Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FFIN | ||
Entity Registrant Name | FIRST FINANCIAL BANKSHARES INC | ||
Entity Central Index Key | 36029 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 64,128,797 | ||
Entity Public Float | $1.92 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
CASH AND DUE FROM BANKS | $190,387 | $183,084 |
FEDERAL FUNDS SOLD | 8,760 | 3,430 |
INTEREST-BEARING DEPOSITS IN BANKS | 54,324 | 25,498 |
Total cash and cash equivalents | 253,471 | 212,012 |
INTEREST-BEARING TIME DEPOSITS IN BANKS | 17,002 | 31,917 |
SECURITIES AVAILABLE-FOR-SALE, at fair value | 2,415,856 | 2,057,723 |
SECURITIES HELD-TO-MATURITY (fair value of $447 and $694 at December 31, 2014 and 2013, respectively) | 441 | 684 |
LOANS: | ||
Held for investment | 2,929,188 | 2,684,285 |
Less - allowance for loan losses | -36,824 | -33,900 |
Net loans held for investment | 2,892,364 | 2,650,385 |
Held for sale | 8,803 | 5,163 |
Net loans | 2,901,167 | 2,655,548 |
BANK PREMISES AND EQUIPMENT, net | 103,000 | 95,505 |
INTANGIBLE ASSETS | 97,359 | 97,485 |
OTHER ASSETS | 59,906 | 71,334 |
Total assets | 5,848,202 | 5,222,208 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
NONINTEREST-BEARING DEPOSITS | 1,570,330 | 1,362,184 |
INTEREST-BEARING DEPOSITS | 3,179,925 | 2,772,891 |
Total deposits | 4,750,255 | 4,135,075 |
DIVIDENDS PAYABLE | 8,972 | 8,318 |
SHORT-TERM BORROWINGS | 367,110 | 463,888 |
OTHER LIABILITIES | 40,328 | 27,280 |
Total liabilities | 5,166,665 | 4,634,561 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS' EQUITY: | ||
Common stock - $0.01 par value; authorized 80,000,000 shares; 64,089,921 and 31,922,497 shares issued at December 31, 2014 and 2013, respectively | 641 | 320 |
Capital surplus | 305,429 | 302,991 |
Retained earnings | 327,978 | 273,972 |
Treasury stock (shares at cost: 529,563 and 269,467 at December 31, 2014 and 2013, respectively) | -5,878 | -5,490 |
Deferred Compensation | 5,878 | 5,490 |
Accumulated other comprehensive earnings | 47,489 | 10,364 |
Total shareholders' equity | 681,537 | 587,647 |
Total liabilities and shareholders' equity | $5,848,202 | $5,222,208 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
SECURITIES HELD-TO-MATURITY, fair value | $447 | $694 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 64,089,921 | 31,922,497 |
Treasury stock, shares | 529,563 | 269,467 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
INTEREST INCOME: | |||
Interest and fees on loans | $136,684 | $121,512 | $102,172 |
Interest on investment securities: | |||
Taxable | 28,402 | 25,505 | 31,318 |
Exempt from federal income tax | 33,081 | 28,843 | 25,552 |
Interest on federal funds sold and interest-bearing deposits in banks | 372 | 509 | 754 |
Total interest income | 198,539 | 176,369 | 159,796 |
INTEREST EXPENSE: | |||
Interest on deposits | 3,883 | 3,709 | 4,877 |
Other | 298 | 379 | 235 |
Total interest expense | 4,181 | 4,088 | 5,112 |
Net interest income | 194,358 | 172,281 | 154,684 |
PROVISION FOR LOAN LOSSES | 4,465 | 3,753 | 3,484 |
Net interest income after provision for loan losses | 189,893 | 168,528 | 151,200 |
NONINTEREST INCOME: | |||
Trust fees | 18,766 | 16,317 | 14,464 |
Service charges on deposit accounts | 16,910 | 17,546 | 16,693 |
ATM, interchange and credit card fees | 19,427 | 16,750 | 15,187 |
Real estate mortgage operations | 5,639 | 6,349 | 5,094 |
Net gain (loss) on sale of available-for-sale securities (includes ($4), $147 and $2,772 for the years ended December 31, 2014, 2013 and 2012, respectively, related to accumulated comprehensive earnings reclassifications) | -4 | 147 | 2,772 |
Net gain (loss) on sale of foreclosed assets | 904 | -152 | -350 |
Other | 4,982 | 5,095 | 3,349 |
Total noninterest income | 66,624 | 62,052 | 57,209 |
NONINTEREST EXPENSE: | |||
Salaries and employee benefits | 70,456 | 66,529 | 58,269 |
Loss from partial settlement of pension plan | 2,909 | ||
Net occupancy expense | 9,100 | 8,095 | 7,076 |
Equipment expense | 10,740 | 9,673 | 8,790 |
FDIC insurance premiums | 2,725 | 2,418 | 2,220 |
ATM, interchange and credit card expenses | 6,870 | 5,660 | 5,448 |
Professional and service fees | 4,295 | 4,143 | 3,044 |
Printing, stationery and supplies | 2,637 | 2,066 | 1,970 |
Amortization of intangible assets | 275 | 197 | 149 |
Other | 27,918 | 27,231 | 22,083 |
Total noninterest expense | 137,925 | 126,012 | 109,049 |
EARNINGS BEFORE INCOME TAXES | 118,592 | 104,568 | 99,360 |
INCOME TAX EXPENSE (includes ($1), $51 and $970 for the years ended December 31, 2014, 2013 and 2012, respectively, related to income tax expense from reclassification items) | 29,033 | 25,700 | 25,135 |
NET EARNINGS | $89,559 | $78,868 | $74,225 |
NET EARNINGS PER SHARE, BASIC | $1.40 | $1.24 | $1.18 |
NET EARNINGS PER SHARE, ASSUMING DILUTION | $1.39 | $1.24 | $1.18 |
Consolidated_Statements_of_Ear1
Consolidated Statements of Earnings (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Reclassifications adjustment for realized gains on investment securities included in net earnings (loss), before income tax | ($4) | $147 | $2,772 |
Income tax expense from reclassification items | ($1) | $51 | $970 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | |||
NET EARNINGS | $89,559 | $78,868 | $74,225 |
OTHER ITEMS OF COMPREHENSIVE EARNINGS (LOSS): | |||
Change in unrealized gain (loss) on investment securities available-for-sale, before income tax | 54,571 | -69,054 | 10,619 |
Reclassification adjustment for realized losses (gains) on investment securities included in net earnings, before income tax | 4 | -147 | -2,772 |
Minimum liability pension adjustment, before income tax | 2,540 | 6,209 | -1,564 |
Total other items of comprehensive earnings (losses) | 57,115 | -62,992 | 6,283 |
Income tax benefit (expense) related to: | |||
Investment securities | -19,101 | 24,220 | -2,746 |
Minimum liability pension adjustment | -889 | -2,173 | 547 |
Total income tax benefit (expense) | -19,990 | 22,047 | -2,199 |
COMPREHENSIVE EARNINGS | $126,684 | $37,923 | $78,309 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Deferred Compensation [Member] | Accumulated Other Comprehensive Earnings (Losses) [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 | 74,225 | 74,225 | |||||
Stock option exercises | 825 | 1 | 824 | ||||
Stock option exercises, Shares | 37,246 | ||||||
Cash dividends declared | -31,169 | -31,169 | |||||
Minimum liability pension adjustment, net of related income taxes | -1,017 | -1,017 | |||||
Change in unrealized gain (loss) on investment insecurities available-for-sale, net of related income taxes | 5,101 | 5,101 | |||||
Additional tax benefit related to directors' deferred compensation plan | 127 | 127 | |||||
Shares purchased in connection with directors' deferred compensation plan, net | -410 | 410 | |||||
Shares purchased in connection with directors' deferred compensation plan, net, Shares | -8,610 | ||||||
Stock option expense | 334 | 334 | |||||
Ending Balance at Dec. 31, 2012 | 556,963 | 315 | 277,412 | 227,927 | -5,007 | 5,007 | 51,309 |
Ending Balance, Shares at Dec. 31, 2012 | 31,496,881 | -266,845 | |||||
NET EARNINGS | 78,868 | 78,868 | |||||
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 | 1,958 | 1 | 1,957 | ||||
Stock option exercises, Shares | 75,616 | ||||||
Cash dividends declared | -32,823 | -32,823 | |||||
Minimum liability pension adjustment, net of related income taxes | 4,036 | 4,036 | |||||
Change in unrealized gain (loss) on investment insecurities available-for-sale, net of related income taxes | -44,981 | -44,981 | |||||
Additional tax benefit related to directors' deferred compensation plan | 115 | 115 | |||||
Shares purchased in connection with directors' deferred compensation plan, net | -483 | 483 | |||||
Shares purchased in connection with directors' deferred compensation plan, net, Shares | -2,622 | ||||||
Stock option expense | 411 | 411 | |||||
Ending Balance at Dec. 31, 2013 | 587,647 | 320 | 302,991 | 273,972 | -5,490 | 5,490 | 10,364 |
Ending Balance, Shares at Dec. 31, 2013 | 31,992,497 | -269,467 | |||||
NET EARNINGS | 89,559 | 89,559 | |||||
Stock option exercises | 1,437 | 1 | 1,436 | ||||
Stock option exercises, Shares | 74,664 | ||||||
Cash dividends declared | -35,233 | -35,233 | |||||
Minimum liability pension adjustment, net of related income taxes | 1,651 | 1,651 | |||||
Change in unrealized gain (loss) on investment insecurities available-for-sale, net of related income taxes | 35,474 | 35,474 | |||||
Additional tax benefit related to directors' deferred compensation plan | 293 | 293 | |||||
Shares purchased in connection with directors' deferred compensation plan, net | -388 | 388 | |||||
Shares purchased in connection with directors' deferred compensation plan, net, Shares | 8,038 | ||||||
Stock option expense | 709 | 709 | |||||
Two-for-one stock split in the form of 100% stock dividend | 320 | -320 | |||||
Two-for-one stock split in the form of a 100% stock dividend, Shares | 32,022,760 | -268,134 | |||||
Ending Balance at Dec. 31, 2014 | $681,537 | $641 | $305,429 | $327,978 | ($5,878) | $5,878 | $47,489 |
Ending Balance, Shares at Dec. 31, 2014 | 64,089,921 | -529,563 |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash dividend per share | $0.55 | $0.52 | $0.50 |
Percentage of stock dividend | 100.00% | ||
Common Stock [Member] | |||
Percentage of stock dividend | 100.00% | ||
Retained Earnings [Member] | |||
Cash dividend per share | $0.55 | $0.52 | $0.50 |
Percentage of stock dividend | 100.00% |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET EARNINGS | $89,559 | $78,868 | $74,225 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 9,262 | 8,638 | 7,920 |
PROVISION FOR LOAN LOSSES | 4,465 | 3,753 | 3,484 |
Securities premium amortization (discount accretion), net | 20,221 | 18,235 | 15,757 |
Gain on sale of assets, net | -910 | -178 | -2,628 |
Deferred federal income tax expense (benefit) | -893 | 754 | 1,517 |
Change in loans held for sale | -3,640 | 6,292 | -827 |
Change in other assets | 9,852 | -6,254 | -5,170 |
Change in other liabilities | 3,486 | -250 | -1,216 |
Total adjustments | 41,843 | 30,990 | 18,837 |
Net cash provided by operating activities | 131,402 | 109,858 | 93,062 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Cash paid for acquisition of bank, less cash acquired | -25,706 | ||
Net decrease in interest-bearing time deposits in banks | 14,915 | 17,088 | 12,170 |
Activity in available-for-sale securities: | |||
Sales | 1,619 | 122,025 | 144,144 |
Maturities | 2,917,407 | 2,181,684 | 1,909,635 |
Purchases | -3,248,804 | -2,525,499 | -2,049,275 |
Activity in held-to-maturity securities - maturities | 243 | 377 | 2,557 |
Net increase in loans | -247,829 | -320,136 | -306,412 |
Purchases of bank premises and equipment and other assets | -17,412 | -11,324 | -16,180 |
Proceeds from sale of bank premises and equipment and other assets | 4,656 | 4,721 | 8,370 |
Net cash used in investing activities | -575,205 | -556,770 | -294,991 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase (decrease) in noninterest-bearing deposits | 208,146 | -17,053 | 210,132 |
Net increase in interest-bearing deposits | 407,035 | 133,594 | 87,654 |
Net increase (decrease) in short-term borrowings | -96,778 | 204,191 | 51,941 |
Common stock transactions: | |||
Proceeds from stock issuances | 1,437 | 1,958 | 824 |
Dividends paid | -34,578 | -24,505 | -38,719 |
Net cash provided by financing activities | 485,262 | 298,185 | 311,832 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 41,459 | -148,727 | 109,903 |
CASH AND CASH EQUIVALENTS, beginning of year | 212,012 | 360,739 | 250,836 |
CASH AND CASH EQUIVALENTS, end of year | $253,471 | $212,012 | $360,739 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | 1 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | |||||||||||
Nature of Operations | |||||||||||||
First Financial Bankshares, Inc. (a Texas corporation) (“Bankshares”, “Company”, “we” or “us”) is a financial holding company which owns all of the capital stock of one bank with 62 locations located in Texas as of December 31, 2014. The subsidiary bank is First Financial Bank, National Association, Abilene. The bank’s primary source of revenue is providing loans and banking services to consumers and commercial customers in the market area in which the subsidiary is located. In addition, the Company also owns First Financial Trust & Asset Management Company, National Association, First Financial Insurance Agency, Inc., and First Technology Services, Inc. | |||||||||||||
A summary of significant accounting policies of Bankshares and subsidiaries applied in the preparation of the accompanying consolidated financial statements follows. The accounting principles followed by the Company and the methods of applying them are in conformity with both U.S. generally accepted accounting principles and prevailing practices of the banking industry. | |||||||||||||
The Company evaluated subsequent events for potential recognition through the date the consolidated financial statements were issued. | |||||||||||||
Use of Estimates in Preparation of Financial Statements | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Consolidation | |||||||||||||
The accompanying consolidated financial statements include the accounts of Bankshares and its subsidiaries, all of which are wholly-owned. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||
Stock Repurchase | |||||||||||||
On October 28, 2014, the Company’s Board of Directors authorized the repurchase of up to 1,500,000 common shares through September 30, 2017. The stock buyback plan authorizes management to repurchase the stock at such time as repurchases are considered beneficial to stockholders. Any repurchase of stock will be made through the open market, block trades or in privately negotiated transactions in accordance with applicable laws and regulations. Under the repurchase plan, there is no minimum number of shares that the Company is required to repurchase. For the years ended December 31, 2014, 2013 and 2012, no shares were repurchased under this or the prior authorization that expired September 30, 2014. | |||||||||||||
Stock Split | |||||||||||||
On April 22, 2014, the Company’s Board of Directors declared a two-for-one stock split in the form of a 100% stock dividend effective for shareholders of record on May 15, 2014 that was distributed on June 2, 2014. All share and per share amounts in this report have been restated to reflect this stock split. An amount equal to the par value of the additional common shares issued pursuant to the stock split was reflected as a transfer from retained earnings to common stock on the consolidated financial statements as of and for the year ended December 31, 2014. | |||||||||||||
Acquisition | |||||||||||||
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 18 for additional information. | |||||||||||||
Consolidation of Bank Charters | |||||||||||||
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 operates the one charter as it previously did with eleven charters, with local management and board decisions to benefit the customers and communities it serves. | |||||||||||||
Increase in Authorized Shares | |||||||||||||
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. | |||||||||||||
Investment Securities | |||||||||||||
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 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. | |||||||||||||
The Company records its available-for-sale and trading securities portfolio at fair value. Fair values of these securities are determined based on methodologies in accordance with current authoritative accounting guidance. Fair values are volatile and may be influenced by a number of factors, including market interest rates, prepayment speeds, discount rates, credit ratings and yield curves. Fair values for 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, and 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, obligations of state and political subdivisions, mortgage pass-through securities, corporate bonds and general obligation or revenue based municipal bonds. Pricing for such securities is generally readily available and transparent in the market. The Company utilizes independent third party pricing services to value its investment securities, which the Company reviews as well as the underlying pricing methodologies for reasonableness and to ensure such prices are aligned with pricing matrices. The Company validates quarterly, on a sample basis, prices supplied by the independent pricing services by comparison to prices obtained from other third party sources. | |||||||||||||
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 allowance for loan losses is an amount which represents management’s best estimate of probable losses that are inherent in the Company’s loan portfolio as of the balance sheet date. The allowance for loan losses is comprised of three elements: (i) specific reserves determined based on probable losses on specific classified loans; (ii) a historical valuation reserve component that considers historical loss rates; and (iii) qualitative reserves 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 historical valuation 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 or decreased in accordance with deterioration or improvement in credit quality and a corresponding increase or decrease 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, oil and gas prices, drought conditions, 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 estimate for additional areas of losses 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, in accordance with generally accepted accounting principles, additional provisions to the allowance for loan losses based on their judgment of information available to them at the time of their examination as well as changes to our methodology. | |||||||||||||
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 for 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 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 for non-collateral dependent loans are measured based on the present value of expected future cash flows or the loan’s observable market price. At December 31, 2014 and 2013, 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. For all impaired loans, including the Company’s troubled debt restructurings, the Company performs a periodic, well-documented credit evaluation of the borrower’s financial condition and prospects for repayment to assess the likelihood that all principal and interest payments required under the terms of the agreement will be collected in full. When doubt exists about the ultimate collectability of principal and interest, the troubled debt restructuring remains on non-accrual status and payments received are applied to reduce principal to the extent necessary to eliminate such doubt. This determination of accrual status is judgmental and is based on facts and circumstances related to each troubled debt restructuring. 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, modified loan terms and cash flow. As of December 31, 2014 and 2013, substantially 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. 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 are segregated between those considered to be credit impaired and those deemed performing. To make this determination, management considers such factors as past due status, nonaccrual status and credit risk ratings. The fair value of acquired performing loans is determined by discounting expected cash flows, both principal and interest, at prevailing market interest rates. The difference between the fair value and principal balances 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 acquisition fair value, which includes a credit component at the acquisition date, was 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 discounted 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 reasonably forecast cash flows in which case the loans were placed on nonaccrual. Contractually required payments for interest and principal that exceed the 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 subsequent to acquisition 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 December 31, 2014 and 2013 were $2,151,000 and $2,707,000, respectively, compared to a contractual balance of $3,275,000 and $3,970,000, respectively. Other purchased credit impaired loan disclosures were omitted due to immateriality. | |||||||||||||
Other Real Estate | |||||||||||||
Other real estate owned is foreclosed property held pending disposition and is initially recorded at fair value, less estimated costs to sell. At foreclosure, if the fair value of the real estate, less estimated costs to sell, is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the allowance for loan losses. Any subsequent reduction in value is recognized by a charge to income. Operating and holding expenses of such properties, net of related income, and gains and losses on their disposition are included in net gain (loss) on sale of foreclosed assets as incurred. | |||||||||||||
