Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 06, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Sep. 30, 2023 | |
Entity Registrant Name | First Financial Bankshares, Inc. | |
Entity Central Index Key | 0000036029 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Securities Act File Number | 0-07674 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 75-0944023 | |
Entity Address, Address Line One | 400 Pine Street | |
Entity Address, City or Town | Abilene | |
Entity Address, State or Province | TX | |
City Area Code | 325 | |
Local Phone Number | 627-7155 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FFIN | |
Security Exchange Name | NASDAQ | |
Entity Address, Postal Zip Code | 79601 | |
Entity Common Stock, Shares Outstanding | 142,709,314 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
ASSETS | |||
CASH AND DUE FROM BANKS | $ 208,277,000 | $ 293,286,000 | $ 227,298,000 |
INTEREST-BEARING DEMAND DEPOSITS IN BANKS | 180,008,000 | 37,392,000 | 138,484,000 |
Total cash and cash equivalents | 388,285,000 | 330,678,000 | 365,782,000 |
SECURITIES AVAILABLE-FOR-SALE, at fair value (amortized cost of these securities was $5,463,186, $6,546,471 and $6,152,348 as of September 30, 2023 and 2022, and December 31, 2022, respectively) | 4,652,537,000 | 5,474,359,000 | 5,745,443,000 |
LOANS: | |||
Held-for-investment, excluding PPP loans | 6,994,574,000 | 6,441,699,000 | 6,255,286,000 |
PPP loans | 122,000 | 169,000 | 202,000 |
Total loans held-for-investment | 6,994,696,000 | 6,441,868,000 | 6,255,488,000 |
Less—allowance for credit losses | (89,714,000) | (75,834,000) | (74,108,000) |
Net loans held for investment | 6,904,982,000 | 6,366,034,000 | 6,181,380,000 |
Held-for-sale ($11,908, $15,892 and $10,497 at fair value September 30, 2023 and 2022, and December 31, 2022, respectively) | 12,229,000 | 11,965,000 | 18,815,000 |
BANK PREMISES AND EQUIPMENT, net | 152,936,000 | 152,973,000 | 152,646,000 |
INTANGIBLE ASSETS, net | 314,850,000 | 315,534,000 | 315,833,000 |
OTHER ASSETS | 351,599,000 | 322,523,000 | 330,445,000 |
Total assets | 12,777,418,000 | 12,974,066,000 | 13,110,344,000 |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
NONINTEREST-BEARING DEPOSITS | 3,477,553,000 | 4,061,788,000 | 4,200,792,000 |
INTEREST-BEARING DEPOSITS | 7,238,970,000 | 6,943,719,000 | 6,941,326,000 |
Total deposits | 10,716,523,000 | 11,005,507,000 | 11,142,118,000 |
DIVIDENDS PAYABLE | 25,730,000 | 24,278,000 | 0 |
BORROWINGS | 751,544,000 | 642,507,000 | 774,581,000 |
TRADE DATE PAYABLE | 2,500,000 | 0 | 0 |
OTHER LIABILITIES | 41,011,000 | 36,037,000 | 61,030,000 |
Total liabilities | 11,537,308,000 | 11,708,329,000 | 11,977,729,000 |
COMMITMENTS AND CONTINGENCIES | |||
SHAREHOLDERS' EQUITY: | |||
COMMON STOCK - ($0.01 par value, authorized 200,000,000 shares; 142,677,069, 142,628,163 and 142,657,871 shares issued at , September 30, 2023 and 2022, and December 31, 2022, respectiveley | 1,427,000 | 1,427,000 | 1,426,000 |
CAPITAL SURPLUS | 679,374,000 | 677,593,000 | 676,067,000 |
RETAINED EARNINGS | 1,199,243,000 | 1,121,945,000 | 1,087,543,000 |
TREASURY STOCK (shares at cost: 926,723, 933,152 and 929,210 at September 30, 2023 and 2022, and December 31, 2022, respectively) | (11,658,000) | (11,035,000) | (10,907,000) |
DEFERRED COMPENSATION | 11,658,000 | 11,035,000 | 10,907,000 |
ACCUMULATED OTHER COMPREHENSIVE EARNINGS (LOSS), net | (639,934,000) | (535,228,000) | (632,421,000) |
Total shareholders' equity | 1,240,110,000 | 1,265,737,000 | 1,132,615,000 |
Total liabilities and shareholders' equity | $ 12,777,418,000 | $ 12,974,066,000 | $ 13,110,344,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Statement of Financial Position [Abstract] | |||
Securities, Available-for-sale, Amortized Cost | $ 5,463,186 | $ 6,152,348 | $ 6,546,471 |
Loans held-for-sale, fair value | $ 11,908 | $ 10,497 | $ 15,892 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock, shares issued | 142,677,069 | 142,657,871 | 142,628,163 |
Treasury stock, shares | 926,723 | 929,210 | 933,152 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
INTEREST INCOME: | ||||
Interest and fees on loans | $ 106,377,000 | $ 77,523,000 | $ 293,453,000 | $ 210,180,000 |
Interest on investment securities: | ||||
Taxable | 19,425,000 | 20,799,000 | 60,240,000 | 57,772,000 |
Exempt from federal income tax | 8,757,000 | 12,974,000 | 28,145,000 | 41,686,000 |
Interest on federal funds sold and interest-bearing demand deposits in banks | 792,000 | 1,432,000 | 4,026,000 | 2,080,000 |
Total interest income | 135,351,000 | 112,728,000 | 385,864,000 | 311,718,000 |
INTEREST EXPENSE: | ||||
Interest on deposits | 36,165,000 | 8,788,000 | 85,606,000 | 13,123,000 |
Interest on borrowings | 5,037,000 | 784,000 | 13,957,000 | 1,217,000 |
Total interest expense | 41,202,000 | 9,572,000 | 99,563,000 | 14,340,000 |
Net interest income | 94,149,000 | 103,156,000 | 286,301,000 | 297,378,000 |
Provision for credit losses | 2,276,000 | 3,221,000 | 10,631,000 | 13,353,000 |
Net interest income after provision for credit losses | 91,873,000 | 99,935,000 | 275,670,000 | 284,025,000 |
NONINTEREST INCOME: | ||||
Trust fees | 10,050,000 | 10,314,000 | 29,778,000 | 29,873,000 |
Service charges on deposit accounts | 6,509,000 | 6,399,000 | 18,855,000 | 18,143,000 |
Debit card fees | 5,041,000 | 5,587,000 | 16,697,000 | 24,381,000 |
Credit card fees | 694,000 | 651,000 | 2,014,000 | 1,953,000 |
Gain on sale and fees on mortgage loans | 3,442,000 | 4,070,000 | 9,950,000 | 16,131,000 |
Net gain (loss) on sale of available-for-sale securities | (972,000) | 334,000 | (914,000) | 2,013,000 |
Net gain (loss) on sale of foreclosed assets | (10,000) | 349,000 | 23,000 | 1,451,000 |
Net gain on sale of other assets | 696,000 | 526,000 | 1,626,000 | 522,000 |
Interest on loan recoveries | 698,000 | 664,000 | 1,519,000 | 2,596,000 |
Other | 1,922,000 | 2,049,000 | 6,477,000 | 6,078,000 |
Total noninterest income | 28,070,000 | 30,943,000 | 86,025,000 | 103,141,000 |
NONINTEREST EXPENSE: | ||||
Salaries, commissions and employee benefits | 32,935,000 | 33,892,000 | 96,162,000 | 101,177,000 |
Net occupancy expense | 3,565,000 | 3,440,000 | 10,418,000 | 9,957,000 |
Equipment expense | 2,200,000 | 2,396,000 | 6,525,000 | 6,999,000 |
FDIC insurance premiums | 1,573,000 | 917,000 | 4,644,000 | 2,690,000 |
Debit card expense | 3,284,000 | 3,013,000 | 9,704,000 | 9,177,000 |
Professional and service fees | 2,425,000 | 2,219,000 | 7,187,000 | 6,635,000 |
Printing, stationery and supplies | 512,000 | 600,000 | 1,962,000 | 1,641,000 |
Operational and other losses | 959,000 | 869,000 | 2,746,000 | 2,247,000 |
Software amortization and expense | 2,441,000 | 2,564,000 | 7,271,000 | 7,543,000 |
Amortization of intangible assets | 228,000 | 306,000 | 684,000 | 946,000 |
Other | 9,417,000 | 9,226,000 | 27,104,000 | 27,988,000 |
Total noninterest expense | 59,539,000 | 59,442,000 | 174,407,000 | 177,000,000 |
EARNINGS BEFORE INCOME TAXES | 60,404,000 | 71,436,000 | 187,288,000 | 210,166,000 |
INCOME TAX EXPENSE | 10,848,000 | 12,095,000 | 34,291,000 | 34,359,000 |
NET EARNINGS | $ 49,556,000 | $ 59,341,000 | $ 152,997,000 | $ 175,807,000 |
NET EARNINGS PER SHARE, BASIC | $ 0.35 | $ 0.42 | $ 1.07 | $ 1.23 |
NET EARNINGS PER SHARE, DILUTED | 0.35 | 0.41 | 1.07 | 1.23 |
DIVIDENDS PER SHARE | $ 0.18 | $ 0.17 | $ 0.53 | $ 0.49 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
NET EARNINGS | $ 49,556 | $ 59,341 | $ 152,997 | $ 175,807 |
OTHER ITEMS OF COMPREHENSIVE EARNINGS (LOSS): | ||||
Change in unrealized gain (loss) on investment securities available-for-sale, before income taxes | (190,407) | (293,219) | (133,453) | (924,157) |
Reclassification adjustment for realized gains on investment securities included in net earnings, before income taxes | 972 | (334) | 914 | (2,013) |
Total other items of comprehensive earnings (loss) | (189,435) | (293,553) | (132,539) | (926,170) |
Income tax benefit (expense) related to: | ||||
Change in unrealized gain (loss) on investment securities available-for-sale | 39,985 | 61,576 | 28,025 | 194,073 |
Reclassification adjustment for realized gains (losses) on investment securities included in net earnings | (204) | 70 | (192) | 423 |
Total income tax benefit (expense) | 39,781 | 61,646 | 27,833 | 194,496 |
COMPREHENSIVE EARNINGS (LOSS) | $ (100,098) | $ (172,566) | $ 48,291 | $ (555,867) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Deferred Compensation [Member] | Accumulated Other Comprehensive Earnings (Loss) [Member] |
Beginning Balance at Dec. 31, 2021 | $ 1,759,224 | $ 1,425 | $ 676,871 | $ 981,675 | $ (10,090) | $ 10,090 | $ 99,253 |
Beginning Balance, Shares at Dec. 31, 2021 | 142,532,116 | ||||||
Treasury Stock, Beginning Balance, Shares at Dec. 31, 2021 | (936,897) | ||||||
Net earnings (Unaudited) | 175,807 | 175,807 | |||||
Stock option exercises (unaudited) | 5,974 | $ 3 | 5,971 | ||||
Stock option exercises, Shares | 340,606 | ||||||
Cash dividends declared | (69,939) | (69,939) | |||||
Change in unrealized gain (loss) in investment securities available-for-sale, net of related income taxes (unaudited) | (731,674) | (731,674) | |||||
Shares purchased in connection with directors' deferred compensation plan, net (unaudited) | $ (817) | 817 | |||||
Shares purchased in connection with directors' deferred compensation plan, net (unaudited), Shares | 3,745 | ||||||
Stock option expense (unaudited) | 2,672 | 2,672 | |||||
Shares repurchased under stock repurchase authorization (unaudited) | (9,449) | $ (2) | (9,447) | ||||
Shares repurchased under stock repurchase authorization (unaudited), Shares | (244,559) | ||||||
Ending Balance at Sep. 30, 2022 | $ 1,132,615 | $ 1,426 | 676,067 | 1,087,543 | $ (10,907) | 10,907 | (632,421) |
Ending Balance, Shares at Sep. 30, 2022 | 142,628,163 | ||||||
Treasury Stock, Ending Balance, Shares at Sep. 30, 2022 | (933,152) | (933,152) | |||||
Beginning Balance at Jun. 30, 2022 | $ 1,329,018 | $ 1,426 | 675,653 | 1,052,453 | $ (10,656) | 10,656 | (400,514) |
Beginning Balance, Shares at Jun. 30, 2022 | 142,586,601 | ||||||
Treasury Stock, Beginning Balance, Shares at Jun. 30, 2022 | (937,924) | ||||||
Net earnings (Unaudited) | 59,341 | 59,341 | |||||
Stock option exercises (unaudited) | 1,628 | 1,628 | |||||
Stock option exercises, Shares | 94,134 | ||||||
Cash dividends declared | (24,251) | (24,251) | |||||
Change in unrealized gain (loss) in investment securities available-for-sale, net of related income taxes (unaudited) | (231,907) | (231,907) | |||||
Shares purchased in connection with directors' deferred compensation plan, net (unaudited) | $ (251) | 251 | |||||
Shares purchased in connection with directors' deferred compensation plan, net (unaudited), Shares | 4,772 | ||||||
Stock option expense (unaudited) | 359 | 830 | |||||
Shares repurchased under stock repurchase authorization (unaudited) | (2,044) | (2,044) | |||||
Shares repurchased under stock repurchase authorization (unaudited), Shares | (52,572) | ||||||
Ending Balance at Sep. 30, 2022 | $ 1,132,615 | $ 1,426 | 676,067 | 1,087,543 | $ (10,907) | 10,907 | (632,421) |
Ending Balance, Shares at Sep. 30, 2022 | 142,628,163 | ||||||
Treasury Stock, Ending Balance, Shares at Sep. 30, 2022 | (933,152) | (933,152) | |||||
Beginning Balance at Dec. 31, 2022 | $ 1,265,737 | $ 1,427 | 677,593 | 1,121,945 | $ (11,035) | 11,035 | (535,228) |
Beginning Balance, Shares at Dec. 31, 2022 | 142,657,871 | ||||||
Treasury Stock, Beginning Balance, Shares at Dec. 31, 2022 | (929,210) | (929,210) | |||||
Net earnings (Unaudited) | $ 152,997 | 152,997 | |||||
Stock option exercises (unaudited) | 1,483 | $ 1 | 1,482 | ||||
Stock option exercises, Shares | 120,535 | ||||||
Cash dividends declared | (75,699) | (75,699) | |||||
Change in unrealized gain (loss) in investment securities available-for-sale, net of related income taxes (unaudited) | (104,706) | (104,706) | |||||
Shares purchased in connection with directors' deferred compensation plan, net (unaudited) | 623 | $ (623) | |||||
Shares purchased in connection with directors' deferred compensation plan, net (unaudited), Shares | 2,487 | ||||||
Stock option expense (unaudited) | 3,033 | 3,033 | |||||
Shares repurchased under stock repurchase authorization (unaudited) | $ (2,735) | $ (1) | (2,734) | ||||
Shares repurchased under stock repurchase authorization (unaudited), Shares | 101,337 | (101,337) | |||||
Ending Balance at Sep. 30, 2023 | $ 1,240,110 | $ 1,427 | 679,374 | 1,199,243 | $ (11,658) | 11,658 | (639,934) |
Ending Balance, Shares at Sep. 30, 2023 | 142,677,069 | ||||||
Treasury Stock, Ending Balance, Shares at Sep. 30, 2023 | (926,723) | (926,723) | |||||
Beginning Balance at Jun. 30, 2023 | $ 1,367,233 | $ 1,427 | 680,676 | 1,175,410 | $ (11,466) | 11,466 | (490,280) |
Beginning Balance, Shares at Jun. 30, 2023 | 142,741,196 | ||||||
Treasury Stock, Beginning Balance, Shares at Jun. 30, 2023 | (927,608) | ||||||
Net earnings (Unaudited) | 49,556 | 49,556 | |||||
Stock option exercises (unaudited) | 384 | $ 1 | 383 | ||||
Stock option exercises, Shares | 37,210 | ||||||
Cash dividends declared | (25,723) | (25,723) | |||||
Change in unrealized gain (loss) in investment securities available-for-sale, net of related income taxes (unaudited) | (149,654) | (149,654) | |||||
Shares purchased in connection with directors' deferred compensation plan, net (unaudited) | $ (192) | 192 | |||||
Shares purchased in connection with directors' deferred compensation plan, net (unaudited), Shares | 885 | ||||||
Stock option expense (unaudited) | 1,049 | 1,049 | |||||
Shares repurchased under stock repurchase authorization (unaudited) | (2,735) | $ (1) | (2,734) | ||||
Shares repurchased under stock repurchase authorization (unaudited), Shares | (101,337) | ||||||
Ending Balance at Sep. 30, 2023 | $ 1,240,110 | $ 1,427 | $ 679,374 | $ 1,199,243 | $ (11,658) | $ 11,658 | $ (639,934) |
Ending Balance, Shares at Sep. 30, 2023 | 142,677,069 | ||||||
Treasury Stock, Ending Balance, Shares at Sep. 30, 2023 | (926,723) | (926,723) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Cash dividend per share | $ 0.18 | $ 0.17 | $ 0.53 | $ 0.49 |
Retained Earnings [Member] | ||||
Cash dividend per share | $ 0.18 | $ 0.17 | $ 0.53 | $ 0.49 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 152,997 | $ 175,807 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 9,290 | 9,589 |
Provision for credit losses | 10,631 | 13,353 |
Securities premium amortization, net | 40,376 | 55,355 |
Discount accretion on purchased loans | 0 | (1,119) |
Gain on sale of securities and other assets, net | (735) | (3,986) |
Stock-based compensation | 3,033 | 2,672 |
Net tax benefit from stock-based compensation | 269 | 353 |
Deferred federal income tax benefit | 1,789 | 0 |
Change in loans held-for-sale | (312) | 17,967 |
Change in other assets | (371) | 11,827 |
Change in other liabilities | 9,126 | (27,412) |
Total adjustments | 73,096 | 78,599 |
Net cash provided by operating activities | 226,093 | 254,406 |
Activity in available-for-sale securities: | ||
Sales | 320,419 | 205,444 |
Maturities | 333,273 | 2,773,665 |
Purchases | (3,322) | (3,131,413) |
Net increase in loans held-for-investment | (553,762) | (862,636) |
Purchases of bank premises, equipment and software | (13,386) | (11,970) |
Proceeds from sale of bank premises and equipment and other assets | 3,740 | 1,186 |
Net cash provided by (used in) investing activities | 86,962 | (1,025,724) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in noninterest-bearing deposits | (584,235) | 420,562 |
Net increase in interest-bearing deposits | 295,250 | 155,068 |
Net change in borrowings | 109,036 | 103,429 |
Common stock transactions: | ||
Proceeds from stock option exercises/stock unit conversions/restricted stock activity | 1,483 | 5,974 |
Dividends paid | (74,247) | (67,072) |
Repurchase of stock | (2,735) | (9,449) |
Net cash provided by (used in) financing activities | (255,448) | 608,512 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 57,607 | (162,806) |
CASH AND CASH EQUIVALENTS, beginning of period | 330,678 | 528,588 |
CASH AND CASH EQUIVALENTS, end of period | 388,285 | 365,782 |
SUPPLEMENTAL INFORMATION AND NONCASH TRANSACTIONS: | ||
Interest paid | 87,127 | 14,067 |
Federal income taxes paid | 35,529 | 33,050 |
Investment securities purchased not settled | 2,500 | 0 |
Transfer of loans to other real estate | $ 190 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 – Summary of Significant Accounting Policies Nature of Operations First Financial Bankshares, Inc., a Texas corporation, (“Bankshares,” “Company,” “we” or “us”) is a financial holding company which owns all of the capital stock of one bank with 80 locations located in Texas as of September 30, 2023 . The Company’s subsidiary bank is First Financial Bank, N.A. The Company’s primary source of revenue is providing loans and banking services to consumers and commercial customers in the market area in which First Financial Bank, N.A. is located. In addition, the Company also owns First Financial Trust & Asset Management Company, N.A., First Financial Insurance Agency, Inc. (inactive), First Technology Services, Inc., FB Investment Paris Fund, LLC, and FFB Portfolio Management, Inc. Basis of Presentation A summary of significant accounting policies of the Company and its subsidiaries applied in the preparation of the accompanying consolidated financial statements follows. The accounting principles followed by the Company and the methods of applying them are in conformity with both United States generally accepted accounting principles (“GAAP”) and prevailing practices of the banking industry. The Company evaluated subsequent events for potential recognition through the date the consolidated financial statements were issued. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include its allowance for credit losses and its valuation of financial instruments. Consolidation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All significant intercompany accounts and transactions have been eliminated. Stock Repurchase On July 27, 2021, the Company’s Board of Directors authorized the repurchase of up to 5,000,000 common shares through July 31, 2023. On July 25, 2023, the Company's Board of Directors renewed the prior authorization through July 31, 2024. The stock repurchase plan authorizes management to repurchase and retire the stock at such time as repurchases and retirements are considered beneficial to the Company and stockholders. Any repurchase of stock will be made through the open market, block trades, or in privately negotiated transactions in accordance with applicable laws and regulations. Under the repurchase plan, there is no minimum number of shares that the Company is required to repurchase. Under the prior authorization, 244,559 shares were repurchased and retired (all during the months of June and July 2022) at an average price of $ 38.61 per share. Under the current authorization, the Company has repurchased and retired 101,337 shares (all during September 2023) at an average price of $ 26.99 per share. Other Recently Issued and Effective Authoritative Accounting Guidance ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions for accounting related to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-04 was effective upon issuance, and based upon the amendments provided in ASU 2022-06 discussed below, can generally be applied through December 31, 2024. The adoption of ASU 2020-04 did not have a significant impact on our financial statements. ASU 2021-01, “Reference Rate Reform (Topic 848): Scope.” ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 was effective upon issuance, and based upon the amendments provided in ASU 2022-06 discussed below, can generally be applied through December 31, 2024. The adoption of ASU 2021-01 did not have a significant impact on our 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. ASU 2022-02 will also require that an entity disclose current-period gross charge-offs by year of origination for financial receivables and net investment leases within the scope of ASC Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost. ASU 2022-02 became effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, though early adoption is permitted. The adoption of ASU 2022-02 did not have a significant impact on our financial statements. ASU 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848." ASU 2022-06 extends the period of time preparers can utilize the reference rate reform relief guidance provided by ASU 2020-04 and ASU 2021-01, which are discussed above. ASU 2022-06, which was effective upon issuance, defers 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 have a significant impact on our financial statements. Investment Securities Management classifies debt securities as held-to-maturity, available-for-sale, or trading based on its intent. Securities that management has the positive intent and ability to hold to maturity are classified as held-to-maturity and recorded at amortized cost, adjusted for amortization of premiums and accretion of discounts, which are recognized as adjustments to interest income using the interest method. Securities not classified as held-to-maturity or trading are classified as available-for-sale and recorded at fair value, with unrealized holding gains and losses (those for which no allowance for credit losses are recorded) reported as a component of other comprehensive income, net of tax. Management determines the appropriate classification of securities at the time of purchase. Interest income includes amortization of purchase premiums and discounts over the period to maturity using a level-yield method, except for premiums on callable securities, which are amortized to their earliest call date. Realized gains and losses are recorded on the sale of securities in noninterest income. The Company has made a policy election to exclude accrued interest from the amortized cost basis of securities and report accrued interest separately in other assets on the consolidated balance sheets. A security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on nonaccrual is reversed against interest income. There was no accrued interest related to securities reversed against interest income for the three and nine-months ended September 30, 2023 and 2022. The Company records its available-for-sale securities portfolio at fair value. Fair values of these securities are determined based on methodologies in accordance with current authoritative accounting guidance. Fair values are volatile and may be influenced by a number of factors, including market interest rates, prepayment speeds, discount rates, credit ratings, and yield curves. Fair values for securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on the quoted prices of similar instruments or an estimate of fair value by using a range of fair value estimates in the marketplace as a result of the illiquid market, specific to the type of security. The Company’s investment portfolio currently consists of obligations of state and political subdivisions, mortgage pass-through securities, corporate bonds and general obligation or revenue based municipal bonds. Pricing for such securities is generally readily available and transparent in the market. The Company utilizes independent third-party pricing services to value its investment securities, which the Company reviews as well as the underlying pricing methodologies for reasonableness and to ensure such prices are aligned with pricing matrices. The Company validates prices supplied by the independent pricing services by comparison to prices obtained from other third-party sources on a quarterly basis. Allowance for Credit Losses – Available-for-Sale Securities For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, any previously recognized allowances are charged-off and the security’s amortized cost basis is written down to fair value through income as a provision for credit losses. For available-for-sale securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, 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 from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Management has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. 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. At September 30, 2023 and 2022, and December 31, 2022 , no allowance for credit losses - available-for-sale securities was recorded. Allowance for Credit Losses – Held-to-Maturity Securities The allowance for credit losses on held-to-maturity securities is a contra-asset valuation account, calculated in accordance with ASC 326, 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 our income statement as a component of credit loss expense. 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. Management has made the accounting policy election to exclude accrued interest receivable on held-to-maturity securities from the estimate of credit losses. At September 30, 2023 and 2022, and December 31, 2022 , the Company held no securities that were classified as held-to-maturity. Loans Held-for-Investment Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, net of the allowance for credit losses. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, fair value hedge accounting adjustments, deferred loan fees and costs. The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans and report accrued interest separately from the related loan balance in other assets on the condensed consolidated balance sheets. Interest on loans is calculated by using the simple interest method on daily balances of the principal amounts outstanding. The Company defers and amortizes net loan origination fees and costs as an adjustment to yield. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on nonaccrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. In determining whether or not a borrower may be unable to meet payment obligations for each class of loans, we consider the borrower’s debt service capacity through the analysis of current financial information, if available, and/or current information with regards to our collateral position. Regulatory provisions would typically require the placement of a loan on nonaccrual status if 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 full payment of principal and interest is not expected. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income on nonaccrual loans is recognized only to the extent that cash payments are received in excess of principal due. A loan may be returned to accrual status when all the principal and interest amounts contractually due are brought current and future principal and interest amounts contractually due are reasonably assured. Further information regarding our accounting policies related to past due loans, nonaccrual loans and loans to borrowers experiencing financial difficulty is presented in Note 3. Acquired Loans Loans acquired in connection with acquisitions are recorded at their acquisition-date fair value. The allowance for credit losses related to the acquired loan portfolio is not carried over. Upon the adoption of ASC 326, 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. The Company uses a combination of individual and pooled review approaches to determine if acquired loans are PCD. At acquisition, the Company considers a number of factors to determine if an acquired loan or pool of loans has experienced more-than-insignificant credit deterioration. The initial allowance related to PCD loans that share similar risk characteristics is established using a pooled approach. The Company uses either a discounted cash flow or weighted average remaining life method to determine the required level of the allowance. PCD loans that were classified as nonaccrual as of the acquisition date and are collateral dependent are assessed for allowance on an individual basis. For PCD loans, an initial allowance is established on the acquisition date. Subsequent to the acquisition date, the initial allowance for credit losses on PCD loans will increase or decrease based on future evaluations, with changes recognized in the provision for credit losses. Non-PCD loans are pooled into segments together with originated 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 as well as a fair value adjustment to the amortized cost of the loan and accreted into income over the life of the loan. 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. Management considers a number of factors in evaluating the acquisition-date fair value including the remaining life, interest rate profile, market interest rate environment, payment schedules, risk ratings, probability of default and loss given default, and estimated prepayment rates. 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. 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 - Loans The allowance for credit losses (“allowance” or “ACL”) is a contra-asset valuation account, calculated in accordance with ASC 326, that is deducted from the amortized cost basis of loans. The ACL represents an amount which, in management’s judgement, is adequate to absorb the lifetime expected credit losses that may be experienced on outstanding loans at the balance sheet date based on the evaluation of the size and current risk characteristics of the loan portfolio, past events, current conditions, reasonable and supportable forecasts of future economic conditions and prepayment experience. The allowance for credit losses is measured and recorded upon the initial recognition of a financial asset. Determination of the adequacy of the allowance is inherently complex and requires the use of significant and highly subjective estimates. Loans are charged-off against the allowance when deemed uncollectible by management. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Adjustments to the allowance are reported in our income statement as a component of the provision for credit losses. Management has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses. The Company’s methodology for estimating the allowance includes: (1) a collective quantified reserve that reflects the Company’s historical default and loss experience adjusted for expected economic conditions throughout a reasonable and supportable period and the Company’s prepayment and curtailment rates; (2) collective qualitative factors that consider concentrations of the loan portfolio, expected changes to the economic forecasts, large relationships, early delinquencies, and factors related to credit administrations, including, among others, loan-to-value ratios, borrowers’ risk rating and credit score migrations; and (3) individual allowances on loans where borrowers are experiencing financial difficulty or when the Company determines that the foreclosure is probable. In calculating the allowance for credit losses, most loans are segmented into pools based upon similar characteristics and risk profiles. Common characteristics and risk profiles include the type/purpose of loan, underlying collateral, geographical similarity and historical/expected credit loss patterns. In developing these loan pools for the purposes of modeling expected credit losses, we also analyzed the degree of correlation in how loans within each portfolio respond when subjected to varying economic conditions and scenarios as well as other portfolio stress factors. For modeling purposes, our loan portfolio segments include Commercial and Industrial (“C&I”), Municipal, Agricultural, Construction and Development, Farm, Non-Owner Occupied and Owner Occupied Commercial Real Estate (“CRE”), Residential, Consumer Auto, and Consumer Non-Auto. We periodically reassess 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. Refer to Note 3 for more details on the Company’s portfolio segments. The Company applies two methodologies to estimate the allowance on its pooled portfolio segments; discounted cash flows method and weighted average remaining life method. Allowance estimates on the following portfolio segments are calculated using the discounted cash flows method: C&I, Municipal, Construction and Development, Farm, Non-Owner Occupied and Owner Occupied CRE, and Residential. Allowance estimates on the following portfolio segments are calculated using the remaining life method: Agriculture, Consumer Auto and Consumer Non-Auto. The models related to these methodologies utilize the Company’s historical default and loss experience adjusted for future economic forecasts. The reasonable and supportable forecast period represents a one-year economic outlook for the applicable economic variables. Following the end of the reasonable and supportable forecast period, expected losses revert back to the historical mean over the next two years on a straight-line basis. Economic variables that have the most significant impact on the allowance include: Texas unemployment rate, Texas house price index, and Texas retail sales index. Contractual loan level cash flows within the discounted cash flows methodology are adjusted for the Company’s historical prepayment and curtailment rate experience. In some cases, management may determine that an individual loan exhibits unique risk characteristics which differentiate the loan from other loans within our loan pools. In such cases, the loans are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Specific allocations of the allowance for credit losses are determined by analyzing the borrower’s ability to repay amounts owed, collateral deficiencies, the relative risk rating of the loan and economic conditions affecting the borrower’s industry, among other things. A loan is considered to be collateral dependent when, based upon management’s assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the collateral. In such cases, expected credit losses are based on the fair value of the collateral at the measurement date, adjusted for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. We reevaluate the fair value of collateral supporting collateral dependent loans on an ongoing basis. Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our 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. The various risks that may be considered in making Q-Factor adjustments include, among other things, the impact of (i) changes in lending policies and procedures, including changes in underwriting standards and practices for collections, write-offs, and recoveries, (ii) actual and expected changes in national, regional, and local economic and business conditions and developments that affect the collectability of the loan pools, (iii) changes in the nature, volume and size of a loan or the loan pools and in the terms of the underlying loans, (iv) changes in the experience, ability, and depth of our lending management and staff, (v) changes in volume and severity of past due financial assets, the volume of nonaccrual assets, and the volume and severity of adversely classified or graded assets, (vi) changes in the quality of our credit review function, (vii) changes in the value of the underlying collateral for loans that are non-collateral dependent, (viii) the existence, growth, and effect of any concentrations of credit and (ix) other factors such as the regulatory, legal and technological environments, competition, and events such as natural disasters or health pandemics. Management believes it uses relevant information available to make determinations about the allowance and that it has established the existing allowance in accordance with GAAP. However, the determination of the allowance requires significant judgment, and estimates of expected lifetime losses in the loan portfolio can vary significantly from the amounts actually observed. While management uses available information to recognize expected losses, future additions to the allowance may be necessary based on changes in the loans comprising the portfolio, changes in the current and forecasted economic conditions, changes to the interest rate environment which may directly impact prepayment and curtailment rate assumptions, and changes in the financial condition of borrowers. Allowance for Credit Losses - Off-Balance-Sheet/Reserve for Unfunded Commitments 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 we are exposed to credit risk resulting from a contractual obligation to extend credit. These obligations include unfunded lines of credit, commitments to extend credit and federal funds sold to correspondent banks and standby letters of credit. No allowance is recognized if we have the unconditional right to cancel the obligation. The allowance is reported as a component of accrued interest payable and other liabilities in our consolidated balance sheets. Adjustments to the allowance are reported in our income statement as a component of the provision for credit losses. At September 30, 2023 and 2022, and December 31, 2022, the Company’s reserve for unfunded commitments totaled $ 7,903,000 , $ 10,879,000 and $ 12,323,000 , respectively, which is included in other liabilities in the consolidated balance sheet. Other Real Estate Other real estate owned is foreclosed property held pending disposition and is initially recorded at fair value, less estimated costs to sell, and is included in other assets in the consolidated balance sheet. At foreclosure, if the fair value of the real estate, less estimated costs to sell, is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the allowance for credit losses. Any subsequent reduction in value is recognized by a charge to income. Operating and holding expenses of such properties, net of related income, and gains/losses on their disposition are included in net gain (loss) on sale of foreclosed assets as incurred. Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed principally on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized over the life of the respective lease or the estimated useful lives of the improvements, whichever is shorter. Business Combinations, Goodwill and Other Intangible Assets The Company accounts for all business combinations under the purchase method of accounting. Tangible and intangible assets and liabilities of the acquired entity are recorded at fair value. Intangible assets with finite useful lives represent the future benefit associated with the acquisition of the core deposits and are amortized over seven years , utilizing a method that approximates the expected attrition of the deposits. Goodwill with an indefinite life is not amortized, but rather tested annually for impairment as of June 30 each year. There was no impairment recorded during the nine-months ended September 30, 2023 or 2022 , respectively. Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase, which are classified as borrowings, generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of the cash received in connection with the transaction. The Company may be required to provide additional collateral based on the estimated fair value of the underlying securities. Segment Reporting The Company has determined that its banking regions meet the aggregation criteria of the current authoritative accounting guidance since each of its banking regions offer similar products and services, operate in a similar manner, have similar customers and report to the same regulatory authority, and therefore operate one line of business (community banking) located in a single geographic area (Texas). Statements of Cash Flows For purposes of reporting cash flows, cash and cash equivalents includes cash on hand, amounts due from banks, including interest-bearing deposits in banks with original maturity of 90 days or less , and federal funds sold. Accumulated Other Comprehensive Earnings (Loss) Unrealized net losses on the Company’s available-for-sale securities, net of applicable income taxes, totaled $ 639,934,000 , $ 632,421,000 and $ 535,228,000 at September 30, 2023, and 2022, and December 31, 2022 , respectively, are included in accumulated other comprehensive earnings (loss) as a separate component of shareholders' equity. Income Taxes The Company’s provision for income taxes is based on income before income taxes adjusted for permanent differences between financial reporting and taxable income. Deferred tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. As of September 30, 2023, and 2022, and December 31, 2022, deferred tax assets totaled $ 173,032,000 , $ 168,398,000 and $ 145,511,000 , respectively, and were included in other assets on the consolidated balance sheets. Stock Based Compensation The Company grants stock options for a fixed number of shares to employees with an exercise price equal to the fair value using the Black-Scholes model of the shares at the grant date. The grant date fair value is amortized over the vesting period which generally is three, five or six years. The Company also grants restricted stock and/or units for a fixed number of shares which generally vests over periods of one to three years, and performance stock units which vest over a 3-year period based on Company performance metrics relative to a defined peer group. For stock option grants, the exercise price is established based on the closing trading price. No adjustments have been necessary to properly value the grant based on the terms or other conditions of the grants. Expense is recognized based on the fair value of the portion of stock-based payment awards that ultimately expected to vest, reduced for forfeitures based on grant-date fair value. See Note 8 for further information. Advertising Costs Advertising costs are expensed as incurred. Per Share Dat |
Securities
Securities | 9 Months Ended |
Sep. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Securities | Note 2 - Securities Debt securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost, related gross unrealized gains and losses, allowance for credit losses and the fair value of available-for-sale securities are as follows (dollars in thousands): September 30, 2023 Gross Gross Amortized Unrealized Unrealized Estimated Cost Basis Holding Gains Holding Losses Fair Value Securities available-for-sale: U.S. Treasury securities $ 507,549 $ — $ ( 22,102 ) $ 485,447 Obligations of states and political subdivisions 1,726,947 120 ( 263,313 ) 1,463,754 Residential mortgage-backed securities 2,792,813 — ( 495,578 ) 2,297,235 Commercial mortgage-backed securities 323,539 — ( 18,191 ) 305,348 Corporate bonds and other 112,338 — ( 11,585 ) 100,753 Total securities available-for-sale $ 5,463,186 $ 120 $ ( 810,769 ) $ 4,652,537 September 30, 2022 Gross Gross Amortized Unrealized Unrealized Estimated Cost Basis Holding Gains Holding Losses Fair Value Securities available-for-sale: U.S. Treasury securities $ 504,457 $ 2 $ ( 27,283 ) $ 477,176 Obligations of states and political subdivisions 2,368,605 514 ( 285,307 ) 2,083,812 Residential mortgage-backed securities 3,153,864 14 ( 456,997 ) 2,696,881 Commercial mortgage-backed securities 406,530 1 ( 19,185 ) 387,346 Corporate bonds and other 113,015 - ( 12,787 ) 100,228 Total securities available-for-sale $ 6,546,471 $ 531 $ ( 801,559 ) $ 5,745,443 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Estimated Cost Basis Holding Gains Holding Losses Fair Value Securities available-for-sale: U.S. Treasury securities $ 508,275 $ 11 $ ( 25,737 ) $ 482,549 Obligations of states and political subdivisions 2,104,193 1,217 ( 206,799 ) 1,898,611 Residential mortgage-backed securities 3,034,120 8 ( 417,562 ) 2,616,566 Commercial mortgage-backed securities 392,914 1 ( 18,046 ) 374,869 Corporate bonds and other 112,846 - ( 11,082 ) 101,764 Total securities available-for-sale $ 6,152,348 $ 1,237 $ ( 679,226 ) $ 5,474,359 The Company did no t hold any securities classified as held-to-maturity at September 30, 2023, September 30, 2022, or December 31, 2022. The Company invests in mortgage-backed securities that have expected maturities that differ from their contractual maturities. These differences arise because borrowers may have the right to call or prepay obligations with or without a prepayment penalty. These securities include collateralized mortgage obligations (CMOs) and other asset backed securities. The expected maturities of these securities at September 30, 2023 and 2022, and December 31, 2022, were computed by using scheduled amortization of balances and historical prepayment rates. The amortized cost and estimated fair value of available-for-sale securities at September 30, 2023, by contractual and expected maturity, are shown below (dollars in thousands): Amortized Estimated Cost Basis Fair Value Due within one year $ 335,508 $ 327,912 Due after one year through five years 1,345,049 1,214,288 Due after five years through ten years 2,466,782 2,034,867 Due after ten years 1,315,847 1,075,470 Total $ 5,463,186 $ 4,652,537 The following tables disclose as of September 30, 2023 and 2022, and December 31, 2022 , the Company’s investment securities that have been in a continuous unrealized-loss position for less than 12 months and for 12 or more months (dollars in thousands): Less than 12 Months 12 Months or Longer Total September 30, 2023 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 4,867 $ 49 $ 480,580 $ 22,053 $ 485,447 $ 22,102 Obligations of states and political subdivisions 53,029 2,568 1,402,097 260,745 $ 1,455,126 263,313 Residential mortgage-backed securities 3,123 106 2,294,112 495,472 $ 2,297,235 495,578 Commercial mortgage-backed securities 1,274 87 304,074 18,104 $ 305,348 18,191 Corporate bonds and other — — 100,753 11,585 $ 100,753 11,585 Total $ 62,293 $ 2,810 $ 4,581,616 $ 807,959 $ 4,643,909 $ 810,769 Less than 12 Months 12 Months or Longer Total September 30, 2022 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 476,696 $ 27,283 $ — $ — $ 476,696 $ 27,283 Obligations of states and political subdivisions 1,828,105 254,212 139,732 31,095 1,967,837 285,307 Residential mortgage-backed securities 1,507,121 231,915 1,187,815 225,082 2,694,936 456,997 Commercial mortgage-backed securities 386,479 19,185 — — 386,479 19,185 Corporate bonds and other 59,782 4,544 40,446 8,243 100,228 12,787 Total $ 4,258,183 $ 537,139 $ 1,367,993 $ 264,420 $ 5,626,176 $ 801,559 Less than 12 Months 12 Months or Longer Total December 31, 2022 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 307,012 $ 11,650 $ 173,105 $ 14,087 $ 480,117 $ 25,737 Obligations of states and political subdivisions 770,469 55,943 946,571 150,856 1,717,040 206,799 Residential mortgage-backed securities 470,970 37,065 2,143,869 380,497 2,614,839 417,562 Commercial mortgage-backed securities 319,303 11,677 54,862 6,369 374,165 18,046 Corporate bonds and other 41,920 1,698 59,844 9,384 101,764 11,082 Total $ 1,909,674 $ 118,033 $ 3,378,251 $ 561,193 $ 5,287,925 $ 679,226 The number of investments in an unrealized loss position totaled 892 at September 30, 2023. We believe any unrealized losses in the U.S. treasury securities, obligations of state and political subdivisions, residential and commercial mortgage-backed and asset-backed investment securities, and corporate bonds and other at September 30, 2023 and 2022, and December 31, 2022, are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required on these securities at September 30, 2023 and 2022, and December 31, 2022. Unrealized losses on investment securities are expected to recover over time as these securities approach maturity. Our mortgage related securities are backed by GNMA, FNMA and FHLMC or are collateralized by securities backed by these agencies. At September 30, 2023 , 66.92 % of our available-for-sale securities that are obligations of states and political subdivisions were issued within the State of Texas, of which 56.47 % are guaranteed by the Texas Permanent School Fund. Securities, carried at approximately $ 3,397,495,000 on September 30, 2023, were pledged as collateral for public or trust fund deposits, repurchase agreements, borrowings and for other purposes required or permitted by law. During the three-months ended September 30, 2023 and 2022, sales of investment securities that were classified as available-for-sale were $ 113,132,000 and $ 17,081,000 , respectively. Gross realized security gains from sales and calls during the third quarter of 2023 and 2022 totaled $ 53,000 and $ 334,000 , respectively. Gross realized security losses from sales or calls during the third quarter of 2023 totaled $ 1,025,000 . There were no gross realized security losses from sales or calls during the third quarter of 2022. During the nine-months ended September 30, 2023 and 2022, sales of investment securities that were classified as available-for-sale were $ 320,419,000 and $ 205,444,000 , respectively. Gross realized security gains from sales and calls during the nine-months ended September 30, 2023 and 2022 totaled $ 1,701,000 and $ 4,357,000 , respectively. Gross realized security losses from sales or calls during the nine-months ended September 30, 2023 and 2022 totaled $ 2,615,000 and $ 2,344,000 , respectively. The specific identification method was used to determ ine cost in order to compute the realized gains and losses. |
Loans Held for Investment and A
Loans Held for Investment and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Loans Held for Investment and Allowance for Credit Losses | Note 3 – Loans Held-for-Investment and Allowance for Credit Losses For the periods ended September 30, 2023 and 2022, and December 31, 2022, the following tables outline the Company’s loan portfolio by the ten portfolio segments where applicable. Loans held-for-investment by portfolio segment are as follows (dollars in thousands): September 30, December 31, 2023 2022 2022 Commercial: C&I* $ 1,108,240 $ 871,335 $ 917,317 Municipal 218,358 214,852 221,090 Total Commercial 1,326,598 1,086,187 1,138,407 Agricultural 81,876 76,937 76,947 Real Estate: Construction & Development 929,570 938,051 959,426 Farm 341,052 268,139 306,322 Non-Owner Occupied CRE 828,900 717,738 732,089 Owner Occupied CRE 1,002,913 945,665 954,400 Residential 1,788,913 1,536,180 1,575,758 Total Real Estate 4,891,348 4,405,773 4,527,995 Consumer: Auto 540,382 538,798 550,635 Non-Auto 154,492 147,793 147,884 Total Consumer 694,874 686,591 698,519 Total Loans 6,994,696 6,255,488 6,441,868 Less: Allowance for credit losses ( 89,714 ) ( 74,108 ) ( 75,834 ) Loans, net $ 6,904,982 $ 6,181,380 $ 6,366,034 * All disclosures for the C&I loan segment include PPP loan balances, net of deferred fees and costs, as disclosed on the face of the consolidated balance sheet. Outstanding loan balances at September 30, 2023 and 2022, and December 31, 2022, are net of unearned income, including net deferred loan fees. At September 30, 2023, $ 2,600,103,000 in loans held by our bank subsidiary were subject to blanket liens as security for a line of credit with the Federal Home Loan Bank of Dallas ("FHLB"). At September 30, 2023, this available line of credit was $ 2,538,345,000 . At September 30, 2023 , there was $ 45,000,000 used on the line advance for undisbursed commitments (letters of credit) used to secure public funds. The Company’s nonaccrual loans and loans still accruing and past due 90 days or more are as follows (dollars in thousands): September 30, December 31, 2023 2022 2022 Nonaccrual loans $ 38,812 $ 24,604 $ 24,325 Loans still accruing and past due 90 days or more 289 15 — Total nonperforming loans (1) $ 39,101 $ 24,619 $ 24,325 (1) With the adoption of ASU 2022-02, effective January 1, 2023, troubled debt restructuring ("TDR") accounting has been eliminated . The Company ha d $ 39,698,000 , $ 24,619,000 and $ 24,325,000 in nonaccrual, past due 90 days or more and still accruing, and foreclosed assets at September 30, 2023 and 2022, and December 31, 2022 , respectively. Nonaccrual loans at September 30, 2023 and 2022, and December 31, 2022, consisted of the following (dollars in thousands): September 30, December 31, 2023 2022 2022 Commercial: C&I $ 3,365 $ 5,966 $ 5,057 Municipal — — — Total Commercial 3,365 5,966 5,057 Agricultural 838 338 324 Real Estate: Construction & Development 3,295 1,696 1,567 Farm 5,534 91 85 Non-Owner Occupied CRE 8,407 2,406 2,321 Owner Occupied CRE 7,812 6,703 7,092 Residential 8,990 6,781 7,419 Total Real Estate 34,038 17,677 18,484 Consumer: Auto 465 596 429 Non-Auto 106 27 31 Total Consumer 571 623 460 Total $ 38,812 $ 24,604 $ 24,325 No significant additional funds are committed to be advanced in connection with nonaccrual loans as of September 30, 2023. Summary information on the allowance for credit losses for the three and nine-months ended September 30, 2023 and 2022, are outlined by portfolio segment in the following tables (dollars in thousands): Three-Months Ended September 30, 2023 C&I Municipal Agricultural Construction Farm Beginning balance $ 16,530 $ 187 $ 1,082 $ 28,966 $ 2,804 Provision for loan losses ( 64 ) ( 2 ) 53 ( 696 ) 131 Recoveries 56 — 21 6 — Charge-offs ( 715 ) — — — — Ending balance $ 15,807 $ 185 $ 1,156 $ 28,276 $ 2,935 Three-Months Ended September 30, 2023 (continued) Non-Owner Owner Residential Auto Non-Auto Total Beginning balance $ 13,471 $ 12,572 $ 9,767 $ 829 $ 333 $ 86,541 Provision for loan losses 2,330 767 1,035 172 95 3,821 Recoveries 16 187 3 96 47 432 Charge-offs — — ( 7 ) ( 235 ) ( 123 ) ( 1,080 ) Ending balance $ 15,817 $ 13,526 $ 10,798 $ 862 $ 352 $ 89,714 Three-Months Ended September 30, 2022 C&I Municipal Agricultural Construction Farm Beginning balance $ 18,589 $ 1,352 $ 1,162 $ 21,085 $ 1,006 Provision for loan losses ( 2,378 ) ( 33 ) ( 187 ) 4,614 149 Recoveries 266 — 18 — — Charge-offs ( 38 ) — — — — Ending balance $ 16,439 $ 1,319 $ 993 $ 25,699 $ 1,155 Three-Months Ended September 30, 2022 (continued) Non-Owner Owner Residential Auto Non-Auto Total Beginning balance $ 8,410 $ 10,740 $ 8,304 $ 912 $ 372 $ 71,932 Provision for loan losses ( 498 ) ( 1,303 ) 557 72 67 1,060 Recoveries 283 649 93 47 53 1,409 Charge-offs — — — ( 119 ) ( 136 ) ( 293 ) Ending balance $ 8,195 $ 10,086 $ 8,954 $ 912 $ 356 $ 74,108 Nine-Months Ended September 30, 2023 C&I Municipal Agricultural Construction Farm Beginning balance $ 16,129 $ 1,026 $ 1,041 $ 26,443 $ 1,957 Provision for loan losses 860 ( 841 ) ( 128 ) 1,727 978 Recoveries 221 — 243 106 — Charge-offs ( 1,403 ) — — — — Ending balance $ 15,807 $ 185 $ 1,156 $ 28,276 $ 2,935 Nine-Months Ended September 30, 2023 (continued) Non-Owner Owner Residential Auto Non- Total Beginning balance $ 9,075 $ 9,928 $ 9,075 $ 845 $ 315 $ 75,834 Provision for loan losses 6,679 3,390 1,826 341 218 15,050 Recoveries 63 208 18 329 128 1,316 Charge-offs — — ( 121 ) ( 653 ) ( 309 ) ( 2,486 ) Ending balance $ 15,817 $ 13,526 $ 10,798 $ 862 $ 352 $ 89,714 Nine-Months Ended September 30, 2022 C&I Municipal Agricultural Construction Farm Beginning balance $ 12,280 $ 348 $ 1,597 $ 17,627 $ 663 Provision for loan losses 3,598 971 ( 730 ) 8,172 492 Recoveries 824 — 135 — — Charge-offs ( 263 ) — ( 9 ) ( 100 ) — Ending balance $ 16,439 $ 1,319 $ 993 $ 25,699 $ 1,155 Nine-Months Ended September 30, 2022 (continued) Non-Owner Owner Residential Auto Non- Total Beginning balance $ 10,722 $ 10,828 $ 8,133 $ 896 $ 371 $ 63,465 Provision for loan losses ( 3,352 ) ( 1,323 ) 860 116 106 8,910 Recoveries 825 669 110 215 182 2,960 Charge-offs — ( 88 ) ( 149 ) ( 315 ) ( 303 ) ( 1,227 ) Ending balance $ 8,195 $ 10,086 $ 8,954 $ 912 $ 356 $ 74,108 Additionally, the Company records a reserve for unfunded commitments in other liabilities which totaled $ 7,903,000 , $ 10,879,000 and $ 12,323,000 at September 30, 2023 and 2022, and December 31, 2022, respectively. The provision for loan losses of $ 3,821,000 for the three-months ended September 30, 2023 is combined with the reversal of the provision for unfunded commitments of $ 1,545,000 and reported in the net aggregate of $ 2,276,000 under the provision for credit losses in the consolidated statement of earnings for the three-months ended September 30, 2023. The provision for loan losses of $ 15,050,000 for the nine-months ended September 30, 2023 is combined with the reversal of the provision for unfunded commitments of $ 4,419,000 and reported in the net aggregate of $ 10,631,000 under the provision for credit losses in the consolidated statement of earnings for the nine-months ended September 30, 2023. The $ 1,060,000 provision for loan losses for the three-months ended September 30, 2022 above is combined with the provision for unfunded commitments of $ 2,161,000 and reported in the aggregate of $ 3,221,000 under the provision for credit losses for the three-months ended September 30, 2022. The $ 8,910,000 provision for loan losses for the nine-months ended September 30, 2022 above is combined with the provision for unfunded commitments of $ 4,443,000 and reported in the aggregate of $ 13,353,000 under the provision for credit losses for the nine-months ended September 30, 2022. The Company’s loans that are ind ividually evaluated for credit losses (both collateral and non-collateral dependent) and their related allowances as of September 30, 2023 and 2022, and December 31, 2022, are summarized in the following tables by loan segment (dollars in thousands): September 30, 2023 Collateral Collateral Non-Collateral Total Loans Related Related Total Commercial: C&I $ 310 $ 3,055 $ 20,476 $ 23,841 $ 2,025 $ 4,651 $ 6,676 Municipal — — 1,377 1,377 — — — Total Commercial 310 3,055 21,853 25,218 2,025 4,651 6,676 Agricultural 215 623 1,278 2,116 58 594 652 Real Estate: Construction & Development 2,678 617 19,912 23,207 139 1,887 2,026 Farm 553 4,981 2,225 7,759 1,070 133 1,203 Non-Owner Occupied CRE 1,991 6,416 28,127 36,534 889 2,665 3,554 Owner Occupied CRE 5,473 2,339 34,988 42,800 400 1,635 2,035 Residential 6,059 2,931 29,453 38,443 281 1,865 2,146 Total Real Estate 16,754 17,284 114,705 148,743 2,779 8,185 10,964 Consumer: Auto — 465 1,858 2,323 1 3 4 Non-Auto — 106 599 705 — 2 2 Total Consumer — 571 2,457 3,028 1 5 6 Total $ 17,279 $ 21,533 $ 140,293 $ 179,105 $ 4,863 $ 13,435 $ 18,298 September 30, 2022 Collateral Collateral Non-Collateral Total Loans Related Related Total Commercial: C&I $ 334 $ 5,632 $ 20,844 $ 26,810 $ 4,094 $ 4,345 $ 8,439 Municipal — — 71 71 — — — Total Commercial 334 5,632 20,915 26,881 4,094 4,345 8,439 Agricultural 116 222 412 750 103 247 350 Real Estate: Construction & Development 919 777 5,461 7,157 207 384 591 Farm — 91 1,616 1,707 2 39 41 Non-Owner Occupied CRE 2,230 176 32,959 35,365 12 2,317 2,329 Owner Occupied CRE 5,700 1,003 30,136 36,839 103 1,958 2,061 Residential 4,129 2,652 26,057 32,838 293 1,347 1,640 Total Real Estate 12,978 4,699 96,229 113,906 617 6,045 6,662 Consumer: Auto — 596 1,096 1,692 1 2 3 Non-Auto — 27 461 488 — 1 1 Total Consumer — 623 1,557 2,180 1 3 4 Total $ 13,428 $ 11,176 $ 119,113 $ 143,717 $ 4,815 $ 10,640 $ 15,455 December 31, 2022 Collateral Collateral Non-Collateral Total Loans Related Related Total Commercial: C&I $ — $ 5,057 $ 24,325 $ 29,382 $ 3,513 $ 4,885 $ 8,398 Municipal — — 58 58 — — — Total Commercial — 5,057 24,383 29,440 3,513 4,885 8,398 Agricultural 116 209 354 679 122 276 398 Real Estate: Construction & Development 577 990 4,873 6,440 193 112 305 Farm — 85 1,578 1,663 2 34 36 Non-Owner Occupied CRE 2,062 259 36,037 38,358 16 2,341 2,357 Owner Occupied CRE 4,363 2,728 29,115 36,206 91 1,509 1,600 Residential 5,132 2,287 28,564 35,983 229 1,215 1,444 Total Real Estate 12,134 6,349 100,167 118,650 531 5,211 5,742 Consumer: Auto — 429 931 1,360 1 1 2 Non-Auto — 31 538 569 — 1 1 Total Consumer — 460 1,469 1,929 1 2 3 Total $ 12,250 $ 12,075 $ 126,373 $ 150,698 $ 4,167 $ 10,374 $ 14,541 The Company’s allowance for loans that are individually evaluated for credit losses and collectively evaluated for credit losses as of September 30, 2023 and 2022, and December 31, 2022, are summarized in the following table by loan segment (dollars in thousands). Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. September 30, 2023 C&I Municipal Agricultural Construction Farm Loans individually evaluated for credit losses $ 6,676 $ — $ 652 $ 2,026 $ 1,203 Loans collectively evaluated for credit losses 9,131 185 504 26,250 1,732 Total $ 15,807 $ 185 $ 1,156 $ 28,276 $ 2,935 September 30, 2023 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 3,554 $ 2,035 $ 2,146 $ 4 $ 2 $ 18,298 Loans collectively evaluated for credit losses 12,263 11,491 8,652 858 350 71,416 Total $ 15,817 $ 13,526 $ 10,798 $ 862 $ 352 $ 89,714 September 30, 2022 C&I Municipal Agricultural Construction Farm Loans individually evaluated for credit losses $ 8,439 $ — $ 350 $ 591 $ 41 Loans collectively evaluated for credit losses 8,000 1,319 643 25,108 1,114 Total $ 16,439 $ 1,319 $ 993 $ 25,699 $ 1,155 September 30, 2022 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 2,329 $ 2,061 $ 1,640 $ 3 $ 1 $ 15,455 Loans collectively evaluated for credit losses 5,866 8,025 7,314 909 355 58,653 Total $ 8,195 $ 10,086 $ 8,954 $ 912 $ 356 $ 74,108 December 31, 2022 C&I Municipal Agricultural Construction Farm Loans individually evaluated for credit losses $ 8,398 $ — $ 398 $ 305 $ 36 Loans collectively evaluated for credit losses 7,731 1,026 643 26,138 1,921 Total $ 16,129 $ 1,026 $ 1,041 $ 26,443 $ 1,957 December 31, 2022 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 2,357 $ 1,600 $ 1,444 $ 2 $ 1 $ 14,541 Loans collectively evaluated for credit losses 6,718 8,328 7,631 843 314 61,293 Total $ 9,075 $ 9,928 $ 9,075 $ 845 $ 315 $ 75,834 The Company’s recorded investment in loans as of September 30, 2023 and 2022, and December 31, 2022, related to the balance in the allowance for credit losses follows below (dollars in thousands): September 30, 2023 C&I Municipal Agricultural Construction Farm Loans individually evaluated for credit losses $ 23,841 $ 1,377 $ 2,116 $ 23,207 $ 7,759 Loans collectively evaluated for credit losses 1,084,399 216,981 79,760 906,363 333,293 Total $ 1,108,240 $ 218,358 $ 81,876 $ 929,570 $ 341,052 September 30, 2023 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 36,534 $ 42,800 $ 38,443 $ 2,323 $ 705 $ 179,105 Loans collectively evaluated for credit losses 792,366 960,113 1,750,470 538,059 153,787 6,815,591 Total $ 828,900 $ 1,002,913 $ 1,788,913 $ 540,382 $ 154,492 $ 6,994,696 September 30, 2022 C&I Municipal Agricultural Construction Farm Loans individually evaluated for credit losses $ 26,810 $ 71 $ 750 $ 7,157 $ 1,707 Loans collectively evaluated for credit losses 844,525 214,781 76,187 930,894 266,432 Total $ 871,335 $ 214,852 $ 76,937 $ 938,051 $ 268,139 September 30, 2022 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 35,365 $ 36,839 $ 32,838 $ 1,692 $ 488 $ 143,717 Loans collectively evaluated for credit losses 682,373 908,826 1,503,342 537,106 147,305 6,111,771 Total $ 717,738 $ 945,665 $ 1,536,180 $ 538,798 $ 147,793 $ 6,255,488 December 31, 2022 C&I Municipal Agricultural Construction Farm Loans individually evaluated for credit losses $ 29,382 $ 58 $ 679 $ 6,440 $ 1,663 Loans collectively evaluated for credit losses 887,935 221,032 76,268 952,986 304,659 Total $ 917,317 $ 221,090 $ 76,947 $ 959,426 $ 306,322 December 31, 2022 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 38,358 $ 36,206 $ 35,983 $ 1,360 $ 569 $ 150,698 Loans collectively evaluated for credit losses 693,731 918,194 1,539,775 549,275 147,315 6,291,170 Total $ 732,089 $ 954,400 $ 1,575,758 $ 550,635 $ 147,884 $ 6,441,868 From a credit risk standpoint, the Company rates its loans in one of five categories: (i) pass, (ii) special mention, (iii) substandard, (iv) doubtful or (v) loss (which are charged-off). The ratings of loans reflect a judgment about the risks of default and loss associated with the loan. The Company reviews the ratings on our credits as part of our ongoing monitoring of the credit quality of our loan portfolio. Ratings are adjusted to reflect the degree of risk and loss that are felt to be inherent in each credit as of each reporting period. Our methodology is structured so that specific allocations are increased in accordance with deterioration in credit quality (and a corresponding increase in risk and loss) or decreased in accordance with improvement in credit quality (and a corresponding decrease in risk and loss). Credits rated special mention show clear signs of financial weaknesses or deterioration in credit worthiness, however, such concerns are not so pronounced that the Company generally expects to experience significant loss within the short-term. Such credits typically maintain the ability to perform within standard credit terms and credit exposure is not as prominent as credits rated more harshly. Credits rated substandard are those in which the normal repayment of principal and interest may be, or has been, jeopardized by reason of adverse trends or developments of a financial, managerial, economic or political nature, or important weaknesses exist in collateral. A protracted workout on these credits is a distinct possibility. Prompt corrective action is therefore required to strengthen the Company’s position, and/or to reduce exposure and to assure that adequate remedial measures are taken by the borrower. Credit exposure becomes more likely in such credits and a serious evaluation of the secondary support to the credit is performed. Credits rated doubtful are those in which full collection of principal appears highly questionable, and which some degree of loss is anticipated, even though the ultimate amount of loss may not yet be certain and/or other factors exist which could affect collection of debt. Based upon available information, positive action by the Company is required to avert or minimize loss. Credits rated doubtful are generally also placed on nonaccrual. The following summarizes the Company’s internal ratings of its loans held-for-investment, including the year of origination, by portfolio segments, at September 30, 2023 (dollars in millions): September 30, 2023 2022 2021 2020 2019 Prior Revolving Total C&I Risk rating: Pass $ 524 $ 386 $ 94 $ 40 $ 16 $ 24 $ — $ 1,084 Special mention 7 1 — — 1 — — 9 Substandard 2 5 3 2 1 2 — 15 Doubtful — — — — — — — — Total $ 533 $ 392 $ 97 $ 42 $ 18 $ 26 $ — $ 1,108 Year-to-Date Gross Charge-Offs $ — $ — $ 1 $ — $ — $ — $ — $ 1 September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Municipal Risk rating: Pass $ 20 $ 83 $ 16 $ 14 $ 2 $ 82 $ — $ 217 Special mention — — — — — — — — Substandard — — 1 — — — — 1 Doubtful — — — — — — — — Total $ 20 $ 83 $ 17 $ 14 $ 2 $ 82 $ — $ 218 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Agricultural Risk rating: Pass $ 42 $ 30 $ 5 $ 2 $ 1 $ — $ — $ 80 Special mention — — — — — — — — Substandard 1 1 — — — — — 2 Doubtful — — — — — — — — Total $ 43 $ 31 $ 5 $ 2 $ 1 $ — $ — $ 82 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Construction & Development Risk rating: Pass $ 373 $ 401 $ 94 $ 22 $ 10 $ 7 $ — $ 907 Special mention 7 4 — — — — — 11 Substandard 8 3 1 — — — — 12 Doubtful — — — — — — — — Total $ 388 $ 408 $ 95 $ 22 $ 10 $ 7 $ — $ 930 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Farm Risk rating: Pass $ 83 $ 116 $ 75 $ 25 $ 9 $ 25 $ — $ 333 Special mention — — — — — — — — Substandard — 1 1 5 — 1 — 8 Doubtful — — — — — — — — Total $ 83 $ 117 $ 76 $ 30 $ 9 $ 26 $ — $ 341 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Non-Owner Occupied CRE Risk rating: Pass $ 134 $ 240 $ 182 $ 116 $ 45 $ 75 $ — $ 792 Special mention — 4 1 — 11 2 — 18 Substandard 1 1 1 7 2 7 — 19 Doubtful — — — — — — — — Total $ 135 $ 245 $ 184 $ 123 $ 58 $ 84 $ — $ 829 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Owner Occupied CRE Risk rating: Pass $ 81 $ 320 $ 228 $ 118 $ 64 $ 149 $ — $ 960 Special mention 1 — 5 — 3 — — 9 Substandard 3 6 4 — 5 16 — 34 Doubtful — — — — — — — — Total $ 85 $ 326 $ 237 $ 118 $ 72 $ 165 $ — $ 1,003 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Residential Risk rating: Pass $ 368 $ 443 $ 325 $ 165 $ 70 $ 241 $ 139 $ 1,751 Special mention — 2 2 2 — 3 1 10 Substandard 4 5 4 3 2 8 2 28 Doubtful — — — — — — — — Total $ 372 $ 450 $ 331 $ 170 $ 72 $ 252 $ 142 $ 1,789 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Auto Risk rating: Pass $ 168 $ 237 $ 86 $ 32 $ 13 $ 2 $ — $ 538 Special mention — — — — — — — — Substandard — 1 1 — — — — 2 Doubtful — — — — — — — — Total $ 168 $ 238 $ 87 $ 32 $ 13 $ 2 $ — $ 540 Year-to-Date Gross Charge-Offs $ — $ 1 $ — $ — $ — $ — $ — $ 1 September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Non-Auto Risk rating: Pass $ 60 $ 54 $ 26 $ 5 $ 1 $ 1 $ 7 $ 154 Special mention — — — — — — — — Substandard 1 — — — — — — 1 Doubtful — — — — — — — — Total $ 61 $ 54 $ 26 $ 5 $ 1 $ 1 $ 7 $ 155 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Total Loans Risk rating: Pass $ 1,853 $ 2,310 $ 1,131 $ 539 $ 231 $ 606 $ 146 $ 6,816 Special mention 15 11 8 2 15 5 1 57 Substandard 20 23 16 17 10 34 2 122 Doubtful — — — — — — — — Total $ 1,888 $ 2,344 $ 1,155 $ 558 $ 256 $ 645 $ 149 $ 6,995 Year-to-Date Gross Charge-Offs $ — $ 1 $ 1 $ — $ — $ — $ — $ 2 The following summarizes the Company’s internal ratings of its loans held-for-investment, including the year of origination, by portfolio segments, at September 30, 2022 (dollars in millions): September 30, 2022 2021 2020 2019 2018 Prior Revolving Total C&I Risk rating: Pass $ 495 $ 226 $ 65 $ 24 $ 18 $ 16 $ — $ 844 Special mention 1 — — 1 — — — 2 Substandard 11 7 3 1 3 — — 25 Doubtful — — — — — — — — Total $ 507 $ 233 $ 68 $ 26 $ 21 $ 16 $ — $ 871 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Municipal Risk rating: Pass $ 67 $ 21 $ 16 $ 5 $ 20 $ 86 $ — $ 215 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total $ 67 $ 21 $ 16 $ 5 $ 20 $ 86 $ — $ 215 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Agricultural Risk rating: Pass $ 46 $ 21 $ 4 $ 3 $ 1 $ 1 $ — $ 76 Special mention — — — — — — — — Substandard — 1 — — — — — 1 Doubtful — — — — — — — — Total $ 46 $ 22 $ 4 $ 3 $ 1 $ 1 $ — $ 77 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Construction & Development Risk rating: Pass $ 504 $ 317 $ 78 $ 15 $ 8 $ 9 $ — $ 931 Special mention — 2 — — — — — 2 Substandard 4 1 — — — — — 5 Doubtful — — — — — — — — Total $ 508 $ 320 $ 78 $ 15 $ 8 $ 9 $ — $ 938 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Farm Risk rating: Pass $ 101 $ 89 $ 33 $ 12 $ 8 $ 23 $ — $ 266 Special mention — — — — — — — — Substandard 1 — — — — 1 — 2 Doubtful — — — — — — — — Total $ 102 $ 89 $ 33 $ 12 $ 8 $ 24 $ — $ 268 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Non-Owner Occupied CRE Risk rating: Pass $ 223 $ 200 $ 108 $ 51 $ 22 $ 79 $ — $ 683 Special mention — 1 — 11 — 7 — 19 Substandard 5 1 1 2 1 6 — 16 Doubtful — — — — — — — — Total $ 228 $ 202 $ 109 $ 64 $ 23 $ 92 $ — $ 718 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Owner Occupied CRE Risk rating: Pass $ 280 $ 223 $ 134 $ 81 $ 67 $ 124 $ — $ 909 Special mention — 1 2 4 — 1 — 8 Substandard 1 2 1 3 11 11 — 29 Doubtful — — — — — — — — Total $ 281 $ 226 $ 137 $ 88 $ 78 $ 136 $ — $ 946 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Residential Risk rating: Pass $ 433 $ 382 $ 183 $ 87 $ 68 $ 224 $ 126 $ 1,503 Special mention — 2 3 — — 3 — 8 Substandard 4 3 3 2 1 9 3 25 Doubtful — — — — — — — — Total $ 437 $ 387 $ 189 $ 89 $ 69 $ 236 $ 129 $ 1,536 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Auto Risk rating: Pass $ 284 $ 149 $ 64 $ 29 $ 8 $ 3 $ — $ 537 Special mention — — — — — — — — Substandard — — 1 1 — — — 2 Doubtful — — — — — — — Total $ 284 $ 149 $ 65 $ 30 $ 8 $ 3 $ — $ 539 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Non-Auto Risk rating: Pass $ 73 $ 48 $ 13 $ 4 $ 2 $ 1 $ 7 $ 148 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total $ 73 $ 48 $ 13 $ 4 $ 2 $ 1 $ 7 $ 148 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Total Loans Risk rating: Pass $ 2,506 $ 1,676 $ 698 $ 311 $ 222 $ 566 $ 133 $ 6,112 Special mention 1 6 5 16 — 11 — 39 Substandard 26 15 9 9 16 27 3 105 Doubtful — — — — — — — — Total $ 2,533 $ 1,697 $ 712 $ 336 $ 238 $ 604 $ 136 $ 6,256 The following summarizes the Company’s internal ratings of its loans held-for-investment, including the year of origination, by portfolio segments, at December 31, 2022 (dollars in millions): December 31, 2022 2021 2020 2019 2018 Prior Revolving Total C&I Risk rating: Pass $ 627 $ 157 $ 52 $ 22 $ 16 $ 13 $ — $ 887 Special mention 4 1 2 1 — — — 8 Substandard 13 5 2 1 1 — — 22 Doubtful — — — — — — — — Total $ 644 $ 163 $ 56 $ 24 $ 17 $ 13 $ — $ 917 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Municipal Risk rating: Pass $ 79 $ 19 $ 15 $ 4 $ 20 $ 84 $ — $ 221 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total $ 79 $ 19 $ 15 $ 4 $ 20 $ 84 $ — $ 221 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Agricultural Risk rating: Pass $ 60 $ 9 $ 3 $ 2 $ 1 $ 1 $ — $ 76 Special mention — — — — — — — — Substandard — 1 — — — — — 1 Doubtful — — — — — — — — Total $ 60 $ 10 $ 3 $ 2 $ 1 $ 1 $ — $ 77 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Construction & Development Risk rating: Pass $ 638 $ 218 $ 70 $ 13 $ 8 $ 7 $ — $ 954 Special mention 1 — — — — — — 1 Substandard 4 1 — — — — — 5 Doubtful — — — — — — — — Total $ 643 $ 219 $ 70 $ 13 $ 8 $ 7 $ — $ 960 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Farm Risk rating: Pass $ 147 $ 85 $ 32 $ 11 $ 8 $ 21 $ — $ 304 Special mention — — — — — — — — Substandard 1 — — — — 1 — 2 Doubtful — — — — — — — — Total $ 148 $ 85 $ 32 $ 11 $ 8 $ 22 $ — $ 306 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Non-Owner Occupied CRE Risk rating: Pass $ 258 $ 191 $ 100 $ 49 $ 21 $ 75 $ — $ 694 Special mention — 1 1 11 — 7 — 20 Substandard 8 1 1 2 1 5 — 18 Doubtful — — — — — — — — Total $ 266 $ 193 $ 102 $ 62 $ 22 $ 87 $ — $ 732 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Owner Occupied CRE Risk rating: Pass $ 316 $ 224 $ 128 $ 74 $ 63 $ 113 $ — $ 918 Special mention 1 — 1 8 — 1 — 11 Substandard 1 2 1 2 9 10 — 25 Doubtful — — — — — — — — Total $ 318 $ 226 $ 130 $ 84 $ 72 $ 124 $ — $ 954 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Residential Risk rating: Pass $ 513 $ 355 $ 173 $ 82 $ 64 $ 214 $ 139 $ 1,540 Special mention 1 3 2 — — 3 1 10 Substandard 6 3 2 2 1 9 3 26 Doubtful — — — — — — — — Total $ 520 $ 361 $ 177 $ 84 $ 65 $ 226 $ 143 $ 1,576 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Auto Risk rating: Pass $ 331 $ 131 $ 55 $ 25 $ 6 $ 2 $ — $ 550 Special mention — — — — — — — — Substandard — — 1 — — — — 1 Doubtful — — — — — — — — Total $ 331 $ 131 $ 56 $ 25 $ 6 $ 2 $ — $ 551 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Non-Auto Risk rating: Pass $ 85 $ 41 $ 9 $ 3 $ 1 $ 1 $ 7 $ 147 Special mention — — — — — — — — Substandard — 1 — — — — — 1 Doubtful — — — — — — — — Total $ 85 $ 42 $ 9 $ 3 $ 1 $ 1 $ 7 $ 148 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Total Loans Risk rating: Pass $ 3,054 $ 1,430 $ 637 $ 285 $ 208 $ 531 $ 146 $ 6,291 Special mention 7 5 6 20 — 11 1 50 Substandard 33 14 7 7 12 25 3 101 Doubtful — — — — — — — — Total $ 3,094 $ 1,449 $ 650 $ 312 $ 220 $ 567 $ 150 $ 6,442 At September 30, 2023 and 2022, and December 31, 2022, the Company’s past due loans are as follows (dollars in thousands): September 30, 2023 15-59 60-89 Greater Total Past Current Total Loans 90 Days Commercial: C&I $ 5,111 $ 390 $ 1,388 $ 6,889 $ 1,101,351 $ 1,108,240 $ 109 Municipal 481 — — 481 217,877 218,358 — Total Commercial 5,592 390 1,388 7,370 1,319,228 1,326,598 109 Agricultural 187 — 550 737 81,139 81,876 32 Real Estate: Construction & Development 10,037 169 1,986 12,192 917,378 929,570 — Farm 706 — 205 911 340,141 341,052 — Non-Owner Occupied CRE 2,748 — — 2,748 826,152 828,900 — Owner Occupied CRE 1,867 — 476 2,343 1,000,570 1,002,913 — Residential 9,049 1,658 2,067 12,774 1,776,139 1,788,913 148 Total Real Estate 24,407 1,827 4,734 30,968 4,860,380 4,891,348 148 Consumer: Auto 339 176 32 547 539,835 540,382 — Non-Auto 217 2 9 228 154,264 154,492 — Total Consumer 556 178 41 775 694,099 694,874 — Total $ 30,742 $ 2,395 $ 6,713 $ 39,850 $ 6,954,846 $ 6,994,696 $ 289 September 30, 2022 15-59 60-89 Greater Total Past Current Total Loans 90 Days Commercial: C&I $ 5,422 $ 73 $ 1,515 $ 7,010 $ 864,325 $ 871,335 $ — Municipal — — — — 214,852 214,852 — Total Commercial 5,422 73 1,515 7,010 1,079,177 1,086,187 — Agricultural 290 93 — 383 76,554 76,937 — Real Estate: Construction & Development 2,958 600 — 3,558 934,493 938,051 — Farm 822 150 — 972 267,167 268,139 — Non-Owner Occupied CRE 536 — — 536 717,202 717,738 — Owner Occupied CRE 1,138 37 — 1,175 944,490 945,665 — Residential 4,834 252 15 5,101 1,531,079 1,536,180 15 Total Real Estate 10,288 1,039 15 11,342 4,394,431 4,405,773 15 Consumer: Auto 267 76 33 376 538,422 538,798 — Non-Auto 66 10 — 76 147,717 147,793 — Total Consumer 333 86 33 452 686,139 686,591 — Total $ 16,333 $ 1,291 $ 1,563 $ 19,187 $ 6,236,301 $ 6,255,488 $ 15 December 31, 2022 15-59 60-89 Greater Total Past Current Total Loans 90 Days Commercial: C&I $ 3,924 $ 297 $ 1,646 $ 5,867 $ 911,450 $ 917,317 $ — Municipal 76 783 — 859 220,231 221,090 — Total Commercial 4,000 1,080 1,646 6,726 1,131,681 1,138,407 — Agricultural 243 — — 243 76,704 76,947 — Real Estate: Construction & Development 3,751 — 175 3,926 955,500 959,426 — Farm 668 — — 668 305,654 306,322 — Non-Owner Occupied CRE 1,444 160 — 1,604 730,485 732,089 — Owner Occupied CRE 1,151 — — 1,151 953,249 954,400 — Residential 8,720 707 266 9,693 1,566,065 1,575,758 — Total Real Estate 15,734 867 441 17,042 4,510,953 4,527,995 — Consumer: Auto 779 30 — 809 549,826 550,635 — Non-Auto 50 — — 50 147,834 147,884 — Total Consumer 829 30 — 859 697,660 698,519 — Total $ 20,806 $ 1,977 $ 2,087 $ 24,870 $ 6,416,998 $ 6,441,868 $ — * The Company monitors commercial, agricultural and real estate loans after such loans are 15 days past due. Consumer loans are monitored after such loans are 30 days past due. Modifications of receivables to debtors experiencing financial difficulty On January 1, 2023, the Company adopted the accounting guidance in ASU 2022-02, which eliminates the recognition and measurement of a TDR. Due to the removal of the TDR designation, the Company evaluates all loan restructurings according to the accounting guidance for loan modifications to determine if the restructuring results in a new loan or a continuation of the existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include situations where there is principal forgiveness, term extensions, interest rate reduction, and combinations of the listed modifications. Therefore, the disclosures related to loan restructurings are only for modifications that directly affect cash flows. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses due to the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. During the nine-months ended September 30, 2023, loan modifications made to borrowers experiencing financial difficulty was insignificant. |
Loans Held for Sale
Loans Held for Sale | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Loans Held for Sale | Note 4 - L oans Held-for-Sale Loans held-for-sale totaled $ 12,229,000 , $ 18,815,000 and $ 11,965,000 at September 30, 2023 and 2022, and December 31, 2022, respectively. At September 30, 2023 and 2022, and December 31, 2022, $ 321,000 , $ 2,923,000 and $ 1,468,000 , respectively, are valued at the lower of cost or fair value, and the remaining amounts are valued under the fair value option. These loans, which are sold on a servicing released basis, are valued using a market approach by utilizing either: (i) the fair value of the 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 for 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 (see Note 9). Interest income on mortgage loans held-for-sale is recognized based on the contractual rates and reflected in interest income on loans in the consolidated statements of earnings. The Company has no continuing ownership in any residential mortgage loans sold. The Company originates certain mortgage loans for sale in the secondary market. The mortgage loan sales contracts contain indemnification clauses should the loans default, generally in the first three to six months, or if documentation is determined not to be in compliance with regulations. The Company’s historic losses as a result of these indemnities have been insignificant. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 5 - Derivative Financial Instruments The Company enters into interest rate lock commitments (“IRLCs”) with customers to originate residential mortgage loans at a specific interest rate that are ultimately sold in the secondary market. 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 purchases forward mortgage-backed securities contracts to manage the changes in fair value associated with changes in interest rates related to a portion of the IRLCs. These instruments are typically entered into at the time the IRLC is made in the aggregate. The fair values of IRLCs are based on 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) net of estimated costs to originate the loan. The fair value of IRLCs 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 (see Note 9), as the valuations are based on observable market inputs. Forward mortgage-backed securities contracts are exchange-traded or traded within highly active dealer markets. In order to determine the fair value of these instruments, the Company utilizes the exchange price or dealer market price for the particular derivative contract and these instruments are therefore classified as Level 2 in the fair value disclosures (see Note 9). The estimated fair values are subject to change primarily due to changes in interest rates. The impact of these forward contracts is included in gain on sale and fees on mortgage loans in the statement of earnings. These financial instruments are not designated as hedging instruments for accounting purposes. All derivatives are carried at fair value in either other assets or other liabilities and are reflected in the gain on sale and fees on mortgage loans in the consolidated statement of earnings. The following tables provide the outstanding notional balances and fair values of outstanding derivative positions (dollars in thousands): September 30, 2023: Outstanding Asset Liability IRLCs $ 35,081 $ 409 $ — Forward mortgage-backed securities trades 45,500 237 — September 30, 2022: Outstanding Asset Liability IRLCs $ 78,653 $ — $ 251 Forward mortgage-backed securities trades 72,500 1,897 — December 31, 2022: Outstanding Asset Liability IRLCs $ 41,664 $ 400 $ — Forward mortgage-backed securities trades 45,000 85 — |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 6 – Borrowings Borrowings consisted of the following (dollars in thousands): September 30, December 31, 2023 2022 2022 Securities sold under agreements with customers to repurchase $ 621,791 $ 749,278 $ 618,829 Short-term borrowings 108,700 4,250 2,625 Other borrowings 21,053 21,053 21,053 Total $ 751,544 $ 774,581 $ 642,507 Securities sold under repurchase agreements are generally with significant customers of the Company that require short-term liquidity for their funds for which the Company pledges certain securities that have a fair value equal to at least the amount of the borrowings. The agreements mature daily and therefore the risk arising from a decline in the fair value of the collateral pledged is minimal. The securities pledged are mortgage-backed securities. These agreements do not include “right of set-off” provisions and therefore the Company does not offset such agreements for financial reporting purposes. The Company renewed its loan agreement, effective June 30, 2023 , with Frost Bank. Under the loan agreement, as renewed and amended, we are permitted to draw up to $ 25,000,000 on a revolving line of credit. There was no outstanding balance under the line of credit as of September 30, 2023. During 2021, the Company began investing in qualifying Community Development Entities ("CDE") under the federal New Market Tax Credits ("NMTC") program. See Note 7 for further discussion of our activity and related balances on the consolidated balance sheets, including the $ 21,053,000 in other borrowings shown above. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 - Income Taxes Income tax expense was $ 10,848,000 for the third quarter of 2023 as compared to $ 12,095,000 for the same period in 2022. The Company’s effective tax rates on pretax income were 17.96 % and 16.93 % for the third quarters of 2023 and 2022, respectively. Income tax expense was $ 34,291,000 for the nine-months ended September 30, 2023 as compared to $ 34,359,000 for the same period in 2022. The Company's effective tax rates on pretax income were 18.31 % and 16.35 % for the nine-months ended September 30, 2023 and 2022, respectively. The effective tax rates differ from the statutory federal tax rate of 21 % primarily due to tax exempt interest income earned on certain investment securities and loans, the deductibility of dividends paid to our employee stock ownership plan, excess tax benefits for distributions under our deferred compensation plan and vesting of equity awards, and NMTC benefits. Low Income Housing Tax Credit Investments - During 2021, the Company began investing in an affordable housing fund that will invest in real estate projects that qualify for the federal low-income housing tax credit ("LIHTC") program designed to promote private development of low income housing. The investments made by the fund will generate a return to the Company primarily through the realization of LIHTCs, and also through federal tax deductions generated from the ongoing operating losses from the investees of the fund. The Company's investment in the fund will be amortized through income tax expense using the proportional amortization method as related tax credits are utilized by the Company. The initial capital contribution commitment to the fund was for up to $ 5,500,000 . Contributions were $ 539,000 at September 30, 2023, and $ 131,000 at September 30, 2022, and December 31, 2022, respectively, which is included in other assets on the consolidated balance sheet. New Market Tax Credit Investments - During 2021, the Company began investing in qualifying CDEs under the federal NMTC program. NMTC investments are made through the third-party CDEs which are qualified through the U.S. Department of Treasury and receive periodic allocation of amounts under the NMTC program. NMTCs are generated from qualified investments by the CDEs utilizing equity investments made by a taxpayer, like the Company. Through these equity investments, the Company will receive the tax benefits from the NMTCs equal to 39 % of the qualified investment from the CDE yield method and related tax credits are allocated to the Company. At September 30, 2023, September 30, 2022, and December 31, 2022, the consolidated balance sheet of the Company included a $ 18,000,000 loan to the investee in loans and the $ 21,053,000 leveraged loan from the investee in other borrowings (see Note 6). At September 30, 2023 and 2022, and December 31, 2022, the consolidated balance sheet of the Company included CDE investments in other assets of $ 26,009,000 , $ 29,000,000 , and $ 26,825,000 , respectively. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Note 8 - Stock Based Compensation On April 27, 2021, the Company’s shareholders approved the 2021 Omnibus Stock and Incentive Plan (“2021 Plan”) and reserved 2,500,000 shares of the Company’s common stock for issuance under this plan. At September 30, 2023, the Company had 1,562,362 shares of stock remaining for issuance under the plan. The 2021 Plan superseded all prior stock option and restricted stock plans with shares previously reserved for issuance under such plans cancelled. Restricted Stock Units Under the 2021 Plan, the Company grants restricted stock units under compensation arrangements for the benefit of employees, senior and executive officers and directors. Restricted stock unit grants are subject to time-based vesting. The total number of restricted stock units granted represents the maximum number of restricted stock units eligible to vest based upon the service conditions set forth in the grant agreements. The following table summarizes information about the changes in restricted stock units for the nine-months ended September 30, 2023 and 2022. For the Nine-Months Ended September 30, 2023 2022 Restricted Weighted Restricted Weighted Balance at beginning of period 39,657 $ 47.83 22,597 $ 48.91 Grants 33,294 29.53 24,833 47.19 Vesting ( 14,553 ) 48.00 ( 7,425 ) 48.91 Forfeited/expired ( 2,888 ) 47.87 ( 348 ) 48.91 Balance at end of period 55,510 $ 36.81 39,657 $ 47.83 Performance Stock Units Also under the 2021 Plan, the Company awards performance-based restricted stock units (“PSUs”) to employees, senior and executive officers, and directors. Under the terms of the award, the number of units that will vest and convert to shares of common stock will be based on the extent to which the Company achieves specific performance criteria during the fixed three-year performance period. The number of shares issued upon vesting will range from 0 % to 200 % of the PSUs granted. The PSUs vest at the end of a three-year period based 50 % each on average adjusted earnings per share growth and return on average assets as reported, adjusted for unusual gains/losses, merger expenses, and other items as approved by the compensation committee of the Company's board of directors. Performance for each period is measured relative to other U.S. publicly traded banks with $ 10 billion to $ 50 billion in assets. Compensation expense for the PSUs will be estimated each period based on the fair value of the stock at the grant date and the most probable outcome of the performance condition, adjusted for the passage of time within the vesting period of the awards. The following table summarizes information about the changes in PSUs as of and for the nine-months ended September 30, 2023 and 2022. For the Nine-Months Ended September 30, 2023 2022 Performance-Based Restricted Weighted Performance-Based Restricted Weighted Balance at beginning of period 47,082 $ 48.00 22,597 $ 48.91 Grants 33,294 29.53 24,833 47.19 Vesting — — — — Forfeited/expired ( 3,456 ) 48.04 ( 348 ) 48.91 Balance at end of period 76,920 $ 40.01 47,082 $ 48.00 Restricted Stock Awards Under the 2021 Plan, the Company grants restricted stock awards under compensation arrangements for the benefit of employees, senior and executive officers and directors. Restricted stock awards are subject to time-based vesting. The total number of restricted stock awards granted represents the maximum number of shares of restricted stock eligible to vest based upon the service conditions set forth in the grant agreements. The following table summarizes information about vested and unvested restricted stock. For the Nine-Months Ended September 30, 2023 2022 Restricted Weighted Restricted Weighted Balance at beginning of period 24,813 $ 36.21 46,598 $ 35.75 Grants 25,190 27.79 15,425 40.89 Vesting ( 17,682 ) 38.54 ( 23,898 ) 40.40 Forfeited/expired ( 1,105 ) 29.70 ( 200 ) 29.70 Balance at end of period 31,216 $ 28.25 37,925 $ 34.94 The total fair value of restricted stock vested for the nine-months ended September 30, 2023 and 2022, was $ 940,000 and $ 1,363,000 , respectively. The Company recorded restricted stock unit, performance-based restricted stock unit and restricted stock award expense for employees of $ 483,000 and $ 370,000 for the three-months ended September 30, 2023 and 2022, respectively. The Company recorded restricted stock unit, performance-based restricted stock unit and restricted stock award expense for employees of $ 1,261,000 and $ 1,390,000 for the nine-months ended September 30, 2023 and 2022, respectively. The Company recorded director expense related to these restricted stock grants of $ 175,000 and $ 150,000 , for the three-months ended September 30, 2023 and 2022, respectively. The Company recorded director expense related to these restricted stock grants of $ 492,000 and $ 481,000 , for the nine-months ended September 30, 2023 and 2022, respectively. As of September 30, 2023 and 2022, there were $ 3,998,000 and $ 4,105,000 respectively, of total unrecognized compensation cost related to unvested restricted stock, restricted stock units and performance-based restricted stock units which is expected to be recognized over a weighted-average period of 1.27 years and 1.23 years, respectively. At September 30, 2023 and 2022, and December 31, 2022, there was $ 107,000 , $ 72,000 and $ 74,000 , respectively, accrued in other liabilities related to dividends declared to be paid upon vesting. Stock Option Plans Prior to the approval of the 2021 Plan, the 2012 Incentive Stock Option Plan (the “2012 Plan”) provided for the granting of options to employees of the Company at prices not less than market value at the date of the grant. The 2012 Plan provided that options granted vest and are exercisable after two years from the date of grant and vest at a rate of 20 % each year thereafter and have a 10-year term. The most recent grants from the 2021 Plan provided that 20 % of the options granted vest and are exercisable after one year from the date of grant and the remaining options vest and are exercisable at a rate of 20 % each year thereafter and have a 10-year term. Shares are issued under the 2012 Plan and the 2021 Plan from available authorized shares. An analysis of stock option activity for the nine-months ended September 30, 2023 is presented in the table and narrative below: Shares Weighted- Outstanding, December 31, 2022 1,490,413 $ 29.99 Granted 253,228 29.53 Exercised ( 84,000 ) 18.36 Cancelled ( 50,535 ) 42.90 Outstanding, September 30, 2023 1,609,106 30.12 Exercisable, September 30, 2023 938,924 $ 24.96 The options outstanding at September 30, 2023 had exercise prices ranging between $ 15.43 and $ 48.91 . Stock options have been adjusted retroactively for the effects of stock dividends and splits. The Company grants incentive stock options for a fixed number of shares with an exercise price equal to the fair value of the shares at the date of grant to employees. The Company recorded stock option expense totaling $ 391,000 and $ 360,000 for the three-months ended September 30, 2023 and 2022, respectively. The Company recorded stock option expense totaling $ 1,280,000 and $ 992,000 for the nine-months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, there was $ 5,746,000 of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the plans. That cost is expected to be recognized over a weighted-average period of 1.67 years. The total fair value of shares vested during the nine-months ended September 30, 2023 and 2022 was $ 2,110,000 and $ 1,747,000 , respectively. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Note 9 - Fair Value Disclosures The authoritative accounting guidance for fair value measurements defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The authoritative accounting guidance requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement costs). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, the authoritative guidance 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 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 (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 Inputs – Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities. A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed 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. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Securities classified as available-for-sale and trading are reported at fair value utilizing Level 1 and Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include market spreads, cash flows, the United States Treasury yield curve, live trading levels, trade execution data, dealer quotes, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other items. See Notes 4 and 5 related to the determination of fair value for loans held-for-sale, IRLCs and forward mortgage-backed securities trades. There were no transfers between Level 2 and Level 3 during the three and nine-months ended September 30, 2023 and 2022, and the year ended December 31, 2022. The following table summarizes the Company’s available-for-sale securities, loans held-for-sale, and derivatives which are measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Fair Available-for-sale investment securities: U.S. Treasury securities $ 485,447 $ — $ — $ 485,447 Obligations of state and political subdivisions — 1,463,754 — 1,463,754 Corporate bonds — 96,961 — 96,961 Residential mortgage-backed securities — 2,297,235 — 2,297,235 Commercial mortgage-backed securities — 305,348 — 305,348 Other securities 3,792 — — 3,792 Total $ 489,239 $ 4,163,298 $ — $ 4,652,537 Loans held-for-sale $ — $ 11,908 $ — $ 11,908 IRLCs $ — $ 409 $ — $ 409 Forward mortgage-backed securities trades $ — $ 237 $ — $ 237 September 30, 2022 Level 1 Level 2 Level 3 Total Fair Available-for-sale investment securities: U.S. Treasury securities $ 477,176 $ — $ — $ 477,176 Obligations of states and political subdivisions — 2,083,812 — 2,083,812 Corporate bonds — 96,322 — 96,322 Residential mortgage-backed securities — 2,696,881 — 2,696,881 Commercial mortgage-backed securities — 387,346 — 387,346 Other securities 3,906 — — 3,906 Total $ 481,082 $ 5,264,361 $ — $ 5,745,443 Loans held-for-sale $ — $ 15,892 $ — $ 15,892 IRLCs $ — $ ( 251 ) $ — $ ( 251 ) Forward mortgage-backed securities trades $ — $ 1,897 $ — $ 1,897 December 31, 2022 Level 1 Level 2 Level 3 Total Fair Available-for-sale investment securities: U.S. Treasury securities $ 482,549 $ — $ — $ 482,549 Obligations of state and political subdivisions — 1,898,611 — 1,898,611 Corporate bonds — 97,850 — 97,850 Residential mortgage-backed securities — 2,616,566 — 2,616,566 Commercial mortgage-backed securities — 374,869 — 374,869 Other securities 3,914 — — 3,914 Total $ 486,463 $ 4,987,896 $ — $ 5,474,359 Loans held-for-sale $ — $ 10,497 $ — $ 10,497 IRLCs $ — $ 400 $ — $ 400 Forward mortgage-backed securities trades $ — $ 85 $ — $ 85 The following table summarizes the Company’s loans held-for-sale at fair value and the net unrealized gains as of the balance sheet dates shown below (dollars in thousands): September 30, December 31, 2023 2022 2022 Unpaid principal balance on loans held-for-sale $ 11,684 $ 15,998 $ 10,226 Net unrealized gains on loans held-for-sale 224 ( 106 ) 271 Loans held-for-sale at fair value $ 11,908 $ 15,892 $ 10,497 The following table summarizes the Company’s gains on sale and fees of mortgage loans for the three and nine-months ended September 30, 2023 and 2022 (dollars in thousand): Three-Months Ended Nine-Months Ended 2023 2022 2023 2022 Realized gain on sale and fees on mortgage loans* $ 3,485 $ 4,664 $ 9,774 $ 16,973 Change in fair value on loans held-for-sale and IRLCs ( 121 ) ( 2,433 ) 24 ( 2,886 ) Change in forward mortgage-backed securities trades 78 1,839 152 2,044 Total gain on sale of mortgage loans $ 3,442 $ 4,070 $ 9,950 $ 16,131 * This includes gains on loans held-for-sale carried under the fair value method and lower of cost or market. No residential mortgage loans held-for-sale were 90 days or more past due or considered nonaccrual as of September 30, 2023, September 30, 2022, or December 31, 2022 . No significant credit losses were recognized on mortgage loans held-for-sale for the three and nine-months ended September 30, 2023 and 2022. Certain non-financial assets and non-financial liabilities measured at fair value on a nonrecurring basis include other real estate owned, goodwill and other intangible assets, and other non-financial long-lived assets. Non-financial assets measured at fair value on a non-recurring basis during the nine-months ended September 30, 2023 include other real estate owned which, subsequent to their initial transfer to other real estate owned from loans, were re-measured at fair value through a write-down included in gain (loss) on sale of foreclosed assets. During the reported periods, all fair value measurements for foreclosed assets utilized Level 2 inputs based on observable market data, generally third-party appraisals, or Level 3 inputs based on customized discounting criteria. These appraisals are evaluated individually and discounted as necessary due to the age of the appraisal, lack of comparable sales, expected holding periods of property or special use type of the property. Such discounts vary by appraisal based on the above factors but generally range from 5 % to 25 % of the appraised value. Re-evaluation of other real estate owned is performed at least annually as required by regulatory guidelines or more often if particular circumstances arise. There were no other real estate owned properties that were re-measured subsequent to their initial transfer to other real estate owned during the three and nine-months ended September 30, 2023 and 2022. At September 30, 2023, other real estate owned totaled $ 15,000 . At September 30, 2022 and December 31, 2022 , the Company had no other real estate owned. The Company is required under current authoritative accounting guidance to disclose the estimated fair value of their financial instrument assets and liabilities including those subject to the requirements discussed above. For the Company, as for most financial institutions, substantially all of its assets and liabilities are considered financial instruments. Many of the Company’s financial instruments, however, lack an available trading market as characterized by a willing buyer and willing seller engaging in an exchange transaction. The estimated fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. In addition, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates that must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values. Cash and due from banks, federal funds sold, interest-bearing deposits in banks and accrued interest receivable and payable are liquid in nature and considered Levels 1 or 2 of the fair value hierarchy. Financial instruments with stated maturities have been valued using a present value discounted cash flow with a discount rate approximating current market for similar assets and liabilities and are considered Levels 2 and 3 of the fair value hierarchy. Financial instrument liabilities with no stated maturities have an estimated fair value equal to both the amount payable on demand and the carrying value and are considered Level 1 of the fair value hierarchy. The carrying value and the estimated fair value of the Company’s contractual off-balance-sheet unfunded lines of credit, loan commitments and letters of credit, which are generally priced at market at the time of funding, are not material. The estimated fair values and carrying values of all financial instruments under current authoritative guidance were as follows (dollars in thousands). September 30, December 31, 2023 2022 2022 Carrying Estimated Carrying Estimated Carrying Estimated Fair Value Cash and due from banks $ 208,277 $ 208,277 $ 227,298 $ 227,298 $ 293,286 $ 293,286 Level 1 Interest-bearing demand deposits 180,008 180,008 138,484 138,484 37,392 37,392 Level 1 Available-for-sale securities 4,652,537 4,652,537 5,745,443 5,745,443 5,474,359 5,474,359 Levels 1 Loans held-for-investment, net of 6,904,982 6,890,218 6,181,380 6,215,441 6,366,034 6,372,859 Level 3 Loans held-for-sale 12,229 12,266 18,815 18,815 11,965 11,965 Level 2 Accrued interest receivable 53,518 53,518 49,416 49,416 58,162 58,162 Level 2 Deposits with stated maturities 1,004,227 1,002,893 418,102 416,400 524,666 518,811 Level 2 Deposits with no stated maturities 9,712,296 9,712,296 10,724,016 10,724,016 10,480,841 10,480,841 Level 1 Borrowings 751,544 751,544 774,581 774,581 642,507 642,507 Level 2 Accrued interest payable 13,557 13,557 494 494 1,121 1,121 Level 2 IRLCs 409 409 ( 251 ) ( 251 ) 400 400 Level 2 Forward mortgage-backed securities 237 237 1,897 1,897 85 85 Level 2 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations First Financial Bankshares, Inc., a Texas corporation, (“Bankshares,” “Company,” “we” or “us”) is a financial holding company which owns all of the capital stock of one bank with 80 locations located in Texas as of September 30, 2023 . The Company’s subsidiary bank is First Financial Bank, N.A. The Company’s primary source of revenue is providing loans and banking services to consumers and commercial customers in the market area in which First Financial Bank, N.A. is located. In addition, the Company also owns First Financial Trust & Asset Management Company, N.A., First Financial Insurance Agency, Inc. (inactive), First Technology Services, Inc., FB Investment Paris Fund, LLC, and FFB Portfolio Management, Inc. |
Basis of Presentation | Basis of Presentation A summary of significant accounting policies of the Company and its subsidiaries applied in the preparation of the accompanying consolidated financial statements follows. The accounting principles followed by the Company and the methods of applying them are in conformity with both United States generally accepted accounting principles (“GAAP”) and prevailing practices of the banking industry. The Company evaluated subsequent events for potential recognition through the date the consolidated financial statements were issued. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include its allowance for credit losses and its valuation of financial instruments. |
Consolidation | Consolidation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All significant intercompany accounts and transactions have been eliminated. |
Stock Repurchase | Stock Repurchase On July 27, 2021, the Company’s Board of Directors authorized the repurchase of up to 5,000,000 common shares through July 31, 2023. On July 25, 2023, the Company's Board of Directors renewed the prior authorization through July 31, 2024. The stock repurchase plan authorizes management to repurchase and retire the stock at such time as repurchases and retirements are considered beneficial to the Company and stockholders. Any repurchase of stock will be made through the open market, block trades, or in privately negotiated transactions in accordance with applicable laws and regulations. Under the repurchase plan, there is no minimum number of shares that the Company is required to repurchase. Under the prior authorization, 244,559 shares were repurchased and retired (all during the months of June and July 2022) at an average price of $ 38.61 per share. Under the current authorization, the Company has repurchased and retired 101,337 shares (all during September 2023) at an average price of $ 26.99 per share. |
Other Recently Issued and Effective Authoritative Accounting Guidance | Other Recently Issued and Effective Authoritative Accounting Guidance ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions for accounting related to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-04 was effective upon issuance, and based upon the amendments provided in ASU 2022-06 discussed below, can generally be applied through December 31, 2024. The adoption of ASU 2020-04 did not have a significant impact on our financial statements. ASU 2021-01, “Reference Rate Reform (Topic 848): Scope.” ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 was effective upon issuance, and based upon the amendments provided in ASU 2022-06 discussed below, can generally be applied through December 31, 2024. The adoption of ASU 2021-01 did not have a significant impact on our 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. ASU 2022-02 will also require that an entity disclose current-period gross charge-offs by year of origination for financial receivables and net investment leases within the scope of ASC Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost. ASU 2022-02 became effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, though early adoption is permitted. The adoption of ASU 2022-02 did not have a significant impact on our financial statements. ASU 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848." ASU 2022-06 extends the period of time preparers can utilize the reference rate reform relief guidance provided by ASU 2020-04 and ASU 2021-01, which are discussed above. ASU 2022-06, which was effective upon issuance, defers 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 have a significant impact on our financial statements. |
Investment Securities | Investment Securities Management classifies debt securities as held-to-maturity, available-for-sale, or trading based on its intent. Securities that management has the positive intent and ability to hold to maturity are classified as held-to-maturity and recorded at amortized cost, adjusted for amortization of premiums and accretion of discounts, which are recognized as adjustments to interest income using the interest method. Securities not classified as held-to-maturity or trading are classified as available-for-sale and recorded at fair value, with unrealized holding gains and losses (those for which no allowance for credit losses are recorded) reported as a component of other comprehensive income, net of tax. Management determines the appropriate classification of securities at the time of purchase. Interest income includes amortization of purchase premiums and discounts over the period to maturity using a level-yield method, except for premiums on callable securities, which are amortized to their earliest call date. Realized gains and losses are recorded on the sale of securities in noninterest income. The Company has made a policy election to exclude accrued interest from the amortized cost basis of securities and report accrued interest separately in other assets on the consolidated balance sheets. A security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on nonaccrual is reversed against interest income. There was no accrued interest related to securities reversed against interest income for the three and nine-months ended September 30, 2023 and 2022. The Company records its available-for-sale securities portfolio at fair value. Fair values of these securities are determined based on methodologies in accordance with current authoritative accounting guidance. Fair values are volatile and may be influenced by a number of factors, including market interest rates, prepayment speeds, discount rates, credit ratings, and yield curves. Fair values for securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on the quoted prices of similar instruments or an estimate of fair value by using a range of fair value estimates in the marketplace as a result of the illiquid market, specific to the type of security. The Company’s investment portfolio currently consists of obligations of state and political subdivisions, mortgage pass-through securities, corporate bonds and general obligation or revenue based municipal bonds. Pricing for such securities is generally readily available and transparent in the market. The Company utilizes independent third-party pricing services to value its investment securities, which the Company reviews as well as the underlying pricing methodologies for reasonableness and to ensure such prices are aligned with pricing matrices. The Company validates prices supplied by the independent pricing services by comparison to prices obtained from other third-party sources on a quarterly basis. |
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, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, any previously recognized allowances are charged-off and the security’s amortized cost basis is written down to fair value through income as a provision for credit losses. For available-for-sale securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, 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 from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Management has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. 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. At September 30, 2023 and 2022, and December 31, 2022 , no allowance for credit losses - available-for-sale securities was recorded. |
Allowance for Credit Losses – Held-to-Maturity Securities | Allowance for Credit Losses – Held-to-Maturity Securities The allowance for credit losses on held-to-maturity securities is a contra-asset valuation account, calculated in accordance with ASC 326, 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 our income statement as a component of credit loss expense. 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. Management has made the accounting policy election to exclude accrued interest receivable on held-to-maturity securities from the estimate of credit losses. At September 30, 2023 and 2022, and December 31, 2022 , the Company held no securities that were classified as held-to-maturity. |
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 payoff are reported at amortized cost, net of the allowance for credit losses. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, fair value hedge accounting adjustments, deferred loan fees and costs. The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans and report accrued interest separately from the related loan balance in other assets on the condensed consolidated balance sheets. Interest on loans is calculated by using the simple interest method on daily balances of the principal amounts outstanding. The Company defers and amortizes net loan origination fees and costs as an adjustment to yield. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on nonaccrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. In determining whether or not a borrower may be unable to meet payment obligations for each class of loans, we consider the borrower’s debt service capacity through the analysis of current financial information, if available, and/or current information with regards to our collateral position. Regulatory provisions would typically require the placement of a loan on nonaccrual status if 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 full payment of principal and interest is not expected. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income on nonaccrual loans is recognized only to the extent that cash payments are received in excess of principal due. A loan may be returned to accrual status when all the principal and interest amounts contractually due are brought current and future principal and interest amounts contractually due are reasonably assured. Further information regarding our accounting policies related to past due loans, nonaccrual loans and loans to borrowers experiencing financial difficulty is presented in Note 3. |
Acquired Loans | Acquired Loans Loans acquired in connection with acquisitions are recorded at their acquisition-date fair value. The allowance for credit losses related to the acquired loan portfolio is not carried over. Upon the adoption of ASC 326, 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. The Company uses a combination of individual and pooled review approaches to determine if acquired loans are PCD. At acquisition, the Company considers a number of factors to determine if an acquired loan or pool of loans has experienced more-than-insignificant credit deterioration. The initial allowance related to PCD loans that share similar risk characteristics is established using a pooled approach. The Company uses either a discounted cash flow or weighted average remaining life method to determine the required level of the allowance. PCD loans that were classified as nonaccrual as of the acquisition date and are collateral dependent are assessed for allowance on an individual basis. For PCD loans, an initial allowance is established on the acquisition date. Subsequent to the acquisition date, the initial allowance for credit losses on PCD loans will increase or decrease based on future evaluations, with changes recognized in the provision for credit losses. Non-PCD loans are pooled into segments together with originated 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 as well as a fair value adjustment to the amortized cost of the loan and accreted into income over the life of the loan. 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. Management considers a number of factors in evaluating the acquisition-date fair value including the remaining life, interest rate profile, market interest rate environment, payment schedules, risk ratings, probability of default and loss given default, and estimated prepayment rates. 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. 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 - Loans | Allowance for Credit Losses - Loans The allowance for credit losses (“allowance” or “ACL”) is a contra-asset valuation account, calculated in accordance with ASC 326, that is deducted from the amortized cost basis of loans. The ACL represents an amount which, in management’s judgement, is adequate to absorb the lifetime expected credit losses that may be experienced on outstanding loans at the balance sheet date based on the evaluation of the size and current risk characteristics of the loan portfolio, past events, current conditions, reasonable and supportable forecasts of future economic conditions and prepayment experience. The allowance for credit losses is measured and recorded upon the initial recognition of a financial asset. Determination of the adequacy of the allowance is inherently complex and requires the use of significant and highly subjective estimates. Loans are charged-off against the allowance when deemed uncollectible by management. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Adjustments to the allowance are reported in our income statement as a component of the provision for credit losses. Management has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses. The Company’s methodology for estimating the allowance includes: (1) a collective quantified reserve that reflects the Company’s historical default and loss experience adjusted for expected economic conditions throughout a reasonable and supportable period and the Company’s prepayment and curtailment rates; (2) collective qualitative factors that consider concentrations of the loan portfolio, expected changes to the economic forecasts, large relationships, early delinquencies, and factors related to credit administrations, including, among others, loan-to-value ratios, borrowers’ risk rating and credit score migrations; and (3) individual allowances on loans where borrowers are experiencing financial difficulty or when the Company determines that the foreclosure is probable. In calculating the allowance for credit losses, most loans are segmented into pools based upon similar characteristics and risk profiles. Common characteristics and risk profiles include the type/purpose of loan, underlying collateral, geographical similarity and historical/expected credit loss patterns. In developing these loan pools for the purposes of modeling expected credit losses, we also analyzed the degree of correlation in how loans within each portfolio respond when subjected to varying economic conditions and scenarios as well as other portfolio stress factors. For modeling purposes, our loan portfolio segments include Commercial and Industrial (“C&I”), Municipal, Agricultural, Construction and Development, Farm, Non-Owner Occupied and Owner Occupied Commercial Real Estate (“CRE”), Residential, Consumer Auto, and Consumer Non-Auto. We periodically reassess 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. Refer to Note 3 for more details on the Company’s portfolio segments. The Company applies two methodologies to estimate the allowance on its pooled portfolio segments; discounted cash flows method and weighted average remaining life method. Allowance estimates on the following portfolio segments are calculated using the discounted cash flows method: C&I, Municipal, Construction and Development, Farm, Non-Owner Occupied and Owner Occupied CRE, and Residential. Allowance estimates on the following portfolio segments are calculated using the remaining life method: Agriculture, Consumer Auto and Consumer Non-Auto. The models related to these methodologies utilize the Company’s historical default and loss experience adjusted for future economic forecasts. The reasonable and supportable forecast period represents a one-year economic outlook for the applicable economic variables. Following the end of the reasonable and supportable forecast period, expected losses revert back to the historical mean over the next two years on a straight-line basis. Economic variables that have the most significant impact on the allowance include: Texas unemployment rate, Texas house price index, and Texas retail sales index. Contractual loan level cash flows within the discounted cash flows methodology are adjusted for the Company’s historical prepayment and curtailment rate experience. In some cases, management may determine that an individual loan exhibits unique risk characteristics which differentiate the loan from other loans within our loan pools. In such cases, the loans are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Specific allocations of the allowance for credit losses are determined by analyzing the borrower’s ability to repay amounts owed, collateral deficiencies, the relative risk rating of the loan and economic conditions affecting the borrower’s industry, among other things. A loan is considered to be collateral dependent when, based upon management’s assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the collateral. In such cases, expected credit losses are based on the fair value of the collateral at the measurement date, adjusted for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. We reevaluate the fair value of collateral supporting collateral dependent loans on an ongoing basis. Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our 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. The various risks that may be considered in making Q-Factor adjustments include, among other things, the impact of (i) changes in lending policies and procedures, including changes in underwriting standards and practices for collections, write-offs, and recoveries, (ii) actual and expected changes in national, regional, and local economic and business conditions and developments that affect the collectability of the loan pools, (iii) changes in the nature, volume and size of a loan or the loan pools and in the terms of the underlying loans, (iv) changes in the experience, ability, and depth of our lending management and staff, (v) changes in volume and severity of past due financial assets, the volume of nonaccrual assets, and the volume and severity of adversely classified or graded assets, (vi) changes in the quality of our credit review function, (vii) changes in the value of the underlying collateral for loans that are non-collateral dependent, (viii) the existence, growth, and effect of any concentrations of credit and (ix) other factors such as the regulatory, legal and technological environments, competition, and events such as natural disasters or health pandemics. Management believes it uses relevant information available to make determinations about the allowance and that it has established the existing allowance in accordance with GAAP. However, the determination of the allowance requires significant judgment, and estimates of expected lifetime losses in the loan portfolio can vary significantly from the amounts actually observed. While management uses available information to recognize expected losses, future additions to the allowance may be necessary based on changes in the loans comprising the portfolio, changes in the current and forecasted economic conditions, changes to the interest rate environment which may directly impact prepayment and curtailment rate assumptions, and changes in the financial condition of borrowers. |
Allowance for Credit Losses - Off-Balance-Sheet/Reserve for Unfunded Commitments | Allowance for Credit Losses - Off-Balance-Sheet/Reserve for Unfunded Commitments 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 we are exposed to credit risk resulting from a contractual obligation to extend credit. These obligations include unfunded lines of credit, commitments to extend credit and federal funds sold to correspondent banks and standby letters of credit. No allowance is recognized if we have the unconditional right to cancel the obligation. The allowance is reported as a component of accrued interest payable and other liabilities in our consolidated balance sheets. Adjustments to the allowance are reported in our income statement as a component of the provision for credit losses. At September 30, 2023 and 2022, and December 31, 2022, the Company’s reserve for unfunded commitments totaled $ 7,903,000 , $ 10,879,000 and $ 12,323,000 , respectively, which is included in other liabilities in the consolidated balance sheet. |
