Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 29, 2013 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | FIRST FINANCIAL BANKSHARES INC | |
Entity Central Index Key | 36029 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 31,977,670 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
ASSETS | |||
CASH AND DUE FROM BANKS | $164,666 | $207,018 | $128,606 |
FEDERAL FUNDS SOLD | 14,300 | 14,045 | 23,400 |
INTEREST-BEARING DEPOSITS IN BANKS | 48,634 | 139,676 | 25,633 |
Total cash and cash equivalents | 227,600 | 360,739 | 177,639 |
INTEREST-BEARING TIME DEPOSITS IN BANKS | 34,352 | 49,005 | 67,506 |
SECURITIES AVAILABLE-FOR-SALE, at fair value | 1,975,303 | 1,819,035 | 1,882,617 |
SECURITIES HELD-TO-MATURITY (fair value of $810, $1,271 and $1,080 at September 30, 2013 and 2012 and December 31, 2012, respectively) | 798 | 1,061 | 1,247 |
LOANS | |||
Held for investment | 2,609,085 | 2,077,166 | 1,993,820 |
Less - allowance for loan losses | -34,800 | -34,839 | -34,932 |
Net loans held for investment | 2,574,285 | 2,042,327 | 1,958,888 |
Held for sale | 5,724 | 11,457 | 10,034 |
Net loans | 2,580,009 | 2,053,784 | 1,968,922 |
BANK PREMISES AND EQUIPMENT, net | 94,676 | 84,122 | 80,580 |
INTANGIBLE ASSETS | 97,429 | 71,973 | 72,001 |
OTHER ASSETS | 65,468 | 62,293 | 60,035 |
Total assets | 5,075,635 | 4,502,012 | 4,310,547 |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
NONINTEREST-BEARING DEPOSITS | 1,371,835 | 1,311,708 | 1,200,154 |
INTEREST-BEARING DEPOSITS | 2,628,722 | 2,320,876 | 2,244,244 |
Total deposits | 4,000,557 | 3,632,584 | 3,444,398 |
DIVIDENDS PAYABLE | 8,314 | 7,872 | |
SHORT-TERM BORROWINGS | 466,500 | 259,697 | 254,480 |
OTHER LIABILITIES | 32,023 | 52,768 | 53,885 |
Total liabilities | 4,507,394 | 3,945,049 | 3,760,635 |
COMMITMENTS AND CONTINGENCIES | |||
SHAREHOLDERS' EQUITY | |||
Common stock - $0.01 par value, authorized 80,000,000 shares; 31,977,670, 31,488,530, and 31,496,881 shares issued at September 30, 2013 and 2012 and December 31, 2012, respectively) | 320 | 315 | 315 |
Capital surplus | 302,320 | 277,412 | 277,121 |
Retained earnings | 261,052 | 227,927 | 217,483 |
Treasury stock (shares at cost: 269,334, 265,598, and 266,845 at September 30, 2013 and 2012 and December 31, 2012, respectively) | -5,364 | -5,007 | -4,908 |
Deferred compensation | 5,364 | 5,007 | 4,908 |
Accumulated other comprehensive earnings (loss) | 4,549 | 51,309 | 54,993 |
Total shareholders' equity | 568,241 | 556,963 | 549,912 |
Total liabilities and shareholders' equity | $5,075,635 | $4,502,012 | $4,310,547 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | |||
Statement Of Financial Position [Abstract] | |||
SECURITIES HELD-TO-MATURITY, fair value | $810 | $1,080 | $1,271 |
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 80,000,000 | 80,000,000 | 80,000,000 |
Common stock, shares issued | 31,977,670 | 31,496,881 | 31,488,530 |
Treasury stock, shares | 269,334 | 266,845 | 265,598 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
INTEREST INCOME: | ||||
Interest and fees on loans | $32,936 | $26,138 | $88,260 | $75,792 |
Interest on investment securities: | ||||
Taxable | 6,130 | 7,480 | 18,818 | 24,498 |
Exempt from federal income tax | 7,480 | 6,484 | 21,122 | 19,081 |
Interest on federal funds sold and interest-bearing deposits in banks | 109 | 185 | 405 | 623 |
Total interest income | 46,655 | 40,287 | 128,605 | 119,994 |
INTEREST EXPENSE: | ||||
Interest on deposits | 1,038 | 1,094 | 2,758 | 3,887 |
Other | 126 | 74 | 256 | 176 |
Total interest expense | 1,164 | 1,168 | 3,014 | 4,063 |
Net interest income | 45,491 | 39,119 | 125,591 | 115,931 |
PROVISION FOR LOAN LOSSES | 1,349 | 787 | 2,582 | 2,842 |
Net interest income after provision for loan losses | 44,142 | 38,332 | 123,009 | 113,089 |
NONINTEREST INCOME: | ||||
Trust fees | 4,138 | 3,723 | 11,884 | 10,848 |
Service charges on deposit accounts | 4,798 | 4,337 | 13,009 | 12,261 |
ATM, interchange and credit card fees | 4,404 | 3,767 | 12,315 | 11,226 |
Real estate mortgage operations | 2,008 | 1,495 | 5,149 | 3,763 |
Net gain (loss) on available-for-sale securities (includes ($108) and $1,479 for the three months ended September 30, 2013 and 2012, respectively, and $147 and $2,206 for the nine months ended September 30, 2013 and 2012, respectively, related to accumulated other comprehensive earnings (loss) reclassifications) | -108 | 1,479 | 147 | 2,206 |
Net gain (loss) on sale of foreclosed assets | 36 | -106 | -263 | -512 |
Other | 1,799 | 804 | 4,019 | 2,469 |
Total noninterest income | 17,075 | 15,499 | 46,260 | 42,261 |
NONINTEREST EXPENSE: | ||||
Salaries and employee benefits | 17,501 | 14,845 | 48,831 | 43,263 |
Net occupancy expense | 2,164 | 1,806 | 5,995 | 5,286 |
Equipment expense | 2,490 | 2,269 | 7,146 | 6,521 |
FDIC insurance premiums | 640 | 563 | 1,781 | 1,655 |
ATM, interchange and credit card expenses | 1,474 | 1,317 | 4,161 | 4,017 |
Professional and service fees | 1,363 | 838 | 3,198 | 2,263 |
Printing, stationery and supplies | 534 | 468 | 1,504 | 1,483 |
Amortization of intangible assets | 77 | 38 | 120 | 120 |
Other | 9,291 | 5,059 | 20,181 | 15,807 |
Total noninterest expense | 35,534 | 27,203 | 92,917 | 80,415 |
EARNINGS BEFORE INCOME TAXES | 25,683 | 26,628 | 76,352 | 74,935 |
INCOME TAX EXPENSE (includes ($38) and $518 for the three months ended September 30, 2013 and 2012, respectively, and $51 and $772 for the nine months ended September 30, 2013 and 2012, respectively related to income tax expense from reclassification items) | 6,121 | 6,828 | 18,723 | 19,028 |
NET EARNINGS | $19,562 | $19,800 | $57,629 | $55,907 |
EARNINGS PER SHARE, BASIC | $0.61 | $0.63 | $1.82 | $1.78 |
EARNINGS PER SHARE, ASSUMING DILUTION | $0.61 | $0.63 | $1.81 | $1.78 |
DIVIDENDS PER SHARE | $0.26 | $0.25 | $0.77 | $0.74 |
Consolidated_Statements_of_Ear1
Consolidated Statements of Earnings (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ||||
Reclassification adjustment for realized gains on investment securities included in net earnings (loss), before income tax | ($108) | $1,479 | $147 | $2,206 |
Income tax expense from reclassification | ($38) | $518 | $51 | $772 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | ||||
Net Earnings | $19,562 | $19,800 | $57,629 | $55,907 |
OTHER ITEMS OF COMPREHENSIVE EARNINGS (LOSS): | ||||
Change in unrealized gain (loss) on investment securities available-for-sale, before income taxes | -29,688 | 6,710 | -71,791 | 14,157 |
Reclassification adjustment for realized losses (gains) on investment securities included in net earnings, before income tax | 108 | -1,479 | -147 | -2,206 |
Total other items of comprehensive earnings (losses) | -29,580 | 5,231 | -71,938 | 11,951 |
Income tax benefit (expense) related to other items of comprehensive earnings (loss) | 10,352 | -1,831 | 25,178 | -4,183 |
COMPREHENSIVE EARNINGS | $334 | $23,200 | $10,869 | $63,675 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Deferred Compensation [Member] | Accumulated Other Comprehensive Earnings [Member] |
In Thousands, except Share data | |||||||
Beginning Balance at Dec. 31, 2011 | $508,537 | $314 | $276,127 | $184,871 | ($4,597) | $4,597 | $47,225 |
Beginning Balance, shares at Dec. 31, 2011 | 31,459,635 | -258,235 | |||||
Net Earnings | 55,907 | 55,907 | |||||
Stock option exercises | 627 | 1 | 626 | ||||
Stock option exercises, shares | 28,895 | ||||||
Cash dividends declared | -23,295 | -23,295 | |||||
Change in unrealized gain in investment securities available-for-sale, net of related income taxes | 7,768 | 7,768 | |||||
Additional tax benefit related to directors' deferred compensation plan | 117 | 117 | |||||
Shares purchased in connection with directors' deferred compensation plan, net | -311 | 311 | |||||
Shares purchased in connection with directors' deferred compensation plan, net, shares | -7,363 | ||||||
Stock option expense | 251 | 251 | |||||
Ending Balance at Sep. 30, 2012 | 549,912 | 315 | 277,121 | 217,483 | -4,908 | 4,908 | 54,993 |
Ending Balance, shares at Sep. 30, 2012 | 31,488,530 | -265,598 | |||||
Beginning Balance at Dec. 31, 2012 | 556,963 | 315 | 277,412 | 227,927 | -5,007 | 5,007 | 51,309 |
Beginning Balance, shares at Dec. 31, 2012 | 31,496,881 | -266,845 | |||||
Net Earnings | 57,629 | 57,629 | |||||
Stock issued in acquisition of Orange Savings Bank, SSB | 23,100 | 4 | 23,096 | ||||
Stock issued in acquisition of Orange Savings Bank, SSB, shares | 420,000 | ||||||
Stock option exercises | 1,519 | 1 | 1,518 | ||||
Stock option exercises, shares | 60,789 | ||||||
Cash dividends declared | -24,504 | -24,504 | |||||
Change in unrealized gain in investment securities available-for-sale, net of related income taxes | -46,760 | -46,760 | |||||
Additional tax benefit related to directors' deferred compensation plan | 30 | 30 | |||||
Shares purchased in connection with directors' deferred compensation plan, net | -357 | 357 | |||||
Shares purchased in connection with directors' deferred compensation plan, net, shares | -2,489 | ||||||
Stock option expense | 264 | 264 | |||||
Ending Balance at Sep. 30, 2013 | $568,241 | $320 | $302,320 | $261,052 | ($5,364) | $5,364 | $4,549 |
Ending Balance, shares at Sep. 30, 2013 | 31,977,670 | -269,334 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Statement Of Stockholders Equity [Abstract] | ||||
Cash dividend per share | $0.26 | $0.25 | $0.77 | $0.74 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Earnings | $57,629 | $55,907 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 6,376 | 5,908 |
PROVISION FOR LOAN LOSSES | 2,582 | 2,842 |
Securities premium amortization (discount accretion), net | 13,680 | 11,732 |
Gain on sale of assets, net | -62 | -1,896 |
Deferred federal income tax benefit | -309 | -1,857 |
Change in loans held for sale | 5,731 | 595 |
Change in other assets | 2,642 | -153 |
Change in other liabilities | 5,996 | 5,104 |
Total adjustments | 36,636 | 22,275 |
Net cash provided by operating activities | 94,265 | 78,182 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash paid for acquisition of Orange Savings Bank, SSB, less cash acquired | -25,706 | |
Net decrease (increase) in interest-bearing time deposits in banks | 14,653 | -6,331 |
Activity in available-for-sale securities: | ||
Sales | 121,420 | 114,090 |
Maturities | 248,750 | 1,003,367 |
Purchases | -511,471 | -1,171,322 |
Activity in held-to-maturity securities - maturities | 263 | 2,361 |
Net increase in loans | -242,860 | -220,551 |
Purchases of bank premises and equipment and other assets | -8,492 | -10,904 |
Proceeds from sale of other assets | 1,885 | 3,932 |
Net cash used in investing activities | -401,558 | -285,358 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in noninterest-bearing deposits | -7,402 | 98,578 |
Net increase (decrease) in interest-bearing deposits | -10,575 | 11,023 |
Net increase in short-term borrowings | 206,803 | 46,724 |
Common stock transactions: | ||
Proceeds from stock issuances | 1,519 | 627 |
Dividends paid | -16,191 | -22,973 |
Net cash provided by financing activities | 174,154 | 133,979 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -133,139 | -73,197 |
CASH AND CASH EQUIVALENTS, beginning of period | 360,739 | 250,836 |
CASH AND CASH EQUIVALENTS, end of period | 227,600 | 177,639 |
SUPPLEMENTAL INFORMATION AND NONCASH TRANSACTIONS | ||
Interest paid | 2,988 | 4,317 |
Federal income tax paid | 17,386 | 17,205 |
Transfer of loans to foreclosed assets | 1,610 | 422 |
Investment securities purchased but not settled | $3,496 | $6,260 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 - Basis of Presentation |
The interim consolidated financial statements include the accounts of the Company, a Texas corporation and a financial holding company registered under the Bank Holding Company Act of 1956, as amended, or BHCA, and its wholly-owned subsidiaries: First Financial Bank, National Association, Abilene, Texas; First Technology Services, Inc.; First Financial Trust & Asset Management Company, National Association; First Financial Investments, Inc.; and First Financial Insurance Agency, Inc. | |
Through our subsidiary bank, we conduct a full-service commercial banking business. Our banking centers are located primarily in Central, North Central, Southeast and West Texas. As of September 30, 2013, we had 60 financial centers across Texas, with eleven locations in Abilene, two locations in Cleburne, Stephenville and Granbury, three locations in San Angelo and Weatherford, and one location each in Acton, Albany, Aledo, Alvarado, Boyd, Bridgeport, Brock, Burleson, Cisco, Clyde, Decatur, Eastland, Fort Worth, Glen Rose, Grapevine, Hereford, Huntsville, Keller, Mauriceville, Merkel, Midlothian, Mineral Wells, Moran, Newton, Odessa, Orange, Port Arthur, Ranger, Rising Star, Roby, Southlake, Sweetwater, Trent, Trophy Club, Vidor, Waxahachie, and Willow Park. Our trust subsidiary has seven locations which are located in Abilene, Fort Worth, Odessa, Orange, San Angelo, Stephenville and Sweetwater, all in Texas. | |
In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments necessary for a fair presentation of the Company’s financial position and unaudited results of operations and should be read in conjunction with the Company’s audited consolidated financial statements, and notes thereto in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2012. All adjustments were of a normal recurring nature. However, the results of operations for the three and nine months ended September 30, 2013, are not necessarily indicative of the results to be expected for the year ending December 31, 2013, due to seasonality, changes in economic conditions and loan credit quality, interest rate fluctuations, regulatory and legislative changes and other factors. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted under SEC rules and regulations. The Company evaluated subsequent events for potential recognition and/or disclosure through the date the consolidated financial statements were issued. | |
Effective December 30, 2012, the Company consolidated its eleven bank charters into one charter. The Company cited regulatory, compliance and technology complexities and the opportunity for cost savings as its reason for making this change. The Company is operating the one charter as it previously did with eleven charters, with local management and board decisions to benefit the customers and communities it serves. | |
On October 26, 2011, the Company’s Board of Directors authorized the repurchase of up to 750,000 common shares through September 30, 2014. The stock buyback plan authorizes management to repurchase the stock at such time as repurchases are considered beneficial to shareholders. 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. Through September 30, 2013, no shares have been repurchased under this authorization. | |
On April 24, 2012, the Company’s shareholders approved an amendment to the Company’s Amended and Restated Certificate of Formation to increase the number of authorized common shares to 80,000,000. | |
On May 31, 2013, the Company acquired 100% of the outstanding capital stock of Orange Savings Bank, SSB, a wholly-owned subsidiary of OSB Financial Services, Inc. The results of operations of Orange Savings Bank, SSB subsequent to the acquisition date are included in the consolidated earnings of the Company. See Note 10 for more information. | |
Goodwill and other intangible assets are evaluated annually for impairment as of the end of the second quarter. No such impairment has been noted in connection with the current or any prior evaluations. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 2 - Earnings Per Share |
Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares outstanding during the periods presented. In computing diluted earnings per common share for the three and nine months ended September 30, 2013 and 2012, the Company assumes that all dilutive outstanding options to purchase common stock have been exercised at the beginning of the period (or the time of issuance, if later). The dilutive effect of the outstanding options is reflected by application of the treasury stock method, whereby the proceeds from the exercised options are assumed to be used to purchase common stock at the average market price during the respective periods. The weighted average common shares outstanding used in computing basic earnings per common share for the three months ended September 30, 2013 and 2012, were 31,970,405 and 31,484,375 shares, respectively. The weighted average common shares outstanding used in computing basic earnings per common share for the nine months ended September 30, 2013 and 2012, were 31,722,272 and 31,476,715 shares, respectively. The weighted average common shares outstanding used in computing fully diluted earnings per common share for the three months ended September 30, 2013 and 2012, were 32,121,771 and 31,502,172 shares, respectively. The weighted average common shares outstanding used in computing fully diluted earnings per common share for the nine months ended September 30, 2013 and 2012, were 31,853,294 and 31,486,707 shares, respectively. |
Interestbearing_Time_Deposits_
Interest-bearing Time Deposits in Banks and Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | |||||||||||||||||||||||||
Interest-bearing Time Deposits in Banks and Securities | Note 3 - Interest-bearing Time Deposits in Banks and Securities | ||||||||||||||||||||||||
Interest-bearing time deposits in banks totaled $34,352,000 and $49,005,000 at September 30, 2013 and December 31, 2012, respectively, and have original maturities generally ranging from one to two years. Of these amounts, $31,437,000 and $44,776,000 are time deposits with balances greater than $100,000 at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
The Company records its available-for-sale and trading securities portfolio at fair value. | |||||||||||||||||||||||||