Bank Premises and Equipment | |||||||||||||
Bank premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed principally on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized over the life of the respective lease or the estimated useful lives of the improvements, whichever is shorter. | |||||||||||||
Business Combinations, Goodwill and Other Intangible Assets | |||||||||||||
The Company accounts for all business combinations under the purchase method of accounting. Tangible and intangible assets and liabilities of the acquired entity are recorded at fair value. Intangible assets with finite useful lives represent the future benefit associated with the acquisition of the core deposits and are amortized over seven years, utilizing a method that approximates the expected attrition of the deposits. Goodwill with an indefinite life is not amortized, but rather tested annually for impairment as of June 30 each year and totaled $94,882,000 at both December 31, 2014 and 2013, respectively. There was no impairment recorded for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
The carrying amount of goodwill arising from acquisitions that qualify as an asset purchase for federal income tax purposes was $72,626,000 at both December 31, 2014 and 2013, respectively, and is deductible for federal income tax purposes. | |||||||||||||
Also included in other intangible assets are mortgage servicing rights totaling $1,834,000 and $1,684,000 at December 31, 2014 and 2013, respectively. | |||||||||||||
Securities Sold Under Agreements To Repurchase | |||||||||||||
Securities sold under agreements to repurchase, which are classified as short-term borrowings, generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of the cash received in connection with the transaction. The Company may be required to provide additional collateral based on the estimated fair value of the underlying securities. | |||||||||||||
Segment Reporting | |||||||||||||
The Company has determined that its banking regions meet the aggregation criteria of the current authoritative accounting guidance since each of its banking regions offers similar products and services, operates in a similar manner, has similar customers and reports to the same regulatory authority, and therefore operates one line of business (community banking) located in a single geographic area (Texas). | |||||||||||||
Statements of Cash Flows | |||||||||||||
For purposes of reporting cash flows, cash and cash equivalents includes cash on hand, amounts due from banks, including interest-bearing deposits in banks with original maturity of 90 days or less, and federal funds sold. | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Unrealized gains on the Company’s available-for-sale securities (after applicable income tax expense) totaling $50,162,000 and $14,688,000 at December 31, 2014 and 2013, respectively, and the minimum pension liability totaled (after applicable income tax benefit) totaling $2,673,000 and $4,324,000 at December 31, 2014 and 2013, respectively, are included in accumulated other comprehensive income. | |||||||||||||
Income Taxes | |||||||||||||
The Company’s provision for income taxes is based on income before income taxes adjusted for permanent differences between financial reporting and taxable income. Deferred tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. | |||||||||||||
Stock Based Compensation | |||||||||||||
The Company grants stock options for a fixed number of shares to employees with an exercise price equal to the fair value of the shares at the grant date. The Company recorded stock option expense totaling $709,000, $411,000 and $334,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Advertising Costs | |||||||||||||
Advertising costs are expensed as incurred. | |||||||||||||
Per Share Data | |||||||||||||
Net earnings per share (“EPS”) are computed by dividing net earnings by the weighted average number of common stock shares outstanding during the period. The Company calculates dilutive EPS assuming all outstanding options to purchase common stock have been exercised at the beginning of the year (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 period. The following table reconciles the computation of basic EPS to dilutive EPS: | |||||||||||||
Net | Weighted | Per Share | |||||||||||
Earnings | Average | Amount | |||||||||||
(in thousands) | Shares | ||||||||||||
For the year ended December 31, 2014: | |||||||||||||
Net earnings per share, basic | $ | 89,559 | 64,047,803 | $ | 1.4 | ||||||||
Effect of stock options | — | 260,732 | (0.01 | ) | |||||||||
Net earnings per share, assuming dilution | $ | 89,559 | 64,308,535 | $ | 1.39 | ||||||||
For the year ended December 31, 2013: | |||||||||||||
Net earnings per share, basic | $ | 78,868 | 63,575,948 | $ | 1.24 | ||||||||
Effect of stock options | — | 280,816 | — | ||||||||||
Net earnings per share, assuming dilution | $ | 78,868 | 63,856,764 | $ | 1.24 | ||||||||
For the year ended December 31, 2012: | |||||||||||||
Net earnings per share, basic | $ | 74,225 | 62,960,310 | $ | 1.18 | ||||||||
Effect of stock options | — | 42,224 | — | ||||||||||
Net earnings per share, assuming dilution | $ | 74,225 | 63,002,534 | $ | 1.18 | ||||||||
Recently Issued Authoritative Accounting Guidance | |||||||||||||
In 2014, the Financial Accounting Standards Board (the “FASB”) amended its authoritative guidance related to residential real estate to clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendment requires interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The new guidance is effective for the Company on January 1, 2015 and is not expected to have a significant impact to the Company’s financial statements. | |||||||||||||
In 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede substantially all existing revenue recognition guidance. The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under existing guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The new standard will be effective in the first quarter of 2017. The Company is continuing to evaluate the potential impact to the Company’s financial statements. | |||||||||||||
In 2014, the FASB amended its authoritative guidance related to repurchase-to-maturity transaction to require that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. In addition, the amendment requires separate accounting for repurchase financings, which entails the transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty. The amendment requires entities to disclose certain information about transfers accounted for as sales in transactions that economically similar to repurchase agreements. In addition, the amendment requires disclosures related to collateral, remaining contractual term and of the potential risks associated with repurchase agreements, securities lending transactions and repurchase-to-maturity transactions. The amendment will be effective on January 1, 2015 and is not expected to have a significant impact on the Company’s financial statements. | |||||||||||||
In 2015, the FASB eliminated from U.S. GAAP the concept of extraordinary items, which, among other things, required an entity to segregate extraordinary items considered to be unusual and infrequent from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The new guidance is effective for the Company beginning January 1, 2016, though early adoption is permitted, and is not expected to have a significant impact on the Company’s financial statements. |
Interestbearing_Time_Deposits_
Interest-bearing Time Deposits in Banks and Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||
Interest-bearing Time Deposits in Banks and Securities | 2 | INTEREST-BEARING TIME DEPOSITS IN BANKS AND SECURITIES: | |||||||||||||||||||||||
Interest-bearing time deposits in banks totaled $17,002,000 and $31,917,000 at December 31, 2014 and 2013, respectively, and have original maturities generally ranging from one to two years. Of these amounts, $15,467,000 and $29,002,000, respectively, are time deposits with balances greater than $100,000 at December 31, 2014 and 2013. | |||||||||||||||||||||||||
A summary of the Company’s available-for-sale securities as of December 31, 2014 and 2013 are as follows (in thousands): | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost Basis | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Holding Gains | Holding Losses | ||||||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 518 | $ | 2 | $ | — | $ | 520 | |||||||||||||||||
Obligations of U.S. government sponsored enterprises and agencies | 128,919 | 864 | (28 | ) | 129,755 | ||||||||||||||||||||
Obligations of state and political subdivisions | 1,107,795 | 60,083 | (250 | ) | 1,167,628 | ||||||||||||||||||||
Corporate bonds and other | 95,864 | 2,894 | — | 98,758 | |||||||||||||||||||||
Residential mortgage-backed securities | 871,265 | 16,804 | (2,858 | ) | 885,211 | ||||||||||||||||||||
Commercial mortgage-backed securities | 134,322 | 555 | (893 | ) | 133,984 | ||||||||||||||||||||
Total securities available-for-sale | $ | 2,338,683 | $ | 81,202 | $ | (4,029 | ) | $ | 2,415,856 | ||||||||||||||||
December 31, 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 | $ | 136,416 | $ | 1,672 | $ | — | $ | 138,088 | |||||||||||||||||
Obligations of state and political subdivisions | 974,608 | 27,980 | (11,319 | ) | 991,269 | ||||||||||||||||||||
Corporate bonds and other | 105,490 | 3,550 | — | 109,040 | |||||||||||||||||||||
Residential mortgage-backed securities | 706,289 | 12,253 | (7,922 | ) | 710,620 | ||||||||||||||||||||
Commercial mortgage-backed securities | 112,323 | — | (3,617 | ) | 108,706 | ||||||||||||||||||||
Total securities available-for-sale | $ | 2,035,126 | $ | 45,455 | $ | (22,858 | ) | $ | 2,057,723 | ||||||||||||||||
Disclosures related to the Company’s held-to-maturity securities, which totaled $441,000 and $684,000 at December 31, 2014 and 2013, respectively, have not been presented due to insignificance. | |||||||||||||||||||||||||
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 December 31, 2014, were computed by using scheduled amortization of balances and historical prepayment rates. At December 31, 2014 and 2013, the Company did not hold any CMOs that entail higher risks than standard mortgage-backed securities. | |||||||||||||||||||||||||
The amortized cost and estimated fair value of available-for-sale securities at December 31, 2014, by contractual and expected maturity, are shown below (in thousands): | |||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||
Cost Basis | Fair Value | ||||||||||||||||||||||||
Due within one year | $ | 81,336 | $ | 82,078 | |||||||||||||||||||||
Due after one year through five years | 694,864 | 726,392 | |||||||||||||||||||||||
Due after five years through ten years | 550,362 | 580,250 | |||||||||||||||||||||||
Due after ten years | 6,534 | 7,941 | |||||||||||||||||||||||
Mortgage-backed securities | 1,005,587 | 1,019,195 | |||||||||||||||||||||||
Total | $ | 2,338,683 | $ | 2,415,856 | |||||||||||||||||||||
The following table discloses, as of December 31, 2014 and 2013, the Company’s investment securities that have been in a continuous unrealized-loss position for less than 12 months and for 12 or more months (in thousands): | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
December 31, 2014 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
Obligations of U.S. government sponsored enterprises and agencies | $ | 25,480 | $ | 28 | $ | — | $ | — | $ | 25,480 | $ | 28 | |||||||||||||
Obligations of state and political subdivisions | 15,128 | 60 | 21,249 | 190 | 36,377 | 250 | |||||||||||||||||||
Residential mortgage-backed securities | 76,350 | 148 | 128,368 | 2,710 | 204,718 | 2,858 | |||||||||||||||||||
Commercial mortgage-backed securities | 48,399 | 273 | 55,065 | 620 | 103,464 | 893 | |||||||||||||||||||
Total | $ | 165,357 | $ | 509 | $ | 204,682 | $ | 3,520 | $ | 370,039 | $ | 4,029 | |||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
December 31, 2013 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
Obligations of state and political subdivisions | $ | 316,394 | $ | 10,973 | $ | 4,153 | $ | 346 | $ | 320,547 | $ | 11,319 | |||||||||||||
Residential mortgage-backed securities | 228,423 | 7,623 | 5,624 | 299 | 234,047 | 7,922 | |||||||||||||||||||
Commercial mortgage-backed securities | 108,706 | 3,617 | — | — | 108,706 | 3,617 | |||||||||||||||||||
Total | $ | 653,523 | $ | 22,213 | $ | 9,777 | $ | 645 | $ | 663,300 | $ | 22,858 | |||||||||||||
The number of investments in an unrealized loss position totaled 86 at December 31, 2014. 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 this 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 December 31, 2014 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. Our mortgage related securities are backed by GNMA, FNMA and FHLMC or are collateralized by securities backed by these agencies. | |||||||||||||||||||||||||
Securities, carried at approximately $1,600,682,000 and $1,147,955,000 at December 31, 2014 and 2013, respectively, were pledged as collateral for public or trust fund deposits, repurchase agreements and for other purposes required or permitted by law. | |||||||||||||||||||||||||
During 2014, 2013, and 2012, sales of investment securities that were classified as available-for-sale totaled $1,619,000, $122,025,000 and $144,144,000, respectively. Gross realized gains from 2014, 2013, and 2012, securities sales were $2,000, $1,376,000 and $2,816,000, respectively. Gross realized losses from 2014, 2013 and 2012 securities sales were $6,000, $1,229,000 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 | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | 3 | LOANS AND ALLOWANCE FOR LOAN LOSSES: | |||||||||||||||||||||||||||
Major classifications of loans held-for-investment by class of financing receivables are as follows (in thousands): | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Commercial | $ | 639,954 | $ | 596,730 | |||||||||||||||||||||||||
Agricultural | 105,694 | 75,928 | |||||||||||||||||||||||||||
Real estate | 1,822,854 | 1,678,514 | |||||||||||||||||||||||||||
Consumer | 360,686 | 333,113 | |||||||||||||||||||||||||||
Total loans held-for-investment | $ | 2,929,188 | $ | 2,684,285 | |||||||||||||||||||||||||
Loans held-for-sale totaled $8,803,000 and $5,163,000 at December 31, 2014 and 2013, respectively, which were recorded at cost as fair value exceeded cost. | |||||||||||||||||||||||||||||
The Company’s non-accrual loans, loan still accruing and past due 90 days or more and restructured loans are as follows (in thousands): | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-accrual loans* | $ | 20,194 | $ | 27,926 | |||||||||||||||||||||||||
Loans still accruing and past due 90 days or more | 261 | 133 | |||||||||||||||||||||||||||
Troubled debt restructured loans** | 226 | — | |||||||||||||||||||||||||||
Total | $ | 20,681 | $ | 28,059 | |||||||||||||||||||||||||
* | Includes $2,151,000 and $2,707,000, respectively, of purchased credit impaired loans as of December 31, 2014 and 2013. There were no purchase credit impaired loan balances in prior periods. | ||||||||||||||||||||||||||||
** | Troubled debt restructured loans of $9,073,000 and $13,298,000, whose interest collection, after considering economic and business conditions and collection efforts, is doubtful are included in non-accrual loans as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
The Company’s recorded investment in impaired loans and the related valuation allowance are as follows (in thousands): | |||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Recorded | Valuation | Recorded | Valuation | ||||||||||||||||||||||||||
Investment | Allowance | Investment | Allowance | ||||||||||||||||||||||||||
$ | 20,194 | $ | 4,213 | $ | 27,926 | $ | 5,338 | ||||||||||||||||||||||
The average recorded investment in impaired loans for the years ended December 31, 2014, 2013, and 2012 was $24,497,000, $31,293,000 and $24,025,000, respectively. The Company had $21,716,000 and $31,128,000 in nonaccrual, past due 90 days or more and still accruing, restructured loans and foreclosed assets at December 31, 2014 and 2013, respectively. Non-accrual loans totaled $20,194,000 and $27,926,000 at December 31, 2014 and 2013, respectively, and consisted of the following amounts by type (in thousands): | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Commercial | $ | 3,193 | $ | 4,281 | |||||||||||||||||||||||||
Agricultural | 165 | 131 | |||||||||||||||||||||||||||
Real Estate | 16,218 | 22,548 | |||||||||||||||||||||||||||
Consumer | 618 | 966 | |||||||||||||||||||||||||||
Total | $ | 20,194 | $ | 27,926 | |||||||||||||||||||||||||
No significant additional funds are committed to be advanced in connection with impaired loans as of December 31, 2014. | |||||||||||||||||||||||||||||
The Company’s impaired loans and related allowance as of December 31, 2014 and 2013 is summarized in the following tables by class of financing receivables (in thousands). No interest income was recognized on impaired loans subsequent to their classification as impaired. | |||||||||||||||||||||||||||||
December 31, 2014 | Unpaid | Recorded | Recorded | Total | Related | Average | |||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||
Balance | Allowance* | Allowance | |||||||||||||||||||||||||||
Commercial | $ | 3,749 | $ | 287 | $ | 2,906 | $ | 3,193 | $ | 1,171 | $ | 3,698 | |||||||||||||||||
Agricultural | 177 | — | 165 | 165 | 57 | 179 | |||||||||||||||||||||||
Real Estate | 22,177 | 4,859 | 11,359 | 16,218 | 2,867 | 19,837 | |||||||||||||||||||||||
Consumer | 838 | 420 | 198 | 618 | 118 | 783 | |||||||||||||||||||||||
Total | $ | 26,941 | $ | 5,566 | $ | 14,628 | $ | 20,194 | $ | 4,213 | $ | 24,497 | |||||||||||||||||
* | Includes $2,151,000 of purchased credit impaired loans. | ||||||||||||||||||||||||||||
December 31, 2013 | Unpaid | Recorded | Recorded | Total | Related | Average | |||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||
Balance | Allowance* | Allowance | |||||||||||||||||||||||||||
Commercial | $ | 4,764 | $ | 934 | $ | 3,347 | $ | 4,281 | $ | 1,079 | $ | 5,017 | |||||||||||||||||
Agricultural | 139 | 17 | 114 | 131 | 41 | 144 | |||||||||||||||||||||||
Real Estate | 31,704 | 5,794 | 16,754 | 22,548 | 4,006 | 25,060 | |||||||||||||||||||||||
Consumer | 1,117 | 545 | 421 | 966 | 212 | 1,072 | |||||||||||||||||||||||
Total | $ | 37,724 | $ | 7,290 | $ | 20,636 | $ | 27,926 | $ | 5,338 | $ | 31,293 | |||||||||||||||||
* | Includes $2,707,000 of purchases credit impaired loans. | ||||||||||||||||||||||||||||
The Company recognized interest income on impaired loans prior to being recognized as impaired of approximately $162,000, $685,000 and $384,000 during the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||||||
From a credit risk standpoint, the Company rates its loans in one of four categories: (i) pass, (ii) special mention, (iii) substandard or (iv) doubtful. Loans rated as loss are charged-off. | |||||||||||||||||||||||||||||
The ratings of loans reflect a judgment about the risks of default and loss associated with the loan. The Company reviews the ratings on our credits as part of our 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. | |||||||||||||||||||||||||||||
The following summarizes the Company’s internal ratings of its loans held-for-investment by class of financing receivables and portfolio segments, which classes are the same, at December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||
December 31, 2014 | Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Commercial | $ | 626,266 | $ | 3,853 | $ | 9,835 | $ | — | $ | 639,954 | |||||||||||||||||||
Agricultural | 105,101 | 91 | 502 | — | 105,694 | ||||||||||||||||||||||||
Real Estate | 1,765,886 | 15,106 | 41,722 | 140 | 1,822,854 | ||||||||||||||||||||||||
Consumer | 358,953 | 403 | 1,329 | 1 | 360,686 | ||||||||||||||||||||||||
Total | $ | 2,856,206 | $ | 19,453 | $ | 53,388 | $ | 141 | $ | 2,929,188 | |||||||||||||||||||
December 31, 2013 | Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Commercial | $ | 584,547 | $ | 3,032 | $ | 9,151 | $ | — | $ | 596,730 | |||||||||||||||||||
Agricultural | 75,382 | 245 | 298 | 3 | 75,928 | ||||||||||||||||||||||||
Real Estate | 1,609,242 | 20,773 | 48,352 | 147 | 1,678,514 | ||||||||||||||||||||||||
Consumer | 330,870 | 639 | 1,595 | 9 | 333,113 | ||||||||||||||||||||||||
Total | $ | 2,600,041 | $ | 24,689 | $ | 59,396 | $ | 159 | $ | 2,684,285 | |||||||||||||||||||
