Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 16, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2023 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,287,809,000 | ||
Entity Common Stock, Shares Outstanding | 41,275,277 | ||
Documents Incorporated by Reference | Portions of the Company’s Proxy Statement relating to the 2024 Annual Meeting of Shareholders, which will be filed within 120 days after December 31, 2023, are incorporated by reference into Part III, Items 10 - 14 of this Annual Report on Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001564618 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | RSM US LLP |
Auditor Location | Dallas, Texas |
Auditor Firm ID | 49 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 98,396 | $ 134,183 |
Interest-bearing deposits in other banks | 623,593 | 520,139 |
Cash and cash equivalents | 721,989 | 654,322 |
Certificates of deposit held in other banks | 248 | 496 |
Securities available for sale, at fair value | 1,593,751 | 1,691,784 |
Securities held to maturity, net of allowance for credit losses of $0 and $0, respectively, fair value of $170,997 and $162,239, respectively | 205,232 | 207,059 |
Loans held for sale (includes $12,016 and $10,612 carried at fair value, respectively) | 16,420 | 11,310 |
Loans, net of allowance for credit losses of $151,861 and $148,787, respectively | 14,558,681 | 13,760,576 |
Premises and equipment, net | 355,833 | 355,368 |
Other real estate owned | 9,490 | 23,900 |
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock | 34,915 | 23,436 |
Bank-owned life insurance (BOLI) | 245,497 | 240,448 |
Deferred tax asset | 92,665 | 78,669 |
Goodwill | 994,021 | 994,021 |
Other intangible assets, net | 50,560 | 62,999 |
Other assets | 155,800 | 154,026 |
Total assets | 19,035,102 | 18,258,414 |
Deposits: | ||
Noninterest-bearing | 3,530,704 | 4,736,830 |
Interest-bearing | 12,192,331 | 10,384,587 |
Total deposits | 15,723,035 | 15,121,417 |
FHLB advances | 350,000 | 300,000 |
Other borrowings | 271,821 | 267,066 |
Junior subordinated debentures | 54,617 | 54,419 |
Other liabilities | 233,036 | 130,129 |
Total liabilities | 16,632,509 | 15,873,031 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock (0 and 0 shares outstanding, respectively) | 0 | 0 |
Common stock (41,281,919 and 41,190,677 shares outstanding, respectively) | 413 | 412 |
Additional paid-in capital | 1,966,686 | 1,959,193 |
Retained earnings | 616,724 | 638,354 |
Accumulated other comprehensive loss | (181,230) | (212,576) |
Total stockholders’ equity | 2,402,593 | 2,385,383 |
Total liabilities and stockholders’ equity | $ 19,035,102 | $ 18,258,414 |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position | Other assets | Other assets |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position | Other assets | Other assets |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position | Other assets | Other assets |
Operating Lease, Right-of-Use Asset, Statement of Financial Position | Other assets | Other assets |
Operating lease, liability, statement of financial position | Other liabilities | Other liabilities |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities held to maturity, allowance for credit losses | $ 0 | $ 0 |
Investment securities held to maturity, fair value | 170,997 | |
Loans held for sale carried at fair value | 12,016 | 10,612 |
Loans, allowance for credit losses | $ 151,861 | $ 148,787 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 41,281,919 | 41,190,677 |
Obligations of state and municipal subdivisions | ||
Investment securities held to maturity, fair value | $ 170,997 | $ 162,239 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income: | |||
Interest and fees on loans | $ 792,659 | $ 602,210 | $ 547,931 |
Interest on taxable securities | 31,747 | 32,944 | 22,754 |
Interest on nontaxable securities | 10,279 | 10,360 | 8,344 |
Interest on interest-bearing deposits and other | 37,051 | 9,503 | 4,533 |
Total interest income | 871,736 | 655,017 | 583,562 |
Interest expense: | |||
Interest on deposits | 358,405 | 77,628 | 44,199 |
Interest on FHLB advances | 35,705 | 2,017 | 2,038 |
Interest on other borrowings | 16,018 | 14,451 | 15,247 |
Interest on junior subordinated debentures | 4,725 | 2,713 | 1,756 |
Total interest expense | 414,853 | 96,809 | 63,240 |
Net interest income | 456,883 | 558,208 | 520,322 |
Provision for credit losses | 4,130 | 4,490 | (9,000) |
Net interest income after provision for credit losses | 452,753 | 553,718 | 529,322 |
Noninterest income: | |||
Service charges on deposit accounts | 13,958 | 12,204 | 9,842 |
Investment management fees | 9,650 | 9,146 | 8,586 |
Mortgage banking revenue | 7,003 | 8,938 | 23,157 |
Mortgage warehouse purchase program fees | 1,892 | 2,676 | 6,908 |
(Loss) gain on sale of loans | (14) | (1,844) | 56 |
(Loss) gain on sale of other real estate | (1,797) | 0 | 63 |
Gain on sale of securities available for sale | 0 | 0 | 13 |
Gain (loss) on sale and disposal of premises and equipment | 323 | (494) | (304) |
Increase in cash surrender value of BOLI | 5,768 | 5,371 | 5,209 |
Other | 14,326 | 15,469 | 12,987 |
Total noninterest income | 51,109 | 51,466 | 66,517 |
Noninterest expense: | |||
Salaries and employee benefits | 181,445 | 212,087 | 180,336 |
Occupancy | 47,430 | 42,938 | 40,688 |
Communications and technology | 28,713 | 24,937 | 22,355 |
FDIC assessment | 22,153 | 6,883 | 5,865 |
Advertising and public relations | 2,607 | 2,106 | 1,097 |
Other real estate owned (income) expenses, net | (510) | 31 | 4 |
Impairment of other real estate | 5,215 | 0 | 0 |
Amortization of other intangible assets | 12,439 | 12,491 | 12,580 |
Litigation settlement | 102,500 | 0 | 0 |
Professional fees | 7,949 | 15,571 | 15,530 |
Other | 41,603 | 41,845 | 35,151 |
Total noninterest expense | 451,544 | 358,889 | 313,606 |
Income before taxes | 52,318 | 246,295 | 282,233 |
Income tax expense | 9,117 | 50,004 | 57,483 |
Net income | $ 43,201 | $ 196,291 | $ 224,750 |
Basic earnings per share (usd per share) | $ 1.05 | $ 4.71 | $ 5.22 |
Diluted earnings per share (usd per share) | $ 1.04 | $ 4.70 | $ 5.21 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 43,201 | $ 196,291 | $ 224,750 |
Other comprehensive income (loss) before tax: | |||
Unrealized gains (losses) arising during the period, excluding the change attributable to available for sale securities reclassified to held to maturity | 36,691 | (265,551) | (38,292) |
Tax effect | 7,705 | (55,766) | (8,041) |
Unrealized gains (losses) arising during the period, net of tax, excluding the change attributable to available for sale securities reclassified to held to maturity | 28,986 | (209,785) | (30,251) |
Change in net unamortized gains on available for sale securities reclassified into held to maturity securities | (21) | (21) | 0 |
Tax effect | (5) | (4) | 0 |
Change in net unamortized gains on available for sale securities reclassified into held to maturity securities, net of tax | (16) | (17) | 0 |
Reclassification of amount of gains realized through sale of securities | 0 | 0 | (13) |
Tax effect | 0 | 0 | (3) |
Reclassification of amount of gains realized through sale of securities, net of tax | 0 | 0 | (10) |
Change in unrealized gains (losses) on securities, net of tax | 28,970 | (209,802) | (30,261) |
Unrealized holding losses arising during the period | (1,161) | (10,916) | (455) |
Tax effect | (244) | (2,292) | (96) |
Unrealized losses arising during the period, net of tax | (917) | (8,624) | (359) |
Reclassification of amount of losses (gains) recognized into income | 4,168 | 771 | (597) |
Tax effect | 875 | 162 | (125) |
Reclassification of amount of losses (gains) recognized into income, net of tax | 3,293 | 609 | (472) |
Change in unrealized gains (losses) on derivative financial instruments | 2,376 | (8,015) | (831) |
Other comprehensive income (loss), net of tax | 31,346 | (217,817) | (31,092) |
Comprehensive income (loss) | $ 74,547 | $ (21,526) | $ 193,658 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock $0.01 Par Value 10 million shares authorized | Common Stock $0.01 Par Value 100 million shares authorized | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Impact of ASC 326 adoption | Impact of ASC 326 adoption Retained Earnings | Impact of ASC 326 adoption Accumulated Other Comprehensive Income (Loss) | Cumulative effect, period of adoption, adjusted balance | Cumulative effect, period of adoption, adjusted balance Preferred Stock $0.01 Par Value 10 million shares authorized | Cumulative effect, period of adoption, adjusted balance Common Stock $0.01 Par Value 100 million shares authorized | Cumulative effect, period of adoption, adjusted balance Additional Paid in Capital | Cumulative effect, period of adoption, adjusted balance Retained Earnings | Cumulative effect, period of adoption, adjusted balance Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2020 | 43,137,104 | 43,137,104 | |||||||||||||
Beginning balance at Dec. 31, 2020 | $ 2,515,371 | $ 0 | $ 431 | $ 1,934,807 | $ 543,800 | $ 36,333 | $ (53,880) | $ (53,880) | $ 0 | $ 2,461,491 | $ 0 | $ 431 | $ 1,934,807 | $ 489,920 | $ 36,333 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 224,750 | 224,750 | |||||||||||||
Other comprehensive income (loss), net of tax | (31,092) | (31,092) | |||||||||||||
Common stock repurchased (shares) | (461,068) | ||||||||||||||
Common stock repurchased | (32,132) | $ (4) | (32,128) | ||||||||||||
Restricted stock forfeited (in shares) | (35,265) | ||||||||||||||
Restricted stock forfeited | 0 | ||||||||||||||
Restricted stock granted (in shares) | 115,463 | ||||||||||||||
Restricted stock granted | 0 | $ 1 | (1) | ||||||||||||
Stock based compensation expense | 10,691 | 10,691 | |||||||||||||
Cash dividends ($1.32, $1.52 and $1.52 per share as of December 31, 2021, 2022 and 2023, respectively) | (57,058) | (57,058) | |||||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 42,756,234 | ||||||||||||||
Ending balance at Dec. 31, 2021 | 2,576,650 | 0 | $ 428 | 1,945,497 | 625,484 | 5,241 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 196,291 | 196,291 | |||||||||||||
Other comprehensive income (loss), net of tax | (217,817) | (217,817) | |||||||||||||
Common stock repurchased (shares) | (1,704,324) | ||||||||||||||
Common stock repurchased | (119,746) | $ (17) | (119,729) | ||||||||||||
Restricted stock forfeited (in shares) | (10,393) | ||||||||||||||
Restricted stock forfeited | 0 | $ 0 | |||||||||||||
Restricted stock granted (in shares) | 149,160 | ||||||||||||||
Restricted stock granted | 0 | $ 1 | (1) | ||||||||||||
Stock based compensation expense | 13,697 | 13,697 | |||||||||||||
Cash dividends ($1.32, $1.52 and $1.52 per share as of December 31, 2021, 2022 and 2023, respectively) | (63,692) | (63,692) | |||||||||||||
Ending balance (in shares) at Dec. 31, 2022 | 41,190,677 | ||||||||||||||
Ending balance at Dec. 31, 2022 | 2,385,383 | 0 | $ 412 | 1,959,193 | 638,354 | (212,576) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 43,201 | 43,201 | |||||||||||||
Other comprehensive income (loss), net of tax | 31,346 | 31,346 | |||||||||||||
Common stock repurchased (shares) | (41,727) | ||||||||||||||
Common stock repurchased | (2,175) | $ 0 | (2,175) | ||||||||||||
Restricted stock forfeited (in shares) | (5,940) | ||||||||||||||
Restricted stock forfeited | 0 | ||||||||||||||
Restricted stock granted (in shares) | 138,909 | ||||||||||||||
Restricted stock granted | 0 | $ 1 | (1) | ||||||||||||
Stock based compensation expense | 7,494 | 7,494 | |||||||||||||
Cash dividends ($1.32, $1.52 and $1.52 per share as of December 31, 2021, 2022 and 2023, respectively) | (62,656) | (62,656) | |||||||||||||
Ending balance (in shares) at Dec. 31, 2023 | 41,281,919 | ||||||||||||||
Ending balance at Dec. 31, 2023 | $ 2,402,593 | $ 0 | $ 413 | $ 1,966,686 | $ 616,724 | $ (181,230) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends paid (usd per share) | $ 1.52 | $ 1.52 | $ 1.32 | |
Preferred stock par value (in usd per share) | $ 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 |
Common stock, par value (usd per share) | $ 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 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 43,201 | $ 196,291 | $ 224,750 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation expense | 18,475 | 14,934 | 12,385 |
Accretion income recognized on loans | (3,783) | (10,022) | (21,174) |
Amortization of other intangibles assets | 12,439 | 12,491 | 12,580 |
Amortization of premium on securities, net | 6,341 | 7,377 | 5,226 |
Amortization of discount and origination costs on borrowings | 1,203 | 893 | 894 |
Stock based compensation expense | 7,494 | 13,697 | 10,691 |
Excess tax expense (benefit) on restricted stock vested | 280 | (703) | (691) |
FHLB stock dividends | (2,786) | (328) | (128) |
(Gain) loss on sale and disposal of premises and equipment | (323) | 494 | 304 |
Loss (gain) on loans | 14 | 1,844 | (56) |
Gain on sale of securities available for sale | 0 | 0 | (13) |
Loss (gain) on sale of other real estate owned | 1,797 | 0 | (63) |
Impairment of other real estate | 5,215 | 0 | 0 |
Impairment of other assets | 955 | 4,442 | 124 |
Deferred tax (benefit) expense | (21,759) | 5,168 | 5,353 |
Provision for credit losses | 4,130 | 4,490 | (9,000) |
Increase in cash surrender value of BOLI | (5,768) | (5,371) | (5,209) |
Excess benefit claim on BOLI | (522) | (784) | 0 |
Net gain on mortgage loans held for sale | (4,613) | (4,469) | (21,799) |
Originations of loans held for sale | (260,248) | (287,960) | (659,536) |
Proceeds from sale of loans held for sale | 259,751 | 313,243 | 731,858 |
Net change in other assets | 6,722 | (24,059) | 14,293 |
Net change in other liabilities | 97,054 | (24,434) | (23,356) |
Net cash provided by operating activities | 165,269 | 217,234 | 277,433 |
Cash flows from investing activities: | |||
Proceeds from maturities, calls and paydowns, AFS | 5,138,337 | 7,203,267 | 7,403,109 |
Proceeds from sales, AFS | 0 | 0 | 9,294 |
Purchases, AFS | (5,008,148) | (7,277,267) | (8,308,955) |
Purchases, HTM | 0 | (91,065) | 0 |
Proceeds from maturities of certificates of deposit held in other banks | 248 | 2,749 | 1,237 |
Proceeds from benefit claim of BOLI | 1,241 | 1,344 | 0 |
Purchase of bank owned life insurance contracts | 0 | 0 | (10,000) |
Purchases of FHLB stock and other restricted stock | (90,155) | (4,702) | (1,190) |
Proceeds from redemptions of FHLB stock and other restricted stock | 81,462 | 3,167 | 50 |
Proceeds from sale of loans | 4,188 | 25,649 | 3,034 |
Net loans originated held for investment | (558,923) | (1,965,745) | 14,805 |
Originations of mortgage warehouse purchase loans | (11,428,351) | (13,260,099) | (30,418,842) |
Proceeds from pay-offs of mortgage warehouse purchase loans | 11,190,761 | 13,736,848 | 31,083,791 |
Additions to premises and equipment | (20,979) | (62,961) | (71,356) |
Proceeds from sale of premises and equipment | 681 | 188 | 21 |
Proceeds from sale of other real estate owned | 1,550 | 0 | 538 |
Net cash used in investing activities | (688,088) | (1,688,627) | (294,464) |
Cash flows from financing activities: | |||
Net (decrease) increase in demand deposits, money market and savings accounts | (2,258,158) | (792,316) | 1,508,335 |
Net increase (decrease) in time deposits | 2,859,776 | 359,825 | (353,354) |
Proceeds from FHLB advances | 15,645,000 | 375,000 | 0 |
Repayments of FHLB advances | (15,595,000) | (225,000) | (225,000) |
Proceeds from other borrowings | 100,000 | 111,000 | 75,000 |
Repayments of other borrowings | (96,250) | (128,000) | (104,500) |
Repurchase of common stock | (2,175) | (119,746) | (32,132) |
Dividends paid | (62,707) | (63,492) | (56,861) |
Net cash provided by (used in) financing activities | 590,486 | (482,729) | 811,488 |
Net change in cash and cash equivalents | 67,667 | (1,954,122) | 794,457 |
Cash and cash equivalents at beginning of period | 654,322 | 2,608,444 | 1,813,987 |
Cash and cash equivalents at end of period | $ 721,989 | $ 654,322 | $ 2,608,444 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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 (See Note 11. Junior Subordinated Debentures ). 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 Securities and Exchange Commission (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. Cash and cash equivalents: For the purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. All highly liquid investments with an initial maturity of less than ninety days are considered to be cash equivalents. The Company maintains deposits with other financial institutions in amounts that exceed FDIC insurance coverage. The Company's management monitors the balance in these accounts and periodically assesses the financial condition of the other financial institutions. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risks on cash or cash equivalents. Restricted cash: The Company maintains cash collateral balances which have been pledged to derivative counterparties and are legally restricted as to use. Certificates of deposit: Certificates of deposit are FDIC insured deposits in other financial institutions with original maturities of five years or less and are carried at cost. Securities: Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. Debt securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity are classified as available for sale. Securities available for sale are reported at fair value with unrealized gains or losses reported as a separate component of other comprehensive income, net of tax. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company's assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. The amortization of premiums and accretion of discounts, computed by the interest method generally over their contractual lives, are recognized in interest income. Premiums on callable securities are amortized to their earliest call date. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date. Loans held for sale: The Company originates residential mortgage loans that may subsequently be sold to unaffiliated third parties. 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. Mortgage loans originated and intended for sale not recorded under the fair value option are carried at the lower of aggregate cost or fair value, as determined by aggregate outstanding commitments from investors. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. All mortgage loans held for sale are sold without servicing rights retained. Gains and losses on sales of loans are recognized in noninterest income at settlement dates and are determined by the difference between the sales proceeds and the carrying value of the loans. Loans held for investment: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance, net of unearned interest, purchase premiums and discounts, deferred loan fees or costs and an allowance for credit losses. Loan origination fees, net of direct origination costs, are deferred and recognized as an adjustment to the related loan yield using the effective interest method without anticipating prepayments. Further information regarding the Company's accounting policies related to past due loans, non-accrual loans, collateral dependent loans and loan modifications to borrowers experiencing financial difficulty is presented in Note 5. Loans, Net and Allowance for Credit Losses on Loans . Acquired loans: In accordance with ASC 326, Measurement of Credit Losses on Financial Instruments , loans acquired in connection with a business combination are recorded at their acquisition-date fair value. The allowance for credit losses related to the acquired loan portfolio is not carried over. Acquired loans are classified into two categories based on the credit risk characteristics of the underlying borrowers as either purchased credit deteriorated (PCD) loans, or loans with no evidence of credit deterioration (non-PCD). PCD loans are defined as a loan or pool of loans that have experienced more-than-insignificant credit deterioration since the origination date. For PCD loans, an initial allowance is established on the acquisition date using the same methodology as other loans held for investment and combined with the fair value of the loan to arrive at acquisition date amortized cost. Accordingly, no provision for credit losses is recognized on PCD loans at the acquisition date. Subsequent to the acquisition date, changes to the allowance are recognized in the provision for credit losses. Non-PCD loans are pooled into segments together with originated held for investment loans that share similar risk characteristics and have an allowance established on the acquisition date, which is recognized in the current period provision for credit losses. Determining the fair value of the acquired loans involves estimating the principal and interest payment cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. For PCD loans, the non-credit discount or premium is allocated to individual loans as determined by the difference between the loan’s unpaid principal balance and amortized cost basis. The non-credit premium or discount is recognized into interest income on a level yield basis over the remaining expected life of the loan. For non-PCD loans, the fair value discount or premium is allocated to individual loans and recognized into interest income on a level yield basis over the remaining expected life of the loan. Allowance for credit losses: In accordance with ASC 326, the Company's accounting policies are described below. Allowance for credit losses - loans : The allowance for credit losses on loans is a valuation account that is deducted from the amortized cost basis of loans to present management's best estimate of the net amount expected to be collected. Loans, or portions thereof, are charged-off against the allowance for credit losses when management believes that collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. The allowance is increased (decreased) by provisions (or reversals of) reported in the income statement as a component of provision for credit losses. Management has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses and reports accrued interest separately in other assets in the consolidated balance sheets. Further information regarding Company policies and methodology used to estimate the allowance for credit losses on loans is presented in Note 5. Loans, Net and Allowance for Credit Losses on Loans . Allowance for credit losses - available for sale securities: For available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell or it is more-likely-than-not that it will be required to sell the securities before recovery of the amortized cost basis. If either of these criteria is met, the securities amortized cost basis is written down to fair value as a current period expense. If either of the above criteria is not met, the Company evaluates whether the decline in fair value is the result of credit losses or other factors. In making this assessment, management may consider various factors including the extent to which fair value is less than amortized cost, performance of any underlying collateral and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected are compared to the amortized cost basis of the security and any excess of the amortized cost basis over the present value of expected cash flows is recorded as an allowance for credit loss, limited to the amount by which the fair value is less than the amortized cost basis. Any impairment not recorded through an allowance for credit loss is recognized in other comprehensive income as a non credit-related impairment. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit losses. Available for sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by management or when either of the aforementioned criteria regarding intent or requirement to sell is met. Allowance for credit losses - held to maturity securities : Management measures expected credit losses on held to maturity securities on a collective basis by major security type with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. An allowance for credit losses on held to maturity securities, if needed, is a valuation account that is deducted from the amortized cost basis of held to maturity securities to present management's best estimate of the net amount expected to be collected. Held to maturity securities are charged-off against the allowance when deemed uncollectible by management. Adjustments to the allowance are reported in the income statement as a component of provision for credit losses. Management has made the accounting policy election to exclude accrued interest receivable on available for sale and held to maturity securities from the estimate of credit losses and report accrued interest separately in other assets in the consolidated balance sheet. Allowance for credit losses on off-balance sheet credit exposures: The allowance for credit losses on off-balance sheet credit exposures is a liability account, calculated in accordance with 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. No allowance is recognized if we have the unconditional right to cancel the obligation. The allowance is reported as a component of other liabilities in the consolidated balance sheets. Adjustments to the allowance are reported in the income statement as a component of provision for credit losses. Further information regarding Company policies and methodology used to estimate the allowance for credit losses on off-balance sheet credit exposures is presented in Note 13. Off-Balance Sheet Arrangements, Commitments and Contingencies . Premises and equipment, net: Land is carried at cost. Bank premises, furniture and equipment and aircraft are carried at cost, less accumulated depreciation computed principally by the straight-line method over the estimated useful lives of the assets, which range from three Leasehold improvements are carried at cost and are depreciated over the shorter of the estimated useful life or the lease period. Software: Costs incurred in connection with development or purchase of internal use software and cloud computing arrangements, including in-substance software licenses, are capitalized. Amortization is computed on a straight-line basis over the estimated useful life of the asset, which generally ranges from one Leases: The Company's leases are accounted for under ASC Topic 842, Leases . For operating leases with a term greater than one year, the Company recognizes operating right-of-use (ROU) lease assets and operating lease liabilities, which are recorded in other assets and other liabilities, respectively, in the consolidated balance sheets. The Company determines if an arrangement is a lease at inception. Operating ROU lease assets and related liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate referenced to the Federal Home Loan Bank Secure Connect advance rates for borrowings of similar terms in determining the present value of lease payments. The operating ROU lease asset also includes any lease pre-payments made and excludes lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which the Company has elected to account for separately as the non-lease component amounts are readily determinable under most leases. Long-term assets: Premises and equipment and other long-term assets are reviewed for impairment when events indicate that their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. Other real estate owned: Real estate properties acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations of other real estate owned and impairment charges on other real estate are included in noninterest expense. Gains and losses on sale of other real estate are included in noninterest income. Goodwill and other intangible assets, net: Goodwill represents the excess of costs over fair value of net assets of businesses acquired. Goodwill is tested for impairment annually on December 31 or on an interim basis if an event triggering impairment may have occurred. If a reporting unit’s carrying amount exceeds its fair value, the Company will record an impairment charge based on that difference. During the year ended December 31, 2023, the economic uncertainty and market volatility resulting from the rising interest rate environment and recent banking crisis resulted in a decrease in the Company's stock price and market capitalization. Management believed such decrease was a triggering indicator requiring interim goodwill impairment quantitative assessments during the year. Such assessments resulted in the Company's fair value exceeding its carrying value at each interim period. Furthermore, a quantitative assessment completed as of December 31, 2023, the Company's annual testing date, concluded that fair value exceeded carrying value. Core deposit intangibles and other acquired customer relationship intangibles arising from bank acquisitions are amortized on a straight-line basis over their original estimated useful lives of ten years and thirteen years, respectively. Other intangible assets are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. Restricted stock : The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB of Dallas and other restricted stock do not have readily determinable fair values as ownership is restricted and they lack a ready market. As a result, these stocks are carried at cost and evaluated periodically by management for impairment. Both cash and stock dividends are reported as income. Bank-owned life insurance: Bank-owned life insurance is recorded at the amount that can be realized under the insurance contracts at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Changes in the net cash surrender value of the policies, as well as insurance proceeds received are reflected in noninterest income. Income taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities related to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. The effect of a change in tax rates on deferred assets and liabilities is recognized in income taxes during the period that includes the enactment date. A valuation allowance, if needed, reduces deferred tax assets to the expected amount more likely than not to be realized. Realization of deferred tax assets is dependent upon the level of historical income, prudent and feasible tax planning strategies, reversals of deferred tax liabilities and estimates of future taxable income. The Company evaluates uncertain tax positions at the end of each reporting period. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefit recognized in the financial statements from any such position is measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Any interest and/or penalties related to income taxes are reported as a component of income tax expense. Loan commitments and related financial instruments: In the ordinary course of business, the Company has entered into certain off-balance sheet financial instruments consisting of commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they are funded or related fees are incurred or received. Stock based compensation: Compensation cost is recognized for restricted stock awards/stock units issued to employees based on the market price of the Company's common stock on the grant date. Stock-based compensation expense is generally recognized using the straight-line method over the requisite service period for time-based awards. Compensation expense for performance stock units is recognized over the service period of the award based upon the probable number of units expected to vest. The impact of forfeitures of stock-based payment awards on compensation expense is recognized as forfeitures occur. Transfers of financial assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Advertising costs: Advertising costs are expensed as incurred. Business combinations: The Company applies the acquisition method of accounting for business combinations. Under the acquisition method, the acquiring entity in a business combination recognizes 100% of the assets acquired and liabilities assumed at their acquisition date fair values. Management utilizes valuation techniques appropriate for the asset or liability being measured in determining these fair values. Any excess of the purchase price over amounts allocated to assets acquired, including identifiable intangible assets, and liabilities assumed is recorded as goodwill. Where amounts allocated to assets acquired and liabilities assumed is greater than the purchase price, a bargain purchase gain is recognized. Adjustments identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined. Acquisition-related costs are expensed as incurred. Comprehensive income: Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. Gains and losses on available for sale securities are reclassified to net income as the gains or losses are realized upon sale of the securities. For securities transferred from available for sale to the held to maturity classification, the remaining pre-tax gains and losses will be amortized over the remaining life of the securities, as an adjustment of yield on the transferred securities. For cash flow hedges, gains and losses on the derivative(s) are recorded in accumulated other comprehensive income and subsequently reclassified into interest income in the same period that the hedged transaction affects earnings. Fair values of financial instruments: Accounting standards define fair value, establish a framework for measuring fair value in GAAP, and require certain disclosures about fair value measurements (see Note 17. Fair Value Measurements ). In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company's creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. Derivative financial instruments: The Company enters into certain derivative financial instruments: interest rate lock commitments, forward mortgage-backed securities trades and interest rate swaps. The accounting for changes in fair value depends on the intended use of the derivative. Changes in fair value of derivatives designated in a qualifying hedge relationship are recorded in accumulated other comprehensive income. Changes in fair value of derivatives not designated in a qualifying hedge relationship are recognized directly in earnings. All derivatives are carried at fair value in either other assets or other liabilities. See Note 18. Derivative Financial Instruments for further information regarding Company policy. Mortgage banking revenue: This revenue category reflects the Company's mortgage production revenue, including fees and income derived from mortgages originated with the intent to sell, gains on sales of mortgage loans and the initial and subsequent changes in the fair value of the mortgage derivatives. Interest earned on mortgage loans is recorded in interest income. Loss Contingencies. Loss contingencies, including claims and legal actions arising in the ordinary course of business are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Revenue recognition: ASC Topic 606, R evenue from Contracts with Customers (ASC 606) , establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of the Company's revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as loans, letters of credit, and investment securities, as well as revenue related to mortgage banking activities, and BOLI, as these activities are subject to other accounting guidance. Descriptions of revenue-generating activities that are within the scope of ASC 606, and are presented in the accompanying Consolidated Statements of Income as components of noninterest income, are as follows: • Service charges on deposit accounts - these represent general service fees for monthly account maintenance and activity or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when the performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied. • Investment management - includes income related to providing investment management services to customers under investment management contracts. Also included are fees received from a third party broker-dealer as part of a revenue-sharing agreement for fees earned from customers that are referred to a third party. The investment management fees and referral fees are billed and paid on a quarterly basis and recognized ratably throughout the quarter as performance obligations are satisfied. • Mortgage warehouse purchase program fees - includes fees for the administration and funding of mortgage loans, as well as renewal and application fees received from mortgage originator customers through our mortgage warehouse purchase program. Revenue related to the warehouse program is recognized when the related loan interest is paid off or upon renewal or application. • Gains and losses on the sale of other real estate owned - generally recognized when the performance obligation is complete which is typically at delivery of control over the property to the buyer at time of each real estate closing. • Other noninterest income - includes the Company's correspondent bank earnings credit, acquired loan recoveries, other deposit fees, and merchant interchange income. The majority of these fees in other noninterest income are not subject to the requirements of ASC 606. The other deposit fees and merchant interchange income are in the scope of ASC 606, and payment for such performance obligations are generally received at the time the performance obligations are satisfied. The Company has made no significant judgments in applying the revenue guidance prescribed in ASC 606 that affect the determination of the amount and timing of revenue from the above-described contracts with customers. 