Management classifies debt and equity securities as held-to-maturity, available-for-sale, or trading based on its intent. Debt securities that management has the positive intent and ability to hold to maturity are classified as held-to-maturity and recorded at 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 estimated fair value, with all unrealized gains and unrealized losses judged to be temporary, net of deferred income taxes, excluded from earnings and reported in the consolidated statements of comprehensive earnings. Available-for-sale securities that have unrealized losses that are judged other than temporary are included in gain (loss) on sale of securities and a new cost basis is established. Securities classified as trading are recorded at estimated fair value with unrealized gains and losses included in earnings. | |||||||||||||||||||||||||
Fair values of 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 investment 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 market place as a result of the illiquid market specific to the type of security. | |||||||||||||||||||||||||
When the fair value of a security is below its amortized cost, depending on the length of time the condition exists and the extent the fair value is below amortized cost, additional analysis is performed to determine whether an other-than-temporary impairment condition exists. Available-for-sale and held-to-maturity securities are analyzed quarterly for possible other-than-temporary impairment. The analysis considers (i) whether we have the intent to sell our securities prior to recovery and/or maturity, (ii) whether it is more likely than not that we will have to sell our securities prior to recovery and/or maturity, (iii) the length of time and extent to which the fair value has been less than amortized cost, and (iv) the financial condition of the issuer. Often, the information available to conduct these assessments is limited and rapidly changing, making estimates of fair value subject to judgment. If actual information or conditions are different than estimated, the extent of the impairment of the security may be different than previously estimated, which could have a material effect on the Company’s results of operations and financial condition. | |||||||||||||||||||||||||
The Company’s investment portfolio consists of U. S. Treasury securities, obligations of U. S. government sponsored-enterprises and agencies, 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 assist in valuing its investment securities. The Company reviews the prices supplied by the independent pricing services as well as the underlying pricing methodologies for reasonableness and to ensure such prices are aligned with pricing matrices. The Company validates quarterly, on a sample basis, prices supplied by the independent pricing services by comparison to prices obtained from other third party sources. | |||||||||||||||||||||||||
A summary of available-for-sale and held-to-maturity securities follows (in thousands): | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost Basis | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Holding Gains | Holding Losses | ||||||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
Obligations of U.S. government sponsored-enterprises and agencies | $ | 142,944 | $ | 1,684 | $ | (14 | ) | $ | 144,614 | ||||||||||||||||
Obligations of states and political subdivisions | 960,624 | 26,321 | (14,767 | ) | 972,178 | ||||||||||||||||||||
Corporate bonds and other | 106,551 | 3,578 | — | 110,129 | |||||||||||||||||||||
Residential mortgage-backed securities | 632,621 | 14,960 | (7,492 | ) | 640,089 | ||||||||||||||||||||
Commercial mortgage-backed securities | 112,702 | — | (4,409 | ) | 108,293 | ||||||||||||||||||||
Total securities available-for-sale | $ | 1,955,442 | $ | 46,543 | $ | (26,682 | ) | $ | 1,975,303 | ||||||||||||||||
Securities held-to-maturity: | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 525 | $ | 3 | $ | — | $ | 528 | |||||||||||||||||
Residential mortgage-backed securities | 273 | 9 | — | 282 | |||||||||||||||||||||
Total debt securities held-to-maturity | $ | 798 | $ | 12 | $ | — | $ | 810 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost Basis | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Holding Gains | Holding Losses | ||||||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
U. S. Treasury securities | $ | 6,042 | $ | 48 | $ | — | $ | 6,090 | |||||||||||||||||
Obligations of U.S. government sponsored-enterprises and agencies | 219,420 | 4,060 | — | 223,480 | |||||||||||||||||||||
Obligations of states and political subdivisions | 786,278 | 57,541 | (129 | ) | 843,690 | ||||||||||||||||||||
Corporate bonds and other | 117,244 | 6,020 | (73 | ) | 123,191 | ||||||||||||||||||||
Residential mortgage-backed securities | 564,434 | 23,285 | (443 | ) | 587,276 | ||||||||||||||||||||
Commercial mortgage-backed securities | 33,819 | 1,739 | (250 | ) | 35,308 | ||||||||||||||||||||
Total securities available-for-sale | $ | 1,727,237 | $ | 92,693 | $ | (895 | ) | $ | 1,819,035 | ||||||||||||||||
Securities held-to-maturity: | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 735 | $ | 7 | $ | — | $ | 742 | |||||||||||||||||
Residential mortgage-backed securities | 294 | 11 | — | 305 | |||||||||||||||||||||
Commercial mortgage-backed securities | 32 | 1 | — | 33 | |||||||||||||||||||||
Total debt securities held-to-maturity | $ | 1,061 | $ | 19 | $ | — | $ | 1,080 | |||||||||||||||||
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, 2013, were computed by using scheduled amortization of balances and historical prepayment rates. | |||||||||||||||||||||||||
The amortized cost and estimated fair value of debt securities at September 30, 2013, by contractual and expected maturity, are shown below (in thousands): | |||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Cost Basis | Fair Value | Cost Basis | Fair Value | ||||||||||||||||||||||
Due within one year | $ | 82,447 | $ | 83,490 | $ | 525 | $ | 528 | |||||||||||||||||
Due after one year through five years | 533,039 | 547,624 | — | — | |||||||||||||||||||||
Due after five years through ten years | 536,830 | 539,843 | — | — | |||||||||||||||||||||
Due after ten years | 57,803 | 55,964 | — | — | |||||||||||||||||||||
Mortgage-backed securities | 745,323 | 748,382 | 273 | 282 | |||||||||||||||||||||
Total | $ | 1,955,442 | $ | 1,975,303 | $ | 798 | $ | 810 | |||||||||||||||||
The following tables disclose, as of September 30, 2013 and December 31, 2012, the Company’s investment securities that have been in a continuous unrealized-loss position for less than 12 months and for 12 months or longer (in thousands): | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
September 30, 2013 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Obligations of U.S. government sponsored-enterprises and agencies | $ | 10,941 | $ | 14 | $ | — | $ | — | $ | 10,941 | $ | 14 | |||||||||||||
Obligations of states and political subdivisions | 382,840 | 14,767 | — | — | 382,840 | 14,767 | |||||||||||||||||||
Residential mortgage-backed securities | 164,166 | 7,412 | 8,220 | 80 | 172,386 | 7,492 | |||||||||||||||||||
Commercial mortgage-backed securities | 108,293 | 4,409 | — | — | 108,293 | 4,409 | |||||||||||||||||||
Total | $ | 666,240 | $ | 26,602 | $ | 8,220 | $ | 80 | $ | 674,460 | $ | 26,682 | |||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
December 31, 2012 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 36,480 | $ | 129 | $ | — | $ | — | $ | 36,480 | $ | 129 | |||||||||||||
Residential mortgage-backed securities | 17,344 | 401 | 3,574 | 42 | 20,918 | 443 | |||||||||||||||||||
Commercial mortgage-backed securities | 12,453 | 250 | — | — | 12,453 | 250 | |||||||||||||||||||
Corporate bonds and other | 4,994 | 73 | — | — | 4,994 | 73 | |||||||||||||||||||
Total | $ | 71,271 | $ | 853 | $ | 3,574 | $ | 42 | $ | 74,845 | $ | 895 | |||||||||||||
The number of investment positions in an unrealized loss position totaled 528 at September 30, 2013. We do not believe these unrealized losses are “other than temporary” as (i) we do not have the intent to sell our securities prior to recovery and/or maturity and (ii) it is more likely than not that we will not have to sell our securities prior to recovery and/or maturity. In making the determination, we also consider the length of time and extent to which fair value has been less than cost and the financial condition of the issuer. The unrealized losses noted are interest rate related due to the level of interest rates at September 30, 2013 compared to the time of purchase. We have reviewed the ratings of the issuers and have not identified any issues related to the ultimate repayment of principal as a result of credit concerns on these securities. On occasion, we sell certain securities prior to maturity to reposition our securities on the interest rate curve or to take advantage of shifts in interest rates. These sales result in gains/losses on sale of available-for-sale securities but do not change our overall intent to not sell our securities or our belief that we do not have to sell our securities prior to recovery and/or maturity as discussed in the prior sentences. Our mortgage related securities are backed by GNMA, FNMA and FHLMC or are collateralized by securities backed by these agencies. | |||||||||||||||||||||||||
Securities, carried at approximately $1,061,307,000 at September 30, 2013, were pledged as collateral for public or trust fund deposits, repurchase agreements and for other purposes required or permitted by law. | |||||||||||||||||||||||||
During the quarters ended September 30, 2013 and 2012, sales of investment securities that were classified as available-for-sale totaled $50,065,000 and $45,129,000, respectively. Gross realized gains from securities sales and calls during the third quarter of 2013 and 2012 totaled $1,114,000 and $1,522,000, respectively. Gross realized losses from securities sales and calls during the third quarter of 2013 and 2012 totaled $1,222,000 and $43,000, respectively. During the nine months ended September 30, 2013 and 2012, sales of investment securities that were classified as available-for-sale totaled $121,420,000 and $114,090,000, respectively. Gross realized gains from securities sales and calls during the nine-month periods ended September 30, 2013 and 2012 totaled $1,371,000 and $2,250,000, respectively. Gross realized losses from securities sales and calls during the nine-month periods ended September 30, 2013 and 2012 totaled $1,224,000 and $44,000, respectively. The specific identification method was used to determine cost in order to compute the realized gains and losses. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | Note 4 - Loans and Allowance for Loan Losses | ||||||||||||||||||||||||||||
Loans held for investment are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. 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. The allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for loan losses when management believes the collectability of the principal is unlikely. | |||||||||||||||||||||||||||||
The Company has certain lending policies and procedures in place that are designed to maximize loan income with an acceptable level of risk. Management reviews and approves these policies and procedures on a annual basis and makes changes as appropriate. Management receives and reviews monthly reports related to loan originations, quality, concentrations, delinquencies, non-performing and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions, both by type of loan and geographic location. | |||||||||||||||||||||||||||||
Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and effectively. Underwriting standards are designed to determine whether the borrower possesses sound business ethics and practices and to evaluate current and projected cash flows to determine the ability of the borrower to repay their obligations as agreed. Commercial loans are primarily made based on the identified cash flows of the borrower and, secondarily, on the underlying collateral provided by the borrower. Most commercial loans are secured by the assets being financed or other business assets, such as accounts receivable or inventory, and include personal guarantees. | |||||||||||||||||||||||||||||
Agricultural loans are subject to underwriting standards and processes similar to commercial loans. These agricultural loans are based primarily on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. Most agricultural loans are secured by the agriculture related assets being financed, such as farm land, cattle or equipment, and include personal guarantees. | |||||||||||||||||||||||||||||
Real estate loans are also subject to underwriting standards and processes similar to commercial and agricultural loans. These loans are underwritten primarily based on projected cash flows and, secondarily, as loans secured by real estate. The repayment of real estate loans is generally largely dependent on the successful operation of the property securing the loans or the business conducted on the property securing the loan. Real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s real estate portfolio are generally diverse in terms of type and geographic location within Texas. This diversity helps reduce the exposure to adverse economic events that affect any single market or industry. Generally, real estate loans are owner occupied which further reduces the Company’s risk. | |||||||||||||||||||||||||||||
Consumer loan underwriting utilizes methodical credit standards and analysis to supplement the Company’s underwriting policies and procedures. The Company’s loan policy addresses types of consumer loans that may be originated and the collateral, if secured, which must be perfected. The relatively smaller individual dollar amounts of consumer loans that are spread over numerous individual borrowers also minimize the Company’s risk. | |||||||||||||||||||||||||||||
The allowance for loan losses is an amount management believes is appropriate to absorb probable losses that have been incurred on existing loans as of the balance sheet date based upon management’s review and evaluation of the loan portfolio. The allowance for loan losses is comprised of three elements: (i) specific reserves determined in accordance with current authoritative accounting guidance based on probable losses on specific classified loans; (ii) a general reserve determined in accordance with current authoritative accounting guidance that considers historical loss rates; and (iii) qualitative reserves determined in accordance with current authoritative accounting guidance based upon general economic conditions and other qualitative risk factors both internal and external to the Company. The allowance for loan losses is increased by charges to income and decreased by charge-offs (net of recoveries). Management’s periodic evaluation of the appropriateness of the allowance is based on general economic conditions, the financial condition of borrowers, the value and liquidity of collateral, delinquency, prior loan loss experience, and the results of periodic reviews of the portfolio. For purposes of determining our general reserve, the loan portfolio, less cash secured loans, government guaranteed loans and classified loans, is multiplied by the Company’s historical loss rate. Specific allocations are increased in accordance with deterioration in credit quality and a corresponding increase in risk of loss on a particular loan. In addition, we adjust our allowance for qualitative factors such as current local economic conditions and trends, including, without limitations, unemployment, changes in lending staff, policies and procedures, changes in credit concentrations, changes in the trends and severity of problem loans and changes in trends in volume and terms of loans. This qualitative reserve serves to compensate for additional areas of uncertainty inherent in our portfolio that are not reflected in our historic loss factors. | |||||||||||||||||||||||||||||
Although we believe we use the best information available to make loan loss allowance determinations, future adjustments could be necessary if circumstances or economic conditions differ substantially from the assumptions used in making our initial determinations. A downturn in the economy and employment could result in increased levels of non-performing assets and charge-offs, increased loan provisions and reductions in income. Additionally, bank regulatory agencies periodically review our allowance for loan losses and methodology and could require additions to the loan loss allowance based on their judgment of information available to them at the time of their examination. | |||||||||||||||||||||||||||||
Accrual of interest is discontinued on a loan and payments are applied to principal when management believes, after considering economic and business conditions and collection efforts, the borrower’s financial condition is such that collection of interest is doubtful. Except consumer loans, generally all loans past due greater than 90 days, based on contractual terms, are placed on non-accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Consumer loans are generally charged-off when a loan becomes past due 90 days. For other loans in the portfolio, facts and circumstances are evaluated in making charge-off decisions. | |||||||||||||||||||||||||||||
Loans are considered impaired when, based on current information and events, management determines that it is probable we will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. If a loan is impaired, a specific valuation allowance is allocated, if necessary. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Impaired loans, or portions thereof, are charged off when deemed uncollectable. | |||||||||||||||||||||||||||||