At December 31, 2014 and 2013, the Company’s past due loans are as follows (in thousands): | |||||||||||||||||||||||||||||
December 31, 2014 | 15-59 | 60-89 | Greater | Total | Total | Total | Total 90 | ||||||||||||||||||||||
Days | Days | Than | Past | Current | Loans | Days Past | |||||||||||||||||||||||
Past | Past | 90 | Due | Due Still | |||||||||||||||||||||||||
Due* | Due | Days | Accruing | ||||||||||||||||||||||||||
Commercial | $ | 4,611 | $ | 94 | $ | 175 | $ | 4,880 | $ | 635,074 | $ | 639,954 | $ | 24 | |||||||||||||||
Agricultural | 437 | 42 | — | 479 | 105,215 | 105,694 | — | ||||||||||||||||||||||
Real Estate | 12,002 | 707 | 1,868 | 14,577 | 1,808,277 | 1,822,854 | 207 | ||||||||||||||||||||||
Consumer | 2,322 | 496 | 134 | 2,952 | 357,734 | 360,686 | 30 | ||||||||||||||||||||||
Total | $ | 19,372 | $ | 1,339 | $ | 2,177 | $ | 22,888 | $ | 2,906,300 | $ | 2,929,188 | $ | 261 | |||||||||||||||
December 31, 2013 | 15-59 | 60-89 | Greater | Total | Total | Total | Total 90 | ||||||||||||||||||||||
Days | Days | Than | Past | Current | Loans | Days Past | |||||||||||||||||||||||
Past | Past | 90 | Due | Due Still | |||||||||||||||||||||||||
Due* | Due | Days | Accruing | ||||||||||||||||||||||||||
Commercial | $ | 5,303 | $ | 287 | $ | 420 | $ | 6,010 | $ | 590,720 | $ | 596,730 | $ | — | |||||||||||||||
Agricultural | 355 | — | — | 355 | 75,573 | 75,928 | — | ||||||||||||||||||||||
Real Estate | 13,787 | 2,489 | 1,876 | 18,152 | 1,660,362 | 1,678,514 | 55 | ||||||||||||||||||||||
Consumer | 2,708 | 582 | 277 | 3,567 | 329,546 | 333,113 | 78 | ||||||||||||||||||||||
Total | $ | 22,153 | $ | 3,358 | $ | 2,573 | $ | 28,084 | $ | 2,656,201 | $ | 2,684,285 | $ | 133 | |||||||||||||||
* | 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 December 31, 2014 and 2013, 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): | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Allowance for loan losses provided for: | |||||||||||||||||||||||||||||
Loans specifically evaluated as impaired | $ | 4,213 | $ | 5,338 | |||||||||||||||||||||||||
Remaining portfolio | 32,611 | 28,562 | |||||||||||||||||||||||||||
Total allowance for loan losses | $ | 36,824 | $ | 33,900 | |||||||||||||||||||||||||
The following table details the allowance for loan losses at December 31, 2014 and 2013 by portfolio segment (in thousands). There were no allowances for purchased credit impaired loans at December 31, 2014 or 2013. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
December 31, 2014 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,877 | $ | 199 | $ | 6,591 | $ | 309 | $ | 9,976 | |||||||||||||||||||
Loan collectively evaluated for impairment | 5,113 | 328 | 20,066 | 1,341 | 26,848 | ||||||||||||||||||||||||
Total | $ | 7,990 | $ | 527 | $ | 26,657 | $ | 1,650 | $ | 36,824 | |||||||||||||||||||
December 31, 2013 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,755 | $ | 125 | $ | 7,215 | $ | 378 | $ | 10,473 | |||||||||||||||||||
Loan collectively evaluated for impairment | 3,685 | 258 | 17,725 | 1,759 | 23,427 | ||||||||||||||||||||||||
Total | $ | 6,440 | $ | 383 | $ | 24,940 | $ | 2,137 | $ | 33,900 | |||||||||||||||||||
Changes in the allowance for loan losses for the years ended December 31, 2014 and 2013 are summarized as follows (in thousands): | |||||||||||||||||||||||||||||
December 31, 2014 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Beginning balance | $ | 6,440 | $ | 383 | $ | 24,940 | $ | 2,137 | $ | 33,900 | |||||||||||||||||||
Provision for loan losses | 1,787 | 128 | 2,287 | 263 | 4,465 | ||||||||||||||||||||||||
Recoveries | 346 | 18 | 505 | 472 | 1,341 | ||||||||||||||||||||||||
Charge-offs | (583 | ) | (2 | ) | (1,075 | ) | (1,222 | ) | (2,882 | ) | |||||||||||||||||||
Ending balance | $ | 7,990 | $ | 527 | $ | 26,657 | $ | 1,650 | $ | 36,824 | |||||||||||||||||||
December 31, 2013 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Beginning balance | $ | 7,343 | $ | 1,541 | $ | 24,063 | $ | 1,892 | $ | 34,839 | |||||||||||||||||||
Provision (credit) for loan losses | 220 | (1,066 | ) | 3,288 | 1,311 | 3,753 | |||||||||||||||||||||||
Recoveries | 402 | 39 | 239 | 337 | 1,017 | ||||||||||||||||||||||||
Charge-offs | (1,283 | ) | (100 | ) | (1,970 | ) | (1,268 | ) | (4,621 | ) | |||||||||||||||||||
Transfer of off balance sheet exposure to other liabilities | (242 | ) | (31 | ) | (680 | ) | (135 | ) | (1,088 | ) | |||||||||||||||||||
Ending balance | $ | 6,440 | $ | 383 | $ | 24,940 | $ | 2,137 | $ | 33,900 | |||||||||||||||||||
The Company’s recorded investment in loans as of December 31, 2014 and 2013 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 $2,151,000 and $2,707,000, respectively, at December 31, 2014 and 2013 are included in loans individually evaluated for impairment. | |||||||||||||||||||||||||||||
December 31, 2014 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 13,688 | $ | 593 | $ | 56,968 | $ | 1,733 | $ | 72,982 | |||||||||||||||||||
Loan collectively evaluated for impairment | 626,266 | 105,101 | 1,765,886 | 358,953 | 2,856,206 | ||||||||||||||||||||||||
Total | $ | 639,954 | $ | 105,694 | $ | 1,822,854 | $ | 360,686 | $ | 2,929,188 | |||||||||||||||||||
December 31, 2013 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 12,183 | $ | 546 | $ | 69,272 | $ | 2,243 | $ | 84,244 | |||||||||||||||||||
Loan collectively evaluated for impairment | 584,547 | 75,382 | 1,609,242 | 330,870 | 2,600,041 | ||||||||||||||||||||||||
Total | $ | 596,730 | $ | 75,928 | $ | 1,678,514 | $ | 333,113 | $ | 2,684,285 | |||||||||||||||||||
The Company’s loans that were modified in the years ended December 31, 2014 and 2013, and considered a troubled debt restructuring are as follows (in thousands): | |||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Number | Pre-Modification | Post- | Number | Pre-Modification | Post- | ||||||||||||||||||||||||
Recorded | Modification | Recorded | Modification | ||||||||||||||||||||||||||
Investment | Recorded | Investment | Recorded | ||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||
Commercial | 7 | $ | 668 | $ | 668 | 4 | $ | 253 | $ | 253 | |||||||||||||||||||
Agricultural | 1 | 39 | 39 | 1 | 24 | 24 | |||||||||||||||||||||||
Real Estate | 5 | 630 | 630 | 11 | 3,958 | 3,958 | |||||||||||||||||||||||
Consumer | 3 | 11 | 11 | 6 | 138 | 138 | |||||||||||||||||||||||
Total | 16 | $ | 1,348 | $ | 1,348 | 22 | $ | 4,373 | $ | 4,373 | |||||||||||||||||||
The balances below provide information as to how the loans were modified as troubled debt restructured loans during the year ended December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Adjusted | Extended | Combined | Adjusted | Extended | Combined | ||||||||||||||||||||||||
Interest | Maturity | Rate and | Interest | Maturity | Rate and | ||||||||||||||||||||||||
Rate | Maturity | Rate | Maturity | ||||||||||||||||||||||||||
Commercial | $ | — | $ | 366 | $ | 302 | $ | — | $ | 218 | $ | 35 | |||||||||||||||||
Agricultural | — | — | 39 | — | 24 | — | |||||||||||||||||||||||
Real Estate | — | 118 | 512 | 420 | 433 | 3,105 | |||||||||||||||||||||||
Consumer | — | 8 | 3 | — | 134 | 4 | |||||||||||||||||||||||
Total | $ | — | $ | 492 | $ | 856 | $ | 420 | $ | 809 | $ | 3,144 | |||||||||||||||||
During the years ended December 31, 2014 and 2013, certain loans were modified as a troubled debt restructured loans within the previous 12 months and for which there was a payment default. A default for purposes of this disclosure is a troubled debt restructured loan in which the borrower is 90 days past or more due or results in the foreclosure and repossession of the applicable collateral. The loans are as follows (dollars in thousands): | |||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Number | Balance | Number | Balance | ||||||||||||||||||||||||||
Commercial | — | $ | — | 6 | $ | 316 | |||||||||||||||||||||||
Agriculture | — | — | — | — | |||||||||||||||||||||||||
Real Estate | — | — | — | — | |||||||||||||||||||||||||
Consumer | 1 | 32 | 2 | 18 | |||||||||||||||||||||||||
Total | 1 | $ | 32 | 8 | $ | 334 | |||||||||||||||||||||||
As of December 31, 2014, the Company has no commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings. | |||||||||||||||||||||||||||||
An analysis of the changes in loans to officers, directors, principal shareholders, or associates of such persons for the year ended December 31, 2014 (determined as of each respective year-end) follows (in thousands): | |||||||||||||||||||||||||||||
Beginning | Additional | Payments | Ending | ||||||||||||||||||||||||||
Balance | Loans | Balance | |||||||||||||||||||||||||||
Year ended December 31, 2014 | $ | 47,299 | $ | 132,118 | $ | 124,620 | $ | 54,797 | |||||||||||||||||||||
In the opinion of management, those loans are on substantially the same terms, including interest rates and collateral requirements, as those prevailing at the time for comparable transactions with unaffiliated persons. | |||||||||||||||||||||||||||||
Our subsidiary bank has established a line of credit with the Federal Home Loan Bank of Dallas (FHLB) to provide liquidity and meet pledging requirements for those customers eligible to have securities pledged to secure certain uninsured deposits. At December 31, 2014, $1,667,472,000 in loans held by our bank subsidiary were subject to blanket liens as security for this line of credit. At December 31, 2014, $1,010,000 in advances and $5,000,000 in letters of credit were outstanding under this line of credit. These letters of credit were pledged as collateral for public funds held by our bank. |
Bank_Premises_and_Equipment
Bank Premises and Equipment | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Bank Premises and Equipment | 4 | BANK PREMISES AND EQUIPMENT: | |||||||||
The following is a summary of bank premises and equipment (in thousands): | |||||||||||
Useful Life | December 31, | ||||||||||
2014 | 2013 | ||||||||||
Land | — | $ | 25,096 | $ | 22,635 | ||||||
Buildings | 20 to 40 years | 97,013 | 89,907 | ||||||||
Furniture and equipment | 3 to 10 years | 50,700 | 48,763 | ||||||||
Leasehold improvements | Lesser of lease term or 5 to 15 years | 4,687 | 4,802 | ||||||||
177,496 | 166,107 | ||||||||||
Less-accumulated depreciation and amortization | (74,496 | ) | (70,602 | ) | |||||||
$ | 103,000 | $ | 95,505 | ||||||||
Depreciation expense for the years ended December 31, 2014, 2013 and 2012 amounted to $7,833,000, $7,196,000 and $6,492,000, respectively, and is included in the captions net occupancy expense and equipment expense in the accompanying consolidated statements of earnings. | |||||||||||
The Company is lessor for portions of its banking premises. Total rental income for all leases included in net occupancy expense is approximately $1,923,000, $1,862,000 and $1,703,000, for the years ended December 31, 2014, 2013, and 2012, respectively. |
Deposits_and_ShortTerm_Borrowi
Deposits and Short-Term Borrowings | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Banking and Thrift [Abstract] | |||||
Deposits and Short-Term Borrowings | 5 | DEPOSITS AND SHORT-TERM BORROWINGS: | |||
Time deposits of $250,000 or more totaled approximately $211,490,000 and $142,842,000 at December 31, 2014 and 2013, respectively. | |||||
At December 31, 2014, the scheduled maturities of time deposits (in thousands) were, as follows: | |||||
Year ending December 31, | |||||
2015 | $ | 565,794 | |||
2016 | 40,122 | ||||
2017 | 14,417 | ||||
2018 | 15,107 | ||||
Thereafter | 13,552 | ||||
$ | 648,992 | ||||
Deposits received from related parties at December 31, 2014 and 2013 totaled $53,556,000 and $42,237,000, respectively. | |||||
Included in short-term borrowings at December 31, 2014 and 2013 are $357,400,000 and $267,269,000, respectively, in securities sold under agreements to repurchase and $1,010,000 and $191,119,000, respectively, in advances from the Federal Home Loan Bank of Dallas. |
Line_of_Credit
Line of Credit | 12 Months Ended | |
Dec. 31, 2014 | ||
Debt Disclosure [Abstract] | ||
Line of Credit | 6 | LINE OF CREDIT: |
The Company renewed its loan agreement, effective June 30, 2013, with Frost Bank. Under the loan agreement, as renewed and amended, we are permitted to draw up to $25,000,000 on a revolving line of credit. Prior to June 30, 2015, interest is paid quarterly at Wall Street Journal Prime Rate and the line of credit matures June 30, 2015. If a balance exists at June 30, 2015, the principal balance converts to a term facility payable quarterly over five years and interest is paid quarterly at our election at Wall Street Journal Prime Rate plus 50 basis points or LIBOR plus 250 basis points. The line of credit is unsecured. Among other provisions in the credit agreement, we must satisfy certain financial covenants during the term of the loan agreement, including, without limitation, covenants that require us to maintain certain capital, tangible net worth, loan loss reserve, non-performing asset and cash flow coverage ratio. In addition, the credit agreement contains certain operational covenants, which among others, restricts the payment of dividends above 55% of consolidated net income, limits the incurrence of debt (excluding any amounts acquired in an acquisition) and prohibits the disposal of assets except in the ordinary course of business. Since 1995, we have historically declared dividends as a percentage of our consolidated net income in a range of 37% (low) in 1995 to 53% (high) in 2003 and 2006. The Company was in compliance with the financial and operational covenants at December 31, 2014. There was no outstanding balance under the line of credit as of December 31, 2014 or 2013. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 7 | INCOME TAXES: | |||||||||||
The Company files a consolidated federal income tax return. Income tax expense is comprised of the following (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current federal income tax | $ | 29,832 | $ | 24,931 | $ | 23,605 | |||||||
Current state income tax | 94 | 15 | 13 | ||||||||||
Deferred federal income tax expense (benefit) | (893 | ) | 754 | 1,517 | |||||||||
Income tax expense | $ | 29,033 | $ | 25,700 | $ | 25,135 | |||||||
Income tax expense, as a percentage of pretax earnings, differs from the statutory federal income tax rate as follows: | |||||||||||||
As a Percent of Pretax Earnings | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Reductions in tax rate resulting from interest income exempt from federal income tax | (10.6 | ) | (10.5 | ) | (9.7 | ) | |||||||
Effect of state income tax | 0.1 | — | 0.1 | ||||||||||
ESOP tax credit | (0.2 | ) | (0.2 | ) | (0.3 | ) | |||||||
Other | 0.2 | 0.3 | 0.2 | ||||||||||
Effective income tax rate | 24.5 | % | 24.6 | % | 25.3 | % | |||||||
The approximate effects of each type of difference that gave rise to the Company’s deferred tax assets and liabilities at December 31, 2014 and 2013 are as follows (dollars in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Tax basis of loans in excess of financial statement basis | $ | 13,876 | $ | 12,904 | |||||||||
Minimum liability in defined benefit plan | 1,440 | 2,328 | |||||||||||
Recognized for financial reporting purposes but not for tax purposes: | |||||||||||||
Deferred compensation | 2,423 | 2,213 | |||||||||||
Write-downs and adjustments to other real estate owned and repossessed assets | 78 | 174 | |||||||||||
Other deferred tax assets | 350 | 322 | |||||||||||
Total deferred tax assets | 18,167 | 17,941 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Financial statement basis of fixed assets in excess of tax basis | 5,311 | 5,567 | |||||||||||
Intangible asset amortization deductible for tax purposes, but not for financial reporting purposes | 11,704 | 10,277 | |||||||||||
Recognized for financial reporting purposes but not for tax purposes: | |||||||||||||
Accretion on investment securities | 1,679 | 1,678 | |||||||||||
Pension plan contributions | 1,414 | 2,309 | |||||||||||
Net unrealized gain on investment securities available-for-sale | 27,010 | 7,909 | |||||||||||
Other deferred tax liabilities | 310 | 366 | |||||||||||
Total deferred tax liabilities | 47,428 | 28,106 | |||||||||||
Net deferred tax asset (liability) | $ | (29,261 | ) | $ | (10,165 | ) | |||||||
Current authoritative accounting guidance prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of cumulative benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. Current authoritative accounting guidance also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. The Company concluded the tax benefits of positions taken and expected to be taken on its tax returns should be recognized in the financial statements under this guidance. The Company files income tax returns in the U.S. federal jurisdiction and several U.S. state jurisdictions. We are no longer subject to U.S. federal income tax examinations by tax authorities for years before 2011 or Texas state tax examinations by tax authorities for years before 2010. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||
Fair Value Disclosures | 8 | FAIR VALUE DISCLOSURES: | |||||||||||||||||
The accounting authoritative 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 accounting authoritative 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 year ended December 31, 2014. | |||||||||||||||||||
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||||
Available-for-sale investment securities: | |||||||||||||||||||
U.S. Treasury securities | $ | 520 | $ | — | $ | — | $ | 520 | |||||||||||
Obligations of U. S. government sponsored enterprises and agencies | — | 129,755 | — | 129,755 | |||||||||||||||
Obligations of state and political subdivisions | 59,455 | 1,108,173 | — | 1,167,628 | |||||||||||||||
Corporate bonds | — | 94,065 | — | 94,065 | |||||||||||||||
Residential mortgage-backed securities | — | 885,211 | — | 885,211 | |||||||||||||||
Commercial mortgage-backed securities | — | 133,984 | — | 133,984 | |||||||||||||||
Other securities | 4,693 | — | — | 4,693 | |||||||||||||||
Total | $ | 64,668 | $ | 2,351,188 | $ | — | $ | 2,415,856 | |||||||||||
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 December 31, 2014: | |||||||||||||||||||
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 inputs based on the discounting of the collateral. At December 31, 2014, impaired loans with a carrying value of $20,194,000 were reduced by specific valuation reserves totaling $4,213,000 resulting in a net fair value of $15,981,000. | |||||||||||||||||||
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 December 31, 2014, 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 year ended December 31, 2014 and 2013 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): | |||||||||||||||||||
Year Ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Carrying value of other real estate owned prior to remeasurement | $ | 881 | $ | 2,405 | |||||||||||||||
Write-downs included in gain (loss) on sale of other real estate owned | (135 | ) | (445 | ) | |||||||||||||||
Fair value | $ | 746 | $ | 1,960 | |||||||||||||||
At December 31, 2014 and 2013, other real estate owned totaled $943,000 and $2,903,000, 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. 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 December 31, 2014 and 2013, were as follows (dollars in thousands): | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | Fair Value | |||||||||||||||
Value | Fair Value | Value | Fair Value | Hierarchy | |||||||||||||||
Cash and due from banks | $ | 190,387 | $ | 190,387 | $ | 183,084 | $ | 183,084 | Level 1 | ||||||||||
Federal funds sold | 8,760 | 8,760 | 3,430 | 3,430 | Level 1 | ||||||||||||||
Interest-bearing deposits in banks | 54,324 | 54,324 | 25,498 | 25,498 | Level 1 | ||||||||||||||
Interest-bearing time deposits in banks | 17,002 | 17,032 | 31,917 | 32,059 | Level 2 | ||||||||||||||
Available-for-sale securities | 2,415,856 | 2,415,856 | 2,057,723 | 2,057,723 | Levels 1 and 2 | ||||||||||||||
Held-to-maturity securities | 441 | 447 | 684 | 694 | Level 2 | ||||||||||||||
Loans | 2,901,167 | 2,906,399 | 2,655,548 | 2,667,743 | Level 3 | ||||||||||||||
Accrued interest receivable | 28,998 | 28,998 | 26,865 | 26,865 | Level 2 | ||||||||||||||
Deposits with stated maturities | 648,992 | 650,893 | 686,626 | 688,876 | Level 2 | ||||||||||||||
Deposits with no stated maturities | 4,101,263 | 4,101,263 | 3,448,449 | 3,448,449 | Level 1 | ||||||||||||||
Short term borrowings | 367,110 | 367,110 | 463,888 | 463,888 | Level 2 | ||||||||||||||
Accrued interest payable | 237 | 237 | 299 | 299 | Level 2 |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |
Dec. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 9 | COMMITMENTS AND CONTINGENCIES: |