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 years ended December 31, 2023, 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: Years Ended December 31, 2023 2022 2021 Basic earnings per share: Net income $ 43,201 $ 196,291 $ 224,750 Less: Undistributed earnings allocated to participating securities (45) 1,037 1,576 Dividends paid on participating securities 142 494 534 Net income available to common shareholders $ 43,104 $ 194,760 $ 222,640 Weighted average basic shares outstanding 41,175,010 41,385,516 42,666,007 Basic earnings per share $ 1.05 $ 4.71 $ 5.22 Diluted earnings per share: Net income available to common shareholders $ 43,104 $ 194,760 $ 222,640 Total weighted average basic shares outstanding 41,175,010 41,385,516 42,666,007 Add dilutive performance stock units 94,409 83,259 58,785 Total weighted average diluted shares outstanding 41,269,419 41,468,775 42,724,792 Diluted earnings per share $ 1.04 $ 4.70 $ 5.21 Anti-dilutive participating securities 36,025 124,503 181,016 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Note 2. Recent Accounting Standards Adoption of accounting standards ASU No. 2023-03, Presentation of Financial Statements (Topic 205), Income Statement - Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation - Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock . ASU 2023-03 amends the ASC for SEC updates pursuant to SEC Staff Accounting Bulletin No. 120; SEC Staff Announcement at the March 24, 2022 Emerging Issues Task Force (EITF) Meeting; and Staff Accounting Bulletin Topic 6.B., Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. These updates were immediately effective and did not have a significant impact on the financial statements. ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. ASU 2023-06 will align the disclosure and presentation requirements in the FASB Accounting Standards Codification with the SEC’s regulations. The amendments in ASU 2023-06 will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S-X or S-K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. As the Company is currently subject to these SEC requirements, ASU 2023-06 is not expected to have a material effect on the Company’s financial statements. ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method. Under prior guidance, entities can apply the last-of-layer hedging method to hedge the exposure of a closed portfolio of prepayable financial assets to fair value changes due to changes in interest rates for a portion of the portfolio that is not expected to be affected by prepayments, defaults, and other events affecting the timing and amount of cash flows. ASU 2022-01 expands the last-of-layer method, which permits only one hedge layer, to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. ASU 2022-01 also (i) expands the scope of the portfolio layer method to include non-prepayable financial assets, (ii) specifies eligible hedging instruments in a single-layer hedge, (iii) provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method and (iv) specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. ASU 2022-01 was effective for the Company on January 1, 2023. The adoption of ASU 2022-01 did not have a significant impact on the financial statements. ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings in ASC Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors , while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, ASU 2022-02 requires entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost . ASU 2022-02 was effective for the Company on January 1, 2023. The adoption of ASU 2022-02 did not have a significant impact on the financial statements. ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU 2022-06 extended the period of time preparers can utilize the reference rate reform relief guidance provided by ASU 2020-04 and ASU 2021-01. ASU 2022-06, which was effective upon issuance, deferred the sunset date of this prior guidance from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief guidance in Topic 848. The adoption of ASU 2022-06 did not significantly impact the financial statements and the Company has fully transitioned all products tied to LIBOR. ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) (ASC 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). On January 1, 2021, the Company adopted ASU 2016-13 and related amendments. The measurement of current expected credit losses (CECL) methodology is applicable to financial assets measured at amortized cost, including loan receivables and held to maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments). The CECL model requires the measurement of all expected credit losses on applicable financial assets based on historical experience, current conditions, and reasonable and supportable forecasts. In addition, ASU 2016-13 includes certain changes to the accounting for available for sale securities such as requiring credit-related impairments to be recognized as an allowance for credit losses rather than as a direct write-down of the securities amortized cost basis when management does not intend to sell or believes that it is more likely than not they will be required to sell securities prior to recovery of the securities amortized cost basis. The Company adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. As a result of this adoption, the Company recognized a cumulative effect reduction to retained earnings totaling $53,880, net of a recorded deferred tax asset of $15,113, and reclassed $13,035 of allowance for credit loss related to financial assets purchased with credit deterioration (PCD) that were previously classified as purchased credit impaired (PCI) and accounted for under ASC 310-30 as discussed below. Results for periods beginning after January 1, 2021 are presented in accordance with ASU 2016-13 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company adopted ASU 2016-13 using the prospective transition approach for PCD assets. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2021, the amortized cost basis of the PCD assets were adjusted to reflect the addition of the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis) was accreted into interest income at the effective interest rate as of January 1, 2021. The following table illustrates the impact of ASU 2016-13 on the allowances for credit losses as of January 1, 2021, the date of adoption: January 1, 2021 Pre-Adoption Allowance Impact of Adoption Initial allowance on loans purchased with credit deterioration Post-Adoption Allowance Assets: Allowance for credit losses on Loans: Commercial $ 27,311 $ 12,775 $ 4,328 $ 44,414 Commercial real estate 36,698 29,108 7,640 73,446 Commercial construction, land and land development 13,425 22,008 927 36,360 Residential real estate 6,786 (2,255) 140 4,671 Single-family interim construction 2,156 7,179 — 9,335 Agricultural 337 (178) — 159 Consumer 684 (334) — 350 Unallocated 423 (423) — — $ 87,820 $ 67,880 $ 13,035 $ 168,735 Liabilities: Allowance for credit losses on off-balance sheet credit exposures $ — $ 1,113 $ — $ 1,113 Newly issued but not yet effective accounting standards ASU 2023-01, Leases (Topic 842): Common Control Arrangements. ASU 2023-01 requires entities to amortize leasehold improvements associated with common control leases over the useful life to the common control group. ASU 2023-01 will be effective for the Company on January 1, 2024. The adoption of ASU 2023-01 is not expected to have a significant impact on the financial statements. ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . ASU 2023-02 is intended to improve the accounting and disclosures for investments in tax credit structures. ASU 2023-02 allows entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Previously, this method was only available for qualifying tax equity investments in low-income housing tax credit structures. ASU 2023-02 will be effective for the Company on January 1, 2024. The adoption of ASU 2023-02 is not expected to have a significant impact on the financial statements. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 amends current guidance to require a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. Public entities with a single reporting segment are required to provide both the new disclosures and all of the existing disclosures required under ASC 280. ASU 2023-07 will be effective for the Company for annual periods on January 1, 2024 and for interim periods starting in 2025. The adoption of ASU 2023-07 is not expected to have a significant impact on the financial statements. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 amends current guidance under ASC 740 to enhance the transparency and decision-usefulness of income tax disclosures. The guidance requires public business entities to disclose in the rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance requires all entities, to disclose annually, income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. ASU 2023-09 will be effective for the Company on January 1, 2025. The adoption of ASU 2023-09 is not expected to have a significant impact on the financial statements. |
Statement of Cash Flows
Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Statement of Cash Flows | Note 3. 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: Years Ended December 31, 2023 2022 2021 Cash transactions: Interest expense paid $ 380,804 $ 92,506 $ 65,336 Income taxes paid $ 25,786 $ 46,570 $ 58,083 Noncash transactions: Deferred dividend equivalents $ (51) $ 200 $ 197 Transfer of loans to other real estate owned $ — $ 23,900 $ — Loans to facilitate the sale of other real estate owned $ 6,188 $ — $ — Transfer of securities available for sale to held to maturity $ — $ 117,583 $ — Right-of-use assets obtained in exchange for lease liabilities $ 8,698 $ 4,011 $ 5,156 Loans purchased, not yet settled $ — $ 27,210 $ 29,332 Transfer of bank premises to other real estate $ 805 $ — $ — |
Securities
Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 4. 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 December 31, 2023 and 2022, are as follows: Amortized Cost (1) Gross Gross Fair Securities Available for Sale December 31, 2023 U.S. treasuries $ 228,231 $ — $ (14,009) $ 214,222 Government agency securities 467,754 — (71,648) 396,106 Obligations of state and municipal subdivisions 237,146 122 (9,634) 227,634 Corporate bonds 43,000 — (7,180) 35,820 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 839,071 8 (119,610) 719,469 Other securities 500 — — 500 $ 1,815,702 $ 130 $ (222,081) $ 1,593,751 December 31, 2022 U.S. treasuries $ 259,675 $ — $ (20,265) $ 239,410 Government agency securities 468,994 — (84,479) 384,515 Obligations of state and municipal subdivisions 264,419 106 (13,294) 251,231 Corporate bonds 43,000 — (5,795) 37,205 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 913,388 9 (134,924) 778,473 Other securities 950 — — 950 $ 1,950,426 $ 115 $ (258,757) $ 1,691,784 Securities Held to Maturity December 31, 2023 Obligations of state and municipal subdivisions $ 205,232 $ 264 $ (34,499) $ 170,997 December 31, 2022 Obligations of state and municipal subdivisions $ 207,059 $ — $ (44,820) $ 162,239 ____________ (1) Excludes accrued interest receivable of $7,129 and $7,702 on available for sale and $2,365 and $2,697 on held to maturity securities at December 31, 2023 and 2022, respectively, that is recorded in other assets on the accompanying consolidated balance sheets. During 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. There have been no transfers of securities in 2023. The amortized cost and estimated fair value of securities at December 31, 2023, 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. December 31, 2023 Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 77,481 $ 76,593 $ — $ — Due from one year to five years 329,879 308,400 — — Due from five to ten years 418,913 359,287 — — Thereafter 150,358 130,002 205,232 170,997 976,631 874,282 205,232 170,997 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 839,071 719,469 — — $ 1,815,702 $ 1,593,751 $ 205,232 $ 170,997 Securities with a fair value of approximately $950,604 and $1,168,006 at December 31, 2023 and 2022, respectively, were pledged primarily to secure deposits. Proceeds from sale of securities available for sale and gross gains and gross losses for the years ended December 31, 2023, 2022 and 2021 were as follows: Years Ended December 31, 2023 2022 2021 Proceeds from sale $ — $ — $ 9,294 Gross gains $ — $ — $ 13 Gross losses $ — $ — $ — The unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2023 and 2022, are summarized as follows: Less Than 12 Months Greater Than 12 Months Total Description of Securities Estimated Unrealized Estimated Unrealized Estimated Unrealized Securities Available for Sale December 31, 2023 U.S. treasuries $ — $ — $ 214,222 $ (14,009) $ 214,222 $ (14,009) Government agency securities — — 396,106 (71,648) 396,106 (71,648) Obligations of state and municipal subdivisions 40,864 (360) 147,529 (9,274) 188,393 (9,634) Corporate bonds — — 32,820 (7,180) 32,820 (7,180) Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 8,724 (312) 710,301 (119,298) 719,025 (119,610) $ 49,588 $ (672) $ 1,500,978 $ (221,409) $ 1,550,566 $ (222,081) December 31, 2022 U.S. treasuries $ 106,849 $ (3,923) $ 132,561 $ (16,342) $ 239,410 $ (20,265) Government agency securities 63,451 (7,533) 321,064 (76,946) 384,515 (84,479) Obligations of state and municipal subdivisions 209,395 (9,068) 17,034 (4,226) 226,429 (13,294) Corporate bonds 23,584 (4,416) 10,621 (1,379) 34,205 (5,795) Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 266,756 (25,377) 511,207 (109,547) 777,963 (134,924) $ 670,035 $ (50,317) $ 992,487 $ (208,440) $ 1,662,522 $ (258,757) 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 December 31, 2023 , 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 unrea lized 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. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. As such, there is no allowance for credit losses on available for sale securities recognized as of December 31, 2023 . The Company's held to maturity securities include taxable and tax-exempt municipal securities issued primarily by school districts but also may include utility districts or other 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. Substantially all of the Company's held to maturity securities are guaranteed by the Texas Permanent School Fund (PSF), which is a sovereign wealth fund that serves to provide revenues for funding of public primary and secondary education in the State of Texas. At December 31, 2023 , all of the Company's held to maturity securities were rated AAA/Aaa by Moody's and/or Standard & Poor's bond rating services. Furthermore, as of December 31, 2023, 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 December 31, 2023 . |
Loans, Net and Allowance for Cr
Loans, Net and Allowance for Credit Losses on Loans | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Note 5. Loans, Net and Allowance for Credit Losses on Loans | Note 5. Loans, Net and Allowance for Credit Losses on Loans Loans, net at December 31, 2023 and 2022, consisted of the following: December 31, 2023 2022 Commercial $ 2,266,851 $ 2,240,959 Mortgage warehouse purchase loans 549,689 312,099 Real estate: Commercial 8,289,124 7,817,447 Commercial construction, land and land development 1,231,484 1,231,071 Residential 1,669,786 1,592,859 Single-family interim construction 517,928 508,839 Agricultural 109,451 124,422 Consumer 76,229 81,667 Total loans (1) 14,710,542 13,909,363 Allowance for credit losses (151,861) (148,787) Total loans, net (1) $ 14,558,681 $ 13,760,576 ____________ (1) Excludes accrued interest receivable of $54,563 and $48,815 at December 31, 2023 and 2022, respectively, that is recorded in other assets on the accompanying consolidated balance sheets. 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 December 31, 2023 and 2022, there were approximately $621,883 and $574,698 of energy-related loans outstanding, respectively. 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 as well as granularity with moderate average loan sizes. Management monitors the diversification of the portfolio on a quarterly basis by type and geographic location. Management also tracks the level of owner-occupied property versus non owner-occupied property. At December 31, 2023, the portfolio consisted of approximately 21% 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 December 31, 2023, loans in the North Texas region represented about 36% of the total portfolio, followed by the Colorado Front Range region at 26%, the Houston region at 25% and the Central Texas region at 13%. A large percentage of the Company’s portfolio consists of commercial and residential real estate loans. As of December 31, 2023 and 2022, there were no concentrations of loans related to a single industry in excess of 10% of total loans. 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. 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 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, various price indices, and/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, 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. The majority 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. Independent 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. During 2023, the Company updated and performed a recalibration of its credit loss models to enhance model performance reliability. The overall impact of the model changes as described below mainly resulted in reclassifications of provision expense between the loan pools. While the fundamental modeling methodologies remain unchanged, the updates included 1) consolidation of the energy loans into the commercial and industrial risk pool as a result of similarities in risk characteristics observed in recent history, 2) correlation of the loss rate model to new peer group loss history data which resulted in changes to certain loan pool macroeconomic variables (MEVs) further diversifying the variables used in the model, 3) changes to the qualitative factor model to address the volatility of past dues and risk grades by incorporating a four quarter rolling average to the assessed risk level, and 4) adjustment to the unfunded commitments utilization model to bifurcate the single-family residential and commercial construction portfolio loan pools into various sub pools to better correlate their utilization rates. The following is a summary of the activity in the allowance for credit losses on loans by class for the years ended December 31, 2023, 2022 and 2021: Commercial Commercial Real Estate Commercial Construction, Residential Single-Family Agricultural Consumer Unallocated Total Year ended December 31, 2023 Balance at beginning of year $ 54,037 $ 61,078 $ 17,696 $ 3,450 $ 11,817 $ 207 $ 502 $ — $ 148,787 Provision for credit losses (19,270) (982) 14,883 3,467 5,647 539 (107) — 4,177 Charge-offs (918) — (1,196) — (27) (6) (17) — (2,164) Recoveries 944 — 111 — — 5 1 — 1,061 Balance at end of year $ 34,793 $ 60,096 $ 31,494 $ 6,917 $ 17,437 $ 745 $ 379 $ — $ 151,861 Year ended December 31, 2022 Balance at beginning of year $ 49,747 $ 65,110 $ 23,861 $ 2,192 $ 7,222 $ 106 $ 468 $ — $ 148,706 Provision for credit losses 5,534 (23) (6,165) 1,183 4,595 101 43 — 5,268 Charge-offs (1,739) (4,159) — (6) — — (10) — (5,914) Recoveries 495 150 — 81 — — 1 — 727 Balance at end of year $ 54,037 $ 61,078 $ 17,696 $ 3,450 $ 11,817 $ 207 $ 502 $ — $ 148,787 Year ended December 31, 2021 Balance at beginning of year $ 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 12,130 (7,961) (12,373) (2,486) (2,113) (53) 247 — (12,609) Charge-offs (6,856) (375) (126) — — — (174) — (7,531) Recoveries 59 — — 7 — — 45 — 111 Balance at end of year $ 49,747 $ 65,110 $ 23,861 $ 2,192 $ 7,222 $ 106 $ 468 $ — $ 148,706 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 that were evaluated for expected credit losses on an individual basis and the related specific credit loss allocations, by loan class as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Loan Balance Specific Allocations Loan Balance Specific Allocations Commercial $ 21,534 $ 11,662 $ 21,981 $ 8,378 Commercial real estate 25,672 3,567 12,303 1,209 Commercial construction, land and land development — — — — Residential real estate — — — — Single-family interim construction — — 189 43 Agricultural 75 19 — — Consumer — — — — $ 47,281 $ 15,248 $ 34,473 $ 9,630 Nonperforming loans by loan class at December 31, 2023 and 2022, are summarized as follows: Commercial Commercial Commercial Construction, Residential Real Estate Single-Family Agricultural Consumer Total December 31, 2023 Nonaccrual loans (1) $ 21,541 $ 26,564 $ 10 $ 2,111 $ — $ 75 $ 5 $ 50,306 Loans past due 90 days and still accruing — 14 — 1,480 — — — 1,494 Total nonperforming loans (2) $ 21,541 $ 26,578 $ 10 $ 3,591 $ — $ 75 $ 5 $ 51,800 December 31, 2022 Nonaccrual loans (1) $ 22,565 $ 13,393 $ 15 $ 1,582 $ 189 $ — $ 8 $ 37,752 Loans past due 90 days and still accruing 5 — — 838 — — — 843 Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) — 1,435 — 59 — — — 1,494 Total nonperforming loans $ 22,570 $ 14,828 $ 15 $ 2,479 $ 189 $ — $ 8 $ 40,089 ____________ (1) There are $14 and $125 in loans on nonaccrual without an allowance for credit loss as of December 31, 2023 and 2022, respectively. Additionally, no interest income was recognized on nonaccrual loans. No significant amounts of accrued interest was reversed during the years ended December 31, 2023 and 2022. (2) With the adoption of ASU 2022-02, effective January 1, 2023, TDR accounting has been eliminated. 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. Occasionally, the Company modifies loans to borrowers in financial distress by providing certain concessions, such as principal forgiveness, term extension, an other-than-insignificant payment delay, an interest rate reduction, or a combination of such concessions. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. During the year ended December 31, 2023, the Company did not provide any modifications under these circumstances to borrowers experiencing financial difficulty. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following table presents information regarding the aging of past due loans by loan class as of December 31, 2023 and 2022: Loans Loans Total Past Current Total December 31, 2023 Commercial $ 1,898 $ 4,883 $ 6,781 $ 2,260,070 $ 2,266,851 Mortgage warehouse purchase loans — — — 549,689 549,689 Commercial real estate 5,388 12,432 17,820 8,271,304 8,289,124 Commercial construction, land and land development 2,457 — 2,457 1,229,027 1,231,484 Residential real estate 7,477 2,282 9,759 1,660,027 1,669,786 Single-family interim construction 828 — 828 517,100 517,928 Agricultural — 75 75 109,376 109,451 Consumer 267 4 271 75,958 76,229 $ 18,315 $ 19,676 $ 37,991 $ 14,672,551 $ 14,710,542 December 31, 2022 Commercial $ 1,005 $ 5,629 $ 6,634 $ 2,234,325 $ 2,240,959 Mortgage warehouse purchase loans — — — 312,099 312,099 Commercial real estate 13,093 449 13,542 7,803,905 7,817,447 Commercial construction, land and land development 2,820 — 2,820 1,228,251 1,231,071 Residential real estate 4,702 1,346 6,048 1,586,811 1,592,859 Single-family interim construction — 189 189 508,650 508,839 Agricultural — — — 124,422 124,422 Consumer 214 8 222 81,445 81,667 $ 21,834 $ 7,621 $ 29,455 $ 13,879,908 $ 13,909,363 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 December 31, 2023 and December 31, 2022: Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2023 2023 2022 2021 2020 2019 Prior Total Commercial Pass $ 223,287 $ 211,182 $ 281,878 $ 78,695 $ 99,516 $ 161,184 $ 1,099,241 $ 347 $ 2,155,330 Pass/Watch 168 9,672 8,976 121 2,064 9,396 5,655 — 36,052 Special Mention 185 — 13,517 85 — 820 9,052 1,214 24,873 Substandard 6,949 7,428 20,509 291 2,453 1,944 7,636 3,386 50,596 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial $ 230,589 $ 228,282 $ 324,880 $ 79,192 $ 104,033 $ 173,344 $ 1,121,584 $ 4,947 $ 2,266,851 Current period gross write-offs $ 285 $ — $ 301 $ 5 $ 73 $ 254 $ — $ — $ 918 Mortgage warehouse purchase loans Pass $ 549,689 $ — $ — $ — $ — $ — $ — $ — $ 549,689 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total mortgage warehouse purchase loans $ 549,689 $ — $ — $ — $ — $ — $ — $ — $ 549,689 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2023 2023 2022 2021 2020 2019 Prior Total Commercial real estate Pass $ 1,038,410 $ 2,570,061 $ 1,913,673 $ 900,786 $ 536,973 $ 805,784 $ 57,954 $ 5,827 $ 7,829,468 Pass/Watch 28,048 82,001 61,025 26,594 22,395 48,420 — — 268,483 Special Mention 22,624 37,445 20,647 23,607 12,211 14,884 — 346 131,764 Substandard 5,502 16,666 27,653 4,371 3,026 2,191 — — 59,409 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial real estate $ 1,094,584 $ 2,706,173 $ 2,022,998 $ 955,358 $ 574,605 $ 871,279 $ 57,954 $ 6,173 $ 8,289,124 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial construction, land and land development Pass $ 430,273 $ 430,458 $ 218,880 $ 51,127 $ 6,693 $ 13,633 $ 22,315 $ 74 $ 1,173,453 Pass/Watch 14,177 10,132 3,415 7,184 — 58 — — 34,966 Special Mention 224 — 22,491 314 — — — — 23,029 Substandard — 26 — — — 10 — — 36 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial construction, land and land development $ 444,674 $ 440,616 $ 244,786 $ 58,625 $ 6,693 $ 13,701 $ 22,315 $ 74 $ 1,231,484 Current period gross write-offs $ — $ — $ 1,196 $ — $ — $ — $ — $ — $ 1,196 Residential real estate Pass $ 197,436 $ 506,608 $ 356,360 $ 219,473 $ 136,968 $ 162,766 $ 71,494 $ 437 $ 1,651,542 Pass/Watch — 360 2,415 2,895 1,239 1,902 85 — 8,896 Special Mention — — — 47 1,492 1,607 — 262 3,408 Substandard 685 1,302 15 499 838 2,556 45 — 5,940 Doubtful — — — — — — — — — Loss — — — — — — — — — Total residential real estate $ 198,121 $ 508,270 $ 358,790 $ 222,914 $ 140,537 $ 168,831 $ 71,624 $ 699 $ 1,669,786 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Single-family interim construction Pass $ 300,574 $ 133,211 $ 15,590 $ — $ — $ — $ 65,385 $ — $ 514,760 Pass/Watch 1,203 — — — — — — — 1,203 Special Mention 1,964 — — — — — 1 — 1,965 Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total single-family interim construction $ 303,741 $ 133,211 $ 15,590 $ — $ — $ — $ 65,386 $ — $ 517,928 Current period gross write-offs $ — $ — $ 27 $ — $ — $ — $ — $ — $ 27 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2023 2023 2022 2021 2020 2019 Prior Total Agricultural Pass $ 16,543 $ 35,993 $ 22,472 $ 9,707 $ 3,470 $ 10,056 $ 9,435 $ — $ 107,676 Pass/Watch — 1,756 — — — — — — 1,756 Special Mention — — — — — — — — — Substandard — — — — — 19 — — 19 Doubtful — — — — — — — — — Loss — — — — — — — — — Total agricultural $ 16,543 $ 37,749 $ 22,472 $ 9,707 $ 3,470 $ 10,075 $ 9,435 $ — $ 109,451 Current period gross write-offs $ — $ 5 $ 1 $ — $ — $ — $ — $ — $ 6 Consumer Pass $ 6,348 $ 3,173 $ 900 $ 8,056 $ 1,267 $ 81 $ 54,392 $ 90 $ 74,307 Pass/Watch — — 1,917 — — — — — 1,917 Special Mention — — — — — — — — — Substandard — — 1 — — 4 — — 5 Doubtful — — — — — — — — — Loss — — — — — — — — — Total consumer $ 6,348 $ 3,173 $ 2,818 $ 8,056 $ 1,267 $ 85 $ 54,392 $ 90 $ 76,229 Current period gross write-offs $ 8 $ 9 $ — $ — $ — $ — $ — $ — $ 17 Total loans Pass $ 2,762,560 $ 3,890,686 $ 2,809,753 $ 1,267,844 $ 784,887 $ 1,153,504 $ 1,380,216 $ 6,775 $ 14,056,225 Pass/Watch 43,596 103,921 77,748 36,794 25,698 59,776 5,740 — 353,273 Special Mention 24,997 37,445 56,655 24,053 13,703 17,311 9,053 1,822 185,039 Substandard 13,136 25,422 48,178 5,161 6,317 6,724 7,681 3,386 116,005 Doubtful — — — — — — — — — Loss — — — — — — — — — Total loans $ 2,844,289 $ 4,057,474 $ 2,992,334 $ 1,333,852 $ 830,605 $ 1,237,315 $ 1,402,690 $ 11,983 $ 14,710,542 Current period gross write-offs $ 293 $ 14 $ 1,525 $ 5 $ 73 $ 254 $ — $ — $ 2,164 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2022 2022 2021 2020 2019 2018 Prior Total Commercial Pass $ 297,800 $ 347,801 $ 126,390 $ 112,887 $ 51,623 $ 153,435 $ 1,031,483 $ 1,173 $ 2,122,592 Pass/Watch 8 14,790 155 188 1,812 7,934 8,216 5,907 39,010 Special Mention 234 4,821 101 1,485 — 144 8,646 20 15,451 Substandard 394 35,950 398 9,191 55 7,037 10,840 41 63,906 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial $ 298,436 $ 403,362 $ 127,044 $ 123,751 $ 53,490 $ 168,550 $ 1,059,185 $ 7,141 $ 2,240,959 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2022 2022 2021 2020 2019 2018 Prior Total Mortgage warehouse purchase loans Pass $ 312,099 $ — $ — $ — $ — $ — $ — $ — $ 312,099 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total mortgage warehouse purchase loans $ 312,099 $ — $ — $ — $ — $ — $ — $ — $ 312,099 Commercial real estate Pass $ 2,652,298 $ 1,980,631 $ 998,910 $ 617,664 $ 448,758 $ 640,275 $ 59,184 $ 9,222 $ 7,406,942 Pass/Watch 90,313 25,954 33,664 18,678 53,469 25,831 — — 247,909 Special Mention 10,180 41,193 — 10,870 8,722 10,735 — 26 81,726 Substandard 3,513 40,001 8,574 3,178 8,268 17,336 — — 80,870 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial real estate $ 2,756,304 $ 2,087,779 $ 1,041,148 $ 650,390 $ 519,217 $ 694,177 $ 59,184 $ 9,248 $ 7,817,447 Commercial construction, land and land development Pass $ 553,376 $ 465,272 $ 126,704 $ 10,477 $ 23,073 $ 12,188 $ 12,705 $ 4,018 $ 1,207,813 Pass/Watch 8,036 43 10,297 — — 72 — — 18,448 Special Mention 1,313 674 — — — — — — 1,987 Substandard 28 2,771 — 10 — 14 — — 2,823 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial construction, land and land development $ 562,753 $ 468,760 $ 137,001 $ 10,487 $ 23,073 $ 12,274 $ 12,705 $ 4,018 $ 1,231,071 Residential real estate Pass $ 525,631 $ 379,789 $ 220,077 $ 155,460 $ 79,437 $ 154,875 $ 59,332 $ 1,238 $ 1,575,839 Pass/Watch 373 918 642 1,743 76 3,312 302 — 7,366 Special Mention 2,267 — — 700 227 1,224 126 — 4,544 Substandard 708 455 538 219 — 2,997 193 — 5,110 Doubtful — — — — — — — — — Loss — — — — — — — — — Total residential real estate $ 528,979 $ 381,162 $ 221,257 $ 158,122 $ 79,740 $ 162,408 $ 59,953 $ 1,238 $ 1,592,859 Single-family interim construction Pass $ 351,031 $ 105,573 $ 18,885 $ — $ 241 $ — $ 16,447 $ — $ 492,177 Pass/Watch — — — — — 16,471 2 — 16,473 Special Mention — — — — — — — — — Substandard — — — — — 189 — — 189 Doubtful — — — — — — — — — Loss — — — — — — — — — Total single-family interim construction $ 351,031 $ 105,573 $ 18,885 $ — $ 241 $ 16,660 $ 16,449 $ — $ 508,839 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2022 2022 2021 2020 2019 2018 Prior Total Agricultural Pass $ 52,525 $ 24,743 $ 13,875 $ 3,705 $ 5,847 $ 8,872 $ 10,588 $ — $ 120,155 Pass/Watch 2,700 — — — — — 1,547 — 4,247 Special Mention — — — — — — — — — Substandard — — — — — 20 — — 20 Doubtful — — — — — — — — — Loss — — — — — — — — — Total agricultural $ 55,225 $ 24,743 $ 13,875 $ 3,705 $ 5,847 $ 8,892 $ 12,135 $ — $ 124,422 Consumer Pass $ 7,715 $ 4,909 $ 7,959 $ 1,576 $ 300 $ 81 $ 59,113 $ — $ 81,653 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — 4 — — — 10 — — 14 Doubtful — — — — — — — — — Loss — — — — — — — — — Total consumer $ 7, |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Note 6. Premises and Equipment, Net Premises and equipment, net at December 31, 2023 and 2022 consisted of the following: December 31, 2023 2022 Land $ 81,224 $ 81,570 Building 275,841 274,218 Furniture, fixtures and equipment 68,463 59,979 Aircraft 8,947 8,947 Leasehold and tenant improvements 9,301 6,421 Construction in progress 7,218 3,667 450,994 434,802 Less accumulated depreciation (95,161) (79,434) $ 355,833 $ 355,368 Depreciation expense amounted to $18,475, $14,934 and $12,385 for the years ended December 31, 2023, 2022 and 2021, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, Net | Note 7. Goodwill and Other Intangible Assets, Net At December 31, 2023 and 2022, goodwill totaled $994,021. The following is a summary of other intangible assets: December 31, 2023 2022 Gross core deposit intangible $ 125,884 $ 125,884 Less accumulated amortization (79,267) (67,321) Total core deposit intangible, net $ 46,617 $ 58,563 Gross customer relationship intangible $ 6,407 $ 6,407 Less accumulated amortization (2,464) (1,971) Total customer relationship intangible, net $ 3,943 $ 4,436 Total other intangible assets, net $ 50,560 $ 62,999 Amortization expense related to intangible assets amounted to $12,439, $12,491 and $12,580 for the years ended December 31, 2023, 2022 and 2021, respectively. The remaining weighted average amortization period for intangible assets is 4.7 years as of December 31, 2023. The future amortization expense related to other intangible assets remaining at December 31, 2023 is as follows: First year $ 11,752 Second year 11,238 Third year 10,801 Fourth year 8,284 Fifth year 7,006 Thereafter 1,479 $ 50,560 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Deposits | Note 8. Deposits Deposits at December 31, 2023 and 2022 consisted of the following: December 31, 2023 2022 Amount Percent Amount Percent Noninterest-bearing demand accounts $ 3,530,704 22.5 % $ 4,736,830 31.3 % Interest-bearing checking accounts 5,628,478 35.8 6,311,868 41.8 Savings accounts 540,121 3.4 760,777 5.0 Money market accounts 1,741,848 11.1 1,889,833 12.5 Certificates of deposit and individual retirement accounts (IRA), less than $250,000 3,145,334 20.0 752,594 5.0 Certificates of deposit and individual retirement accounts (IRA), $250,000 and greater 1,136,550 7.2 669,515 4.4 $ 15,723,035 100.0 % $ 15,121,417 100.0 % At December 31, 2023, the scheduled maturities of certificates of deposit, including IRAs, were as follows: First year $ 4,040,402 Second year 222,873 Third year 8,802 Fourth year 5,639 Fifth year 4,168 $ 4,281,884 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2023 | |