The Company’s policy requires measurement of the allowance for an impaired, collateral dependent loan based on the fair value of the collateral. Other loan impairments are measured based on the present value of expected future cash flows or the loan’s observable market price. At September 30, 2013 and 2012, and December 31, 2012, all significant impaired loans have been determined to be collateral dependent and the allowance for loss has been measured utilizing the estimated fair value of the collateral. | |||||||||||||||||||||||||||||
From time to time, the Company modifies its loan agreement with a borrower. A modified loan is considered a troubled debt restructuring when two conditions are met: (i) the borrower is experiencing financial difficulty and (ii) concessions are made by the Company that would not otherwise be considered for a borrower with similar credit risk characteristics. Modifications to loan terms may include a lower interest rate, a reduction of principal, or a longer term to maturity. To date, these troubled debt restructurings have been such that, after considering economic and business conditions and collection efforts, the collection of interest is doubtful and therefore the loan has been placed on non-accrual. Each of these loans is individually evaluated for impairment and a specific reserve is recorded based on probable losses, taking into consideration the related collateral and modified loan terms and cash flow. As of September 30, 2013 and 2012, and December 31, 2012, all of the Company’s troubled debt restructured loans are included in the non-accrual totals. | |||||||||||||||||||||||||||||
The Company originates certain mortgage loans for sale in the secondary market. Accordingly, these loans are classified as held for sale and are carried at the lower of cost or fair value on an aggregate basis. Loans held for sale totaled $5,724,000, $10,034,000 and $11,457,000, at September 30, 2013 and 2012 and December 31, 2012, respectively, in which the carrying amounts approximate fair value. 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. | |||||||||||||||||||||||||||||
Loans acquired, including loans acquired in a business combination, are initially recorded at fair value with no valuation allowance. Acquired loans were segregated between those considered to be credit impaired and those deemed performing. To make this determination, management considered such factors as past due status, nonaccrual status and credit risk ratings. The fair value of acquired performing loans was determined by discounting expected cash flows, both principal and interest, at prevailing market interest rates. The difference between the fair value and principal balances due at acquisition date, the fair value discount, is accreted into income over the estimated life of each loan. | |||||||||||||||||||||||||||||
Purchased credit impaired loans are those loans that showed evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all amounts contractually owed. Their fair value was initially based on the estimate of cash flows, both principal and interest, expected to be collected or estimated collateral values if cash flows are not estimable, discounted at prevailing market rates of interest. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, is recognized as interest income on a level-yield method over the life of the loan, unless management was unable to reasonable forecast cash flows in which case the loans were placed on nonaccrual. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition are not recognized as a yield adjustment. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition. The carrying amount of purchased credit impaired loans at September 30, 2013 was $2,954,000 compared to a contractual balance of $4,218,000. Other purchased credit impaired loan disclosures were omitted due to immateriality. | |||||||||||||||||||||||||||||
Major classifications of loans held for investment are as follows (in thousands): | |||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||||||||||||||
Commercial | $ | 571,973 | $ | 482,655 | $ | 509,609 | |||||||||||||||||||||||
Agricultural | 66,758 | 63,148 | 68,306 | ||||||||||||||||||||||||||
Real estate | 1,640,308 | 1,191,088 | 1,226,823 | ||||||||||||||||||||||||||
Consumer | 330,046 | 256,929 | 272,428 | ||||||||||||||||||||||||||
Total loans held for investment | $ | 2,609,085 | $ | 1,993,820 | $ | 2,077,166 | |||||||||||||||||||||||
The Company’s non-accrual loans, loans still accruing and past due 90 days or more and restructured loans are as follows (in thousands): | |||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||||||||||||||
Non-accrual loans* | $ | 22,809 | $ | 24,283 | $ | 21,800 | |||||||||||||||||||||||
Loans still accruing and past due 90 days or more | 54 | 69 | 97 | ||||||||||||||||||||||||||
Restructured loans** | — | — | — | ||||||||||||||||||||||||||
Total | $ | 22,863 | $ | 24,352 | $ | 21,897 | |||||||||||||||||||||||
* | Includes $2,954,000 of purchased credit impaired loans as of September 30, 2013. There were no purchased credit impaired loan balances in prior periods. | ||||||||||||||||||||||||||||
** | Restructured loans whose interest collection, after considering economic and business conditions and collection efforts, is doubtful are included in non-accrual loans. | ||||||||||||||||||||||||||||
The Company’s recorded investment in impaired loans and the related valuation allowance are as follows (in thousands): | |||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | December 31, 2012 | |||||||||||||||||||||||||||
Recorded | Valuation | Recorded | Valuation | Recorded | Valuation | ||||||||||||||||||||||||
Investment | Allowance | Investment | Allowance | Investment | Allowance | ||||||||||||||||||||||||
$ | 22,809 | $ | 4,605 | $ | 24,283 | $ | 6,093 | $ | 21,800 | $ | 6,010 | ||||||||||||||||||
The average recorded investment in impaired loans for the three and nine months ended September 30, 2013 and the year ended December 31, 2012 was approximately $23,768,000, $22,530,000 and $24,025,000, respectively. The Company had $28,535,000, $30,725,000 and $25,462,000 in non-accrual, past due 90 days still accruing and restructured loans and foreclosed assets at September 30, 2013 and 2012, and December 31, 2012, respectively. Non-accrual loans totaled $22,809,000, $24,283,000 and $21,800,000 at September 30, 2013 and 2012, and December 31, 2012, respectively, and consisted of the following amounts by type (in thousands): | |||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||||||||||||||
Commercial | $ | 1,986 | $ | 2,890 | $ | 2,251 | |||||||||||||||||||||||
Agricultural | 97 | 401 | 372 | ||||||||||||||||||||||||||
Real estate | 20,036 | 20,673 | 18,698 | ||||||||||||||||||||||||||
Consumer | 690 | 319 | 479 | ||||||||||||||||||||||||||
Total | $ | 22,809 | $ | 24,283 | $ | 21,800 | |||||||||||||||||||||||
No additional funds are committed to be advanced in connection with impaired loans. | |||||||||||||||||||||||||||||
The Company’s impaired loans and related allowance as of September 30, 2013 and 2012, and December 31, 2012, are summarized in the following table (in thousands). No interest income was recognized on impaired loans subsequent to their classification as impaired. | |||||||||||||||||||||||||||||
September 30, 2013 | Unpaid | Recorded | Recorded | Total | Related | Year-to-Date | Three- | ||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Average | month | |||||||||||||||||||||||
Principal | With No | With | Investment | Recorded | Average | ||||||||||||||||||||||||
Balance | Allowance* | Allowance | Investment | Recorded | |||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||
Commercial | $ | 2,545 | $ | 701 | $ | 1,285 | $ | 1,986 | $ | 710 | $ | 1,779 | $ | 2,113 | |||||||||||||||
Agricultural | 105 | 91 | 6 | 97 | 6 | 104 | 99 | ||||||||||||||||||||||
Real Estate | 25,085 | 4,290 | 15,746 | 20,036 | 3,628 | 19,985 | 20,757 | ||||||||||||||||||||||
Consumer | 824 | 212 | 478 | 690 | 261 | 662 | 799 | ||||||||||||||||||||||
Total | $ | 28,559 | $ | 5,294 | $ | 17,515 | $ | 22,809 | $ | 4,605 | $ | 22,530 | $ | 23,768 | |||||||||||||||
* | Includes $2,954,000 of purchased credit impaired loans. | ||||||||||||||||||||||||||||
September 30, 2012 | Unpaid | Recorded | Recorded | Total | Related | Year-to-Date | Three- | ||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Average | month | |||||||||||||||||||||||
Principal | With No | With | Investment | Recorded | Average | ||||||||||||||||||||||||
Balance | Allowance | Allowance | Investment | Recorded | |||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||
Commercial | $ | 3,568 | $ | 63 | $ | 2,827 | $ | 2,890 | $ | 1,488 | $ | 3,943 | $ | 3,728 | |||||||||||||||
Agricultural | 408 | — | 401 | 401 | 130 | 455 | 416 | ||||||||||||||||||||||
Real Estate | 24,866 | 3,049 | 17,624 | 20,673 | 4,341 | 21,537 | 20,686 | ||||||||||||||||||||||
Consumer | 363 | 30 | 289 | 319 | 134 | 344 | 320 | ||||||||||||||||||||||
Total | $ | 29,205 | $ | 3,142 | $ | 21,141 | $ | 24,283 | $ | 6,093 | $ | 26,279 | $ | 25,150 | |||||||||||||||
December 31, 2012 | Unpaid | Recorded | Recorded | Total | Related | Year-to-Date | |||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Average | ||||||||||||||||||||||||
Principal | With No | With | Investment | Recorded | |||||||||||||||||||||||||
Balance | Allowance | Allowance | Investment | ||||||||||||||||||||||||||
Commercial | $ | 2,677 | $ | 20 | $ | 2,231 | $ | 2,251 | $ | 1,350 | $ | 2,966 | |||||||||||||||||
Agricultural | 381 | — | 372 | 372 | 131 | 437 | |||||||||||||||||||||||
Real Estate | 22,569 | 2,049 | 16,649 | 18,698 | 4,356 | 20,164 | |||||||||||||||||||||||
Consumer | 543 | 115 | 364 | 479 | 173 | 458 | |||||||||||||||||||||||
Total | $ | 26,170 | $ | 2,184 | $ | 19,616 | $ | 21,800 | $ | 6,010 | $ | 24,025 | |||||||||||||||||
The Company recognized interest income on impaired loans prior to being recognized as impaired of approximately $384,000 during the year ended December 31, 2012. Such amounts for the three-month and nine-month periods ended September 30, 2013 and 2012 were not significant. | |||||||||||||||||||||||||||||
From a credit risk standpoint, the Company classifies its loans in one of four categories: (i) pass, (ii) special mention, (iii) substandard, or (iv) doubtful. Loans classified as loss are charged-off. | |||||||||||||||||||||||||||||
The classifications 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 on-going 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 non-accrual. | |||||||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, the following summarizes the Company’s internal ratings of its loans held for investment (in thousands): | |||||||||||||||||||||||||||||
September 30, 2013 | Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Commercial | $ | 558,196 | $ | 3,282 | $ | 10,279 | $ | 216 | $ | 571,973 | |||||||||||||||||||
Agricultural | 66,084 | 259 | 411 | 4 | 66,758 | ||||||||||||||||||||||||
Real Estate | 1,574,973 | 19,715 | 45,454 | 166 | 1,640,308 | ||||||||||||||||||||||||
Consumer | 328,164 | 673 | 1,197 | 12 | 330,046 | ||||||||||||||||||||||||
Total | $ | 2,527,417 | $ | 23,929 | $ | 57,341 | $ | 398 | $ | 2,609,085 | |||||||||||||||||||
December 31, 2012 | Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Commercial | $ | 498,188 | $ | 2,193 | $ | 9,198 | $ | 30 | $ | 509,609 | |||||||||||||||||||
Agricultural | 64,397 | 342 | 3,559 | 8 | 68,306 | ||||||||||||||||||||||||
Real Estate | 1,176,330 | 14,680 | 35,673 | 140 | 1,226,823 | ||||||||||||||||||||||||
Consumer | 271,114 | 382 | 911 | 21 | 272,428 | ||||||||||||||||||||||||
Total | $ | 2,010,029 | $ | 17,597 | $ | 49,341 | $ | 199 | $ | 2,077,166 | |||||||||||||||||||
At September 30, 2013 and December 31, 2012, the Company’s past due loans are as follows (in thousands): | |||||||||||||||||||||||||||||
September 30, 2013 | 15-59 | 60-89 | Greater | Total | Current | Total Loans | 90 Days | ||||||||||||||||||||||
Days | Days | Than | Past | Past Due | |||||||||||||||||||||||||
Past | Past | 90 | Due | Still | |||||||||||||||||||||||||
Due* | Due | Days | Accruing | ||||||||||||||||||||||||||
Commercial | $ | 5,016 | $ | 667 | $ | 372 | $ | 6,055 | $ | 565,918 | $ | 571,973 | $ | — | |||||||||||||||
Agricultural | 332 | 39 | — | 371 | 66,387 | 66,758 | — | ||||||||||||||||||||||
Real Estate | 12,976 | 676 | 1,409 | 15,061 | 1,625,247 | 1,640,308 | 8 | ||||||||||||||||||||||
Consumer | 2,099 | 527 | 160 | 2,786 | 327,260 | 330,046 | 46 | ||||||||||||||||||||||
Total | $ | 20,423 | $ | 1,909 | $ | 1,941 | $ | 24,273 | $ | 2,584,812 | $ | 2,609,085 | $ | 54 | |||||||||||||||
December 31, 2012 | 15-59 | 60-89 | Greater | Total | Current | Total Loans | 90 Days | ||||||||||||||||||||||
Days | Days | Than | Past | Past Due | |||||||||||||||||||||||||
Past | Past | 90 | Due | Still | |||||||||||||||||||||||||
Due* | Due | Days | Accruing | ||||||||||||||||||||||||||
Commercial | $ | 1,708 | $ | 470 | $ | 247 | $ | 2,425 | $ | 507,184 | $ | 509,609 | $ | — | |||||||||||||||
Agricultural | 467 | 95 | — | 562 | 67,744 | 68,306 | — | ||||||||||||||||||||||
Real Estate | 10,141 | 2,711 | 1,237 | 14,089 | 1,212,734 | 1,226,823 | 34 | ||||||||||||||||||||||
Consumer | 1,660 | 287 | 163 | 2,110 | 270,318 | 272,428 | 63 | ||||||||||||||||||||||
Total | $ | 13,976 | $ | 3,563 | $ | 1,647 | $ | 19,186 | $ | 2,057,980 | $ | 2,077,166 | $ | 97 | |||||||||||||||
* | 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. | ||||||||||||||||||||||||||||
The allowance for loan losses as of September 30, 2013 and 2012, and December 31, 2012, is presented below. Management has evaluated the appropriateness of the allowance for loan losses by estimating the probable losses in various categories of the loan portfolio, which are identified below (in thousands): | |||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||||||||||||||
Allowance for loan losses provided for: | |||||||||||||||||||||||||||||
Loans specifically evaluated as impaired | $ | 4,605 | $ | 6,093 | $ | 6,010 | |||||||||||||||||||||||
Remaining portfolio | 30,195 | 28,839 | 28,829 | ||||||||||||||||||||||||||
Total allowance for loan losses | $ | 34,800 | $ | 34,932 | $ | 34,839 | |||||||||||||||||||||||
The following table details the allowance for loan losses at September 30, 2013 and December 31, 2012 by portfolio segment (in thousands). There were no allowances for purchased credit impaired loans at September 30, 2013 or December 31, 2012. 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, 2013 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,698 | $ | 131 | $ | 6,932 | $ | 391 | $ | 10,152 | |||||||||||||||||||
Loans collectively evaluated for impairment | 4,315 | 287 | 18,362 | 1,684 | 24,648 | ||||||||||||||||||||||||
Total | $ | 7,013 | $ | 418 | $ | 25,294 | $ | 2,075 | $ | 34,800 | |||||||||||||||||||
December 31, 2012 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 3,253 | $ | 388 | $ | 8,380 | $ | 308 | $ | 12,329 | |||||||||||||||||||
Loans collectively evaluated for impairment | 4,090 | 1,153 | 15,683 | 1,584 | 22,510 | ||||||||||||||||||||||||
Total | $ | 7,343 | $ | 1,541 | $ | 24,063 | $ | 1,892 | $ | 34,839 | |||||||||||||||||||
Changes in the allowance for loan losses for the three and nine months ended September 30, 2013 and 2012 are summarized as follows (in thousands): | |||||||||||||||||||||||||||||
Three months ended September 30, 2013 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Beginning balance | $ | 6,736 | $ | 1,493 | $ | 23,902 | $ | 1,968 | $ | 34,099 | |||||||||||||||||||
Provision for loan losses | 354 | (999 | ) | 1,644 | 350 | 1,349 | |||||||||||||||||||||||
Recoveries | 141 | 10 | 42 | 104 | 297 | ||||||||||||||||||||||||
Charge-offs | (218 | ) | (86 | ) | (294 | ) | (347 | ) | (945 | ) | |||||||||||||||||||
Ending balance | $ | 7,013 | $ | 418 | $ | 25,294 | $ | 2,075 | $ | 34,800 | |||||||||||||||||||
Three months ended September 30, 2012 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Beginning balance | $ | 8,556 | $ | 1,253 | $ | 23,294 | $ | 1,644 | $ | 34,747 | |||||||||||||||||||
Provision for loan losses | (1,088 | ) | 491 | 1,200 | 184 | 787 | |||||||||||||||||||||||
Recoveries | 42 | 14 | 325 | 81 | 462 | ||||||||||||||||||||||||
Charge-offs | (60 | ) | — | (845 | ) | (159 | ) | (1,064 | ) | ||||||||||||||||||||
Ending balance | $ | 7,450 | $ | 1,758 | $ | 23,974 | $ | 1,750 | $ | 34,932 | |||||||||||||||||||
Nine months ended September 30, 2013 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Beginning balance | $ | 7,343 | $ | 1,541 | $ | 24,063 | $ | 1,892 | $ | 34,839 | |||||||||||||||||||
Provision for loan losses | (77 | ) | (1,056 | ) | 3,035 | 680 | 2,582 | ||||||||||||||||||||||
Recoveries | 329 | 29 | 95 | 266 | 719 | ||||||||||||||||||||||||
Charge-offs | (582 | ) | (96 | ) | (1,899 | ) | (763 | ) | (3,340 | ) | |||||||||||||||||||
Ending balance | $ | 7,013 | $ | 418 | $ | 25,294 | $ | 2,075 | $ | 34,800 | |||||||||||||||||||
Nine months ended September 30, 2012 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Beginning balance | $ | 9,664 | $ | 1,482 | $ | 21,533 | $ | 1,636 | $ | 34,315 | |||||||||||||||||||
Provision for loan losses | (1,935 | ) | 294 | 4,040 | 443 | 2,842 | |||||||||||||||||||||||
Recoveries | 195 | 35 | 502 | 279 | 1,011 | ||||||||||||||||||||||||
Charge-offs | (474 | ) | (53 | ) | (2,101 | ) | (608 | ) | (3,236 | ) | |||||||||||||||||||
Ending balance | $ | 7,450 | $ | 1,758 | $ | 23,974 | $ | 1,750 | $ | 34,932 | |||||||||||||||||||
The Company’s recorded investment in loans as of September 30, 2013 and December 31, 2012 related to the balance in the allowance for loan losses on the basis of the Company’s impairment methodology was as follows (in thousands). Purchased credit impaired loans of $2,954,000 at September 30, 2013 are included in loans individually evaluated for impairment. There were no purchased credit impaired loans at December 31, 2012. | |||||||||||||||||||||||||||||
September 30, 2013 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 13,777 | $ | 674 | $ | 65,335 | $ | 1,882 | $ | 81,668 | |||||||||||||||||||