The Company is engaged in legal actions arising from the normal course of business. In management’s opinion, the Company has adequate legal defenses with respect to these actions, and as of December 31, 2014 the resolution of these matters is not expected to have material adverse effects upon the results of operations or financial condition of the Company. | ||
The Company leases a portion of its bank premises and equipment under operating leases. At December 31, 2014, future minimum lease commitments were: 2015 - $640,000; 2016 - $503,000; 2017 - $312,000, 2018 - $78,000 and 2019 - $16,000. |
Financial_Instruments_with_Off
Financial Instruments with Off-Balance-Sheet Risk | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Text Block [Abstract] | |||||
Financial Instruments with Off-Balance-Sheet Risk | 10 | FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK: | |||
We are a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of our customers. These financial instruments include unfunded lines of credit, commitments to extend credit and federal funds sold to correspondent banks and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. | |||||
Our exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for unfunded lines of credit, commitments to extend credit and standby letters of credit is represented by the contractual notional amount of these instruments. We generally use the same credit policies in making commitments and conditional obligations as we do for on-balance-sheet instruments. | |||||
Total Notional | |||||
Amounts | |||||
Committed | |||||
December 31, | |||||
2014 | |||||
(in thousands) | |||||
Financial instruments whose contract amounts represent credit risk: | |||||
Unfunded lines of credit | $ | 444,687 | |||
Unfunded commitments to extend credit | 128,293 | ||||
Standby letters of credit | 31,301 | ||||
Total commercial commitments | $ | 604,281 | |||
Unfunded lines of credit and commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. These commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. We evaluate each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, as we deem necessary upon extension of credit, is based on our credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant, equipment, livestock, and income-producing commercial properties. | |||||
Standby letters of credit are conditional commitments we issue to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The average collateral value held on letters of credit usually exceeds the contract amount. | |||||
We believe we have no other off-balance sheet arrangements or transactions with unconsolidated, special purpose entities that would expose us to liability that is not reflected on the face of the financial statements. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 12 Months Ended | |
Dec. 31, 2014 | ||
Risks and Uncertainties [Abstract] | ||
Concentration of Credit Risk | 11 | CONCENTRATION OF CREDIT RISK: |
The Company grants commercial, retail, agriculture and residential real estate loans to customers primarily in North Central, Southeastern and West Texas. Although the Company has a diversified loan portfolio, a substantial portion of its borrowers’ ability to honor their commitments is dependent upon each local economic sector. In addition, the Company holds mortgage related securities which are backed by GNMA, FNMA or FHLMC or are collateralized by securities backed by these agencies. |
Pension_and_Profit_Sharing_Pla
Pension and Profit Sharing Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Pension and Profit Sharing Plans | 12 | PENSION AND PROFIT SHARING PLANS: | |||||||||||||||
The Company’s defined benefit pension plan was frozen effective January 1, 2004, whereby no new participants will be added to the Plan and 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 $250,000 and $1,000,000 in 2014 and 2013, respectively, and is continuing to evaluate future funding amounts. | |||||||||||||||||
During 2014, as permitted by the Internal Revenue Service, the Company offered settlement of a portion of its pension obligations to those plan participants who no longer were employed by the Company. As a result of the partial settlement of the plan, the Company recognized $2,909,000, before income tax, in pension expense, a component of noninterest expense. The effect of this transaction was relatively neutral to shareholders’ equity since the recorded pension obligation associated with the plan participants who accepted the settlement closely approximated the amount offered to such plan participants and the amount recognized in pension expense had been previously recognized as unrealized losses in other comprehensive earnings. As a result, the Company paid $10,626,000 out of pension plan assets, or approximately 43% of the total outstanding obligation balance, to plan participants and the number of participants was reduced by 335, or 44%. The Company’s investment risk and administrative expense associated with the Company’s pension plan should be significantly reduced going forward. | |||||||||||||||||
Using an actuarial measurement date of December 31, 2014 and 2013, benefit obligation activity and fair value of plan assets for the years ended December 31, 2014 and 2013, and a statement of the funded status as of December 31, 2014 and 2013, are as follows (dollars in thousands): | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Reconciliation of benefit obligations: | |||||||||||||||||
Benefit obligation at January 1 | $ | 25,499 | $ | 27,838 | |||||||||||||
Interest cost on projected benefit obligation | 1,131 | 1,020 | |||||||||||||||
Actuarial loss (gain) | 1,075 | (2,097 | ) | ||||||||||||||
Benefits paid, including partial settlement of certain participant balances | (12,124 | ) | (1,262 | ) | |||||||||||||
Benefit obligation at December 31 | $ | 15,581 | $ | 25,499 | |||||||||||||
Reconciliation of fair value of plan assets: | |||||||||||||||||
Fair value of plan assets at January 1 | $ | 25,467 | $ | 21,110 | |||||||||||||
Actual return on plan assets | 1,865 | 4,619 | |||||||||||||||
Employer contributions | 250 | 1,000 | |||||||||||||||
Benefits paid, including partial settlement of certain participant balances | (12,124 | ) | (1,262 | ) | |||||||||||||
Fair value of plan assets at December 31 | 15,458 | 25,467 | |||||||||||||||
Funded status | $ | (123 | ) | $ | (32 | ) | |||||||||||
Amounts recognized as a component of accumulated other comprehensive earnings as of year-end that have not been recognized as a component of the net period benefit cost of the Company’s defined benefit pension plan are as follows (in thousands): | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net actuarial loss | $ | (4,435 | ) | $ | (6,975 | ) | |||||||||||
Deferred tax benefit | 1,762 | 2,651 | |||||||||||||||
Amounts included in accumulated other comprehensive earnings, net of tax | $ | (2,673 | ) | $ | (4,324 | ) | |||||||||||
Net periodic pension benefit cost for the years ended December 31, 2014, 2013, and 2012, are as follows (dollars in thousands): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Service cost - benefits earned during the period | $ | — | $ | — | $ | — | |||||||||||
Interest cost on projected benefit obligation | 1,131 | 1,020 | 1,113 | ||||||||||||||
Expected return on plan assets | (1,497 | ) | (1,293 | ) | (1,140 | ) | |||||||||||
Amortization of unrecognized net loss | 337 | 786 | 659 | ||||||||||||||
Recognized loss on partial settlement of certain participant balances | 2,909 | — | — | ||||||||||||||
Net periodic pension benefit expense | $ | 2,880 | $ | 513 | $ | 632 | |||||||||||
The following table sets forth the rates used in the actuarial calculations of the present value of benefit obligations and net periodic pension cost and the rate of return on plan assets: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Weighted average discount rate | 4.1 | % | 4.75 | % | 3.75 | % | |||||||||||
Expected long-term rate of return on assets | 6.25 | % | 6.25 | % | 6.25 | % | |||||||||||
The weighted average discount rate is estimated based on setting a discount rate to establish an obligation for pension benefits equivalent to an amount that, if invested in high quality fixed income securities, would produce a return that matches the expected benefit payment stream. The expected long-term rate of return on plan assets is based on historical returns and expectations of future returns based on asset mix, after consultation with our investment advisors and actuaries. | |||||||||||||||||
The major type of plan assets in the pension plan and the targeted allocation percentage as of December 31, 2014 and 2013 is as follows: | |||||||||||||||||
December 31, 2014 | December 31, 2013 | Targeted | |||||||||||||||
Allocation | Allocation | Allocation | |||||||||||||||
Equity securities | 75 | % | 75 | % | 75 | % | |||||||||||
Debt securities | 24 | % | 24 | % | 25 | % | |||||||||||
Cash and equivalents | 1 | % | 1 | % | — | ||||||||||||
The range and weighted average final maturities of debt securities held in the pension plan as of December 31, 2014 are 3.01 to 13.34 years and approximately 7.73 years, respectively. Assets held in the pension plan are considered either Level 1 consisting of the money market funds, publicly traded common stocks and publically traded mutual funds or Level 2 consisting of obligations of state and political subdivisions, corporate bonds and mortgage-backed securities. There were no Level 3 securities. See note 8 for a discussion of the fair value hierarchy. The breakdown by level is as follows (dollars in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||
Money market fund | $ | 281 | $ | — | $ | — | $ | 281 | |||||||||
Obligations of state and political subdivisions | — | 687 | — | 687 | |||||||||||||
Corporate bonds | — | 791 | — | 791 | |||||||||||||
Mortgage-backed securities | — | 1,178 | — | 1,178 | |||||||||||||
Corporate stocks and mutual funds | 12,521 | — | — | 12,521 | |||||||||||||
Total | $ | 12,802 | $ | 2,656 | $ | — | $ | 15,458 | |||||||||
First Financial Trust & Asset Management Company, National Association, a wholly owned subsidiary of the Company, manages the pension plan assets as well as the profit sharing plan assets (see below). The investment strategy and targeted allocations are based on similar strategies First Financial Trust & Asset Management Company, National Association employs for most of its managed accounts whereby appropriate diversification is achieved. First Financial Trust & Asset Management Company, National Association is prohibited from holding investments deemed to be high risk by the Office of the Comptroller of the Currency. | |||||||||||||||||
An estimate of the undiscounted projected future payments to eligible participants for the next five years and the following five years in the aggregate is as follows (in thousands): | |||||||||||||||||
Year Ending December 31, | |||||||||||||||||
2015 | 784 | ||||||||||||||||
2016 | 805 | ||||||||||||||||
2017 | 855 | ||||||||||||||||
2018 | 874 | ||||||||||||||||
2019 | 899 | ||||||||||||||||
2020 forward | 4,754 | ||||||||||||||||
As of December 31, 2014 and 2013, the pension plan’s total assets included First Financial Bankshares, Inc. common stock valued at approximately $1,933,000 and $2,037,000, respectively. | |||||||||||||||||
The Company also provides a profit sharing plan, which covers substantially all full-time employees. The profit sharing plan is a defined contribution plan and allows employees to contribute a percentage of their base annual salary. Employees are fully vested to the extent of their contributions and become fully vested in the Company’s contributions over a six-year vesting period. Costs related to the Company’s defined contribution plan totaled approximately $5,324,000, $5,686,000 and $4,711,000 in 2014, 2013 and 2012, respectively, and are included in salaries and employee benefits in the accompanying consolidated statements of earnings. As of December 31, 2014 and 2013, the profit sharing plan’s assets included First Financial Bankshares, Inc. common stock valued at approximately $42,008,000 and $46,979,000, respectively. | |||||||||||||||||
In 2004, after freezing our pension plan, we added a safe harbor match to the 401(k) plan. We match a maximum of 4% on employee deferrals of 5% of their employee compensation. Total expense for this matching in 2014, 2013 and 2012 was $1,699,000, $1,560,000 and $1,383,000, respectively, and is included in salaries and employee benefits in the statements of earnings. | |||||||||||||||||
The Company has a directors’ deferred compensation plan whereby the directors may elect to defer up to 100% of their directors’ fees. All deferred compensation is invested in the Company’s common stock held in a rabbi trust. The stock is held in nominee name of the trustee, and the principal and earnings of the trust are held separate and apart from other funds of the Company, and are used exclusively for the uses and purposes of the deferred compensation agreement. The accounts of the trust have been consolidated in the financial statements of the Company. | |||||||||||||||||
Dividends_from_Subsidiaries
Dividends from Subsidiaries | 12 Months Ended | |
Dec. 31, 2014 | ||
Text Block [Abstract] | ||
Dividends from Subsidiaries | 13 | DIVIDENDS FROM SUBSIDIARIES: |
At December 31, 2014, approximately $93,160,000 was available for the declaration of dividends by the Company’s subsidiaries without the prior approval of regulatory agencies. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Regulatory Matters | 14 | REGULATORY MATTERS: | |||||||||||||||||||||||
The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, each of Bankshares’ subsidiaries must meet specific capital guidelines that involve quantitative measures of the subsidiaries’ assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The subsidiaries’ capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and its subsidiaries to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). As of December 31, 2014 and 2013, the Company and its subsidiaries met all capital adequacy requirements to which they were subject. | |||||||||||||||||||||||||
As of December 31, 2014 and 2013, the most recent notification from our primary regulator categorized the Company and its bank subsidiary as well-capitalized. To be categorized as well-capitalized, we must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the following table. | |||||||||||||||||||||||||
There are no conditions or events since that notification that management believes has changed the institutions’ categories. The Company’s and its bank subsidiary’s actual capital amounts and ratios are presented in the table below (in thousands): | |||||||||||||||||||||||||
To Be Well | |||||||||||||||||||||||||
Capitalized Under | |||||||||||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes: | Action Provisions: | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
Consolidated | $ | 587,094 | 17 | % | ³$ | 273,764 | ³ | 8 | % | N/A | |||||||||||||||
First Financial Bank, N.A. | $ | 492,668 | 14 | % | ³$ | 272,318 | ³ | 8 | % | ³$ | 340,397 | ³ | 10 | % | |||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
Consolidated | $ | 549,124 | 16 | % | ³$ | 136,882 | ³ | 4 | % | N/A | |||||||||||||||
First Financial Bank, N.A. | $ | 454,698 | 13 | % | ³$ | 136,159 | ³ | 4 | % | ³$ | 204,238 | ³ | 6 | % | |||||||||||
Tier 1 Capital (to Average Assets): | |||||||||||||||||||||||||
Consolidated | $ | 549,124 | 10 | % | ³$ | 166,489 | ³ | 3 | % | N/A | |||||||||||||||
First Financial Bank, N.A. | $ | 454,698 | 8 | % | ³$ | 165,598 | ³ | 3 | % | ³$ | 275,996 | ³ | 5 | % | |||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
Consolidated | $ | 525,460 | 17 | % | ³$ | 247,985 | ³ | 8 | % | N/A | |||||||||||||||
First Financial Bank, N.A. | $ | 433,538 | 14 | % | ³$ | 246,788 | ³ | 8 | % | ³$ | 308,484 | ³ | 10 | % | |||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
Consolidated | $ | 490,460 | 16 | % | ³$ | 123,993 | ³ | 4 | % | N/A | |||||||||||||||
First Financial Bank, N.A. | $ | 398,538 | 13 | % | ³$ | 123,394 | ³ | 4 | % | ³$ | 185,091 | ³ | 6 | % | |||||||||||
Tier 1 Capital (to Average Assets): | |||||||||||||||||||||||||
Consolidated | $ | 490,460 | 10 | % | ³$ | 149,488 | ³ | 3 | % | N/A | |||||||||||||||
First Financial Bank, N.A. | $ | 398,538 | 8 | % | ³$ | 148,690 | ³ | 3 | % | ³$ | 247,816 | ³ | 5 | % | |||||||||||
In connection with the First Financial Trust & Asset Management Company, N.A.’s (the “Trust Company”) application to obtain our trust charter, the Trust Company is required to maintain tangible net assets of $2,000,000 at all times. As of December 31, 2014, our Trust Company had tangible net assets totaling $11,659,000. | |||||||||||||||||||||||||
Our subsidiary bank may be required at times to maintain reserve balances with the Federal Reserve Bank. At December 31, 2014 and 2013, the subsidiary bank’s reserve balances were $14,334,000 and $5,916,000, respectively. |
Stock_Option_Plan
Stock Option Plan | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock Option Plan | 15 | STOCK OPTION PLAN: | |||||||||||||||
The Company has an incentive stock plan to provide for the granting of options to employees of the Company at prices not less than market at the date of grant. At December 31, 2014, the Company had allocated 3,553,000 shares of stock for issuance under the plan. The plan provides that options granted are exercisable after two years from date of grant at a rate of 20% each year cumulatively during the 10-year term of the option. Shares are issued under the stock option plan from available authorized shares. An analysis of stock option activity for the year ended December 31, 2014 is presented in the table and narrative below: | |||||||||||||||||
Weighted- | |||||||||||||||||
Average | |||||||||||||||||
Shares | Weighted- | Remaining | Aggregate Intrinsic | ||||||||||||||
Average Ex. Price | Contractual | Value ($000) | |||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding, beginning of year (split adjusted) | 1,064,064 | $ | 20.99 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (104,927 | ) | 13.69 | ||||||||||||||
Cancelled | (31,460 | ) | 24.78 | ||||||||||||||
Outstanding, end of year | 927,677 | 21.69 | 6.43 | $ | 20,118 | ||||||||||||
Exercisable at end of year | 358,597 | $ | 15.31 | 4.07 | $ | 5,489 | |||||||||||
The options outstanding at December 31, 2014, had exercise prices ranging between $11.03 and $30.85. Stock options have been adjusted retroactively for the effects of stock dividends and splits. | |||||||||||||||||
The following table summarizes information concerning outstanding and vested stock options as of December 31, 2014: | |||||||||||||||||
Exercise Price | Number | Remaining | Number Vested | ||||||||||||||
Outstanding | Contracted | ||||||||||||||||
Life (Years) | |||||||||||||||||
$ | 11.03 | 22,816 | 0.1 | 22,816 | |||||||||||||
13.66 | 106,110 | 2.1 | 106,110 | ||||||||||||||
16.78 | 182,411 | 4.4 | 138,431 | ||||||||||||||
15.73 | 241,940 | 6.8 | 89,240 | ||||||||||||||
30.85 | 374,400 | 8.8 | 2,000 | ||||||||||||||
927,677 | 358,597 | ||||||||||||||||
The fair value of the options granted in 2013 was estimated using the Black-Scholes options pricing model with the following weighted-average assumptions: risk-free interest rate of 1.59%; expected dividend yield of 1.69%; expected life of 5.99 years; and expected volatility of 26.91%, respectively. | |||||||||||||||||
The weighted-average grant-date fair value of options granted during 2013 was $7.14. There were no grants during 2014 and 2012. The total intrinsic value of options exercised during the years ended December 31, 2014, 2013, and 2012, was $1,738,000, $1,958,000, and $510,000, respectively. | |||||||||||||||||
As of December 31, 2014, there was $2,201,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 2.30 years. The total fair value of shares vested during the years ended December 31, 2014, 2013, and 2012 was $382,000, $565,000 and $423,000, respectively. | |||||||||||||||||
The aggregate intrinsic value of vested stock options at December 31, 2014 totaled $5,225,438. |
Condensed_Financial_Informatio
Condensed Financial Information - Parent Company | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Financial Information - Parent Company | 16 | CONDENSED FINANCIAL INFORMATION - PARENT COMPANY: | |||||||||||
Condensed Balance Sheets-December 31, 2014 and 2013 | |||||||||||||
2014 | 2013 | ||||||||||||
ASSETS | |||||||||||||
Cash in subsidiary bank | $ | 9,441 | $ | 11,960 | |||||||||
Cash in unaffiliated banks | 2 | 2 | |||||||||||
Interest-bearing deposits in subsidiary bank | 60,642 | 64,108 | |||||||||||
Total cash and cash equivalents | 70,085 | 76,070 | |||||||||||
Interest-bearing time deposits in unaffiliated banks | — | 480 | |||||||||||
Securities available-for-sale, at fair value | 12,243 | 11,701 | |||||||||||
Investment in and advances to subsidiaries, at equity | 606,415 | 507,074 | |||||||||||