Advance from Federal Home Loan Bank [Abstract] | |
Federal Home Loan Bank Advances | Note 9. Federal Home Loan Bank Advances At December 31, 2023, the Company had two short-term advances from the FHLB of Dallas under note payable arrangements that matured in January 2024. The weighted average interest rate of the advances were 5.43% and 2.42% at December 31, 2023 and 2022, respectively. The balances outstanding on advances were $350,000 and $300,000 at December 31, 2023 and 2022, respectively. The advances were secured by $31,498 of FHLB stock owned by the Company and a blanket lien on certain loans along with specific listed loans for an aggregate available carrying value of $6,808,778 at December 31, 2023. The Company had remaining credit available under the FHLB advance program of $5,144,607 at December 31, 2023. At December 31, 2023, the Company had $1,303,100 in undisbursed advance commitments (letters of credit) with the FHLB. As of December 31, 2023, these commitments mature on various dates from January 2024 through July 2025. The FHLB letters of credit were obtained in lieu of pledging securities to secure public fund deposits that are over the FDIC insurance limit. At December 31, 2023, there were no disbursements against the advance commitments. |
Other Borrowings
Other Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Other Borrowings | Note 10. Other Borrowings Other borrowings at December 31, 2023 and 2022 consisted of the following: December 31, 2023 2022 Unsecured fixed rate subordinated debentures in the amount of $110,000. The balance of borrowings at December 31, 2023 and 2022 is net of discount and origination costs of $198 and $555, respectively. Interest payments of 5.875% are made semiannually on February 1 and August 1. The maturity date is August 1, 2024. The notes may not be redeemed prior to maturity and after August 1, 2023, no longer meet the criteria to be recognized as Tier 2 capital for regulatory purposes. (1) $ 109,802 $ 109,445 Unsecured fixed-to-floating subordinated debentures in the amount of $130,000. The balance of borrowings at December 31, 2023 and 2022 is net of origination costs of $1,731 and $1,991, respectively. Interest payments initially of 4.00% fixed rate are made semiannually on March 15 and September 15 through September 15, 2025. Thereafter, floating rate payments of 3 month Secured Overnight Financing Rate (SOFR) plus 3.885% payable quarterly in arrears beginning on December 15, 2025. The maturity date is September 15, 2030 with an optional redemption at September 15, 2025. The notes meet the criteria to be recognized as Tier 2 capital for regulatory purposes. (1) 128,269 128,009 Unsecured revolving line of credit with an unrelated commercial bank in the amount of $100,000. The line bears interest at the monthly Bloomberg Short-Term Bank Yield Index (BSBY) plus 1.75% with a maturity date of February 16, 2024. The Company is required to meet certain financial covenants on a quarterly basis, which includes certain restrictions on cash at IBG and meeting minimum capital ratios. (2) 33,750 — Unsecured fixed-to-floating subordinated debentures in the amount of $30,000. The balance of borrowings at December 31, 2022 is net of origination costs of $388. Interest payments of 5.00% fixed rate were made semiannually on June 30 and December 31 through December 31, 2022 and thereafter, floating rate payments of 3 month LIBOR plus 2.83%. On March 31, 2023, the next optional redemption date, the debentures were redeemed. — 29,612 $ 271,821 $ 267,066 ____________ (1) The permissible portion of qualified subordinated notes decreases 20% per year during the final five years of the term of the notes. (2) Subsequent to December 31, 2023, the Company renewed the line (see Note 22. Subsequent Events ). The Company has established federal funds lines of credit notes with ten unaffiliated banks totaling $445,000 of borrowing capacity at December 31, 2023 and eleven unaffiliated banks totaling $545,000 of borrowing capacity at December 31, 2022. At December 31, 2023, one of the lines, totaling $50,000, has a stated maturity date in February 2024. The remaining lines have no stated maturity dates and the lenders may terminate the lines at any time without notice. The lines are provided on an unsecured basis and must be repaid the following business day from when the funds are borrowed. There were no borrowings against the lines at December 31, 2023 and 2022. In addition, the Company maintains a secured line of credit with the Federal Reserve Bank with an availability to borrow approximately $1,095,664 and $1,072,483 at December 31, 2023 and 2022, respectively. Approximately $1,312,949 and $1,326,376 of certain loans and securities were pledged as collateral at December 31, 2023 and 2022, respectively. There were no borrowings against this line as of December 31, 2023 and 2022. Beginning in first quarter 2023, the Company is eligible to borrow from the Federal Reserve's Bank Term Funding Program (BTFP), which provides additional contingent liquidity through the pledging of certain qualifying securities and other assets valued at par. Under the program, which ends March 11, 2024, the Company can obtain advances of up to one year in length and can repay the obligation at any time without penalty. Borrowing capacity of $661,721 was available as of December 31, 2023 based on the par-value of qualifying unpledged securities. There were no borrowings outstanding as of December 31, 2023. |
Junior Subordinated Debentures
Junior Subordinated Debentures | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures | Note 11. Junior Subordinated Debentures The Company has formed or acquired nine statutory business trusts (the Trusts) for the purpose of issuing trust preferred securities. Each of the Trusts have issued capital and common securities and invested the proceeds thereof in an equivalent amount of junior subordinated debentures (the Debentures) issued by the Company. The interest rate payable on, and the payment terms of the Debentures are the same as the distribution rate and payment terms of the respective issues of capital and common securities issued by the Trusts. The Debentures are subordinated and junior in right of payment to all present and future senior indebtedness. The Company has fully and unconditionally guaranteed the obligations of each of the Trusts with respect to the capital and common securities. Except under certain circumstances, the common securities issued to the Company by the trusts possess sole voting rights with respect to matters involving those entities. Under certain circumstances, the Company may, from time to time, defer the debentures' interest payments, which would result in a deferral of distribution payments on the related trust preferred securities and, with certain exceptions, prevent the Company from declaring or paying cash distributions on the Company's common stock and any other future debt ranking equally with or junior to the debentures. The Company may redeem the debentures, which are intended to qualify as Tier 1 capital, at the Company’s option, subject to approval of the Federal Reserve. As of December 31, 2023 and 2022, the carrying amount of debentures outstanding totaled $54,617 and $54,419, respectively. Information regarding the Debentures as of December 31, 2023 are summarized in the table below: Trust Preferred Securities Issued Debentures Carrying Value Repricing Frequency Interest Rate Interest Rate Index Maturity Date IB Trust I $ 5,155 $ 5,155 Quarterly 8.89% SOFR + 3.25% March 2033 Guaranty Trust III 10,310 10,310 Quarterly 8.76 SOFR + 3.10 July 2033 IB Trust II 3,093 3,093 Quarterly 8.51 SOFR + 2.85 March 2034 Cenbank Trust III 15,464 15,464 Quarterly 8.31 SOFR + 2.65 April 2034 IB Centex Trust I 2,578 2,578 Quarterly 8.89 SOFR + 3.25 February 2035 IB Trust III 3,712 3,712 Quarterly 8.04 SOFR +2.40 December 2035 Community Group Statutory Trust I 3,609 3,609 Quarterly 7.25 SOFR + 1.60 June 2037 Northstar Trust II (1) 5,155 4,121 Quarterly 7.32 SOFR + 1.67 June 2037 Northstar Trust III (1) 8,248 6,575 Quarterly 7.32 SOFR + 1.67 September 2037 $ 57,324 $ 54,617 ____________ |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 12. Leases The Company’s primary leasing activities relate to certain real estate operating leases entered into in support of the Company’s branch operations and back office operations. The Company leases 20 of its 91 branches. The Company’s branch locations operating under lease agreements have all been designated as operating leases. In addition, the Company leases certain equipment under operating leases. The Company does not have leases designated as finance leases. As of December 31, 2023 and 2022, the Company’s ROU lease assets were $24,404 and $24,830, respectively, and related lease liabilities were $25,777 and $25,913, respectively. Leases have remaining terms ranging from six months to 27.1 years, including extension options that the Company is reasonably certain will be exercised. The table below summarizes net lease cost: Years Ended December 31, 2023 2022 2021 Operating lease cost $ 6,037 $ 6,559 $ 6,567 Short term lease cost 59 121 64 Variable lease cost 1,351 1,455 1,645 Sublease income (374) (268) (282) Net lease cost $ 7,073 $ 7,867 $ 7,994 The table below summarizes other information related to operating leases: Years Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,708 $ 5,743 Weighted average remaining lease term - operating leases, in years 7.64 7.19 Weighted average discount rate - operating leases 3.32 % 2.97 % The following table outlines lease payment obligations as outlined in the Company’s lease agreements for each of the next five years and thereafter in addition to a reconcilement to the Company’s current lease liability as of December 31, 2023. 2024 $ 5,773 2025 5,080 2026 3,669 2027 2,824 2028 2,547 Thereafter 9,313 Total lease payments 29,206 Less imputed interest (3,429) $ 25,777 As of December 31, 2023, the Company had not entered into any material leases that have not yet commenced. |
Off-Balance Sheet Arrangements,
Off-Balance Sheet Arrangements, Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Arrangements, Commitments and Contingencies | Note 13. 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 December 31, 2023 and 2022, the approximate amounts of these financial instruments were as follows: December 31, 2023 2022 Commitments to extend credit $ 3,107,827 $ 3,291,409 Standby letters of credit 31,627 24,135 $ 3,139,454 $ 3,315,544 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 losses on off-balance sheet commitments was as follows: December 31, 2023 2022 2021 Balance at beginning of period $ 3,944 $ 4,722 $ — Impact of ASC 326 adoption — — 1,113 Provision for off-balance sheet credit exposure (47) (778) 3,609 Balance at end of period $ 3,897 $ 3,944 $ 4,722 Litigation 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). On February 27, 2023, the Bank entered into a settlement in principle with the plaintiffs and executed a settlement agreement on March 7, 2023. The settlement and bar orders were approved by the Court on August 8, 2023. Once the litigation is dismissed, the Bank, as described in the settlement agreement, will make a one-time cash payment of $100,000 to the court appointed receiver to settle the case and to resolve all current and potential future claims. Such settlement is recognized as litigation settlement expense included in noninterest expense on the accompanying income statement along with $2,500 in related legal and other fees. In addition, the Company is involved in other 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14. Income Taxes Income tax expense for the years ended December 31, 2023, 2022 and 2021 was as follows: Years Ended December 31, 2023 2022 2021 Current income tax expense $ 30,876 $ 44,836 $ 52,130 Deferred income tax (benefit) expense (21,759) 5,168 5,353 Income tax expense, as reported $ 9,117 $ 50,004 $ 57,483 A reconciliation between reported income tax expense and the amounts computed by applying the U.S. federal statutory income tax rate of 21% for the years ended December 31, 2023, 2022 and 2021 to income before income taxes is presented below: Years Ended December 31, 2023 2022 2021 Income tax expense computed at the statutory rate $ 10,987 $ 51,722 $ 59,269 Tax-exempt interest income from municipal securities (2,159) (2,176) (1,752) Tax-exempt loan income (962) (1,116) (1,359) Bank owned life insurance income (1,211) (1,296) (1,094) Non-deductible FDIC premiums 655 298 269 State taxes, net of federal benefit 244 2,045 2,516 Non-deductible compensation 565 919 473 Net tax expense (benefit) from stock based compensation 280 (703) (691) Other 718 311 (148) $ 9,117 $ 50,004 $ 57,483 Components of deferred tax assets and liabilities are presented in the table below. Deferred taxes as of December 31, 2023 and 2022 are based on the U.S. statutory federal income tax rate of 21%. December 31, 2023 2022 Deferred tax assets: Allowance for credit losses $ 33,886 $ 33,241 Net unrealized loss on available for sale securities 46,610 54,315 Reserve for legal settlement 21,801 — Lease liabilities under operating leases 5,608 5,640 NOL and tax credit carryforwards from acquisitions 2,631 2,986 Net unrealized loss on cash flow hedge 1,720 2,351 Acquired loan fair market value adjustments 3,001 3,785 Stock-based compensation 2,112 2,496 Reserve for bonuses and other accrued expenses 1,910 4,163 Deferred loan fees and costs, net 3,122 3,738 Accrued FDIC special assessment 1,812 — Acquired securities 941 1,107 Acquired intangibles 910 1,060 Other real estate owned 917 — Unearned income 327 420 Deferred compensation 243 416 Noncompete agreements 438 484 Nonaccrual loans 311 268 Other 865 868 129,165 117,338 Deferred tax liabilities: Premises and equipment (17,215) (16,920) Right-of-use assets under operating leases (5,309) (5,404) Intangible assets (10,999) (13,711) Acquired junior subordinated debentures fair value adjustment (589) (632) FHLB and other restricted stocks (555) (359) Acquired tax goodwill (1,064) (899) Other (769) (744) (36,500) (38,669) Net deferred tax asset $ 92,665 $ 78,669 At December 31, 2023, the Company had federal net operating loss carryforwards of approximately $11,180 which expire in various years from 2025 to 2032 and state net operating loss carryforwards of approximately $8,137 which expire in various years from 2025 to 2027. Deferred tax assets are recognized for net operating losses because the benefit is more likely than not to be realized. No valuation allowance for deferred tax assets was recorded at December 31, 2023 or 2022 as management believes it is more likely than not that all of the deferred tax assets will be realized. The Company does not have any material uncertain tax positions and does not have any interest and penalties recorded in the income statement for the years ended December 31, 2023, 2022 and 2021. The Company files a consolidated income tax return in the US federal tax jurisdiction. The Company is no longer subject to examination by the US federal tax jurisdiction for years prior to 2020. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15. Related Party Transactions In the ordinary course of business, the Company has and expects to continue to have transactions, including loans to its officers, directors and their affiliates. In the opinion of management, such transactions are on the same terms as those prevailing at the time for comparable transactions with unaffiliated persons. Loan activity for officers, directors and their affiliates as of December 31, 2023 and 2022 is as follows: December 31, 2023 2022 Balance at beginning of year $ 35,798 $ 34,627 New loan originations 2,444 13,641 Repayments (5,439) (13,545) Changes in affiliated persons (105) 1,075 Balance at end of year $ 32,698 $ 35,798 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 16. Employee Benefit Plans The Company has a 401(k) profit sharing plan (Plan) which covers employees over the age of eighteen |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 17. 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. 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 December 31, 2023 and 2022 by level within the ASC Topic 820 fair value measurement hierarchy: Fair Value Measurements at Reporting Date Using Assets/ Quoted Prices Significant Significant December 31, 2023 Assets: Investment securities available for sale: U.S. treasuries $ 214,222 $ — $ 214,222 $ — Government agency securities 396,106 — 396,106 — Obligations of state and municipal subdivisions 227,634 — 227,634 — Corporate bonds 35,820 — 35,820 — Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 719,469 — 719,469 — Other securities 500 — 500 — Loans held for sale, fair value option elected (1) 12,016 — 12,016 — Derivative financial instruments: Interest rate lock commitments 507 — 507 — Forward mortgage-backed securities trades 4 — 4 — Loan customer counterparty 227 — 227 — Financial institution counterparty 9,472 — 9,472 — Liabilities: Derivative financial instruments: Interest rate swaps - cash flow hedge 8,256 — 8,256 — Forward mortgage-backed securities trades 43 — 43 — Loan customer counterparty 9,403 — 9,403 — Financial institution counterparty 261 — 261 — December 31, 2022 Assets: Investment securities available for sale: U.S. treasuries $ 239,410 $ — $ 239,410 $ — Government agency securities 384,515 — 384,515 — Obligations of state and municipal subdivisions 251,231 — 251,231 — Corporate bonds 37,205 — 37,205 — Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 778,473 — 778,473 — Other securities 950 — 950 — Loans held for sale, fair value option elected (1) 10,612 — 10,612 — Derivative financial instruments: Interest rate lock commitments 294 — 294 — Forward mortgage-backed securities trades 98 — 98 — Financial institution counterparty 13,968 — 13,968 — Liabilities: Derivative financial instruments: Interest rate swaps - cash flow hedge 11,283 — 11,283 — Interest rate lock commitments 6 — 6 — Forward mortgage-backed securities trades 11 — 11 — Loan customer counterparty 13,788 — 13,788 — ____________ (1) At December 31, 2023 and 2022, loans held for sale for which the fair value option was elected had an aggregate outstanding principal balance of $11,747 and $10,330, 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 December 31, 2023. 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 18. 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 December 31, 2023 and 2022, 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 December 31, 2023 Assets: Individually evaluated loans $ 5,822 $ — $ — $ 5,822 $ 3,525 Other real estate owned 9,490 — — 9,490 6,052 December 31, 2022 Assets: Individually evaluated loans $ 8,527 $ — $ — $ 8,527 $ 3,505 Other real estate owned 23,900 — — 23,900 3,548 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. Management reviews the appraisals or valuations for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. 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. Management reviews the external appraisals for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. Therefore, the Company has categorized its other real estate as Level 3. 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 December 31, 2023 and 2022, 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 December 31, 2023 and 2022: Fair Value Measurements at Reporting Date Using Carrying Estimated Quoted Prices Significant Significant December 31, 2023 Financial assets: Cash and cash equivalents $ 721,989 $ 721,989 $ 721,989 $ — $ — Certificates of deposit held in other banks 248 243 — 243 — Investment securities held to maturity 205,232 170,997 — 170,997 — Loans held for sale, at cost 4,404 4,506 — 4,506 — Loans, net 14,558,681 14,547,963 — — 14,547,963 FHLB of Dallas stock and other restricted stock 34,915 34,915 — 34,915 — Accrued interest receivable 64,237 64,237 — 64,237 — Financial liabilities: Deposits 15,723,035 15,697,806 — 15,697,806 — Accrued interest payable 43,653 43,653 — 43,653 — FHLB advances 350,000 350,022 — 350,022 — Other borrowings 271,821 257,975 — 257,975 — Junior subordinated debentures 54,617 68,735 — 68,735 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — December 31, 2022 Financial assets: Cash and cash equivalents $ 654,322 $ 654,322 $ 654,322 $ — $ — Certificates of deposit held in other banks 496 486 — 486 — Investment securities held to maturity 207,059 162,239 — 162,239 — Loans held for sale, at cost 698 710 — 710 — Loans, net 13,760,576 13,450,582 — — 13,450,582 FHLB of Dallas stock and other restricted stock 23,436 23,436 — 23,436 — Accrued interest receivable 59,214 59,214 — 59,214 — Financial liabilities: Deposits 15,121,417 15,063,025 — 15,063,025 — Accrued interest payable 9,604 9,604 — 9,604 — FHLB advances 300,000 246,519 — 246,519 — Other borrowings 267,066 258,800 — 258,800 — Junior subordinated debentures 54,419 53,969 — 53,969 — 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 | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 18. 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 for 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 year ended December 31, 2023. 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 $917, 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 $3,293, net of tax, during and for the year ended December 31, 2023. Amounts of losses recognized in accumulated other comprehensive income related to derivatives was $8,624, net of tax, and the amounts of losses that were reclassified to interest income as interest payments were received on the Company’s variable-rate loans was $609, net of tax, during and for the year ended December 31, 2022. During the next twelve months, the Company estimates that $3,669 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 December 31, 2023 and 2022: Outstanding Notional Balance Asset Derivative Liability Derivative December 31, 2023 Derivatives designated as hedging instruments: Interest rate swaps - cash flow hedge $ 100,000 $ — $ 8,256 Derivatives not designated as hedging instruments: Interest rate lock commitments 18,789 507 — Forward mortgage-backed securities trades 15,000 4 43 Commercial loan interest rate swaps: Loan customer counterparty 201,063 227 9,403 Financial institution counterparty 201,063 9,472 261 December 31, 2022 Derivatives designated as hedging instruments: Interest rate swaps - cash flow hedge $ 100,000 $ — $ 11,283 Derivatives not designated as hedging instruments: Interest rate lock commitments 15,476 294 6 Forward mortgage-backed securities trades 18,500 98 11 Commercial loan interest rate swaps: Loan customer counterparty 183,183 — 13,788 Financial institution counterparty 183,183 13,968 — The commercial loan customer counterparty weighted average received and paid interest rates for interest rate swaps outstanding were as follows: Weighted Average Interest Rate December 31, 2023 December 31, 2022 Received Paid Received Paid Loan customer counterparty 4.53 % 7.89 % 4.12 % 6.72 % The credit exposure related to interest rate swaps is limited to the net favorable value of all swaps by each counterparty, which was approximately $9,699 and $13,968 at December 31, 2023 and 2022, 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 December 31, 2023 and 2022, cash of $10,242 and $10,394 and securities of $444 and $509 were pledged as collateral for these derivatives, respectively, and counterparties had deposited $2,130 of cash with the Company as of December 31, 2023. 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 one risk participation agreement as a participant bank having a notional amount of $1,481 at December 31, 2023. The Company was not party to a risk participation agreement as the participant bank as of December 31, 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 $8,805 and $9,082 at December 31, 2023 and 2022, respectively. 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 years ended December 31, 2023, 2022 and 2021 is as follows: Income Statement Location Years Ended December 31, 2023 2022 2021 Derivatives designated as hedging instruments Interest rate swaps - cash flow hedges Interest and fees on loans $ (4,188) $ (791) $ 584 Derivatives not designated as hedging instruments Interest rate lock commitments Mortgage banking revenue 219 (737) (2,490) Forward mortgage-backed securities trades Mortgage banking revenue (126) 81 574 |
Stock Awards
Stock Awards | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Awards | Note 19. Stock Awards The Company grants common stock awards to certain employees of the Company. In May 2022, the shareholders of the Company approved the 2022 Equity Incentive Plan (2022 Plan). Under this plan, the Compensation Committee may grant awards to certain employees and directors 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 December 31, 2023, there were 1,367,836 shares remaining available for grant for future awards. Shares issued under these plans are restricted stock awards and performance stock units. Restricted stock awarded generally vest evenly over the required employment period, and range from one three Restricted Stock Awards The following table summarizes the activity in nonvested restricted stock awards for the years ended December 31, 2023 and 2022: Restricted Stock Awards Number of Weighted Average Nonvested shares, December 31, 2022 309,015 $ 60.12 Granted during the period 138,909 56.74 Vested during the period (156,644) 59.07 Forfeited during the period (5,940) 63.07 Nonvested shares, December 31, 2023 285,340 $ 58.99 Nonvested shares, December 31, 2021 363,551 $ 53.14 Granted during the period 149,160 69.80 Vested during the period (193,303) 54.61 Forfeited during the period (10,393) 57.40 Nonvested shares, December 31, 2022 309,015 $ 60.12 Compensation expense related to these awards is recorded based on the fair value of the award at the date of grant and totaled $8,258, $10,856 and $8,984 for the years ended December 31, 2023, 2022 and 2021, respectively. Compensation expense is recorded in salaries and employee benefits in the accompanying consolidated statements of income. At December 31, 2023, future compensation expense is estimated to be $10,908 and will be recognized over a remaining weighted average period of 1.92 years. The fair value of common stock awards that vested during the years ended December 31, 2023, 2022 and 2021 was $7,971, $13,795 and $12,651, respectively. The Company has recorded $280, $(703) and $(691) in excess tax expense (benefit) on vested restricted stock to income tax expense for the years ended December 31, 2023, 2022 and 2021, respectively. There were no modifications of stock agreements during 2023, 2022 and 2021 that resulted in significant additional incremental compensation costs. At December 31, 2023, the future vesting schedule of the nonvested restricted stock awards is as follows: Number of Shares First year 150,496 Second year 80,407 Third year 52,689 Fourth year 1,748 Total nonvested shares 285,340 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 years ended December 31, 2023 and 2022: Performance-Based Restricted Stock Units Number of Weighted Average Nonvested shares, December 31, 2022 140,240 $ 49.20 Granted during the period 37,938 60.21 Nonvested shares, December 31, 2023 178,178 $ 51.55 Nonvested shares, December 31, 2021 114,498 $ 43.93 Granted during the period 25,742 72.65 Nonvested shares, December 31, 2022 140,240 $ 49.20 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 $(764), $2,841 and $1,707 for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, the unrecognized compensation expense is estimated to be $2,673 . The remaining performance period over which the expense will be recognized is 1.88 years. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Note 20. 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 December 31, 2023 and 2022, the Company and the Bank meet all capital adequacy requirements to which they are subject, including the capital buffer requirement. As of December 31, 2023 and 2022, 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 and required capital ratios under Basel III Capital Rules for the Company and Bank as of December 31, 2023 and 2022. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended, to reflect the changes under the Basel III Capital Rules. Actual Minimum Capital Required To Be Considered Well Capitalized (1) Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Total capital to risk weighted assets: Consolidated $ 1,885,776 11.57 % $ 1,711,650 10.50 % $ 1,630,143 10.00 % Bank 2,020,376 12.40 1,711,142 10.50 1,629,659 10.00 Tier 1 capital to risk weighted assets: Consolidated 1,617,985 9.93 1,385,621 8.50 978,086 6.00 Bank 1,882,585 11.55 1,385,210 8.50 1,303,727 8.00 Common equity tier 1 to risk weighted assets: Consolidated 1,562,385 9.58 1,141,100 7.00 N/A N/A Bank 1,882,585 11.55 1,140,761 7.00 1,059,278 6.50 Tier 1 capital to average assets: Consolidated 1,617,985 8.94 723,633 4.00 N/A N/A Bank 1,882,585 10.41 723,438 4.00 904,298 5.00 December 31, 2022 Total capital to risk weighted assets: Consolidated $ 1,936,363 12.35 % $ 1,645,772 10.50 % $ 1,567,402 10.00 % Bank 2,013,874 12.85 1,645,236 10.50 1,566,891 10.00 Tier 1 capital to risk weighted assets: Consolidated 1,637,191 10.45 1,332,291 8.50 940,441 6.00 Bank 1,896,702 12.10 1,331,858 8.50 1,253,513 8.00 Common equity tier 1 to risk weighted assets: Consolidated 1,581,591 10.09 1,097,181 7.00 N/A N/A Bank 1,896,702 12.10 1,096,824 7.00 1,018,479 6.50 Tier 1 capital to average assets: Consolidated 1,637,191 9.49 690,309 4.00 N/A N/A Bank 1,896,702 10.99 690,130 4.00 862,663 5.00 _____________ (1) “Well-capitalized” Common Equity Tier 1 to Risk-Weighted Assets and Tier 1 to Average Assets are not formally defined under applicable banking regulations for bank holding companies. However, the Federal Reserve Board and the FDIC may require the Company to maintain a Tier 1 to Average Assets Ratio above the required minimum. 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 January 2023, the Company's Board established the 2023 Stock Repurchase Plan (2023 Plan), which provided for the repurchase of up to $125,000 of common stock through December 31, 2023. There were no shares repurchased under the 2023 Plan during the twelve months ended December 31, 2023. Under the prior plan, the Company repurchased 1,651,236 shares at a total cost of $115,966 during the year ended December 31, 2022. 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. Company stock repurchased to settle employee tax withholding related to vesting of stock awards totaled 41,727 shares at a total cost of $2,175, and 53,088 shares at a total cost of $3,780 for the periods ended December 31, 2023 and 2022, respectively, and were not included under the repurchase program. |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Financial Statements | Note 21. Parent Company Only Financial Statements The following balance sheets, statements of income and statements of cash flows for Independent Bank Group, Inc. should be read in conjunction with the consolidated financial statements and the notes thereto. Balance Sheets December 31, Assets 2023 2022 Cash and cash equivalents $ 7,311 $ 5,660 Investment in subsidiaries 2,722,598 2,701,273 Investment in trusts 1,724 1,724 Other assets 3,285 3,511 Total assets $ 2,734,918 $ 2,712,168 Liabilities and Stockholders' Equity Other borrowings $ 271,821 $ 267,066 Junior subordinated debentures 54,617 54,419 Other liabilities 5,887 5,300 Total liabilities 332,325 326,785 Stockholders' equity: Preferred stock — — Common stock 413 412 Additional paid-in capital 1,966,686 1,959,193 Retained earnings 616,724 638,354 Accumulated other comprehensive loss (181,230) (212,576) Total stockholders' equity 2,402,593 2,385,383 Total liabilities and stockholders' equity $ 2,734,918 $ 2,712,168 Statements of Income Years Ended December 31, 2023 2022 2021 Interest expense: Interest on other borrowings $ 15,934 $ 14,450 $ 15,247 Interest on junior subordinated debentures 4,725 2,713 1,756 Total interest expense 20,659 17,163 17,003 Noninterest income: Dividends from subsidiaries 148,132 208,665 134,547 Other — — 61 Total noninterest income 148,132 208,665 134,608 Noninterest expense: Salaries and employee benefits 8,383 14,886 10,546 Professional fees 948 736 126 Other 2,631 2,738 2,510 Total noninterest expense 11,962 18,360 13,182 Income before income tax benefit and equity in undistributed income of subsidiaries 115,511 173,142 104,423 Income tax benefit 6,711 8,454 7,131 Income before equity in undistributed income of subsidiaries 122,222 181,596 111,554 Equity in undistributed (loss) income of subsidiaries (79,021) 14,695 113,196 Net income $ 43,201 $ 196,291 $ 224,750 Statements of Cash Flows Years Ended December 31, 2023 2022 2021 Cash flows from operating activities: Net income $ 43,201 $ 196,291 $ 224,750 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed loss (income) of subsidiaries 79,021 (14,695) (113,196) Amortization of discount and origination costs on borrowings 1,203 893 894 Stock based compensation expense 7,494 13,697 10,691 Excess tax expense (benefit) on restricted stock vested 280 (703) (691) Deferred tax expense (benefit) 396 (579) (210) Net change in other assets (170) 107 1,020 Net change in other liabilities 358 140 500 Net cash provided by operating activities 131,783 195,151 123,758 Cash flows from investing activities: Capital investment in subsidiaries (69,000) — — Net cash used in investing activities (69,000) — — Cash flows from financing activities: Proceeds from other borrowings 100,000 111,000 75,000 Repayments of other borrowings (96,250) (128,000) (104,500) Repurchase of common stock (2,175) (119,746) (32,132) Dividends paid (62,707) (63,492) (56,861) Net cash used in financing activities (61,132) (200,238) (118,493) Net change in cash and cash equivalents 1,651 (5,087) 5,265 Cash and cash equivalents at beginning of year 5,660 10,747 5,482 Cash and cash equivalents at end of year $ 7,311 $ 5,660 $ 10,747 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 22. Subsequent Events Declaration of dividends On January 18, 2024, the Company declared a quarterly cash dividend in the amount of $0.38 per share of common stock to the stockholders of record on February 1, 2024. The dividend totaling $15,685 was paid on February 15, 2024. BTFP advance On January 24, 2024, the Company borrowed $155,000 against the BTFP as a lower cost alternative to an FHLB advance. The advance has an interest rate of 4.88% and a one year term due January 24, 2025. Line of credit agreement On February 16, 2024, the Company renewed its $100,000 unsecured revolving line of credit with a maturity date of February 15, 2025 and the rate index was updated to one-month Term SOFR. As of February 20, 2024, the Company has borrowings of $33,750 against its revolving line of credit. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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 (See Note 11. Junior Subordinated Debentures ). 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 Securities and Exchange Commission (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. |
