolving Loans | 53,374 | 60,212 |
Revolving Loans Converted to Term Loans | 248 | 2,344 |
Total Loans | 1,515,889 | 1,281,777 |
Real estate | Residential Real Estate | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 2,611 | 1,019 |
Term Loans by Year of Origination, Year 2 | 943 | 487 |
Term Loans by Year of Origination, Year 3 | 649 | 1,270 |
Term Loans by Year of Origination, Year 4 | 1,452 | 405 |
Term Loans by Year of Origination, Year 5 | 35 | 2,331 |
Term Loans by Year of Origination, Prior | 3,244 | 4,179 |
Revolving Loans | 303 | 169 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 9,237 | 9,860 |
Real estate | Residential Real Estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 657 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 195 | 568 |
Term Loans by Year of Origination, Year 4 | 702 | 129 |
Term Loans by Year of Origination, Year 5 | 228 | 250 |
Term Loans by Year of Origination, Prior | 1,320 | 1,043 |
Revolving Loans | 125 | 126 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 2,570 | 2,773 |
Real estate | Residential Real Estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 213 | 640 |
Term Loans by Year of Origination, Year 2 | 910 | 369 |
Term Loans by Year of Origination, Year 3 | 349 | 384 |
Term Loans by Year of Origination, Year 4 | 220 | 519 |
Term Loans by Year of Origination, Year 5 | 53 | 774 |
Term Loans by Year of Origination, Prior | 3,052 | 2,974 |
Revolving Loans | 196 | 52 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 4,993 | 5,712 |
Real estate | Residential Real Estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Real estate | Residential Real Estate | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | |
Term Loans by Year of Origination, Year 2 | 0 | |
Term Loans by Year of Origination, Year 3 | 0 | |
Term Loans by Year of Origination, Year 4 | 0 | |
Term Loans by Year of Origination, Year 5 | 0 | |
Term Loans by Year of Origination, Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans | 0 | |
Real estate | Single-family interim construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 270,724 | 305,267 |
Term Loans by Year of Origination, Year 2 | 166,994 | 59,584 |
Term Loans by Year of Origination, Year 3 | 23,512 | 2,801 |
Term Loans by Year of Origination, Year 4 | 0 | 312 |
Term Loans by Year of Origination, Year 5 | 259 | 0 |
Term Loans by Year of Origination, Prior | 16,759 | 0 |
Revolving Loans | 24,287 | 12,663 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 502,535 | 380,627 |
Real estate | Single-family interim construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 270,724 | 305,267 |
Term Loans by Year of Origination, Year 2 | 166,994 | 59,584 |
Term Loans by Year of Origination, Year 3 | 23,512 | 2,801 |
Term Loans by Year of Origination, Year 4 | 0 | 312 |
Term Loans by Year of Origination, Year 5 | 259 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 24,286 | 12,663 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 485,775 | 380,627 |
Real estate | Single-family interim construction | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 16,759 | 0 |
Revolving Loans | 1 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 16,760 | 0 |
Real estate | Single-family interim construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Real estate | Single-family interim construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Real estate | Single-family interim construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Real estate | Single-family interim construction | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | |
Term Loans by Year of Origination, Year 2 | 0 | |
Term Loans by Year of Origination, Year 3 | 0 | |
Term Loans by Year of Origination, Year 4 | 0 | |
Term Loans by Year of Origination, Year 5 | 0 | |
Term Loans by Year of Origination, Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans | 0 | |
Agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 48,596 | 36,442 |
Term Loans by Year of Origination, Year 2 | 25,546 | 15,531 |
Term Loans by Year of Origination, Year 3 | 14,422 | 5,916 |
Term Loans by Year of Origination, Year 4 | 4,987 | 8,085 |
Term Loans by Year of Origination, Year 5 | 6,036 | 13,264 |
Term Loans by Year of Origination, Prior | 9,000 | 4,779 |
Revolving Loans | 12,844 | 22,495 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 121,431 | 106,512 |
Agricultural | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 48,028 | 36,442 |
Term Loans by Year of Origination, Year 2 | 25,546 | 15,005 |
Term Loans by Year of Origination, Year 3 | 13,896 | 4,454 |