Intangible assets | 723 | 723 | |||||||||||
Other assets | 2,787 | 2,054 | |||||||||||
Total assets | $ | 692,253 | $ | 598,102 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Total liabilities | $ | 10,716 | $ | 10,455 | |||||||||
Shareholders’ equity: | |||||||||||||
Common stock | 641 | 320 | |||||||||||
Capital surplus | 305,429 | 302,991 | |||||||||||
Retained earnings | 327,978 | 273,972 | |||||||||||
Treasury shares | (5,878 | ) | (5,490 | ) | |||||||||
Deferred compensation | 5,878 | 5,490 | |||||||||||
Accumulated other comprehensive earnings | 47,489 | 10,364 | |||||||||||
Total shareholders’ equity | 681,537 | 587,647 | |||||||||||
Total liabilities and shareholders’ equity | $ | 692,253 | $ | 598,102 | |||||||||
Condensed Statements of Earnings- | |||||||||||||
For the Years Ended December 31, 2014, 2013 and 2012 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income: | |||||||||||||
Cash dividends from subsidiaries | $ | 34,000 | $ | 64,200 | $ | 58,400 | |||||||
Excess of earnings over dividends of subsidiaries | 58,539 | 17,192 | 17,547 | ||||||||||
Other | 3,717 | 3,118 | 2,682 | ||||||||||
96,256 | 84,510 | 78,629 | |||||||||||
Expenses: | |||||||||||||
Salaries and employee benefits | 5,595 | 4,540 | 3,668 | ||||||||||
Other operating expenses | 3,309 | 3,017 | 2,338 | ||||||||||
8,904 | 7,557 | 6,006 | |||||||||||
Earnings before income taxes | 87,352 | 76,953 | 72,623 | ||||||||||
Income tax benefit | 2,207 | 1,915 | 1,602 | ||||||||||
Net earnings | $ | 89,559 | $ | 78,868 | $ | 74,225 | |||||||
Condensed Statements of Cash Flows- | |||||||||||||
For the Years Ended December 31, 2014, 2013, and 2012 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net earnings | $ | 89,559 | $ | 78,868 | $ | 74,225 | |||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||||
Excess of earnings over dividends of subsidiary bank | (58,539 | ) | (17,192 | ) | (17,547 | ) | |||||||
Depreciation and amortization, net | 200 | 135 | 142 | ||||||||||
Decrease (increase) in other assets | (150 | ) | (3 | ) | 34 | ||||||||
Increase (decrease) in other liabilities | (314 | ) | 890 | (918 | ) | ||||||||
Net cash provided by operating activities | 30,756 | 62,698 | 55,936 | ||||||||||
Cash flows from investing activities: | |||||||||||||
Acquisition of bank | — | (39,200 | ) | — | |||||||||
Net decrease (increase) in interest-bearing time deposits in unaffiliated banks | 480 | 2,598 | (960 | ) | |||||||||
Maturities of available-for-sale securities | — | — | 5,430 | ||||||||||
Purchases of bank premises and equipment | (780 | ) | (224 | ) | (86 | ) | |||||||
Repayment from (of advances to) investment in and advances to subsidiaries, net | (3,300 | ) | 700 | (400 | ) | ||||||||
Net cash used in (provided by) investing activities | (3,600 | ) | (36,126 | ) | 3,984 | ||||||||
Cash flows from financing activities: | |||||||||||||
Proceeds of stock issuances | 1,437 | 1,958 | 824 | ||||||||||
Cash dividends paid | (34,578 | ) | (24,505 | ) | (38,719 | ) | |||||||
Net cash used in financing activities | (33,141 | ) | (22,547 | ) | (37,895 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | (5,985 | ) | 4,025 | 22,025 | |||||||||
Cash and cash equivalents, beginning of year | 76,070 | 72,045 | 50,020 | ||||||||||
Cash and cash equivalents, end of year | $ | 70,085 | $ | 76,070 | $ | 72,045 | |||||||
Cash_Flow_Information
Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Cash Flow Information | 17 | CASH FLOW INFORMATION: | |||||||||||
Supplemental information on cash flows and noncash transactions is as follows (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Supplemental cash flow information: | |||||||||||||
Interest paid | $ | 4,231 | $ | 4,077 | $ | 5,419 | |||||||
Federal income taxes paid | 28,711 | 21,790 | 20,779 | ||||||||||
Schedule of noncash investing and financing activities: | |||||||||||||
Assets acquired through foreclosure | 1,385 | 1,615 | 2,459 | ||||||||||
Investment securities purchased but not settled | 1,248 | 7,248 | 8,589 |
Acquisition
Acquisition | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Acquisition | 18 | 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 840,000 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. 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 (dollars in thousands): | |||||
Fair value of consideration paid: | |||||
Cash | $ | 39,200 | |||
Common stock issued (840,000 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 had branches in Orange, Vidor, Mauriceville, Port Arthur and Newton, all located east of Houston, Texas. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Nature of Operations | Nature of Operations | ||||||||||||
First Financial Bankshares, Inc. (a Texas corporation) (“Bankshares”, “Company”, “we” or “us”) is a financial holding company which owns all of the capital stock of one bank with 62 locations located in Texas as of December 31, 2014. The subsidiary bank is First Financial Bank, National Association, Abilene. The bank’s primary source of revenue is providing loans and banking services to consumers and commercial customers in the market area in which the subsidiary is located. In addition, the Company also owns First Financial Trust & Asset Management Company, National Association, First Financial Insurance Agency, Inc., and First Technology Services, Inc. | |||||||||||||
A summary of significant accounting policies of Bankshares and subsidiaries applied in the preparation of the accompanying consolidated financial statements follows. The accounting principles followed by the Company and the methods of applying them are in conformity with both U.S. generally accepted accounting principles and prevailing practices of the banking industry. | |||||||||||||
The Company evaluated subsequent events for potential recognition through the date the consolidated financial statements were issued. | |||||||||||||
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements | ||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Consolidation | Consolidation | ||||||||||||
The accompanying consolidated financial statements include the accounts of Bankshares and its subsidiaries, all of which are wholly-owned. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||
Stock Repurchase | Stock Repurchase | ||||||||||||
On October 28, 2014, the Company’s Board of Directors authorized the repurchase of up to 1,500,000 common shares through September 30, 2017. The stock buyback plan authorizes management to repurchase the stock at such time as repurchases are considered beneficial to stockholders. Any repurchase of stock will be made through the open market, block trades or in privately negotiated transactions in accordance with applicable laws and regulations. Under the repurchase plan, there is no minimum number of shares that the Company is required to repurchase. For the years ended December 31, 2014, 2013 and 2012, no shares were repurchased under this or the prior authorization that expired September 30, 2014. | |||||||||||||
Stock Split | Stock Split | ||||||||||||
On April 22, 2014, the Company’s Board of Directors declared a two-for-one stock split in the form of a 100% stock dividend effective for shareholders of record on May 15, 2014 that was distributed on June 2, 2014. All share and per share amounts in this report have been restated to reflect this stock split. An amount equal to the par value of the additional common shares issued pursuant to the stock split was reflected as a transfer from retained earnings to common stock on the consolidated financial statements as of and for the year ended December 31, 2014. | |||||||||||||
Acquisition | Acquisition | ||||||||||||
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 18 for additional information. | |||||||||||||
Consolidation of Bank Charters | Consolidation of Bank Charters | ||||||||||||
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 operates the one charter as it previously did with eleven charters, with local management and board decisions to benefit the customers and communities it serves. | |||||||||||||
Increase in Authorized Shares | Increase in Authorized Shares | ||||||||||||
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. | |||||||||||||
Investment Securities | Investment Securities | ||||||||||||
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 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. | |||||||||||||
The Company records its available-for-sale and trading securities portfolio at fair value. Fair values of these securities are determined based on methodologies in accordance with current authoritative accounting guidance. Fair values are volatile and may be influenced by a number of factors, including market interest rates, prepayment speeds, discount rates, credit ratings and yield curves. Fair values for 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, and 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, obligations of state and political subdivisions, mortgage pass-through securities, corporate bonds and general obligation or revenue based municipal bonds. Pricing for such securities is generally readily available and transparent in the market. The Company utilizes independent third party pricing services to value its investment securities, which the Company reviews as well as the underlying pricing methodologies for reasonableness and to ensure such prices are aligned with pricing matrices. The Company validates quarterly, on a sample basis, prices supplied by the independent pricing services by comparison to prices obtained from other third party sources. | |||||||||||||
Loans and Allowance for Loan Losses | 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 allowance for loan losses is an amount which represents management’s best estimate of probable losses that are inherent in the Company’s loan portfolio as of the balance sheet date. The allowance for loan losses is comprised of three elements: (i) specific reserves determined based on probable losses on specific classified loans; (ii) a historical valuation reserve component that considers historical loss rates; and (iii) qualitative reserves 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 historical valuation 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 or decreased in accordance with deterioration or improvement in credit quality and a corresponding increase or decrease 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, oil and gas prices, drought conditions, 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 estimate for additional areas of losses 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, in accordance with generally accepted accounting principles, additional provisions to the allowance for loan losses based on their judgment of information available to them at the time of their examination as well as changes to our methodology. | |||||||||||||
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 for 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 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 for non-collateral dependent loans are measured based on the present value of expected future cash flows or the loan’s observable market price. At December 31, 2014 and 2013, 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. For all impaired loans, including the Company’s troubled debt restructurings, the Company performs a periodic, well-documented credit evaluation of the borrower’s financial condition and prospects for repayment to assess the likelihood that all principal and interest payments required under the terms of the agreement will be collected in full. When doubt exists about the ultimate collectability of principal and interest, the troubled debt restructuring remains on non-accrual status and payments received are applied to reduce principal to the extent necessary to eliminate such doubt. This determination of accrual status is judgmental and is based on facts and circumstances related to each troubled debt restructuring. 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, modified loan terms and cash flow. As of December 31, 2014 and 2013, substantially 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. 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 are segregated between those considered to be credit impaired and those deemed performing. To make this determination, management considers such factors as past due status, nonaccrual status and credit risk ratings. The fair value of acquired performing loans is determined by discounting expected cash flows, both principal and interest, at prevailing market interest rates. The difference between the fair value and principal balances 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 acquisition fair value, which includes a credit component at the acquisition date, was 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 discounted 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 reasonably forecast cash flows in which case the loans were placed on nonaccrual. Contractually required payments for interest and principal that exceed the 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 subsequent to acquisition 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 December 31, 2014 and 2013 were $2,151,000 and $2,707,000, respectively, compared to a contractual balance of $3,275,000 and $3,970,000, respectively. Other purchased credit impaired loan disclosures were omitted due to immateriality. | |||||||||||||
Other Real Estate | Other Real Estate | ||||||||||||
Other real estate owned is foreclosed property held pending disposition and is initially recorded at fair value, less estimated costs to sell. At foreclosure, if the fair value of the real estate, less estimated costs to sell, is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the allowance for loan losses. Any subsequent reduction in value is recognized by a charge to income. Operating and holding expenses of such properties, net of related income, and gains and losses on their disposition are included in net gain (loss) on sale of foreclosed assets as incurred. | |||||||||||||
Bank Premises and Equipment | Bank Premises and Equipment | ||||||||||||
Bank premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed principally on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized over the life of the respective lease or the estimated useful lives of the improvements, whichever is shorter. | |||||||||||||
Business Combinations, Goodwill and Other Intangible Assets | Business Combinations, Goodwill and Other Intangible Assets | ||||||||||||
The Company accounts for all business combinations under the purchase method of accounting. Tangible and intangible assets and liabilities of the acquired entity are recorded at fair value. Intangible assets with finite useful lives represent the future benefit associated with the acquisition of the core deposits and are amortized over seven years, utilizing a method that approximates the expected attrition of the deposits. Goodwill with an indefinite life is not amortized, but rather tested annually for impairment as of June 30 each year and totaled $94,882,000 at both December 31, 2014 and 2013, respectively. There was no impairment recorded for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
The carrying amount of goodwill arising from acquisitions that qualify as an asset purchase for federal income tax purposes was $72,626,000 at both December 31, 2014 and 2013, respectively, and is deductible for federal income tax purposes. | |||||||||||||
Also included in other intangible assets are mortgage servicing rights totaling $1,834,000 and $1,684,000 at December 31, 2014 and 2013, respectively. | |||||||||||||
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements To Repurchase | ||||||||||||
Securities sold under agreements to repurchase, which are classified as short-term borrowings, generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of the cash received in connection with the transaction. The Company may be required to provide additional collateral based on the estimated fair value of the underlying securities. | |||||||||||||
Segment Reporting | Segment Reporting | ||||||||||||
The Company has determined that its banking regions meet the aggregation criteria of the current authoritative accounting guidance since each of its banking regions offers similar products and services, operates in a similar manner, has similar customers and reports to the same regulatory authority, and therefore operates one line of business (community banking) located in a single geographic area (Texas). | |||||||||||||
Statements of Cash Flows | Statements of Cash Flows | ||||||||||||
For purposes of reporting cash flows, cash and cash equivalents includes cash on hand, amounts due from banks, including interest-bearing deposits in banks with original maturity of 90 days or less, and federal funds sold. | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Unrealized gains on the Company’s available-for-sale securities (after applicable income tax expense) totaling $50,162,000 and $14,688,000 at December 31, 2014 and 2013, respectively, and the minimum pension liability totaled (after applicable income tax benefit) totaling $2,673,000 and $4,324,000 at December 31, 2014 and 2013, respectively, are included in accumulated other comprehensive income. | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
The Company’s provision for income taxes is based on income before income taxes adjusted for permanent differences between financial reporting and taxable income. Deferred tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. | |||||||||||||
Stock Based Compensation | Stock Based Compensation | ||||||||||||
The Company grants stock options for a fixed number of shares to employees with an exercise price equal to the fair value of the shares at the grant date. The Company recorded stock option expense totaling $709,000, $411,000 and $334,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Advertising Costs | Advertising Costs | ||||||||||||
Advertising costs are expensed as incurred. | |||||||||||||
Per Share Data | Per Share Data | ||||||||||||
Net earnings per share (“EPS”) are computed by dividing net earnings by the weighted average number of common stock shares outstanding during the period. The Company calculates dilutive EPS assuming all outstanding options to purchase common stock have been exercised at the beginning of the year (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 period. The following table reconciles the computation of basic EPS to dilutive EPS: | |||||||||||||
Net | Weighted | Per Share | |||||||||||
Earnings | Average | Amount | |||||||||||
(in thousands) | Shares | ||||||||||||
For the year ended December 31, 2014: | |||||||||||||
Net earnings per share, basic | $ | 89,559 | 64,047,803 | $ | 1.4 | ||||||||
Effect of stock options | — | 260,732 | (0.01 | ) | |||||||||
Net earnings per share, assuming dilution | $ | 89,559 | 64,308,535 | $ | 1.39 | ||||||||
For the year ended December 31, 2013: | |||||||||||||
Net earnings per share, basic | $ | 78,868 | 63,575,948 | $ | 1.24 | ||||||||
Effect of stock options | — | 280,816 | — | ||||||||||
Net earnings per share, assuming dilution | $ | 78,868 | 63,856,764 | $ | 1.24 | ||||||||
For the year ended December 31, 2012: | |||||||||||||
Net earnings per share, basic | $ | 74,225 | 62,960,310 | $ | 1.18 | ||||||||
Effect of stock options | — | 42,224 | — | ||||||||||
Net earnings per share, assuming dilution | $ | 74,225 | 63,002,534 | $ | 1.18 | ||||||||
Recently Issued Authoritative Accounting Guidance | Recently Issued Authoritative Accounting Guidance | ||||||||||||
In 2014, the Financial Accounting Standards Board (the “FASB”) amended its authoritative guidance related to residential real estate to clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendment requires interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The new guidance is effective for the Company on January 1, 2015 and is not expected to have a significant impact to the Company’s financial statements. | |||||||||||||
In 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede substantially all existing revenue recognition guidance. The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under existing guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The new standard will be effective in the first quarter of 2017. The Company is continuing to evaluate the potential impact to the Company’s financial statements. | |||||||||||||