Cash and cash equivalents | Cash and cash equivalents: For the purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. All highly liquid investments with an initial maturity of less than ninety days are considered to be cash equivalents. The Company maintains deposits with other financial institutions in amounts that exceed FDIC insurance coverage. The Company's management monitors the balance in these accounts and periodically assesses the financial condition of the other financial institutions. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risks on cash or cash equivalents. |
Restricted cash | Restricted cash: The Company maintains cash collateral balances which have been pledged to derivative counterparties and are legally restricted as to use. |
Certificates of deposit | Certificates of deposit: Certificates of deposit are FDIC insured deposits in other financial institutions with original maturities of five years or less and are carried at cost. |
Securities | Securities: Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. Debt securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity are classified as available for sale. Securities available for sale are reported at fair value with unrealized gains or losses reported as a separate component of other comprehensive income, net of tax. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company's assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. |
Loans held for sale | Loans held for sale: The Company originates residential mortgage loans that may subsequently be sold to unaffiliated third parties. 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. Mortgage loans originated and intended for sale not recorded under the fair value option are carried at the lower of aggregate cost or fair value, as determined by aggregate outstanding commitments from investors. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. All mortgage loans held for sale are sold without servicing rights retained. Gains and losses on sales of loans are recognized in noninterest income at settlement dates and are determined by the difference between the sales proceeds and the carrying value of the loans. |
Loans held for investment | Loans held for investment: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance, net of unearned interest, purchase premiums and discounts, deferred loan fees or costs and an allowance for credit losses. Loan origination fees, net of direct origination costs, are deferred and recognized as an adjustment to the related loan yield using the effective interest method without anticipating prepayments. Further information regarding the Company's accounting policies related to past due loans, non-accrual loans, collateral dependent loans and loan modifications to borrowers experiencing financial difficulty is presented in Note 5. Loans, Net and Allowance for Credit Losses on Loans . |
Acquired loans | Acquired loans: In accordance with ASC 326, Measurement of Credit Losses on Financial Instruments , loans acquired in connection with a business combination are recorded at their acquisition-date fair value. The allowance for credit losses related to the acquired loan portfolio is not carried over. Acquired loans are classified into two categories based on the credit risk characteristics of the underlying borrowers as either purchased credit deteriorated (PCD) loans, or loans with no evidence of credit deterioration (non-PCD). PCD loans are defined as a loan or pool of loans that have experienced more-than-insignificant credit deterioration since the origination date. For PCD loans, an initial allowance is established on the acquisition date using the same methodology as other loans held for investment and combined with the fair value of the loan to arrive at acquisition date amortized cost. Accordingly, no provision for credit losses is recognized on PCD loans at the acquisition date. Subsequent to the acquisition date, changes to the allowance are recognized in the provision for credit losses. Non-PCD loans are pooled into segments together with originated held for investment loans that share similar risk characteristics and have an allowance established on the acquisition date, which is recognized in the current period provision for credit losses. Determining the fair value of the acquired loans involves estimating the principal and interest payment cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. For PCD loans, the non-credit discount or premium is allocated to individual loans as determined by the difference between the loan’s unpaid principal balance and amortized cost basis. The non-credit premium or discount is recognized into interest income on a level yield basis over the remaining expected life of the loan. For non-PCD loans, the fair value discount or premium is allocated to individual loans and recognized into interest income on a level yield basis over the remaining expected life of the loan. |
Allowance for Credit Losses on Loans | Allowance for credit losses - loans : The allowance for credit losses on loans is a valuation account that is deducted from the amortized cost basis of loans to present management's best estimate of the net amount expected to be collected. Loans, or portions thereof, are charged-off against the allowance for credit losses when management believes that collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. The allowance is increased (decreased) by provisions (or reversals of) reported in the income statement as a component of provision for credit losses. Management has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses and reports accrued interest separately in other assets in the consolidated balance sheets. Further information regarding Company policies and methodology used to estimate the allowance for credit losses on loans is presented in Note 5. Loans, Net and Allowance for Credit Losses on Loans . |
Allowance for credit losses-available for sale securities | Allowance for credit losses - available for sale securities: For available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell or it is more-likely-than-not that it will be required to sell the securities before recovery of the amortized cost basis. If either of these criteria is met, the securities amortized cost basis is written down to fair value as a current period expense. If either of the above criteria is not met, the Company evaluates whether the decline in fair value is the result of credit losses or other factors. In making this assessment, management may consider various factors including the extent to which fair value is less than amortized cost, performance of any underlying collateral and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected are compared to the amortized cost basis of the security and any excess of the amortized cost basis over the present value of expected cash flows is recorded as an allowance for credit loss, limited to the amount by which the fair value is less than the amortized cost basis. Any impairment not recorded through an allowance for credit loss is recognized in other comprehensive income as a non credit-related impairment. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit losses. Available for sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by management or when either of the aforementioned criteria regarding intent or requirement to sell is met. Allowance for credit losses - held to maturity securities : Management measures expected credit losses on held to maturity securities on a collective basis by major security type with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. An allowance for credit losses on held to maturity securities, if needed, is a valuation account that is deducted from the amortized cost basis of held to maturity securities to present management's best estimate of the net amount expected to be collected. Held to maturity securities are charged-off against the allowance when deemed uncollectible by management. Adjustments to the allowance are reported in the income statement as a component of provision for credit losses. Management has made the accounting policy election to exclude accrued interest receivable on available for sale and held to maturity securities from the estimate of credit losses and report accrued interest separately in other assets in the consolidated balance sheet. |
Allowance for credit losses on off-balance-sheet credit exposures | Allowance for credit losses on off-balance sheet credit exposures: The allowance for credit losses on off-balance sheet credit exposures is a liability account, calculated in accordance with 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. No allowance is recognized if we have the unconditional right to cancel the obligation. The allowance is reported as a component of other liabilities in the consolidated balance sheets. Adjustments to the allowance are reported in the income statement as a component of provision for credit losses. Further information regarding Company policies and methodology used to estimate the allowance for credit losses on off-balance sheet credit exposures is presented in Note 13. Off-Balance Sheet Arrangements, Commitments and Contingencies . Loan commitments and related financial instruments: In the ordinary course of business, the Company has entered into certain off-balance sheet financial instruments consisting of commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they are funded or related fees are incurred or received. |
Premises and equipment, net | Premises and equipment, net: Land is carried at cost. Bank premises, furniture and equipment and aircraft are carried at cost, less accumulated depreciation computed principally by the straight-line method over the estimated useful lives of the assets, which range from three Leasehold improvements are carried at cost and are depreciated over the shorter of the estimated useful life or the lease period. |
Software | Software: Costs incurred in connection with development or purchase of internal use software and cloud computing arrangements, including in-substance software licenses, are capitalized. Amortization is computed on a straight-line basis over the estimated useful life of the asset, which generally ranges from one |
Leases | Leases: The Company's leases are accounted for under ASC Topic 842, Leases . For operating leases with a term greater than one year, the Company recognizes operating right-of-use (ROU) lease assets and operating lease liabilities, which are recorded in other assets and other liabilities, respectively, in the consolidated balance sheets. The Company determines if an arrangement is a lease at inception. Operating ROU lease assets and related liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate referenced to the Federal Home Loan Bank Secure Connect advance rates for borrowings of similar terms in determining the present value of lease payments. The operating ROU lease asset also includes any lease pre-payments made and excludes lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which the Company has elected to account for separately as the non-lease component amounts are readily determinable under most leases. The Company’s primary leasing activities relate to certain real estate operating leases entered into in support of the Company’s branch operations and back office operations. The Company leases 20 of its 91 branches. The Company’s branch locations operating under lease agreements have all been designated as operating leases. In addition, the Company leases certain equipment under operating leases. The Company does not have leases designated as finance leases. |
Long-term assets | Long-term assets: Premises and equipment and other long-term assets are reviewed for impairment when events indicate that their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. |
Other real estate owned | Other real estate owned: Real estate properties acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations of other real estate owned and impairment charges on other real estate are included in noninterest expense. Gains and losses on sale of other real estate are included in noninterest income. |
Goodwill and other intangible assets, net | Goodwill and other intangible assets, net: Goodwill represents the excess of costs over fair value of net assets of businesses acquired. Goodwill is tested for impairment annually on December 31 or on an interim basis if an event triggering impairment may have occurred. If a reporting unit’s carrying amount exceeds its fair value, the Company will record an impairment charge based on that difference. During the year ended December 31, 2023, the economic uncertainty and market volatility resulting from the rising interest rate environment and recent banking crisis resulted in a decrease in the Company's stock price and market capitalization. Management believed such decrease was a triggering indicator requiring interim goodwill impairment quantitative assessments during the year. Such assessments resulted in the Company's fair value exceeding its carrying value at each interim period. Furthermore, a quantitative assessment completed as of December 31, 2023, the Company's annual testing date, concluded that fair value exceeded carrying value. Core deposit intangibles and other acquired customer relationship intangibles arising from bank acquisitions are amortized on a straight-line basis over their original estimated useful lives of ten years and thirteen years, respectively. Other intangible assets are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. |
Restricted stock | Restricted stock : The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB of Dallas and other restricted stock do not have readily determinable fair values as ownership is restricted and they lack a ready market. As a result, these stocks are carried at cost and evaluated periodically by management for impairment. Both cash and stock dividends are reported as income. |
Bank-owned life insurance | Bank-owned life insurance: Bank-owned life insurance is recorded at the amount that can be realized under the insurance contracts at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Changes in the net cash surrender value of the policies, as well as insurance proceeds received are reflected in noninterest income. |
Income taxes | Income taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities related to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. The effect of a change in tax rates on deferred assets and liabilities is recognized in income taxes during the period that includes the enactment date. A valuation allowance, if needed, reduces deferred tax assets to the expected amount more likely than not to be realized. Realization of deferred tax assets is dependent upon the level of historical income, prudent and feasible tax planning strategies, reversals of deferred tax liabilities and estimates of future taxable income. |
Stock based compensation | Stock based compensation: Compensation cost is recognized for restricted stock awards/stock units issued to employees based on the market price of the Company's common stock on the grant date. Stock-based compensation expense is generally recognized using the straight-line method over the requisite service period for time-based awards. Compensation expense for performance stock units is recognized over the service period of the award based upon the probable number of units expected to vest. The impact of forfeitures of stock-based payment awards on compensation expense is recognized as forfeitures occur. |
Transfers of financial assets | Transfers of financial assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Advertising costs | Advertising costs: Advertising costs are expensed as incurred. |
Business combinations | Business combinations: The Company applies the acquisition method of accounting for business combinations. Under the acquisition method, the acquiring entity in a business combination recognizes 100% of the assets acquired and liabilities assumed at their acquisition date fair values. Management utilizes valuation techniques appropriate for the asset or liability being measured in determining these fair values. Any excess of the purchase price over amounts allocated to assets acquired, including identifiable intangible assets, and liabilities assumed is recorded as goodwill. Where amounts allocated to assets acquired and liabilities assumed is greater than the purchase price, a bargain purchase gain is recognized. Adjustments identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined. Acquisition-related costs are expensed as incurred. |
Comprehensive income | Comprehensive income: |
Fair values of financial instruments | Fair values of financial instruments: Accounting standards define fair value, establish a framework for measuring fair value in GAAP, and require certain disclosures about fair value measurements (see Note 17. Fair Value Measurements ). In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company's creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. 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. 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 18. Derivative Financial Instruments , for more information. Assets and Liabilities Measured on a Nonrecurring Basis 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. Management reviews the appraisals or valuations for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. 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. Management reviews the external appraisals for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. Therefore, the Company has categorized its other real estate as Level 3. 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 instruments | Derivative financial instruments: The Company enters into certain derivative financial instruments: interest rate lock commitments, forward mortgage-backed securities trades and interest rate swaps. The accounting for changes in fair value depends on the intended use of the derivative. Changes in fair value of derivatives designated in a qualifying hedge relationship are recorded in accumulated other comprehensive income. Changes in fair value of derivatives not designated in a qualifying hedge relationship are recognized directly in earnings. All derivatives are carried at fair value in either other assets or other liabilities. See Note 18. Derivative Financial Instruments for further information regarding Company policy. 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 for 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 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. |
Mortgage banking | Mortgage banking revenue: |
Loss Contingencies | Loss Contingencies. Loss contingencies, including claims and legal actions arising in the ordinary course of business are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. |
Revenue recognition | Revenue recognition: ASC Topic 606, R evenue from Contracts with Customers (ASC 606) , establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of the Company's revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as loans, letters of credit, and investment securities, as well as revenue related to mortgage banking activities, and BOLI, as these activities are subject to other accounting guidance. Descriptions of revenue-generating activities that are within the scope of ASC 606, and are presented in the accompanying Consolidated Statements of Income as components of noninterest income, are as follows: • Service charges on deposit accounts - these represent general service fees for monthly account maintenance and activity or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when the performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied. • Investment management - includes income related to providing investment management services to customers under investment management contracts. Also included are fees received from a third party broker-dealer as part of a revenue-sharing agreement for fees earned from customers that are referred to a third party. The investment management fees and referral fees are billed and paid on a quarterly basis and recognized ratably throughout the quarter as performance obligations are satisfied. • Mortgage warehouse purchase program fees - includes fees for the administration and funding of mortgage loans, as well as renewal and application fees received from mortgage originator customers through our mortgage warehouse purchase program. Revenue related to the warehouse program is recognized when the related loan interest is paid off or upon renewal or application. • Gains and losses on the sale of other real estate owned - generally recognized when the performance obligation is complete which is typically at delivery of control over the property to the buyer at time of each real estate closing. • Other noninterest income - includes the Company's correspondent bank earnings credit, acquired loan recoveries, other deposit fees, and merchant interchange income. The majority of these fees in other noninterest income are not subject to the requirements of ASC 606. The other deposit fees and merchant interchange income are in the scope of ASC 606, and payment for such performance obligations are generally received at the time the performance obligations are satisfied. The Company has made no significant judgments in applying the revenue guidance prescribed in ASC 606 that affect the determination of the amount and timing of revenue from the above-described contracts with customers. |
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 years ended December 31, 2023, 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. |
Adoption of accounting standards | Adoption of accounting standards ASU No. 2023-03, Presentation of Financial Statements (Topic 205), Income Statement - Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation - Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock . ASU 2023-03 amends the ASC for SEC updates pursuant to SEC Staff Accounting Bulletin No. 120; SEC Staff Announcement at the March 24, 2022 Emerging Issues Task Force (EITF) Meeting; and Staff Accounting Bulletin Topic 6.B., Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. These updates were immediately effective and did not have a significant impact on the financial statements. ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. ASU 2023-06 will align the disclosure and presentation requirements in the FASB Accounting Standards Codification with the SEC’s regulations. The amendments in ASU 2023-06 will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S-X or S-K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. As the Company is currently subject to these SEC requirements, ASU 2023-06 is not expected to have a material effect on the Company’s financial statements. ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method. Under prior guidance, entities can apply the last-of-layer hedging method to hedge the exposure of a closed portfolio of prepayable financial assets to fair value changes due to changes in interest rates for a portion of the portfolio that is not expected to be affected by prepayments, defaults, and other events affecting the timing and amount of cash flows. ASU 2022-01 expands the last-of-layer method, which permits only one hedge layer, to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. ASU 2022-01 also (i) expands the scope of the portfolio layer method to include non-prepayable financial assets, (ii) specifies eligible hedging instruments in a single-layer hedge, (iii) provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method and (iv) specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. ASU 2022-01 was effective for the Company on January 1, 2023. The adoption of ASU 2022-01 did not have a significant impact on the financial statements. ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings in ASC Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors , while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, ASU 2022-02 requires entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost . ASU 2022-02 was effective for the Company on January 1, 2023. The adoption of ASU 2022-02 did not have a significant impact on the financial statements. ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU 2022-06 extended the period of time preparers can utilize the reference rate reform relief guidance provided by ASU 2020-04 and ASU 2021-01. ASU 2022-06, which was effective upon issuance, deferred the sunset date of this prior guidance from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief guidance in Topic 848. The adoption of ASU 2022-06 did not significantly impact the financial statements and the Company has fully transitioned all products tied to LIBOR. ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) (ASC 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). On January 1, 2021, the Company adopted ASU 2016-13 and related amendments. The measurement of current expected credit losses (CECL) methodology is applicable to financial assets measured at amortized cost, including loan receivables and held to maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments). The CECL model requires the measurement of all expected credit losses on applicable financial assets based on historical experience, current conditions, and reasonable and supportable forecasts. In addition, ASU 2016-13 includes certain changes to the accounting for available for sale securities such as requiring credit-related impairments to be recognized as an allowance for credit losses rather than as a direct write-down of the securities amortized cost basis when management does not intend to sell or believes that it is more likely than not they will be required to sell securities prior to recovery of the securities amortized cost basis. The Company adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. As a result of this adoption, the Company recognized a cumulative effect reduction to retained earnings totaling $53,880, net of a recorded deferred tax asset of $15,113, and reclassed $13,035 of allowance for credit loss related to financial assets purchased with credit deterioration (PCD) that were previously classified as purchased credit impaired (PCI) and accounted for under ASC 310-30 as discussed below. Results for periods beginning after January 1, 2021 are presented in accordance with ASU 2016-13 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company adopted ASU 2016-13 using the prospective transition approach for PCD assets. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2021, the amortized cost basis of the PCD assets were adjusted to reflect the addition of the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis) was accreted into interest income at the effective interest rate as of January 1, 2021. The following table illustrates the impact of ASU 2016-13 on the allowances for credit losses as of January 1, 2021, the date of adoption: January 1, 2021 Pre-Adoption Allowance Impact of Adoption Initial allowance on loans purchased with credit deterioration Post-Adoption Allowance Assets: Allowance for credit losses on Loans: Commercial $ 27,311 $ 12,775 $ 4,328 $ 44,414 Commercial real estate 36,698 29,108 7,640 73,446 Commercial construction, land and land development 13,425 22,008 927 36,360 Residential real estate 6,786 (2,255) 140 4,671 Single-family interim construction 2,156 7,179 — 9,335 Agricultural 337 (178) — 159 Consumer 684 (334) — 350 Unallocated 423 (423) — — $ 87,820 $ 67,880 $ 13,035 $ 168,735 Liabilities: Allowance for credit losses on off-balance sheet credit exposures $ — $ 1,113 $ — $ 1,113 Newly issued but not yet effective accounting standards ASU 2023-01, Leases (Topic 842): Common Control Arrangements. ASU 2023-01 requires entities to amortize leasehold improvements associated with common control leases over the useful life to the common control group. ASU 2023-01 will be effective for the Company on January 1, 2024. The adoption of ASU 2023-01 is not expected to have a significant impact on the financial statements. ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . ASU 2023-02 is intended to improve the accounting and disclosures for investments in tax credit structures. ASU 2023-02 allows entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Previously, this method was only available for qualifying tax equity investments in low-income housing tax credit structures. ASU 2023-02 will be effective for the Company on January 1, 2024. The adoption of ASU 2023-02 is not expected to have a significant impact on the financial statements. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 amends current guidance to require a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. Public entities with a single reporting segment are required to provide both the new disclosures and all of the existing disclosures required under ASC 280. ASU 2023-07 will be effective for the Company for annual periods on January 1, 2024 and for interim periods starting in 2025. The adoption of ASU 2023-07 is not expected to have a significant impact on the financial statements. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 amends current guidance under ASC 740 to enhance the transparency and decision-usefulness of income tax disclosures. The guidance requires public business entities to disclose in the rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance requires all entities, to disclose annually, income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. ASU 2023-09 will be effective for the Company on January 1, 2025. The adoption of ASU 2023-09 is not expected to have a significant impact on the financial statements. |
Mortgage warehouse purchase loans | 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. |
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. |
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. |
Share 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 January 2023, the Company's Board established the 2023 Stock Repurchase Plan (2023 Plan), which provided for the repurchase of up to $125,000 of common stock through December 31, 2023. There were no shares repurchased under the 2023 Plan during the twelve months ended December 31, 2023. Under the prior plan, the Company repurchased 1,651,236 shares at a total cost of $115,966 during the year ended December 31, 2022. 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) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Earnings Per Share | The following table presents a reconciliation of net income available to common shareholders and the number of shares used in the calculation of basic and diluted earnings per common share: Years Ended December 31, 2023 2022 2021 Basic earnings per share: Net income $ 43,201 $ 196,291 $ 224,750 Less: Undistributed earnings allocated to participating securities (45) 1,037 1,576 Dividends paid on participating securities 142 494 534 Net income available to common shareholders $ 43,104 $ 194,760 $ 222,640 Weighted average basic shares outstanding 41,175,010 41,385,516 42,666,007 Basic earnings per share $ 1.05 $ 4.71 $ 5.22 Diluted earnings per share: Net income available to common shareholders $ 43,104 $ 194,760 $ 222,640 Total weighted average basic shares outstanding 41,175,010 41,385,516 42,666,007 Add dilutive performance stock units 94,409 83,259 58,785 Total weighted average diluted shares outstanding 41,269,419 41,468,775 42,724,792 Diluted earnings per share $ 1.04 $ 4.70 $ 5.21 Anti-dilutive participating securities 36,025 124,503 181,016 |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | The following table illustrates the impact of ASU 2016-13 on the allowances for credit losses as of January 1, 2021, the date of adoption: January 1, 2021 Pre-Adoption Allowance Impact of Adoption Initial allowance on loans purchased with credit deterioration Post-Adoption Allowance Assets: Allowance for credit losses on Loans: Commercial $ 27,311 $ 12,775 $ 4,328 $ 44,414 Commercial real estate 36,698 29,108 7,640 73,446 Commercial construction, land and land development 13,425 22,008 927 36,360 Residential real estate 6,786 (2,255) 140 4,671 Single-family interim construction 2,156 7,179 — 9,335 Agricultural 337 (178) — 159 Consumer 684 (334) — 350 Unallocated 423 (423) — — $ 87,820 $ 67,880 $ 13,035 $ 168,735 Liabilities: Allowance for credit losses on off-balance sheet credit exposures $ — $ 1,113 $ — $ 1,113 |
Statement of Cash Flows (Tables
Statement of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Other Supplemental Cash Flow Information | Other supplemental cash flow information is presented below: Years Ended December 31, 2023 2022 2021 Cash transactions: Interest expense paid $ 380,804 $ 92,506 $ 65,336 Income taxes paid $ 25,786 $ 46,570 $ 58,083 Noncash transactions: Deferred dividend equivalents $ (51) $ 200 $ 197 Transfer of loans to other real estate owned $ — $ 23,900 $ — Loans to facilitate the sale of other real estate owned $ 6,188 $ — $ — Transfer of securities available for sale to held to maturity $ — $ 117,583 $ — Right-of-use assets obtained in exchange for lease liabilities $ 8,698 $ 4,011 $ 5,156 Loans purchased, not yet settled $ — $ 27,210 $ 29,332 Transfer of bank premises to other real estate $ 805 $ — $ — |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023 and 2022, are as follows: Amortized Cost (1) Gross Gross Fair Securities Available for Sale December 31, 2023 U.S. treasuries $ 228,231 $ — $ (14,009) $ 214,222 Government agency securities 467,754 — (71,648) 396,106 Obligations of state and municipal subdivisions 237,146 122 (9,634) 227,634 Corporate bonds 43,000 — (7,180) 35,820 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 839,071 8 (119,610) 719,469 Other securities 500 — — 500 $ 1,815,702 $ 130 $ (222,081) $ 1,593,751 December 31, 2022 U.S. treasuries $ 259,675 $ — $ (20,265) $ 239,410 Government agency securities 468,994 — (84,479) 384,515 Obligations of state and municipal subdivisions 264,419 106 (13,294) 251,231 Corporate bonds 43,000 — (5,795) 37,205 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 913,388 9 (134,924) 778,473 Other securities 950 — — 950 $ 1,950,426 $ 115 $ (258,757) $ 1,691,784 Securities Held to Maturity December 31, 2023 Obligations of state and municipal subdivisions $ 205,232 $ 264 $ (34,499) $ 170,997 December 31, 2022 Obligations of state and municipal subdivisions $ 207,059 $ — $ (44,820) $ 162,239 ____________ (1) Excludes accrued interest receivable of $7,129 and $7,702 on available for sale and $2,365 and $2,697 on held to maturity securities at December 31, 2023 and 2022, respectively, that is recorded in other assets on the accompanying consolidated balance sheets. |