Term Loans by Year of Origination, Year 4 | 3,771 | 8,033 |
Term Loans by Year of Origination, Year 5 | 6,013 | 12,229 |
Term Loans by Year of Origination, Prior | 8,980 | 4,773 |
Revolving Loans | 10,614 | 18,993 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 116,848 | 99,929 |
Agricultural | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 568 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 526 |
Term Loans by Year of Origination, Year 3 | 526 | 1,462 |
Term Loans by Year of Origination, Year 4 | 1,216 | 52 |
Term Loans by Year of Origination, Year 5 | 23 | 1,035 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 2,230 | 3,502 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 4,563 | 6,577 |
Agricultural | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Agricultural | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 20 | 6 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 20 | 6 |
Agricultural | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Agricultural | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | |
Term Loans by Year of Origination, Year 2 | 0 | |
Term Loans by Year of Origination, Year 3 | 0 | |
Term Loans by Year of Origination, Year 4 | 0 | |
Term Loans by Year of Origination, Year 5 | 0 | |
Term Loans by Year of Origination, Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans | 0 | |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 6,136 | 10,598 |
Term Loans by Year of Origination, Year 2 | 6,173 | 9,498 |
Term Loans by Year of Origination, Year 3 | 8,683 | 2,706 |
Term Loans by Year of Origination, Year 4 | 1,702 | 710 |
Term Loans by Year of Origination, Year 5 | 345 | 318 |
Term Loans by Year of Origination, Prior | 109 | 198 |
Revolving Loans | 56,603 | 57,744 |
Revolving Loans Converted to Term Loans | 0 | 43 |
Total Loans | 79,751 | 81,815 |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 6,136 | 10,568 |
Term Loans by Year of Origination, Year 2 | 6,168 | 9,496 |
Term Loans by Year of Origination, Year 3 | 8,683 | 2,706 |
Term Loans by Year of Origination, Year 4 | 1,702 | 710 |
Term Loans by Year of Origination, Year 5 | 345 | 308 |
Term Loans by Year of Origination, Prior | 95 | 181 |
Revolving Loans | 56,603 | 57,744 |
Revolving Loans Converted to Term Loans | 0 | 43 |
Total Loans | 79,732 | 81,756 |
Consumer | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 1 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 1 |
Consumer | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 30 |
Term Loans by Year of Origination, Year 2 | 5 | 2 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 9 |
Term Loans by Year of Origination, Prior | 14 | 17 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 19 | 58 |
Consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | 0 |
Term Loans by Year of Origination, Year 2 | 0 | 0 |
Term Loans by Year of Origination, Year 3 | 0 | 0 |
Term Loans by Year of Origination, Year 4 | 0 | 0 |
Term Loans by Year of Origination, Year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | $ 0 |
Consumer | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, Current | 0 | |
Term Loans by Year of Origination, Year 2 | 0 | |
Term Loans by Year of Origination, Year 3 | 0 | |
Term Loans by Year of Origination, Year 4 | 0 | |
Term Loans by Year of Origination, Year 5 | 0 | |
Term Loans by Year of Origination, Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans | $ 0 |
Off-Balance Sheet Arrangement_3
Off-Balance Sheet Arrangements, Commitments and Contingencies (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 3,259,017 | $ 2,800,043 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | 3,230,692 | 2,770,036 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 28,325 | $ 30,007 |
Off-Balance Sheet Arrangement_4
Off-Balance Sheet Arrangements, Commitments and Contingencies - Allowance for Off-Balance Sheet Credit Exposure (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Balance at beginning of period | $ 4,731 | $ 1,733 | $ 4,722 | $ 0 |
Provision for off-balance sheet credit exposure | (420) | 4,411 | (411) | 5,031 |
Balance at end of period | $ 4,311 | $ 6,144 | $ 4,311 | 6,144 |
Impact of ASC 326 adoption | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Balance at beginning of period | $ 1,113 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense for the period | $ 13,481 | $ 12,629 | $ 39,351 | $ 43,841 |
Effective tax rate (percent) | 20.50% | 19.40% | 20.20% | 20.40% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities at Fair Value on Recurring Basis (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | $ 1,730,163,000 | $ 2,006,727,000 |