Loans collectively evaluated for impairment | 558,196 | 66,084 | 1,574,973 | 328,164 | 2,527,417 | ||||||||||||||||||||||||
Total | $ | 571,973 | $ | 66,758 | $ | 1,640,308 | $ | 330,046 | $ | 2,609,085 | |||||||||||||||||||
December 31, 2012 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 11,421 | $ | 3,909 | $ | 50,493 | $ | 1,314 | $ | 67,137 | |||||||||||||||||||
Loans collectively evaluated for impairment | 498,188 | 64,397 | 1,176,330 | 271,114 | 2,010,029 | ||||||||||||||||||||||||
Total | $ | 509,609 | $ | 68,306 | $ | 1,226,823 | $ | 272,428 | $ | 2,077,166 | |||||||||||||||||||
The Company’s loans that were modified in the three and nine months ended September 30, 2013 and 2012 and considered a troubled debt restructuring are as follows (in thousands): | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | ||||||||||||||||||||||||||
Modification | Modification | Modification | Modification | ||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||
Number | Investment | Investment | Number | Investment | Investment | ||||||||||||||||||||||||
Commercial | — | $ | — | $ | — | 3 | $ | 218 | $ | 218 | |||||||||||||||||||
Agricultural | — | — | — | 1 | 24 | 24 | |||||||||||||||||||||||
Real Estate | — | — | — | 8 | 3,779 | 3,779 | |||||||||||||||||||||||
Consumer | 4 | 86 | 86 | 5 | 123 | 123 | |||||||||||||||||||||||
Total | 4 | $ | 86 | $ | 86 | 17 | $ | 4,144 | $ | 4,144 | |||||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | ||||||||||||||||||||||||||
Modification | Modification | Modification | Modification | ||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||
Number | Investment | Investment | Number | Investment | Investment | ||||||||||||||||||||||||
Commercial | 2 | $ | 9 | $ | 9 | 11 | $ | 796 | $ | 796 | |||||||||||||||||||
Agricultural | — | — | — | 5 | 354 | 354 | |||||||||||||||||||||||
Real Estate | 4 | 1,093 | 1,093 | 31 | 8,761 | 8,761 | |||||||||||||||||||||||
Consumer | — | — | — | 1 | 19 | 19 | |||||||||||||||||||||||
Total | 6 | $ | 1,102 | $ | 1,102 | 48 | $ | 9,930 | $ | 9,930 | |||||||||||||||||||
The balances below provide information as to how the loans were modified as troubled debt restructured loans during the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
Adjusted | Extended | Combined | Adjusted | Extended | Combined | ||||||||||||||||||||||||
Interest | Maturity | Rate and | Interest | Maturity | Rate and | ||||||||||||||||||||||||
Rate | Maturity | Rate | Maturity | ||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | — | $ | — | $ | 218 | $ | — | |||||||||||||||||
Agricultural | — | — | — | — | 24 | — | |||||||||||||||||||||||
Real Estate | — | — | — | 420 | 350 | 3,009 | |||||||||||||||||||||||
Consumer | — | 82 | 4 | — | 119 | 4 | |||||||||||||||||||||||
Total | $ | — | $ | 82 | $ | 4 | $ | 420 | $ | 711 | $ | 3,013 | |||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
Adjusted | Extended | Combined | Adjusted | Extended | Combined | ||||||||||||||||||||||||
Interest | Maturity | Rate and | Interest | Maturity | Rate and | ||||||||||||||||||||||||
Rate | Maturity | Rate | Maturity | ||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | 9 | $ | 508 | $ | 120 | $ | 168 | |||||||||||||||||
Agricultural | — | — | — | 243 | 15 | 95 | |||||||||||||||||||||||
Real Estate | — | 717 | 376 | 935 | 1,825 | 6,002 | |||||||||||||||||||||||
Consumer | — | — | — | — | 19 | — | |||||||||||||||||||||||
Total | $ | — | $ | 717 | $ | 385 | $ | 1,686 | $ | 1,979 | $ | 6,265 | |||||||||||||||||
During the three and nine month periods ended September 30, 2013, one and six loans, respectively, totaling $71,000 and $316,000, respectively, that had been modified as a troubled debt restructured loan within the previous 12 months defaulted on the modified loan. During the three and nine months ended September 30, 2012, two loans totaling $221,000 that had been modified as a troubled debt restructured loan within the previous 12 months defaulted on the modified loan. A default for purposes of this disclosure is a troubled debt restructured loan in which the borrower is 90 days past due or results in the foreclosure and repossession of the applicable collateral. The loans are as follows (dollars in thousands): | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
Number | Balance | Number | Balance | ||||||||||||||||||||||||||
Commercial | 1 | $ | 71 | 6 | $ | 316 | |||||||||||||||||||||||
Agriculture | — | — | — | — | |||||||||||||||||||||||||
Real Estate | — | — | — | — | |||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||
Total | 1 | $ | 71 | 6 | $ | 316 | |||||||||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
Number | Balance | Number | Balance | ||||||||||||||||||||||||||
Commercial | 2 | $ | 221 | 2 | $ | 221 | |||||||||||||||||||||||
Agriculture | — | — | — | — | |||||||||||||||||||||||||
Real Estate | — | — | — | — | |||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||
Total | 2 | $ | 221 | 2 | $ | 221 | |||||||||||||||||||||||
As of September 30, 2013, the Company has no commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings. | |||||||||||||||||||||||||||||
Our subsidiary bank has established a line of credit with the Federal Home Loan Bank of Dallas to provide liquidity and meet pledging requirements for those customers eligible to have securities pledged to secure certain uninsured deposits. At September 30, 2013, approximately $1,461,000,000 in loans held by the bank were subject to blanket liens as security for this line of credit. At September 30, 2013, $161,146,000 in advances were outstanding and $53,600,000 in letters of credit were outstanding under this line of credit. The letters of credit were pledged as collateral for public funds held by our bank. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5 - Income Taxes |
Income tax expense was $6,121,000 for the third quarter of 2013 as compared to $6,828,000 for the same period in 2012. The Company’s effective tax rates on pretax income were 23.83% and 25.64% for the third quarter of 2013 and 2012, respectively. Income tax expense was $18,723,000 for the nine months ended September 30, 2013 as compared to $19,028,000 for the same period in 2012. The Company’s effective tax rates on pretax income were 24.52% and 25.39% for the nine months ended September 30, 2013 and 2012, respectively. The effective tax rates differ from the statutory federal tax rate of 35% largely due to tax exempt interest income earned on certain investment securities and loans, the deductibility of dividends paid to our employee stock ownership plan and Texas state taxes. |
Stock_Based_Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | Note 6 - Stock Based Compensation |
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. At September 30, 2013, no stock options had been granted in 2013. No options were granted in 2012. On October 22, 2013, the Company granted 197,500 shares in incentive stock options to its employees. The Company recorded stock option expense totaling approximately $88,000 and $78,000 for the three-month periods ended September 30, 2013 and 2012, respectively. The Company recorded stock option expense totaling approximately $264,000 and $251,000 for the nine-month periods ended September 30, 2013 and 2012, respectively. The additional disclosure requirements under authoritative accounting guidance have been omitted due to immateriality. |
Pension_Plan
Pension Plan | 9 Months Ended |
Sep. 30, 2013 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension Plan | Note 7 - Pension Plan |
The Company’s defined benefit pension plan was frozen effective January 1, 2004, whereby no additional years of service will accrue to participants, unless the pension plan is reinstated at a future date. The pension plan covered substantially all of the Company’s employees at the time. The benefits for each employee were based on years of service and a percentage of the employee’s qualifying compensation during the final years of employment. The Company’s funding policy was and is to contribute annually the amount necessary to satisfy the Internal Revenue Service’s funding standards. Contributions to the pension plan, prior to freezing the plan, were intended to provide not only for benefits attributed to service to date but also for those expected to be earned in the future. As a result of the Pension Protection Act of 2006 (the “Protection Act”), the Company will be required to contribute amounts in future years to fund any shortfalls. The Company has evaluated the provisions of the Protection Act as well as the Internal Revenue Service’s funding standards to develop a plan for funding in future years. The Company made a contribution totaling $2,000,000 in 2012 and has to date made no contributions in 2013. | |
Net periodic benefit costs totaling $208,000 and $185,000 were recorded, respectively, for the three months ended September 30, 2013 and 2012. Net periodic benefit costs totaling $623,000 and $555,000 were recorded, respectively, for the nine months ended September 30, 2013 and 2012. |
Recently_Issued_Authoritative_
Recently Issued Authoritative Accounting Guidance | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Authoritative Accounting Guidance | Note 8 - Recently Issued Authoritative Accounting Guidance |
In 2011 and 2013, the Financial Accounting Standards Board (the “FASB”) amended its authoritative guidance related to offsetting assets and liabilities to require an entity to disclose both gross and net information about financial instruments, such as sales and repurchase agreements, reverse sales, repurchase agreements and securities borrowing/lending arrangements and derivative instruments that are eligible for offset in the statement of financial position and/or subject to a master netting arrangement or similar agreement. The new guidance was effective for annual and interim periods beginning on January 1, 2013, and did not have a significant impact on the Company’s financial statements. | |
In 2013, the FASB amended its authoritative guidance related to reporting of reclassifications out of other comprehensive earnings. The new guidance sets requirements for presentation for significant items reclassified to net earnings during the period presented. The new guidance was effective for annual and interim periods beginning on January 1, 2013 and have been included in these financial statements. |
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
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 prepayments speeds, credit information and the security’s terms and conditions, among other items. Securities are considered to be measured with Level 1 inputs at the time of purchase and for 30 days following. After 30 days, the majority of securities are transferred to Level 2 as they are considered to be measured with Level 2 inputs, with the exception of U. S. Treasury securities and any other security for which there remain Level 1 inputs. Transfers are recognized on the actual date of transfer. | |||||||||||||||||||
There were no transfers between Level 2 and Level 3 during the three and nine months ended September 30, 2013 or 2012. | |||||||||||||||||||
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2013, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands): | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||||
Available-for-sale investment securities: | |||||||||||||||||||
Obligations of U. S. government sponsored-enterprises and agencies | $ | — | $ | 144,614 | $ | — | $ | 144,614 | |||||||||||
Obligations of states and political subdivisions | 18,025 | 954,153 | — | 972,178 | |||||||||||||||
Corporate bonds | — | 106,096 | — | 106,096 | |||||||||||||||
Residential mortgage-backed securities | 44,936 | 595,153 | — | 640,089 | |||||||||||||||
Commercial mortgage-backed securities | — | 108,293 | — | 108,293 | |||||||||||||||
Other securities | 4,033 | — | — | 4,033 | |||||||||||||||
Total | $ | 66,994 | $ | 1,908,309 | $ | — | $ | 1,975,303 | |||||||||||
Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis, that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Financial assets and financial liabilities measured at fair value on a non-recurring basis include the following at September 30, 2013: | |||||||||||||||||||
Impaired Loans – Impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using Level 2 inputs based on observable market data, or Level 3 input based on the discounting of the collateral. At September 30, 2013, impaired loans with a carrying value of $22,809,000 were reduced by specific valuation reserves totaling $4,605,000 resulting in a net fair value of $18,204,000. | |||||||||||||||||||
Loans Held for Sale – Loans held for sale are reported at the lower of cost or fair value. In determining whether the fair value of loans held for sale is less than cost when quoted market prices are not available, the Company considers investor commitments/contracts. These loans are considered Level 2 of the fair value hierarchy. At September 30, 2013, the Company’s mortgage loans held for sale were recorded at cost as fair value exceeded cost. | |||||||||||||||||||
Certain non-financial assets and non-financial liabilities measured at fair value on a non-recurring 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 three and nine months ended September 30, 2013 and 2012 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. Reevaluation of other real estate owned is performed at least annually as required by regulatory guidelines or more often if particular circumstances arise. The following table presents other real estate owned that were re-measured subsequent to their initial transfer to other real estate owned (dollars in thousands): | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
September 30, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Carrying value of other real estate owned prior to re-measurement | $ | 238 | $ | 3,140 | |||||||||||||||
Write-downs included in gain (loss) on sale of other real estate owned | (65 | ) | (125 | ) | |||||||||||||||
Fair value | $ | 173 | $ | 3,015 | |||||||||||||||
Nine Months Ended | |||||||||||||||||||
September 30, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Carrying value of other real estate owned prior to re-measurement | $ | 2,065 | $ | 4,993 | |||||||||||||||
Write-downs included in gain (loss) on sale of other real estate owned | (369 | ) | (661 | ) | |||||||||||||||
Fair value | $ | 1,696 | $ | 4,332 | |||||||||||||||
At September 30, 2013 and 2012, and December 31, 2012, other real estate owned totaled $5,490,000, $6,300,000 and $3,505,000, respectively. | |||||||||||||||||||
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, as defined. 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 and time deposits in banks and accrued interest receivable and payable are liquid in nature and considered Level 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 at September 30, 2013 and December 31, 2012, were as follows (in thousands): | |||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | Fair Value | |||||||||||||||
Value | Fair Value | Value | Fair Value | Hierarchy | |||||||||||||||
Cash and due from banks | $ | 164,666 | $ | 164,666 | $ | 207,018 | $ | 207,018 | Level 1 | ||||||||||
Federal funds sold | 14,300 | 14,300 | 14,045 | 14,045 | Level 1 | ||||||||||||||
Interest-bearing deposits in banks | 48,634 | 48,634 | 139,676 | 139,676 | Level 1 | ||||||||||||||
Interest-bearing time deposits in banks | 34,352 | 34,526 | 49,005 | 49,288 | Level 2 | ||||||||||||||
Available-for-sale securities | 1,975,303 | 1,975,303 | 1,819,035 | 1,819,035 | Levels 1 and 2 | ||||||||||||||
Held-to-maturity securities | 798 | 810 | 1,061 | 1,080 | Level 2 | ||||||||||||||
Loans | 2,580,009 | 2,593,923 | 2,053,784 | 2,081,091 | Level 3 | ||||||||||||||
Accrued interest receivable | 22,421 | 22,421 | 23,122 | 23,122 | Level 2 | ||||||||||||||
Deposits with stated maturities | 681,236 | 683,548 | 637,040 | 638,227 | Level 2 | ||||||||||||||
Deposits with no stated maturities | 3,319,321 | 3,319,321 | 2,995,544 | 2,995,544 | Level 1 | ||||||||||||||
Short term borrowings | 466,500 | 466,500 | 259,697 | 259,697 | Level 2 | ||||||||||||||
Accrued interest payable | 314 | 314 | 287 | 287 | Level 2 |
Acquisition
Acquisition | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | |||||
Acquisition | Note 10 - Acquisition | ||||
On February 9, 2013, we entered into an agreement and plan of merger to acquire Orange Savings Bank, SSB. On May 31, 2013, the transaction was completed. Pursuant to the agreement, we paid $39,200,000 in cash and issued 420,000 shares of the Company’s common stock in exchange for all of the outstanding shares of Orange Savings Bank, SSB. At closing, Orange Savings Bank, SSB, was merged into First Financial Bank, N.A., Abilene, Texas, a wholly owned subsidiary of the Company. | |||||
The primary purpose of the acquisition was to expand the Company’s market share along Interstate Highway 10 in Southeast Texas. Factors that contributed to a purchase price resulting in goodwill include Orange Savings Bank, SSB’s historic record of earnings, strong local economic environment and opportunity for growth. The results of operations from this acquisition are included in the consolidated earnings of the Company commencing June 1, 2013. | |||||
The assets acquired and liabilities assumed were recorded on the consolidated balance sheet at estimated fair value on the acquisition date. Pending further review and analysis of tangible and intangible asset valuation and receipt of final valuations, the purchase price allocation may change. The acquisition was not considered to be a significant business combination. The following table presents the amounts recorded on the consolidated balance sheet on the acquisition date (in thousands): | |||||
Fair value of consideration paid: | |||||
Cash | $ | 39,200 | |||
Common stock issued (420,000 shares) | 23,100 | ||||
Total fair value of consideration paid | 62,300 | ||||
Fair value of identifiable assets acquired: | |||||