Amortized Cost and Estimated Fair Value of Securities Available for Sale by Contractual Maturity | The amortized cost and estimated fair value of securities at December 31, 2023, 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. December 31, 2023 Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 77,481 $ 76,593 $ — $ — Due from one year to five years 329,879 308,400 — — Due from five to ten years 418,913 359,287 — — Thereafter 150,358 130,002 205,232 170,997 976,631 874,282 205,232 170,997 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 839,071 719,469 — — $ 1,815,702 $ 1,593,751 $ 205,232 $ 170,997 |
Proceeds from Sale, Gross Gains and Losses of Securities Available for Sale | Proceeds from sale of securities available for sale and gross gains and gross losses for the years ended December 31, 2023, 2022 and 2021 were as follows: Years Ended December 31, 2023 2022 2021 Proceeds from sale $ — $ — $ 9,294 Gross gains $ — $ — $ 13 Gross losses $ — $ — $ — |
Summary of Unrealized Losses and Fair Value Securities in Continuous Unrealized Loss Position | The unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2023 and 2022, are summarized as follows: Less Than 12 Months Greater Than 12 Months Total Description of Securities Estimated Unrealized Estimated Unrealized Estimated Unrealized Securities Available for Sale December 31, 2023 U.S. treasuries $ — $ — $ 214,222 $ (14,009) $ 214,222 $ (14,009) Government agency securities — — 396,106 (71,648) 396,106 (71,648) Obligations of state and municipal subdivisions 40,864 (360) 147,529 (9,274) 188,393 (9,634) Corporate bonds — — 32,820 (7,180) 32,820 (7,180) Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 8,724 (312) 710,301 (119,298) 719,025 (119,610) $ 49,588 $ (672) $ 1,500,978 $ (221,409) $ 1,550,566 $ (222,081) December 31, 2022 U.S. treasuries $ 106,849 $ (3,923) $ 132,561 $ (16,342) $ 239,410 $ (20,265) Government agency securities 63,451 (7,533) 321,064 (76,946) 384,515 (84,479) Obligations of state and municipal subdivisions 209,395 (9,068) 17,034 (4,226) 226,429 (13,294) Corporate bonds 23,584 (4,416) 10,621 (1,379) 34,205 (5,795) Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 266,756 (25,377) 511,207 (109,547) 777,963 (134,924) $ 670,035 $ (50,317) $ 992,487 $ (208,440) $ 1,662,522 $ (258,757) |
Loans, Net and Allowance for _2
Loans, Net and Allowance for Credit Losses on Loans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Compositions of Loans | Loans, net at December 31, 2023 and 2022, consisted of the following: December 31, 2023 2022 Commercial $ 2,266,851 $ 2,240,959 Mortgage warehouse purchase loans 549,689 312,099 Real estate: Commercial 8,289,124 7,817,447 Commercial construction, land and land development 1,231,484 1,231,071 Residential 1,669,786 1,592,859 Single-family interim construction 517,928 508,839 Agricultural 109,451 124,422 Consumer 76,229 81,667 Total loans (1) 14,710,542 13,909,363 Allowance for credit losses (151,861) (148,787) Total loans, net (1) $ 14,558,681 $ 13,760,576 ____________ (1) |
Summary of Activity in Allowance for Loan Losses by Loan Class | The following is a summary of the activity in the allowance for credit losses on loans by class for the years ended December 31, 2023, 2022 and 2021: Commercial Commercial Real Estate Commercial Construction, Residential Single-Family Agricultural Consumer Unallocated Total Year ended December 31, 2023 Balance at beginning of year $ 54,037 $ 61,078 $ 17,696 $ 3,450 $ 11,817 $ 207 $ 502 $ — $ 148,787 Provision for credit losses (19,270) (982) 14,883 3,467 5,647 539 (107) — 4,177 Charge-offs (918) — (1,196) — (27) (6) (17) — (2,164) Recoveries 944 — 111 — — 5 1 — 1,061 Balance at end of year $ 34,793 $ 60,096 $ 31,494 $ 6,917 $ 17,437 $ 745 $ 379 $ — $ 151,861 Year ended December 31, 2022 Balance at beginning of year $ 49,747 $ 65,110 $ 23,861 $ 2,192 $ 7,222 $ 106 $ 468 $ — $ 148,706 Provision for credit losses 5,534 (23) (6,165) 1,183 4,595 101 43 — 5,268 Charge-offs (1,739) (4,159) — (6) — — (10) — (5,914) Recoveries 495 150 — 81 — — 1 — 727 Balance at end of year $ 54,037 $ 61,078 $ 17,696 $ 3,450 $ 11,817 $ 207 $ 502 $ — $ 148,787 Year ended December 31, 2021 Balance at beginning of year $ 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 12,130 (7,961) (12,373) (2,486) (2,113) (53) 247 — (12,609) Charge-offs (6,856) (375) (126) — — — (174) — (7,531) Recoveries 59 — — 7 — — 45 — 111 Balance at end of year $ 49,747 $ 65,110 $ 23,861 $ 2,192 $ 7,222 $ 106 $ 468 $ — $ 148,706 |
Individually Evaluated Loans | The following table presents loans that were evaluated for expected credit losses on an individual basis and the related specific credit loss allocations, by loan class as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Loan Balance Specific Allocations Loan Balance Specific Allocations Commercial $ 21,534 $ 11,662 $ 21,981 $ 8,378 Commercial real estate 25,672 3,567 12,303 1,209 Commercial construction, land and land development — — — — Residential real estate — — — — Single-family interim construction — — 189 43 Agricultural 75 19 — — Consumer — — — — $ 47,281 $ 15,248 $ 34,473 $ 9,630 |
Summary of Nonperforming Loans by Loan Class | Nonperforming loans by loan class at December 31, 2023 and 2022, are summarized as follows: Commercial Commercial Commercial Construction, Residential Real Estate Single-Family Agricultural Consumer Total December 31, 2023 Nonaccrual loans (1) $ 21,541 $ 26,564 $ 10 $ 2,111 $ — $ 75 $ 5 $ 50,306 Loans past due 90 days and still accruing — 14 — 1,480 — — — 1,494 Total nonperforming loans (2) $ 21,541 $ 26,578 $ 10 $ 3,591 $ — $ 75 $ 5 $ 51,800 December 31, 2022 Nonaccrual loans (1) $ 22,565 $ 13,393 $ 15 $ 1,582 $ 189 $ — $ 8 $ 37,752 Loans past due 90 days and still accruing 5 — — 838 — — — 843 Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) — 1,435 — 59 — — — 1,494 Total nonperforming loans $ 22,570 $ 14,828 $ 15 $ 2,479 $ 189 $ — $ 8 $ 40,089 ____________ (1) There are $14 and $125 in loans on nonaccrual without an allowance for credit loss as of December 31, 2023 and 2022, respectively. Additionally, no interest income was recognized on nonaccrual loans. No significant amounts of accrued interest was reversed during the years ended December 31, 2023 and 2022. (2) With the adoption of ASU 2022-02, effective January 1, 2023, TDR accounting has been eliminated. |
Aging of Past Due Loans by Loan Class | The following table presents information regarding the aging of past due loans by loan class as of December 31, 2023 and 2022: Loans Loans Total Past Current Total December 31, 2023 Commercial $ 1,898 $ 4,883 $ 6,781 $ 2,260,070 $ 2,266,851 Mortgage warehouse purchase loans — — — 549,689 549,689 Commercial real estate 5,388 12,432 17,820 8,271,304 8,289,124 Commercial construction, land and land development 2,457 — 2,457 1,229,027 1,231,484 Residential real estate 7,477 2,282 9,759 1,660,027 1,669,786 Single-family interim construction 828 — 828 517,100 517,928 Agricultural — 75 75 109,376 109,451 Consumer 267 4 271 75,958 76,229 $ 18,315 $ 19,676 $ 37,991 $ 14,672,551 $ 14,710,542 December 31, 2022 Commercial $ 1,005 $ 5,629 $ 6,634 $ 2,234,325 $ 2,240,959 Mortgage warehouse purchase loans — — — 312,099 312,099 Commercial real estate 13,093 449 13,542 7,803,905 7,817,447 Commercial construction, land and land development 2,820 — 2,820 1,228,251 1,231,071 Residential real estate 4,702 1,346 6,048 1,586,811 1,592,859 Single-family interim construction — 189 189 508,650 508,839 Agricultural — — — 124,422 124,422 Consumer 214 8 222 81,445 81,667 $ 21,834 $ 7,621 $ 29,455 $ 13,879,908 $ 13,909,363 |
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 December 31, 2023 and December 31, 2022: Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2023 2023 2022 2021 2020 2019 Prior Total Commercial Pass $ 223,287 $ 211,182 $ 281,878 $ 78,695 $ 99,516 $ 161,184 $ 1,099,241 $ 347 $ 2,155,330 Pass/Watch 168 9,672 8,976 121 2,064 9,396 5,655 — 36,052 Special Mention 185 — 13,517 85 — 820 9,052 1,214 24,873 Substandard 6,949 7,428 20,509 291 2,453 1,944 7,636 3,386 50,596 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial $ 230,589 $ 228,282 $ 324,880 $ 79,192 $ 104,033 $ 173,344 $ 1,121,584 $ 4,947 $ 2,266,851 Current period gross write-offs $ 285 $ — $ 301 $ 5 $ 73 $ 254 $ — $ — $ 918 Mortgage warehouse purchase loans Pass $ 549,689 $ — $ — $ — $ — $ — $ — $ — $ 549,689 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total mortgage warehouse purchase loans $ 549,689 $ — $ — $ — $ — $ — $ — $ — $ 549,689 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2023 2023 2022 2021 2020 2019 Prior Total Commercial real estate Pass $ 1,038,410 $ 2,570,061 $ 1,913,673 $ 900,786 $ 536,973 $ 805,784 $ 57,954 $ 5,827 $ 7,829,468 Pass/Watch 28,048 82,001 61,025 26,594 22,395 48,420 — — 268,483 Special Mention 22,624 37,445 20,647 23,607 12,211 14,884 — 346 131,764 Substandard 5,502 16,666 27,653 4,371 3,026 2,191 — — 59,409 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial real estate $ 1,094,584 $ 2,706,173 $ 2,022,998 $ 955,358 $ 574,605 $ 871,279 $ 57,954 $ 6,173 $ 8,289,124 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial construction, land and land development Pass $ 430,273 $ 430,458 $ 218,880 $ 51,127 $ 6,693 $ 13,633 $ 22,315 $ 74 $ 1,173,453 Pass/Watch 14,177 10,132 3,415 7,184 — 58 — — 34,966 Special Mention 224 — 22,491 314 — — — — 23,029 Substandard — 26 — — — 10 — — 36 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial construction, land and land development $ 444,674 $ 440,616 $ 244,786 $ 58,625 $ 6,693 $ 13,701 $ 22,315 $ 74 $ 1,231,484 Current period gross write-offs $ — $ — $ 1,196 $ — $ — $ — $ — $ — $ 1,196 Residential real estate Pass $ 197,436 $ 506,608 $ 356,360 $ 219,473 $ 136,968 $ 162,766 $ 71,494 $ 437 $ 1,651,542 Pass/Watch — 360 2,415 2,895 1,239 1,902 85 — 8,896 Special Mention — — — 47 1,492 1,607 — 262 3,408 Substandard 685 1,302 15 499 838 2,556 45 — 5,940 Doubtful — — — — — — — — — Loss — — — — — — — — — Total residential real estate $ 198,121 $ 508,270 $ 358,790 $ 222,914 $ 140,537 $ 168,831 $ 71,624 $ 699 $ 1,669,786 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Single-family interim construction Pass $ 300,574 $ 133,211 $ 15,590 $ — $ — $ — $ 65,385 $ — $ 514,760 Pass/Watch 1,203 — — — — — — — 1,203 Special Mention 1,964 — — — — — 1 — 1,965 Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total single-family interim construction $ 303,741 $ 133,211 $ 15,590 $ — $ — $ — $ 65,386 $ — $ 517,928 Current period gross write-offs $ — $ — $ 27 $ — $ — $ — $ — $ — $ 27 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2023 2023 2022 2021 2020 2019 Prior Total Agricultural Pass $ 16,543 $ 35,993 $ 22,472 $ 9,707 $ 3,470 $ 10,056 $ 9,435 $ — $ 107,676 Pass/Watch — 1,756 — — — — — — 1,756 Special Mention — — — — — — — — — Substandard — — — — — 19 — — 19 Doubtful — — — — — — — — — Loss — — — — — — — — — Total agricultural $ 16,543 $ 37,749 $ 22,472 $ 9,707 $ 3,470 $ 10,075 $ 9,435 $ — $ 109,451 Current period gross write-offs $ — $ 5 $ 1 $ — $ — $ — $ — $ — $ 6 Consumer Pass $ 6,348 $ 3,173 $ 900 $ 8,056 $ 1,267 $ 81 $ 54,392 $ 90 $ 74,307 Pass/Watch — — 1,917 — — — — — 1,917 Special Mention — — — — — — — — — Substandard — — 1 — — 4 — — 5 Doubtful — — — — — — — — — Loss — — — — — — — — — Total consumer $ 6,348 $ 3,173 $ 2,818 $ 8,056 $ 1,267 $ 85 $ 54,392 $ 90 $ 76,229 Current period gross write-offs $ 8 $ 9 $ — $ — $ — $ — $ — $ — $ 17 Total loans Pass $ 2,762,560 $ 3,890,686 $ 2,809,753 $ 1,267,844 $ 784,887 $ 1,153,504 $ 1,380,216 $ 6,775 $ 14,056,225 Pass/Watch 43,596 103,921 77,748 36,794 25,698 59,776 5,740 — 353,273 Special Mention 24,997 37,445 56,655 24,053 13,703 17,311 9,053 1,822 185,039 Substandard 13,136 25,422 48,178 5,161 6,317 6,724 7,681 3,386 116,005 Doubtful — — — — — — — — — Loss — — — — — — — — — Total loans $ 2,844,289 $ 4,057,474 $ 2,992,334 $ 1,333,852 $ 830,605 $ 1,237,315 $ 1,402,690 $ 11,983 $ 14,710,542 Current period gross write-offs $ 293 $ 14 $ 1,525 $ 5 $ 73 $ 254 $ — $ — $ 2,164 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2022 2022 2021 2020 2019 2018 Prior Total Commercial Pass $ 297,800 $ 347,801 $ 126,390 $ 112,887 $ 51,623 $ 153,435 $ 1,031,483 $ 1,173 $ 2,122,592 Pass/Watch 8 14,790 155 188 1,812 7,934 8,216 5,907 39,010 Special Mention 234 4,821 101 1,485 — 144 8,646 20 15,451 Substandard 394 35,950 398 9,191 55 7,037 10,840 41 63,906 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial $ 298,436 $ 403,362 $ 127,044 $ 123,751 $ 53,490 $ 168,550 $ 1,059,185 $ 7,141 $ 2,240,959 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2022 2022 2021 2020 2019 2018 Prior Total Mortgage warehouse purchase loans Pass $ 312,099 $ — $ — $ — $ — $ — $ — $ — $ 312,099 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total mortgage warehouse purchase loans $ 312,099 $ — $ — $ — $ — $ — $ — $ — $ 312,099 Commercial real estate Pass $ 2,652,298 $ 1,980,631 $ 998,910 $ 617,664 $ 448,758 $ 640,275 $ 59,184 $ 9,222 $ 7,406,942 Pass/Watch 90,313 25,954 33,664 18,678 53,469 25,831 — — 247,909 Special Mention 10,180 41,193 — 10,870 8,722 10,735 — 26 81,726 Substandard 3,513 40,001 8,574 3,178 8,268 17,336 — — 80,870 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial real estate $ 2,756,304 $ 2,087,779 $ 1,041,148 $ 650,390 $ 519,217 $ 694,177 $ 59,184 $ 9,248 $ 7,817,447 Commercial construction, land and land development Pass $ 553,376 $ 465,272 $ 126,704 $ 10,477 $ 23,073 $ 12,188 $ 12,705 $ 4,018 $ 1,207,813 Pass/Watch 8,036 43 10,297 — — 72 — — 18,448 Special Mention 1,313 674 — — — — — — 1,987 Substandard 28 2,771 — 10 — 14 — — 2,823 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial construction, land and land development $ 562,753 $ 468,760 $ 137,001 $ 10,487 $ 23,073 $ 12,274 $ 12,705 $ 4,018 $ 1,231,071 Residential real estate Pass $ 525,631 $ 379,789 $ 220,077 $ 155,460 $ 79,437 $ 154,875 $ 59,332 $ 1,238 $ 1,575,839 Pass/Watch 373 918 642 1,743 76 3,312 302 — 7,366 Special Mention 2,267 — — 700 227 1,224 126 — 4,544 Substandard 708 455 538 219 — 2,997 193 — 5,110 Doubtful — — — — — — — — — Loss — — — — — — — — — Total residential real estate $ 528,979 $ 381,162 $ 221,257 $ 158,122 $ 79,740 $ 162,408 $ 59,953 $ 1,238 $ 1,592,859 Single-family interim construction Pass $ 351,031 $ 105,573 $ 18,885 $ — $ 241 $ — $ 16,447 $ — $ 492,177 Pass/Watch — — — — — 16,471 2 — 16,473 Special Mention — — — — — — — — — Substandard — — — — — 189 — — 189 Doubtful — — — — — — — — — Loss — — — — — — — — — Total single-family interim construction $ 351,031 $ 105,573 $ 18,885 $ — $ 241 $ 16,660 $ 16,449 $ — $ 508,839 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2022 2022 2021 2020 2019 2018 Prior Total Agricultural Pass $ 52,525 $ 24,743 $ 13,875 $ 3,705 $ 5,847 $ 8,872 $ 10,588 $ — $ 120,155 Pass/Watch 2,700 — — — — — 1,547 — 4,247 Special Mention — — — — — — — — — Substandard — — — — — 20 — — 20 Doubtful — — — — — — — — — Loss — — — — — — — — — Total agricultural $ 55,225 $ 24,743 $ 13,875 $ 3,705 $ 5,847 $ 8,892 $ 12,135 $ — $ 124,422 Consumer Pass $ 7,715 $ 4,909 $ 7,959 $ 1,576 $ 300 $ 81 $ 59,113 $ — $ 81,653 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — 4 — — — 10 — — 14 Doubtful — — — — — — — — — Loss — — — — — — — — — Total consumer $ 7,715 $ 4,913 $ 7,959 $ 1,576 $ 300 $ 91 $ 59,113 $ — $ 81,667 Total loans Pass $ 4,752,475 $ 3,308,718 $ 1,512,800 $ 901,769 $ 609,279 $ 969,726 $ 1,248,852 $ 15,651 $ 13,319,270 Pass/Watch 101,430 41,705 44,758 20,609 55,357 53,620 10,067 5,907 333,453 Special Mention 13,994 46,688 101 13,055 8,949 12,103 8,772 46 103,708 Substandard 4,643 79,181 9,510 12,598 8,323 27,603 11,033 41 152,932 Doubtful — — — — — — — — — Loss — — — — — — — — — Total loans $ 4,872,542 $ 3,476,292 $ 1,567,169 $ 948,031 $ 681,908 $ 1,063,052 $ 1,278,724 $ 21,645 $ 13,909,363 |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Components of Premises and Equipment, Net | Premises and equipment, net at December 31, 2023 and 2022 consisted of the following: December 31, 2023 2022 Land $ 81,224 $ 81,570 Building 275,841 274,218 Furniture, fixtures and equipment 68,463 59,979 Aircraft 8,947 8,947 Leasehold and tenant improvements 9,301 6,421 Construction in progress 7,218 3,667 450,994 434,802 Less accumulated depreciation (95,161) (79,434) $ 355,833 $ 355,368 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Other Intangible Assets Activity | The following is a summary of other intangible assets: December 31, 2023 2022 Gross core deposit intangible $ 125,884 $ 125,884 Less accumulated amortization (79,267) (67,321) Total core deposit intangible, net $ 46,617 $ 58,563 Gross customer relationship intangible $ 6,407 $ 6,407 Less accumulated amortization (2,464) (1,971) Total customer relationship intangible, net $ 3,943 $ 4,436 Total other intangible assets, net $ 50,560 $ 62,999 |
Future Amortization Expense Related to Other Intangible Assets | The future amortization expense related to other intangible assets remaining at December 31, 2023 is as follows: First year $ 11,752 Second year 11,238 Third year 10,801 Fourth year 8,284 Fifth year 7,006 Thereafter 1,479 $ 50,560 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Components of Deposits | Deposits at December 31, 2023 and 2022 consisted of the following: December 31, 2023 2022 Amount Percent Amount Percent Noninterest-bearing demand accounts $ 3,530,704 22.5 % $ 4,736,830 31.3 % Interest-bearing checking accounts 5,628,478 35.8 6,311,868 41.8 Savings accounts 540,121 3.4 760,777 5.0 Money market accounts 1,741,848 11.1 1,889,833 12.5 Certificates of deposit and individual retirement accounts (IRA), less than $250,000 3,145,334 20.0 752,594 5.0 Certificates of deposit and individual retirement accounts (IRA), $250,000 and greater 1,136,550 7.2 669,515 4.4 $ 15,723,035 100.0 % $ 15,121,417 100.0 % |
Maturities of Certificates of Deposit | At December 31, 2023, the scheduled maturities of certificates of deposit, including IRAs, were as follows: First year $ 4,040,402 Second year 222,873 Third year 8,802 Fourth year 5,639 Fifth year 4,168 $ 4,281,884 |
Other Borrowings (Tables)
Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Other borrowings | Other borrowings at December 31, 2023 and 2022 consisted of the following: December 31, 2023 2022 Unsecured fixed rate subordinated debentures in the amount of $110,000. The balance of borrowings at December 31, 2023 and 2022 is net of discount and origination costs of $198 and $555, respectively. Interest payments of 5.875% are made semiannually on February 1 and August 1. The maturity date is August 1, 2024. The notes may not be redeemed prior to maturity and after August 1, 2023, no longer meet the criteria to be recognized as Tier 2 capital for regulatory purposes. (1) $ 109,802 $ 109,445 Unsecured fixed-to-floating subordinated debentures in the amount of $130,000. The balance of borrowings at December 31, 2023 and 2022 is net of origination costs of $1,731 and $1,991, respectively. Interest payments initially of 4.00% fixed rate are made semiannually on March 15 and September 15 through September 15, 2025. Thereafter, floating rate payments of 3 month Secured Overnight Financing Rate (SOFR) plus 3.885% payable quarterly in arrears beginning on December 15, 2025. The maturity date is September 15, 2030 with an optional redemption at September 15, 2025. The notes meet the criteria to be recognized as Tier 2 capital for regulatory purposes. (1) 128,269 128,009 Unsecured revolving line of credit with an unrelated commercial bank in the amount of $100,000. The line bears interest at the monthly Bloomberg Short-Term Bank Yield Index (BSBY) plus 1.75% with a maturity date of February 16, 2024. The Company is required to meet certain financial covenants on a quarterly basis, which includes certain restrictions on cash at IBG and meeting minimum capital ratios. (2) 33,750 — Unsecured fixed-to-floating subordinated debentures in the amount of $30,000. The balance of borrowings at December 31, 2022 is net of origination costs of $388. Interest payments of 5.00% fixed rate were made semiannually on June 30 and December 31 through December 31, 2022 and thereafter, floating rate payments of 3 month LIBOR plus 2.83%. On March 31, 2023, the next optional redemption date, the debentures were redeemed. — 29,612 $ 271,821 $ 267,066 ____________ (1) The permissible portion of qualified subordinated notes decreases 20% per year during the final five years of the term of the notes. (2) Subsequent to December 31, 2023, the Company renewed the line (see Note 22. Subsequent Events ). |
Junior Subordinated Debentures
Junior Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Subordinated Borrowing | Information regarding the Debentures as of December 31, 2023 are summarized in the table below: Trust Preferred Securities Issued Debentures Carrying Value Repricing Frequency Interest Rate Interest Rate Index Maturity Date IB Trust I $ 5,155 $ 5,155 Quarterly 8.89% SOFR + 3.25% March 2033 Guaranty Trust III 10,310 10,310 Quarterly 8.76 SOFR + 3.10 July 2033 IB Trust II 3,093 3,093 Quarterly 8.51 SOFR + 2.85 March 2034 Cenbank Trust III 15,464 15,464 Quarterly 8.31 SOFR + 2.65 April 2034 IB Centex Trust I 2,578 2,578 Quarterly 8.89 SOFR + 3.25 February 2035 IB Trust III 3,712 3,712 Quarterly 8.04 SOFR +2.40 December 2035 Community Group Statutory Trust I 3,609 3,609 Quarterly 7.25 SOFR + 1.60 June 2037 Northstar Trust II (1) 5,155 4,121 Quarterly 7.32 SOFR + 1.67 June 2037 Northstar Trust III (1) 8,248 6,575 Quarterly 7.32 SOFR + 1.67 September 2037 $ 57,324 $ 54,617 ____________ |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Net Lease Cost and Other Information Related to Operating Leases | The table below summarizes net lease cost: Years Ended December 31, 2023 2022 2021 Operating lease cost $ 6,037 $ 6,559 $ 6,567 Short term lease cost 59 121 64 Variable lease cost 1,351 1,455 1,645 Sublease income (374) (268) (282) Net lease cost $ 7,073 $ 7,867 $ 7,994 The table below summarizes other information related to operating leases: Years Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,708 $ 5,743 Weighted average remaining lease term - operating leases, in years 7.64 7.19 Weighted average discount rate - operating leases 3.32 % 2.97 % |
Summary of Lease Payment Obligations | The following table outlines lease payment obligations as outlined in the Company’s lease agreements for each of the next five years and thereafter in addition to a reconcilement to the Company’s current lease liability as of December 31, 2023. 2024 $ 5,773 2025 5,080 2026 3,669 2027 2,824 2028 2,547 Thereafter 9,313 Total lease payments 29,206 Less imputed interest (3,429) $ 25,777 |
Off-Balance Sheet Arrangement_2
Off-Balance Sheet Arrangements, Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | At December 31, 2023 and 2022, the approximate amounts of these financial instruments were as follows: December 31, 2023 2022 Commitments to extend credit $ 3,107,827 $ 3,291,409 Standby letters of credit 31,627 24,135 $ 3,139,454 $ 3,315,544 |
Commitments Off Balance Sheet Allowance for Credit Losses | The allowance for credit losses on off-balance sheet commitments was as follows: December 31, 2023 2022 2021 Balance at beginning of period $ 3,944 $ 4,722 $ — Impact of ASC 326 adoption — — 1,113 Provision for off-balance sheet credit exposure (47) (778) 3,609 Balance at end of period $ 3,897 $ 3,944 $ 4,722 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Income tax expense for the years ended December 31, 2023, 2022 and 2021 was as follows: Years Ended December 31, 2023 2022 2021 Current income tax expense $ 30,876 $ 44,836 $ 52,130 Deferred income tax (benefit) expense (21,759) 5,168 5,353 Income tax expense, as reported $ 9,117 $ 50,004 $ 57,483 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between reported income tax expense and the amounts computed by applying the U.S. federal statutory income tax rate of 21% for the years ended December 31, 2023, 2022 and 2021 to income before income taxes is presented below: Years Ended December 31, 2023 2022 2021 Income tax expense computed at the statutory rate $ 10,987 $ 51,722 $ 59,269 Tax-exempt interest income from municipal securities (2,159) (2,176) (1,752) Tax-exempt loan income (962) (1,116) (1,359) Bank owned life insurance income (1,211) (1,296) (1,094) Non-deductible FDIC premiums 655 298 269 State taxes, net of federal benefit 244 2,045 2,516 Non-deductible compensation 565 919 473 Net tax expense (benefit) from stock based compensation 280 (703) (691) Other 718 311 (148) $ 9,117 $ 50,004 $ 57,483 |
Schedule of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities are presented in the table below. Deferred taxes as of December 31, 2023 and 2022 are based on the U.S. statutory federal income tax rate of 21%. December 31, 2023 2022 Deferred tax assets: Allowance for credit losses $ 33,886 $ 33,241 Net unrealized loss on available for sale securities 46,610 54,315 Reserve for legal settlement 21,801 — Lease liabilities under operating leases 5,608 5,640 NOL and tax credit carryforwards from acquisitions 2,631 2,986 Net unrealized loss on cash flow hedge 1,720 2,351 Acquired loan fair market value adjustments 3,001 3,785 Stock-based compensation 2,112 2,496 Reserve for bonuses and other accrued expenses 1,910 4,163 Deferred loan fees and costs, net 3,122 3,738 Accrued FDIC special assessment 1,812 — Acquired securities 941 1,107 Acquired intangibles 910 1,060 Other real estate owned 917 — Unearned income 327 420 Deferred compensation 243 416 Noncompete agreements 438 484 Nonaccrual loans 311 268 Other 865 868 129,165 117,338 Deferred tax liabilities: Premises and equipment (17,215) (16,920) Right-of-use assets under operating leases (5,309) (5,404) Intangible assets (10,999) (13,711) Acquired junior subordinated debentures fair value adjustment (589) (632) FHLB and other restricted stocks (555) (359) Acquired tax goodwill (1,064) (899) Other (769) (744) (36,500) (38,669) Net deferred tax asset $ 92,665 $ 78,669 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Loan Activity for Officers, Directors and Affiliates | Loan activity for officers, directors and their affiliates as of December 31, 2023 and 2022 is as follows: December 31, 2023 2022 Balance at beginning of year $ 35,798 $ 34,627 New loan originations 2,444 13,641 Repayments (5,439) (13,545) Changes in affiliated persons (105) 1,075 Balance at end of year $ 32,698 $ 35,798 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities at Fair Value on Recurring Basis | The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of December 31, 2023 and 2022 by level within the ASC Topic 820 fair value measurement hierarchy: Fair Value Measurements at Reporting Date Using Assets/ Quoted Prices Significant Significant December 31, 2023 Assets: Investment securities available for sale: U.S. treasuries $ 214,222 $ — $ 214,222 $ — Government agency securities 396,106 — 396,106 — Obligations of state and municipal subdivisions 227,634 — 227,634 — Corporate bonds 35,820 — 35,820 — Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 719,469 — 719,469 — Other securities 500 — 500 — Loans held for sale, fair value option elected (1) 12,016 — 12,016 — Derivative financial instruments: Interest rate lock commitments 507 — 507 — Forward mortgage-backed securities trades 4 — 4 — Loan customer counterparty 227 — 227 — Financial institution counterparty 9,472 — 9,472 — Liabilities: Derivative financial instruments: Interest rate swaps - cash flow hedge 8,256 — 8,256 — Forward mortgage-backed securities trades 43 — 43 — Loan customer counterparty 9,403 — 9,403 — Financial institution counterparty 261 — 261 — December 31, 2022 Assets: Investment securities available for sale: U.S. treasuries $ 239,410 $ — $ 239,410 $ — Government agency securities 384,515 — 384,515 — Obligations of state and municipal subdivisions 251,231 — 251,231 — Corporate bonds 37,205 — 37,205 — Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 778,473 — 778,473 — Other securities 950 — 950 — Loans held for sale, fair value option elected (1) 10,612 — 10,612 — Derivative financial instruments: Interest rate lock commitments 294 — 294 — Forward mortgage-backed securities trades 98 — 98 — Financial institution counterparty 13,968 — 13,968 — Liabilities: Derivative financial instruments: Interest rate swaps - cash flow hedge 11,283 — 11,283 — Interest rate lock commitments 6 — 6 — Forward mortgage-backed securities trades 11 — 11 — Loan customer counterparty 13,788 — 13,788 — ____________ (1) At December 31, 2023 and 2022, loans held for sale for which the fair value option was elected had an aggregate outstanding principal balance of $11,747 and $10,330, 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 December 31, 2023. |
Assets and Liabilities at Fair Value on Nonrecurring Basis | The following table presents the assets carried on the consolidated balance sheet by caption and by level in the fair value hierarchy at December 31, 2023 and 2022, 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 December 31, 2023 Assets: Individually evaluated loans $ 5,822 $ — $ — $ 5,822 $ 3,525 Other real estate owned 9,490 — — 9,490 6,052 December 31, 2022 Assets: Individually evaluated loans $ 8,527 $ — $ — $ 8,527 $ 3,505 Other real estate owned 23,900 — — 23,900 3,548 |
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 December 31, 2023 and 2022: Fair Value Measurements at Reporting Date Using Carrying Estimated Quoted Prices Significant Significant December 31, 2023 Financial assets: Cash and cash equivalents $ 721,989 $ 721,989 $ 721,989 $ — $ — Certificates of deposit held in other banks 248 243 — 243 — Investment securities held to maturity 205,232 170,997 — 170,997 — Loans held for sale, at cost 4,404 4,506 — 4,506 — Loans, net 14,558,681 14,547,963 — — 14,547,963 FHLB of Dallas stock and other restricted stock 34,915 34,915 — 34,915 — Accrued interest receivable 64,237 64,237 — 64,237 — Financial liabilities: Deposits 15,723,035 15,697,806 — 15,697,806 — Accrued interest payable 43,653 43,653 — 43,653 — FHLB advances 350,000 350,022 — 350,022 — Other borrowings 271,821 257,975 — 257,975 — Junior subordinated debentures 54,617 68,735 — 68,735 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — December 31, 2022 Financial assets: Cash and cash equivalents $ 654,322 $ 654,322 $ 654,322 $ — $ — Certificates of deposit held in other banks 496 486 — 486 — Investment securities held to maturity 207,059 162,239 — 162,239 — Loans held for sale, at cost 698 710 — 710 — Loans, net 13,760,576 13,450,582 — — 13,450,582 FHLB of Dallas stock and other restricted stock 23,436 23,436 — 23,436 — Accrued interest receivable 59,214 59,214 — 59,214 — Financial liabilities: Deposits 15,121,417 15,063,025 — 15,063,025 — Accrued interest payable 9,604 9,604 — 9,604 — FHLB advances 300,000 246,519 — 246,519 — Other borrowings 267,066 258,800 — 258,800 — Junior subordinated debentures 54,419 53,969 — 53,969 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — |
Derivative Financial Instrume_2
Derivative Financial Instruments - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023 and 2022: Outstanding Notional Balance Asset Derivative Liability Derivative December 31, 2023 Derivatives designated as hedging instruments: Interest rate swaps - cash flow hedge $ 100,000 $ — $ 8,256 Derivatives not designated as hedging instruments: Interest rate lock commitments 18,789 507 — Forward mortgage-backed securities trades 15,000 4 43 Commercial loan interest rate swaps: Loan customer counterparty 201,063 227 9,403 Financial institution counterparty 201,063 9,472 261 December 31, 2022 Derivatives designated as hedging instruments: Interest rate swaps - cash flow hedge $ 100,000 $ — $ 11,283 Derivatives not designated as hedging instruments: Interest rate lock commitments 15,476 294 6 Forward mortgage-backed securities trades 18,500 98 11 Commercial loan interest rate swaps: Loan customer counterparty 183,183 — 13,788 Financial institution counterparty 183,183 13,968 — |
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 December 31, 2023 December 31, 2022 Received Paid Received Paid Loan customer counterparty 4.53 % 7.89 % 4.12 % 6.72 % |
Income (Loss) on Derivatives Not Designated as Hedging Instruments | A summary of derivative activity and the related impact on the consolidated statements of income for the years ended December 31, 2023, 2022 and 2021 is as follows: Income Statement Location Years Ended December 31, 2023 2022 2021 Derivatives designated as hedging instruments Interest rate swaps - cash flow hedges Interest and fees on loans $ (4,188) $ (791) $ 584 Derivatives not designated as hedging instruments Interest rate lock commitments Mortgage banking revenue 219 (737) (2,490) Forward mortgage-backed securities trades Mortgage banking revenue (126) 81 574 |
Stock Awards (Tables)
Stock Awards (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Nonvested Shares Activity | The following table summarizes the activity in nonvested restricted stock awards for the years ended December 31, 2023 and 2022: Restricted Stock Awards Number of Weighted Average Nonvested shares, December 31, 2022 309,015 $ 60.12 Granted during the period 138,909 56.74 Vested during the period (156,644) 59.07 Forfeited during the period (5,940) 63.07 Nonvested shares, December 31, 2023 285,340 $ 58.99 Nonvested shares, December 31, 2021 363,551 $ 53.14 Granted during the period 149,160 69.80 Vested during the period (193,303) 54.61 Forfeited during the period (10,393) 57.40 Nonvested shares, December 31, 2022 309,015 $ 60.12 |
Future Vesting Schedule of Nonvested Shares Activity | At December 31, 2023, the future vesting schedule of the nonvested restricted stock awards is as follows: Number of Shares First year 150,496 Second year 80,407 Third year 52,689 Fourth year 1,748 Total nonvested shares 285,340 |