Loans held for sale, fair value option | 17,248,000 | 28,249,000 |
Aggregate principal balance of loans held for sale | 17,424,000 | 27,176,000 |
Loans held for sale, 90 days or greater past due | 0 | |
Loans held for sale, non-accrual | 0 | |
Designated as Hedging Instrument | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 0 |
Derivative financial instruments - Liabilities | 12,153,000 | 1,158,000 |
Designated as Hedging Instrument | Interest Rate Swap | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Liabilities | 12,153,000 | 1,158,000 |
Designated as Hedging Instrument | Interest Rate Swap | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Liabilities | 0 | 0 |
Designated as Hedging Instrument | Interest Rate Swap | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Liabilities | 12,153,000 | 1,158,000 |
Designated as Hedging Instrument | Interest Rate Swap | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Liabilities | 0 | 0 |
Not designated as hedging | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Loans held for sale, fair value option | 17,248,000 | 28,249,000 |
Not designated as hedging | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Loans held for sale, fair value option | 0 | 0 |
Not designated as hedging | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Loans held for sale, fair value option | 17,248,000 | 28,249,000 |
Not designated as hedging | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Loans held for sale, fair value option | 0 | 0 |
Not designated as hedging | Interest rate lock commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 140,000 | 1,029,000 |
Derivative financial instruments - Liabilities | 72,000 | 4,000 |
Not designated as hedging | Interest rate lock commitments | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 140,000 | 1,029,000 |
Derivative financial instruments - Liabilities | 72,000 | 4,000 |
Not designated as hedging | Interest rate lock commitments | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 0 |
Derivative financial instruments - Liabilities | 0 | 0 |
Not designated as hedging | Interest rate lock commitments | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 140,000 | 1,029,000 |
Derivative financial instruments - Liabilities | 72,000 | 4,000 |
Not designated as hedging | Interest rate lock commitments | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 0 |
Derivative financial instruments - Liabilities | 0 | 0 |
Not designated as hedging | Forward mortgage-backed securities trades | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 468,000 | 27,000 |
Derivative financial instruments - Liabilities | 4,000 | 21,000 |
Not designated as hedging | Forward mortgage-backed securities trades | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 468,000 | 27,000 |
Derivative financial instruments - Liabilities | 4,000 | 21,000 |
Not designated as hedging | Forward mortgage-backed securities trades | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 0 |
Derivative financial instruments - Liabilities | 0 | 0 |
Not designated as hedging | Forward mortgage-backed securities trades | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 468,000 | 27,000 |
Derivative financial instruments - Liabilities | 4,000 | 21,000 |
Not designated as hedging | Forward mortgage-backed securities trades | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 0 |
Derivative financial instruments - Liabilities | 0 | 0 |
Not designated as hedging | Interest Rate Swap | Loan customer counterparty | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 6,459,000 |
Derivative financial instruments - Liabilities | 15,787,000 | 1,073,000 |
Not designated as hedging | Interest Rate Swap | Loan customer counterparty | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 0 |
Derivative financial instruments - Liabilities | 0 | 0 |
Not designated as hedging | Interest Rate Swap | Loan customer counterparty | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 6,459,000 |
Derivative financial instruments - Liabilities | 15,787,000 | 1,073,000 |
Not designated as hedging | Interest Rate Swap | Loan customer counterparty | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 0 |
Derivative financial instruments - Liabilities | 0 | 0 |
Not designated as hedging | Interest Rate Swap | Financial institution counterparty | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 16,064,000 | 1,078,000 |
Derivative financial instruments - Liabilities | 0 | 6,772,000 |