Cash and cash equivalents | 13,494 | ||||
Securities available for sale | 107,735 | ||||
Loans | 293,288 | ||||
Identifiable intangible assets | 2,300 | ||||
Other assets | 12,569 | ||||
Total identifiable assets acquired | 429,386 | ||||
Fair value of liabilities assumed: | |||||
Deposits | 385,950 | ||||
Other liabilities | 4,154 | ||||
Total liabilities assumed | 390,104 | ||||
Fair value of net identifiable assets acquired | 39,282 | ||||
Goodwill resulting from acquisition | $ | 23,018 | |||
Goodwill recorded in the acquisition of Orange Savings Bank, SSB was accounted for in accordance with the authoritative business combination guidance. Accordingly, goodwill will not be amortized, but will be tested for impairment annually. The goodwill recorded is expected to be deductible for federal income tax purposes. | |||||
The fair value of total loans acquired was $293,288,000 at acquisition compared to contractual amounts of $299,252,000. The fair value of purchased credit impaired loans at acquisition was $4,475,000 compared to contractual amounts of $5,878,000. Additional purchased credit impaired loan disclosures were omitted due to immateriality. All other acquired loans were considered performing loans. | |||||
Orange Savings Bank, SSB has branches in Orange, Vidor, Mauriceville, Port Arthur and Newton, all located east of Houston, Texas. |
Interestbearing_Time_Deposits_1
Interest-bearing Time Deposits in Banks and Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | |||||||||||||||||||||||||
Summary of Available-for-Sale and Held-to-Maturity Securities | A summary of available-for-sale and held-to-maturity securities follows (in thousands): | ||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost Basis | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Holding Gains | Holding Losses | ||||||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
Obligations of U.S. government sponsored-enterprises and agencies | $ | 142,944 | $ | 1,684 | $ | (14 | ) | $ | 144,614 | ||||||||||||||||
Obligations of states and political subdivisions | 960,624 | 26,321 | (14,767 | ) | 972,178 | ||||||||||||||||||||
Corporate bonds and other | 106,551 | 3,578 | — | 110,129 | |||||||||||||||||||||
Residential mortgage-backed securities | 632,621 | 14,960 | (7,492 | ) | 640,089 | ||||||||||||||||||||
Commercial mortgage-backed securities | 112,702 | — | (4,409 | ) | 108,293 | ||||||||||||||||||||
Total securities available-for-sale | $ | 1,955,442 | $ | 46,543 | $ | (26,682 | ) | $ | 1,975,303 | ||||||||||||||||
Securities held-to-maturity: | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 525 | $ | 3 | $ | — | $ | 528 | |||||||||||||||||
Residential mortgage-backed securities | 273 | 9 | — | 282 | |||||||||||||||||||||
Total debt securities held-to-maturity | $ | 798 | $ | 12 | $ | — | $ | 810 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost Basis | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Holding Gains | Holding Losses | ||||||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
U. S. Treasury securities | $ | 6,042 | $ | 48 | $ | — | $ | 6,090 | |||||||||||||||||
Obligations of U.S. government sponsored-enterprises and agencies | 219,420 | 4,060 | — | 223,480 | |||||||||||||||||||||
Obligations of states and political subdivisions | 786,278 | 57,541 | (129 | ) | 843,690 | ||||||||||||||||||||
Corporate bonds and other | 117,244 | 6,020 | (73 | ) | 123,191 | ||||||||||||||||||||
Residential mortgage-backed securities | 564,434 | 23,285 | (443 | ) | 587,276 | ||||||||||||||||||||
Commercial mortgage-backed securities | 33,819 | 1,739 | (250 | ) | 35,308 | ||||||||||||||||||||
Total securities available-for-sale | $ | 1,727,237 | $ | 92,693 | $ | (895 | ) | $ | 1,819,035 | ||||||||||||||||
Securities held-to-maturity: | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 735 | $ | 7 | $ | — | $ | 742 | |||||||||||||||||
Residential mortgage-backed securities | 294 | 11 | — | 305 | |||||||||||||||||||||
Commercial mortgage-backed securities | 32 | 1 | — | 33 | |||||||||||||||||||||
Total debt securities held-to-maturity | $ | 1,061 | $ | 19 | $ | — | $ | 1,080 | |||||||||||||||||
Amortized Cost and Estimated Fair Value of Debt Securities | The amortized cost and estimated fair value of debt securities at September 30, 2013, by contractual and expected maturity, are shown below (in thousands): | ||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Cost Basis | Fair Value | Cost Basis | Fair Value | ||||||||||||||||||||||
Due within one year | $ | 82,447 | $ | 83,490 | $ | 525 | $ | 528 | |||||||||||||||||
Due after one year through five years | 533,039 | 547,624 | — | — | |||||||||||||||||||||
Due after five years through ten years | 536,830 | 539,843 | — | — | |||||||||||||||||||||
Due after ten years | 57,803 | 55,964 | — | — | |||||||||||||||||||||
Mortgage-backed securities | 745,323 | 748,382 | 273 | 282 | |||||||||||||||||||||
Total | $ | 1,955,442 | $ | 1,975,303 | $ | 798 | $ | 810 | |||||||||||||||||
Continuous Unrealized-Loss Position of Available-for-Sale and Held-to-Maturity Securities | The following tables disclose, as of September 30, 2013 and December 31, 2012, the Company’s investment securities that have been in a continuous unrealized-loss position for less than 12 months and for 12 months or longer (in thousands): | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
September 30, 2013 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Obligations of U.S. government sponsored-enterprises and agencies | $ | 10,941 | $ | 14 | $ | — | $ | — | $ | 10,941 | $ | 14 | |||||||||||||
Obligations of states and political subdivisions | 382,840 | 14,767 | — | — | 382,840 | 14,767 | |||||||||||||||||||
Residential mortgage-backed securities | 164,166 | 7,412 | 8,220 | 80 | 172,386 | 7,492 | |||||||||||||||||||
Commercial mortgage-backed securities | 108,293 | 4,409 | — | — | 108,293 | 4,409 | |||||||||||||||||||
Total | $ | 666,240 | $ | 26,602 | $ | 8,220 | $ | 80 | $ | 674,460 | $ | 26,682 | |||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
December 31, 2012 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 36,480 | $ | 129 | $ | — | $ | — | $ | 36,480 | $ | 129 | |||||||||||||
Residential mortgage-backed securities | 17,344 | 401 | 3,574 | 42 | 20,918 | 443 | |||||||||||||||||||
Commercial mortgage-backed securities | 12,453 | 250 | — | — | 12,453 | 250 | |||||||||||||||||||
Corporate bonds and other | 4,994 | 73 | — | — | 4,994 | 73 | |||||||||||||||||||
Total | $ | 71,271 | $ | 853 | $ | 3,574 | $ | 42 | $ | 74,845 | $ | 895 | |||||||||||||
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||
Major Classifications of Loans Held for Investment | Major classifications of loans held for investment are as follows (in thousands): | ||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||||||||||||||
Commercial | $ | 571,973 | $ | 482,655 | $ | 509,609 | |||||||||||||||||||||||
Agricultural | 66,758 | 63,148 | 68,306 | ||||||||||||||||||||||||||
Real estate | 1,640,308 | 1,191,088 | 1,226,823 | ||||||||||||||||||||||||||
Consumer | 330,046 | 256,929 | 272,428 | ||||||||||||||||||||||||||
Total loans held for investment | $ | 2,609,085 | $ | 1,993,820 | $ | 2,077,166 | |||||||||||||||||||||||
Non-Accrual Loans, Loans Still Accruing and Past Due 90 Days or More and Restructured Loans | The Company’s non-accrual loans, loans still accruing and past due 90 days or more and restructured loans are as follows (in thousands): | ||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||||||||||||||
Non-accrual loans* | $ | 22,809 | $ | 24,283 | $ | 21,800 | |||||||||||||||||||||||
Loans still accruing and past due 90 days or more | 54 | 69 | 97 | ||||||||||||||||||||||||||
Restructured loans** | — | — | — | ||||||||||||||||||||||||||
Total | $ | 22,863 | $ | 24,352 | $ | 21,897 | |||||||||||||||||||||||
* | Includes $2,954,000 of purchased credit impaired loans as of September 30, 2013. There were no purchased credit impaired loan balances in prior periods. | ||||||||||||||||||||||||||||
** | Restructured loans whose interest collection, after considering economic and business conditions and collection efforts, is doubtful are included in non-accrual loans. | ||||||||||||||||||||||||||||
Recorded Investment in Impaired Loans and Related Valuation Allowance | The Company’s recorded investment in impaired loans and the related valuation allowance are as follows (in thousands): | ||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | December 31, 2012 | |||||||||||||||||||||||||||
Recorded | Valuation | Recorded | Valuation | Recorded | Valuation | ||||||||||||||||||||||||
Investment | Allowance | Investment | Allowance | Investment | Allowance | ||||||||||||||||||||||||
$22,809 | $ | 4,605 | $ | 24,283 | $ | 6,093 | $ | 21,800 | $ | 6,010 | |||||||||||||||||||
Schedule of Non-Accrual Loans | Non-accrual loans totaled $22,809,000, $24,283,000 and $21,800,000 at September 30, 2013 and 2012, and December 31, 2012, respectively, and consisted of the following amounts by type (in thousands): | ||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||||||||||||||
Commercial | $ | 1,986 | $ | 2,890 | $ | 2,251 | |||||||||||||||||||||||
Agricultural | 97 | 401 | 372 | ||||||||||||||||||||||||||
Real estate | 20,036 | 20,673 | 18,698 | ||||||||||||||||||||||||||
Consumer | 690 | 319 | 479 | ||||||||||||||||||||||||||
Total | $ | 22,809 | $ | 24,283 | $ | 21,800 | |||||||||||||||||||||||
Schedule of Impaired Loans and Related Allowance | The Company’s impaired loans and related allowance as of September 30, 2013 and 2012, and December 31, 2012, are summarized in the following table (in thousands). No interest income was recognized on impaired loans subsequent to their classification as impaired. | ||||||||||||||||||||||||||||
September 30, 2013 | Unpaid | Recorded | Recorded | Total | Related | Year-to-Date | Three- | ||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Average | month | |||||||||||||||||||||||
Principal | With No | With | Investment | Recorded | Average | ||||||||||||||||||||||||
Balance | Allowance* | Allowance | Investment | Recorded | |||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||
Commercial | $ | 2,545 | 701 | 1,285 | 1,986 | 710 | 1,779 | 2,113 | |||||||||||||||||||||
Agricultural | 105 | 91 | 6 | 97 | 6 | 104 | 99 | ||||||||||||||||||||||
Real Estate | 25,085 | 4,290 | 15,746 | 20,036 | 3,628 | 19,985 | 20,757 | ||||||||||||||||||||||
Consumer | 824 | 212 | 478 | 690 | 261 | 662 | 799 | ||||||||||||||||||||||
Total | $ | 28,559 | 5,294 | 17,515 | 22,809 | 4,605 | 22,530 | 23,768 | |||||||||||||||||||||
* | Includes $2,954,000 of purchased credit impaired loans. | ||||||||||||||||||||||||||||
September 30, 2012 | Unpaid | Recorded | Recorded | Total | Related | Year-to-Date | Three- | ||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Average | month | |||||||||||||||||||||||
Principal | With No | With | Investment | Recorded | Average | ||||||||||||||||||||||||
Balance | Allowance | Allowance | Investment | Recorded | |||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||
Commercial | $ | 3,568 | $ | 63 | $ | 2,827 | $ | 2,890 | $ | 1,488 | $ | 3,943 | $ | 3,728 | |||||||||||||||
Agricultural | 408 | — | 401 | 401 | 130 | 455 | 416 | ||||||||||||||||||||||
Real Estate | 24,866 | 3,049 | 17,624 | 20,673 | 4,341 | 21,537 | 20,686 | ||||||||||||||||||||||
Consumer | 363 | 30 | 289 | 319 | 134 | 344 | 320 | ||||||||||||||||||||||
Total | $ | 29,205 | $ | 3,142 | $ | 21,141 | $ | 24,283 | $ | 6,093 | $ | 26,279 | $ | 25,150 | |||||||||||||||
December 31, 2012 | Unpaid | Recorded | Recorded | Total | Related | Year-to-Date | |||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Average | ||||||||||||||||||||||||
Principal | With No | With | Investment | Recorded | |||||||||||||||||||||||||
Balance | Allowance | Allowance | Investment | ||||||||||||||||||||||||||
Commercial | $ | 2,677 | $ | 20 | $ | 2,231 | $ | 2,251 | $ | 1,350 | $ | 2,966 | |||||||||||||||||
Agricultural | 381 | — | 372 | 372 | 131 | 437 | |||||||||||||||||||||||
Real Estate | 22,569 | 2,049 | 16,649 | 18,698 | 4,356 | 20,164 | |||||||||||||||||||||||
Consumer | 543 | 115 | 364 | 479 | 173 | 458 | |||||||||||||||||||||||
Total | $ | 26,170 | $ | 2,184 | $ | 19,616 | $ | 21,800 | $ | 6,010 | $ | 24,025 | |||||||||||||||||
Schedule of Internal Ratings of Loans Held for Investment | At September 30, 2013 and December 31, 2012, the following summarizes the Company’s internal ratings of its loans held for investment (in thousands): | ||||||||||||||||||||||||||||
September 30, 2013 | Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Commercial | $ | 558,196 | $ | 3,282 | $ | 10,279 | $ | 216 | $ | 571,973 | |||||||||||||||||||
Agricultural | 66,084 | 259 | 411 | 4 | 66,758 | ||||||||||||||||||||||||
Real Estate | 1,574,973 | 19,715 | 45,454 | 166 | 1,640,308 | ||||||||||||||||||||||||
Consumer | 328,164 | 673 | 1,197 | 12 | 330,046 | ||||||||||||||||||||||||
Total | $ | 2,527,417 | $ | 23,929 | $ | 57,341 | $ | 398 | $ | 2,609,085 | |||||||||||||||||||
December 31, 2012 | Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Commercial | $ | 498,188 | $ | 2,193 | $ | 9,198 | $ | 30 | $ | 509,609 | |||||||||||||||||||
Agricultural | 64,397 | 342 | 3,559 | 8 | 68,306 | ||||||||||||||||||||||||
Real Estate | 1,176,330 | 14,680 | 35,673 | 140 | 1,226,823 | ||||||||||||||||||||||||
Consumer | 271,114 | 382 | 911 | 21 | 272,428 | ||||||||||||||||||||||||
Total | $ | 2,010,029 | $ | 17,597 | $ | 49,341 | $ | 199 | $ | 2,077,166 | |||||||||||||||||||
Schedule of Past Due Loans | At September 30, 2013 and December 31, 2012, the Company’s past due loans are as follows (in thousands): | ||||||||||||||||||||||||||||
September 30, 2013 | 15-59 | 60-89 | Greater | Total | Current | Total Loans | 90 Days | ||||||||||||||||||||||
Days | Days | Than | Past | Past Due | |||||||||||||||||||||||||
Past | Past | 90 | Due | Still | |||||||||||||||||||||||||
Due* | Due | Days | Accruing | ||||||||||||||||||||||||||
Commercial | $ | 5,016 | $ | 667 | $ | 372 | $ | 6,055 | $ | 565,918 | $ | 571,973 | $ | — | |||||||||||||||
Agricultural | 332 | 39 | — | 371 | 66,387 | 66,758 | — | ||||||||||||||||||||||
Real Estate | 12,976 | 676 | 1,409 | 15,061 | 1,625,247 | 1,640,308 | 8 | ||||||||||||||||||||||
Consumer | 2,099 | 527 | 160 | 2,786 | 327,260 | 330,046 | 46 | ||||||||||||||||||||||
Total | $ | 20,423 | $ | 1,909 | $ | 1,941 | $ | 24,273 | $ | 2,584,812 | $ | 2,609,085 | $ | 54 | |||||||||||||||
December 31, 2012 | 15-59 | 60-89 | Greater | Total Past | Current | Total Loans | 90 Days | ||||||||||||||||||||||
Days | Days | Than | Due | Past Due | |||||||||||||||||||||||||
Past | Past | 90 | Still | ||||||||||||||||||||||||||
Due* | Due | Days | Accruing | ||||||||||||||||||||||||||
Commercial | $ | 1,708 | $ | 470 | $ | 247 | $ | 2,425 | $ | 507,184 | $ | 509,609 | $ | — | |||||||||||||||
Agricultural | 467 | 95 | — | 562 | 67,744 | 68,306 | — | ||||||||||||||||||||||
Real Estate | 10,141 | 2,711 | 1,237 | 14,089 | 1,212,734 | 1,226,823 | 34 | ||||||||||||||||||||||
Consumer | 1,660 | 287 | 163 | 2,110 | 270,318 | 272,428 | 63 | ||||||||||||||||||||||
Total | $ | 13,976 | $ | 3,563 | $ | 1,647 | $ | 19,186 | $ | 2,057,980 | $ | 2,077,166 | $ | 97 | |||||||||||||||
* | 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. | ||||||||||||||||||||||||||||
Allowance for Loan Losses by Estimating Probable Losses in Various Categories of Loan Portfolio | The allowance for loan losses as of September 30, 2013 and 2012, and December 31, 2012, is presented below. Management has evaluated the appropriateness of the allowance for loan losses by estimating the probable losses in various categories of the loan portfolio, which are identified below (in thousands): | ||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||||||||||||||
Allowance for loan losses provided for: | |||||||||||||||||||||||||||||
Loans specifically evaluated as impaired | $ | 4,605 | $ | 6,093 | $ | 6,010 | |||||||||||||||||||||||
Remaining portfolio | 30,195 | 28,839 | 28,829 | ||||||||||||||||||||||||||
Total allowance for loan losses | $ | 34,800 | $ | 34,932 | $ | 34,839 | |||||||||||||||||||||||
Schedule of Allowance for Loan Losses by Portfolio Segment | The following table details the allowance for loan losses at September 30, 2013 and December 31, 2012 by portfolio segment (in thousands). There were no allowances for purchased credit impaired loans at September 30, 2013 or December 31, 2012. 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, 2013 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,698 | $ | 131 | $ | 6,932 | $ | 391 | $ | 10,152 | |||||||||||||||||||
Loans collectively evaluated for impairment | 4,315 | 287 | 18,362 | 1,684 | 24,648 | ||||||||||||||||||||||||
Total | $ | 7,013 | $ | 418 | $ | 25,294 | $ | 2,075 | $ | 34,800 | |||||||||||||||||||
December 31, 2012 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 3,253 | $ | 388 | $ | 8,380 | $ | 308 | $ | 12,329 | |||||||||||||||||||
Loans collectively evaluated for impairment | 4,090 | 1,153 | 15,683 | 1,584 | 22,510 | ||||||||||||||||||||||||
Total | $ | 7,343 | $ | 1,541 | $ | 24,063 | $ | 1,892 | $ | 34,839 | |||||||||||||||||||
Changes in Allowance for Loan Losses | Changes in the allowance for loan losses for the three and nine months ended September 30, 2013 and 2012 are summarized as follows (in thousands): | ||||||||||||||||||||||||||||
Three months ended | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||
Beginning balance | $ | 6,736 | $ | 1,493 | $ | 23,902 | $ | 1,968 | $ | 34,099 | |||||||||||||||||||
Provision for loan losses | 354 | (999 | ) | 1,644 | 350 | 1,349 | |||||||||||||||||||||||
Recoveries | 141 | 10 | 42 | 104 | 297 | ||||||||||||||||||||||||
Charge-offs | (218 | ) | (86 | ) | (294 | ) | (347 | ) | (945 | ) | |||||||||||||||||||
Ending balance | $ | 7,013 | $ | 418 | $ | 25,294 | $ | 2,075 | $ | 34,800 | |||||||||||||||||||
Three months ended | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||