Nonvested performance stock units | The following table summarizes the activity in nonvested performance stock units at target award level for the years ended December 31, 2023 and 2022: Performance-Based Restricted Stock Units Number of Weighted Average Nonvested shares, December 31, 2022 140,240 $ 49.20 Granted during the period 37,938 60.21 Nonvested shares, December 31, 2023 178,178 $ 51.55 Nonvested shares, December 31, 2021 114,498 $ 43.93 Granted during the period 25,742 72.65 Nonvested shares, December 31, 2022 140,240 $ 49.20 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulated Operations [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements | The following table presents actual and required capital ratios under Basel III Capital Rules for the Company and Bank as of December 31, 2023 and 2022. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended, to reflect the changes under the Basel III Capital Rules. Actual Minimum Capital Required To Be Considered Well Capitalized (1) Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Total capital to risk weighted assets: Consolidated $ 1,885,776 11.57 % $ 1,711,650 10.50 % $ 1,630,143 10.00 % Bank 2,020,376 12.40 1,711,142 10.50 1,629,659 10.00 Tier 1 capital to risk weighted assets: Consolidated 1,617,985 9.93 1,385,621 8.50 978,086 6.00 Bank 1,882,585 11.55 1,385,210 8.50 1,303,727 8.00 Common equity tier 1 to risk weighted assets: Consolidated 1,562,385 9.58 1,141,100 7.00 N/A N/A Bank 1,882,585 11.55 1,140,761 7.00 1,059,278 6.50 Tier 1 capital to average assets: Consolidated 1,617,985 8.94 723,633 4.00 N/A N/A Bank 1,882,585 10.41 723,438 4.00 904,298 5.00 December 31, 2022 Total capital to risk weighted assets: Consolidated $ 1,936,363 12.35 % $ 1,645,772 10.50 % $ 1,567,402 10.00 % Bank 2,013,874 12.85 1,645,236 10.50 1,566,891 10.00 Tier 1 capital to risk weighted assets: Consolidated 1,637,191 10.45 1,332,291 8.50 940,441 6.00 Bank 1,896,702 12.10 1,331,858 8.50 1,253,513 8.00 Common equity tier 1 to risk weighted assets: Consolidated 1,581,591 10.09 1,097,181 7.00 N/A N/A Bank 1,896,702 12.10 1,096,824 7.00 1,018,479 6.50 Tier 1 capital to average assets: Consolidated 1,637,191 9.49 690,309 4.00 N/A N/A Bank 1,896,702 10.99 690,130 4.00 862,663 5.00 _____________ (1) “Well-capitalized” Common Equity Tier 1 to Risk-Weighted Assets and Tier 1 to Average Assets are not formally defined under applicable banking regulations for bank holding companies. However, the Federal Reserve Board and the FDIC may require the Company to maintain a Tier 1 to Average Assets Ratio above the required minimum. |
Parent Company Only Financial_2
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Balance Sheet for the Parent Company | The following balance sheets, statements of income and statements of cash flows for Independent Bank Group, Inc. should be read in conjunction with the consolidated financial statements and the notes thereto. Balance Sheets December 31, Assets 2023 2022 Cash and cash equivalents $ 7,311 $ 5,660 Investment in subsidiaries 2,722,598 2,701,273 Investment in trusts 1,724 1,724 Other assets 3,285 3,511 Total assets $ 2,734,918 $ 2,712,168 Liabilities and Stockholders' Equity Other borrowings $ 271,821 $ 267,066 Junior subordinated debentures 54,617 54,419 Other liabilities 5,887 5,300 Total liabilities 332,325 326,785 Stockholders' equity: Preferred stock — — Common stock 413 412 Additional paid-in capital 1,966,686 1,959,193 Retained earnings 616,724 638,354 Accumulated other comprehensive loss (181,230) (212,576) Total stockholders' equity 2,402,593 2,385,383 Total liabilities and stockholders' equity $ 2,734,918 $ 2,712,168 |
Statement of Income for the Parent Company | Statements of Income Years Ended December 31, 2023 2022 2021 Interest expense: Interest on other borrowings $ 15,934 $ 14,450 $ 15,247 Interest on junior subordinated debentures 4,725 2,713 1,756 Total interest expense 20,659 17,163 17,003 Noninterest income: Dividends from subsidiaries 148,132 208,665 134,547 Other — — 61 Total noninterest income 148,132 208,665 134,608 Noninterest expense: Salaries and employee benefits 8,383 14,886 10,546 Professional fees 948 736 126 Other 2,631 2,738 2,510 Total noninterest expense 11,962 18,360 13,182 Income before income tax benefit and equity in undistributed income of subsidiaries 115,511 173,142 104,423 Income tax benefit 6,711 8,454 7,131 Income before equity in undistributed income of subsidiaries 122,222 181,596 111,554 Equity in undistributed (loss) income of subsidiaries (79,021) 14,695 113,196 Net income $ 43,201 $ 196,291 $ 224,750 |
Statement of Cash Flows for the Parent Company | Statements of Cash Flows Years Ended December 31, 2023 2022 2021 Cash flows from operating activities: Net income $ 43,201 $ 196,291 $ 224,750 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed loss (income) of subsidiaries 79,021 (14,695) (113,196) Amortization of discount and origination costs on borrowings 1,203 893 894 Stock based compensation expense 7,494 13,697 10,691 Excess tax expense (benefit) on restricted stock vested 280 (703) (691) Deferred tax expense (benefit) 396 (579) (210) Net change in other assets (170) 107 1,020 Net change in other liabilities 358 140 500 Net cash provided by operating activities 131,783 195,151 123,758 Cash flows from investing activities: Capital investment in subsidiaries (69,000) — — Net cash used in investing activities (69,000) — — Cash flows from financing activities: Proceeds from other borrowings 100,000 111,000 75,000 Repayments of other borrowings (96,250) (128,000) (104,500) Repurchase of common stock (2,175) (119,746) (32,132) Dividends paid (62,707) (63,492) (56,861) Net cash used in financing activities (61,132) (200,238) (118,493) Net change in cash and cash equivalents 1,651 (5,087) 5,265 Cash and cash equivalents at beginning of year 5,660 10,747 5,482 Cash and cash equivalents at end of year $ 7,311 $ 5,660 $ 10,747 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 business_trust segment | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of wholly owned statutory business trusts | business_trust | 9 |
Number of reportable segments | segment | 1 |
Core deposit intangibles | |
Summary Of Significant Accounting Policies [Line Items] | |
Finite-lived intangible assets, useful life | 10 years |
Customer relationship intangibles | |
Summary Of Significant Accounting Policies [Line Items] | |
Finite-lived intangible assets, useful life | 13 years |
Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Premises and equipment, useful life | 3 years |
Minimum | Computer Software, Intangible Asset | |
Summary Of Significant Accounting Policies [Line Items] | |
Finite-lived intangible assets, useful life | 1 year |
Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Premises and equipment, useful life | 30 years |
Maximum | Computer Software, Intangible Asset | |
Summary Of Significant Accounting Policies [Line Items] | |
Finite-lived intangible assets, useful life | 5 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic earnings per share: | |||
Net income | $ 43,201 | $ 196,291 | $ 224,750 |
Undistributed earnings allocated to participating securities | (45) | 1,037 | 1,576 |
Dividends paid on participating securities | 142 | 494 | 534 |
Net income available to common shareholders | $ 43,104 | $ 194,760 | $ 222,640 |
Weighted-average basic shares outstanding (shares) | 41,175,010 | 41,385,516 | 42,666,007 |
Basic earnings per share (usd per share) | $ 1.05 | $ 4.71 | $ 5.22 |
Diluted earnings per share: | |||
Total weighted-average diluted shares outstanding (shares) | 41,269,419 | 41,468,775 | 42,724,792 |
Diluted earnings per share (usd per share) | $ 1.04 | $ 4.70 | $ 5.21 |
Anti-dilutive participating securities (shares) | 36,025 | 124,503 | 181,016 |
Performance stock units | |||
Diluted earnings per share: | |||
Add dilutive (shares) | 94,409 | 83,259 | 58,785 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect reduction to retained earnings | $ (2,402,593) | $ (2,385,383) | $ (2,576,650) | $ (2,515,371) | |
Deferred tax asset | 33,886 | 33,241 | $ 15,113 | ||
Financing Receivable, Allowance for Credit Loss | 87,820 | ||||
Receivables Acquired with Deteriorated Credit Quality | Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 13,035 | ||||
Impact of ASC 326 adoption | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect reduction to retained earnings | 53,880 | ||||
Financing Receivable, Allowance for Credit Loss | 67,880 | ||||
Impact of ASC 326 adoption | Receivables Acquired with Deteriorated Credit Quality | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 13,035 | ||||
Retained Earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect reduction to retained earnings | $ (616,724) | $ (638,354) | $ (625,484) | (543,800) | |
Retained Earnings | Impact of ASC 326 adoption | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect reduction to retained earnings | $ 53,880 | $ 53,880 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - CECL (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | $ 87,820 | ||||
Allowance for credit losses on off-balance-sheet credit exposures | $ 3,897 | $ 3,944 | $ 4,722 | 0 | $ 0 |
Commercial | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 27,311 | ||||
Real estate | Commercial real estate | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 36,698 | ||||
Real estate | Commercial construction, land and land development | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 13,425 | ||||
Real estate | Residential Real Estate | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 6,786 | ||||
Real estate | Single-family interim construction | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 2,156 | ||||
Agricultural | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 337 | ||||
Consumer | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 684 | ||||
Unallocated | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 423 | ||||
Impact of ASC 326 adoption | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 67,880 | ||||
Allowance for credit losses on off-balance-sheet credit exposures | $ 0 | $ 0 | 1,113 | $ 1,113 | |
Impact of ASC 326 adoption | Commercial | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 12,775 | ||||
Impact of ASC 326 adoption | Real estate | Commercial real estate | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 29,108 | ||||
Impact of ASC 326 adoption | Real estate | Commercial construction, land and land development | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 22,008 | ||||
Impact of ASC 326 adoption | Real estate | Residential Real Estate | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | (2,255) | ||||
Impact of ASC 326 adoption | Real estate | Single-family interim construction | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 7,179 | ||||
Impact of ASC 326 adoption | Agricultural | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | (178) | ||||
Impact of ASC 326 adoption | Consumer | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | (334) | ||||
Impact of ASC 326 adoption | Unallocated | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | (423) | ||||
Impact of ASC 326 adoption | Receivables Acquired with Deteriorated Credit Quality | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 13,035 | ||||
Allowance for credit losses on off-balance-sheet credit exposures | 0 | ||||
Impact of ASC 326 adoption | Receivables Acquired with Deteriorated Credit Quality | Commercial | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 4,328 | ||||
Impact of ASC 326 adoption | Receivables Acquired with Deteriorated Credit Quality | Real estate | Commercial real estate | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 7,640 | ||||
Impact of ASC 326 adoption | Receivables Acquired with Deteriorated Credit Quality | Real estate | Commercial construction, land and land development | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 927 | ||||
Impact of ASC 326 adoption | Receivables Acquired with Deteriorated Credit Quality | Real estate | Residential Real Estate | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 140 | ||||
Impact of ASC 326 adoption | Receivables Acquired with Deteriorated Credit Quality | Real estate | Single-family interim construction | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 0 | ||||
Impact of ASC 326 adoption | Receivables Acquired with Deteriorated Credit Quality | Agricultural | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 0 | ||||
Impact of ASC 326 adoption | Receivables Acquired with Deteriorated Credit Quality | Consumer | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 0 | ||||
Impact of ASC 326 adoption | Receivables Acquired with Deteriorated Credit Quality | Unallocated | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 0 | ||||
Cumulative effect, period of adoption, adjusted balance | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 168,735 | ||||
Allowance for credit losses on off-balance-sheet credit exposures | 1,113 | ||||
Cumulative effect, period of adoption, adjusted balance | Commercial | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 44,414 | ||||
Cumulative effect, period of adoption, adjusted balance | Real estate | Commercial real estate | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 73,446 | ||||
Cumulative effect, period of adoption, adjusted balance | Real estate | Commercial construction, land and land development | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 36,360 | ||||
Cumulative effect, period of adoption, adjusted balance | Real estate | Residential Real Estate | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 4,671 | ||||
Cumulative effect, period of adoption, adjusted balance | Real estate | Single-family interim construction | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 9,335 | ||||
Cumulative effect, period of adoption, adjusted balance | Agricultural | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 159 | ||||
Cumulative effect, period of adoption, adjusted balance | Consumer | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 350 | ||||
Cumulative effect, period of adoption, adjusted balance | Unallocated | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | $ 0 |
Statement of Cash Flows - Other
Statement of Cash Flows - Other Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash transactions: | |||
Interest expense paid | $ 380,804 | $ 92,506 | $ 65,336 |
Income taxes paid | 25,786 | 46,570 | 58,083 |
Noncash transactions: | |||
Deferred dividend equivalents | (51) | 200 | 197 |
Transfer of loans to other real estate owned | 0 | 23,900 | 0 |
Loans to facilitate the sale of other real estate owned | 6,188 | 0 | 0 |
Transfer of securities available for sale to held to maturity | 0 | 117,583 | 0 |
Right-of-use assets obtained in exchange for lease liabilities | 8,698 | 4,011 | 5,156 |
Loans purchased, not yet settled | 0 | 27,210 | 29,332 |
Transfer of bank premises to other real estate | $ 805 | $ 0 | $ 0 |
Securities - Amortized Cost of
Securities - Amortized Cost of Securities and Approximate Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | $ 1,815,702 | $ 1,950,426 |
Gross Unrealized Gain, AFS | 130 | 115 |
Gross Unrealized Loss, AFS | (222,081) | (258,757) |
Fair Value, AFS | 1,593,751 | 1,691,784 |
Amortized Cost, HTM | 205,232 | 207,059 |
Fair Value, HTM | 170,997 | |
Accrued Interest, AFS | 7,129 | 7,702 |
Accrued Interest, HTM | 2,365 | 2,697 |
U.S. treasuries | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 228,231 | 259,675 |
Gross Unrealized Gain, AFS | 0 | 0 |
Gross Unrealized Loss, AFS | (14,009) | (20,265) |
Fair Value, AFS | 214,222 | 239,410 |
Government agency securities | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 467,754 | 468,994 |
Gross Unrealized Gain, AFS | 0 | 0 |
Gross Unrealized Loss, AFS | (71,648) | (84,479) |
Fair Value, AFS | 396,106 | 384,515 |
Obligations of state and municipal subdivisions | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 237,146 | 264,419 |
Gross Unrealized Gain, AFS | 122 | 106 |
Gross Unrealized Loss, AFS | (9,634) | (13,294) |
Fair Value, AFS | 227,634 | 251,231 |
Amortized Cost, HTM | 205,232 | 207,059 |
Gross Unrealized Gain, HTM | 264 | 0 |
Gross Unrealized Loss, HTM | (34,499) | (44,820) |
Fair Value, HTM | 170,997 | 162,239 |
Corporate bonds | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 43,000 | 43,000 |
Gross Unrealized Gain, AFS | 0 | 0 |
Gross Unrealized Loss, AFS | (7,180) | (5,795) |
Fair Value, AFS | 35,820 | 37,205 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 839,071 | 913,388 |
Gross Unrealized Gain, AFS | 8 | 9 |
Gross Unrealized Loss, AFS | (119,610) | (134,924) |
Fair Value, AFS | 719,469 | 778,473 |
Other securities | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 500 | 950 |
Gross Unrealized Gain, AFS | 0 | 0 |
Gross Unrealized Loss, AFS | 0 | 0 |
Fair Value, AFS | $ 500 | $ 950 |
Securities - Additional Informa
Securities - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Securities Transferred from AFS to HTM | $ 117,583 | |
Transfers unrealized pre-tax gains | 26 | |
Carrying value of securities pledged | 1,168,006 | $ 950,604 |
Allowance for credit loss, AFS securities | 0 | |
Allowance for credit loss, HTM securities | $ 0 | $ 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized Cost, AFS | ||
Due in one year or less | $ 77,481 | |
Due from one year to five years | 329,879 | |
Due from five to ten years | 418,913 | |
Thereafter | 150,358 | |
Total | 976,631 | |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | 839,071 | |
Amortized Cost, AFS | 1,815,702 | $ 1,950,426 |
Fair Value, AFS | ||
Due in one year or less | 76,593 | |
Due from one year to five years | 308,400 | |
Due from five to ten years | 359,287 | |
Thereafter | 130,002 | |
Total | 874,282 | |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | 719,469 | |
Fair value, total | 1,593,751 | 1,691,784 |
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 | 205,232 | |
Total | 205,232 | |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | 0 | |
Amortized Cost, HTM | 205,232 | $ 207,059 |
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 | 170,997 | |
Total | 170,997 | |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | 0 | |
Fair Value | $ 170,997 |
Securities Available for Sale -
Securities Available for Sale - Proceeds, Gross Gains and Gross Losses from Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sale | $ 0 | $ 0 | $ 9,294 |
Gross gains | 0 | 0 | 13 |
Gross losses | $ 0 | $ 0 | $ 0 |
Securities - Summary of Unreali
Securities - Summary of Unrealized Losses and Fair Value of Securities in Continuous Unrealized Loss Positions (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: estimated fair value, AFS | $ 49,588 | $ 670,035 |
Less than 12 months: unrealized losses, AFS | (672) | (50,317) |
Greater than 12 months: estimated fair value, AFS | 1,500,978 | 992,487 |
Greater than 12 months: unrealized losses, AFS | (221,409) | (208,440) |
Total: estimated fair value, AFS | 1,550,566 | 1,662,522 |
Total: unrealized losses, AFS | (222,081) | (258,757) |
U.S. treasuries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: estimated fair value, AFS | 0 | 106,849 |
Less than 12 months: unrealized losses, AFS | 0 | (3,923) |
Greater than 12 months: estimated fair value, AFS | 214,222 | 132,561 |
Greater than 12 months: unrealized losses, AFS | (14,009) | (16,342) |
Total: estimated fair value, AFS | 214,222 | 239,410 |
Total: unrealized losses, AFS | (14,009) | (20,265) |
Government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: estimated fair value, AFS | 0 | 63,451 |
Less than 12 months: unrealized losses, AFS | 0 | (7,533) |
Greater than 12 months: estimated fair value, AFS | 396,106 | 321,064 |
Greater than 12 months: unrealized losses, AFS | (71,648) | (76,946) |
Total: estimated fair value, AFS | 396,106 | 384,515 |
Total: unrealized losses, AFS | (71,648) | (84,479) |
Obligations of state and municipal subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: estimated fair value, AFS | 40,864 | 209,395 |
Less than 12 months: unrealized losses, AFS | (360) | (9,068) |
Greater than 12 months: estimated fair value, AFS | 147,529 | 17,034 |
Greater than 12 months: unrealized losses, AFS | (9,274) | (4,226) |
Total: estimated fair value, AFS | 188,393 | 226,429 |
Total: unrealized losses, AFS | (9,634) | (13,294) |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: estimated fair value, AFS | 0 | 23,584 |
Less than 12 months: unrealized losses, AFS | 0 | (4,416) |
Greater than 12 months: estimated fair value, AFS | 32,820 | 10,621 |
Greater than 12 months: unrealized losses, AFS | (7,180) | (1,379) |
Total: estimated fair value, AFS | 32,820 | 34,205 |
Total: unrealized losses, AFS | (7,180) | (5,795) |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: estimated fair value, AFS | 8,724 | 266,756 |
Less than 12 months: unrealized losses, AFS | (312) | (25,377) |
Greater than 12 months: estimated fair value, AFS | 710,301 | 511,207 |
Greater than 12 months: unrealized losses, AFS | (119,298) | (109,547) |
Total: estimated fair value, AFS | 719,025 | 777,963 |
Total: unrealized losses, AFS | $ (119,610) | $ (134,924) |
Loans, Net and Allowance for _3
Loans, Net and Allowance for Credit Losses on Loans - Composition of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | $ 14,710,542 | $ 13,909,363 | ||
Allowance for credit losses | (151,861) | (148,787) | $ (148,706) | $ (87,820) |
Total loans, net | 14,558,681 | 13,760,576 | ||
Accrued Interest Receivable | 54,563 | 48,815 | ||
Commercial | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 2,266,851 | 2,240,959 | ||
Allowance for credit losses | (34,793) | (54,037) | (49,747) | (27,311) |
Mortgage warehouse purchase loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 549,689 | 312,099 | ||
Real estate | Commercial real estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 8,289,124 | 7,817,447 | ||
Allowance for credit losses | (60,096) | (61,078) | (65,110) | (36,698) |
Real estate | Commercial construction, land and land development | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 1,231,484 | 1,231,071 | ||
Allowance for credit losses | (31,494) | (17,696) | (23,861) | (13,425) |
Real estate | Residential Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 1,669,786 | 1,592,859 | ||
Allowance for credit losses | (6,917) | (3,450) | (2,192) | (6,786) |
Real estate | Single-family interim construction | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 517,928 | 508,839 | ||
Allowance for credit losses | (17,437) | (11,817) | (7,222) | (2,156) |
Agricultural | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 109,451 | 124,422 | ||
Allowance for credit losses | (745) | (207) | (106) | (337) |
Consumer | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans | 76,229 | 81,667 | ||
Allowance for credit losses | $ (379) | $ (502) | $ (468) | $ (684) |
Loans, Net and Allowance for _4
Loans, Net and Allowance for Credit Losses on Loans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Energy Related Commercial Loans | $ 14,558,681 | $ 13,760,576 |
Loans and Leases, Net | North Texas | Geographic Concentration Risk | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of portfolio | 36% | |
Loans and Leases, Net | COLORADO | Geographic Concentration Risk | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of portfolio | 26% | |
Loans and Leases, Net | Houston Texas | Geographic Concentration Risk | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of portfolio | 25% | |
Loans and Leases, Net | Central Texas | Geographic Concentration Risk | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of portfolio | 13% | |
Owner Occupied | Loans and Leases, Net | Customer Concentration Risk | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of portfolio | 21% | |
Commercial | Energy Related Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Energy Related Commercial Loans | $ 621,883 | $ 574,698 |
Commercial | Mortgage warehouse purchase loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Duration of the loans to larger mortgage originators | 60 days | |
Agricultural | Real Estate Loan | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan to value ratio (percent) | 80% | |
Loan, amortization period | 20 years | |
Agricultural | Non-Real Estate Loan | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Period of operating lines | 1 year | |
Consumer | Loans and Leases, Net | Customer Concentration Risk | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Percentage of portfolio | 1% | |
Maximum | Commercial | Mortgage warehouse purchase loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Duration of the loans to mortgage bankers | 15 days |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | $ 148,787 | $ 148,706 | $ 87,820 |
Provision for credit losses | 4,177 | 5,268 | (12,609) |
Charge-offs | (2,164) | (5,914) | (7,531) |
Recoveries | 1,061 | 727 | 111 |
Balance at end of period | 151,861 | 148,787 | 148,706 |
Impact of ASC 326 adoption | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Impact of adopting ASC 326 | 67,880 | ||
Initial allowance on loans purchased with credit deterioration | 13,035 | ||
Commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 54,037 | 49,747 | 27,311 |
Provision for credit losses | (19,270) | 5,534 | 12,130 |
Charge-offs | (918) | (1,739) | (6,856) |
Recoveries | 944 | 495 | 59 |
Balance at end of period | 34,793 | 54,037 | 49,747 |
Commercial | Impact of ASC 326 adoption | |||
Allowance for Loan and Lease Losses [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 Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 61,078 | 65,110 | 36,698 |
Provision for credit losses | (982) | (23) | (7,961) |
Charge-offs | 0 | (4,159) | (375) |
Recoveries | 0 | 150 | 0 |
Balance at end of period | 60,096 | 61,078 | 65,110 |
Real estate | Commercial real estate | Impact of ASC 326 adoption | |||
Allowance for Loan and Lease Losses [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 Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 17,696 | 23,861 | 13,425 |
Provision for credit losses | 14,883 | (6,165) | (12,373) |
Charge-offs | (1,196) | 0 | (126) |
Recoveries | 111 | 0 | 0 |
Balance at end of period | 31,494 | 17,696 | 23,861 |
Real estate | Commercial construction, land and land development | Impact of ASC 326 adoption | |||
Allowance for Loan and Lease Losses [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 Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 3,450 | 2,192 | 6,786 |
Provision for credit losses | 3,467 | 1,183 | (2,486) |
Charge-offs | 0 | (6) | 0 |
Recoveries | 0 | 81 | 7 |
Balance at end of period | 6,917 | 3,450 | 2,192 |
Real estate | Residential Real Estate | Impact of ASC 326 adoption | |||
Allowance for Loan and Lease Losses [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 Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 11,817 | 7,222 | 2,156 |
Provision for credit losses | 5,647 | 4,595 | (2,113) |
Charge-offs | (27) | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance at end of period | 17,437 | 11,817 | 7,222 |
Real estate | Single-family interim construction | Impact of ASC 326 adoption | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Impact of adopting ASC 326 | 7,179 | ||
Initial allowance on loans purchased with credit deterioration | 0 | ||
Agricultural | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 207 | 106 | 337 |
Provision for credit losses | 539 | 101 | (53) |
Charge-offs | (6) | 0 | 0 |
Recoveries | 5 | 0 | 0 |
Balance at end of period | 745 | 207 | 106 |
Agricultural | Impact of ASC 326 adoption | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Impact of adopting ASC 326 | (178) | ||
Initial allowance on loans purchased with credit deterioration | 0 | ||
Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 502 | 468 | 684 |
Provision for credit losses | (107) | 43 | 247 |
Charge-offs | (17) | (10) | (174) |
Recoveries | 1 | 1 | 45 |
Balance at end of period | 379 | 502 | 468 |
Consumer | Impact of ASC 326 adoption | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Impact of adopting ASC 326 | (334) | ||
Initial allowance on loans purchased with credit deterioration | 0 | ||
Unallocated | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 0 | 0 | 423 |
Provision for credit losses | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance at end of period | $ 0 | $ 0 | 0 |
Unallocated | Impact of ASC 326 adoption | |||
Allowance for Loan and Lease Losses [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 | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Impaired [Line Items] | ||
Loan Balance | $ 47,281 | $ 34,473 |
Specific Allocations | 15,248 | 9,630 |
Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Loan Balance | 21,534 | 21,981 |
Specific Allocations | 11,662 | 8,378 |
Real estate | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Loan Balance | 25,672 | 12,303 |
Specific Allocations | 3,567 | 1,209 |
Real estate | Commercial construction, land and land development | ||
Financing Receivable, Impaired [Line Items] | ||
Loan Balance | 0 | 0 |
Specific Allocations | 0 | 0 |
Real estate | Residential Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Loan Balance | 0 | 0 |
Specific Allocations | 0 | 0 |
Real estate | Single-family interim construction | ||
Financing Receivable, Impaired [Line Items] | ||
Loan Balance | 0 | 189 |
Specific Allocations | 0 | 43 |
Agricultural | ||
Financing Receivable, Impaired [Line Items] | ||
Loan Balance | 75 | 0 |
Specific Allocations | 19 | 0 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Loan Balance | 0 | 0 |
Specific Allocations | $ 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 ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual, No Allowance | $ 14 | $ 125 |
Nonaccrual, Interest Income | 0 | 0 |
Nonperforming Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | 50,306 | 37,752 |
Loans past due 90 days and still accruing | 1,494 | 843 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 1,494 | |
Total nonperforming loans | 51,800 | 40,089 |
Nonperforming Loans | Commercial | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | 21,541 | 22,565 |
Loans past due 90 days and still accruing | 0 | 5 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | |
Total nonperforming loans | 21,541 | 22,570 |
Nonperforming Loans | Real estate | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | 26,564 | 13,393 |
Loans past due 90 days and still accruing | 14 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 1,435 | |
Total nonperforming loans | 26,578 | 14,828 |
Nonperforming Loans | Real estate | Commercial construction, land and land development | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | 10 | 15 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | |
Total nonperforming loans | 10 | 15 |
Nonperforming Loans | Real estate | Residential Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | 2,111 | 1,582 |
Loans past due 90 days and still accruing | 1,480 | 838 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 59 | |
Total nonperforming loans | 3,591 | 2,479 |
Nonperforming Loans | Real estate | Single-family interim construction | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | 0 | 189 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | |
Total nonperforming loans | 0 | 189 |
Nonperforming Loans | Agricultural | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | 75 | 0 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | |
Total nonperforming loans | 75 | 0 |
Nonperforming Loans | Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | 5 | 8 |
Loans past due 90 days and still accruing | 0 | 0 |
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | |
Total nonperforming loans | $ 5 | $ 8 |
Loans, Net and Allowance for _8
Loans, Net and Allowance for Credit Losses on Loans - Aging of Past Due Loans by Loan Class (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 14,710,542 | $ 13,909,363 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,266,851 | 2,240,959 |
Mortgage warehouse purchase loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 549,689 | 312,099 |
Real estate | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 8,289,124 | 7,817,447 |
Real estate | Commercial construction, land and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,231,484 | 1,231,071 |
Real estate | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,669,786 | 1,592,859 |
Real estate | Single-family interim construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 517,928 | 508,839 |
Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 109,451 | 124,422 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 76,229 | 81,667 |
Loans 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 18,315 | 21,834 |
Loans 30-89 Days Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,898 | 1,005 |
Loans 30-89 Days Past Due | Mortgage warehouse purchase loans | ||
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 | 5,388 | 13,093 |
Loans 30-89 Days Past Due | Real estate | Commercial construction, land and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,457 | 2,820 |
Loans 30-89 Days Past Due | Real estate | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 7,477 | 4,702 |
Loans 30-89 Days Past Due | Real estate | Single-family interim construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 828 | 0 |
Loans 30-89 Days Past Due | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Loans 30-89 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 267 | 214 |
Loans 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 19,676 | 7,621 |
Loans 90 Days or More Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,883 | 5,629 |
Loans 90 Days or More Past Due | Mortgage warehouse purchase loans | ||
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 | 12,432 | 449 |
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 | 2,282 | 1,346 |
Loans 90 Days or More Past Due | Real estate | Single-family interim construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 189 |
Loans 90 Days or More Past Due | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 75 | 0 |
Loans 90 Days or More Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4 | 8 |
Total Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 37,991 | 29,455 |
Total Past Due Loans | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,781 | 6,634 |
Total Past Due Loans | Mortgage warehouse purchase loans | ||
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 | 17,820 | 13,542 |
Total Past Due Loans | Real estate | Commercial construction, land and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,457 | 2,820 |
Total Past Due Loans | Real estate | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 9,759 | 6,048 |
Total Past Due Loans | Real estate | Single-family interim construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 828 | 189 |
Total Past Due Loans | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 75 | 0 |
Total Past Due Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 271 | 222 |
Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 14,672,551 | 13,879,908 |
Current Loans | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,260,070 | 2,234,325 |
Current Loans | Mortgage warehouse purchase loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 549,689 | 312,099 |
Current Loans | Real estate | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 8,271,304 | 7,803,905 |