Not designated as hedging | Interest Rate Swap | Financial institution counterparty | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 0 |
Derivative financial instruments - Liabilities | 0 | 0 |
Not designated as hedging | Interest Rate Swap | Financial institution counterparty | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 16,064,000 | 1,078,000 |
Derivative financial instruments - Liabilities | 0 | 6,772,000 |
Not designated as hedging | Interest Rate Swap | Financial institution counterparty | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 0 |
Derivative financial instruments - Liabilities | 0 | 0 |
U.S. treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 238,934,000 | 174,996,000 |
U.S. treasuries | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 238,934,000 | 174,996,000 |
U.S. treasuries | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
U.S. treasuries | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 238,934,000 | 174,996,000 |
U.S. treasuries | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 388,748,000 | 444,675,000 |
Government agency securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 388,748,000 | 444,675,000 |
Government agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Government agency securities | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 388,748,000 | 444,675,000 |
Government agency securities | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Obligations of state and municipal subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 254,199,000 | 432,760,000 |
Obligations of state and municipal subdivisions | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 254,199,000 | 432,760,000 |
Obligations of state and municipal subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Obligations of state and municipal subdivisions | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 254,199,000 | 432,760,000 |
Obligations of state and municipal subdivisions | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 42,215,000 | 34,796,000 |
Corporate bonds | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 42,215,000 | 34,796,000 |
Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Corporate bonds | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 42,215,000 | 34,796,000 |
Corporate bonds | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 805,117,000 | 918,550,000 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 805,117,000 | 918,550,000 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 805,117,000 | 918,550,000 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 950,000 | 950,000 |
Other securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 950,000 | 950,000 |
Other securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Other securities | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 950,000 | 950,000 |
Other securities | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets and Liabilities at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | $ 51,308 | $ 64,944 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 18,796 | 11,204 |
Other real estate owned | 23,900 | 0 |
Fair Value, Measurements, Nonrecurring | Individually evaluated loans | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Period Ended Total (Gains) Losses | (1,507) | 3,526 |
Fair Value, Measurements, Nonrecurring | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Period Ended Total (Gains) Losses | 3,548 | |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Other real estate owned | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Other real estate owned | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 18,796 | $ 11,204 |
Other real estate owned | $ 23,900 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Investment securities held to maturity | $ 156,509 | |
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 3,259,017 | $ 2,800,043 |
Commitments to extend credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 3,230,692 | 2,770,036 |
Standby letters of credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 28,325 | 30,007 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 516,159 | 2,608,444 |
Certificates of deposit held in other banks | 0 | 0 |
Investment securities held to maturity | 0 | |
Loans held for sale, at cost | 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 | 744 | 3,246 |
Investment securities held to maturity | 156,509 | |
Loans held for sale, at cost | 4,847 | 3,982 |
Loans, net | 0 | 0 |
FHLB of Dallas stock and other restricted stock | 19,361 | 21,573 |
Accrued interest receivable | 49,421 | 49,636 |