Beginning balance | $ | 8,556 | $ | 1,253 | $ | 23,294 | $ | 1,644 | $ | 34,747 | |||||||||||||||||||
Provision for loan losses | (1,088 | ) | 491 | 1,200 | 184 | 787 | |||||||||||||||||||||||
Recoveries | 42 | 14 | 325 | 81 | 462 | ||||||||||||||||||||||||
Charge-offs | (60 | ) | — | (845 | ) | (159 | ) | (1,064 | ) | ||||||||||||||||||||
Ending balance | $ | 7,450 | $ | 1,758 | $ | 23,974 | $ | 1,750 | $ | 34,932 | |||||||||||||||||||
Nine months ended | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||
Beginning balance | $ | 7,343 | $ | 1,541 | $ | 24,063 | $ | 1,892 | $ | 34,839 | |||||||||||||||||||
Provision for loan losses | (77 | ) | (1,056 | ) | 3,035 | 680 | 2,582 | ||||||||||||||||||||||
Recoveries | 329 | 29 | 95 | 266 | 719 | ||||||||||||||||||||||||
Charge-offs | (582 | ) | (96 | ) | (1,899 | ) | (763 | ) | (3,340 | ) | |||||||||||||||||||
Ending balance | $ | 7,013 | $ | 418 | $ | 25,294 | $ | 2,075 | $ | 34,800 | |||||||||||||||||||
Nine months ended | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||
Beginning balance | $ | 9,664 | $ | 1,482 | $ | 21,533 | $ | 1,636 | $ | 34,315 | |||||||||||||||||||
Provision for loan losses | (1,935 | ) | 294 | 4,040 | 443 | 2,842 | |||||||||||||||||||||||
Recoveries | 195 | 35 | 502 | 279 | 1,011 | ||||||||||||||||||||||||
Charge-offs | (474 | ) | (53 | ) | (2,101 | ) | (608 | ) | (3,236 | ) | |||||||||||||||||||
Ending balance | $ | 7,450 | $ | 1,758 | $ | 23,974 | $ | 1,750 | $ | 34,932 | |||||||||||||||||||
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, 2013 and December 31, 2012 related to the balance in the allowance for loan losses on the basis of the Company’s impairment methodology was as follows (in thousands). Purchased credit impaired loans of $3,252,000 at September 30, 2013 are included in loans individually evaluated for impairment. There were no purchased credit impaired loans at December 31, 2012. | ||||||||||||||||||||||||||||
September 30, 2013 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 13,777 | $ | 674 | $ | 65,335 | $ | 1,882 | $ | 81,668 | |||||||||||||||||||
Loans collectively evaluated for impairment | 558,196 | 66,084 | 1,574,973 | 328,164 | 2,527,417 | ||||||||||||||||||||||||
Total | $ | 571,973 | $ | 66,758 | $ | 1,640,308 | $ | 330,046 | $ | 2,609,085 | |||||||||||||||||||
December 31, 2012 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 11,421 | $ | 3,909 | $ | 50,493 | $ | 1,314 | $ | 67,137 | |||||||||||||||||||
Loans collectively evaluated for impairment | 498,188 | 64,397 | 1,176,330 | 271,114 | 2,010,029 | ||||||||||||||||||||||||
Total | $ | 509,609 | $ | 68,306 | $ | 1,226,823 | $ | 272,428 | $ | 2,077,166 | |||||||||||||||||||
Schedule of Loans Modified and Considered Troubled Debt Restructuring | The Company’s loans that were modified in the three and nine months ended September 30, 2013 and 2012 and considered a troubled debt restructuring are as follows (in thousands): | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | ||||||||||||||||||||||||
Modification | Modification | Modification | Modification | ||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||
Commercial | — | $ | — | $ | — | 3 | $ | 218 | $ | 218 | |||||||||||||||||||
Agricultural | — | — | — | 1 | 24 | 24 | |||||||||||||||||||||||
Real Estate | — | — | — | 8 | 3,779 | 3,779 | |||||||||||||||||||||||
Consumer | 4 | 86 | 86 | 5 | 123 | 123 | |||||||||||||||||||||||
Total | 4 | $ | 86 | $ | 86 | 17 | $ | 4,144 | $ | 4,144 | |||||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | ||||||||||||||||||||||||
Modification | Modification | Modification | Modification | ||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||
Commercial | 2 | $ | 9 | $ | 9 | 11 | $ | 796 | $ | 796 | |||||||||||||||||||
Agricultural | — | — | — | 5 | 354 | 354 | |||||||||||||||||||||||
Real Estate | 4 | 1,093 | 1,093 | 31 | 8,761 | 8,761 | |||||||||||||||||||||||
Consumer | — | — | — | 1 | 19 | 19 | |||||||||||||||||||||||
Total | 6 | $ | 1,102 | $ | 1,102 | 48 | $ | 9,930 | $ | 9,930 | |||||||||||||||||||
Schedule of How Loans Were Modified as Troubled Debt Restructured Loans | The balances below provide information as to how the loans were modified as troubled debt restructured loans during the three and nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
Adjusted | Extended | Combined | Adjusted | Extended | Combined | ||||||||||||||||||||||||
Interest | Maturity | Rate and | Interest | Maturity | Rate and | ||||||||||||||||||||||||
Rate | Maturity | Rate | Maturity | ||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | — | $ | — | $ | 218 | $ | — | |||||||||||||||||
Agricultural | — | — | — | — | 24 | — | |||||||||||||||||||||||
Real Estate | — | — | — | 420 | 350 | 3,009 | |||||||||||||||||||||||
Consumer | — | 82 | 4 | — | 119 | 4 | |||||||||||||||||||||||
Total | $ | — | $ | 82 | $ | 4 | $ | 420 | $ | 711 | $ | 3,013 | |||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
Adjusted | Extended | Combined | Adjusted | Extended | Combined | ||||||||||||||||||||||||
Interest | Maturity | Rate and | Interest | Maturity | Rate and | ||||||||||||||||||||||||
Rate | Maturity | Rate | Maturity | ||||||||||||||||||||||||||
Commercial | $ | — | $ | — | $ | 9 | $ | 508 | $ | 120 | $ | 168 | |||||||||||||||||
Agricultural | — | — | — | 243 | 15 | 95 | |||||||||||||||||||||||
Real Estate | — | 717 | 376 | 935 | 1,825 | 6,002 | |||||||||||||||||||||||
Consumer | — | — | — | — | 19 | — | |||||||||||||||||||||||
Total | $ | — | $ | 717 | $ | 385 | $ | 1,686 | $ | 1,979 | $ | 6,265 | |||||||||||||||||
Schedule of Troubled Debt Restructuring | The loans are as follows (dollars in thousands): | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
Number | Balance | Number | Balance | ||||||||||||||||||||||||||
Commercial | 1 | $ | 71 | 6 | $ | 316 | |||||||||||||||||||||||
Agriculture | — | — | — | — | |||||||||||||||||||||||||
Real Estate | — | — | — | — | |||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||
Total | 1 | $ | 71 | 6 | $ | 316 | |||||||||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
Number | Balance | Number | Balance | ||||||||||||||||||||||||||
Commercial | 2 | $ | 221 | 2 | $ | 221 | |||||||||||||||||||||||
Agriculture | — | — | — | — | |||||||||||||||||||||||||
Real Estate | — | — | — | — | |||||||||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||||||||
Total | 2 | $ | 221 | 2 | $ | 221 | |||||||||||||||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||
Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2013, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands): | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||||
Available-for-sale investment securities: | |||||||||||||||||||
Obligations of U. S. government sponsored-enterprises and agencies | $ | — | $ | 144,614 | $ | — | $ | 144,614 | |||||||||||
Obligations of states and political subdivisions | 18,025 | 954,153 | — | 972,178 | |||||||||||||||
Corporate bonds | — | 106,096 | — | 106,096 | |||||||||||||||
Residential mortgage-backed securities | 44,936 | 595,153 | — | 640,089 | |||||||||||||||
Commercial mortgage-backed securities | — | 108,293 | — | 108,293 | |||||||||||||||
Other securities | 4,033 | — | — | 4,033 | |||||||||||||||
Total | $ | 66,994 | $ | 1,908,309 | $ | — | $ | 1,975,303 | |||||||||||
Other Real Estate Owned | The following table presents other real estate owned that were re-measured subsequent to their initial transfer to other real estate owned (dollars in thousands): | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
September 30, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Carrying value of other real estate owned prior to re-measurement | $ | 238 | $ | 3,140 | |||||||||||||||
Write-downs included in gain (loss) on sale of other real estate owned | (65 | ) | (125 | ) | |||||||||||||||
Fair value | $ | 173 | $ | 3,015 | |||||||||||||||
Nine Months Ended | |||||||||||||||||||
September 30, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Carrying value of other real estate owned prior to re-measurement | $ | 2,065 | $ | 4,993 | |||||||||||||||
Write-downs included in gain (loss) on sale of other real estate owned | (369 | ) | (661 | ) | |||||||||||||||
Fair value | $ | 1,696 | $ | 4,332 | |||||||||||||||
Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments Under Current Authoritative Guidance | The estimated fair values and carrying values of all financial instruments under current authoritative guidance at September 30, 2013 and December 31, 2012, were as follows (in thousands): | ||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | Fair Value | |||||||||||||||
Value | Fair Value | Value | Fair Value | Hierarchy | |||||||||||||||
Cash and due from banks | $ | 164,666 | $ | 164,666 | $ | 207,018 | $ | 207,018 | Level 1 | ||||||||||
Federal funds sold | 14,300 | 14,300 | 14,045 | 14,045 | Level 1 | ||||||||||||||
Interest-bearing deposits in banks | 48,634 | 48,634 | 139,676 | 139,676 | Level 1 | ||||||||||||||
Interest-bearing time deposits in banks | 34,352 | 34,526 | 49,005 | 49,288 | Level 2 | ||||||||||||||
Available-for-sale securities | 1,975,303 | 1,975,303 | 1,819,035 | 1,819,035 | Levels 1 and 2 | ||||||||||||||
Held-to-maturity securities | 798 | 810 | 1,061 | 1,080 | Level 2 | ||||||||||||||
Loans | 2,580,009 | 2,593,923 | 2,053,784 | 2,081,091 | Level 3 | ||||||||||||||
Accrued interest receivable | 22,421 | 22,421 | 23,122 | 23,122 | Level 2 | ||||||||||||||
Deposits with stated maturities | 681,236 | 683,548 | 637,040 | 638,227 | Level 2 | ||||||||||||||
Deposits with no stated maturities | 3,319,321 | 3,319,321 | 2,995,544 | 2,995,544 | Level 1 | ||||||||||||||
Short term borrowings | 466,500 | 466,500 | 259,697 | 259,697 | Level 2 | ||||||||||||||
Accrued interest payable | 314 | 314 | 287 | 287 | Level 2 |
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | |||||
Schedule of Amounts Recorded on the Consolidated Balance Sheet on the Acquisition date | The following table presents the amounts recorded on the consolidated balance sheet on the acquisition date (in thousands): | ||||
Fair value of consideration paid: | |||||
Cash | $ | 39,200 | |||
Common stock issued (420,000 shares) | 23,100 | ||||
Total fair value of consideration paid | 62,300 | ||||
Schedule of Preliminary Estimated Fair Value Amounts Assigned to Major Asset and Liability Categories at Acquisition Date | Fair value of identifiable assets acquired: | ||||
Cash and cash equivalents | 13,494 | ||||
Securities available for sale | 107,735 | ||||
Loans | 293,288 | ||||
Identifiable intangible assets | 2,300 | ||||
Other assets | 12,569 | ||||
Total identifiable assets acquired | 429,386 | ||||
Fair value of liabilities assumed: | |||||
Deposits | 385,950 | ||||
Other liabilities | 4,154 | ||||
Total liabilities assumed | 390,104 | ||||
Fair value of net identifiable assets acquired | 39,282 | ||||
Goodwill resulting from acquisition | $ | 23,018 | |||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | Sep. 30, 2013 | 31-May-13 | Dec. 31, 2012 | Dec. 30, 2012 | Sep. 30, 2012 | Apr. 24, 2012 | Oct. 26, 2011 |
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 60 | ||||||
Consolidation of bank charters description | Eleven bank charters into one charter | ||||||
Stock repurchase program, number of shares authorized to be repurchased | 750,000 | ||||||
Common stock, shares authorized | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | |||
Percentage of common stock acquired | 100.00% | ||||||
Subsidiary of Common Parent [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 7 | ||||||
Abilene [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 11 | ||||||
Abilene [Member] | Subsidiary of Common Parent [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Cleburne [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 2 | ||||||
Stephenville [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 2 | ||||||
Stephenville [Member] | Subsidiary of Common Parent [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Granbury [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 2 | ||||||
San Angelo [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 3 | ||||||
San Angelo [Member] | Subsidiary of Common Parent [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Weatherford [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 3 | ||||||
Mineral Wells [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Hereford [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Sweetwater [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Sweetwater [Member] | Subsidiary of Common Parent [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Eastland [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Ranger [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Rising Star [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Cisco [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Southlake [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Grapevine [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Aledo [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Willow Park [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Brock [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Alvarado [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Burleson [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Keller [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Trophy Club [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Boyd [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Bridgeport [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Decatur [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Roby [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Trent [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Merkel [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Clyde [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Moran [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Albany [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Midlothian [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Glen Rose [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Odessa [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Odessa [Member] | Subsidiary of Common Parent [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Waxahachie [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Acton [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Fort Worth [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Fort Worth [Member] | Subsidiary of Common Parent [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Orange [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Newton [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Port Arthur [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Vidor [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Mauriceville [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 | ||||||
Huntsville [Member] | |||||||
Basis Of Presentation [Line Items] | |||||||
Number of financial centers | 1 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding, basic | 31,970,405 | 31,484,375 | 31,722,272 | 31,476,715 |
Weighted average common shares outstanding, diluted | 32,121,771 | 31,502,172 | 31,853,294 | 31,486,707 |
Interestbearing_Time_Deposits_2
Interest-bearing Time Deposits in Banks and Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Interest Bearing Time Deposits In Banks And Securities [Line Items] | |||||
INTEREST-BEARING TIME DEPOSITS IN BANKS | $34,352,000 | $67,506,000 | $34,352,000 | $67,506,000 | $49,005,000 |
Time deposits with balances greater than $100,000 | 31,437,000 | 31,437,000 | 44,776,000 | ||
Time deposits balances | 100,000 | 100,000 | |||
Number of investment positions | 528 | 528 | |||
Securities pledged as collateral | 1,061,307,000 | 1,061,307,000 | |||
Sales of investment securities available-for-sale | 50,065,000 | 45,129,000 | 121,420,000 | 114,090,000 | |
Gross realized gains from securities sales and calls | 1,114,000 | 1,522,000 | 1,371,000 | 2,250,000 | |
Gross realized losses from securities sales and calls | $1,222,000 | $43,000 | $1,224,000 | $44,000 | |
Minimum [Member] | |||||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | |||||
Interesting-bearing time deposits, maturity period, years | one | ||||
Maximum [Member] | |||||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | |||||
Interesting-bearing time deposits, maturity period, years | two |
Interestbearing_Time_Deposits_3
Interest-bearing Time Deposits in Banks and Securities - Summary of Available-for-Sale and Held-to-Maturity Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | |||
Securities available-for-sale, Amortized Cost Basis | $1,955,442 | $1,727,237 | |
Securities available-for-sale, Gross Unrealized Holding Gains | 46,543 | 92,693 | |
Securities available-for-sale, Gross Unrealized Holding Losses | -26,682 | -895 | |
Securities available-for-sale, Estimated Fair Value | 1,975,303 | 1,819,035 | 1,882,617 |
Securities held-to-maturity, Amortized Cost Basis | 798 | 1,061 | 1,247 |
Securities held-to-maturity, Gross Unrealized Holding Gains | 12 | 19 | |
Securities held-to-maturity, Gross Unrealized Holding Losses | |||
Securities held-to-maturity, Estimated Fair Value | 810 | 1,080 | 1,271 |
U.S. Treasury Securities [Member] | |||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | |||
Securities available-for-sale, Amortized Cost Basis | 6,042 | ||
Securities available-for-sale, Gross Unrealized Holding Gains | 48 | ||
Securities available-for-sale, Gross Unrealized Holding Losses | |||
Securities available-for-sale, Estimated Fair Value | 6,090 | ||
Obligations of U.S. Government Sponsored-Enterprises and Agencies [Member] | |||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | |||
Securities available-for-sale, Amortized Cost Basis | 142,944 | 219,420 | |
Securities available-for-sale, Gross Unrealized Holding Gains | 1,684 | 4,060 | |
Securities available-for-sale, Gross Unrealized Holding Losses | -14 | ||