In 2014, the FASB amended its authoritative guidance related to repurchase-to-maturity transaction to require that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. In addition, the amendment requires separate accounting for repurchase financings, which entails the transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty. The amendment requires entities to disclose certain information about transfers accounted for as sales in transactions that economically similar to repurchase agreements. In addition, the amendment requires disclosures related to collateral, remaining contractual term and of the potential risks associated with repurchase agreements, securities lending transactions and repurchase-to-maturity transactions. The amendment will be effective on January 1, 2015 and is not expected to have a significant impact on the Company’s financial statements. | |||||||||||||
In 2015, the FASB eliminated from U.S. GAAP the concept of extraordinary items, which, among other things, required an entity to segregate extraordinary items considered to be unusual and infrequent from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The new guidance is effective for the Company beginning January 1, 2016, though early adoption is permitted, and is not expected to have a significant impact on the Company’s financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Computation of Basic EPS to Dilutive EPS | The following table reconciles the computation of basic EPS to dilutive EPS: | ||||||||||||
Net | Weighted | Per Share | |||||||||||
Earnings | Average | Amount | |||||||||||
(in thousands) | Shares | ||||||||||||
For the year ended December 31, 2014: | |||||||||||||
Net earnings per share, basic | $ | 89,559 | 64,047,803 | $ | 1.4 | ||||||||
Effect of stock options | — | 260,732 | (0.01 | ) | |||||||||
Net earnings per share, assuming dilution | $ | 89,559 | 64,308,535 | $ | 1.39 | ||||||||
For the year ended December 31, 2013: | |||||||||||||
Net earnings per share, basic | $ | 78,868 | 63,575,948 | $ | 1.24 | ||||||||
Effect of stock options | — | 280,816 | — | ||||||||||
Net earnings per share, assuming dilution | $ | 78,868 | 63,856,764 | $ | 1.24 | ||||||||
For the year ended December 31, 2012: | |||||||||||||
Net earnings per share, basic | $ | 74,225 | 62,960,310 | $ | 1.18 | ||||||||
Effect of stock options | — | 42,224 | — | ||||||||||
Net earnings per share, assuming dilution | $ | 74,225 | 63,002,534 | $ | 1.18 | ||||||||
Interestbearing_Time_Deposits_1
Interest-bearing Time Deposits in Banks and Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||
Summary of Available-for-Sale Securities | A summary of the Company’s available-for-sale securities as of December 31, 2014 and 2013 are as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost Basis | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Holding Gains | Holding Losses | ||||||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 518 | $ | 2 | $ | — | $ | 520 | |||||||||||||||||
Obligations of U.S. government sponsored enterprises and agencies | 128,919 | 864 | (28 | ) | 129,755 | ||||||||||||||||||||
Obligations of state and political subdivisions | 1,107,795 | 60,083 | (250 | ) | 1,167,628 | ||||||||||||||||||||
Corporate bonds and other | 95,864 | 2,894 | — | 98,758 | |||||||||||||||||||||
Residential mortgage-backed securities | 871,265 | 16,804 | (2,858 | ) | 885,211 | ||||||||||||||||||||
Commercial mortgage-backed securities | 134,322 | 555 | (893 | ) | 133,984 | ||||||||||||||||||||
Total securities available-for-sale | $ | 2,338,683 | $ | 81,202 | $ | (4,029 | ) | $ | 2,415,856 | ||||||||||||||||
December 31, 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 | $ | 136,416 | $ | 1,672 | $ | — | $ | 138,088 | |||||||||||||||||
Obligations of state and political subdivisions | 974,608 | 27,980 | (11,319 | ) | 991,269 | ||||||||||||||||||||
Corporate bonds and other | 105,490 | 3,550 | — | 109,040 | |||||||||||||||||||||
Residential mortgage-backed securities | 706,289 | 12,253 | (7,922 | ) | 710,620 | ||||||||||||||||||||
Commercial mortgage-backed securities | 112,323 | — | (3,617 | ) | 108,706 | ||||||||||||||||||||
Total securities available-for-sale | $ | 2,035,126 | $ | 45,455 | $ | (22,858 | ) | $ | 2,057,723 | ||||||||||||||||
Amortized Cost and Estimated Fair Value of Available-for-Sale Securities | The amortized cost and estimated fair value of available-for-sale securities at December 31, 2014, by contractual and expected maturity, are shown below (in thousands): | ||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||
Cost Basis | Fair Value | ||||||||||||||||||||||||
Due within one year | $ | 81,336 | $ | 82,078 | |||||||||||||||||||||
Due after one year through five years | 694,864 | 726,392 | |||||||||||||||||||||||
Due after five years through ten years | 550,362 | 580,250 | |||||||||||||||||||||||
Due after ten years | 6,534 | 7,941 | |||||||||||||||||||||||
Mortgage-backed securities | 1,005,587 | 1,019,195 | |||||||||||||||||||||||
Total | $ | 2,338,683 | $ | 2,415,856 | |||||||||||||||||||||
Continuous Unrealized-Loss Position of Available-for-Sale and Held-to-Maturity Securities | The following table discloses, as of December 31, 2014 and 2013, the Company’s investment securities that have been in a continuous unrealized-loss position for less than 12 months and for 12 or more months (in thousands): | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
December 31, 2014 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
Obligations of U.S. government sponsored enterprises and agencies | $ | 25,480 | $ | 28 | $ | — | $ | — | $ | 25,480 | $ | 28 | |||||||||||||
Obligations of state and political subdivisions | 15,128 | 60 | 21,249 | 190 | 36,377 | 250 | |||||||||||||||||||
Residential mortgage-backed securities | 76,350 | 148 | 128,368 | 2,710 | 204,718 | 2,858 | |||||||||||||||||||
Commercial mortgage-backed securities | 48,399 | 273 | 55,065 | 620 | 103,464 | 893 | |||||||||||||||||||
Total | $ | 165,357 | $ | 509 | $ | 204,682 | $ | 3,520 | $ | 370,039 | $ | 4,029 | |||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
December 31, 2013 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
Obligations of state and political subdivisions | $ | 316,394 | $ | 10,973 | $ | 4,153 | $ | 346 | $ | 320,547 | $ | 11,319 | |||||||||||||
Residential mortgage-backed securities | 228,423 | 7,623 | 5,624 | 299 | 234,047 | 7,922 | |||||||||||||||||||
Commercial mortgage-backed securities | 108,706 | 3,617 | — | — | 108,706 | 3,617 | |||||||||||||||||||
Total | $ | 653,523 | $ | 22,213 | $ | 9,777 | $ | 645 | $ | 663,300 | $ | 22,858 | |||||||||||||
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||
Loans Held-for-Investment by Class of Financing Receivables | Major classifications of loans held-for-investment by class of financing receivables are as follows (in thousands): | ||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Commercial | $ | 639,954 | $ | 596,730 | |||||||||||||||||||||||||
Agricultural | 105,694 | 75,928 | |||||||||||||||||||||||||||
Real estate | 1,822,854 | 1,678,514 | |||||||||||||||||||||||||||
Consumer | 360,686 | 333,113 | |||||||||||||||||||||||||||
Total loans held-for-investment | $ | 2,929,188 | $ | 2,684,285 | |||||||||||||||||||||||||
Non-Accrual Loans, Loans Still Accruing and Past Due 90 Days or More and Restructured Loans | The Company’s non-accrual loans, loan still accruing and past due 90 days or more and restructured loans are as follows (in thousands): | ||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-accrual loans* | $ | 20,194 | $ | 27,926 | |||||||||||||||||||||||||
Loans still accruing and past due 90 days or more | 261 | 133 | |||||||||||||||||||||||||||
Troubled debt restructured loans** | 226 | — | |||||||||||||||||||||||||||
Total | $ | 20,681 | $ | 28,059 | |||||||||||||||||||||||||
* | Includes $2,151,000 and $2,707,000, respectively, of purchased credit impaired loans as of December 31, 2014 and 2013. There were no purchase credit impaired loan balances in prior periods. | ||||||||||||||||||||||||||||
** | Troubled debt restructured loans of $9,073,000 and $13,298,000, whose interest collection, after considering economic and business conditions and collection efforts, is doubtful are included in non-accrual loans as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
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): | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Recorded | Valuation | Recorded | Valuation | ||||||||||||||||||||||||||
Investment | Allowance | Investment | Allowance | ||||||||||||||||||||||||||
$ | 20,194 | $ | 4,213 | $ | 27,926 | $ | 5,338 | ||||||||||||||||||||||
Schedule of Non-Accrual Loans | Non-accrual loans totaled $20,194,000 and $27,926,000 at December 31, 2014 and 2013, respectively, and consisted of the following amounts by type (in thousands): | ||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Commercial | $ | 3,193 | $ | 4,281 | |||||||||||||||||||||||||
Agricultural | 165 | 131 | |||||||||||||||||||||||||||
Real Estate | 16,218 | 22,548 | |||||||||||||||||||||||||||
Consumer | 618 | 966 | |||||||||||||||||||||||||||
Total | $ | 20,194 | $ | 27,926 | |||||||||||||||||||||||||
Schedule of Impaired Loans and Related Allowance | The Company’s impaired loans and related allowance as of December 31, 2014 and 2013 is summarized in the following tables by class of financing receivables (in thousands). No interest income was recognized on impaired loans subsequent to their classification as impaired. | ||||||||||||||||||||||||||||
December 31, 2014 | Unpaid | Recorded | Recorded | Total | Related | Average | |||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||
Balance | Allowance* | Allowance | |||||||||||||||||||||||||||
Commercial | $ | 3,749 | $ | 287 | $ | 2,906 | $ | 3,193 | $ | 1,171 | $ | 3,698 | |||||||||||||||||
Agricultural | 177 | — | 165 | 165 | 57 | 179 | |||||||||||||||||||||||
Real Estate | 22,177 | 4,859 | 11,359 | 16,218 | 2,867 | 19,837 | |||||||||||||||||||||||
Consumer | 838 | 420 | 198 | 618 | 118 | 783 | |||||||||||||||||||||||
Total | $ | 26,941 | $ | 5,566 | $ | 14,628 | $ | 20,194 | $ | 4,213 | $ | 24,497 | |||||||||||||||||
* | Includes $2,151,000 of purchased credit impaired loans. | ||||||||||||||||||||||||||||
December 31, 2013 | Unpaid | Recorded | Recorded | Total | Related | Average | |||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Allowance | Recorded | ||||||||||||||||||||||||
Principal | With No | With | Investment | Investment | |||||||||||||||||||||||||
Balance | Allowance* | Allowance | |||||||||||||||||||||||||||
Commercial | $ | 4,764 | $ | 934 | $ | 3,347 | $ | 4,281 | $ | 1,079 | $ | 5,017 | |||||||||||||||||
Agricultural | 139 | 17 | 114 | 131 | 41 | 144 | |||||||||||||||||||||||
Real Estate | 31,704 | 5,794 | 16,754 | 22,548 | 4,006 | 25,060 | |||||||||||||||||||||||
Consumer | 1,117 | 545 | 421 | 966 | 212 | 1,072 | |||||||||||||||||||||||
Total | $ | 37,724 | $ | 7,290 | $ | 20,636 | $ | 27,926 | $ | 5,338 | $ | 31,293 | |||||||||||||||||
* | Includes $2,707,000 of purchases credit impaired loans. | ||||||||||||||||||||||||||||
Schedule of Internal Ratings of Loans | The following summarizes the Company’s internal ratings of its loans held-for-investment by class of financing receivables and portfolio segments, which classes are the same, at December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||
December 31, 2014 | Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Commercial | $ | 626,266 | $ | 3,853 | $ | 9,835 | $ | — | $ | 639,954 | |||||||||||||||||||
Agricultural | 105,101 | 91 | 502 | — | 105,694 | ||||||||||||||||||||||||
Real Estate | 1,765,886 | 15,106 | 41,722 | 140 | 1,822,854 | ||||||||||||||||||||||||
Consumer | 358,953 | 403 | 1,329 | 1 | 360,686 | ||||||||||||||||||||||||
Total | $ | 2,856,206 | $ | 19,453 | $ | 53,388 | $ | 141 | $ | 2,929,188 | |||||||||||||||||||
December 31, 2013 | Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||
Commercial | $ | 584,547 | $ | 3,032 | $ | 9,151 | $ | — | $ | 596,730 | |||||||||||||||||||
Agricultural | 75,382 | 245 | 298 | 3 | 75,928 | ||||||||||||||||||||||||
Real Estate | 1,609,242 | 20,773 | 48,352 | 147 | 1,678,514 | ||||||||||||||||||||||||
Consumer | 330,870 | 639 | 1,595 | 9 | 333,113 | ||||||||||||||||||||||||
Total | $ | 2,600,041 | $ | 24,689 | $ | 59,396 | $ | 159 | $ | 2,684,285 | |||||||||||||||||||
Schedule of Past Due Loans | At December 31, 2014 and 2013, the Company’s past due loans are as follows (in thousands): | ||||||||||||||||||||||||||||
December 31, 2014 | 15-59 | 60-89 | Greater | Total | Total | Total | Total 90 | ||||||||||||||||||||||
Days | Days | Than | Past | Current | Loans | Days Past | |||||||||||||||||||||||
Past | Past | 90 | Due | Due Still | |||||||||||||||||||||||||
Due* | Due | Days | Accruing | ||||||||||||||||||||||||||
Commercial | $ | 4,611 | $ | 94 | $ | 175 | $ | 4,880 | $ | 635,074 | $ | 639,954 | $ | 24 | |||||||||||||||
Agricultural | 437 | 42 | — | 479 | 105,215 | 105,694 | — | ||||||||||||||||||||||
Real Estate | 12,002 | 707 | 1,868 | 14,577 | 1,808,277 | 1,822,854 | 207 | ||||||||||||||||||||||
Consumer | 2,322 | 496 | 134 | 2,952 | 357,734 | 360,686 | 30 | ||||||||||||||||||||||
Total | $ | 19,372 | $ | 1,339 | $ | 2,177 | $ | 22,888 | $ | 2,906,300 | $ | 2,929,188 | $ | 261 | |||||||||||||||
December 31, 2013 | 15-59 | 60-89 | Greater | Total | Total | Total | Total 90 | ||||||||||||||||||||||
Days | Days | Than | Past | Current | Loans | Days Past | |||||||||||||||||||||||
Past | Past | 90 | Due | Due Still | |||||||||||||||||||||||||
Due* | Due | Days | Accruing | ||||||||||||||||||||||||||
Commercial | $ | 5,303 | $ | 287 | $ | 420 | $ | 6,010 | $ | 590,720 | $ | 596,730 | $ | — | |||||||||||||||
Agricultural | 355 | — | — | 355 | 75,573 | 75,928 | — | ||||||||||||||||||||||
Real Estate | 13,787 | 2,489 | 1,876 | 18,152 | 1,660,362 | 1,678,514 | 55 | ||||||||||||||||||||||
Consumer | 2,708 | 582 | 277 | 3,567 | 329,546 | 333,113 | 78 | ||||||||||||||||||||||
Total | $ | 22,153 | $ | 3,358 | $ | 2,573 | $ | 28,084 | $ | 2,656,201 | $ | 2,684,285 | $ | 133 | |||||||||||||||
* | 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 Losses in Various Categories of Loan Portfolio | The allowance for loan losses as of December 31, 2014 and 2013, 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): | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Allowance for loan losses provided for: | |||||||||||||||||||||||||||||
Loans specifically evaluated as impaired | $ | 4,213 | $ | 5,338 | |||||||||||||||||||||||||
Remaining portfolio | 32,611 | 28,562 | |||||||||||||||||||||||||||
Total allowance for loan losses | $ | 36,824 | $ | 33,900 | |||||||||||||||||||||||||
Schedule of Allowance for Loan Losses by Portfolio Segment | The following table details the allowance for loan losses at December 31, 2014 and 2013 by portfolio segment (in thousands). There were no allowances for purchased credit impaired loans at December 31, 2014 or 2013. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | ||||||||||||||||||||||||||||
December 31, 2014 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,877 | $ | 199 | $ | 6,591 | $ | 309 | $ | 9,976 | |||||||||||||||||||
Loan collectively evaluated for impairment | 5,113 | 328 | 20,066 | 1,341 | 26,848 | ||||||||||||||||||||||||
Total | $ | 7,990 | $ | 527 | $ | 26,657 | $ | 1,650 | $ | 36,824 | |||||||||||||||||||
December 31, 2013 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,755 | $ | 125 | $ | 7,215 | $ | 378 | $ | 10,473 | |||||||||||||||||||
Loan collectively evaluated for impairment | 3,685 | 258 | 17,725 | 1,759 | 23,427 | ||||||||||||||||||||||||
Total | $ | 6,440 | $ | 383 | $ | 24,940 | $ | 2,137 | $ | 33,900 | |||||||||||||||||||
Changes in Allowance for Loan Losses | Changes in the allowance for loan losses for the years ended December 31, 2014 and 2013 are summarized as follows (in thousands): | ||||||||||||||||||||||||||||
December 31, 2014 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Beginning balance | $ | 6,440 | $ | 383 | $ | 24,940 | $ | 2,137 | $ | 33,900 | |||||||||||||||||||
Provision for loan losses | 1,787 | 128 | 2,287 | 263 | 4,465 | ||||||||||||||||||||||||
Recoveries | 346 | 18 | 505 | 472 | 1,341 | ||||||||||||||||||||||||
Charge-offs | (583 | ) | (2 | ) | (1,075 | ) | (1,222 | ) | (2,882 | ) | |||||||||||||||||||
Ending balance | $ | 7,990 | $ | 527 | $ | 26,657 | $ | 1,650 | $ | 36,824 | |||||||||||||||||||
December 31, 2013 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Beginning balance | $ | 7,343 | $ | 1,541 | $ | 24,063 | $ | 1,892 | $ | 34,839 | |||||||||||||||||||
Provision (credit) for loan losses | 220 | (1,066 | ) | 3,288 | 1,311 | 3,753 | |||||||||||||||||||||||
Recoveries | 402 | 39 | 239 | 337 | 1,017 | ||||||||||||||||||||||||
Charge-offs | (1,283 | ) | (100 | ) | (1,970 | ) | (1,268 | ) | (4,621 | ) | |||||||||||||||||||
Transfer of off balance sheet exposure to other liabilities | (242 | ) | (31 | ) | (680 | ) | (135 | ) | (1,088 | ) | |||||||||||||||||||
Ending balance | $ | 6,440 | $ | 383 | $ | 24,940 | $ | 2,137 | $ | 33,900 | |||||||||||||||||||
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 December 31, 2014 and 2013 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 $2,151,000 and $2,707,000, respectively, at December 31, 2014 and 2013 are included in loans individually evaluated for impairment. | ||||||||||||||||||||||||||||
December 31, 2014 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 13,688 | $ | 593 | $ | 56,968 | $ | 1,733 | $ | 72,982 | |||||||||||||||||||
Loan collectively evaluated for impairment | 626,266 | 105,101 | 1,765,886 | 358,953 | 2,856,206 | ||||||||||||||||||||||||
Total | $ | 639,954 | $ | 105,694 | $ | 1,822,854 | $ | 360,686 | $ | 2,929,188 | |||||||||||||||||||
December 31, 2013 | Commercial | Agricultural | Real Estate | Consumer | Total | ||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 12,183 | $ | 546 | $ | 69,272 | $ | 2,243 | $ | 84,244 | |||||||||||||||||||
Loan collectively evaluated for impairment | 584,547 | 75,382 | 1,609,242 | 330,870 | 2,600,041 | ||||||||||||||||||||||||
Total | $ | 596,730 | $ | 75,928 | $ | 1,678,514 | $ | 333,113 | $ | 2,684,285 | |||||||||||||||||||
Schedule of Loans Modified and Considered Troubled Debt Restructurings | The Company’s loans that were modified in the years ended December 31, 2014 and 2013, and considered a troubled debt restructuring are as follows (in thousands): | ||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Number | Pre-Modification | Post- | Number | Pre-Modification | Post- | ||||||||||||||||||||||||
Recorded | Modification | Recorded | Modification | ||||||||||||||||||||||||||
Investment | Recorded | Investment | Recorded | ||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||
Commercial | 7 | $ | 668 | $ | 668 | 4 | $ | 253 | $ | 253 | |||||||||||||||||||
Agricultural | 1 | 39 | 39 | 1 | 24 | 24 | |||||||||||||||||||||||
Real Estate | 5 | 630 | 630 | 11 | 3,958 | 3,958 | |||||||||||||||||||||||
Consumer | 3 | 11 | 11 | 6 | 138 | 138 | |||||||||||||||||||||||
Total | 16 | $ | 1,348 | $ | 1,348 | 22 | $ | 4,373 | $ | 4,373 | |||||||||||||||||||
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 year ended December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Adjusted | Extended | Combined | Adjusted | Extended | Combined | ||||||||||||||||||||||||
Interest | Maturity | Rate and | Interest | Maturity | Rate and | ||||||||||||||||||||||||
Rate | Maturity | Rate | Maturity | ||||||||||||||||||||||||||
Commercial | $ | — | $ | 366 | $ | 302 | $ | — | $ | 218 | $ | 35 | |||||||||||||||||
Agricultural | — | — | 39 | — | 24 | — | |||||||||||||||||||||||
Real Estate | — | 118 | 512 | 420 | 433 | 3,105 | |||||||||||||||||||||||
Consumer | — | 8 | 3 | — | 134 | 4 | |||||||||||||||||||||||
Total | $ | — | $ | 492 | $ | 856 | $ | 420 | $ | 809 | $ | 3,144 | |||||||||||||||||
Schedule of Troubled Debt Restructurings | The loans are as follows (dollars in thousands): | ||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Number | Balance | Number | Balance | ||||||||||||||||||||||||||
Commercial | — | $ | — | 6 | $ | 316 | |||||||||||||||||||||||
Agriculture | — | — | — | — | |||||||||||||||||||||||||
Real Estate | — | — | — | — | |||||||||||||||||||||||||
Consumer | 1 | 32 | 2 | 18 | |||||||||||||||||||||||||
Total | 1 | $ | 32 | 8 | $ | 334 | |||||||||||||||||||||||
Analysis of Changes in Loans to Officers, Directors, Principal Shareholders, or Associates of Such Persons | An analysis of the changes in loans to officers, directors, principal shareholders, or associates of such persons for the year ended December 31, 2014 (determined as of each respective year-end) follows (in thousands): | ||||||||||||||||||||||||||||
Beginning | Additional | Payments | Ending | ||||||||||||||||||||||||||
Balance | Loans | Balance | |||||||||||||||||||||||||||
Year ended December 31, 2014 | $ | 47,299 | $ | 132,118 | $ | 124,620 | $ | 54,797 |
Bank_Premises_and_Equipment_Ta