Current Loans | Real estate | Commercial construction, land and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,229,027 | 1,228,251 |
Current Loans | Real estate | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,660,027 | 1,586,811 |
Current Loans | Real estate | Single-family interim construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 517,100 | 508,650 |
Current Loans | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 109,376 | 124,422 |
Current Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 75,958 | $ 81,445 |
Loans, Net and Allowance for _9
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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | $ 2,844,289 | $ 4,872,542 |
Term Loans by Year of Origination, year 2 | 4,057,474 | 3,476,292 |
Term Loans by Year of Origination, year 3 | 2,992,334 | 1,567,169 |
Term Loans by Year of Origination, year 4 | 1,333,852 | 948,031 |
Term Loans by Year of Origination, year 5 | 830,605 | 681,908 |
Term Loans by Year of Origination, Prior | 1,237,315 | 1,063,052 |
Revolving Loans | 1,402,690 | 1,278,724 |
Revolving Loans Converted to Term Loans | 11,983 | 21,645 |
Total Loans | 14,710,542 | 13,909,363 |
Current period gross write-offs, Year One | 293 | |
Current period gross write-offs, Year Two | 14 | |
Current period gross write-offs, Year Three | 1,525 | |
Current period gross write-offs, Year Four | 5 | |
Current period gross write-offs, Year Five | 73 | |
Current period gross write-offs, prior | 254 | |
Current period gross write-offs, Revolving | 0 | |
Current period gross write-offs, Revolving, Converted to Term Loan | 0 | |
Current period gross write-offs, Total | 2,164 | |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 2,762,560 | 4,752,475 |
Term Loans by Year of Origination, year 2 | 3,890,686 | 3,308,718 |
Term Loans by Year of Origination, year 3 | 2,809,753 | 1,512,800 |
Term Loans by Year of Origination, year 4 | 1,267,844 | 901,769 |
Term Loans by Year of Origination, year 5 | 784,887 | 609,279 |
Term Loans by Year of Origination, Prior | 1,153,504 | 969,726 |
Revolving Loans | 1,380,216 | 1,248,852 |
Revolving Loans Converted to Term Loans | 6,775 | 15,651 |
Total Loans | 14,056,225 | 13,319,270 |
Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 43,596 | 101,430 |
Term Loans by Year of Origination, year 2 | 103,921 | 41,705 |
Term Loans by Year of Origination, year 3 | 77,748 | 44,758 |
Term Loans by Year of Origination, year 4 | 36,794 | 20,609 |
Term Loans by Year of Origination, year 5 | 25,698 | 55,357 |
Term Loans by Year of Origination, Prior | 59,776 | 53,620 |
Revolving Loans | 5,740 | 10,067 |
Revolving Loans Converted to Term Loans | 0 | 5,907 |
Total Loans | 353,273 | 333,453 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 24,997 | 13,994 |
Term Loans by Year of Origination, year 2 | 37,445 | 46,688 |
Term Loans by Year of Origination, year 3 | 56,655 | 101 |
Term Loans by Year of Origination, year 4 | 24,053 | 13,055 |
Term Loans by Year of Origination, year 5 | 13,703 | 8,949 |
Term Loans by Year of Origination, Prior | 17,311 | 12,103 |
Revolving Loans | 9,053 | 8,772 |
Revolving Loans Converted to Term Loans | 1,822 | 46 |
Total Loans | 185,039 | 103,708 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 13,136 | 4,643 |
Term Loans by Year of Origination, year 2 | 25,422 | 79,181 |
Term Loans by Year of Origination, year 3 | 48,178 | 9,510 |
Term Loans by Year of Origination, year 4 | 5,161 | 12,598 |
Term Loans by Year of Origination, year 5 | 6,317 | 8,323 |
Term Loans by Year of Origination, Prior | 6,724 | 27,603 |
Revolving Loans | 7,681 | 11,033 |
Revolving Loans Converted to Term Loans | 3,386 | 41 |
Total Loans | 116,005 | 152,932 |
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 |
Loss | ||
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 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 230,589 | 298,436 |
Term Loans by Year of Origination, year 2 | 228,282 | 403,362 |
Term Loans by Year of Origination, year 3 | 324,880 | 127,044 |
Term Loans by Year of Origination, year 4 | 79,192 | 123,751 |
Term Loans by Year of Origination, year 5 | 104,033 | 53,490 |
Term Loans by Year of Origination, Prior | 173,344 | 168,550 |
Revolving Loans | 1,121,584 | 1,059,185 |
Revolving Loans Converted to Term Loans | 4,947 | 7,141 |
Total Loans | 2,266,851 | 2,240,959 |
Current period gross write-offs, Year One | 285 | |
Current period gross write-offs, Year Two | 0 | |
Current period gross write-offs, Year Three | 301 | |
Current period gross write-offs, Year Four | 5 | |
Current period gross write-offs, Year Five | 73 | |
Current period gross write-offs, prior | 254 | |
Current period gross write-offs, Revolving | 0 | |
Current period gross write-offs, Revolving, Converted to Term Loan | 0 | |
Current period gross write-offs, Total | 918 | |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 223,287 | 297,800 |
Term Loans by Year of Origination, year 2 | 211,182 | 347,801 |
Term Loans by Year of Origination, year 3 | 281,878 | 126,390 |
Term Loans by Year of Origination, year 4 | 78,695 | 112,887 |
Term Loans by Year of Origination, year 5 | 99,516 | 51,623 |
Term Loans by Year of Origination, Prior | 161,184 | 153,435 |
Revolving Loans | 1,099,241 | 1,031,483 |
Revolving Loans Converted to Term Loans | 347 | 1,173 |
Total Loans | 2,155,330 | 2,122,592 |
Commercial | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 168 | 8 |
Term Loans by Year of Origination, year 2 | 9,672 | 14,790 |
Term Loans by Year of Origination, year 3 | 8,976 | 155 |
Term Loans by Year of Origination, year 4 | 121 | 188 |
Term Loans by Year of Origination, year 5 | 2,064 | 1,812 |
Term Loans by Year of Origination, Prior | 9,396 | 7,934 |
Revolving Loans | 5,655 | 8,216 |
Revolving Loans Converted to Term Loans | 0 | 5,907 |
Total Loans | 36,052 | 39,010 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 185 | 234 |
Term Loans by Year of Origination, year 2 | 0 | 4,821 |
Term Loans by Year of Origination, year 3 | 13,517 | 101 |
Term Loans by Year of Origination, year 4 | 85 | 1,485 |
Term Loans by Year of Origination, year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 820 | 144 |
Revolving Loans | 9,052 | 8,646 |
Revolving Loans Converted to Term Loans | 1,214 | 20 |
Total Loans | 24,873 | 15,451 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 6,949 | 394 |
Term Loans by Year of Origination, year 2 | 7,428 | 35,950 |
Term Loans by Year of Origination, year 3 | 20,509 | 398 |
Term Loans by Year of Origination, year 4 | 291 | 9,191 |
Term Loans by Year of Origination, year 5 | 2,453 | 55 |
Term Loans by Year of Origination, Prior | 1,944 | 7,037 |
Revolving Loans | 7,636 | 10,840 |
Revolving Loans Converted to Term Loans | 3,386 | 41 |
Total Loans | 50,596 | 63,906 |
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 | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 0 |
Commercial | Loss | ||
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 purchase loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 549,689 | 312,099 |
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 | 549,689 | 312,099 |
Current period gross write-offs, Year One | 0 | |
Current period gross write-offs, Year Two | 0 | |
Current period gross write-offs, Year Three | 0 | |
Current period gross write-offs, Year Four | 0 | |
Current period gross write-offs, Year Five | 0 | |
Current period gross write-offs, prior | 0 | |
Current period gross write-offs, Revolving | 0 | |
Current period gross write-offs, Revolving, Converted to Term Loan | 0 | |
Current period gross write-offs, Total | 0 | |
Mortgage warehouse purchase loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 549,689 | 312,099 |
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 | 549,689 | 312,099 |
Mortgage warehouse purchase loans | 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 purchase loans | 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 purchase loans | 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 purchase loans | 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 purchase loans | Loss | ||
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 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 1,094,584 | 2,756,304 |
Term Loans by Year of Origination, year 2 | 2,706,173 | 2,087,779 |
Term Loans by Year of Origination, year 3 | 2,022,998 | 1,041,148 |
Term Loans by Year of Origination, year 4 | 955,358 | 650,390 |
Term Loans by Year of Origination, year 5 | 574,605 | 519,217 |
Term Loans by Year of Origination, Prior | 871,279 | 694,177 |
Revolving Loans | 57,954 | 59,184 |
Revolving Loans Converted to Term Loans | 6,173 | 9,248 |
Total Loans | 8,289,124 | 7,817,447 |
Current period gross write-offs, Year One | 0 | |
Current period gross write-offs, Year Two | 0 | |
Current period gross write-offs, Year Three | 0 | |
Current period gross write-offs, Year Four | 0 | |
Current period gross write-offs, Year Five | 0 | |
Current period gross write-offs, prior | 0 | |
Current period gross write-offs, Revolving | 0 | |
Current period gross write-offs, Revolving, Converted to Term Loan | 0 | |
Current period gross write-offs, Total | 0 | |
Real estate | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 1,038,410 | 2,652,298 |
Term Loans by Year of Origination, year 2 | 2,570,061 | 1,980,631 |
Term Loans by Year of Origination, year 3 | 1,913,673 | 998,910 |
Term Loans by Year of Origination, year 4 | 900,786 | 617,664 |
Term Loans by Year of Origination, year 5 | 536,973 | 448,758 |
Term Loans by Year of Origination, Prior | 805,784 | 640,275 |
Revolving Loans | 57,954 | 59,184 |
Revolving Loans Converted to Term Loans | 5,827 | 9,222 |
Total Loans | 7,829,468 | 7,406,942 |
Real estate | Commercial real estate | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 28,048 | 90,313 |
Term Loans by Year of Origination, year 2 | 82,001 | 25,954 |
Term Loans by Year of Origination, year 3 | 61,025 | 33,664 |
Term Loans by Year of Origination, year 4 | 26,594 | 18,678 |
Term Loans by Year of Origination, year 5 | 22,395 | 53,469 |
Term Loans by Year of Origination, Prior | 48,420 | 25,831 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 268,483 | 247,909 |
Real estate | Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 22,624 | 10,180 |
Term Loans by Year of Origination, year 2 | 37,445 | 41,193 |
Term Loans by Year of Origination, year 3 | 20,647 | 0 |
Term Loans by Year of Origination, year 4 | 23,607 | 10,870 |
Term Loans by Year of Origination, year 5 | 12,211 | 8,722 |
Term Loans by Year of Origination, Prior | 14,884 | 10,735 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 346 | 26 |
Total Loans | 131,764 | 81,726 |
Real estate | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 5,502 | 3,513 |
Term Loans by Year of Origination, year 2 | 16,666 | 40,001 |
Term Loans by Year of Origination, year 3 | 27,653 | 8,574 |
Term Loans by Year of Origination, year 4 | 4,371 | 3,178 |
Term Loans by Year of Origination, year 5 | 3,026 | 8,268 |
Term Loans by Year of Origination, Prior | 2,191 | 17,336 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 59,409 | 80,870 |
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 | 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 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 444,674 | 562,753 |
Term Loans by Year of Origination, year 2 | 440,616 | 468,760 |
Term Loans by Year of Origination, year 3 | 244,786 | 137,001 |
Term Loans by Year of Origination, year 4 | 58,625 | 10,487 |
Term Loans by Year of Origination, year 5 | 6,693 | 23,073 |
Term Loans by Year of Origination, Prior | 13,701 | 12,274 |
Revolving Loans | 22,315 | 12,705 |
Revolving Loans Converted to Term Loans | 74 | 4,018 |
Total Loans | 1,231,484 | 1,231,071 |
Current period gross write-offs, Year One | 0 | |
Current period gross write-offs, Year Two | 0 | |
Current period gross write-offs, Year Three | 1,196 | |
Current period gross write-offs, Year Four | 0 | |
Current period gross write-offs, Year Five | 0 | |
Current period gross write-offs, prior | 0 | |
Current period gross write-offs, Revolving | 0 | |
Current period gross write-offs, Revolving, Converted to Term Loan | 0 | |
Current period gross write-offs, Total | 1,196 | |
Real estate | Commercial construction, land and land development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 430,273 | 553,376 |
Term Loans by Year of Origination, year 2 | 430,458 | 465,272 |
Term Loans by Year of Origination, year 3 | 218,880 | 126,704 |
Term Loans by Year of Origination, year 4 | 51,127 | 10,477 |
Term Loans by Year of Origination, year 5 | 6,693 | 23,073 |
Term Loans by Year of Origination, Prior | 13,633 | 12,188 |
Revolving Loans | 22,315 | 12,705 |
Revolving Loans Converted to Term Loans | 74 | 4,018 |
Total Loans | 1,173,453 | 1,207,813 |
Real estate | Commercial construction, land and land development | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 14,177 | 8,036 |
Term Loans by Year of Origination, year 2 | 10,132 | 43 |
Term Loans by Year of Origination, year 3 | 3,415 | 10,297 |
Term Loans by Year of Origination, year 4 | 7,184 | 0 |
Term Loans by Year of Origination, year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 58 | 72 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 34,966 | 18,448 |
Real estate | Commercial construction, land and land development | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 224 | 1,313 |
Term Loans by Year of Origination, year 2 | 0 | 674 |
Term Loans by Year of Origination, year 3 | 22,491 | 0 |
Term Loans by Year of Origination, year 4 | 314 | 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 | 23,029 | 1,987 |
Real estate | Commercial construction, land and land development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 0 | 28 |
Term Loans by Year of Origination, year 2 | 26 | 2,771 |
Term Loans by Year of Origination, year 3 | 0 | 0 |
Term Loans by Year of Origination, year 4 | 0 | 10 |
Term Loans by Year of Origination, year 5 | 0 | 0 |
Term Loans by Year of Origination, Prior | 10 | 14 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 36 | 2,823 |
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 | 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 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 198,121 | 528,979 |
Term Loans by Year of Origination, year 2 | 508,270 | 381,162 |
Term Loans by Year of Origination, year 3 | 358,790 | 221,257 |
Term Loans by Year of Origination, year 4 | 222,914 | 158,122 |
Term Loans by Year of Origination, year 5 | 140,537 | 79,740 |
Term Loans by Year of Origination, Prior | 168,831 | 162,408 |
Revolving Loans | 71,624 | 59,953 |
Revolving Loans Converted to Term Loans | 699 | 1,238 |
Total Loans | 1,669,786 | 1,592,859 |
Current period gross write-offs, Year One | 0 | |
Current period gross write-offs, Year Two | 0 | |
Current period gross write-offs, Year Three | 0 | |
Current period gross write-offs, Year Four | 0 | |
Current period gross write-offs, Year Five | 0 | |
Current period gross write-offs, prior | 0 | |
Current period gross write-offs, Revolving | 0 | |
Current period gross write-offs, Revolving, Converted to Term Loan | 0 | |
Current period gross write-offs, Total | 0 | |
Real estate | Residential Real Estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 197,436 | 525,631 |
Term Loans by Year of Origination, year 2 | 506,608 | 379,789 |
Term Loans by Year of Origination, year 3 | 356,360 | 220,077 |
Term Loans by Year of Origination, year 4 | 219,473 | 155,460 |
Term Loans by Year of Origination, year 5 | 136,968 | 79,437 |
Term Loans by Year of Origination, Prior | 162,766 | 154,875 |
Revolving Loans | 71,494 | 59,332 |
Revolving Loans Converted to Term Loans | 437 | 1,238 |
Total Loans | 1,651,542 | 1,575,839 |
Real estate | Residential Real Estate | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 0 | 373 |
Term Loans by Year of Origination, year 2 | 360 | 918 |
Term Loans by Year of Origination, year 3 | 2,415 | 642 |
Term Loans by Year of Origination, year 4 | 2,895 | 1,743 |
Term Loans by Year of Origination, year 5 | 1,239 | 76 |
Term Loans by Year of Origination, Prior | 1,902 | 3,312 |
Revolving Loans | 85 | 302 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 8,896 | 7,366 |
Real estate | Residential Real Estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 0 | 2,267 |
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 | 47 | 700 |
Term Loans by Year of Origination, year 5 | 1,492 | 227 |
Term Loans by Year of Origination, Prior | 1,607 | 1,224 |
Revolving Loans | 0 | 126 |
Revolving Loans Converted to Term Loans | 262 | 0 |
Total Loans | 3,408 | 4,544 |
Real estate | Residential Real Estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 685 | 708 |
Term Loans by Year of Origination, year 2 | 1,302 | 455 |
Term Loans by Year of Origination, year 3 | 15 | 538 |
Term Loans by Year of Origination, year 4 | 499 | 219 |
Term Loans by Year of Origination, year 5 | 838 | 0 |
Term Loans by Year of Origination, Prior | 2,556 | 2,997 |
Revolving Loans | 45 | 193 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 5,940 | 5,110 |
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 | 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 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 303,741 | 351,031 |
Term Loans by Year of Origination, year 2 | 133,211 | 105,573 |
Term Loans by Year of Origination, year 3 | 15,590 | 18,885 |
Term Loans by Year of Origination, year 4 | 0 | 0 |
Term Loans by Year of Origination, year 5 | 0 | 241 |
Term Loans by Year of Origination, Prior | 0 | 16,660 |
Revolving Loans | 65,386 | 16,449 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 517,928 | 508,839 |
Current period gross write-offs, Year One | 0 | |
Current period gross write-offs, Year Two | 0 | |
Current period gross write-offs, Year Three | 27 | |
Current period gross write-offs, Year Four | 0 | |
Current period gross write-offs, Year Five | 0 | |
Current period gross write-offs, prior | 0 | |
Current period gross write-offs, Revolving | 0 | |
Current period gross write-offs, Revolving, Converted to Term Loan | 0 | |
Current period gross write-offs, Total | 27 | |
Real estate | Single-family interim construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 300,574 | 351,031 |
Term Loans by Year of Origination, year 2 | 133,211 | 105,573 |
Term Loans by Year of Origination, year 3 | 15,590 | 18,885 |
Term Loans by Year of Origination, year 4 | 0 | 0 |
Term Loans by Year of Origination, year 5 | 0 | 241 |
Term Loans by Year of Origination, Prior | 0 | 0 |
Revolving Loans | 65,385 | 16,447 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 514,760 | 492,177 |
Real estate | Single-family interim construction | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 1,203 | 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 | 16,471 |
Revolving Loans | 0 | 2 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 1,203 | 16,473 |
Real estate | Single-family interim construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 1,964 | 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 | 1 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 1,965 | 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 | 189 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 0 | 189 |
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 | 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 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 16,543 | 55,225 |
Term Loans by Year of Origination, year 2 | 37,749 | 24,743 |
Term Loans by Year of Origination, year 3 | 22,472 | 13,875 |
Term Loans by Year of Origination, year 4 | 9,707 | 3,705 |
Term Loans by Year of Origination, year 5 | 3,470 | 5,847 |
Term Loans by Year of Origination, Prior | 10,075 | 8,892 |
Revolving Loans | 9,435 | 12,135 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 109,451 | 124,422 |
Current period gross write-offs, Year One | 0 | |
Current period gross write-offs, Year Two | 5 | |
Current period gross write-offs, Year Three | 1 | |
Current period gross write-offs, Year Four | 0 | |
Current period gross write-offs, Year Five | 0 | |
Current period gross write-offs, prior | 0 | |
Current period gross write-offs, Revolving | 0 | |
Current period gross write-offs, Revolving, Converted to Term Loan | 0 | |
Current period gross write-offs, Total | 6 | |
Agricultural | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 16,543 | 52,525 |
Term Loans by Year of Origination, year 2 | 35,993 | 24,743 |
Term Loans by Year of Origination, year 3 | 22,472 | 13,875 |
Term Loans by Year of Origination, year 4 | 9,707 | 3,705 |
Term Loans by Year of Origination, year 5 | 3,470 | 5,847 |
Term Loans by Year of Origination, Prior | 10,056 | 8,872 |
Revolving Loans | 9,435 | 10,588 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 107,676 | 120,155 |
Agricultural | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 0 | 2,700 |
Term Loans by Year of Origination, year 2 | 1,756 | 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 | 1,547 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 1,756 | 4,247 |
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 | 19 | 20 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 19 | 20 |
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 | 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 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 6,348 | 7,715 |
Term Loans by Year of Origination, year 2 | 3,173 | 4,913 |
Term Loans by Year of Origination, year 3 | 2,818 | 7,959 |
Term Loans by Year of Origination, year 4 | 8,056 | 1,576 |
Term Loans by Year of Origination, year 5 | 1,267 | 300 |
Term Loans by Year of Origination, Prior | 85 | 91 |
Revolving Loans | 54,392 | 59,113 |
Revolving Loans Converted to Term Loans | 90 | 0 |
Total Loans | 76,229 | 81,667 |
Current period gross write-offs, Year One | 8 | |
Current period gross write-offs, Year Two | 9 | |
Current period gross write-offs, Year Three | 0 | |
Current period gross write-offs, Year Four | 0 | |
Current period gross write-offs, Year Five | 0 | |
Current period gross write-offs, prior | 0 | |
Current period gross write-offs, Revolving | 0 | |
Current period gross write-offs, Revolving, Converted to Term Loan | 0 | |
Current period gross write-offs, Total | 17 | |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term Loans by Year of Origination, current | 6,348 | 7,715 |
Term Loans by Year of Origination, year 2 | 3,173 | 4,909 |
Term Loans by Year of Origination, year 3 | 900 | 7,959 |
Term Loans by Year of Origination, year 4 | 8,056 | 1,576 |
Term Loans by Year of Origination, year 5 | 1,267 | 300 |
Term Loans by Year of Origination, Prior | 81 | 81 |
Revolving Loans | 54,392 | 59,113 |
Revolving Loans Converted to Term Loans | 90 | 0 |
Total Loans | 74,307 | 81,653 |
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 | 1,917 | 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 | 1,917 | 0 |
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 | 0 |
Term Loans by Year of Origination, year 2 | 0 | 4 |
Term Loans by Year of Origination, year 3 | 1 | 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 | 4 | 10 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans | 5 | 14 |
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 | 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 |
Premises and Equipment, Net - C
Premises and Equipment, Net - Components of Premises and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 81,224 | $ 81,570 |
Building | 275,841 | 274,218 |
Furniture, fixtures and equipment | 68,463 | 59,979 |
Aircraft | 8,947 | 8,947 |
Leasehold and tenant improvements | 9,301 | 6,421 |
Construction in progress | 7,218 | 3,667 |
Premises and equipment, gross | 450,994 | 434,802 |
Less accumulated depreciation | (95,161) | (79,434) |
Premises and equipment, net | $ 355,833 | $ 355,368 |
Premises and Equipment, Net - A
Premises and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 18,475 | $ 14,934 | $ 12,385 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 994,021 | $ 994,021 | |
Amortization of other intangible assets | $ 12,439 | $ 12,491 | $ 12,580 |
Remaining weighted averaged amortization period | 4 years 8 months 12 days |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Net - Gross Carrying Value and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total other intangible assets, net | $ 50,560 | $ 62,999 |
Core deposit intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross other intangible assets | 125,884 | 125,884 |
Less accumulated amortization | (79,267) | (67,321) |
Total other intangible assets, net | 46,617 | 58,563 |
Customer relationship intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross other intangible assets | 6,407 | 6,407 |
Less accumulated amortization | (2,464) | (1,971) |
Total other intangible assets, net | $ 3,943 | $ 4,436 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, Net - Future Amortization Expense Related to Core Deposit Intangible (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
First year | $ 11,752 |
Second year | 11,238 |
Third year | 10,801 |
Fourth year | 8,284 |
Fifth year | 7,006 |
Thereafter | 1,479 |
Future amortization expense | $ 50,560 |
Deposits - Components of Deposi
Deposits - Components of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amount | ||
Noninterest-bearing demand accounts | $ 3,530,704 | $ 4,736,830 |
Interest-bearing checking accounts | 5,628,478 | 6,311,868 |
Savings accounts | 540,121 | 760,777 |
Money market accounts | 1,741,848 | 1,889,833 |
Certificates of deposit and individual retirement accounts (IRA), less than $250,000 | 3,145,334 | 752,594 |
Certificates of deposit and individual retirement accounts (IRA), $250,000 and greater | 1,136,550 | 669,515 |
Total deposits | $ 15,723,035 | $ 15,121,417 |
Percent | ||
Noninterest-bearing demand accounts (percent) | 22.50% | 31.30% |
Interest-bearing checking accounts (percent) | 35.80% | 41.80% |
Savings accounts (percent) | 3.40% | 5% |
Limited access money market accounts (percent) | 11.10% | 12.50% |
Certificates of deposit and individual retirement accounts (IRA), less than $250,000 (percent) | 20% | 5% |
Certificates of deposit and individual retirement account (IRA), $250,000 and greater (percent) | 7.20% | 4.40% |
Total deposits (percent) | 100% | 100% |
Deposits - Maturities of Certif
Deposits - Maturities of Certificates of Deposit (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
First year | $ 4,040,402 |
Second year | 222,873 |
Third year | 8,802 |
Fourth year | 5,639 |
Fifth year | 4,168 |
Total | $ 4,281,884 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Brokered deposit | $ 2,503,281 | $ 528,937 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) advance | Dec. 31, 2022 USD ($) | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Short-term advances from the FHLB | advance | 2 | |
Weighted average interest rate on advances (percent) | 5.43% | 2.42% |
Outstanding balances of advances | $ 350,000 | $ 300,000 |
Federal Home Loan Bank Stock | 31,498 | |
Carrying value of loans with blanket lien | 6,808,778 | |
Remaining credit facility under FHLB advances | 5,144,607 | |
Federal Home Loan Bank Advances | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Undisbursed advance commitments (letter of credit) | $ 1,303,100 |
Other Borrowings - Other Borrow
Other Borrowings - Other Borrowings (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Other borrowings | $ 271,821,000 | $ 267,066,000 | |
5.875% Subordinated Notes Due August 1, 2024 | |||
Debt Instrument [Line Items] | |||
Debt original amount | 110,000,000 | ||
Discount and origination costs | $ 198,000 | 555,000 | |
Stated interest rate (percent) | 5.875% | ||
Subordinated debt | $ 109,802,000 | 109,445,000 | |
5.00% Subordinated Debenture Notes Due December 31, 2027 | |||
Debt Instrument [Line Items] | |||
Debt original amount | $ 30,000,000 | ||
Stated interest rate (percent) | 5% | ||
Origination costs | 388,000 | ||
Subordinated debt | 0 | 29,612,000 | |
5.00% Subordinated Debenture Notes Due December 31, 2027 | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.83% | ||
Unsecured Subordinated Debenture Notes Due September 15, 2030 | |||
Debt Instrument [Line Items] | |||
Debt original amount | $ 130,000,000 | 130,000,000 | |
Stated interest rate (percent) | 4% | ||
Origination costs | $ 1,731,000 | 1,991,000 | |
Subordinated debt | $ 128,269,000 | 128,009,000 | |
Unsecured Subordinated Debenture Notes Due September 15, 2030 | Secured Overnight Financing Rate (SOFR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.885% | ||
Line of Credit | Revolving line of credit | Line of Credit | |||
Debt Instrument [Line Items] | |||
Line of credit, maximum capacity | $ 100,000,000 | ||
Unsecured revolving line of credit | $ 33,750,000 | $ 0 | |
Line of Credit | Revolving line of credit | Line of Credit | Bloomberg Short-Term Bank Yield Index (BSBY) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.75% |
Other Borrowings - Additional I
Other Borrowings - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2023 USD ($) Number_of_Lines unaffiliated_bank | Dec. 31, 2022 USD ($) unaffiliated_bank | |
Federal Reserve's Bank Term Funding Program | ||
Line of Credit Facility [Line Items] | ||
BTFP additional liquidity | $ 661,721,000 | |
Federal Funds Line of Credit | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Number of unaffiliated banks | unaffiliated_bank | 10 | 11 |
Line of credit, maximum capacity | $ 445,000,000 | $ 545,000,000 |
Outstanding borrowings on line of credit | 0 | 0 |
Federal Funds Line of Credit | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Line of credit, maximum capacity | $ 50,000,000 | |
Number of lines | Number_of_Lines | 1 | |
Secured Debt | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Line of credit, maximum capacity | $ 1,095,664,000 | 1,072,483,000 |
Outstanding borrowings on line of credit | 0 | 0 |
Line of credit, collateral | 1,312,949,000 | 1,326,376,000 |
Secured Debt | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, outstanding balance | 0 | |
Unsecured Debt | Direct Overnight Borrowings | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Line of credit, maximum capacity | 699,000,000 | 809,000,000 |
Outstanding borrowings on line of credit | $ 0 | $ 0 |
Junior Subordinated Debenture_2
Junior Subordinated Debentures - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) business_trust | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||
Number of wholly owned statutory business trusts | business_trust | 9 | |
Trust Preferred Securities Issued | $ 57,324 | |
Junior subordinated debentures, carrying value | 54,617 | $ 54,419 |
Junior subordinated debentures, unamortized discount | 2,707 | |
IB Trust I | ||
Debt Instrument [Line Items] | ||
Trust Preferred Securities Issued | 5,155 | |
Junior subordinated debentures, carrying value | $ 5,155 | |
Interest Rate | 8.89% | |
Guaranty Trust III | ||
Debt Instrument [Line Items] | ||
Trust Preferred Securities Issued | $ 10,310 | |
Junior subordinated debentures, carrying value | $ 10,310 | |
Interest Rate | 8.76% | |
IB Trust II | ||
Debt Instrument [Line Items] | ||
Trust Preferred Securities Issued | $ 3,093 | |
Junior subordinated debentures, carrying value | $ 3,093 | |
Interest Rate | 8.51% | |
Cenbank Trust III | ||
Debt Instrument [Line Items] | ||
Trust Preferred Securities Issued | $ 15,464 | |
Junior subordinated debentures, carrying value | $ 15,464 | |
Interest Rate | 8.31% | |
IB Centex Trust I | ||
Debt Instrument [Line Items] | ||
Trust Preferred Securities Issued | $ 2,578 | |
Junior subordinated debentures, carrying value | $ 2,578 | |
Interest Rate | 8.89% | |
IB Trust III | ||
Debt Instrument [Line Items] | ||
Trust Preferred Securities Issued | $ 3,712 | |
Junior subordinated debentures, carrying value | $ 3,712 | |
Interest Rate | 8.04% | |
Community Group Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Trust Preferred Securities Issued | $ 3,609 | |
Junior subordinated debentures, carrying value | $ 3,609 | |
Interest Rate | 7.25% | |
Northstar Trust II | ||
Debt Instrument [Line Items] | ||
Trust Preferred Securities Issued | $ 5,155 | |
Junior subordinated debentures, carrying value | $ 4,121 | |
Interest Rate | 7.32% | |
Northstar Trust III | ||
Debt Instrument [Line Items] | ||
Trust Preferred Securities Issued | $ 8,248 | |
Junior subordinated debentures, carrying value | $ 6,575 | |
Interest Rate | 7.32% | |
Secured Overnight Financing Rate (SOFR) | IB Trust I | ||
Debt Instrument [Line Items] | ||
Description of variable rate basis | SOFR | |
Interest Rate Index | 3.25% | |
Secured Overnight Financing Rate (SOFR) | Guaranty Trust III | ||
Debt Instrument [Line Items] | ||
Description of variable rate basis | SOFR | |
Interest Rate Index | 3.10% | |
Secured Overnight Financing Rate (SOFR) | IB Trust II | ||
Debt Instrument [Line Items] | ||
Description of variable rate basis | SOFR | |
Interest Rate Index | 2.85% | |
Secured Overnight Financing Rate (SOFR) | Cenbank Trust III | ||
Debt Instrument [Line Items] | ||
Description of variable rate basis | SOFR | |
Interest Rate Index | 2.65% | |
Secured Overnight Financing Rate (SOFR) | IB Centex Trust I | ||
Debt Instrument [Line Items] | ||
Description of variable rate basis | SOFR | |
Interest Rate Index | 3.25% | |
Secured Overnight Financing Rate (SOFR) | IB Trust III | ||
Debt Instrument [Line Items] | ||
Description of variable rate basis | SOFR | |
Interest Rate Index | 2.40% | |
Secured Overnight Financing Rate (SOFR) | Community Group Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Description of variable rate basis | SOFR | |
Interest Rate Index | 1.60% | |
Secured Overnight Financing Rate (SOFR) | Northstar Trust II | ||
Debt Instrument [Line Items] | ||
Description of variable rate basis | SOFR | |
Interest Rate Index | 1.67% | |
Secured Overnight Financing Rate (SOFR) | Northstar Trust III | ||
Debt Instrument [Line Items] | ||
Description of variable rate basis | SOFR | |
Interest Rate Index | 1.67% |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) branch | Dec. 31, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Number of branches leased | branch | 20 | |
Number of branches operated | branch | 91 | |
Right-of-use assets | $ | $ 24,404 | $ 24,830 |
Lease liability | $ | $ 25,777 | $ 25,913 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating leases, remaining term | 6 months | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating leases, remaining term | 27 years 1 month 6 days |
Leases - Schedule of Net Lease
Leases - Schedule of Net Lease Cost and Other Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 6,037 | $ 6,559 | $ 6,567 |
Short term lease cost | 59 | 121 | 64 |
Variable lease cost | 1,351 | 1,455 | 1,645 |
Sublease income | (374) | (268) | (282) |
Net lease cost | 7,073 | 7,867 | $ 7,994 |
Operating cash flows from operating leases | $ 5,708 | $ 5,743 | |
Weighted average remaining lease term - operating leases, in years | 7 years 7 months 20 days | 7 years 2 months 8 days | |
Weighted average discount rate - operating leases | 3.32% | 2.97% |
Leases - Summary of Lease Liabi