Securities available-for-sale, Estimated Fair Value | 144,614 | 223,480 | |
Obligations of States and Political Subdivisions [Member] | |||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | |||
Securities available-for-sale, Amortized Cost Basis | 960,624 | 786,278 | |
Securities available-for-sale, Gross Unrealized Holding Gains | 26,321 | 57,541 | |
Securities available-for-sale, Gross Unrealized Holding Losses | -14,767 | -129 | |
Securities available-for-sale, Estimated Fair Value | 972,178 | 843,690 | |
Securities held-to-maturity, Amortized Cost Basis | 525 | 735 | |
Securities held-to-maturity, Gross Unrealized Holding Gains | 3 | 7 | |
Securities held-to-maturity, Gross Unrealized Holding Losses | |||
Securities held-to-maturity, Estimated Fair Value | 528 | 742 | |
Corporate Bonds and Other [Member] | |||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | |||
Securities available-for-sale, Amortized Cost Basis | 106,551 | 117,244 | |
Securities available-for-sale, Gross Unrealized Holding Gains | 3,578 | 6,020 | |
Securities available-for-sale, Gross Unrealized Holding Losses | -73 | ||
Securities available-for-sale, Estimated Fair Value | 110,129 | 123,191 | |
Residential Mortgage-Backed Securities [Member] | |||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | |||
Securities available-for-sale, Amortized Cost Basis | 632,621 | 564,434 | |
Securities available-for-sale, Gross Unrealized Holding Gains | 14,960 | 23,285 | |
Securities available-for-sale, Gross Unrealized Holding Losses | -7,492 | -443 | |
Securities available-for-sale, Estimated Fair Value | 640,089 | 587,276 | |
Securities held-to-maturity, Amortized Cost Basis | 273 | 294 | |
Securities held-to-maturity, Gross Unrealized Holding Gains | 9 | 11 | |
Securities held-to-maturity, Gross Unrealized Holding Losses | |||
Securities held-to-maturity, Estimated Fair Value | 282 | 305 | |
Commercial Mortgage-Backed Securities [Member] | |||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | |||
Securities available-for-sale, Amortized Cost Basis | 112,702 | 33,819 | |
Securities available-for-sale, Gross Unrealized Holding Gains | 1,739 | ||
Securities available-for-sale, Gross Unrealized Holding Losses | -4,409 | -250 | |
Securities available-for-sale, Estimated Fair Value | 108,293 | 35,308 | |
Securities held-to-maturity, Amortized Cost Basis | 32 | ||
Securities held-to-maturity, Gross Unrealized Holding Gains | 1 | ||
Securities held-to-maturity, Gross Unrealized Holding Losses | |||
Securities held-to-maturity, Estimated Fair Value | $33 |
Interestbearing_Time_Deposits_4
Interest-bearing Time Deposits in Banks and Securities - Amortized Cost and Estimated Fair Value of Debt Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Investments Debt And Equity Securities [Abstract] | |||
Available-for-Sale, Amortized Cost Basis, Due within one year | $82,447 | ||
Available-for-Sale, Amortized Cost Basis, Due after one year through five years | 533,039 | ||
Available-for-Sale, Amortized Cost Basis, Due after five years through ten years | 536,830 | ||
Available-for-Sale, Amortized Cost Basis, Due after ten years | 57,803 | ||
Available-for-Sale, Amortized Cost Basis, Mortgage-backed securities | 745,323 | ||
Available-for-Sale, Amortized Cost Basis, Total | 1,955,442 | ||
Available-for-Sale, Estimated Fair Value, Due within one year | 83,490 | ||
Available-for-Sale, Estimated Fair Value, Due after one year through five years | 547,624 | ||
Available-for-Sale, Estimated Fair Value, Due after five years through ten years | 539,843 | ||
Available-for-Sale, Estimated Fair Value, Due after ten years | 55,964 | ||
Available-for-Sale, Estimated Fair Value, Mortgage-backed securities | 748,382 | ||
Available-for-Sale, Estimated Fair Value, Total | 1,975,303 | ||
Held-to-Maturity, Amortized Cost Basis, Due within one year | 525 | ||
Held-to-Maturity, Amortized Cost Basis, Due after one year through five years | |||
Held-to-Maturity, Amortized Cost Basis, Due after five years through ten years | |||
Held-to-Maturity, Amortized Cost Basis, Due after ten years | |||
Held-to-Maturity, Amortized Cost Basis, Mortgage-backed securities | 273 | ||
Held-to-Maturity, Amortized Cost Basis, Total | 798 | 1,061 | 1,247 |
Held-to-Maturity, Estimated Fair Value, Due within one year | 528 | ||
Held-to-Maturity, Estimated Fair Value, Due after one year through five years | |||
Held-to-Maturity, Estimated Fair Value, Due after five years through ten years | |||
Held-to-Maturity, Estimated Fair Value, Due after ten years | |||
Held-to-Maturity, Estimated Fair Value, Mortgage-backed securities | 282 | ||
Securities held-to-maturity, Estimated Fair Value | $810 | $1,080 | $1,271 |
Interestbearing_Time_Deposits_5
Interest-bearing Time Deposits in Banks and Securities - Continuous Unrealized-Loss Position of Available-for-Sale and Held-to-Maturity Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position [Line Items] | ||
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Fair Value | $666,240 | $71,271 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 26,602 | 853 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 8,220 | 3,574 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 80 | 42 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Fair Value | 674,460 | 74,845 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Unrealized Loss | 26,682 | 895 |
Obligations of U.S. Government Sponsored-Enterprises and Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position [Line Items] | ||
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Fair Value | 10,941 | |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 14 | |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Fair Value | ||
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | ||
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Fair Value | 10,941 | |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Unrealized Loss | 14 | |
Obligations of States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position [Line Items] | ||
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Fair Value | 382,840 | 36,480 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 14,767 | 129 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Fair Value | ||
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | ||
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Fair Value | 382,840 | 36,480 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Unrealized Loss | 14,767 | 129 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position [Line Items] | ||
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Fair Value | 164,166 | 17,344 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 7,412 | 401 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 8,220 | 3,574 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 80 | 42 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Fair Value | 172,386 | 20,918 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Unrealized Loss | 7,492 | 443 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position [Line Items] | ||
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Fair Value | 108,293 | 12,453 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 4,409 | 250 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Fair Value | ||
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | ||
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Fair Value | 108,293 | 12,453 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Unrealized Loss | 4,409 | 250 |
Corporate Bonds and Other [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position [Line Items] | ||
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Fair Value | 4,994 | |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 73 | |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Fair Value | ||
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | ||
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Fair Value | 4,994 | |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Unrealized Loss | $73 |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Contract | Contract | Contract | Contract | ||
Summary Of Allowance For Loan Losses On Impaired Loans [Line Items] | |||||
Minimum number of days to consider the loans as non-accrual | Greater than 90 days | ||||
Loans held for sale | $5,724,000 | $10,034,000 | $5,724,000 | $10,034,000 | $11,457,000 |
Carrying amount of purchased credit impaired loans | 22,809,000 | 24,283,000 | 22,809,000 | 24,283,000 | 21,800,000 |
Contractual balance | 4,218,000 | 4,218,000 | |||
Average recorded investment in impaired loans | 23,768,000 | 22,530,000 | 26,279,000 | 24,025,000 | |
Non-accrual loans still accruing, past due 90 days, restructured loans and foreclosed assets | 28,535,000 | 30,725,000 | 28,535,000 | 30,725,000 | 25,462,000 |
Non-accrual loans | 22,809,000 | 24,283,000 | 22,809,000 | 24,283,000 | 21,800,000 |
Interest income recognized on impaired loans | 384,000 | ||||
Carrying amount of purchased credit impaired loans | 2,954,000 | ||||
Number of loans | 1 | 2 | 6 | 2 | |
Troubled debt restructured loan | 71,000 | 221,000 | 316,000 | 221,000 | |
Default for purposes of this disclosure is a troubled debt restructured loan | 90 days | ||||
Loans modified as troubled debt restructured | 221,000 | 221,000 | |||
Loans held by subsidiaries subject to blanket liens | 1,461,000,000 | 1,461,000,000 | |||
Letters of credit outstanding, amount | 53,600,000 | 53,600,000 | |||
Short-term borrowings outstanding | 161,146,000 | 161,146,000 | |||
Purchased Credit Impaired Loans [Member] | |||||
Summary Of Allowance For Loan Losses On Impaired Loans [Line Items] | |||||
Carrying amount of purchased credit impaired loans | $2,954,000 | $2,954,000 |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses - Major Classifications of Loans Held for Investment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Receivables [Abstract] | |||
Commercial | $571,973 | $509,609 | $482,655 |
Agricultural | 66,758 | 68,306 | 63,148 |
Real estate | 1,640,308 | 1,226,823 | 1,191,088 |
Consumer | 330,046 | 272,428 | 256,929 |
Total loans held for investment | $2,609,085 | $2,077,166 | $1,993,820 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses - Non-Accrual Loans, Loans Still Accruing and Past Due 90 Days or More and Restructured Loans (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Receivables [Abstract] | |||
Non-accrual loans | $22,809,000 | $24,283,000 | $21,800,000 |
Loans still accruing and past due 90 days or more | 54,000 | 69,000 | 97,000 |
Restructured loans | |||
Total | $22,863,000 | $24,352,000 | $21,897,000 |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses - Non-Accrual Loans, Loans Still Accruing and Past Due 90 Days or More and Restructured Loans (Parenthetical) (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Receivables [Abstract] | |
Carrying amount of purchased credit impaired loans | $2,954,000 |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses - Recorded Investment in Impaired Loans and Related Valuation Allowance (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Receivables [Abstract] | |||
Recorded Investment | $22,809,000 | $21,800,000 | $24,283,000 |
Valuation Allowance | $4,605,000 | $6,010,000 | $6,093,000 |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses - Schedule of Non-Accrual Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | $22,809,000 | $21,800,000 | $24,283,000 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 1,986,000 | 2,251,000 | 2,890,000 |
Agricultural [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 97,000 | 372,000 | 401,000 |
Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 20,036,000 | 18,698,000 | 20,673,000 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | $690,000 | $479,000 | $319,000 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses - Schedule of Impaired Loans and Related Allowance (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Unpaid Contractual Principal Balance | $28,559,000 | $28,559,000 | $29,205,000 | $26,170,000 |
Recorded Investment With No Allowance | 5,294,000 | 5,294,000 | 3,142,000 | 2,184,000 |
Recorded Investment With Allowance | 17,515,000 | 17,515,000 | 21,141,000 | 19,616,000 |
Total Recorded Investment | 22,809,000 | 22,809,000 | 24,283,000 | 21,800,000 |
Related Allowance | 4,605,000 | 4,605,000 | 6,093,000 | 6,010,000 |
Year-to-Date Average Recorded Investment | 23,768,000 | 22,530,000 | 26,279,000 | 24,025,000 |
Three- month Average Recorded Investment | 23,768,000 | 25,150,000 | ||
Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Unpaid Contractual Principal Balance | 2,545,000 | 2,545,000 | 3,568,000 | 2,677,000 |
Recorded Investment With No Allowance | 701,000 | 701,000 | 63,000 | 20,000 |
Recorded Investment With Allowance | 1,285,000 | 1,285,000 | 2,827,000 | 2,231,000 |
Total Recorded Investment | 1,986,000 | 1,986,000 | 2,890,000 | 2,251,000 |
Related Allowance | 710,000 | 710,000 | 1,488,000 | 1,350,000 |
Year-to-Date Average Recorded Investment | 1,779,000 | 3,943,000 | 2,966,000 | |
Three- month Average Recorded Investment | 2,113,000 | 3,728,000 | ||
Agricultural [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Unpaid Contractual Principal Balance | 105,000 | 105,000 | 408,000 | 381,000 |
Recorded Investment With No Allowance | 91,000 | 91,000 | ||
Recorded Investment With Allowance | 6,000 | 6,000 | 401,000 | 372,000 |
Total Recorded Investment | 97,000 | 97,000 | 401,000 | 372,000 |
Related Allowance | 6,000 | 6,000 | 130,000 | 131,000 |
Year-to-Date Average Recorded Investment | 104,000 | 455,000 | 437,000 | |
Three- month Average Recorded Investment | 99,000 | 416,000 | ||
Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Unpaid Contractual Principal Balance | 25,085,000 | 25,085,000 | 24,866,000 | 22,569,000 |
Recorded Investment With No Allowance | 4,290,000 | 4,290,000 | 3,049,000 | 2,049,000 |
Recorded Investment With Allowance | 15,746,000 | 15,746,000 | 17,624,000 | 16,649,000 |
Total Recorded Investment | 20,036,000 | 20,036,000 | 20,673,000 | 18,698,000 |
Related Allowance | 3,628,000 | 3,628,000 | 4,341,000 | 4,356,000 |
Year-to-Date Average Recorded Investment | 19,985,000 | 21,537,000 | 20,164,000 | |
Three- month Average Recorded Investment | 20,757,000 | 20,686,000 | ||
Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Unpaid Contractual Principal Balance | 824,000 | 824,000 | 363,000 | 543,000 |
Recorded Investment With No Allowance | 212,000 | 212,000 | 30,000 | 115,000 |
Recorded Investment With Allowance | 478,000 | 478,000 | 289,000 | 364,000 |
Total Recorded Investment | 690,000 | 690,000 | 319,000 | 479,000 |
Related Allowance | 261,000 | 261,000 | 134,000 | 173,000 |
Year-to-Date Average Recorded Investment | 662,000 | 344,000 | 458,000 | |
Three- month Average Recorded Investment | $799,000 | $320,000 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses - Schedule of Internal Ratings of Loans Held for Investment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | $2,609,085 | $2,077,166 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 571,973 | 509,609 |
Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 66,758 | 68,306 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 1,640,308 | 1,226,823 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 330,046 | 272,428 |
Pass [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 2,527,417 | 2,010,029 |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 558,196 | 498,188 |
Pass [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 66,084 | 64,397 |
Pass [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 1,574,973 | 1,176,330 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 328,164 | 271,114 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 23,929 | 17,597 |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 3,282 | 2,193 |
Special Mention [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 259 | 342 |
Special Mention [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 19,715 | 14,680 |
Special Mention [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 673 | 382 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 57,341 | 49,341 |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 10,279 | 9,198 |
Substandard [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 411 | 3,559 |
Substandard [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 45,454 | 35,673 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 1,197 | 911 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 398 | 199 |
Doubtful [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 216 | 30 |
Doubtful [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 4 | 8 |
Doubtful [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 166 | 140 |
Doubtful [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | $12 | $21 |
Recovered_Sheet1
Loans and Allowance for Loan Losses - Schedule of Past Due Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
15-59 Days Past Due | $20,423 | $13,976 | |
60-89 Days Past Due | 1,909 | 3,563 | |
Greater Than 90 Days | 1,941 | 1,647 | |
Total Past Due | 24,273 | 19,186 | |
Current | 2,584,812 | 2,057,980 | |
Total | 2,609,085 | 2,077,166 | |
90 Days Past Due Still Accruing | 54 | 97 | 69 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
15-59 Days Past Due | 5,016 | 1,708 | |
60-89 Days Past Due | 667 | 470 | |
Greater Than 90 Days | 372 | 247 | |
Total Past Due | 6,055 | 2,425 | |
Current | 565,918 | 507,184 | |
Total | 571,973 | 509,609 | |
90 Days Past Due Still Accruing | |||
Agricultural [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
15-59 Days Past Due | 332 | 467 | |
60-89 Days Past Due | 39 | 95 | |
Greater Than 90 Days | |||
Total Past Due | 371 | 562 | |
Current | 66,387 | 67,744 | |
Total | 66,758 | 68,306 | |
90 Days Past Due Still Accruing | |||
Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
15-59 Days Past Due | 12,976 | 10,141 | |
60-89 Days Past Due | 676 | 2,711 | |
Greater Than 90 Days | 1,409 | 1,237 | |