Bank Premises and Equipment (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Summary of Bank Premises and Equipment | The following is a summary of bank premises and equipment (in thousands): | ||||||||||
Useful Life | December 31, | ||||||||||
2014 | 2013 | ||||||||||
Land | — | $ | 25,096 | $ | 22,635 | ||||||
Buildings | 20 to 40 years | 97,013 | 89,907 | ||||||||
Furniture and equipment | 3 to 10 years | 50,700 | 48,763 | ||||||||
Leasehold improvements | Lesser of lease term or 5 to 15 years | 4,687 | 4,802 | ||||||||
177,496 | 166,107 | ||||||||||
Less-accumulated depreciation and amortization | (74,496 | ) | (70,602 | ) | |||||||
$ | 103,000 | $ | 95,505 | ||||||||
Deposits_and_ShortTerm_Borrowi1
Deposits and Short-Term Borrowings (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Banking and Thrift [Abstract] | |||||
Scheduled Maturities of Time Deposits | At December 31, 2014, the scheduled maturities of time deposits (in thousands) were, as follows: | ||||
Year ending December 31, | |||||
2015 | $ | 565,794 | |||
2016 | 40,122 | ||||
2017 | 14,417 | ||||
2018 | 15,107 | ||||
Thereafter | 13,552 | ||||
$ | 648,992 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Expense | The Company files a consolidated federal income tax return. Income tax expense is comprised of the following (dollars in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current federal income tax | $ | 29,832 | $ | 24,931 | $ | 23,605 | |||||||
Current state income tax | 94 | 15 | 13 | ||||||||||
Deferred federal income tax expense (benefit) | (893 | ) | 754 | 1,517 | |||||||||
Income tax expense | $ | 29,033 | $ | 25,700 | $ | 25,135 | |||||||
Percentage of Pretax Earnings, Differs from Statutory Federal Income Tax Rate | Income tax expense, as a percentage of pretax earnings, differs from the statutory federal income tax rate as follows: | ||||||||||||
As a Percent of Pretax Earnings | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Reductions in tax rate resulting from interest income exempt from federal income tax | (10.6 | ) | (10.5 | ) | (9.7 | ) | |||||||
Effect of state income tax | 0.1 | — | 0.1 | ||||||||||
ESOP tax credit | (0.2 | ) | (0.2 | ) | (0.3 | ) | |||||||
Other | 0.2 | 0.3 | 0.2 | ||||||||||
Effective income tax rate | 24.5 | % | 24.6 | % | 25.3 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities | The approximate effects of each type of difference that gave rise to the Company’s deferred tax assets and liabilities at December 31, 2014 and 2013 are as follows (dollars in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Tax basis of loans in excess of financial statement basis | $ | 13,876 | $ | 12,904 | |||||||||
Minimum liability in defined benefit plan | 1,440 | 2,328 | |||||||||||
Recognized for financial reporting purposes but not for tax purposes: | |||||||||||||
Deferred compensation | 2,423 | 2,213 | |||||||||||
Write-downs and adjustments to other real estate owned and repossessed assets | 78 | 174 | |||||||||||
Other deferred tax assets | 350 | 322 | |||||||||||
Total deferred tax assets | 18,167 | 17,941 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Financial statement basis of fixed assets in excess of tax basis | 5,311 | 5,567 | |||||||||||
Intangible asset amortization deductible for tax purposes, but not for financial reporting purposes | 11,704 | 10,277 | |||||||||||
Recognized for financial reporting purposes but not for tax purposes: | |||||||||||||
Accretion on investment securities | 1,679 | 1,678 | |||||||||||
Pension plan contributions | 1,414 | 2,309 | |||||||||||
Net unrealized gain on investment securities available-for-sale | 27,010 | 7,909 | |||||||||||
Other deferred tax liabilities | 310 | 366 | |||||||||||
Total deferred tax liabilities | 47,428 | 28,106 | |||||||||||
Net deferred tax asset (liability) | $ | (29,261 | ) | $ | (10,165 | ) | |||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
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 December 31, 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||||
Available-for-sale investment securities: | |||||||||||||||||||
U.S. Treasury securities | $ | 520 | $ | — | $ | — | $ | 520 | |||||||||||
Obligations of U. S. government sponsored enterprises and agencies | — | 129,755 | — | 129,755 | |||||||||||||||
Obligations of state and political subdivisions | 59,455 | 1,108,173 | — | 1,167,628 | |||||||||||||||
Corporate bonds | — | 94,065 | — | 94,065 | |||||||||||||||
Residential mortgage-backed securities | — | 885,211 | — | 885,211 | |||||||||||||||
Commercial mortgage-backed securities | — | 133,984 | — | 133,984 | |||||||||||||||
Other securities | 4,693 | — | — | 4,693 | |||||||||||||||
Total | $ | 64,668 | $ | 2,351,188 | $ | — | $ | 2,415,856 | |||||||||||
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): | ||||||||||||||||||
Year Ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Carrying value of other real estate owned prior to remeasurement | $ | 881 | $ | 2,405 | |||||||||||||||
Write-downs included in gain (loss) on sale of other real estate owned | (135 | ) | (445 | ) | |||||||||||||||
Fair value | $ | 746 | $ | 1,960 | |||||||||||||||
Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments | The estimated fair values and carrying values of all financial instruments under current authoritative guidance at December 31, 2014 and 2013, were as follows (dollars in thousands): | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | Fair Value | |||||||||||||||
Value | Fair Value | Value | Fair Value | Hierarchy | |||||||||||||||
Cash and due from banks | $ | 190,387 | $ | 190,387 | $ | 183,084 | $ | 183,084 | Level 1 | ||||||||||
Federal funds sold | 8,760 | 8,760 | 3,430 | 3,430 | Level 1 | ||||||||||||||
Interest-bearing deposits in banks | 54,324 | 54,324 | 25,498 | 25,498 | Level 1 | ||||||||||||||
Interest-bearing time deposits in banks | 17,002 | 17,032 | 31,917 | 32,059 | Level 2 | ||||||||||||||
Available-for-sale securities | 2,415,856 | 2,415,856 | 2,057,723 | 2,057,723 | Levels 1 and 2 | ||||||||||||||
Held-to-maturity securities | 441 | 447 | 684 | 694 | Level 2 | ||||||||||||||
Loans | 2,901,167 | 2,906,399 | 2,655,548 | 2,667,743 | Level 3 | ||||||||||||||
Accrued interest receivable | 28,998 | 28,998 | 26,865 | 26,865 | Level 2 | ||||||||||||||
Deposits with stated maturities | 648,992 | 650,893 | 686,626 | 688,876 | Level 2 | ||||||||||||||
Deposits with no stated maturities | 4,101,263 | 4,101,263 | 3,448,449 | 3,448,449 | Level 1 | ||||||||||||||
Short term borrowings | 367,110 | 367,110 | 463,888 | 463,888 | Level 2 | ||||||||||||||
Accrued interest payable | 237 | 237 | 299 | 299 | Level 2 |
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance-Sheet Risk (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Text Block [Abstract] | |||||
Schedule of Financial Instruments with Off-Balance-Sheet Risk | We generally use the same credit policies in making commitments and conditional obligations as we do for on-balance-sheet instruments. | ||||
Total Notional | |||||
Amounts | |||||
Committed | |||||
December 31, | |||||
2014 | |||||
(in thousands) | |||||
Financial instruments whose contract amounts represent credit risk: | |||||
Unfunded lines of credit | $ | 444,687 | |||
Unfunded commitments to extend credit | 128,293 | ||||
Standby letters of credit | 31,301 | ||||
Total commercial commitments | $ | 604,281 | |||
Pension_and_Profit_Sharing_Pla1
Pension and Profit Sharing Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Benefit Obligation Activity and Fair Value of Plan Assets and Statement of Funded Status | Using an actuarial measurement date of December 31, 2014 and 2013, benefit obligation activity and fair value of plan assets for the years ended December 31, 2014 and 2013, and a statement of the funded status as of December 31, 2014 and 2013, are as follows (dollars in thousands): | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Reconciliation of benefit obligations: | |||||||||||||||||
Benefit obligation at January 1 | $ | 25,499 | $ | 27,838 | |||||||||||||
Interest cost on projected benefit obligation | 1,131 | 1,020 | |||||||||||||||
Actuarial loss (gain) | 1,075 | (2,097 | ) | ||||||||||||||
Benefits paid, including partial settlement of certain participant balances | (12,124 | ) | (1,262 | ) | |||||||||||||
Benefit obligation at December 31 | $ | 15,581 | $ | 25,499 | |||||||||||||
Reconciliation of fair value of plan assets: | |||||||||||||||||
Fair value of plan assets at January 1 | $ | 25,467 | $ | 21,110 | |||||||||||||
Actual return on plan assets | 1,865 | 4,619 | |||||||||||||||
Employer contributions | 250 | 1,000 | |||||||||||||||
Benefits paid, including partial settlement of certain participant balances | (12,124 | ) | (1,262 | ) | |||||||||||||
Fair value of plan assets at December 31 | 15,458 | 25,467 | |||||||||||||||
Funded status | $ | (123 | ) | $ | (32 | ) | |||||||||||
Component of Accumulated Other Comprehensive Earnings | Amounts recognized as a component of accumulated other comprehensive earnings as of year-end that have not been recognized as a component of the net period benefit cost of the Company’s defined benefit pension plan are as follows (in thousands): | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net actuarial loss | $ | (4,435 | ) | $ | (6,975 | ) | |||||||||||
Deferred tax benefit | 1,762 | 2,651 | |||||||||||||||
Amounts included in accumulated other comprehensive earnings, net of tax | $ | (2,673 | ) | $ | (4,324 | ) | |||||||||||
Net Periodic Pension Cost | Net periodic pension benefit cost for the years ended December 31, 2014, 2013, and 2012, are as follows (dollars in thousands): | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Service cost - benefits earned during the period | $ | — | $ | — | $ | — | |||||||||||
Interest cost on projected benefit obligation | 1,131 | 1,020 | 1,113 | ||||||||||||||
Expected return on plan assets | (1,497 | ) | (1,293 | ) | (1,140 | ) | |||||||||||
Amortization of unrecognized net loss | 337 | 786 | 659 | ||||||||||||||
Recognized loss on partial settlement of certain participant balances | 2,909 | — | — | ||||||||||||||
Net periodic pension benefit expense | $ | 2,880 | $ | 513 | $ | 632 | |||||||||||
Benefit Obligations and Net Periodic Pension Cost and Rate of Return on Plan Assets | The following table sets forth the rates used in the actuarial calculations of the present value of benefit obligations and net periodic pension cost and the rate of return on plan assets: | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Weighted average discount rate | 4.1 | % | 4.75 | % | 3.75 | % | |||||||||||
Expected long-term rate of return on assets | 6.25 | % | 6.25 | % | 6.25 | % | |||||||||||
Pension Plan and Targeted Allocation Percentage | The major type of plan assets in the pension plan and the targeted allocation percentage as of December 31, 2014 and 2013 is as follows: | ||||||||||||||||
December 31, 2014 | December 31, 2013 | Targeted | |||||||||||||||
Allocation | Allocation | Allocation | |||||||||||||||
Equity securities | 75 | % | 75 | % | 75 | % | |||||||||||
Debt securities | 24 | % | 24 | % | 25 | % | |||||||||||
Cash and equivalents | 1 | % | 1 | % | — | ||||||||||||
Breakdown by Level | The breakdown by level is as follows (dollars in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair | ||||||||||||||
Inputs | Inputs | Inputs | Value | ||||||||||||||
Money market fund | $ | 281 | $ | — | $ | — | $ | 281 | |||||||||
Obligations of state and political subdivisions | — | 687 | — | 687 | |||||||||||||
Corporate bonds | — | 791 | — | 791 | |||||||||||||
Mortgage-backed securities | — | 1,178 | — | 1,178 | |||||||||||||
Corporate stocks and mutual funds | 12,521 | — | — | 12,521 | |||||||||||||
Total | $ | 12,802 | $ | 2,656 | $ | — | $ | 15,458 | |||||||||
Estimate of Undiscounted Projected Future Payments | An estimate of the undiscounted projected future payments to eligible participants for the next five years and the following five years in the aggregate is as follows (in thousands): | ||||||||||||||||
Year Ending December 31, | |||||||||||||||||
2015 | 784 | ||||||||||||||||
2016 | 805 | ||||||||||||||||
2017 | 855 | ||||||||||||||||
2018 | 874 | ||||||||||||||||
2019 | 899 | ||||||||||||||||
2020 forward | 4,754 |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Schedule of Actual Capital Amounts and Ratios | The Company’s and its bank subsidiary’s actual capital amounts and ratios are presented in the table below (in thousands): | ||||||||||||||||||||||||
To Be Well | |||||||||||||||||||||||||
Capitalized Under | |||||||||||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||||||||||
Actual | Adequacy Purposes: | Action Provisions: | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
Consolidated | $ | 587,094 | 17 | % | ³$ | 273,764 | ³ | 8 | % | N/A | |||||||||||||||
First Financial Bank, N.A. | $ | 492,668 | 14 | % | ³$ | 272,318 | ³ | 8 | % | ³$ | 340,397 | ³ | 10 | % | |||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
Consolidated | $ | 549,124 | 16 | % | ³$ | 136,882 | ³ | 4 | % | N/A | |||||||||||||||
First Financial Bank, N.A. | $ | 454,698 | 13 | % | ³$ | 136,159 | ³ | 4 | % | ³$ | 204,238 | ³ | 6 | % | |||||||||||
Tier 1 Capital (to Average Assets): | |||||||||||||||||||||||||
Consolidated | $ | 549,124 | 10 | % | ³$ | 166,489 | ³ | 3 | % | N/A | |||||||||||||||
First Financial Bank, N.A. | $ | 454,698 | 8 | % | ³$ | 165,598 | ³ | 3 | % | ³$ | 275,996 | ³ | 5 | % | |||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
Consolidated | $ | 525,460 | 17 | % | ³$ | 247,985 | ³ | 8 | % | N/A | |||||||||||||||
First Financial Bank, N.A. | $ | 433,538 | 14 | % | ³$ | 246,788 | ³ | 8 | % | ³$ | 308,484 | ³ | 10 | % | |||||||||||
Tier 1 Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
Consolidated | $ | 490,460 | 16 | % | ³$ | 123,993 | ³ | 4 | % | N/A | |||||||||||||||
First Financial Bank, N.A. | $ | 398,538 | 13 | % | ³$ | 123,394 | ³ | 4 | % | ³$ | 185,091 | ³ | 6 | % | |||||||||||
Tier 1 Capital (to Average Assets): | |||||||||||||||||||||||||
Consolidated | $ | 490,460 | 10 | % | ³$ | 149,488 | ³ | 3 | % | N/A | |||||||||||||||
First Financial Bank, N.A. | $ | 398,538 | 8 | % | ³$ | 148,690 | ³ | 3 | % | ³$ | 247,816 | ³ | 5 | % |
Stock_Option_Plan_Tables
Stock Option Plan (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Analysis of Stock Option Activity | An analysis of stock option activity for the year ended December 31, 2014 is presented in the table and narrative below: | ||||||||||||||||
Weighted- | |||||||||||||||||
Average | |||||||||||||||||
Shares | Weighted- | Remaining | Aggregate Intrinsic | ||||||||||||||
Average Ex. Price | Contractual | Value ($000) | |||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding, beginning of year (split adjusted) | 1,064,064 | $ | 20.99 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (104,927 | ) | 13.69 | ||||||||||||||
Cancelled | (31,460 | ) | 24.78 | ||||||||||||||
Outstanding, end of year | 927,677 | 21.69 | 6.43 | $ | 20,118 | ||||||||||||
Exercisable at end of year | 358,597 | $ | 15.31 | 4.07 | $ | 5,489 | |||||||||||
Schedule of Information Concerning Outstanding and Vested Stock Options | The following table summarizes information concerning outstanding and vested stock options as of December 31, 2014: | ||||||||||||||||
Exercise Price | Number | Remaining | Number Vested | ||||||||||||||
Outstanding | Contracted | ||||||||||||||||
Life (Years) | |||||||||||||||||
$ | 11.03 | 22,816 | 0.1 | 22,816 | |||||||||||||
13.66 | 106,110 | 2.1 | 106,110 | ||||||||||||||
16.78 | 182,411 | 4.4 | 138,431 | ||||||||||||||
15.73 | 241,940 | 6.8 | 89,240 | ||||||||||||||
30.85 | 374,400 | 8.8 | 2,000 | ||||||||||||||
927,677 | 358,597 | ||||||||||||||||
Condensed_Financial_Informatio1
Condensed Financial Information - Parent Company (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Balance Sheets | Condensed Balance Sheets-December 31, 2014 and 2013 | ||||||||||||
2014 | 2013 | ||||||||||||
ASSETS | |||||||||||||
Cash in subsidiary bank | $ | 9,441 | $ | 11,960 | |||||||||
Cash in unaffiliated banks | 2 | 2 | |||||||||||
Interest-bearing deposits in subsidiary bank | 60,642 | 64,108 | |||||||||||
Total cash and cash equivalents | 70,085 | 76,070 | |||||||||||
Interest-bearing time deposits in unaffiliated banks | — | 480 | |||||||||||
Securities available-for-sale, at fair value | 12,243 | 11,701 | |||||||||||
Investment in and advances to subsidiaries, at equity | 606,415 | 507,074 | |||||||||||
Intangible assets | 723 | 723 | |||||||||||
Other assets | 2,787 | 2,054 | |||||||||||
Total assets | $ | 692,253 | $ | 598,102 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Total liabilities | $ | 10,716 | $ | 10,455 | |||||||||
Shareholders’ equity: | |||||||||||||
Common stock | 641 | 320 | |||||||||||
Capital surplus | 305,429 | 302,991 | |||||||||||
Retained earnings | 327,978 | 273,972 | |||||||||||
Treasury shares | (5,878 | ) | (5,490 | ) | |||||||||
Deferred compensation | 5,878 | 5,490 | |||||||||||
Accumulated other comprehensive earnings | 47,489 | 10,364 | |||||||||||
Total shareholders’ equity | 681,537 | 587,647 | |||||||||||
Total liabilities and shareholders’ equity | $ | 692,253 | $ | 598,102 | |||||||||
Condensed Statements of Earnings | Condensed Statements of Earnings- | ||||||||||||
For the Years Ended December 31, 2014, 2013 and 2012 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income: | |||||||||||||
Cash dividends from subsidiaries | $ | 34,000 | $ | 64,200 | $ | 58,400 | |||||||
Excess of earnings over dividends of subsidiaries | 58,539 | 17,192 | 17,547 | ||||||||||
Other | 3,717 | 3,118 | 2,682 | ||||||||||
96,256 | 84,510 | 78,629 | |||||||||||
Expenses: | |||||||||||||
Salaries and employee benefits | 5,595 | 4,540 | 3,668 | ||||||||||
Other operating expenses | 3,309 | 3,017 | 2,338 | ||||||||||
8,904 | 7,557 | 6,006 | |||||||||||
Earnings before income taxes | 87,352 | 76,953 | 72,623 | ||||||||||
Income tax benefit | 2,207 | 1,915 | 1,602 | ||||||||||
Net earnings | $ | 89,559 | $ | 78,868 | $ | 74,225 | |||||||
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows- | ||||||||||||
For the Years Ended December 31, 2014, 2013, and 2012 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net earnings | $ | 89,559 | $ | 78,868 | $ | 74,225 | |||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||||
Excess of earnings over dividends of subsidiary bank | (58,539 | ) | (17,192 | ) | (17,547 | ) | |||||||
Depreciation and amortization, net | 200 | 135 | 142 | ||||||||||
Decrease (increase) in other assets | (150 | ) | (3 | ) | 34 | ||||||||
Increase (decrease) in other liabilities | (314 | ) | 890 | (918 | ) | ||||||||
Net cash provided by operating activities | 30,756 | 62,698 | 55,936 | ||||||||||
Cash flows from investing activities: | |||||||||||||
Acquisition of bank | — | (39,200 | ) | — | |||||||||
Net decrease (increase) in interest-bearing time deposits in unaffiliated banks | 480 | 2,598 | (960 | ) | |||||||||
Maturities of available-for-sale securities | — | — | 5,430 | ||||||||||
Purchases of bank premises and equipment | (780 | ) | (224 | ) | (86 | ) | |||||||
Repayment from (of advances to) investment in and advances to subsidiaries, net | (3,300 | ) | 700 | (400 | ) | ||||||||
Net cash used in (provided by) investing activities | (3,600 | ) | (36,126 | ) | 3,984 | ||||||||
Cash flows from financing activities: | |||||||||||||
Proceeds of stock issuances | 1,437 | 1,958 | 824 | ||||||||||
Cash dividends paid | (34,578 | ) | (24,505 | ) | (38,719 | ) | |||||||
Net cash used in financing activities | (33,141 | ) | (22,547 | ) | (37,895 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | (5,985 | ) | 4,025 | 22,025 | |||||||||
Cash and cash equivalents, beginning of year | 76,070 | 72,045 | 50,020 | ||||||||||
Cash and cash equivalents, end of year | $ | 70,085 | $ | 76,070 | $ | 72,045 | |||||||
Cash_Flow_Information_Tables
Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Supplemental Information on Cash Flows and Noncash Transactions | Supplemental information on cash flows and noncash transactions is as follows (dollars in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Supplemental cash flow information: | |||||||||||||
Interest paid | $ | 4,231 | $ | 4,077 | $ | 5,419 | |||||||
Federal income taxes paid | 28,711 | 21,790 | 20,779 | ||||||||||
Schedule of noncash investing and financing activities: | |||||||||||||
Assets acquired through foreclosure | 1,385 | 1,615 | 2,459 | ||||||||||
Investment securities purchased but not settled | 1,248 | 7,248 | 8,589 |
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Schedule of Amounts Recorded on the Consolidated Balance Sheet on the Acquisition date | The assets acquired and liabilities assumed were recorded on the consolidated balance sheet at estimated fair value on the acquisition date. 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 (dollars in thousands): | ||||