Other Real Estate | Other Real Estate Other real estate owned is foreclosed property held pending disposition and is initially recorded at fair value, less estimated costs to sell, and is included in other assets in the consolidated balance sheet. At foreclosure, if the fair value of the real estate, less estimated costs to sell, is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the allowance for credit losses. Any subsequent reduction in value is recognized by a charge to income. Operating and holding expenses of such properties, net of related income, and gains/losses on their disposition are included in net gain (loss) on sale of foreclosed assets as incurred. |
Bank Premises and Equipment | Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed principally on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized over the life of the respective lease or the estimated useful lives of the improvements, whichever is shorter. |
Business Combinations, Goodwill and Other Intangible Assets | Business Combinations, Goodwill and Other Intangible Assets The Company accounts for all business combinations under the purchase method of accounting. Tangible and intangible assets and liabilities of the acquired entity are recorded at fair value. Intangible assets with finite useful lives represent the future benefit associated with the acquisition of the core deposits and are amortized over seven years , utilizing a method that approximates the expected attrition of the deposits. Goodwill with an indefinite life is not amortized, but rather tested annually for impairment as of June 30 each year. There was no impairment recorded during the nine-months ended September 30, 2023 or 2022 , respectively. |
Securities Sold Under Agreements To Repurchase | Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase, which are classified as borrowings, generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of the cash received in connection with the transaction. The Company may be required to provide additional collateral based on the estimated fair value of the underlying securities. |
Segment Reporting | Segment Reporting The Company has determined that its banking regions meet the aggregation criteria of the current authoritative accounting guidance since each of its banking regions offer similar products and services, operate in a similar manner, have similar customers and report to the same regulatory authority, and therefore operate one line of business (community banking) located in a single geographic area (Texas). |
Statements of Cash Flows | Statements of Cash Flows For purposes of reporting cash flows, cash and cash equivalents includes cash on hand, amounts due from banks, including interest-bearing deposits in banks with original maturity of 90 days or less , and federal funds sold. |
Accumulated Other Comprehensive Earnings (Loss) | Accumulated Other Comprehensive Earnings (Loss) Unrealized net losses on the Company’s available-for-sale securities, net of applicable income taxes, totaled $ 639,934,000 , $ 632,421,000 and $ 535,228,000 at September 30, 2023, and 2022, and December 31, 2022 , respectively, are included in accumulated other comprehensive earnings (loss) as a separate component of shareholders' equity. |
Income Taxes | Income Taxes The Company’s provision for income taxes is based on income before income taxes adjusted for permanent differences between financial reporting and taxable income. Deferred tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. As of September 30, 2023, and 2022, and December 31, 2022, deferred tax assets totaled $ 173,032,000 , $ 168,398,000 and $ 145,511,000 , respectively, and were included in other assets on the consolidated balance sheets. |
Stock Based Compensation | Stock Based Compensation The Company grants stock options for a fixed number of shares to employees with an exercise price equal to the fair value using the Black-Scholes model of the shares at the grant date. The grant date fair value is amortized over the vesting period which generally is three, five or six years. The Company also grants restricted stock and/or units for a fixed number of shares which generally vests over periods of one to three years, and performance stock units which vest over a 3-year period based on Company performance metrics relative to a defined peer group. For stock option grants, the exercise price is established based on the closing trading price. No adjustments have been necessary to properly value the grant based on the terms or other conditions of the grants. Expense is recognized based on the fair value of the portion of stock-based payment awards that ultimately expected to vest, reduced for forfeitures based on grant-date fair value. See Note 8 for further information. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. |
Per Share Data | Per Share Data Net earnings per share (“EPS”) are computed by dividing net earnings by the weighted average number of common shares outstanding during the period. The Company calculates dilutive EPS assuming all outstanding stock options to purchase common shares and unvested restricted stock shares and units have been exercised and/or vested at the beginning of the year (or the time of issuance, if later.) The dilutive effect of the outstanding options and restricted stock is reflected by application of the treasury stock method, whereby the proceeds from the exercised options and unearned compensation for both restricted stock and stock options are assumed to be used to purchase common shares at the average market price during the respective period. There were 864,000 and 478,000 anti-dilutive shares for the three and nine-months ended September 30, 2023, respectively, that were excluded from the computation of EPS. There were 346,000 and 272,000 anti-dilutive shares for the three and nine-months ended September 30, 2022 , respectively, that were excluded from the computation of EPS. The following table reconciles the computation of basic EPS to diluted EPS: Net Weighted Earnings Average Per Share (in thousands) Shares Amount For the three-months ended September 30, 2023: Net earnings per share, basic $ 49,556 142,707,260 $ 0.35 Effect of stock options and stock grants — 442,113 — Net earnings per share, diluted $ 49,556 143,149,373 $ 0.35 Net Weighted Earnings Average Per Share (in thousands) Shares Amount For the three-months ended September 30, 2022: Net earnings per share, basic $ 59,341 142,524,500 $ 0.42 Effect of stock options and stock grants — 601,588 ( 0.01 ) Net earnings per share, diluted $ 59,341 143,126,088 $ 0.41 Net Weighted Earnings Average Per Share (in thousands) Shares Amount For the nine-months ended September 30, 2023: Net earnings per share, basic $ 152,997 142,691,389 $ 1.07 Effect of stock options and stock grants — 351,469 — Net earnings per share, diluted $ 152,997 143,042,858 $ 1.07 Net Weighted Earnings Average Per Share (in thousands) Shares Amount For the nine-months ended September 30, 2022: Net earnings per share, basic $ 175,807 142,588,373 $ 1.23 Effect of stock options and stock grants — 658,395 — Net earnings per share, diluted $ 175,807 143,246,768 $ 1.23 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Computation of Basic EPS to Dilutive EPS | The following table reconciles the computation of basic EPS to diluted EPS: Net Weighted Earnings Average Per Share (in thousands) Shares Amount For the three-months ended September 30, 2023: Net earnings per share, basic $ 49,556 142,707,260 $ 0.35 Effect of stock options and stock grants — 442,113 — Net earnings per share, diluted $ 49,556 143,149,373 $ 0.35 Net Weighted Earnings Average Per Share (in thousands) Shares Amount For the three-months ended September 30, 2022: Net earnings per share, basic $ 59,341 142,524,500 $ 0.42 Effect of stock options and stock grants — 601,588 ( 0.01 ) Net earnings per share, diluted $ 59,341 143,126,088 $ 0.41 Net Weighted Earnings Average Per Share (in thousands) Shares Amount For the nine-months ended September 30, 2023: Net earnings per share, basic $ 152,997 142,691,389 $ 1.07 Effect of stock options and stock grants — 351,469 — Net earnings per share, diluted $ 152,997 143,042,858 $ 1.07 Net Weighted Earnings Average Per Share (in thousands) Shares Amount For the nine-months ended September 30, 2022: Net earnings per share, basic $ 175,807 142,588,373 $ 1.23 Effect of stock options and stock grants — 658,395 — Net earnings per share, diluted $ 175,807 143,246,768 $ 1.23 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Available-for-Sale Securities | The amortized cost, related gross unrealized gains and losses, allowance for credit losses and the fair value of available-for-sale securities are as follows (dollars in thousands): September 30, 2023 Gross Gross Amortized Unrealized Unrealized Estimated Cost Basis Holding Gains Holding Losses Fair Value Securities available-for-sale: U.S. Treasury securities $ 507,549 $ — $ ( 22,102 ) $ 485,447 Obligations of states and political subdivisions 1,726,947 120 ( 263,313 ) 1,463,754 Residential mortgage-backed securities 2,792,813 — ( 495,578 ) 2,297,235 Commercial mortgage-backed securities 323,539 — ( 18,191 ) 305,348 Corporate bonds and other 112,338 — ( 11,585 ) 100,753 Total securities available-for-sale $ 5,463,186 $ 120 $ ( 810,769 ) $ 4,652,537 September 30, 2022 Gross Gross Amortized Unrealized Unrealized Estimated Cost Basis Holding Gains Holding Losses Fair Value Securities available-for-sale: U.S. Treasury securities $ 504,457 $ 2 $ ( 27,283 ) $ 477,176 Obligations of states and political subdivisions 2,368,605 514 ( 285,307 ) 2,083,812 Residential mortgage-backed securities 3,153,864 14 ( 456,997 ) 2,696,881 Commercial mortgage-backed securities 406,530 1 ( 19,185 ) 387,346 Corporate bonds and other 113,015 - ( 12,787 ) 100,228 Total securities available-for-sale $ 6,546,471 $ 531 $ ( 801,559 ) $ 5,745,443 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Estimated Cost Basis Holding Gains Holding Losses Fair Value Securities available-for-sale: U.S. Treasury securities $ 508,275 $ 11 $ ( 25,737 ) $ 482,549 Obligations of states and political subdivisions 2,104,193 1,217 ( 206,799 ) 1,898,611 Residential mortgage-backed securities 3,034,120 8 ( 417,562 ) 2,616,566 Commercial mortgage-backed securities 392,914 1 ( 18,046 ) 374,869 Corporate bonds and other 112,846 - ( 11,082 ) 101,764 Total securities available-for-sale $ 6,152,348 $ 1,237 $ ( 679,226 ) $ 5,474,359 |
Amortized Cost and Estimated Fair Value of Available-for-Sale Securities | The amortized cost and estimated fair value of available-for-sale securities at September 30, 2023, by contractual and expected maturity, are shown below (dollars in thousands): Amortized Estimated Cost Basis Fair Value Due within one year $ 335,508 $ 327,912 Due after one year through five years 1,345,049 1,214,288 Due after five years through ten years 2,466,782 2,034,867 Due after ten years 1,315,847 1,075,470 Total $ 5,463,186 $ 4,652,537 |
Continuous Unrealized-Loss Position of Available-for-Sale Securities | The following tables disclose as of September 30, 2023 and 2022, and December 31, 2022 , the Company’s investment securities that have been in a continuous unrealized-loss position for less than 12 months and for 12 or more months (dollars in thousands): Less than 12 Months 12 Months or Longer Total September 30, 2023 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 4,867 $ 49 $ 480,580 $ 22,053 $ 485,447 $ 22,102 Obligations of states and political subdivisions 53,029 2,568 1,402,097 260,745 $ 1,455,126 263,313 Residential mortgage-backed securities 3,123 106 2,294,112 495,472 $ 2,297,235 495,578 Commercial mortgage-backed securities 1,274 87 304,074 18,104 $ 305,348 18,191 Corporate bonds and other — — 100,753 11,585 $ 100,753 11,585 Total $ 62,293 $ 2,810 $ 4,581,616 $ 807,959 $ 4,643,909 $ 810,769 Less than 12 Months 12 Months or Longer Total September 30, 2022 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 476,696 $ 27,283 $ — $ — $ 476,696 $ 27,283 Obligations of states and political subdivisions 1,828,105 254,212 139,732 31,095 1,967,837 285,307 Residential mortgage-backed securities 1,507,121 231,915 1,187,815 225,082 2,694,936 456,997 Commercial mortgage-backed securities 386,479 19,185 — — 386,479 19,185 Corporate bonds and other 59,782 4,544 40,446 8,243 100,228 12,787 Total $ 4,258,183 $ 537,139 $ 1,367,993 $ 264,420 $ 5,626,176 $ 801,559 Less than 12 Months 12 Months or Longer Total December 31, 2022 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 307,012 $ 11,650 $ 173,105 $ 14,087 $ 480,117 $ 25,737 Obligations of states and political subdivisions 770,469 55,943 946,571 150,856 1,717,040 206,799 Residential mortgage-backed securities 470,970 37,065 2,143,869 380,497 2,614,839 417,562 Commercial mortgage-backed securities 319,303 11,677 54,862 6,369 374,165 18,046 Corporate bonds and other 41,920 1,698 59,844 9,384 101,764 11,082 Total $ 1,909,674 $ 118,033 $ 3,378,251 $ 561,193 $ 5,287,925 $ 679,226 |
Loans Held for Investment and_2
Loans Held for Investment and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Loans Held-for-Investment by Portfolio Segment | Loans held-for-investment by portfolio segment are as follows (dollars in thousands): September 30, December 31, 2023 2022 2022 Commercial: C&I* $ 1,108,240 $ 871,335 $ 917,317 Municipal 218,358 214,852 221,090 Total Commercial 1,326,598 1,086,187 1,138,407 Agricultural 81,876 76,937 76,947 Real Estate: Construction & Development 929,570 938,051 959,426 Farm 341,052 268,139 306,322 Non-Owner Occupied CRE 828,900 717,738 732,089 Owner Occupied CRE 1,002,913 945,665 954,400 Residential 1,788,913 1,536,180 1,575,758 Total Real Estate 4,891,348 4,405,773 4,527,995 Consumer: Auto 540,382 538,798 550,635 Non-Auto 154,492 147,793 147,884 Total Consumer 694,874 686,591 698,519 Total Loans 6,994,696 6,255,488 6,441,868 Less: Allowance for credit losses ( 89,714 ) ( 74,108 ) ( 75,834 ) Loans, net $ 6,904,982 $ 6,181,380 $ 6,366,034 |
Non-Accrual Loans and Loans Still Accruing and Past Due 90 Days or More | The Company’s nonaccrual loans and loans still accruing and past due 90 days or more are as follows (dollars in thousands): September 30, December 31, 2023 2022 2022 Nonaccrual loans $ 38,812 $ 24,604 $ 24,325 Loans still accruing and past due 90 days or more 289 15 — Total nonperforming loans (1) $ 39,101 $ 24,619 $ 24,325 (1) With the adoption of ASU 2022-02, effective January 1, 2023, troubled debt restructuring ("TDR") accounting has been eliminated . |
Schedule of Non-Accrual Loans | Nonaccrual loans at September 30, 2023 and 2022, and December 31, 2022, consisted of the following (dollars in thousands): September 30, December 31, 2023 2022 2022 Commercial: C&I $ 3,365 $ 5,966 $ 5,057 Municipal — — — Total Commercial 3,365 5,966 5,057 Agricultural 838 338 324 Real Estate: Construction & Development 3,295 1,696 1,567 Farm 5,534 91 85 Non-Owner Occupied CRE 8,407 2,406 2,321 Owner Occupied CRE 7,812 6,703 7,092 Residential 8,990 6,781 7,419 Total Real Estate 34,038 17,677 18,484 Consumer: Auto 465 596 429 Non-Auto 106 27 31 Total Consumer 571 623 460 Total $ 38,812 $ 24,604 $ 24,325 |
Changes in Allowance for Loan Losses | Summary information on the allowance for credit losses for the three and nine-months ended September 30, 2023 and 2022, are outlined by portfolio segment in the following tables (dollars in thousands): Three-Months Ended September 30, 2023 C&I Municipal Agricultural Construction Farm Beginning balance $ 16,530 $ 187 $ 1,082 $ 28,966 $ 2,804 Provision for loan losses ( 64 ) ( 2 ) 53 ( 696 ) 131 Recoveries 56 — 21 6 — Charge-offs ( 715 ) — — — — Ending balance $ 15,807 $ 185 $ 1,156 $ 28,276 $ 2,935 Three-Months Ended September 30, 2023 (continued) Non-Owner Owner Residential Auto Non-Auto Total Beginning balance $ 13,471 $ 12,572 $ 9,767 $ 829 $ 333 $ 86,541 Provision for loan losses 2,330 767 1,035 172 95 3,821 Recoveries 16 187 3 96 47 432 Charge-offs — — ( 7 ) ( 235 ) ( 123 ) ( 1,080 ) Ending balance $ 15,817 $ 13,526 $ 10,798 $ 862 $ 352 $ 89,714 Three-Months Ended September 30, 2022 C&I Municipal Agricultural Construction Farm Beginning balance $ 18,589 $ 1,352 $ 1,162 $ 21,085 $ 1,006 Provision for loan losses ( 2,378 ) ( 33 ) ( 187 ) 4,614 149 Recoveries 266 — 18 — — Charge-offs ( 38 ) — — — — Ending balance $ 16,439 $ 1,319 $ 993 $ 25,699 $ 1,155 Three-Months Ended September 30, 2022 (continued) Non-Owner Owner Residential Auto Non-Auto Total Beginning balance $ 8,410 $ 10,740 $ 8,304 $ 912 $ 372 $ 71,932 Provision for loan losses ( 498 ) ( 1,303 ) 557 72 67 1,060 Recoveries 283 649 93 47 53 1,409 Charge-offs — — — ( 119 ) ( 136 ) ( 293 ) Ending balance $ 8,195 $ 10,086 $ 8,954 $ 912 $ 356 $ 74,108 Nine-Months Ended September 30, 2023 C&I Municipal Agricultural Construction Farm Beginning balance $ 16,129 $ 1,026 $ 1,041 $ 26,443 $ 1,957 Provision for loan losses 860 ( 841 ) ( 128 ) 1,727 978 Recoveries 221 — 243 106 — Charge-offs ( 1,403 ) — — — — Ending balance $ 15,807 $ 185 $ 1,156 $ 28,276 $ 2,935 Nine-Months Ended September 30, 2023 (continued) Non-Owner Owner Residential Auto Non- Total Beginning balance $ 9,075 $ 9,928 $ 9,075 $ 845 $ 315 $ 75,834 Provision for loan losses 6,679 3,390 1,826 341 218 15,050 Recoveries 63 208 18 329 128 1,316 Charge-offs — — ( 121 ) ( 653 ) ( 309 ) ( 2,486 ) Ending balance $ 15,817 $ 13,526 $ 10,798 $ 862 $ 352 $ 89,714 Nine-Months Ended September 30, 2022 C&I Municipal Agricultural Construction Farm Beginning balance $ 12,280 $ 348 $ 1,597 $ 17,627 $ 663 Provision for loan losses 3,598 971 ( 730 ) 8,172 492 Recoveries 824 — 135 — — Charge-offs ( 263 ) — ( 9 ) ( 100 ) — Ending balance $ 16,439 $ 1,319 $ 993 $ 25,699 $ 1,155 Nine-Months Ended September 30, 2022 (continued) Non-Owner Owner Residential Auto Non- Total Beginning balance $ 10,722 $ 10,828 $ 8,133 $ 896 $ 371 $ 63,465 Provision for loan losses ( 3,352 ) ( 1,323 ) 860 116 106 8,910 Recoveries 825 669 110 215 182 2,960 Charge-offs — ( 88 ) ( 149 ) ( 315 ) ( 303 ) ( 1,227 ) Ending balance $ 8,195 $ 10,086 $ 8,954 $ 912 $ 356 $ 74,108 |
Schedule of loans that are individually evaluated for credit losses | The Company’s loans that are ind ividually evaluated for credit losses (both collateral and non-collateral dependent) and their related allowances as of September 30, 2023 and 2022, and December 31, 2022, are summarized in the following tables by loan segment (dollars in thousands): September 30, 2023 Collateral Collateral Non-Collateral Total Loans Related Related Total Commercial: C&I $ 310 $ 3,055 $ 20,476 $ 23,841 $ 2,025 $ 4,651 $ 6,676 Municipal — — 1,377 1,377 — — — Total Commercial 310 3,055 21,853 25,218 2,025 4,651 6,676 Agricultural 215 623 1,278 2,116 58 594 652 Real Estate: Construction & Development 2,678 617 19,912 23,207 139 1,887 2,026 Farm 553 4,981 2,225 7,759 1,070 133 1,203 Non-Owner Occupied CRE 1,991 6,416 28,127 36,534 889 2,665 3,554 Owner Occupied CRE 5,473 2,339 34,988 42,800 400 1,635 2,035 Residential 6,059 2,931 29,453 38,443 281 1,865 2,146 Total Real Estate 16,754 17,284 114,705 148,743 2,779 8,185 10,964 Consumer: Auto — 465 1,858 2,323 1 3 4 Non-Auto — 106 599 705 — 2 2 Total Consumer — 571 2,457 3,028 1 5 6 Total $ 17,279 $ 21,533 $ 140,293 $ 179,105 $ 4,863 $ 13,435 $ 18,298 September 30, 2022 Collateral Collateral Non-Collateral Total Loans Related Related Total Commercial: C&I $ 334 $ 5,632 $ 20,844 $ 26,810 $ 4,094 $ 4,345 $ 8,439 Municipal — — 71 71 — — — Total Commercial 334 5,632 20,915 26,881 4,094 4,345 8,439 Agricultural 116 222 412 750 103 247 350 Real Estate: Construction & Development 919 777 5,461 7,157 207 384 591 Farm — 91 1,616 1,707 2 39 41 Non-Owner Occupied CRE 2,230 176 32,959 35,365 12 2,317 2,329 Owner Occupied CRE 5,700 1,003 30,136 36,839 103 1,958 2,061 Residential 4,129 2,652 26,057 32,838 293 1,347 1,640 Total Real Estate 12,978 4,699 96,229 113,906 617 6,045 6,662 Consumer: Auto — 596 1,096 1,692 1 2 3 Non-Auto — 27 461 488 — 1 1 Total Consumer — 623 1,557 2,180 1 3 4 Total $ 13,428 $ 11,176 $ 119,113 $ 143,717 $ 4,815 $ 10,640 $ 15,455 December 31, 2022 Collateral Collateral Non-Collateral Total Loans Related Related Total Commercial: C&I $ — $ 5,057 $ 24,325 $ 29,382 $ 3,513 $ 4,885 $ 8,398 Municipal — — 58 58 — — — Total Commercial — 5,057 24,383 29,440 3,513 4,885 8,398 Agricultural 116 209 354 679 122 276 398 Real Estate: Construction & Development 577 990 4,873 6,440 193 112 305 Farm — 85 1,578 1,663 2 34 36 Non-Owner Occupied CRE 2,062 259 36,037 38,358 16 2,341 2,357 Owner Occupied CRE 4,363 2,728 29,115 36,206 91 1,509 1,600 Residential 5,132 2,287 28,564 35,983 229 1,215 1,444 Total Real Estate 12,134 6,349 100,167 118,650 531 5,211 5,742 Consumer: Auto — 429 931 1,360 1 1 2 Non-Auto — 31 538 569 — 1 1 Total Consumer — 460 1,469 1,929 1 2 3 Total $ 12,250 $ 12,075 $ 126,373 $ 150,698 $ 4,167 $ 10,374 $ 14,541 |
Schedule of Allowance for Loan Losses by Portfolio Segment | The Company’s allowance for loans that are individually evaluated for credit losses and collectively evaluated for credit losses as of September 30, 2023 and 2022, and December 31, 2022, are summarized in the following table by loan segment (dollars in thousands). Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. September 30, 2023 C&I Municipal Agricultural Construction Farm Loans individually evaluated for credit losses $ 6,676 $ — $ 652 $ 2,026 $ 1,203 Loans collectively evaluated for credit losses 9,131 185 504 26,250 1,732 Total $ 15,807 $ 185 $ 1,156 $ 28,276 $ 2,935 September 30, 2023 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 3,554 $ 2,035 $ 2,146 $ 4 $ 2 $ 18,298 Loans collectively evaluated for credit losses 12,263 11,491 8,652 858 350 71,416 Total $ 15,817 $ 13,526 $ 10,798 $ 862 $ 352 $ 89,714 September 30, 2022 C&I Municipal Agricultural Construction Farm Loans individually evaluated for credit losses $ 8,439 $ — $ 350 $ 591 $ 41 Loans collectively evaluated for credit losses 8,000 1,319 643 25,108 1,114 Total $ 16,439 $ 1,319 $ 993 $ 25,699 $ 1,155 September 30, 2022 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 2,329 $ 2,061 $ 1,640 $ 3 $ 1 $ 15,455 Loans collectively evaluated for credit losses 5,866 8,025 7,314 909 355 58,653 Total $ 8,195 $ 10,086 $ 8,954 $ 912 $ 356 $ 74,108 December 31, 2022 C&I Municipal Agricultural Construction Farm Loans individually evaluated for credit losses $ 8,398 $ — $ 398 $ 305 $ 36 Loans collectively evaluated for credit losses 7,731 1,026 643 26,138 1,921 Total $ 16,129 $ 1,026 $ 1,041 $ 26,443 $ 1,957 December 31, 2022 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 2,357 $ 1,600 $ 1,444 $ 2 $ 1 $ 14,541 Loans collectively evaluated for credit losses 6,718 8,328 7,631 843 314 61,293 Total $ 9,075 $ 9,928 $ 9,075 $ 845 $ 315 $ 75,834 |
Schedule of Investment in Loans Related to Balance in Allowance for Loan Losses on Basis of Company's Impairment Methodology | The Company’s recorded investment in loans as of September 30, 2023 and 2022, and December 31, 2022, related to the balance in the allowance for credit losses follows below (dollars in thousands): September 30, 2023 C&I Municipal Agricultural Construction Farm Loans individually evaluated for credit losses $ 23,841 $ 1,377 $ 2,116 $ 23,207 $ 7,759 Loans collectively evaluated for credit losses 1,084,399 216,981 79,760 906,363 333,293 Total $ 1,108,240 $ 218,358 $ 81,876 $ 929,570 $ 341,052 September 30, 2023 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 36,534 $ 42,800 $ 38,443 $ 2,323 $ 705 $ 179,105 Loans collectively evaluated for credit losses 792,366 960,113 1,750,470 538,059 153,787 6,815,591 Total $ 828,900 $ 1,002,913 $ 1,788,913 $ 540,382 $ 154,492 $ 6,994,696 September 30, 2022 C&I Municipal Agricultural Construction Farm Loans individually evaluated for credit losses $ 26,810 $ 71 $ 750 $ 7,157 $ 1,707 Loans collectively evaluated for credit losses 844,525 214,781 76,187 930,894 266,432 Total $ 871,335 $ 214,852 $ 76,937 $ 938,051 $ 268,139 September 30, 2022 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 35,365 $ 36,839 $ 32,838 $ 1,692 $ 488 $ 143,717 Loans collectively evaluated for credit losses 682,373 908,826 1,503,342 537,106 147,305 6,111,771 Total $ 717,738 $ 945,665 $ 1,536,180 $ 538,798 $ 147,793 $ 6,255,488 December 31, 2022 C&I Municipal Agricultural Construction Farm Loans individually evaluated for credit losses $ 29,382 $ 58 $ 679 $ 6,440 $ 1,663 Loans collectively evaluated for credit losses 887,935 221,032 76,268 952,986 304,659 Total $ 917,317 $ 221,090 $ 76,947 $ 959,426 $ 306,322 December 31, 2022 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 38,358 $ 36,206 $ 35,983 $ 1,360 $ 569 $ 150,698 Loans collectively evaluated for credit losses 693,731 918,194 1,539,775 549,275 147,315 6,291,170 Total $ 732,089 $ 954,400 $ 1,575,758 $ 550,635 $ 147,884 $ 6,441,868 |
Schedule of Company's Internal Ratings of its Loans Held-for-Investment, Including The Year of Origination, by Portfolio Segments | The following summarizes the Company’s internal ratings of its loans held-for-investment, including the year of origination, by portfolio segments, at September 30, 2023 (dollars in millions): September 30, 2023 2022 2021 2020 2019 Prior Revolving Total C&I Risk rating: Pass $ 524 $ 386 $ 94 $ 40 $ 16 $ 24 $ — $ 1,084 Special mention 7 1 — — 1 — — 9 Substandard 2 5 3 2 1 2 — 15 Doubtful — — — — — — — — Total $ 533 $ 392 $ 97 $ 42 $ 18 $ 26 $ — $ 1,108 Year-to-Date Gross Charge-Offs $ — $ — $ 1 $ — $ — $ — $ — $ 1 September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Municipal Risk rating: Pass $ 20 $ 83 $ 16 $ 14 $ 2 $ 82 $ — $ 217 Special mention — — — — — — — — Substandard — — 1 — — — — 1 Doubtful — — — — — — — — Total $ 20 $ 83 $ 17 $ 14 $ 2 $ 82 $ — $ 218 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Agricultural Risk rating: Pass $ 42 $ 30 $ 5 $ 2 $ 1 $ — $ — $ 80 Special mention — — — — — — — — Substandard 1 1 — — — — — 2 Doubtful — — — — — — — — Total $ 43 $ 31 $ 5 $ 2 $ 1 $ — $ — $ 82 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Construction & Development Risk rating: Pass $ 373 $ 401 $ 94 $ 22 $ 10 $ 7 $ — $ 907 Special mention 7 4 — — — — — 11 Substandard 8 3 1 — — — — 12 Doubtful — — — — — — — — Total $ 388 $ 408 $ 95 $ 22 $ 10 $ 7 $ — $ 930 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Farm Risk rating: Pass $ 83 $ 116 $ 75 $ 25 $ 9 $ 25 $ — $ 333 Special mention — — — — — — — — Substandard — 1 1 5 — 1 — 8 Doubtful — — — — — — — — Total $ 83 $ 117 $ 76 $ 30 $ 9 $ 26 $ — $ 341 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Non-Owner Occupied CRE Risk rating: Pass $ 134 $ 240 $ 182 $ 116 $ 45 $ 75 $ — $ 792 Special mention — 4 1 — 11 2 — 18 Substandard 1 1 1 7 2 7 — 19 Doubtful — — — — — — — — Total $ 135 $ 245 $ 184 $ 123 $ 58 $ 84 $ — $ 829 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Owner Occupied CRE Risk rating: Pass $ 81 $ 320 $ 228 $ 118 $ 64 $ 149 $ — $ 960 Special mention 1 — 5 — 3 — — 9 Substandard 3 6 4 — 5 16 — 34 Doubtful — — — — — — — — Total $ 85 $ 326 $ 237 $ 118 $ 72 $ 165 $ — $ 1,003 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Residential Risk rating: Pass $ 368 $ 443 $ 325 $ 165 $ 70 $ 241 $ 139 $ 1,751 Special mention — 2 2 2 — 3 1 10 Substandard 4 5 4 3 2 8 2 28 Doubtful — — — — — — — — Total $ 372 $ 450 $ 331 $ 170 $ 72 $ 252 $ 142 $ 1,789 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Auto Risk rating: Pass $ 168 $ 237 $ 86 $ 32 $ 13 $ 2 $ — $ 538 Special mention — — — — — — — — Substandard — 1 1 — — — — 2 Doubtful — — — — — — — — Total $ 168 $ 238 $ 87 $ 32 $ 13 $ 2 $ — $ 540 Year-to-Date Gross Charge-Offs $ — $ 1 $ — $ — $ — $ — $ — $ 1 September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Non-Auto Risk rating: Pass $ 60 $ 54 $ 26 $ 5 $ 1 $ 1 $ 7 $ 154 Special mention — — — — — — — — Substandard 1 — — — — — — 1 Doubtful — — — — — — — — Total $ 61 $ 54 $ 26 $ 5 $ 1 $ 1 $ 7 $ 155 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 2022 2021 2020 2019 Prior Revolving Total Total Loans Risk rating: Pass $ 1,853 $ 2,310 $ 1,131 $ 539 $ 231 $ 606 $ 146 $ 6,816 Special mention 15 11 8 2 15 5 1 57 Substandard 20 23 16 17 10 34 2 122 Doubtful — — — — — — — — Total $ 1,888 $ 2,344 $ 1,155 $ 558 $ 256 $ 645 $ 149 $ 6,995 Year-to-Date Gross Charge-Offs $ — $ 1 $ 1 $ — $ — $ — $ — $ 2 |