Total Past Due | 15,061 | 14,089 | |
Current | 1,625,247 | 1,212,734 | |
Total | 1,640,308 | 1,226,823 | |
90 Days Past Due Still Accruing | 8 | 34 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
15-59 Days Past Due | 2,099 | 1,660 | |
60-89 Days Past Due | 527 | 287 | |
Greater Than 90 Days | 160 | 163 | |
Total Past Due | 2,786 | 2,110 | |
Current | 327,260 | 270,318 | |
Total | 330,046 | 272,428 | |
90 Days Past Due Still Accruing | $46 | $63 |
Recovered_Sheet2
Loans and Allowance for Loan Losses - Allowance for Loan Losses by Estimating Probable Losses in Various Categories of Loan Portfolio (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Receivables [Abstract] | ||||||
Loans specifically evaluated as impaired | $4,605 | $6,010 | $6,093 | |||
Remaining portfolio | 30,195 | 28,829 | 28,839 | |||
Total allowance for loan losses | $34,800 | $34,099 | $34,839 | $34,932 | $34,747 | $34,315 |
Recovered_Sheet3
Loans and Allowance for Loan Losses - Schedule of Allowance for Loan Losses by Portfolio Segment (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | $10,152 | $12,329 | ||||
Loans collectively evaluated for impairment | 24,648 | 22,510 | ||||
Total allowance for loan losses | 34,800 | 34,099 | 34,839 | 34,932 | 34,747 | 34,315 |
Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 2,698 | 3,253 | ||||
Loans collectively evaluated for impairment | 4,315 | 4,090 | ||||
Total allowance for loan losses | 7,013 | 6,736 | 7,343 | 7,450 | 8,556 | 9,664 |
Agricultural [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 131 | 388 | ||||
Loans collectively evaluated for impairment | 287 | 1,153 | ||||
Total allowance for loan losses | 418 | 1,493 | 1,541 | 1,758 | 1,253 | 1,482 |
Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 6,932 | 8,380 | ||||
Loans collectively evaluated for impairment | 18,362 | 15,683 | ||||
Total allowance for loan losses | 25,294 | 23,902 | 24,063 | 23,974 | 23,294 | 21,533 |
Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 391 | 308 | ||||
Loans collectively evaluated for impairment | 1,684 | 1,584 | ||||
Total allowance for loan losses | $2,075 | $1,968 | $1,892 | $1,750 | $1,644 | $1,636 |
Recovered_Sheet4
Loans and Allowance for Loan Losses - Changes in Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $34,099 | $34,747 | $34,839 | $34,315 |
Provision for loan losses | 1,349 | 787 | 2,582 | 2,842 |
Recoveries | 297 | 462 | 719 | 1,011 |
Charge-offs | -945 | -1,064 | -3,340 | -3,236 |
Ending balance | 34,800 | 34,932 | 34,800 | 34,932 |
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 6,736 | 8,556 | 7,343 | 9,664 |
Provision for loan losses | 354 | -1,088 | -77 | -1,935 |
Recoveries | 141 | 42 | 329 | 195 |
Charge-offs | -218 | -60 | -582 | -474 |
Ending balance | 7,013 | 7,450 | 7,013 | 7,450 |
Agricultural [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,493 | 1,253 | 1,541 | 1,482 |
Provision for loan losses | -999 | 491 | -1,056 | 294 |
Recoveries | 10 | 14 | 29 | 35 |
Charge-offs | -86 | -96 | -53 | |
Ending balance | 418 | 1,758 | 418 | 1,758 |
Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 23,902 | 23,294 | 24,063 | 21,533 |
Provision for loan losses | 1,644 | 1,200 | 3,035 | 4,040 |
Recoveries | 42 | 325 | 95 | 502 |
Charge-offs | -294 | -845 | -1,899 | -2,101 |
Ending balance | 25,294 | 23,974 | 25,294 | 23,974 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,968 | 1,644 | 1,892 | 1,636 |
Provision for loan losses | 350 | 184 | 680 | 443 |
Recoveries | 104 | 81 | 266 | 279 |
Charge-offs | -347 | -159 | -763 | -608 |
Ending balance | $2,075 | $1,750 | $2,075 | $1,750 |
Recovered_Sheet5
Loans 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 $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables [Line Items] | ||
Loans individually evaluated for impairment | $81,668 | $67,137 |
Loans collectively evaluated for impairment | 2,527,417 | 2,010,029 |
Total | 2,609,085 | 2,077,166 |
Commercial [Member] | ||
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables [Line Items] | ||
Loans individually evaluated for impairment | 13,777 | 11,421 |
Loans collectively evaluated for impairment | 558,196 | 498,188 |
Total | 571,973 | 509,609 |
Agricultural [Member] | ||
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables [Line Items] | ||
Loans individually evaluated for impairment | 674 | 3,909 |
Loans collectively evaluated for impairment | 66,084 | 64,397 |
Total | 66,758 | 68,306 |
Real Estate [Member] | ||
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables [Line Items] | ||
Loans individually evaluated for impairment | 65,335 | 50,493 |
Loans collectively evaluated for impairment | 1,574,973 | 1,176,330 |
Total | 1,640,308 | 1,226,823 |
Consumer [Member] | ||
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables [Line Items] | ||
Loans individually evaluated for impairment | 1,882 | 1,314 |
Loans collectively evaluated for impairment | 328,164 | 271,114 |
Total | $330,046 | $272,428 |
Recovered_Sheet6
Loans and Allowance for Loan Losses - Schedule of Loans Modified and Considered Troubled Debt Restructuring (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
SecurityLoan | SecurityLoan | SecurityLoan | SecurityLoan | |
Troubled Debt Restructured Loan Modifications by Class [Line Items] | ||||
Number | 4 | 6 | 17 | 48 |
Pre- Modification Recorded Investment | $86 | $1,102 | $4,144 | $9,930 |
Post-Modification Recorded Investment | 86 | 1,102 | 4,144 | 9,930 |
Commercial [Member] | ||||
Troubled Debt Restructured Loan Modifications by Class [Line Items] | ||||
Number | 2 | 3 | 11 | |
Pre- Modification Recorded Investment | 9 | 218 | 796 | |
Post-Modification Recorded Investment | 9 | 218 | 796 | |
Agricultural [Member] | ||||
Troubled Debt Restructured Loan Modifications by Class [Line Items] | ||||
Number | 1 | 5 | ||
Pre- Modification Recorded Investment | 24 | 354 | ||
Post-Modification Recorded Investment | 24 | 354 | ||
Real Estate [Member] | ||||
Troubled Debt Restructured Loan Modifications by Class [Line Items] | ||||
Number | 4 | 8 | 31 | |
Pre- Modification Recorded Investment | 1,093 | 3,779 | 8,761 | |
Post-Modification Recorded Investment | 1,093 | 3,779 | 8,761 | |
Consumer [Member] | ||||
Troubled Debt Restructured Loan Modifications by Class [Line Items] | ||||
Number | 4 | 5 | 1 | |
Pre- Modification Recorded Investment | 86 | 123 | 19 | |
Post-Modification Recorded Investment | $86 | $123 | $19 |
Recovered_Sheet7
Loans and Allowance for Loan Losses - Schedule of How Loans Were Modified as Troubled Debt Restructured Loans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Troubled Debt Restructured Loan Modifications by Class [Line Items] | ||||
Adjusted Interest Rate | $420 | $1,686 | ||
Extended Maturity | 82 | 717 | 711 | 1,979 |
Combined Rate and Maturity | 4 | 385 | 3,013 | 6,265 |
Commercial [Member] | ||||
Troubled Debt Restructured Loan Modifications by Class [Line Items] | ||||
Adjusted Interest Rate | 508 | |||
Extended Maturity | 218 | 120 | ||
Combined Rate and Maturity | 9 | 168 | ||
Agricultural [Member] | ||||
Troubled Debt Restructured Loan Modifications by Class [Line Items] | ||||
Adjusted Interest Rate | 243 | |||
Extended Maturity | 24 | 15 | ||
Combined Rate and Maturity | 95 | |||
Real Estate [Member] | ||||
Troubled Debt Restructured Loan Modifications by Class [Line Items] | ||||
Adjusted Interest Rate | 420 | 935 | ||
Extended Maturity | 717 | 350 | 1,825 | |
Combined Rate and Maturity | 376 | 3,009 | 6,002 | |
Consumer [Member] | ||||
Troubled Debt Restructured Loan Modifications by Class [Line Items] | ||||
Adjusted Interest Rate | ||||
Extended Maturity | 82 | 119 | 19 | |
Combined Rate and Maturity | $4 | $4 |
Recovered_Sheet8
Loans and Allowance for Loan Losses - Schedule of Troubled Debt Restructuring (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Contract | Contract | Contract | Contract | |
Troubled Debt Restructured Loan Modifications by Class [Line Items] | ||||
Number | 1 | 2 | 6 | 2 |
Balance | $71,000 | $221,000 | $316,000 | $221,000 |
Commercial [Member] | ||||
Troubled Debt Restructured Loan Modifications by Class [Line Items] | ||||
Number | 1 | 2 | 6 | 2 |
Balance | 71,000 | 221,000 | 316,000 | 221,000 |
Agricultural [Member] | ||||
Troubled Debt Restructured Loan Modifications by Class [Line Items] | ||||
Number | ||||
Balance | ||||
Real Estate [Member] | ||||
Troubled Debt Restructured Loan Modifications by Class [Line Items] | ||||
Number | ||||
Balance | ||||
Consumer [Member] | ||||
Troubled Debt Restructured Loan Modifications by Class [Line Items] | ||||
Number | ||||
Balance |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $6,121 | $6,828 | $18,723 | $19,028 |
Effective tax rates on pre-tax income | 23.83% | 25.64% | 24.52% | 25.39% |
Statutory federal tax rate | 35.00% |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 22, 2013 | |
Subsequent Event [Member] | |||||
Stock Based Compensation [Line Items] | |||||
Stock option expense | $88,000 | $78,000 | $264,000 | $251,000 | |
Employees incentive stock option shares | 0 | 0 | 197,500 |
Pension_Plan_Additional_Inform
Pension Plan - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Contribution towards pension plan | $0 | $2,000,000 | ||
Net periodic benefit costs, total | $208,000 | $185,000 | $623,000 | $555,000 |
Fair_Value_Disclosures_Financi
Fair Value Disclosures - Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | $1,975,303 | $1,819,035 | $1,882,617 |
Obligations of U.S. Government Sponsored-Enterprises and Agencies [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 144,614 | 223,480 | |
Obligations of States and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 972,178 | 843,690 | |
Corporate Bonds [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 106,096 | ||
Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 640,089 | 587,276 | |
Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 108,293 | 35,308 | |
Other Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 4,033 | ||
Level 1 Inputs [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 66,994 | ||
Level 1 Inputs [Member] | Obligations of U.S. Government Sponsored-Enterprises and Agencies [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | |||
Level 1 Inputs [Member] | Obligations of States and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 18,025 | ||
Level 1 Inputs [Member] | Corporate Bonds [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | |||
Level 1 Inputs [Member] | Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 44,936 | ||
Level 1 Inputs [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | |||
Level 1 Inputs [Member] | Other Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 4,033 | ||
Level 2 Inputs [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 1,908,309 | ||
Level 2 Inputs [Member] | Obligations of U.S. Government Sponsored-Enterprises and Agencies [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 144,614 | ||
Level 2 Inputs [Member] | Obligations of States and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 954,153 | ||
Level 2 Inputs [Member] | Corporate Bonds [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 106,096 | ||
Level 2 Inputs [Member] | Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 595,153 | ||
Level 2 Inputs [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 108,293 | ||
Level 2 Inputs [Member] | Other Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | |||
Level 3 Inputs [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | |||
Level 3 Inputs [Member] | Obligations of U.S. Government Sponsored-Enterprises and Agencies [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | |||
Level 3 Inputs [Member] | Obligations of States and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | |||
Level 3 Inputs [Member] | Corporate Bonds [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | |||
Level 3 Inputs [Member] | Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | |||
Level 3 Inputs [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | |||
Level 3 Inputs [Member] | Other Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value |
Fair_Value_Disclosures_Additio
Fair Value Disclosures - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Minimum [Member] | Maximum [Member] | ||||
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | |||||
Impaired loans carrying value | $22,809,000 | $21,800,000 | $24,283,000 | ||
Impaired loans valuation reserves | 4,605,000 | ||||
Impaired loans net fair value | 18,204,000 | ||||
Debt discounts, percentage | 5.00% | 25.00% | |||
Other real estate owned, total | $5,490,000 | $3,505,000 | $6,300,000 |
Fair_Value_Disclosures_Other_R
Fair Value Disclosures - Other Real Estate Owned (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value Disclosures [Abstract] | ||||
Carrying value of other real estate owned prior to re-measurement | $238 | $3,140 | $2,065 | $4,993 |
Write-downs included in gain (loss) on sale of other real estate owned | -65 | -125 | -369 | -661 |
Fair value | $173 | $3,015 | $1,696 | $4,332 |
Fair_Value_Disclosures_Schedul
Fair Value Disclosures - Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments Under Current Authoritative Guidance (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
CASH AND DUE FROM BANKS | $164,666 | $207,018 | $128,606 |
FEDERAL FUNDS SOLD | 14,300 | 14,045 | 23,400 |
INTEREST-BEARING DEPOSITS IN BANKS | 48,634 | 139,676 | 25,633 |
INTEREST-BEARING TIME DEPOSITS IN BANKS | 34,352 | 49,005 | 67,506 |
Available-for-sale securities | 1,975,303 | 1,819,035 | 1,882,617 |
Held-to-maturity securities | 798 | 1,061 | 1,247 |
Loans | 2,580,009 | 2,053,784 | 1,968,922 |
Short term borrowings | 466,500 | 259,697 | 254,480 |
Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale securities | 66,994 | ||
Level 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale securities | 1,908,309 | ||
Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale securities | |||
Carrying Value [Member] | Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
CASH AND DUE FROM BANKS | 164,666 | 207,018 | |
FEDERAL FUNDS SOLD | 14,300 | 14,045 | |
INTEREST-BEARING DEPOSITS IN BANKS | 48,634 | 139,676 | |
Deposits with no stated maturities | 3,319,321 | 2,995,544 | |
Carrying Value [Member] | Level 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
INTEREST-BEARING TIME DEPOSITS IN BANKS | 34,352 | 49,005 | |
Held-to-maturity securities | 798 | 1,061 | |
Accrued interest receivable | 22,421 | 23,122 | |
Deposits with stated maturities | 681,236 | 637,040 | |
Short term borrowings | 466,500 | 259,697 | |
Accrued interest payable | 314 | 287 | |
Carrying Value [Member] | Level 1 and 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale securities | 1,975,303 | 1,819,035 | |
Carrying Value [Member] | Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans | 2,580,009 | 2,053,784 | |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
CASH AND DUE FROM BANKS | 164,666 | 207,018 | |
FEDERAL FUNDS SOLD | 14,300 | 14,045 | |
INTEREST-BEARING DEPOSITS IN BANKS | 48,634 | 139,676 | |
Deposits with no stated maturities | 3,319,321 | 2,995,544 | |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
INTEREST-BEARING TIME DEPOSITS IN BANKS | 34,526 | 49,288 | |
Held-to-maturity securities | 810 | 1,080 | |
Accrued interest receivable | 22,421 | 23,122 | |
Deposits with stated maturities | 683,548 | 638,227 | |
Short term borrowings | 466,500 | 259,697 | |
Accrued interest payable | 314 | 287 | |
Estimated Fair Value [Member] | Level 1 and 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale securities | 1,975,303 | 1,819,035 | |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans | $2,593,923 | $2,081,091 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 1 Months Ended | |||
31-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |
Loans At Acquisition Date [Line Items] | ||||
Payment for all outstanding shares of acquired entity in cash | $39,200,000 | |||
Payment for all outstanding shares of acquired entity by shares | 420,000 | |||
Date of acquisition agreement | 9-Feb-13 | |||
Fair value of purchased credit impaired loans | 22,809,000 | 21,800,000 | 24,283,000 | |
Contractual amounts | 4,218,000 | |||
Orange Savings Bank [Member] | ||||
Loans At Acquisition Date [Line Items] | ||||
Payment for all outstanding shares of acquired entity in cash | 39,200,000 | |||
Fair value of total loans | 293,288,000 | |||
Total loans of contractual amounts | 299,252,000 | |||
Fair value of purchased credit impaired loans | 4,475,000 | |||
Contractual amounts | $5,878,000 |
Acquisition_Schedule_of_Amount
Acquisition - Schedule of Amounts Recorded on the Consolidated Balance Sheet on the Acquisition date (Detail) (USD $) | 1 Months Ended |
31-May-13 | |
Loans At Acquisition Date [Line Items] | |
Cash | $39,200,000 |
Orange Savings Bank [Member] | |
Loans At Acquisition Date [Line Items] | |
Cash | 39,200,000 |
Common stock issued (420,000 shares) | 23,100,000 |
Total fair value of consideration paid | $62,300,000 |
Acquisition_Schedule_of_Amount1
Acquisition - Schedule of Amounts Recorded on the Consolidated Balance Sheet on the Acquisition date (Parenthetical) (Detail) | 1 Months Ended |
31-May-13 | |
Business Combinations [Abstract] | |
Common stock issued shares | 420,000 |
Acquisition_Schedule_of_Prelim
Acquisition - Schedule of Preliminary Estimated Fair Value Amounts Assigned to Major Asset and Liability Categories at Acquisition Date (Detail) (Orange Savings Bank [Member], USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Orange Savings Bank [Member] | |
Loans At Acquisition Date [Line Items] | |
Cash and cash equivalents | $13,494 |
Securities available for sale | 107,735 |
Loans | 293,288 |
Identifiable intangible assets | 2,300 |
Other assets | 12,569 |
Total identifiable assets acquired | 429,386 |
Deposits | 385,950 |
Other liabilities | 4,154 |
Total liabilities assumed | 390,104 |
Fair value of net identifiable assets acquired | 39,282 |
Goodwill resulting from acquisition | $23,018 |