Financial liabilities: | ||
Deposits | 14,911,952 | 15,553,645 |
Accrued interest payable | 3,974 | 5,301 |
FHLB advances | 137,686 | 128,555 |
Other borrowings | 259,375 | 303,250 |
Junior subordinated debentures | 41,373 | 45,501 |
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 |
Investment securities held to maturity | 0 | |
Loans held for sale, at cost | 0 | 0 |
Loans, net | 13,454,003 | 12,415,366 |
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 | 516,159 | 2,608,444 |
Certificates of deposit held in other banks | 744 | 3,245 |
Investment securities held to maturity | 207,516 | |
Loans held for sale, at cost | 4,725 | 3,875 |
Loans, net | 13,548,406 | 12,290,740 |
FHLB of Dallas stock and other restricted stock | 19,361 | 21,573 |
Accrued interest receivable | 49,421 | 49,636 |
Financial liabilities: | ||
Deposits | 14,961,008 | 15,553,908 |
Accrued interest payable | 3,974 | 5,301 |
FHLB advances | 200,000 | 150,000 |
Other borrowings | 266,892 | 283,371 |
Junior subordinated debentures | 54,370 | 54,221 |
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 | 516,159 | 2,608,444 |
Certificates of deposit held in other banks | 744 | 3,246 |
Investment securities held to maturity | 156,509 | |
Loans held for sale, at cost | 4,847 | 3,982 |
Loans, net | 13,454,003 | 12,415,366 |
FHLB of Dallas stock and other restricted stock | 19,361 | 21,573 |
Accrued interest receivable | 49,421 | 49,636 |
Financial liabilities: | ||
Deposits | 14,911,952 | 15,553,645 |
Accrued interest payable | 3,974 | 5,301 |
FHLB advances | 137,686 | 128,555 |
Other borrowings | 259,375 | 303,250 |
Junior subordinated debentures | 41,373 | 45,501 |
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 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) derivative | |
Derivative [Line Items] | ||||||
Number of interest rate derivatives instruments entered into | derivative | 2 | |||||
Unrealized (losses) gains arising during the period, net of tax | $ (3,214,000) | $ (99,000) | $ (8,760,000) | $ 330,000 | ||
Reclassification of amount of losses (gains) recognized into income, net of tax | 254,000 | $ (172,000) | 62,000 | $ (298,000) | ||
Cash collateral pledged for derivatives | 15,946,000 | 15,946,000 | $ 20,491,000 | |||
Securities collateral pledged for derivatives | 2,915,000 | 2,915,000 | 3,168,000 | |||
Interest Rate Swap | Loan customer counterparty | ||||||
Derivative [Line Items] | ||||||
Credit exposure limited to the net favorable value of all swaps | $ 16,064,000 | $ 16,064,000 | 7,537,000 | |||
Risk Participation Agreements Participant Bank | ||||||
Derivative [Line Items] | ||||||
Number of risk participation agreements | 0 | 0 | ||||
Risk Participation Agreements Lead Bank | ||||||
Derivative [Line Items] | ||||||
Number of risk participation agreements | 1 | 1 | ||||
Credit risk participation | $ 9,151,000 | $ 9,151,000 | ||||
Designated as Hedging Instrument | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | 100,000,000 | 100,000,000 | $ 100,000,000 | $ 100,000,000 | ||
Cash flow hedge gain (loss), net to be reclassified during next 12 months | $ 3,305,000 | $ 3,305,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Notional Balances and Fair Values of Outstanding Positions (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Designated as Hedging Instrument | Interest Rate Swap | |||
Derivative [Line Items] | |||
Outstanding Notional Balance | $ 100,000 | $ 100,000 | $ 100,000 |
Asset Derivative Fair Value | 0 | 0 | |
Liability Derivative Fair Value | 12,153 | 1,158 | |
Not designated as hedging | Interest Rate Swap | Commercial Loan | Loan customer counterparty | |||
Derivative [Line Items] | |||
Outstanding Notional Balance | 208,726 | 254,935 | |
Asset Derivative Fair Value | 0 | 6,459 | |
Liability Derivative Fair Value | 15,787 | 1,073 | |
Not designated as hedging | Interest Rate Swap | Commercial Loan | Financial institution counterparty | |||
Derivative [Line Items] | |||
Outstanding Notional Balance | 208,726 | 254,935 | |
Asset Derivative Fair Value | 16,064 | 1,078 | |
Liability Derivative Fair Value | 0 | 6,772 | |
Not designated as hedging | Interest rate lock commitments | |||
Derivative [Line Items] | |||
Outstanding Notional Balance | 20,531 | 34,064 | |
Asset Derivative Fair Value | 140 | 1,029 | |
Liability Derivative Fair Value | 72 | 4 | |
Not designated as hedging | Forward mortgage-backed securities trades | |||
Derivative [Line Items] | |||
Outstanding Notional Balance | 20,250 | 30,500 | |
Asset Derivative Fair Value | 468 | 27 | |