Schedule of Internal Ratings of Loans | The following summarizes the Company’s internal ratings of its loans held-for-investment, including the year of origination, by portfolio segments, at September 30, 2022 (dollars in millions): September 30, 2022 2021 2020 2019 2018 Prior Revolving Total C&I Risk rating: Pass $ 495 $ 226 $ 65 $ 24 $ 18 $ 16 $ — $ 844 Special mention 1 — — 1 — — — 2 Substandard 11 7 3 1 3 — — 25 Doubtful — — — — — — — — Total $ 507 $ 233 $ 68 $ 26 $ 21 $ 16 $ — $ 871 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Municipal Risk rating: Pass $ 67 $ 21 $ 16 $ 5 $ 20 $ 86 $ — $ 215 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total $ 67 $ 21 $ 16 $ 5 $ 20 $ 86 $ — $ 215 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Agricultural Risk rating: Pass $ 46 $ 21 $ 4 $ 3 $ 1 $ 1 $ — $ 76 Special mention — — — — — — — — Substandard — 1 — — — — — 1 Doubtful — — — — — — — — Total $ 46 $ 22 $ 4 $ 3 $ 1 $ 1 $ — $ 77 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Construction & Development Risk rating: Pass $ 504 $ 317 $ 78 $ 15 $ 8 $ 9 $ — $ 931 Special mention — 2 — — — — — 2 Substandard 4 1 — — — — — 5 Doubtful — — — — — — — — Total $ 508 $ 320 $ 78 $ 15 $ 8 $ 9 $ — $ 938 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Farm Risk rating: Pass $ 101 $ 89 $ 33 $ 12 $ 8 $ 23 $ — $ 266 Special mention — — — — — — — — Substandard 1 — — — — 1 — 2 Doubtful — — — — — — — — Total $ 102 $ 89 $ 33 $ 12 $ 8 $ 24 $ — $ 268 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Non-Owner Occupied CRE Risk rating: Pass $ 223 $ 200 $ 108 $ 51 $ 22 $ 79 $ — $ 683 Special mention — 1 — 11 — 7 — 19 Substandard 5 1 1 2 1 6 — 16 Doubtful — — — — — — — — Total $ 228 $ 202 $ 109 $ 64 $ 23 $ 92 $ — $ 718 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Owner Occupied CRE Risk rating: Pass $ 280 $ 223 $ 134 $ 81 $ 67 $ 124 $ — $ 909 Special mention — 1 2 4 — 1 — 8 Substandard 1 2 1 3 11 11 — 29 Doubtful — — — — — — — — Total $ 281 $ 226 $ 137 $ 88 $ 78 $ 136 $ — $ 946 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Residential Risk rating: Pass $ 433 $ 382 $ 183 $ 87 $ 68 $ 224 $ 126 $ 1,503 Special mention — 2 3 — — 3 — 8 Substandard 4 3 3 2 1 9 3 25 Doubtful — — — — — — — — Total $ 437 $ 387 $ 189 $ 89 $ 69 $ 236 $ 129 $ 1,536 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Auto Risk rating: Pass $ 284 $ 149 $ 64 $ 29 $ 8 $ 3 $ — $ 537 Special mention — — — — — — — — Substandard — — 1 1 — — — 2 Doubtful — — — — — — — Total $ 284 $ 149 $ 65 $ 30 $ 8 $ 3 $ — $ 539 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Non-Auto Risk rating: Pass $ 73 $ 48 $ 13 $ 4 $ 2 $ 1 $ 7 $ 148 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total $ 73 $ 48 $ 13 $ 4 $ 2 $ 1 $ 7 $ 148 September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Total Loans Risk rating: Pass $ 2,506 $ 1,676 $ 698 $ 311 $ 222 $ 566 $ 133 $ 6,112 Special mention 1 6 5 16 — 11 — 39 Substandard 26 15 9 9 16 27 3 105 Doubtful — — — — — — — — Total $ 2,533 $ 1,697 $ 712 $ 336 $ 238 $ 604 $ 136 $ 6,256 The following summarizes the Company’s internal ratings of its loans held-for-investment, including the year of origination, by portfolio segments, at December 31, 2022 (dollars in millions): December 31, 2022 2021 2020 2019 2018 Prior Revolving Total C&I Risk rating: Pass $ 627 $ 157 $ 52 $ 22 $ 16 $ 13 $ — $ 887 Special mention 4 1 2 1 — — — 8 Substandard 13 5 2 1 1 — — 22 Doubtful — — — — — — — — Total $ 644 $ 163 $ 56 $ 24 $ 17 $ 13 $ — $ 917 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Municipal Risk rating: Pass $ 79 $ 19 $ 15 $ 4 $ 20 $ 84 $ — $ 221 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total $ 79 $ 19 $ 15 $ 4 $ 20 $ 84 $ — $ 221 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Agricultural Risk rating: Pass $ 60 $ 9 $ 3 $ 2 $ 1 $ 1 $ — $ 76 Special mention — — — — — — — — Substandard — 1 — — — — — 1 Doubtful — — — — — — — — Total $ 60 $ 10 $ 3 $ 2 $ 1 $ 1 $ — $ 77 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Construction & Development Risk rating: Pass $ 638 $ 218 $ 70 $ 13 $ 8 $ 7 $ — $ 954 Special mention 1 — — — — — — 1 Substandard 4 1 — — — — — 5 Doubtful — — — — — — — — Total $ 643 $ 219 $ 70 $ 13 $ 8 $ 7 $ — $ 960 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Farm Risk rating: Pass $ 147 $ 85 $ 32 $ 11 $ 8 $ 21 $ — $ 304 Special mention — — — — — — — — Substandard 1 — — — — 1 — 2 Doubtful — — — — — — — — Total $ 148 $ 85 $ 32 $ 11 $ 8 $ 22 $ — $ 306 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Non-Owner Occupied CRE Risk rating: Pass $ 258 $ 191 $ 100 $ 49 $ 21 $ 75 $ — $ 694 Special mention — 1 1 11 — 7 — 20 Substandard 8 1 1 2 1 5 — 18 Doubtful — — — — — — — — Total $ 266 $ 193 $ 102 $ 62 $ 22 $ 87 $ — $ 732 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Owner Occupied CRE Risk rating: Pass $ 316 $ 224 $ 128 $ 74 $ 63 $ 113 $ — $ 918 Special mention 1 — 1 8 — 1 — 11 Substandard 1 2 1 2 9 10 — 25 Doubtful — — — — — — — — Total $ 318 $ 226 $ 130 $ 84 $ 72 $ 124 $ — $ 954 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Residential Risk rating: Pass $ 513 $ 355 $ 173 $ 82 $ 64 $ 214 $ 139 $ 1,540 Special mention 1 3 2 — — 3 1 10 Substandard 6 3 2 2 1 9 3 26 Doubtful — — — — — — — — Total $ 520 $ 361 $ 177 $ 84 $ 65 $ 226 $ 143 $ 1,576 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Auto Risk rating: Pass $ 331 $ 131 $ 55 $ 25 $ 6 $ 2 $ — $ 550 Special mention — — — — — — — — Substandard — — 1 — — — — 1 Doubtful — — — — — — — — Total $ 331 $ 131 $ 56 $ 25 $ 6 $ 2 $ — $ 551 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Non-Auto Risk rating: Pass $ 85 $ 41 $ 9 $ 3 $ 1 $ 1 $ 7 $ 147 Special mention — — — — — — — — Substandard — 1 — — — — — 1 Doubtful — — — — — — — — Total $ 85 $ 42 $ 9 $ 3 $ 1 $ 1 $ 7 $ 148 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Total Loans Risk rating: Pass $ 3,054 $ 1,430 $ 637 $ 285 $ 208 $ 531 $ 146 $ 6,291 Special mention 7 5 6 20 — 11 1 50 Substandard 33 14 7 7 12 25 3 101 Doubtful — — — — — — — — Total $ 3,094 $ 1,449 $ 650 $ 312 $ 220 $ 567 $ 150 $ 6,442 |
Schedule of Past Due Loans | At September 30, 2023 and 2022, and December 31, 2022, the Company’s past due loans are as follows (dollars in thousands): September 30, 2023 15-59 60-89 Greater Total Past Current Total Loans 90 Days Commercial: C&I $ 5,111 $ 390 $ 1,388 $ 6,889 $ 1,101,351 $ 1,108,240 $ 109 Municipal 481 — — 481 217,877 218,358 — Total Commercial 5,592 390 1,388 7,370 1,319,228 1,326,598 109 Agricultural 187 — 550 737 81,139 81,876 32 Real Estate: Construction & Development 10,037 169 1,986 12,192 917,378 929,570 — Farm 706 — 205 911 340,141 341,052 — Non-Owner Occupied CRE 2,748 — — 2,748 826,152 828,900 — Owner Occupied CRE 1,867 — 476 2,343 1,000,570 1,002,913 — Residential 9,049 1,658 2,067 12,774 1,776,139 1,788,913 148 Total Real Estate 24,407 1,827 4,734 30,968 4,860,380 4,891,348 148 Consumer: Auto 339 176 32 547 539,835 540,382 — Non-Auto 217 2 9 228 154,264 154,492 — Total Consumer 556 178 41 775 694,099 694,874 — Total $ 30,742 $ 2,395 $ 6,713 $ 39,850 $ 6,954,846 $ 6,994,696 $ 289 September 30, 2022 15-59 60-89 Greater Total Past Current Total Loans 90 Days Commercial: C&I $ 5,422 $ 73 $ 1,515 $ 7,010 $ 864,325 $ 871,335 $ — Municipal — — — — 214,852 214,852 — Total Commercial 5,422 73 1,515 7,010 1,079,177 1,086,187 — Agricultural 290 93 — 383 76,554 76,937 — Real Estate: Construction & Development 2,958 600 — 3,558 934,493 938,051 — Farm 822 150 — 972 267,167 268,139 — Non-Owner Occupied CRE 536 — — 536 717,202 717,738 — Owner Occupied CRE 1,138 37 — 1,175 944,490 945,665 — Residential 4,834 252 15 5,101 1,531,079 1,536,180 15 Total Real Estate 10,288 1,039 15 11,342 4,394,431 4,405,773 15 Consumer: Auto 267 76 33 376 538,422 538,798 — Non-Auto 66 10 — 76 147,717 147,793 — Total Consumer 333 86 33 452 686,139 686,591 — Total $ 16,333 $ 1,291 $ 1,563 $ 19,187 $ 6,236,301 $ 6,255,488 $ 15 December 31, 2022 15-59 60-89 Greater Total Past Current Total Loans 90 Days Commercial: C&I $ 3,924 $ 297 $ 1,646 $ 5,867 $ 911,450 $ 917,317 $ — Municipal 76 783 — 859 220,231 221,090 — Total Commercial 4,000 1,080 1,646 6,726 1,131,681 1,138,407 — Agricultural 243 — — 243 76,704 76,947 — Real Estate: Construction & Development 3,751 — 175 3,926 955,500 959,426 — Farm 668 — — 668 305,654 306,322 — Non-Owner Occupied CRE 1,444 160 — 1,604 730,485 732,089 — Owner Occupied CRE 1,151 — — 1,151 953,249 954,400 — Residential 8,720 707 266 9,693 1,566,065 1,575,758 — Total Real Estate 15,734 867 441 17,042 4,510,953 4,527,995 — Consumer: Auto 779 30 — 809 549,826 550,635 — Non-Auto 50 — — 50 147,834 147,884 — Total Consumer 829 30 — 859 697,660 698,519 — Total $ 20,806 $ 1,977 $ 2,087 $ 24,870 $ 6,416,998 $ 6,441,868 $ — * The Company monitors commercial, agricultural and real estate loans after such loans are 15 days past due. Consumer loans are monitored after such loans are 30 days past due. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Outstanding Notional Balances and Fair Values of Outstanding Derivative Positions | The following tables provide the outstanding notional balances and fair values of outstanding derivative positions (dollars in thousands): September 30, 2023: Outstanding Asset Liability IRLCs $ 35,081 $ 409 $ — Forward mortgage-backed securities trades 45,500 237 — September 30, 2022: Outstanding Asset Liability IRLCs $ 78,653 $ — $ 251 Forward mortgage-backed securities trades 72,500 1,897 — December 31, 2022: Outstanding Asset Liability IRLCs $ 41,664 $ 400 $ — Forward mortgage-backed securities trades 45,000 85 — |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Borrowings consisted of the following (dollars in thousands): September 30, December 31, 2023 2022 2022 Securities sold under agreements with customers to repurchase $ 621,791 $ 749,278 $ 618,829 Short-term borrowings 108,700 4,250 2,625 Other borrowings 21,053 21,053 21,053 Total $ 751,544 $ 774,581 $ 642,507 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Changes in Restricted Stock Units | The following table summarizes information about the changes in restricted stock units for the nine-months ended September 30, 2023 and 2022. For the Nine-Months Ended September 30, 2023 2022 Restricted Weighted Restricted Weighted Balance at beginning of period 39,657 $ 47.83 22,597 $ 48.91 Grants 33,294 29.53 24,833 47.19 Vesting ( 14,553 ) 48.00 ( 7,425 ) 48.91 Forfeited/expired ( 2,888 ) 47.87 ( 348 ) 48.91 Balance at end of period 55,510 $ 36.81 39,657 $ 47.83 |
Schedule of Changes in Performance Stock Units | The following table summarizes information about the changes in PSUs as of and for the nine-months ended September 30, 2023 and 2022. For the Nine-Months Ended September 30, 2023 2022 Performance-Based Restricted Weighted Performance-Based Restricted Weighted Balance at beginning of period 47,082 $ 48.00 22,597 $ 48.91 Grants 33,294 29.53 24,833 47.19 Vesting — — — — Forfeited/expired ( 3,456 ) 48.04 ( 348 ) 48.91 Balance at end of period 76,920 $ 40.01 47,082 $ 48.00 |
Summary of Vested and Unvested Restricted Stock Outstanding | The following table summarizes information about vested and unvested restricted stock. For the Nine-Months Ended September 30, 2023 2022 Restricted Weighted Restricted Weighted Balance at beginning of period 24,813 $ 36.21 46,598 $ 35.75 Grants 25,190 27.79 15,425 40.89 Vesting ( 17,682 ) 38.54 ( 23,898 ) 40.40 Forfeited/expired ( 1,105 ) 29.70 ( 200 ) 29.70 Balance at end of period 31,216 $ 28.25 37,925 $ 34.94 |
Schedule of Analysis of Stock Option Activity | An analysis of stock option activity for the nine-months ended September 30, 2023 is presented in the table and narrative below: Shares Weighted- Outstanding, December 31, 2022 1,490,413 $ 29.99 Granted 253,228 29.53 Exercised ( 84,000 ) 18.36 Cancelled ( 50,535 ) 42.90 Outstanding, September 30, 2023 1,609,106 30.12 Exercisable, September 30, 2023 938,924 $ 24.96 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the Company’s available-for-sale securities, loans held-for-sale, and derivatives which are measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Fair Available-for-sale investment securities: U.S. Treasury securities $ 485,447 $ — $ — $ 485,447 Obligations of state and political subdivisions — 1,463,754 — 1,463,754 Corporate bonds — 96,961 — 96,961 Residential mortgage-backed securities — 2,297,235 — 2,297,235 Commercial mortgage-backed securities — 305,348 — 305,348 Other securities 3,792 — — 3,792 Total $ 489,239 $ 4,163,298 $ — $ 4,652,537 Loans held-for-sale $ — $ 11,908 $ — $ 11,908 IRLCs $ — $ 409 $ — $ 409 Forward mortgage-backed securities trades $ — $ 237 $ — $ 237 September 30, 2022 Level 1 Level 2 Level 3 Total Fair Available-for-sale investment securities: U.S. Treasury securities $ 477,176 $ — $ — $ 477,176 Obligations of states and political subdivisions — 2,083,812 — 2,083,812 Corporate bonds — 96,322 — 96,322 Residential mortgage-backed securities — 2,696,881 — 2,696,881 Commercial mortgage-backed securities — 387,346 — 387,346 Other securities 3,906 — — 3,906 Total $ 481,082 $ 5,264,361 $ — $ 5,745,443 Loans held-for-sale $ — $ 15,892 $ — $ 15,892 IRLCs $ — $ ( 251 ) $ — $ ( 251 ) Forward mortgage-backed securities trades $ — $ 1,897 $ — $ 1,897 December 31, 2022 Level 1 Level 2 Level 3 Total Fair Available-for-sale investment securities: U.S. Treasury securities $ 482,549 $ — $ — $ 482,549 Obligations of state and political subdivisions — 1,898,611 — 1,898,611 Corporate bonds — 97,850 — 97,850 Residential mortgage-backed securities — 2,616,566 — 2,616,566 Commercial mortgage-backed securities — 374,869 — 374,869 Other securities 3,914 — — 3,914 Total $ 486,463 $ 4,987,896 $ — $ 5,474,359 Loans held-for-sale $ — $ 10,497 $ — $ 10,497 IRLCs $ — $ 400 $ — $ 400 Forward mortgage-backed securities trades $ — $ 85 $ — $ 85 |
Summary of Loans Held-for-Sale at Fair Value | The following table summarizes the Company’s loans held-for-sale at fair value and the net unrealized gains as of the balance sheet dates shown below (dollars in thousands): September 30, December 31, 2023 2022 2022 Unpaid principal balance on loans held-for-sale $ 11,684 $ 15,998 $ 10,226 Net unrealized gains on loans held-for-sale 224 ( 106 ) 271 Loans held-for-sale at fair value $ 11,908 $ 15,892 $ 10,497 |
Summary of Gain Loss on Sale of Mortgage Loans | The following table summarizes the Company’s gains on sale and fees of mortgage loans for the three and nine-months ended September 30, 2023 and 2022 (dollars in thousand): Three-Months Ended Nine-Months Ended 2023 2022 2023 2022 Realized gain on sale and fees on mortgage loans* $ 3,485 $ 4,664 $ 9,774 $ 16,973 Change in fair value on loans held-for-sale and IRLCs ( 121 ) ( 2,433 ) 24 ( 2,886 ) Change in forward mortgage-backed securities trades 78 1,839 152 2,044 Total gain on sale of mortgage loans $ 3,442 $ 4,070 $ 9,950 $ 16,131 |
Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments | The estimated fair values and carrying values of all financial instruments under current authoritative guidance were as follows (dollars in thousands). September 30, December 31, 2023 2022 2022 Carrying Estimated Carrying Estimated Carrying Estimated Fair Value Cash and due from banks $ 208,277 $ 208,277 $ 227,298 $ 227,298 $ 293,286 $ 293,286 Level 1 Interest-bearing demand deposits 180,008 180,008 138,484 138,484 37,392 37,392 Level 1 Available-for-sale securities 4,652,537 4,652,537 5,745,443 5,745,443 5,474,359 5,474,359 Levels 1 Loans held-for-investment, net of 6,904,982 6,890,218 6,181,380 6,215,441 6,366,034 6,372,859 Level 3 Loans held-for-sale 12,229 12,266 18,815 18,815 11,965 11,965 Level 2 Accrued interest receivable 53,518 53,518 49,416 49,416 58,162 58,162 Level 2 Deposits with stated maturities 1,004,227 1,002,893 418,102 416,400 524,666 518,811 Level 2 Deposits with no stated maturities 9,712,296 9,712,296 10,724,016 10,724,016 10,480,841 10,480,841 Level 1 Borrowings 751,544 751,544 774,581 774,581 642,507 642,507 Level 2 Accrued interest payable 13,557 13,557 494 494 1,121 1,121 Level 2 IRLCs 409 409 ( 251 ) ( 251 ) 400 400 Level 2 Forward mortgage-backed securities 237 237 1,897 1,897 85 85 Level 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 2 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | |||
Jul. 31, 2022 $ / shares shares | Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) shares | Jul. 27, 2021 shares | Sep. 30, 2023 USD ($) Location $ / shares shares | Sep. 30, 2022 USD ($) shares | Dec. 31, 2022 USD ($) | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of locations | Location | 80 | ||||||
Minimum number of shares that company is required to repurchase | shares | 0 | ||||||
Amount of allowance for credit loss | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Shares repurchased and retired average price | $ / shares | $ 38.61 | $ 26.99 | |||||
Minimum number of days to consider the loans as non-accrual | 90 days | ||||||
Impairment recorded | $ 0 | 0 | |||||
Other identifiable intangible assets, amortized period (years) | 7 years | 7 years | |||||
Securities sold under agreements to repurchase maturity range (in days) | one to four days | ||||||
Interest-bearing time deposits, maturity period (in days) | 90 days or less | ||||||
Unrealized net losses in available-for-sale securities, included in accumulated other comprehensive income | $ (639,934,000) | $ (632,421,000) | $ (639,934,000) | $ (632,421,000) | (535,228,000) | ||
First financial antidilutive securities excluded from eps computation | shares | 864,000 | 346,000 | 478,000 | 272,000 | |||
Shares repurchased under stock repurchase authorization, shares | shares | 244,559 | 101,337 | |||||
Deferred Tax Assets | $ 173,032,000,000 | $ 168,398,000,000 | $ 173,032,000,000 | $ 168,398,000,000 | 145,511,000,000 | ||
Commitments to Extend Credit [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Reserve for unfunded commitments | 7,903,000 | 10,879,000 | 7,903,000 | 10,879,000 | 12,323,000 | ||
Held-to-maturity Securities [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Securities held to maturity | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Maximum [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchase program, number of shares authorized to be repurchased | shares | 5,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Computation of Basic EPS to Dilutive EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net earnings per share, basic, Net Earnings | $ 49,556 | $ 59,341 | $ 152,997 | $ 175,807 |
Effect of stock options and stock grants, Net Earnings | 0 | 0 | 0 | 0 |
Net earnings per share, diluted, Net Earnings | $ 49,556 | $ 59,341 | $ 152,997 | $ 175,807 |
Net earnings per share, basic, Weighted Average Shares | 142,707,260 | 142,524,500 | 142,691,389 | 142,588,373 |
Effect of stock options and stock grants, Weighted Average Shares | 442,113 | 601,588 | 351,469 | 658,395 |
Net earnings per share, diluted, Weighted Average Shares | 143,149,373 | 143,126,088 | 143,042,858 | 143,246,768 |
Net earnings per share, basic, Per Share Amount | $ 0.35 | $ 0.42 | $ 1.07 | $ 1.23 |
Effect of stock options and stock grants, Per Share Amount | 0 | (0.01) | 0 | 0 |
Net earnings per share, diluted, Per Share Amount | $ 0.35 | $ 0.41 | $ 1.07 | $ 1.23 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) Investment | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Investment | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Interest Bearing Time Deposits In Banks And Securities [Line Items] | |||||
Interest Bearing Time Deposits In Banks | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Interest-bearing time deposits, maturity period, years | 12 months | 12 months | 12 months | ||
Number of investment positions | Investment | 892 | 892 | |||
Securities pledged as collateral | $ 3,397,495,000 | $ 3,397,495,000 | |||
Sales of investment securities available-for-sale | 320,419,000 | 205,444,000 | |||
Gross realized gains from security sales | 53,000 | 334,000 | 1,701,000 | 4,357,000 | |
Gross realized losses from security sales or calls | 1,025,000 | 2,615,000 | 2,344,000 | ||
Available-for-Sale Securities [Member] | |||||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | |||||
Sales of investment securities available-for-sale | $ 113,132,000 | $ 17,081,000 | $ 320,419,000 | $ 205,444,000 | |
Obligations of State and Political Subdivisions [Member] | Texas [Member] | |||||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | |||||
Percentage of securities guaranteed by Texas Permanent School Fund | 56.47% | 56.47% | |||
Obligations of State and Political Subdivisions [Member] | Texas [Member] | Available-for-Sale Securities [Member] | Geographic Concentration Risk [Member] | |||||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | |||||
Concentration risk, percentage | 66.92% |
Securities - Summary of Availab
Securities - Summary of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 |
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-Sale, Amortized Cost Basis, Total | $ 5,463,186 | $ 5,463,186 | $ 6,152,348 | $ 6,546,471 | $ 6,546,471 |
Securities available-for-sale, Gross Unrealized Holding Gains | 120 | 1,237 | 531 | ||
Securities available-for-sale, Gross Unrealized Holding Losses | (810,769) | (679,226) | (801,559) | ||
Securities available-for-sale, Estimated Fair Value | 4,652,537 | 5,474,359 | 5,745,443 | ||
U.S. Treasury securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-Sale, Amortized Cost Basis, Total | 507,549 | 508,275 | 504,457 | ||
Securities available-for-sale, Gross Unrealized Holding Gains | 0 | 11 | 2 | ||
Securities available-for-sale, Gross Unrealized Holding Losses | (22,102) | (25,737) | (27,283) | ||
Securities available-for-sale, Estimated Fair Value | 485,447 | 482,549 | 477,176 | ||
Obligations of State and Political Subdivisions [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-Sale, Amortized Cost Basis, Total | 1,726,947 | 2,104,193 | 2,368,605 | ||
Securities available-for-sale, Gross Unrealized Holding Gains | 120 | 1,217 | 514 | ||
Securities available-for-sale, Gross Unrealized Holding Losses | (263,313) | (206,799) | (285,307) | ||
Securities available-for-sale, Estimated Fair Value | 1,463,754 | 1,898,611 | 2,083,812 | ||
Residential Mortgage-Backed Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-Sale, Amortized Cost Basis, Total | 2,792,813 | 3,034,120 | 3,153,864 | ||
Securities available-for-sale, Gross Unrealized Holding Gains | 0 | 8 | 14 | ||
Securities available-for-sale, Gross Unrealized Holding Losses | (495,578) | (417,562) | (456,997) | ||
Securities available-for-sale, Estimated Fair Value | 2,297,235 | 2,616,566 | 2,696,881 | ||
Commercial Mortgage-Backed Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-Sale, Amortized Cost Basis, Total | 323,539 | 392,914 | 406,530 | ||
Securities available-for-sale, Gross Unrealized Holding Gains | 0 | 1 | 1 | ||
Securities available-for-sale, Gross Unrealized Holding Losses | (18,191) | (18,046) | (19,185) | ||
Securities available-for-sale, Estimated Fair Value | 305,348 | 374,869 | 387,346 | ||
Corporate Bonds and Other [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-Sale, Amortized Cost Basis, Total | 112,338 | 112,846 | 113,015 | ||
Securities available-for-sale, Gross Unrealized Holding Gains | 0 | 0 | 0 | ||
Securities available-for-sale, Gross Unrealized Holding Losses | (11,585) | (11,082) | (12,787) | ||
Securities available-for-sale, Estimated Fair Value | $ 100,753 | $ 101,764 | $ 100,228 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 |
Investments, Debt and Equity Securities [Abstract] | |||||
Available-for-Sale, Amortized Cost Basis, Due within one year | $ 335,508 | ||||
Available-for-Sale, Amortized Cost Basis, Due after one year through five years | 1,345,049 | ||||
Available-for-Sale, Amortized Cost Basis, Due after five years through ten years | 2,466,782 | ||||
Available-for-Sale, Amortized Cost Basis, Due after ten years | 1,315,847 | ||||
Available-for-Sale, Amortized Cost Basis, Total | 5,463,186 | $ 5,463,186 | $ 6,152,348 | $ 6,546,471 | $ 6,546,471 |
Available-for-Sale, Estimated Fair Value, Due within one year | 327,912 | ||||
Available-for-Sale, Estimated Fair Value, Due after one year through five years | 1,214,288 | ||||
Available-for-Sale, Estimated Fair Value, Due after five years through ten years | 2,034,867 | ||||
Available-for-Sale, Estimated Fair Value, Due after ten years | 1,075,470 | ||||
Securities available-for-sale, Estimated Fair Value, Total | $ 4,652,537 | $ 5,474,359 | $ 5,745,443 |
Securities - Continuous Unreali
Securities - Continuous Unrealized-Loss Position of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | $ 62,293 | $ 1,909,674 | $ 4,258,183 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss, Total | 2,810 | 118,033 | 537,139 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 4,581,616 | 3,378,251 | 1,367,993 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 807,959 | 561,193 | 264,420 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 4,643,909 | 5,287,925 | 5,626,176 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 810,769 | 679,226 | 801,559 |
U.S. Treasury Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 4,867 | 307,012 | 476,696 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss, Total | 49 | 11,650 | 27,283 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 480,580 | 173,105 | 0 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 22,053 | 14,087 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 485,447 | 480,117 | 476,696 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 22,102 | 25,737 | 27,283 |
Obligations of State and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 53,029 | 770,469 | 1,828,105 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss, Total | 2,568 | 55,943 | 254,212 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 1,402,097 | 946,571 | 139,732 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 260,745 | 150,856 | 31,095 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 1,455,126 | 1,717,040 | 1,967,837 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 263,313 | 206,799 | 285,307 |
Residential Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 3,123 | 470,970 | 1,507,121 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss, Total | 106 | 37,065 | 231,915 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 2,294,112 | 2,143,869 | 1,187,815 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 495,472 | 380,497 | 225,082 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 2,297,235 | 2,614,839 | 2,694,936 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 495,578 | 417,562 | 456,997 |
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 1,274 | 319,303 | 386,479 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss, Total | 87 | 11,677 | 19,185 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 304,074 | 54,862 | 0 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 18,104 | 6,369 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 305,348 | 374,165 | 386,479 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 18,191 | 18,046 | 19,185 |
Corporate Bonds and Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 0 | 41,920 | 59,782 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss, Total | 0 | 1,698 | 4,544 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 100,753 | 59,844 | 40,446 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 11,585 | 9,384 | 8,243 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 100,753 | 101,764 | 100,228 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | $ 11,585 | $ 11,082 | $ 12,787 |
Loans Held for Investment and_3
Loans Held for Investment and Allowance for Loan Losses - Schedule of Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for credit losses | $ 18,298 | $ 14,541 | $ 15,455 | |||
Loans collectively evaluated for credit losses | 71,416 | 61,293 | 58,653 | |||
Total allowance for loan losses | 89,714 | $ 86,541 | 75,834 | 74,108 | $ 71,932 | $ 63,465 |
C&I [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for credit losses | 6,676 | 8,398 | 8,439 | |||
Loans collectively evaluated for credit losses | 9,131 | 7,731 | 8,000 | |||
Total allowance for loan losses | 15,807 | 16,530 | 16,129 | 16,439 | 18,589 | 12,280 |
Municipal [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans collectively evaluated for credit losses | 185 | 1,026 | 1,319 | |||
Total allowance for loan losses | 185 | 187 | 1,026 | 1,319 | 1,352 | 348 |
Construction & Development [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for credit losses | 2,026 | 305 | 591 | |||
Loans collectively evaluated for credit losses | 26,250 | 26,138 | 25,108 | |||
Total allowance for loan losses | 28,276 | 28,966 | 26,443 | 25,699 | 21,085 | 17,627 |
Farm [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for credit losses | 1,203 | 36 | 41 | |||
Loans collectively evaluated for credit losses | 1,732 | 1,921 | 1,114 | |||
Total allowance for loan losses | 2,935 | 2,804 | 1,957 | 1,155 | 1,006 | 663 |
Non-Owner Occupied CRE [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for credit losses | 3,554 | 2,357 | 2,329 | |||
Loans collectively evaluated for credit losses | 12,263 | 6,718 | 5,866 | |||
Total allowance for loan losses | 15,817 | 13,471 | 9,075 | 8,195 | 8,410 | 10,722 |
Owner Occupied CRE [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for credit losses | 2,035 | 1,600 | 2,061 | |||
Loans collectively evaluated for credit losses | 11,491 | 8,328 | 8,025 | |||
Total allowance for loan losses | 13,526 | 12,572 | 9,928 | 10,086 | 10,740 | 10,828 |
Residential [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for credit losses | 2,146 | 1,444 | 1,640 | |||
Loans collectively evaluated for credit losses | 8,652 | 7,631 | 7,314 | |||
Total allowance for loan losses | 10,798 | 9,767 | 9,075 | 8,954 | 8,304 | 8,133 |
Auto [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for credit losses | 4 | 2 | 3 | |||
Loans collectively evaluated for credit losses | 858 | 843 | 909 | |||
Total allowance for loan losses | 862 | 829 | 845 | 912 | 912 | 896 |
Non-Auto [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for credit losses | 2 | 1 | 1 | |||
Loans collectively evaluated for credit losses | 350 | 314 | 355 | |||
Total allowance for loan losses | 352 | 333 | 315 | 356 | 372 | 371 |
Agriculture [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for credit losses | 652 | 398 | 350 | |||
Loans collectively evaluated for credit losses | 504 | 643 | 643 | |||
Total allowance for loan losses | $ 1,156 | $ 1,082 | $ 1,041 | $ 993 | $ 1,162 | $ 1,597 |
Loans Held for Investment and_4
Loans Held for Investment and Allowance for Loan Losses - Loans Held-for-Investment by Class of Financing Receivables (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | ||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | $ 6,994,696 | $ 6,441,868 | $ 6,255,488 | |||||
Total Real Estate | 38,812 | 24,325 | 24,604 | |||||
Less: Allowance for credit losses | (89,714) | $ (86,541) | (75,834) | (74,108) | $ (71,932) | $ (63,465) | ||
Net loans held for investment | 6,904,982 | 6,366,034 | 6,181,380 | |||||
C&I [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 1,108,240 | 917,317 | 871,335 | |||||
Less: Allowance for credit losses | (15,807) | (16,530) | (16,129) | (16,439) | (18,589) | (12,280) | ||
Municipal [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 218,358 | 221,090 | 214,852 | |||||
Less: Allowance for credit losses | (185) | (187) | (1,026) | (1,319) | (1,352) | (348) | ||
Construction & Development [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 929,570 | 959,426 | 938,051 | |||||
Less: Allowance for credit losses | (28,276) | (28,966) | (26,443) | (25,699) | (21,085) | (17,627) | ||
Farm [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 341,052 | 306,322 | 268,139 | |||||
Less: Allowance for credit losses | (2,935) | (2,804) | (1,957) | (1,155) | (1,006) | (663) | ||
Non-Owner Occupied CRE [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 828,900 | 732,089 | 717,738 | |||||
Less: Allowance for credit losses | (15,817) | (13,471) | (9,075) | (8,195) | (8,410) | (10,722) | ||
Owner Occupied CRE [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 1,002,913 | 954,400 | 945,665 | |||||
Less: Allowance for credit losses | (13,526) | (12,572) | (9,928) | (10,086) | (10,740) | (10,828) | ||
Residential [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 1,788,913 | 1,575,758 | 1,536,180 | |||||
Less: Allowance for credit losses | (10,798) | (9,767) | (9,075) | (8,954) | (8,304) | (8,133) | ||
Auto [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 540,382 | 550,635 | 538,798 | |||||
Less: Allowance for credit losses | (862) | (829) | (845) | (912) | (912) | (896) | ||
Non-Auto [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 154,492 | 147,884 | 147,793 | |||||
Less: Allowance for credit losses | (352) | (333) | (315) | (356) | (372) | (371) | ||
Commercial [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 1,326,598 | 1,138,407 | 1,086,187 | |||||
Commercial [Member] | C&I [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 1,108,240 | 917,317 | [1] | 871,335 | [1] | |||
Commercial [Member] | Municipal [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 218,358 | 221,090 | 214,852 | |||||
Agriculture [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 81,876 | 76,947 | 76,937 | |||||
Less: Allowance for credit losses | (1,156) | $ (1,082) | (1,041) | (993) | $ (1,162) | $ (1,597) | ||