Leases - Summary of Lease Liability Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 5,773 | |
2025 | 5,080 | |
2026 | 3,669 | |
2027 | 2,824 | |
2028 | 2,547 | |
Thereafter | 9,313 | |
Total lease payments | 29,206 | |
Less imputed interest | (3,429) | |
Lease liability | $ 25,777 | $ 25,913 |
Off-Balance Sheet Arrangement_3
Off-Balance Sheet Arrangements, Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 3,139,454 | $ 3,315,544 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | 3,107,827 | 3,291,409 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 31,627 | $ 24,135 |
Off-Balance Sheet Arrangement_4
Off-Balance Sheet Arrangements, Commitments and Contingencies - Allowance for Off-Balance Sheet Credit Exposure (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of period | $ 3,944 | $ 4,722 | $ 0 |
Provision for off-balance sheet credit exposure | (47) | (778) | 3,609 |
Balance at end of period | 3,897 | 3,944 | 4,722 |
Impact of ASC 326 adoption | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of period | $ 0 | 0 | 1,113 |
Balance at end of period | $ 0 | $ 0 |
Off-Balance Sheet Arrangement_5
Off-Balance Sheet Arrangements, Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 07, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | ||||
Litigation settlement | $ 102,500 | $ 0 | $ 0 | |
Settlement agreement | ||||
Loss Contingencies [Line Items] | ||||
Litigation settlement | $ 100,000,000 | |||
Legal Fees | $ 2,500,000 |
Income Taxes - Tax Expense (Det
Income Taxes - Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Current income tax expense | $ 30,876 | $ 44,836 | $ 52,130 |
Deferred income tax (benefit) expense | (21,759) | 5,168 | 5,353 |
Income tax expense, as reported | $ 9,117 | $ 50,004 | $ 57,483 |
Income Taxes - Tax Reconciliati
Income Taxes - Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income tax expense computed at the statutory rate | $ 10,987 | $ 51,722 | $ 59,269 |
Tax-exempt interest income from municipal securities | (2,159) | (2,176) | (1,752) |
Tax-exempt loan income | (962) | (1,116) | (1,359) |
Bank owned life insurance income | (1,211) | (1,296) | (1,094) |
Non-deductible FDIC premiums | 655 | 298 | 269 |
State taxes, net of federal benefit | 244 | 2,045 | 2,516 |
Non-deductible compensation | 565 | 919 | 473 |
Net tax expense (benefit) from stock based compensation | 280 | (703) | (691) |
Other | 718 | 311 | (148) |
Income tax expense, as reported | $ 9,117 | $ 50,004 | $ 57,483 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 |
Deferred tax assets: | |||
Allowance for credit losses | $ 33,886 | $ 33,241 | $ 15,113 |
Net unrealized loss on available for sale securities | 46,610 | 54,315 | |
Reserve for legal settlement | 21,801 | 0 | |
Lease liabilities under operating leases | 5,608 | 5,640 | |
NOL and tax credit carryforwards from acquisitions | 2,631 | 2,986 | |
Net unrealized loss on cash flow hedge | 1,720 | 2,351 | |
Acquired loan fair market value adjustments | 3,001 | 3,785 | |
Stock-based compensation | 2,112 | 2,496 | |
Reserve for bonuses and other accrued expenses | 1,910 | 4,163 | |
Deferred loan fees and costs, net | 3,122 | 3,738 | |
Accrued FDIC special assessment | 1,812 | 0 | |
Acquired securities | 941 | 1,107 | |
Acquired intangibles | 910 | 1,060 | |
Other real estate owned | 917 | 0 | |
Unearned income | 327 | 420 | |
Deferred compensation | 243 | 416 | |
Noncompete agreements | 438 | 484 | |
Nonaccrual loans | 311 | 268 | |
Other | 865 | 868 | |
Deferred tax assets, gross | 129,165 | 117,338 | |
Deferred tax liabilities: | |||
Premises and equipment | (17,215) | (16,920) | |
Right-of-use assets under operating leases | (5,309) | (5,404) | |
Intangible assets | (10,999) | (13,711) | |
Acquired junior subordinated debentures fair value adjustment | (589) | (632) | |
FHLB and other restricted stocks | (555) | (359) | |
Acquired tax goodwill | (1,064) | (899) | |
Other | (769) | (744) | |
Deferred tax liabilities, gross | (36,500) | (38,669) | |
Net deferred tax asset | $ 92,665 | $ 78,669 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | $ 0 | $ 0 |
Federal Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 11,180,000 | |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 8,137,000 |
Related Party Transactions - Lo
Related Party Transactions - Loan Activity for Officers, Directors and Affiliates (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Balance at beginning of year | $ 35,798,000 | $ 34,627,000 |
New loan originations | 2,444,000 | 13,641,000 |
Repayments | (5,439,000) | (13,545,000) |
Changes in affiliated persons | (105,000) | 1,075,000 |
Balance at end of year | 32,698,000 | 35,798,000 |
Related Party Transaction [Line Items] | ||
Loans to officers, directors or their affiliates | 32,698,000 | 35,798,000 |
Nonperforming Loans | ||
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Balance at beginning of year | 0 | |
Balance at end of year | 0 | 0 |
Related Party Transaction [Line Items] | ||
Loans to officers, directors or their affiliates | $ 0 | $ 0 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Minimum age | 18 years | ||
Credited service period | 30 days | ||
Employer contribution, matching percentage (percent) | 100% | 100% | 100% |
Employer contribution as percentage of participant's eligible salary (percent) | 6% | 6% | 6% |
Employer contribution, amount | $ 7,523 | $ 8,007 | $ 7,011 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities at Fair Value on Recurring Basis (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Loans held for sale, fair value option elected | $ 12,016,000 | $ 10,612,000 |
Aggregate principal balance of loans held for sale | 11,747,000 | 10,330,000 |
Loans held for sale, 90 days or greater past due | 0 | |
Loans held for sale, non-accrual | 0 | |
Derivatives not designated as hedging instruments | Interest rate lock commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 507,000 | 294,000 |
Liability Derivative Fair Value | 0 | 6,000 |
Derivatives not designated as hedging instruments | Forward mortgage-backed securities trades | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 4,000 | 98,000 |
Liability Derivative Fair Value | 43,000 | 11,000 |
Derivatives designated as hedging instruments | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 0 | 0 |
Liability Derivative Fair Value | 8,256,000 | 11,283,000 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Loans held for sale, fair value option elected | 12,016,000 | 10,612,000 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Loans held for sale, fair value option elected | 0 | 0 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Loans held for sale, fair value option elected | 12,016,000 | 10,612,000 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Loans held for sale, fair value option elected | 0 | 0 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Interest rate lock commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 507,000 | 294,000 |
Liability Derivative Fair Value | 6,000 | |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Interest rate lock commitments | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 0 | 0 |
Liability Derivative Fair Value | 0 | |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Interest rate lock commitments | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 507,000 | 294,000 |
Liability Derivative Fair Value | 6,000 | |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Interest rate lock commitments | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 0 | 0 |
Liability Derivative Fair Value | 0 | |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Forward mortgage-backed securities trades | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 4,000 | 98,000 |
Liability Derivative Fair Value | 43,000 | 11,000 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Forward mortgage-backed securities trades | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 0 | 0 |
Liability Derivative Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Forward mortgage-backed securities trades | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 4,000 | 98,000 |
Liability Derivative Fair Value | 43,000 | 11,000 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Forward mortgage-backed securities trades | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 0 | 0 |
Liability Derivative Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Interest rate swaps | Loan customer counterparty | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 227,000 | |
Liability Derivative Fair Value | 9,403,000 | 13,788,000 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Interest rate swaps | Loan customer counterparty | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 0 | |
Liability Derivative Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Interest rate swaps | Loan customer counterparty | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 227,000 | |
Liability Derivative Fair Value | 9,403,000 | 13,788,000 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Interest rate swaps | Loan customer counterparty | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 0 | |
Liability Derivative Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Interest rate swaps | Financial institution counterparty | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 9,472,000 | 13,968,000 |
Liability Derivative Fair Value | 261,000 | |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Interest rate swaps | Financial institution counterparty | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 0 | 0 |
Liability Derivative Fair Value | 0 | |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Interest rate swaps | Financial institution counterparty | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 9,472,000 | 13,968,000 |
Liability Derivative Fair Value | 261,000 | |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Interest rate swaps | Financial institution counterparty | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Asset Derivative Fair Value | 0 | 0 |
Liability Derivative Fair Value | 0 | |
Fair Value, Measurements, Recurring | Derivatives designated as hedging instruments | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Liability Derivative Fair Value | 8,256,000 | 11,283,000 |
Fair Value, Measurements, Recurring | Derivatives designated as hedging instruments | Interest rate swaps | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Liability Derivative Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Derivatives designated as hedging instruments | Interest rate swaps | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Liability Derivative Fair Value | 8,256,000 | 11,283,000 |
Fair Value, Measurements, Recurring | Derivatives designated as hedging instruments | Interest rate swaps | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Liability Derivative Fair Value | 0 | 0 |
U.S. treasuries | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 214,222,000 | 239,410,000 |
U.S. treasuries | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
U.S. treasuries | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 214,222,000 | 239,410,000 |
U.S. treasuries | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Government agency securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 396,106,000 | 384,515,000 |
Government agency securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Government agency securities | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 396,106,000 | 384,515,000 |
Government agency securities | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Obligations of state and municipal subdivisions | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 227,634,000 | 251,231,000 |
Obligations of state and municipal subdivisions | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Obligations of state and municipal subdivisions | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 227,634,000 | 251,231,000 |
Obligations of state and municipal subdivisions | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Corporate bonds | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 35,820,000 | 37,205,000 |
Corporate bonds | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Corporate bonds | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 35,820,000 | 37,205,000 |
Corporate bonds | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 719,469,000 | 778,473,000 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 719,469,000 | 778,473,000 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Other securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 500,000 | 950,000 |
Other securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Other securities | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 500,000 | 950,000 |
Other securities | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | $ 47,281 | $ 34,473 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 5,822 | 8,527 |
Other real estate owned | 9,490 | 23,900 |
Fair Value, Measurements, Nonrecurring | Individually evaluated loans | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Period Ended Total Losses | 3,525 | 3,505 |
Fair Value, Measurements, Nonrecurring | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Period Ended Total Losses | 6,052 | 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 | 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 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 5,822 | 8,527 |
Other real estate owned | $ 9,490 | $ 23,900 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | Dec. 31, 2023 Rate |
Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Selling and closing costs for loans as a percentage of appraised value | 5% |
Selling and closing costs for other real estate owned as a percentage of appraised value | 5% |
Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Selling and closing costs for loans as a percentage of appraised value | 8% |
Selling and closing costs for other real estate owned as a percentage of appraised value | 8% |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial assets: | ||
Investment securities held to maturity | $ 170,997 | |
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 3,139,454 | $ 3,315,544 |
Commitments to extend credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 3,107,827 | 3,291,409 |
Standby letters of credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 31,627 | 24,135 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 721,989 | 654,322 |
Certificates of deposit held in other banks | 0 | 0 |
Investment securities held to maturity | 0 | 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 | 243 | 486 |
Investment securities held to maturity | 170,997 | 162,239 |
Loans held for sale, at cost | 4,506 | 710 |
Loans, net | 0 | 0 |
FHLB of Dallas stock and other restricted stock | 34,915 | 23,436 |
Accrued interest receivable | 64,237 | 59,214 |
Financial liabilities: | ||
Deposits | 15,697,806 | 15,063,025 |
Accrued interest payable | 43,653 | 9,604 |
FHLB advances | 350,022 | 246,519 |
Other borrowings | 257,975 | 258,800 |
Junior subordinated debentures | 68,735 | 53,969 |
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 | 0 |
Loans held for sale, at cost | 0 | 0 |
Loans, net | 14,547,963 | 13,450,582 |
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 | 721,989 | 654,322 |
Certificates of deposit held in other banks | 248 | 496 |
Investment securities held to maturity | 205,232 | 207,059 |
Loans held for sale, at cost | 4,404 | 698 |
Loans, net | 14,558,681 | 13,760,576 |
FHLB of Dallas stock and other restricted stock | 34,915 | 23,436 |
Accrued interest receivable | 64,237 | 59,214 |
Financial liabilities: | ||
Deposits | 15,723,035 | 15,121,417 |
Accrued interest payable | 43,653 | 9,604 |
FHLB advances | 350,000 | 300,000 |
Other borrowings | 271,821 | 267,066 |
Junior subordinated debentures | 54,617 | 54,419 |
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 | 721,989 | 654,322 |
Certificates of deposit held in other banks | 243 | 486 |
Investment securities held to maturity | 170,997 | 162,239 |
Loans held for sale, at cost | 4,506 | 710 |
Loans, net | 14,547,963 | 13,450,582 |
FHLB of Dallas stock and other restricted stock | 34,915 | 23,436 |
Accrued interest receivable | 64,237 | 59,214 |
Financial liabilities: | ||
Deposits | 15,697,806 | 15,063,025 |
Accrued interest payable | 43,653 | 9,604 |
FHLB advances | 350,022 | 246,519 |
Other borrowings | 257,975 | 258,800 |
Junior subordinated debentures | 68,735 | 53,969 |
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 - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) derivative | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Derivative [Line Items] | |||
Number of Interest Rate Derivatives Instruments Entered Into | derivative | 2 | ||
Unrealized (losses) gains arising during the period, net of tax | $ (917,000) | $ (8,624,000) | $ (359,000) |
Reclassification of amount of losses (gains) recognized into income, net of tax | 3,293,000 | 609,000 | $ (472,000) |
Cash collateral pledged for derivatives | 10,242,000 | 10,394,000 | |
Securities collateral pledged for derivatives | 444,000 | 509,000 | |
Counterparties cash deposits | 2,130,000 | ||
Interest rate swaps - cash flow hedge | Loan customer counterparty | |||
Derivative [Line Items] | |||
Credit exposure | 9,699,000 | 13,968,000 | |
Interest rate swaps - cash flow hedge | Derivatives designated as hedging instruments | |||
Derivative [Line Items] | |||
Outstanding Notional Balance | 100,000,000 | $ 100,000,000 | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 3,669,000 | ||
Risk Participation Agreements Participant Bank | |||
Derivative [Line Items] | |||
Number of risk participation agreements | 1 | ||
Credit risk participation | $ 1,481,000 | ||
Risk Participation Agreements Lead Bank | |||
Derivative [Line Items] | |||
Number of risk participation agreements | 1 | 1 | |
Credit risk participation | $ 8,805,000 | $ 9,082,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Notional Balances and Fair Values of Outstanding Positions (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives not designated as hedging instruments | Interest rate lock commitments | ||
Derivative [Line Items] | ||
Outstanding Notional Balance | $ 18,789 | $ 15,476 |
Asset Derivative Fair Value | 507 | 294 |
Liability Derivative Fair Value | 0 | 6 |
Derivatives not designated as hedging instruments | Forward mortgage-backed securities trades | ||
Derivative [Line Items] | ||
Outstanding Notional Balance | 15,000 | 18,500 |
Asset Derivative Fair Value | 4 | 98 |
Liability Derivative Fair Value | 43 | 11 |
Derivatives not designated as hedging instruments | Interest rate swaps | Commercial loan interest rate swaps: | Loan customer counterparty | ||
Derivative [Line Items] | ||
Outstanding Notional Balance | 201,063 | 183,183 |
Asset Derivative Fair Value | 227 | 0 |
Liability Derivative Fair Value | 9,403 | 13,788 |
Derivatives not designated as hedging instruments | Interest rate swaps | Commercial loan interest rate swaps: | Financial institution counterparty | ||
Derivative [Line Items] | ||
Outstanding Notional Balance | 201,063 | 183,183 |
Asset Derivative Fair Value | 9,472 | 13,968 |
Liability Derivative Fair Value | 261 | 0 |
Derivatives designated as hedging instruments | Interest rate swaps | ||
Derivative [Line Items] | ||
Outstanding Notional Balance | 100,000 | 100,000 |
Asset Derivative Fair Value | 0 | 0 |
Liability Derivative Fair Value | $ 8,256 | $ 11,283 |
Derivative Financial Instrume_5
Derivative Financial Instruments Derivative Financial Instruments - Schedule of Weighted Average Interest Rate Received and Paid (Details) - Derivatives not designated as hedging instruments - Commercial loan interest rate swaps: - Loan customer counterparty - Interest rate swaps | Dec. 31, 2023 | Dec. 31, 2022 |
Interest Rate Received | ||
Derivative [Line Items] | ||
Derivative Weighted Average Fixed Interest Rate (Received) | 4.53% | 4.12% |
Interest Rate Paid | ||
Derivative [Line Items] | ||
Derivative Weighted Average Variable Interest Rate (Paid) | 7.89% | 6.72% |
Derivative Financial Instrume_6
Derivative Financial Instruments - Income (Loss) on Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest rate swaps - cash flow hedge | Derivatives designated as hedging instruments | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ (4,188) | $ (791) | $ 584 |
Interest rate lock commitments | Derivatives not designated as hedging instruments | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 219 | (737) | (2,490) |
Forward mortgage-backed securities trades | Derivatives not designated as hedging instruments | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ (126) | $ 81 | $ 574 |
Stock Awards - Additional Infor
Stock Awards - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 8,258,000 | $ 10,856,000 | $ 8,984,000 | |
Estimated future compensation expense | $ 10,908,000 | |||
Period for recognition | 1 year 11 months 1 day | |||
Fair value of common stock awards vested | $ 7,971,000 | 13,795,000 | 12,651,000 | |
Stock based compensation expense | $ 7,494,000 | $ 13,697,000 | 10,691,000 | |
Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants (shares) | 138,909 | 149,160 | ||
Excess tax expense (benefit) on vested restricted stock | $ 280,000 | $ (703,000) | (691,000) | |
Performance stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants (shares) | 37,938 | 25,742 | ||
Period for recognition | 1 year 10 months 17 days | |||
Stock based compensation expense | $ (764,000) | $ 2,841,000 | $ 1,707,000 | |
Unrecognized compensation expense | $ 2,673,000 | |||
2013 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants (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) | 1,367,836 | |||
2022 Equity Incentive Plan | Minimum | ||||
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 | ||||
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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of Shares | ||
Nonvested shares, beginning balance (shares) | 309,015 | 363,551 |
Granted during the period (shares) | 138,909 | 149,160 |
Vested during the period (shares) | (156,644) | (193,303) |
Forfeited during the period (shares) | (5,940) | (10,393) |
Nonvested shares, ending balance (shares) | 285,340 | 309,015 |
Weighted Average Grant Date Fair Value | ||
Nonvested shares, beginning balance (usd per share) | $ 60.12 | $ 53.14 |
Granted during the period (usd per share) | 56.74 | 69.80 |
Vested during the period (usd per share) | 59.07 | 54.61 |
Forfeited during the period (use per share) | 63.07 | 57.40 |
Nonvested shares, ending balance (usd per share) | $ 58.99 | $ 60.12 |
Stock Awards - Future Vesting S
Stock Awards - Future Vesting Schedule of Nonvested Shares (Detail) | Dec. 31, 2023 shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 285,340 |
First year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 150,496 |
Second year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 80,407 |
Third year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 52,689 |
Fourth year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares | 1,748 |
Stock Awards - Schedule of Nonv
Stock Awards - Schedule of Nonvested Restricted Stock Awards (Details) - Performance stock units - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of Shares | ||
Nonvested shares, beginning balance (shares) | 140,240 | 114,498 |
Granted during the period (shares) | 37,938 | 25,742 |
Nonvested shares, ending balance (shares) | 178,178 | 140,240 |
Weighted Average Grant Date Fair Value | ||
Nonvested shares, beginning balance (usd per share) | $ 49.20 | $ 43.93 |
Granted during the period (usd per share) | 60.21 | 72.65 |
Nonvested shares, ending balance (usd per share) | $ 51.55 | $ 49.20 |
Regulatory Matters - Actual Cap
Regulatory Matters - Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Consolidated | ||
Total capital to risk weighted assets: | ||
Actual Amount | $ 1,885,776 | $ 1,936,363 |
Actual Ratio (percent) | 0.1157 | 0.1235 |
Minimum capital required plus capital conservation buffer amount | $ 1,711,650 | $ 1,645,772 |
Minimum capital required plus capital conservation buffer (percent) | 0.1050 | 0.1050 |
Required to be considered well capitalized amount | $ 1,630,143 | $ 1,567,402 |
Required to be considered well capitalized (percent) | 0.1000 | 0.1000 |
Tier 1 capital to risk weighted assets: | ||
Tier One Risk Based Capital | $ 1,617,985 | $ 1,637,191 |
Actual Ratio (percent) | 0.0993 | 0.1045 |
Minimum capital required plus capital conservation buffer amount | $ 1,385,621 | $ 1,332,291 |
Minimum capital required plus capital conservation buffer (percent) | 0.0850 | 0.0850 |
Required to be considered well capitalized amount | $ 978,086 | $ 940,441 |
Required to be considered well capitalized (percent) | 0.0600 | 0.0600 |
Common equity tier 1 to risk weighted assets: | ||
Actual amount | $ 1,562,385 | $ 1,581,591 |
Actual ratio (percent) | 0.0958 | 0.1009 |
Minimum capital required plus capital conservation buffer amount | $ 1,141,100 | $ 1,097,181 |
Minimum capital required plus capital conservation buffer (percent) | 0.0700 | 0.0700 |
Tier 1 capital to average assets: | ||
Actual Amount | $ 1,617,985 | $ 1,637,191 |
Actual Ratio (percent) | 0.0894 | 0.0949 |
Minimum capital required plus capital conservation buffer amount | $ 723,633 | $ 690,309 |
Minimum capital required plus capital conservation buffer (percent) | 0.0400 | 0.0400 |
Bank | ||
Total capital to risk weighted assets: | ||
Actual Amount | $ 2,020,376 | $ 2,013,874 |
Actual Ratio (percent) | 0.1240 | 0.1285 |
Minimum capital required plus capital conservation buffer amount | $ 1,711,142 | $ 1,645,236 |
Minimum capital required plus capital conservation buffer (percent) | 0.1050 | 0.1050 |
Required to be considered well capitalized amount | $ 1,629,659 | $ 1,566,891 |
Required to be considered well capitalized (percent) | 0.1000 | 0.1000 |
Tier 1 capital to risk weighted assets: | ||
Tier One Risk Based Capital | $ 1,882,585 | $ 1,896,702 |
Actual Ratio (percent) | 0.1155 | 0.1210 |
Minimum capital required plus capital conservation buffer amount | $ 1,385,210 | $ 1,331,858 |
Minimum capital required plus capital conservation buffer (percent) | 0.0850 | 0.0850 |
Required to be considered well capitalized amount | $ 1,303,727 | $ 1,253,513 |
Required to be considered well capitalized (percent) | 0.0800 | 0.0800 |
Common equity tier 1 to risk weighted assets: | ||
Actual amount | $ 1,882,585 | $ 1,896,702 |
Actual ratio (percent) | 0.1155 | 0.1210 |
Minimum capital required plus capital conservation buffer amount | $ 1,140,761 | $ 1,096,824 |
Minimum capital required plus capital conservation buffer (percent) | 0.0700 | 0.0700 |
Required to be considered well capitalized amount | $ 1,059,278 | $ 1,018,479 |
Required to be considered well capitalized (percent) | 0.0650 | 0.0650 |
Tier 1 capital to average assets: | ||
Actual Amount | $ 1,882,585 | $ 1,896,702 |
Actual Ratio (percent) | 0.1041 | 0.1099 |
Minimum capital required plus capital conservation buffer amount | $ 723,438 | $ 690,130 |
Minimum capital required plus capital conservation buffer (percent) | 0.0400 | 0.0400 |
Required to be considered well capitalized amount | $ 904,298 | $ 862,663 |
Required to be considered well capitalized (percent) | 0.0500 | 0.0500 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Regulatory Assets [Line Items] | |||
Stock Repurchase Program, Period in Force | 1 year | ||
Common stock repurchased | $ 2,175,000 | $ 119,746,000 | $ 32,132,000 |
Common stock purchased to settle employee tax withholding related to vesting of stock awards (shares) | 41,727 | 53,088 | |
Common stock purchased to settle employee tax withholding related to vesting of stock awards | $ 2,175,000 | $ 3,780,000 | |
2022 Share Repurchase Program | |||
Regulatory Assets [Line Items] | |||
Common stock repurchased (shares) | 1,651,236 | ||
Common stock repurchased | $ 115,966,000 | ||
2023 Share Repurchase Program | |||
Regulatory Assets [Line Items] | |||
Stock repurchase authorized amount | $ 125,000,000 | ||
Common stock repurchased (shares) | 0 |
Parent Company Only Financial_3
Parent Company Only Financial Statements - Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||||
Cash and cash equivalents | $ 721,989 | $ 654,322 | ||
Other assets | 155,800 | 154,026 | ||
Total assets | 19,035,102 | 18,258,414 | ||
Liabilities and Stockholders’ Equity | ||||
Other borrowings | 271,821 | 267,066 | ||
Junior subordinated debentures | 54,617 | 54,419 | ||
Other liabilities | 233,036 | 130,129 | ||
Total liabilities | 16,632,509 | 15,873,031 | ||
Stockholders’ equity: | ||||
Preferred stock | 0 | 0 | ||
Common stock | 413 | 412 | ||
Additional paid-in capital | 1,966,686 | 1,959,193 | ||
Retained earnings | 616,724 | 638,354 | ||
Accumulated other comprehensive loss | (181,230) | (212,576) | ||
Total stockholders’ equity | 2,402,593 | 2,385,383 | $ 2,576,650 | $ 2,515,371 |
Total liabilities and stockholders’ equity | 19,035,102 | 18,258,414 | ||
Parent | ||||
Assets | ||||
Cash and cash equivalents | 7,311 | 5,660 | $ 10,747 | $ 5,482 |
Investment in subsidiaries | 2,722,598 | 2,701,273 | ||
Investment in trusts | 1,724 | 1,724 | ||
Other assets | 3,285 | 3,511 | ||
Total assets | 2,734,918 | 2,712,168 | ||
Liabilities and Stockholders’ Equity | ||||
Other borrowings | 271,821 | 267,066 | ||
Junior subordinated debentures | 54,617 | 54,419 | ||
Other liabilities | 5,887 | 5,300 | ||
Total liabilities | 332,325 | 326,785 | ||
Stockholders’ equity: | ||||
Preferred stock | 0 | 0 | ||
Common stock | 413 | 412 | ||
Additional paid-in capital | 1,966,686 | 1,959,193 | ||
Retained earnings | 616,724 | 638,354 | ||
Accumulated other comprehensive loss | (181,230) | (212,576) | ||
Total stockholders’ equity | 2,402,593 | 2,385,383 | ||
Total liabilities and stockholders’ equity | $ 2,734,918 | $ 2,712,168 |
Parent Company Only Financial_4
Parent Company Only Financial Statements - Statement of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest expense: | |||
Interest on other borrowings | $ 16,018 | $ 14,451 | $ 15,247 |
Interest on junior subordinated debentures | 4,725 | 2,713 | 1,756 |
Total interest expense | 414,853 | 96,809 | 63,240 |
Noninterest income: | |||
Other | 14,326 | 15,469 | 12,987 |
Total noninterest income | 51,109 | 51,466 | 66,517 |
Noninterest expense: | |||
Salaries and employee benefits | 181,445 | 212,087 | 180,336 |
Professional fees | 7,949 | 15,571 | 15,530 |
Other | 41,603 | 41,845 | 35,151 |
Total noninterest expense | 451,544 | 358,889 | 313,606 |
Income tax benefit | (9,117) | (50,004) | (57,483) |
Net income | 43,201 | 196,291 | 224,750 |
Parent | |||
Interest expense: | |||
Interest on other borrowings | 15,934 | 14,450 | 15,247 |
Interest on junior subordinated debentures | 4,725 | 2,713 | 1,756 |
Total interest expense | 20,659 | 17,163 | 17,003 |
Noninterest income: | |||
Dividends from subsidiaries | 148,132 | 208,665 | 134,547 |
Other | 0 | 0 | 61 |
Total noninterest income | 148,132 | 208,665 | 134,608 |
Noninterest expense: | |||
Salaries and employee benefits | 8,383 | 14,886 | 10,546 |
Professional fees | 948 | 736 | 126 |
Other | 2,631 | 2,738 | 2,510 |
Total noninterest expense | 11,962 | 18,360 | 13,182 |
Income before income tax benefit and equity in undistributed income of subsidiaries | 115,511 | 173,142 | 104,423 |
Income tax benefit | 6,711 | 8,454 | 7,131 |
Income before equity in undistributed income of subsidiaries | 122,222 | 181,596 | 111,554 |
Equity in undistributed (loss) income of subsidiaries | (79,021) | 14,695 | 113,196 |
Net income | $ 43,201 | $ 196,291 | $ 224,750 |
Parent Company Only Financial_5
Parent Company Only Financial Statements - Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 43,201 | $ 196,291 | $ 224,750 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of discount and origination costs on borrowings | 1,203 | 893 | 894 |
Stock based compensation expense | 7,494 | 13,697 | 10,691 |
Excess tax expense (benefit) on restricted stock vested | 280 | (703) | (691) |
Deferred tax (benefit) expense | (21,759) | 5,168 | 5,353 |
Net change in other assets | 6,722 | (24,059) | 14,293 |
Net change in other liabilities | 97,054 | (24,434) | (23,356) |
Net cash provided by operating activities | 165,269 | 217,234 | 277,433 |
Cash flows from investing activities: | |||
Net cash used in investing activities | (688,088) | (1,688,627) | (294,464) |
Cash flows from financing activities: | |||
Proceeds from other borrowings | 100,000 | 111,000 | 75,000 |
Repayments of other borrowings | (96,250) | (128,000) | (104,500) |
Repurchase of common stock | (2,175) | (119,746) | (32,132) |
Dividends paid | (62,707) | (63,492) | (56,861) |
Net cash used in financing activities | 590,486 | (482,729) | 811,488 |
Net change in cash and cash equivalents | 67,667 | (1,954,122) | 794,457 |
Cash and cash equivalents at beginning of year | 654,322 | ||
Cash and cash equivalents at end of year | 721,989 | 654,322 | |
Parent | |||
Cash flows from operating activities: | |||
Net income | 43,201 | 196,291 | 224,750 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed loss (income) of subsidiaries | 79,021 | (14,695) | (113,196) |
Amortization of discount and origination costs on borrowings | 1,203 | 893 | 894 |
Stock based compensation expense | 7,494 | 13,697 | 10,691 |
Excess tax expense (benefit) on restricted stock vested | 280 | (703) | (691) |
Deferred tax (benefit) expense | 396 | (579) | (210) |
Net change in other assets | (170) | 107 | 1,020 |
Net change in other liabilities | 358 | 140 | 500 |
Net cash provided by operating activities | 131,783 | 195,151 | 123,758 |
Cash flows from investing activities: | |||
Capital investment in subsidiaries | (69,000) | 0 | 0 |
Net cash used in investing activities | (69,000) | 0 | 0 |
Cash flows from financing activities: | |||
Proceeds from other borrowings | 100,000 | 111,000 | 75,000 |
Repayments of other borrowings | (96,250) | (128,000) | (104,500) |
Repurchase of common stock | (2,175) | (119,746) | (32,132) |
Dividends paid | (62,707) | (63,492) | (56,861) |
Net cash used in financing activities | (61,132) | (200,238) | (118,493) |
Net change in cash and cash equivalents | 1,651 | (5,087) | 5,265 |
Cash and cash equivalents at beginning of year | 5,660 | 10,747 | 5,482 |
Cash and cash equivalents at end of year | $ 7,311 | $ 5,660 | $ 10,747 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - Subsequent event - USD ($) $ / shares in Units, $ in Thousands | Feb. 16, 2024 | Feb. 15, 2024 | Jan. 18, 2024 | Jan. 24, 2024 |
Subsequent Event [Line Items] | ||||
Dividends declared (in usd per share) | $ 0.38 | |||
Dividends paid | $ 15,685 | |||
Federal Reserve's Bank Term Funding Program | ||||
Subsequent Event [Line Items] | ||||
BTFP Line | $ 155,000 | |||
Stated interest rate (percent) | 4.88% | |||
Line of Credit | Revolving line of credit | ||||
Subsequent Event [Line Items] | ||||
Line of credit, maximum capacity | $ 100,000 | |||
Line of Credit | Line of Credit | ||||
Subsequent Event [Line Items] | ||||
Borrowings against line of credit | $ 33,750 |