Liability Derivative Fair Value | $ 4 | $ 21 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Weighted Average Interest Rates (Details) - Commercial Loan - Not designated as hedging - Loan customer counterparty - Interest Rate Swap | Sep. 30, 2022 | Dec. 31, 2021 |
Interest Rate Received | ||
Derivative [Line Items] | ||
Weighted Average Interest Rate received | 4.20% | 4.12% |
Interest Rate Paid | ||
Derivative [Line Items] | ||
Weighted Average Interest Rate Paid | 5.34% | 2.40% |
Derivative Financial Instrume_6
Derivative Financial Instruments - Income (Loss) on Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest Rate Swap | Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative | $ (326) | $ 215 | $ (93) | $ 369 |
Interest rate lock commitments | Not designated as hedging | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative | (544) | (502) | (957) | (1,951) |
Forward mortgage-backed securities trades | Not designated as hedging | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative | $ 470 | $ 148 | $ 458 | $ 656 |
Stock Awards - Additional Infor
Stock Awards - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
May 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ 2,610 | $ 2,087 | $ 7,178 | $ 6,613 | |
Estimated future compensation expense | 13,180 | $ 13,180 | |||
Period for recognition | 2 years 1 month 28 days | ||||
Fair value of common stock awards vested | $ 11,822 | 12,019 | |||
Stock based compensation expense | $ 9,600 | $ 7,977 | |||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants (in shares) | 111,095 | 96,713 | |||
Excess tax expense (benefits) on vested restricted stock | (321) | (421) | $ (673) | $ (647) | |
Performance stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants (in shares) | 20,742 | 25,198 | |||
Period for recognition | 2 years | ||||
Stock based compensation expense | 1,169 | $ 336 | $ 2,422 | $ 1,364 | |
Unrecognized compensation expense | 2,970 | 2,970 | |||
Maximum | Performance stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ 6,243 | $ 6,243 | |||
2013 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants (in shares) | 0 | ||||
2022 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares reserved for future issuance (shares) | 1,500,000 | ||||
Remaining available for grant for future awards (shares) | 1,484,749 | 1,484,749 | |||
2022 Equity Incentive Plan | Minimum | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock vesting period | 1 year | ||||
2022 Equity Incentive Plan | Minimum | Performance stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock vesting period | 3 years | ||||
Stock based compensation, award vesting percentage | 0% | ||||
2022 Equity Incentive Plan | Maximum | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock vesting period | 5 years | ||||
2022 Equity Incentive Plan | Maximum | Performance stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock vesting period | 4 years | ||||
Stock based compensation, award vesting percentage | 150% |
Stock Awards - Nonvested Restri
Stock Awards - Nonvested Restricted Stock Awards Activity (Details) - Restricted Stock - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Number of Shares | ||
Nonvested shares, beginning balance (shares) | 363,551 | 468,800 |
Granted during the period (shares) | 111,095 | 96,713 |
Vested during the period (shares) | (161,936) | (176,689) |
Forfeited during the period (shares) | (7,301) | (34,822) |
Nonvested shares, ending balance (shares) | 305,409 | 354,002 |
Weighted Average Grant Date Fair Value | ||
Nonvested shares, beginning balance (usd per share) | $ 53.14 | $ 49.01 |
Granted during the period (usd per share) | 72.55 | 64.91 |
Vested during the period (usd per share) | 53.83 | 51.43 |
Forfeited during the period (usd per share) | 55.06 | 50.10 |
Nonvested shares, ending balance (usd per share) | $ 59.79 | $ 51.96 |
Stock Awards - Future Vesting S
Stock Awards - Future Vesting Schedule of Nonvested Shares (Details) | Sep. 30, 2022 shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares (shares) | 305,409 |
First year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares (shares) | 155,400 |
Second year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares (shares) | 99,910 |
Third year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares (shares) | 39,455 |
Fourth year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares (shares) | 10,644 |
Stock Awards - Schedule of Nonv
Stock Awards - Schedule of Nonvested Restricted Stock Awards (Details) - Performance stock units - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Number of Shares | ||