Real Estate [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 4,891,348 | 4,527,995 | 4,405,773 | |||||
Real Estate [Member] | Construction & Development [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 929,570 | 959,426 | 938,051 | |||||
Real Estate [Member] | Farm [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 341,052 | 306,322 | 268,139 | |||||
Real Estate [Member] | Non-Owner Occupied CRE [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 828,900 | 732,089 | 717,738 | |||||
Real Estate [Member] | Owner Occupied CRE [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 1,002,913 | 954,400 | 945,665 | |||||
Real Estate [Member] | Residential [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 1,788,913 | 1,575,758 | 1,536,180 | |||||
Consumer [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 694,874 | 698,519 | 686,591 | |||||
Consumer [Member] | Auto [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | 540,382 | 550,635 | 538,798 | |||||
Consumer [Member] | Non-Auto [Member] | ||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||
Total Loans | $ 154,492 | $ 147,884 | $ 147,793 | |||||
[1] All disclosures for the C&I loan segment include PPP loan balances, net of deferred fees and costs, as disclosed on the face of the consolidated balance sheet. |
Loans Held for Investment and_5
Loans Held for Investment and Allowance for Loan Losses - Non-Accrual Loans, Loans Still Accruing and Past Due 90 Days or More and Restructured Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Receivables [Abstract] | ||||
Non-accrual loans | $ 38,812 | $ 24,325 | $ 24,604 | |
Loans still accruing and past due 90 days or more | 289 | 0 | 15 | |
Total | [1] | $ 39,101 | $ 24,325 | $ 24,619 |
[1] (1) With the adoption of ASU 2022-02, effective January 1, 2023, troubled debt restructuring ("TDR") accounting has been eliminated |
Loans Held for Investment and_6
Loans Held for Investment and Allowance for Loan Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual, past due 90 days or more and still accruing, restructured loans and foreclosed assets | $ 39,698,000 | $ 24,619,000 | $ 39,698,000 | $ 24,619,000 | $ 24,325,000 |
Additional funds advanced in connection with impaired loans | 0 | 0 | |||
Loans held by subsidiaries subject to blanket liens | 2,600,103,000 | 2,600,103,000 | |||
Available line of credit | 2,538,345,000 | 2,538,345,000 | |||
line of Credit | 0 | 0 | |||
Undisbursed commitments | 45,000,000 | 45,000,000 | |||
Reserve for unfunded commitments (Other liabilities) | 7,903,000 | 10,879,000 | 7,903,000 | 10,879,000 | 12,323,000 |
Total Loans | 6,994,696,000 | 6,255,488,000 | 6,994,696,000 | 6,255,488,000 | $ 6,441,868,000 |
Provision for Loan and Lease Losses | 3,821,000 | 1,060,000 | 15,050,000 | 8,910,000 | |
Unfunded Loan Commitment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Provision for Loan and Lease Losses | 1,545,000 | 2,161,000 | 4,419,000 | 4,443,000 | |
Reversal of Provision for credit losses | $ 2,276,000 | $ 3,221,000 | $ 10,631,000 | $ 13,353,000 |
Loans Held for Investment and_7
Loans Held for Investment and Allowance for Loan Losses - Schedule of Non-Accrual Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | $ 38,812 | $ 24,325 | $ 24,604 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 3,365 | 5,057 | 5,966 |
Commercial [Member] | C&I [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 3,365 | 5,057 | 5,966 |
Commercial [Member] | Muncipal [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 0 | 0 | 0 |
Agriculture [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 838 | 324 | 338 |
Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 34,038 | 18,484 | 17,677 |
Real Estate [Member] | Construction & Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 3,295 | 1,567 | 1,696 |
Real Estate [Member] | Farm [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 5,534 | 85 | 91 |
Real Estate [Member] | Non-Owner Occupied CRE [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 8,407 | 2,321 | 2,406 |
Real Estate [Member] | Owner Occupied CRE [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 7,812 | 7,092 | 6,703 |
Real Estate [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 8,990 | 7,419 | 6,781 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 571 | 460 | 623 |
Consumer [Member] | Auto [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 465 | 429 | 596 |
Consumer [Member] | Non-Auto [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | $ 106 | $ 31 | $ 27 |
Loans Held for Investment and_8
Loans Held for Investment and Allowance for Loan Losses - Changes in Allowance for Loan Losses (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 86,541,000 | $ 71,932,000 | $ 75,834,000 | $ 63,465,000 |
Provision for Loan and Lease Losses | 3,821,000 | 1,060,000 | 15,050,000 | 8,910,000 |
Recoveries | 432,000 | 1,409,000 | 1,316,000 | 2,960,000 |
Charge-offs | (1,080,000) | (293,000) | (2,486,000) | (1,227,000) |
Ending balance | 89,714,000 | 74,108,000 | 89,714,000 | 74,108,000 |
C&I [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 16,530,000 | 18,589,000 | 16,129,000 | 12,280,000 |
Provision for Loan and Lease Losses | (64,000) | (2,378,000) | 860,000 | 3,598,000 |
Recoveries | 56,000 | 266,000 | 221,000 | 824,000 |
Charge-offs | (715,000) | (38,000) | (1,403,000) | (263,000) |
Ending balance | 15,807,000 | 16,439,000 | 15,807,000 | 16,439,000 |
Municipal [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 187,000 | 1,352,000 | 1,026,000 | 348,000 |
Provision for Loan and Lease Losses | (2,000) | (33,000) | (841,000) | 971,000 |
Recoveries | 0 | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 | 0 |
Ending balance | 185,000 | 1,319,000 | 185,000 | 1,319,000 |
Construction & Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 28,966,000 | 21,085,000 | 26,443,000 | 17,627,000 |
Provision for Loan and Lease Losses | (696,000) | 4,614,000 | 1,727,000 | 8,172,000 |
Recoveries | 6,000 | 0 | 106,000 | 0 |
Charge-offs | 0 | 0 | 0 | (100,000) |
Ending balance | 28,276,000 | 25,699,000 | 28,276,000 | 25,699,000 |
Farm [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 2,804,000 | 1,006,000 | 1,957,000 | 663,000 |
Provision for Loan and Lease Losses | 131,000 | 149,000 | 978,000 | 492,000 |
Recoveries | 0 | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 | 0 |
Ending balance | 2,935,000 | 1,155,000 | 2,935,000 | 1,155,000 |
Non-Owner Occupied CRE [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 13,471,000 | 8,410,000 | 9,075,000 | 10,722,000 |
Provision for Loan and Lease Losses | 2,330,000 | (498,000) | 6,679,000 | (3,352,000) |
Recoveries | 16,000 | 283,000 | 63,000 | 825,000 |
Charge-offs | 0 | 0 | 0 | 0 |
Ending balance | 15,817,000 | 8,195,000 | 15,817,000 | 8,195,000 |
Owner Occupied CRE [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 12,572,000 | 10,740,000 | 9,928,000 | 10,828,000 |
Provision for Loan and Lease Losses | 767,000 | (1,303,000) | 3,390,000 | (1,323,000) |
Recoveries | 187,000 | 649,000 | 208,000 | 669,000 |
Charge-offs | 0 | 0 | 0 | (88,000) |
Ending balance | 13,526,000 | 10,086,000 | 13,526,000 | 10,086,000 |
Residential [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 9,767,000 | 8,304,000 | 9,075,000 | 8,133,000 |
Provision for Loan and Lease Losses | 1,035,000 | 557,000 | 1,826,000 | 860,000 |
Recoveries | 3,000 | 93,000 | 18,000 | 110,000 |
Charge-offs | (7,000) | 0 | (121,000) | (149,000) |
Ending balance | 10,798,000 | 8,954,000 | 10,798,000 | 8,954,000 |
Auto [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 829,000 | 912,000 | 845,000 | 896,000 |
Provision for Loan and Lease Losses | 172,000 | 72,000 | 341,000 | 116,000 |
Recoveries | 96,000 | 47,000 | 329,000 | 215,000 |
Charge-offs | (235,000) | (119,000) | (653,000) | (315,000) |
Ending balance | 862,000 | 912,000 | 862,000 | 912,000 |
Non-Auto [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 333,000 | 372,000 | 315,000 | 371,000 |
Provision for Loan and Lease Losses | 95,000 | 67,000 | 218,000 | 106,000 |
Recoveries | 47,000 | 53,000 | 128,000 | 182,000 |
Charge-offs | (123,000) | (136,000) | (309,000) | (303,000) |
Ending balance | 352,000 | 356,000 | 352,000 | 356,000 |
Agriculture [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,082,000 | 1,162,000 | 1,041,000 | 1,597,000 |
Provision for Loan and Lease Losses | 53,000 | (187,000) | (128,000) | (730,000) |
Recoveries | 21,000 | 18,000 | 243,000 | 135,000 |
Charge-offs | 0 | 0 | 0 | (9,000) |
Ending balance | $ 1,156,000 | $ 993,000 | $ 1,156,000 | $ 993,000 |
Loans Held for Investment and_9
Loans Held for Investment and Allowance for Loan Losses - Schedule of loans that are individually evaluated for credit losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | $ 18,298 | $ 14,541 | $ 15,455 |
Total Recorded Investment | 179,105 | 150,698 | 143,717 |
Collateral Pledged [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With No Allowance | 17,279 | 12,250 | 13,428 |
Recorded Investment With Allowance | 21,533 | 12,075 | 11,176 |
Related Allowance | 4,863 | 4,167 | 4,815 |
Uncollateralized [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 13,435 | 10,374 | 10,640 |
Total Recorded Investment | 140,293 | 126,373 | 119,113 |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 6,676 | 8,398 | 8,439 |
Total Recorded Investment | 25,218 | 29,440 | 26,881 |
Commercial [Member] | Collateral Pledged [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With No Allowance | 310 | 0 | 334 |
Recorded Investment With Allowance | 3,055 | 5,057 | 5,632 |
Related Allowance | 2,025 | 3,513 | 4,094 |
Commercial [Member] | Uncollateralized [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 4,651 | 4,885 | 4,345 |
Total Recorded Investment | 21,853 | 24,383 | 20,915 |
Commercial [Member] | C&I [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 6,676 | 8,398 | 8,439 |
Total Recorded Investment | 23,841 | 29,382 | 26,810 |
Commercial [Member] | C&I [Member] | Collateral Pledged [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With No Allowance | 310 | 0 | 334 |
Recorded Investment With Allowance | 3,055 | 5,057 | 5,632 |
Related Allowance | 2,025 | 3,513 | 4,094 |
Commercial [Member] | C&I [Member] | Uncollateralized [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 4,651 | 4,885 | 4,345 |
Total Recorded Investment | 20,476 | 24,325 | 20,844 |
Commercial [Member] | Municipal [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Recorded Investment | 1,377 | 58 | 71 |
Commercial [Member] | Municipal [Member] | Uncollateralized [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Recorded Investment | 1,377 | 58 | 71 |
Commercial [Member] | Farm [Member] | Collateral Pledged [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 2 | ||
Agriculture [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 652 | 398 | 350 |
Total Recorded Investment | 2,116 | 679 | 750 |
Agriculture [Member] | Collateral Pledged [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With No Allowance | 215 | 116 | 116 |
Recorded Investment With Allowance | 623 | 209 | 222 |
Related Allowance | 58 | 122 | 103 |
Agriculture [Member] | Uncollateralized [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 594 | 276 | 247 |
Total Recorded Investment | 1,278 | 354 | 412 |
Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 10,964 | 5,742 | 6,662 |
Total Recorded Investment | 148,743 | 118,650 | 113,906 |
Real Estate [Member] | Collateral Pledged [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With No Allowance | 16,754 | 12,134 | 12,978 |
Recorded Investment With Allowance | 17,284 | 6,349 | 4,699 |
Related Allowance | 2,779 | 531 | 617 |
Real Estate [Member] | Uncollateralized [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 8,185 | 5,211 | 6,045 |
Total Recorded Investment | 114,705 | 100,167 | 96,229 |
Real Estate [Member] | Construction & Development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 2,026 | 305 | 591 |
Total Recorded Investment | 23,207 | 6,440 | 7,157 |
Real Estate [Member] | Construction & Development [Member] | Collateral Pledged [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With No Allowance | 2,678 | 577 | 919 |
Recorded Investment With Allowance | 617 | 990 | 777 |
Related Allowance | 139 | 193 | 207 |
Real Estate [Member] | Construction & Development [Member] | Uncollateralized [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 1,887 | 112 | 384 |
Total Recorded Investment | 19,912 | 4,873 | 5,461 |
Real Estate [Member] | Farm [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 1,203 | 36 | 41 |
Total Recorded Investment | 7,759 | 1,663 | 1,707 |
Real Estate [Member] | Farm [Member] | Collateral Pledged [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With No Allowance | 553 | 0 | 0 |
Recorded Investment With Allowance | 4,981 | 85 | 91 |
Related Allowance | 1,070 | 2 | |
Real Estate [Member] | Farm [Member] | Uncollateralized [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 133 | 34 | 39 |
Total Recorded Investment | 2,225 | 1,578 | 1,616 |
Real Estate [Member] | Non-Owner Occupied CRE [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 3,554 | 2,357 | 2,329 |
Total Recorded Investment | 36,534 | 38,358 | 35,365 |
Real Estate [Member] | Non-Owner Occupied CRE [Member] | Collateral Pledged [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With No Allowance | 1,991 | 2,062 | 2,230 |
Recorded Investment With Allowance | 6,416 | 259 | 176 |
Related Allowance | 889 | 16 | 12 |
Real Estate [Member] | Non-Owner Occupied CRE [Member] | Uncollateralized [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 2,665 | 2,341 | 2,317 |
Total Recorded Investment | 28,127 | 36,037 | 32,959 |
Real Estate [Member] | Owner Occupied CRE [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 2,035 | 1,600 | 2,061 |
Total Recorded Investment | 42,800 | 36,206 | 36,839 |
Real Estate [Member] | Owner Occupied CRE [Member] | Collateral Pledged [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With No Allowance | 5,473 | 4,363 | 5,700 |
Recorded Investment With Allowance | 2,339 | 2,728 | 1,003 |
Related Allowance | 400 | 91 | 103 |
Real Estate [Member] | Owner Occupied CRE [Member] | Uncollateralized [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 1,635 | 1,509 | 1,958 |
Total Recorded Investment | 34,988 | 29,115 | 30,136 |
Real Estate [Member] | Residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 2,146 | 1,444 | 1,640 |
Total Recorded Investment | 38,443 | 35,983 | 32,838 |
Real Estate [Member] | Residential [Member] | Collateral Pledged [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With No Allowance | 6,059 | 5,132 | 4,129 |
Recorded Investment With Allowance | 2,931 | 2,287 | 2,652 |
Related Allowance | 281 | 229 | 293 |
Real Estate [Member] | Residential [Member] | Uncollateralized [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 1,865 | 1,215 | 1,347 |
Total Recorded Investment | 29,453 | 28,564 | 26,057 |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 6 | 3 | 4 |
Total Recorded Investment | 3,028 | 1,929 | 2,180 |
Consumer [Member] | Collateral Pledged [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With Allowance | 571 | 460 | 623 |
Related Allowance | 1 | 1 | 1 |
Consumer [Member] | Uncollateralized [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 5 | 2 | 3 |
Total Recorded Investment | 2,457 | 1,469 | 1,557 |
Consumer [Member] | Auto [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 4 | 2 | 3 |
Total Recorded Investment | 2,323 | 1,360 | 1,692 |
Consumer [Member] | Auto [Member] | Collateral Pledged [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With Allowance | 465 | 429 | 596 |
Related Allowance | 1 | 1 | 1 |
Consumer [Member] | Auto [Member] | Uncollateralized [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 3 | 1 | 2 |
Total Recorded Investment | 1,858 | 931 | 1,096 |
Consumer [Member] | Non-Auto [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 2 | 1 | 1 |
Total Recorded Investment | 705 | 569 | 488 |
Consumer [Member] | Non-Auto [Member] | Collateral Pledged [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With Allowance | 106 | 31 | 27 |
Related Allowance | 0 | ||
Consumer [Member] | Non-Auto [Member] | Uncollateralized [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 2 | 1 | 1 |
Total Recorded Investment | $ 599 | $ 538 | $ 461 |
Loans Held for Investment an_10
Loans Held for Investment and Allowance for Loan Losses - Schedule of Investment in Loans Related to Balance in Allowance for Loan Losses on Basis of Company's Impairment Methodology (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | $ 179,105 | $ 150,698 | $ 143,717 |
Loans collectively evaluated for credit losses | 6,815,591 | 6,291,170 | 6,111,771 |
Total Loans | 6,994,696 | 6,441,868 | 6,255,488 |
C&I [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 23,841 | 29,382 | 26,810 |
Loans collectively evaluated for credit losses | 1,084,399 | 887,935 | 844,525 |
Total Loans | 1,108,240 | 917,317 | 871,335 |
Municipal [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 1,377 | 58 | 71 |
Loans collectively evaluated for credit losses | 216,981 | 221,032 | 214,781 |
Total Loans | 218,358 | 221,090 | 214,852 |
Construction & Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 23,207 | 6,440 | 7,157 |
Loans collectively evaluated for credit losses | 906,363 | 952,986 | 930,894 |
Total Loans | 929,570 | 959,426 | 938,051 |
Farm [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 7,759 | 1,663 | 1,707 |
Loans collectively evaluated for credit losses | 333,293 | 304,659 | 266,432 |
Total Loans | 341,052 | 306,322 | 268,139 |
Non-Owner Occupied CRE [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 36,534 | 38,358 | 35,365 |
Loans collectively evaluated for credit losses | 792,366 | 693,731 | 682,373 |
Total Loans | 828,900 | 732,089 | 717,738 |
Owner Occupied CRE [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 42,800 | 36,206 | 36,839 |
Loans collectively evaluated for credit losses | 960,113 | 918,194 | 908,826 |
Total Loans | 1,002,913 | 954,400 | 945,665 |
Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 38,443 | 35,983 | 32,838 |
Loans collectively evaluated for credit losses | 1,750,470 | 1,539,775 | 1,503,342 |
Total Loans | 1,788,913 | 1,575,758 | 1,536,180 |
Auto [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 2,323 | 1,360 | 1,692 |
Loans collectively evaluated for credit losses | 538,059 | 549,275 | 537,106 |
Total Loans | 540,382 | 550,635 | 538,798 |
Non-Auto [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 705 | 569 | 488 |
Loans collectively evaluated for credit losses | 153,787 | 147,315 | 147,305 |
Total Loans | 154,492 | 147,884 | 147,793 |
Agriculture [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 2,116 | 679 | 750 |
Loans collectively evaluated for credit losses | 79,760 | 76,268 | 76,187 |
Total Loans | 81,876 | 76,947 | 76,937 |
Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Loans | 4,891,348 | 4,527,995 | 4,405,773 |
Real Estate [Member] | Construction & Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Loans | 929,570 | 959,426 | 938,051 |
Real Estate [Member] | Farm [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Loans | 341,052 | 306,322 | 268,139 |
Real Estate [Member] | Non-Owner Occupied CRE [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Loans | 828,900 | 732,089 | 717,738 |
Real Estate [Member] | Owner Occupied CRE [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Loans | 1,002,913 | 954,400 | 945,665 |
Real Estate [Member] | Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Loans | 1,788,913 | 1,575,758 | 1,536,180 |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Loans | 694,874 | 698,519 | 686,591 |
Consumer [Member] | Auto [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Loans | 540,382 | 550,635 | 538,798 |
Consumer [Member] | Non-Auto [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Loans | $ 154,492 | $ 147,884 | $ 147,793 |
Loans Held-for-Investment and A
Loans Held-for-Investment and Allowance for Loan Losses - Schedule of Company's Internal Ratings of its Loans Held-for-Investment, Including The Year of Origination, by Portfolio Segments (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | $ 1,888 | $ 3,094 | $ 2,533 |
2022 | 2,344 | 1,449 | 1,697 |
2021 | 1,155 | 650 | 712 |
2020 | 558 | 312 | 336 |
2019 | 256 | 220 | 238 |
Prior | 645 | 567 | 604 |
Revolving Loans Amortized Cost Basis | 149 | 150 | 136 |
Total | 6,995 | 6,442 | 6,256 |
Charge-Off [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022 | 1 | ||
2021 | 1 | ||
Total | 2 | ||
C&I [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 533 | 644 | 507 |
2022 | 392 | 163 | 233 |
2021 | 97 | 56 | 68 |
2020 | 42 | 24 | 26 |
2019 | 18 | 17 | 21 |
Prior | 26 | 13 | 16 |
Total | 1,108 | 917 | 871 |
C&I [Member] | Charge-Off [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 1 | ||
Municipal [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 20 | 79 | 67 |
2022 | 83 | 19 | 21 |
2021 | 17 | 15 | 16 |
2020 | 14 | 4 | 5 |
2019 | 2 | 20 | 20 |
Prior | 82 | 84 | 86 |
Total | 218 | 221 | 215 |
Agriculture [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 43 | 60 | 46 |
2022 | 31 | 10 | 22 |
2021 | 5 | 3 | 4 |
2020 | 2 | 2 | 3 |
2019 | 1 | 1 | 1 |
Prior | 1 | 1 | |
Total | 82 | 77 | 77 |
Construction & Development [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 388 | 643 | 508 |
2022 | 408 | 219 | 320 |
2021 | 95 | 70 | 78 |
2020 | 22 | 13 | 15 |
2019 | 10 | 8 | 8 |
Prior | 7 | 7 | 9 |
Total | 930 | 960 | 938 |
Farm [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 83 | 148 | 102 |
2022 | 117 | 85 | 89 |
2021 | 76 | 32 | 33 |
2020 | 30 | 11 | 12 |
2019 | 9 | 8 | 8 |
Prior | 26 | 22 | 24 |
Total | 341 | 306 | 268 |
Non-Owner Occupied CRE [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 135 | 266 | 228 |
2022 | 245 | 193 | 202 |
2021 | 184 | 102 | 109 |
2020 | 123 | 62 | 64 |
2019 | 58 | 22 | 23 |
Prior | 84 | 87 | 92 |
Total | 829 | 732 | 718 |
Owner Occupied CRE [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 85 | 318 | 281 |
2022 | 326 | 226 | 226 |
2021 | 237 | 130 | 137 |
2020 | 118 | 84 | 88 |
2019 | 72 | 72 | 78 |
Prior | 165 | 124 | 136 |
Total | 1,003 | 954 | 946 |
Residential [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 372 | 520 | 437 |
2022 | 450 | 361 | 387 |
2021 | 331 | 177 | 189 |
2020 | 170 | 84 | 69 |
2019 | 72 | 65 | 89 |
Prior | 252 | 226 | 236 |
Revolving Loans Amortized Cost Basis | 142 | 143 | 129 |
Total | 1,789 | 1,576 | 1,536 |
Auto [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 168 | 331 | 284 |
2022 | 238 | 131 | 149 |
2021 | 87 | 56 | 65 |
2020 | 32 | 25 | 30 |
2019 | 13 | 6 | 8 |
Prior | 2 | 2 | 3 |
Total | 540 | 551 | 539 |
Auto [Member] | Charge-Off [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022 | 1 | ||
Total | 1 | ||
Non-Auto [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 61 | 85 | 73 |
2022 | 54 | 42 | 48 |
2021 | 26 | 9 | 13 |
2020 | 5 | 3 | 4 |
2019 | 1 | 1 | 2 |
Prior | 1 | 1 | 1 |
Revolving Loans Amortized Cost Basis | 7 | 7 | 7 |
Total | 155 | 148 | 148 |
Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 1,853 | 3,054 | 2,506 |
2022 | 2,310 | 1,430 | 1,676 |
2021 | 1,131 | 637 | 698 |
2020 | 539 | 285 | 311 |
2019 | 231 | 208 | 222 |
Prior | 606 | 531 | 566 |
Revolving Loans Amortized Cost Basis | 146 | 146 | 133 |
Total | 6,816 | 6,291 | 6,112 |
Pass [Member] | C&I [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 524 | 627 | 495 |
2022 | 386 | 157 | 226 |
2021 | 94 | 52 | 65 |
2020 | 40 | 22 | 24 |
2019 | 16 | 16 | 18 |
Prior | 24 | 13 | 16 |
Total | 1,084 | 887 | 844 |
Pass [Member] | Municipal [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 20 | 79 | 67 |
2022 | 83 | 19 | 21 |
2021 | 16 | 15 | 16 |
2020 | 14 | 4 | 5 |
2019 | 2 | 20 | 20 |
Prior | 82 | 84 | 86 |
Total | 217 | 221 | 215 |
Pass [Member] | Agriculture [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 42 | 60 | 46 |
2022 | 30 | 9 | 21 |
2021 | 5 | 3 | 4 |
2020 | 2 | 2 | 3 |
2019 | 1 | 1 | 1 |
Prior | 1 | 1 | |
Total | 80 | 76 | 76 |
Pass [Member] | Construction & Development [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 373 | 638 | 504 |
2022 | 401 | 218 | 317 |
2021 | 94 | 70 | 78 |
2020 | 22 | 13 | 15 |
2019 | 10 | 8 | 8 |
Prior | 7 | 7 | 9 |
Total | 907 | 954 | 931 |
Pass [Member] | Farm [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 83 | 147 | 101 |
2022 | 116 | 85 | 89 |
2021 | 75 | 32 | 33 |
2020 | 25 | 11 | 12 |
2019 | 9 | 8 | 8 |
Prior | 25 | 21 | 23 |
Total | 333 | 304 | 266 |
Pass [Member] | Non-Owner Occupied CRE [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 134 | 258 | 223 |
2022 | 240 | 191 | 200 |
2021 | 182 | 100 | 108 |
2020 | 116 | 49 | 51 |
2019 | 45 | 21 | 22 |
Prior | 75 | 75 | 79 |
Total | 792 | 694 | 683 |
Pass [Member] | Owner Occupied CRE [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 81 | 316 | 280 |
2022 | 320 | 224 | 223 |
2021 | 228 | 128 | 134 |
2020 | 118 | 74 | 81 |
2019 | 64 | 63 | 67 |
Prior | 149 | 113 | 124 |
Total | 960 | 918 | 909 |
Pass [Member] | Residential [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 368 | 513 | 433 |
2022 | 443 | 355 | 382 |
2021 | 325 | 173 | 183 |
2020 | 165 | 82 | 68 |
2019 | 70 | 64 | 87 |
Prior | 241 | 214 | 224 |
Revolving Loans Amortized Cost Basis | 139 | 139 | 126 |
Total | 1,751 | 1,540 | 1,503 |
Pass [Member] | Auto [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 168 | 331 | 284 |
2022 | 237 | 131 | 149 |
2021 | 86 | 55 | 64 |
2020 | 32 | 25 | 29 |
2019 | 13 | 6 | 8 |
Prior | 2 | 2 | 3 |
Total | 538 | 550 | 537 |
Pass [Member] | Non-Auto [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 60 | 85 | 73 |
2022 | 54 | 41 | 48 |
2021 | 26 | 9 | 13 |
2020 | 5 | 3 | 4 |
2019 | 1 | 1 | 2 |
Prior | 1 | 1 | 1 |
Revolving Loans Amortized Cost Basis | 7 | 7 | 7 |
Total | 154 | 147 | 148 |
Special Mention [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 15 | 7 | 1 |
2022 | 11 | 5 | 6 |
2021 | 8 | 6 | 5 |
2020 | 2 | 20 | 16 |
2019 | 15 | 0 | |
Prior | 5 | 11 | 11 |
Revolving Loans Amortized Cost Basis | 1 | 1 | |
Total | 57 | 50 | 39 |
Special Mention [Member] | C&I [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 7 | 4 | 1 |
2022 | 1 | 1 | 0 |
2021 | 2 | ||
2020 | 1 | 1 | |
2019 | 1 | ||
Total | 9 | 8 | 2 |
Special Mention [Member] | Construction & Development [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 7 | 1 | |
2022 | 4 | 2 | |
Total | 11 | 1 | 2 |
Special Mention [Member] | Non-Owner Occupied CRE [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022 | 4 | 1 | 1 |
2021 | 1 | 1 | |
2020 | 11 | 11 | |
2019 | 11 | ||
Prior | 2 | 7 | 7 |
Total | 18 | 20 | 19 |
Special Mention [Member] | Owner Occupied CRE [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 1 | 1 | |
2022 | 0 | 1 | |
2021 | 5 | 1 | 2 |
2020 | 8 | 4 | |
2019 | 3 | ||
Prior | 1 | 1 | |
Total | 9 | 11 | 8 |
Special Mention [Member] | Residential [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 1 | ||
2022 | 2 | 3 | 2 |
2021 | 2 | 2 | 3 |
2020 | 2 | ||
2019 | 0 | ||
Prior | 3 | 3 | 3 |
Revolving Loans Amortized Cost Basis | 1 | 1 | |
Total | 10 | 10 | 8 |
Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 20 | 33 | 26 |
2022 | 23 | 14 | 15 |
2021 | 16 | 7 | 9 |
2020 | 17 | 7 | 9 |
2019 | 10 | 12 | 16 |
Prior | 34 | 25 | 27 |
Revolving Loans Amortized Cost Basis | 2 | 3 | 3 |
Total | 122 | 101 | 105 |
Substandard [Member] | C&I [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 2 | 13 | 11 |
2022 | 5 | 5 | 7 |
2021 | 3 | 2 | 3 |
2020 | 2 | 1 | 1 |
2019 | 1 | 1 | 3 |
Prior | 2 | ||
Total | 15 | 22 | 25 |
Substandard [Member] | Municipal [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 1 | ||
Total | 1 | ||
Substandard [Member] | Agriculture [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 1 | ||
2022 | 1 | 1 | 1 |
Total | 2 | 1 | 1 |
Substandard [Member] | Construction & Development [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 8 | 4 | 4 |
2022 | 3 | 1 | 1 |
2021 | 1 | ||
Total | 12 | 5 | 5 |
Substandard [Member] | Farm [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 1 | 1 | |
2022 | 1 | ||
2021 | 1 | ||
2020 | 5 | ||
Prior | 1 | 1 | 1 |
Total | 8 | 2 | 2 |
Substandard [Member] | Non-Owner Occupied CRE [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 1 | 8 | 5 |
2022 | 1 | 1 | 1 |
2021 | 1 | 1 | 1 |
2020 | 7 | 2 | 2 |
2019 | 2 | 1 | 1 |
Prior | 7 | 5 | 6 |
Total | 19 | 18 | 16 |
Substandard [Member] | Owner Occupied CRE [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 3 | 1 | 1 |
2022 | 6 | 2 | 2 |
2021 | 4 | 1 | 1 |
2020 | 2 | 3 | |
2019 | 5 | 9 | 11 |
Prior | 16 | 10 | 11 |
Total | 34 | 25 | 29 |
Substandard [Member] | Residential [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 4 | 6 | 4 |
2022 | 5 | 3 | 3 |
2021 | 4 | 2 | 3 |
2020 | 3 | 2 | 1 |
2019 | 2 | 1 | 2 |
Prior | 8 | 9 | 9 |
Revolving Loans Amortized Cost Basis | 2 | 3 | 3 |
Total | 28 | 26 | 25 |
Substandard [Member] | Auto [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022 | 1 | ||
2021 | 1 | 1 | 1 |
2020 | 1 | ||
Total | 2 | 1 | $ 2 |
Substandard [Member] | Non-Auto [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 1 | ||
2022 | 1 | ||
Total | $ 1 | $ 1 |
Loans Held for Investment an_11
Loans Held for Investment and Allowance for Loan Losses - Schedule of Past Due Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | $ 6,995,000 | $ 6,442,000 | $ 6,256,000 | |||
Total Loans | 6,994,696 | 6,441,868 | 6,255,488 | |||
Total 90 Days Past Due Still Accruing | 289 | 0 | 15 | |||
C&I [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 1,108,000 | 917,000 | 871,000 | |||
Total Loans | 1,108,240 | 917,317 | 871,335 | |||
Municipal [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 218,000 | 221,000 | 215,000 | |||
Total Loans | 218,358 | 221,090 | 214,852 | |||
Construction & Development [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 930,000 | 960,000 | 938,000 | |||
Total Loans | 929,570 | 959,426 | 938,051 | |||
Farm [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 341,000 | 306,000 | 268,000 | |||
Total Loans | 341,052 | 306,322 | 268,139 | |||
Non-Owner Occupied CRE [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 829,000 | 732,000 | 718,000 | |||
Total Loans | 828,900 | 732,089 | 717,738 | |||
Owner Occupied CRE [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 1,003,000 | 954,000 | 946,000 | |||
Total Loans | 1,002,913 | 954,400 | 945,665 | |||
Residential [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 1,789,000 | 1,576,000 | 1,536,000 | |||
Total Loans | 1,788,913 | 1,575,758 | 1,536,180 | |||
Auto [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 540,000 | 551,000 | 539,000 | |||
Total Loans | 540,382 | 550,635 | 538,798 | |||
Non-Auto [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 155,000 | 148,000 | 148,000 | |||
Total Loans | 154,492 | 147,884 | 147,793 | |||
Commercial [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 1,326,598 | 1,138,407 | 1,086,187 | |||
Total 90 Days Past Due Still Accruing | 109 | |||||
Commercial [Member] | C&I [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 1,108,240 | 917,317 | [1] | 871,335 | [1] | |
Commercial [Member] | Municipal [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 218,358 | 221,090 | 214,852 | |||
Agriculture [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 81,876 | 76,947 | 76,937 | |||
Total 90 Days Past Due Still Accruing | 32 | |||||
Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 4,891,348 | 4,527,995 | 4,405,773 | |||
Total 90 Days Past Due Still Accruing | 148 | 15 | ||||
Real Estate [Member] | Construction & Development [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 929,570 | 959,426 | 938,051 | |||
Real Estate [Member] | Farm [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 341,052 | 306,322 | 268,139 | |||
Real Estate [Member] | Non-Owner Occupied CRE [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 828,900 | 732,089 | 717,738 | |||
Real Estate [Member] | Owner Occupied CRE [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 1,002,913 | 954,400 | 945,665 | |||
Real Estate [Member] | Residential [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 1,788,913 | 1,575,758 | 1,536,180 | |||
Total 90 Days Past Due Still Accruing | 148 | 15 | ||||
Consumer [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 694,874 | 698,519 | 686,591 | |||
Consumer [Member] | Auto [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 540,382 | 550,635 | 538,798 | |||
Consumer [Member] | Non-Auto [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 154,492 | 147,884 | 147,793 | |||
15-59 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 30,742 | 20,806 | 16,333 | ||
15-59 Days Past Due [Member] | Commercial [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 5,592 | 4,000 | 5,422 | ||
15-59 Days Past Due [Member] | Commercial [Member] | C&I [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 5,111 | 3,924 | 5,422 | ||
15-59 Days Past Due [Member] | Commercial [Member] | Municipal [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 481 | 76 | |||
15-59 Days Past Due [Member] | Agriculture [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 187 | 243 | 290 | ||
15-59 Days Past Due [Member] | Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 24,407 | 15,734 | 10,288 | ||
15-59 Days Past Due [Member] | Real Estate [Member] | Construction & Development [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 10,037 | 3,751 | 2,958 | ||
15-59 Days Past Due [Member] | Real Estate [Member] | Farm [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 706 | 668 | 822 | ||
15-59 Days Past Due [Member] | Real Estate [Member] | Non-Owner Occupied CRE [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 2,748 | 1,444 | 536 | ||
15-59 Days Past Due [Member] | Real Estate [Member] | Owner Occupied CRE [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 1,867 | 1,151 | 1,138 | ||
15-59 Days Past Due [Member] | Real Estate [Member] | Residential [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 9,049 | 8,720 | 4,834 | ||
15-59 Days Past Due [Member] | Consumer [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 556 | 829 | 333 | ||
15-59 Days Past Due [Member] | Consumer [Member] | Auto [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 339 | 779 | 267 | ||
15-59 Days Past Due [Member] | Consumer [Member] | Non-Auto [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 217 | 50 | 66 | ||
60-89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 2,395 | 1,977 | 1,291 | |||
60-89 Days Past Due [Member] | Commercial [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 390 | 1,080 | 73 | |||
60-89 Days Past Due [Member] | Commercial [Member] | C&I [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 390 | 297 | 73 | |||
60-89 Days Past Due [Member] | Commercial [Member] | Municipal [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 783 | |||||
60-89 Days Past Due [Member] | Agriculture [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 93 | |||||
60-89 Days Past Due [Member] | Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 1,827 | 867 | 1,039 | |||
60-89 Days Past Due [Member] | Real Estate [Member] | Construction & Development [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 169 | 600 | ||||
60-89 Days Past Due [Member] | Real Estate [Member] | Farm [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 150 | |||||
60-89 Days Past Due [Member] | Real Estate [Member] | Non-Owner Occupied CRE [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 160 | ||||
60-89 Days Past Due [Member] | Real Estate [Member] | Owner Occupied CRE [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 37 | |||||
60-89 Days Past Due [Member] | Real Estate [Member] | Residential [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 1,658 | 707 | 252 | |||
60-89 Days Past Due [Member] | Consumer [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 178 | 30 | 86 | |||
60-89 Days Past Due [Member] | Consumer [Member] | Auto [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 176 | 30 | 76 | |||
60-89 Days Past Due [Member] | Consumer [Member] | Non-Auto [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 2 | 10 | ||||
Greater than 90 Days [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 6,713 | 2,087 | 1,563 | |||
Greater than 90 Days [Member] | Commercial [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 1,388 | 1,646 | 1,515 | |||
Greater than 90 Days [Member] | Commercial [Member] | C&I [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 1,388 | 1,646 | 1,515 | |||
Greater than 90 Days [Member] | Agriculture [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 550 | |||||
Greater than 90 Days [Member] | Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 4,734 | 441 | 15 | |||
Greater than 90 Days [Member] | Real Estate [Member] | Construction & Development [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 1,986 | 175 | ||||
Greater than 90 Days [Member] | Real Estate [Member] | Farm [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 205 | |||||
Greater than 90 Days [Member] | Real Estate [Member] | Owner Occupied CRE [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 476 | |||||
Greater than 90 Days [Member] | Real Estate [Member] | Residential [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 2,067 | 266 | 15 | |||
Greater than 90 Days [Member] | Consumer [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 41 | 33 | ||||
Greater than 90 Days [Member] | Consumer [Member] | Auto [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 32 | 33 | ||||
Greater than 90 Days [Member] | Consumer [Member] | Non-Auto [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 9 | |||||
Total Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 39,850 | 24,870 | 19,187 | |||
Total Past Due [Member] | Commercial [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 7,370 | 6,726 | 7,010 | |||
Total Past Due [Member] | Commercial [Member] | C&I [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 6,889 | 5,867 | 7,010 | |||
Total Past Due [Member] | Commercial [Member] | Municipal [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 481 | 859 | ||||
Total Past Due [Member] | Agriculture [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 737 | 243 | 383 | |||
Total Past Due [Member] | Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 30,968 | 17,042 | 11,342 | |||
Total Past Due [Member] | Real Estate [Member] | Construction & Development [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 12,192 | 3,926 | 3,558 | |||
Total Past Due [Member] | Real Estate [Member] | Farm [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 911 | 668 | 972 | |||
Total Past Due [Member] | Real Estate [Member] | Non-Owner Occupied CRE [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 2,748 | 1,604 | 536 | |||
Total Past Due [Member] | Real Estate [Member] | Owner Occupied CRE [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 2,343 | 1,151 | 1,175 | |||
Total Past Due [Member] | Real Estate [Member] | Residential [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 12,774 | 9,693 | 5,101 | |||
Total Past Due [Member] | Consumer [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 775 | 859 | 452 | |||
Total Past Due [Member] | Consumer [Member] | Auto [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 547 | 809 | 376 | |||
Total Past Due [Member] | Consumer [Member] | Non-Auto [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 228 | 50 | 76 | |||
Current [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 6,954,846 | 6,416,998 | 6,236,301 | |||
Current [Member] | Commercial [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 1,319,228 | 1,131,681 | 1,079,177 | |||
Current [Member] | Commercial [Member] | C&I [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 1,101,351 | 911,450 | 864,325 | |||
Current [Member] | Commercial [Member] | Municipal [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 217,877 | 220,231 | 214,852 | |||
Current [Member] | Agriculture [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 81,139 | 76,704 | 76,554 | |||
Current [Member] | Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 4,860,380 | 4,510,953 | 4,394,431 | |||
Current [Member] | Real Estate [Member] | Construction & Development [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 917,378 | 955,500 | 934,493 | |||
Current [Member] | Real Estate [Member] | Farm [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 340,141 | 305,654 | 267,167 | |||
Current [Member] | Real Estate [Member] | Non-Owner Occupied CRE [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 826,152 | 730,485 | 717,202 | |||
Current [Member] | Real Estate [Member] | Owner Occupied CRE [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 1,000,570 | 953,249 | 944,490 | |||
Current [Member] | Real Estate [Member] | Residential [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 1,776,139 | 1,566,065 | 1,531,079 | |||
Current [Member] | Consumer [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 694,099 | 697,660 | 686,139 | |||
Current [Member] | Consumer [Member] | Auto [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 539,835 | 549,826 | 538,422 | |||
Current [Member] | Consumer [Member] | Non-Auto [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | $ 154,264 | $ 147,834 | $ 147,717 | |||
[1] All disclosures for the C&I loan segment include PPP loan balances, net of deferred fees and costs, as disclosed on the face of the consolidated balance sheet. The Company monitors commercial, agricultural and real estate loans after such loans are 15 days past due. Consumer loans are monitored after such loans are 30 days past due. |
Loans Held for Sale - Additiona
Loans Held for Sale - Additional Information (Detail) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Loans Receivables Held For Sale Net [Abstract] | |||
Loans held for sale | $ 12,229,000 | $ 11,965,000 | $ 18,815,000 |
Loans held-for-sale at the lower of cost or fair value | $ 321,000 | $ 1,468,000 | $ 2,923,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Outstanding Notional Balances and Fair Values of Outstanding Derivative Positions (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
IRLCs [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Outstanding Notional Balance | $ 35,081 | $ 41,664 | $ 78,653 |
Asset Derivative Fair Value | 409 | 400 | 0 |
Liability Derivative Fair Value | 0 | 0 | 251 |
Forward Mortgage-Backed Securities Trades [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Outstanding Notional Balance | 45,500 | 45,000 | 72,500 |
Asset Derivative Fair Value | 237 | 85 | 1,897 |
Liability Derivative Fair Value | $ 0 | $ 0 | $ 0 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowings (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Debt Disclosure [Abstract] | |||
Securities sold under agreements with customers to repurchase | $ 621,791 | $ 618,829 | $ 749,278 |
Short-term borrowings | 108,700 | 2,625 | 4,250 |
Other Borrowings | 21,053 | 21,053 | 21,053 |
Total | $ 751,544 | $ 642,507 | $ 774,581 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Line of Credit Facility [Line Items] | |
Revolving line of credit, permitted | $ 25,000,000 |
Line of credit | 0 |
Other borrowings | $ 21,053,000 |
Line of credit, maturity date | Jun. 30, 2023 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Income Taxes [Line Items] | |||||
Federal statutory tax rate | 21% | ||||
Income tax expense | $ 10,848,000 | $ 12,095,000 | $ 34,291,000 | $ 34,359,000 | |
Effective tax rates on pre-tax income | 17.96% | 16.93% | 18.31% | 16.35% | |
Initial capital contribution commitment | $ 5,500,000 | ||||
Initial contribution included in other assets | 539,000 | $ 131,000 | $ 131,000 | ||
Leveraged loan, invest in other borrowings | $ 21,053,000 | $ 21,053,000 | |||
NMTC Investments [Member] | |||||
Income Taxes [Line Items] | |||||
Tax Benefit Percent of Qualified Investments | 0.39 | ||||
Investment related liabilities | 26,009,000 | $ 29,000,000 | $ 26,009,000 | 29,000,000 | 26,825,000 |
FFB Paris Investment Fund, LLC [Member] | |||||
Income Taxes [Line Items] | |||||
Loan investment | 18,000,000 | 18,000,000 | 18,000,000 | 18,000,000 | 18,000,000 |
Leveraged loan, invest in other borrowings | $ 21,053,000 | $ 21,053,000 | $ 21,053,000 | $ 21,053,000 | $ 21,053,000 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Apr. 27, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of option vesting rate | 20% | |||||
Duration of options granted, years | 10 years | |||||
Stock options outstanding, exercise price range, lower | $ 15.43 | |||||
Stock options outstanding, exercise price range, upper | $ 48.91 | |||||
Total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan | $ 5,746,000 | $ 5,746,000 | ||||
Weighted-average period of unrecognized compensation cost recognition, years | 1 year 8 months 1 day | |||||
Total fair value of shares vested | $ 2,110,000 | $ 1,747,000 | ||||
Stock compensation expense | 391,000 | $ 360,000 | 1,280,000 | 992,000 | ||
Dividends Payable | 25,730,000 | 0 | 25,730,000 | 0 | $ 24,278,000 | |
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance measurement amount in assets | 50,000,000,000 | 50,000,000,000 | ||||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance measurement amount in assets | $ 10,000,000,000 | $ 10,000,000,000 | ||||
Two Thousand Twenty One Omnibus Stock and Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares of stock for issuance under the plan | 1,562,362 | 1,562,362 | 2,500,000 | |||
2021 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of option vesting rate | 20% | |||||
Other Liabilities [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Dividends Payable | $ 107,000 | 72,000 | $ 107,000 | 72,000 | $ 74,000 | |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | ||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total fair value of shares vested | $ 940,000 | 1,363,000 | ||||
Restricted Stock [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock compensation expense | $ 175,000 | 150,000 | 492,000 | 481,000 | ||
Restricted Stock [Member] | Employee [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock compensation expense | 483,000 | 370,000 | $ 1,261,000 | 1,390,000 | ||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares vesting period | 2 years | |||||
Percentage of option vesting rate | 20% | |||||
Performance Shares [Member] | Employee [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock compensation expense | 483,000 | 370,000 | $ 1,261,000 | 1,390,000 | ||
Performance Shares [Member] | Executives And Other Officers [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares vesting period | 3 years | |||||
Criteria period | 3 years | |||||
Average adjusted earnings per share growth percentage | 50% | |||||
Performance Shares [Member] | Executives And Other Officers [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Issued Upon Vesting Based On Core Return Percentage | 200% | |||||
Performance Shares [Member] | Executives And Other Officers [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Issued Upon Vesting Based On Core Return Percentage | 0% | |||||
Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan | 3,998,000 | 4,105,000 | $ 3,998,000 | $ 4,105,000 | ||
Weighted-average period of unrecognized compensation cost recognition, years | 1 year 3 months 7 days | 1 year 2 months 23 days | ||||
Restricted Stock Units [Member] | Employee [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock compensation expense | $ 483,000 | $ 370,000 | $ 1,261,000 | $ 1,390,000 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Changes in Stock Units (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Balance at beginning of period | 24,813 | 46,598 |
Grants | 25,190 | 15,425 |
Vesting | (17,682) | (23,898) |
Forfeited/expired | (1,105) | (200) |
Balance at end of period | 31,216 | 37,925 |
Balance at beginning of period | $ 36.21 | $ 35.75 |
Weighted Average Grant Date Fair Value, Grants | 27.79 | 40.89 |
Weighted Average Grant Date Fair Value, Vesting | 38.54 | 40.4 |
Weighted Average Grant Date Fair Value, Forfeited/expired | 29.7 | 29.7 |
Balance at end of period | $ 28.25 | $ 34.94 |
Restricted Stock Units [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Balance at beginning of period | 39,657 | 22,597 |
Grants | 33,294 | 24,833 |
Vesting | (14,553) | (7,425) |
Forfeited/expired | (2,888) | (348) |
Balance at end of period | 55,510 | 39,657 |
Balance at beginning of period | $ 47.83 | $ 48.91 |
Weighted Average Grant Date Fair Value, Grants | 29.53 | 47.19 |
Weighted Average Grant Date Fair Value, Vesting | 48 | 48.91 |
Weighted Average Grant Date Fair Value, Forfeited/expired | 47.87 | 48.91 |
Balance at end of period | $ 36.81 | $ 47.83 |
Performance Shares [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Balance at beginning of period | 47,082 | 22,597 |
Grants | 33,294 | 24,833 |
Vesting | 0 | 0 |
Forfeited/expired | (3,456) | (348) |
Balance at end of period | 76,920 | 47,082 |
Balance at beginning of period | $ 48 | $ 48.91 |
Weighted Average Grant Date Fair Value, Grants | 29.53 | 47.19 |
Weighted Average Grant Date Fair Value, Vesting | 0 | 0 |
Weighted Average Grant Date Fair Value, Forfeited/expired | 48.04 | 48.91 |
Balance at end of period | $ 40.01 | $ 48 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Vested and Unvested Restricted Stock Outstanding (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Balance at beginning of period | 24,813 | 46,598 |
Grants | 25,190 | 15,425 |
Vesting | (17,682) | (23,898) |
Forfeited/expired | (1,105) | (200) |
Balance at end of period | 31,216 | 37,925 |
Balance at beginning of period | $ 36.21 | $ 35.75 |
Grants | 27.79 | 40.89 |
Vesting | 38.54 | 40.4 |
Forfeited/expired | 29.7 | 29.7 |
Balance at end of period | $ 28.25 | $ 34.94 |
Stock Based Compensation - Sc_2
Stock Based Compensation - Schedule of Analysis of Stock Option Activity (Detail) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Outstanding, beginning of period, Shares | shares | 1,490,413 |
Shares, Granted | shares | 253,228 |
Exercised, Shares | shares | (84,000) |
Cancelled, Shares | shares | (50,535) |
Outstanding, end of period, Shares | shares | 1,609,106 |
Exercisable at end ofperiod, Shares | shares | 938,924 |
Outstanding, beginning of period, Weighted-Average Ex. Price | $ / shares | $ 29.99 |
Granted, Weighted-Average Ex. Price | $ / shares | 29.53 |
Exercised, Weighted-Average Ex. Price | $ / shares | 18.36 |
Cancelled, Weighted-Average Ex. Price | $ / shares | 42.9 |
Outstanding, end of period, Weighted-Average Ex. Price | $ / shares | 30.12 |
Exercisable at end of period, Weighted-Average Ex. Price | $ / shares | $ 24.96 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Loans | Sep. 30, 2022 USD ($) Loans | Dec. 31, 2022 USD ($) Loans | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets transfer between Level 2 and Level 3 | $ 0 | $ 0 | $ 0 | ||
Other real estate owned, total | 15,000 | $ 0 | 15,000 | $ 0 | $ 0 |
Real state owned | 190,000 | 0 | |||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Real state owned | 0 | 0 | $ 0 | $ 0 | |
Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Number of loans held-for-sale | Loans | 0 | 0 | 0 | ||
Recognized credit losses | $ 0 | $ 0 | $ 0 | $ 0 | |
Minimum [Member] | Measurement Input, Discount Rate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt discounts, percentage | 500 | 500 | |||
Maximum [Member] | Measurement Input, Discount Rate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt discounts, percentage | 2,500 | 2,500 |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | $ 4,652,537,000 | $ 5,474,359,000 | $ 5,745,443,000 |
Loans held for sale | 12,229,000 | 11,965,000 | 18,815,000 |
U.S. Treasury Securities [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 485,447,000 | 482,549,000 | 477,176,000 |
Obligations of State and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 1,463,754,000 | 1,898,611,000 | 2,083,812,000 |
Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 2,297,235,000 | 2,616,566,000 | 2,696,881,000 |
Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 305,348,000 | 374,869,000 | 387,346,000 |
IRLCs [Member] | |||
Available-for-sale investment securities: | |||
Asset Derivative Fair Value | 409,000 | 400,000 | 0 |
Liability Derivative Fair Value | 0 | 0 | 251,000 |
Forward Mortgage-Backed Securities Trades [Member] | |||
Available-for-sale investment securities: | |||
Asset Derivative Fair Value | 237,000 | 85,000 | 1,897,000 |
Liability Derivative Fair Value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 4,652,537,000 | 5,474,359,000 | 5,745,443,000 |
Loans held for sale | 11,908,000 | 10,497,000 | 15,892,000 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 485,447,000 | 482,549,000 | 477,176,000 |
Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 1,463,754,000 | 1,898,611,000 | 2,083,812,000 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 2,297,235,000 | 2,616,566,000 | 2,696,881,000 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 305,348,000 | 374,869,000 | 387,346,000 |
Fair Value, Measurements, Recurring [Member] | IRLCs [Member] | |||
Available-for-sale investment securities: | |||
Asset Derivative Fair Value | 409,000 | 400,000 | (251,000) |
Fair Value, Measurements, Recurring [Member] | Forward Mortgage-Backed Securities Trades [Member] | |||
Available-for-sale investment securities: | |||
Liability Derivative Fair Value | 237,000 | 85,000 | 1,897,000 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 96,961,000 | 97,850,000 | 96,322,000 |
Fair Value, Measurements, Recurring [Member] | Collateralized Securities, Other [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 3,792,000 | 3,914,000 | 3,906,000 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 489,239,000 | 486,463,000 | 481,082,000 |
Loans held for sale | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | U.S. Treasury Securities [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 485,447,000 | 482,549,000 | 477,176,000 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | Obligations of State and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | IRLCs [Member] | |||
Available-for-sale investment securities: | |||
Asset Derivative Fair Value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | Forward Mortgage-Backed Securities Trades [Member] | |||
Available-for-sale investment securities: | |||
Asset Derivative Fair Value | 0 | ||
Liability Derivative Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | Corporate Bonds [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | Collateralized Securities, Other [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 3,792,000 | 3,914,000 | 3,906,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 4,163,298,000 | 4,987,896,000 | 5,264,361,000 |
Loans held for sale | 11,908,000 | 10,497,000 | 15,892,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | U.S. Treasury Securities [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Obligations of State and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 1,463,754,000 | 1,898,611,000 | 2,083,812,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 2,297,235,000 | 2,616,566,000 | 2,696,881,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 305,348,000 | 374,869,000 | 387,346,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | IRLCs [Member] | |||
Available-for-sale investment securities: | |||
Asset Derivative Fair Value | 409,000 | 400,000 | (251,000) |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Forward Mortgage-Backed Securities Trades [Member] | |||
Available-for-sale investment securities: | |||
Liability Derivative Fair Value | 237,000 | 85,000 | 1,897,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Corporate Bonds [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 96,961,000 | 97,850,000 | 96,322,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Collateralized Securities, Other [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 Inputs [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 0 | 0 | 0 |
Loans held for sale | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 Inputs [Member] | U.S. Treasury Securities [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 Inputs [Member] | Obligations of State and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 Inputs [Member] | Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 Inputs [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 Inputs [Member] | IRLCs [Member] | |||
Available-for-sale investment securities: | |||
Asset Derivative Fair Value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 Inputs [Member] | Forward Mortgage-Backed Securities Trades [Member] | |||
Available-for-sale investment securities: | |||
Asset Derivative Fair Value | 0 | ||
Liability Derivative Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 Inputs [Member] | Corporate Bonds [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 Inputs [Member] | Collateralized Securities, Other [Member] | |||
Available-for-sale investment securities: | |||
Securities available-for-sale, Estimated Fair Value | $ 0 | $ 0 | $ 0 |
Fair Value Disclosures - Summar
Fair Value Disclosures - Summary of Loans Held-for-Sale at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 |
Fair Value Measurements Loans Held For Sale [Abstract] | ||||
Unpaid principal balance on loans held-for-sale | $ 11,684 | $ 10,226 | $ 15,998 | |
Net unrealized gains on loans held-for-sale | 224 | 271 | (106) | |
Loans held-for-sale at fair value | $ 11,908 | $ 10,497 | $ 15,892 | $ 15,892 |
Fair Value Disclosures - Schedu
Fair Value Disclosures - Schedule of Gain Loss on Sale of Mortgage Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Schedule Of Gain Loss On Sale Of Mortgage Loans [Abstract] | |||||
Realized gain on sale and fees on mortgage loans* | [1] | $ 3,485 | $ 4,664 | $ 9,774 | $ 16,973 |
Change in fair value on loans held-for-sale and IRLCs | (121) | (2,433) | 24 | (2,886) | |
Change in forward mortgage-backed securities trades | 78 | 1,839 | 152 | 2,044 | |
Total gain on sale of mortgage loans | $ 3,442 | $ 4,070 | $ 9,950 | $ 16,131 | |
[1] This includes gains on loans held-for-sale carried under the fair value method and lower of cost or market. |
Fair Value Disclosures - Sche_2
Fair Value Disclosures - Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments (Detail) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | $ 208,277,000 | $ 293,286,000 | $ 227,298,000 |
INTEREST-BEARING DEMAND DEPOSITS IN BANKS | 180,008,000 | 37,392,000 | 138,484,000 |
Securities available-for-sale, Estimated Fair Value | 4,652,537,000 | 5,474,359,000 | 5,745,443,000 |
Loans held-for-investment, net allowance for credit losses | 6,904,982,000 | 6,366,034,000 | 6,181,380,000 |
Loans held for sale | 12,229,000 | 11,965,000 | 18,815,000 |
Borrowings | 751,544,000 | 642,507,000 | 774,581,000 |
IRLCs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Asset Derivative Fair Value | 409,000 | 400,000 | 0 |
Liability Derivative Fair Value | 0 | 0 | 251,000 |
Forward Mortgage-Backed Securities Trades [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Asset Derivative Fair Value | 237,000 | 85,000 | 1,897,000 |
Liability Derivative Fair Value | 0 | 0 | 0 |
Carrying Value [Member] | Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 208,277,000 | 293,286,000 | 227,298,000 |
INTEREST-BEARING DEMAND DEPOSITS IN BANKS | 180,008,000 | 37,392,000 | 138,484,000 |
Deposits with no stated maturities | 9,712,296,000 | 10,480,841,000 | 10,724,016,000 |
Carrying Value [Member] | Level 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | 12,229,000 | 11,965,000 | 18,815,000 |
Accrued interest receivable | 53,518,000 | 58,162,000 | 49,416,000 |
Deposits with stated maturities | 524,666,000 | 418,102,000 | |
Deposits with no stated maturities | 1,004,227,000 | ||
Borrowings | 751,544,000 | 642,507,000 | 774,581,000 |
Accrued interest payable | 13,557,000 | 1,121,000 | 494,000 |
Carrying Value [Member] | Level 2 Inputs [Member] | IRLCs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Asset Derivative Fair Value | 409,000 | 400,000 | (251,000) |
Carrying Value [Member] | Level 2 Inputs [Member] | Forward Mortgage-Backed Securities Trades [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liability Derivative Fair Value | 237,000 | 85,000 | 1,897,000 |
Carrying Value [Member] | Levels 1 and 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available-for-sale, Estimated Fair Value | 4,652,537,000 | 5,474,359,000 | 5,745,443,000 |
Carrying Value [Member] | Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held-for-investment, net allowance for credit losses | 6,904,982,000 | 6,366,034,000 | 6,181,380,000 |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 208,277,000 | 293,286,000 | 227,298,000 |
INTEREST-BEARING DEMAND DEPOSITS IN BANKS | 180,008,000 | 37,392,000 | 138,484,000 |
Deposits with no stated maturities | 9,712,296,000 | 10,480,841,000 | 10,724,016,000 |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | 12,266,000 | 11,965,000 | 18,815,000 |
Accrued interest receivable | 53,518,000 | 58,162,000 | 49,416,000 |
Deposits with stated maturities | 1,002,893,000 | 518,811,000 | 416,400,000 |
Borrowings | 751,544,000 | 642,507,000 | 774,581,000 |
Accrued interest payable | 13,557,000 | 1,121,000 | 494,000 |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | IRLCs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Asset Derivative Fair Value | 409,000 | 400,000 | (251,000) |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | Forward Mortgage-Backed Securities Trades [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liability Derivative Fair Value | 237,000 | 85,000 | 1,897,000 |
Estimated Fair Value [Member] | Levels 1 and 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available-for-sale, Estimated Fair Value | 4,652,537,000 | 5,474,359,000 | 5,745,443,000 |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held-for-investment, net allowance for credit losses | $ 6,890,218,000 | $ 6,372,859,000 | $ 6,215,441,000 |