Nonvested shares, beginning balance (shares) | 114,498 | 89,300 |
Granted during the period (shares) | 20,742 | 25,198 |
Nonvested shares, ending balance (shares) | 135,240 | 114,498 |
Weighted Average Grant Date Fair Value | ||
Nonvested shares, beginning balance (usd per share) | $ 43.93 | $ 38.29 |
Granted during the period (usd per share) | 73.94 | 63.92 |
Nonvested shares, ending balance (usd per share) | $ 48.53 | $ 43.93 |
Regulatory Matters - Actual Cap
Regulatory Matters - Actual Capital Amounts and Ratios (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Consolidated | ||
Total capital to risk weighted assets: | ||
Actual Amount | $ 1,902,932 | $ 1,916,163 |
Actual Ratio (percent) | 0.1227 | 0.1367 |
Minimum for Capital Required - Basel III Amount | $ 1,628,457 | $ 1,471,510 |
Minimum for Capital Required - Basel III Ratio (percent) | 0.1050 | 0.1050 |
Tier 1 capital to risk weighted assets: | ||
Tier One Risk Based Capital | $ 1,605,750 | $ 1,614,372 |
Actual Ratio (percent) | 0.1035 | 0.1152 |
Minimum for Capital Required - Basel III Amount | $ 1,318,275 | $ 1,191,223 |
Minimum for Capital Required - Basel III (percent) | 0.0850 | 0.0850 |
Common equity tier 1 to risk weighted assets: | ||
Actual amount | $ 1,550,150 | $ 1,558,772 |
Actual ratio (percent) | 0.1000 | 0.1112 |
Minimum for Capital Required - Basel III Amount | $ 1,085,638 | $ 981,007 |
Minimum for Capital Required - Basel III (percent) | 0.0700 | 0.0700 |
Tier 1 capital to average assets: | ||
Actual Amount | $ 1,605,750 | $ 1,614,372 |
Actual Ratio (percent) | 0.0941 | 0.0880 |
Minimum for Capital Required - Basel III Amount | $ 682,529 | $ 733,954 |
Minimum for Capital Required - Basel III Ratio (percent) | 0.0400 | 0.0400 |
Bank | ||
Total capital to risk weighted assets: | ||
Actual Amount | $ 1,977,152 | $ 1,983,530 |
Actual Ratio (percent) | 0.1275 | 0.1416 |
Minimum for Capital Required - Basel III Amount | $ 1,627,987 | $ 1,471,036 |
Minimum for Capital Required - Basel III Ratio (percent) | 0.1050 | 0.1050 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 1,550,464 | $ 1,400,987 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 0.1000 | 0.1000 |
Tier 1 capital to risk weighted assets: | ||
Tier One Risk Based Capital | $ 1,861,970 | $ 1,885,739 |
Actual Ratio (percent) | 0.1201 | 0.1346 |
Minimum for Capital Required - Basel III Amount | $ 1,317,894 | $ 1,190,839 |
Minimum for Capital Required - Basel III (percent) | 0.0850 | 0.0850 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 1,240,371 | $ 1,120,790 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 0.0800 | 0.0800 |
Common equity tier 1 to risk weighted assets: | ||
Actual amount | $ 1,861,970 | $ 1,885,739 |
Actual ratio (percent) | 0.1201 | 0.1346 |
Minimum for Capital Required - Basel III Amount | $ 1,085,325 | $ 980,691 |
Minimum for Capital Required - Basel III (percent) | 0.0700 | 0.0700 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 1,007,802 | $ 910,642 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 0.0650 | 0.0650 |
Tier 1 capital to average assets: | ||
Actual Amount | $ 1,861,970 | $ 1,885,739 |
Actual Ratio (percent) | 0.1091 | 0.1028 |
Minimum for Capital Required - Basel III Amount | $ 682,386 | $ 733,785 |
Minimum for Capital Required - Basel III Ratio (percent) | 0.0400 | 0.0400 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 852,982 | $ 917,231 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (percent) | 0.0500 | 0.0500 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Regulatory Assets [Line Items] | |||||
Common stock repurchased | $ 1,054,000 | $ 16,256,000 | $ 119,165,000 | $ 17,921,000 | |
Common stock purchased to settle employee tax withholding related to vesting of stock awards (shares) | 15,311 | 14,297 | 43,786 | 39,508 | |
Common stock purchased to settle employee tax withholding related to vesting of stock awards | $ 1,054,000 | $ 1,049,000 | $ 3,199,000 | $ 2,714,000 | |
2022 Share Repurchase Program | |||||
Regulatory Assets [Line Items] | |||||
Share repurchase program authorized amount | $ 160,000,000 | ||||
Common stock repurchased (shares) | 0 | 1,651,236 | |||
Common stock repurchased | $ 115,966,000 | ||||
October 2020 Share Repurchase Program | |||||
Regulatory Assets [Line Items] | |||||
Common stock repurchased (shares) | 217,772 | ||||
Common stock repurchased | $ 15,207,000 |
Subsequent Event (Details)
Subsequent Event (Details) | Oct. 20, 2022 $ / shares |
Subsequent Event | |
Subsequent Event [Line Items] | |
Dividends declared (usd per share) | $ 0.38 |