Fair value of consideration paid: | |||||
Cash | $ | 39,200 | |||
Common stock issued (840,000 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 consideration paid: | |||||
Cash | $ | 39,200 | |||
Common stock issued (840,000 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 | |||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||||
Apr. 22, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 28, 2014 | 31-May-13 | Apr. 24, 2012 | |
Location | |||||||
Bank | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Number of bank | 1 | ||||||
Number of location | 62 | ||||||
Stock repurchase program, number of shares authorized to be repurchased | 1,500,000 | ||||||
Stock repurchase program expiration date | 30-Sep-17 | ||||||
Minimum number of shares that company is required to repurchase | 0 | ||||||
Stock repurchased under authorization | 0 | 0 | 0 | ||||
Stock split conversion ratio | Two-for-one | ||||||
Percentage of stock dividend declared | 100.00% | ||||||
Percentage of common stock acquired | 100.00% | ||||||
Consolidation of bank charters description | Eleven bank charters into one charter | ||||||
Common stock, shares authorized | 80,000,000 | 80,000,000 | 80,000,000 | ||||
Loans past due | 90 days | ||||||
Carrying amount of purchased credit impaired loans | $20,194,000 | $27,926,000 | |||||
Contractual balance | 3,275,000 | 3,970,000 | |||||
Impairment recorded | 0 | 0 | 0 | ||||
Other identifiable intangible assets, amortized period (years) | 7 years | ||||||
Goodwill and intangible assets with indefinite lives | 94,882,000 | 94,882,000 | |||||
Carrying amount of goodwill arising from acquisitions, is deductible for federal income tax purposes | 72,626,000 | 72,626,000 | |||||
Other intangible assets mortgage servicing rights | 1,834,000 | 1,684,000 | |||||
Securities sold under agreements to repurchase maturity range (in days) | One to four | ||||||
Interest-bearing time deposits, maturity period (in days) | 90 days or less | ||||||
Unrealized gains in available-for-sale securities, included in accumulated other comprehensive income | 50,162,000 | 14,688,000 | |||||
Minimum pension liability, included in accumulated other comprehensive income | 2,673,000 | 4,324,000 | |||||
Recorded stock option expense | 709,000 | 411,000 | 334,000 | ||||
Purchased Credit Impaired Loans [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Carrying amount of purchased credit impaired loans | $2,151,000 | $2,707,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Computation of Basic EPS to Dilutive EPS (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Regulatory Assets [Abstract] | |||
Net earnings | $89,559 | $78,868 | $74,225 |
Effect of stock options, Net Earnings | 0 | 0 | 0 |
Net earnings per share, assuming dilution, Net Earnings | $89,559 | $78,868 | $74,225 |
Net earnings per share, basic, Weighted Average Shares | 64,047,803 | 63,575,948 | 62,960,310 |
Effect of stock options, Weighted Average Shares | 260,732 | 280,816 | 42,224 |
Net earnings per share, assuming dilution, Weighted Average Shares | 64,308,535 | 63,856,764 | 63,002,534 |
Net earnings per share, basic, Per Share Amount | $1.40 | $1.24 | $1.18 |
Effect of stock options, Per Share Amount | ($0.01) | ||
Net earnings per share, assuming dilution, Per Share Amount | $1.39 | $1.24 | $1.18 |
Interestbearing_Time_Deposits_2
Interest-bearing Time Deposits in Banks and Securities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Investment | |||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | |||
INTEREST-BEARING TIME DEPOSITS IN BANKS | $17,002,000 | $31,917,000 | |
Time deposits with balances greater than $100,000 | 15,467,000 | 29,002,000 | |
Time deposits balances | 100,000 | 100,000 | |
Held-to-maturity securities | 441,000 | 684,000 | |
Number of investment positions | 86 | ||
Securities pledged as collateral | 1,600,682,000 | 1,147,955,000 | |
Sales of investment securities available-for-sale | 1,619,000 | 122,025,000 | 144,144,000 |
Gross realized gains from security sales | 2,000 | 1,376,000 | 2,816,000 |
Gross realized losses from security sales | $6,000 | $1,229,000 | $44,000 |
Minimum [Member] | |||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | |||
Interest-bearing time deposits, maturity period, years | 1 year | ||
Maximum [Member] | |||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | |||
Interest-bearing time deposits, maturity period, years | 2 years |
Interestbearing_Time_Deposits_3
Interest-bearing Time Deposits in Banks and Securities - Summary of Available-for-Sale Securities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
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 | $2,338,683 | $2,035,126 |
Securities available-for-sale, Gross Unrealized Holding Gains | 81,202 | 45,455 |
Securities available-for-sale, Gross Unrealized Holding Losses | -4,029 | -22,858 |
Securities available-for-sale, Estimated Fair Value | 2,415,856 | 2,057,723 |
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 | 518 | |
Securities available-for-sale, Gross Unrealized Holding Gains | 2 | |
Securities available-for-sale, Estimated Fair Value | 520 | |
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 | 128,919 | 136,416 |
Securities available-for-sale, Gross Unrealized Holding Gains | 864 | 1,672 |
Securities available-for-sale, Gross Unrealized Holding Losses | -28 | |
Securities available-for-sale, Estimated Fair Value | 129,755 | 138,088 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost Basis | 1,107,795 | 974,608 |
Securities available-for-sale, Gross Unrealized Holding Gains | 60,083 | 27,980 |
Securities available-for-sale, Gross Unrealized Holding Losses | -250 | -11,319 |
Securities available-for-sale, Estimated Fair Value | 1,167,628 | 991,269 |
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 | 95,864 | 105,490 |
Securities available-for-sale, Gross Unrealized Holding Gains | 2,894 | 3,550 |
Securities available-for-sale, Estimated Fair Value | 98,758 | 109,040 |
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 | 871,265 | 706,289 |
Securities available-for-sale, Gross Unrealized Holding Gains | 16,804 | 12,253 |
Securities available-for-sale, Gross Unrealized Holding Losses | -2,858 | -7,922 |
Securities available-for-sale, Estimated Fair Value | 885,211 | 710,620 |
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 | 134,322 | 112,323 |
Securities available-for-sale, Gross Unrealized Holding Gains | 555 | |
Securities available-for-sale, Gross Unrealized Holding Losses | -893 | -3,617 |
Securities available-for-sale, Estimated Fair Value | $133,984 | $108,706 |
Interestbearing_Time_Deposits_4
Interest-bearing Time Deposits in Banks and Securities - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-Sale, Amortized Cost Basis, Due within one year | $81,336 | |
Available-for-Sale, Amortized Cost Basis, Due after one year through five years | 694,864 | |
Available-for-Sale, Amortized Cost Basis, Due after five years through ten years | 550,362 | |
Available-for-Sale, Amortized Cost Basis, Due after ten years | 6,534 | |
Available-for-Sale, Amortized Cost Basis, Mortgage-backed securities | 1,005,587 | |
Available-for-Sale, Amortized Cost Basis, Total | 2,338,683 | |
Available-for-Sale, Estimated Fair Value, Due within one year | 82,078 | |
Available-for-Sale, Estimated Fair Value, Due after one year through five years | 726,392 | |
Available-for-Sale, Estimated Fair Value, Due after five years through ten years | 580,250 | |
Available-for-Sale, Estimated Fair Value, Due after ten years | 7,941 | |
Available-for-Sale, Estimated Fair Value, Mortgage-backed securities | 1,019,195 | |
Securities available-for-sale, Estimated Fair Value | $2,415,856 | $2,057,723 |
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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
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 | $165,357 | $653,523 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 509 | 22,213 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 204,682 | 9,777 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 3,520 | 645 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Fair Value | 370,039 | 663,300 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Unrealized Loss | 4,029 | 22,858 |
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 | 25,480 | |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 28 | |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Fair Value | 25,480 | |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Unrealized Loss | 28 | |
Obligations of State 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 | 15,128 | 316,394 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 60 | 10,973 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 21,249 | 4,153 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 190 | 346 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Fair Value | 36,377 | 320,547 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Unrealized Loss | 250 | 11,319 |
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 | 76,350 | 228,423 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 148 | 7,623 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 128,368 | 5,624 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 2,710 | 299 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Fair Value | 204,718 | 234,047 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Unrealized Loss | 2,858 | 7,922 |
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 | 48,399 | 108,706 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 273 | 3,617 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 55,065 | |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 620 | |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Fair Value | 103,464 | 108,706 |
Available-for-sale and held-to-maturity securities, continuous unrealized loss position, Unrealized Loss | $893 | $3,617 |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses - Loans Held-for-Investment by Class of Financing Receivables (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Commercial | $639,954 | $596,730 |
Agricultural | 105,694 | 75,928 |
Real estate | 1,822,854 | 1,678,514 |
Consumer | 360,686 | 333,113 |
Total | $2,929,188 | $2,684,285 |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Receivables [Abstract] | |||
Loans held for sale | $8,803,000 | $5,163,000 | |
Average recorded investment in impaired loans | 24,497,000 | 31,293,000 | 24,025,000 |
Nonaccrual, past due 90 days still accruing, restructured loans and foreclosed assets | 21,716,000 | 31,128,000 | |
Non-accrual loans | 20,194,000 | 27,926,000 | |
Additional funds advanced in connection with impaired loans | 0 | ||
Interest income recognized on impaired loans | 0 | ||
Interest income recognized on impaired loans | 162,000 | 685,000 | 384,000 |
Allowance for purchased credit impaired loans | 0 | 0 | |
Carrying amount of purchased credit impaired loans | 2,151,000 | 2,707,000 | |
Default for purposes of this disclosure is a troubled debt restructured loan | 90 days | ||
Commitments to lend additional funds to borrowers with loan that have been modified as TDRs | 0 | ||
Loans held by subsidiaries subject to blanket liens | 1,667,472,000 | ||
Letters of credit outstanding, amount | 5,000,000 | ||
Short-term borrowings outstanding | $1,010,000 |
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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Receivables [Abstract] | ||
Non-accrual loans | $20,194 | $27,926 |
Loans still accruing and past due 90 days or more | 261 | 133 |
Troubled debt restructured loans | 226 | |
Total | $20,681 | $28,059 |
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 $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Receivables [Abstract] | ||
Carrying amount of purchased credit impaired loans | $2,151,000 | $2,707,000 |
Troubled debt restructured loans | $9,073,000 | $13,298,000 |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses - Recorded Investment in Impaired Loans and Related Valuation Allowance (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Recorded Investment | $20,194 | $27,926 |
Valuation Allowance | $4,213 | $5,338 |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses - Schedule of Non-Accrual Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | $20,194 | $27,926 |
Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | 165 | 131 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | 16,218 | 22,548 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | 3,193 | 4,281 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | $618 | $966 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses - Schedule of Impaired Loans and Related Allowance (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Unpaid Contractual Principal Balance | $26,941,000 | $37,724,000 | |
Recorded Investment With No Allowance | 5,566,000 | 7,290,000 | |
Recorded Investment With Allowance | 14,628,000 | 20,636,000 | |
Total Recorded Investment | 20,194,000 | 27,926,000 | |
Related Allowance | 4,213,000 | 5,338,000 | |
Average Recorded Investment | 24,497,000 | 31,293,000 | 24,025,000 |
Agriculture [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Unpaid Contractual Principal Balance | 177,000 | 139,000 | |
Recorded Investment With No Allowance | 17,000 | ||
Recorded Investment With Allowance | 165,000 | 114,000 | |
Total Recorded Investment | 165,000 | 131,000 | |
Related Allowance | 57,000 | 41,000 | |
Average Recorded Investment | 179,000 | 144,000 | |
Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Unpaid Contractual Principal Balance | 22,177,000 | 31,704,000 | |
Recorded Investment With No Allowance | 4,859,000 | 5,794,000 | |
Recorded Investment With Allowance | 11,359,000 | 16,754,000 | |
Total Recorded Investment | 16,218,000 | 22,548,000 | |
Related Allowance | 2,867,000 | 4,006,000 | |
Average Recorded Investment | 19,837,000 | 25,060,000 | |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Unpaid Contractual Principal Balance | 3,749,000 | 4,764,000 | |
Recorded Investment With No Allowance | 287,000 | 934,000 | |
Recorded Investment With Allowance | 2,906,000 | 3,347,000 | |
Total Recorded Investment | 3,193,000 | 4,281,000 | |
Related Allowance | 1,171,000 | 1,079,000 | |
Average Recorded Investment | 3,698,000 | 5,017,000 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Unpaid Contractual Principal Balance | 838,000 | 1,117,000 | |
Recorded Investment With No Allowance | 420,000 | 545,000 | |
Recorded Investment With Allowance | 198,000 | 421,000 | |
Total Recorded Investment | 618,000 | 966,000 | |
Related Allowance | 118,000 | 212,000 | |
Average Recorded Investment | $783,000 | $1,072,000 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses - Schedule of Impaired Loans and Related Allowance (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Receivables [Abstract] | ||
Carrying amount of purchased credit impaired loans | $2,151,000 | $2,707,000 |
Recovered_Sheet1
Loans and Allowance for Loan Losses - Schedule of Internal Ratings of Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | $2,929,188 | $2,684,285 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 639,954 | 596,730 |
Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 105,694 | 75,928 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 1,822,854 | 1,678,514 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 360,686 | 333,113 |
Pass [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 2,856,206 | 2,600,041 |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 626,266 | 584,547 |
Pass [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 105,101 | 75,382 |
Pass [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 1,765,886 | 1,609,242 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 358,953 | 330,870 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 19,453 | 24,689 |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 3,853 | 3,032 |
Special Mention [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 91 | 245 |
Special Mention [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 15,106 | 20,773 |
Special Mention [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 403 | 639 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 53,388 | 59,396 |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 9,835 | 9,151 |
Substandard [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 502 | 298 |
Substandard [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 41,722 | 48,352 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 1,329 | 1,595 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 141 | 159 |
Doubtful [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 3 | |
Doubtful [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | 140 | 147 |
Doubtful [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Internal ratings of loan | $1 | $9 |
Recovered_Sheet2
Loans and Allowance for Loan Losses - Schedule of Past Due Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
15-59 Days Past Due | $19,372 | $22,153 |
60-89 Days Past Due | 1,339 | 3,358 |
Greater Than 90 Days | 2,177 | 2,573 |
Total Past Due | 22,888 | 28,084 |
Total Current | 2,906,300 | 2,656,201 |
Total | 2,929,188 | 2,684,285 |
Total 90 Days Past Due Still Accruing | 261 | 133 |
Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
15-59 Days Past Due | 437 | 355 |
60-89 Days Past Due | 42 | |
Total Past Due | 479 | 355 |
Total Current | 105,215 | 75,573 |
Total | 105,694 | 75,928 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
15-59 Days Past Due | 12,002 | 13,787 |
60-89 Days Past Due | 707 | 2,489 |
Greater Than 90 Days | 1,868 | 1,876 |
Total Past Due | 14,577 | 18,152 |
Total Current | 1,808,277 | 1,660,362 |
Total | 1,822,854 | 1,678,514 |
Total 90 Days Past Due Still Accruing | 207 | 55 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
15-59 Days Past Due | 4,611 | 5,303 |
60-89 Days Past Due | 94 | 287 |
Greater Than 90 Days | 175 | 420 |
Total Past Due | 4,880 | 6,010 |
Total Current | 635,074 | 590,720 |
Total | 639,954 | 596,730 |
Total 90 Days Past Due Still Accruing | 24 | |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
15-59 Days Past Due | 2,322 | 2,708 |
60-89 Days Past Due | 496 | 582 |
Greater Than 90 Days | 134 | 277 |
Total Past Due | 2,952 | 3,567 |
Total Current | 357,734 | 329,546 |
Total | 360,686 | 333,113 |
Total 90 Days Past Due Still Accruing | $30 | $78 |
Recovered_Sheet3
Loans and Allowance for Loan Losses - Allowance for Loan Losses by Estimating Losses in Various Categories of Loan Portfolio (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Receivables [Abstract] | |||
Loans specifically evaluated as impaired | $4,213 | $5,338 | |
Remaining portfolio | 32,611 | 28,562 | |
Total allowance for loan losses | $36,824 | $33,900 | $34,839 |
Recovered_Sheet4
Loans and Allowance for Loan Losses - Schedule of Allowance for Loan Losses by Portfolio Segment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | $9,976 | $10,473 | |
Loans collectively evaluated for impairment | 26,848 | 23,427 | |
Total allowance for loan losses | 36,824 | 33,900 | 34,839 |
Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 6,591 | 7,215 | |
Loans collectively evaluated for impairment | 20,066 | 17,725 | |
Total allowance for loan losses | 26,657 | 24,940 | 24,063 |
Agriculture [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 199 | 125 | |
Loans collectively evaluated for impairment | 328 | 258 | |
Total allowance for loan losses | 527 | 383 | 1,541 |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 2,877 | 2,755 | |
Loans collectively evaluated for impairment | 5,113 | 3,685 | |
Total allowance for loan losses | 7,990 | 6,440 | 7,343 |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 309 | 378 | |
Loans collectively evaluated for impairment | 1,341 | 1,759 | |
Total allowance for loan losses | $1,650 | $2,137 | $1,892 |
Recovered_Sheet5
Loans and Allowance for Loan Losses - Changes in Allowance for Loan Losses (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | $33,900 | $34,839 |
Provision (credit) for loan losses | 4,465 | 3,753 |
Recoveries | 1,341 | 1,017 |
Charge-offs | -2,882 | -4,621 |
Transfer of off balance sheet exposure to other liabilities | -1,088 | |
Ending balance | 36,824 | 33,900 |
Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 24,940 | 24,063 |
Provision (credit) for loan losses | 2,287 | 3,288 |
Recoveries | 505 | 239 |
Charge-offs | -1,075 | -1,970 |
Transfer of off balance sheet exposure to other liabilities | -680 | |
Ending balance | 26,657 | 24,940 |
Agriculture [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 383 | 1,541 |
Provision (credit) for loan losses | 128 | -1,066 |
Recoveries | 18 | 39 |
Charge-offs | -2 | -100 |
Transfer of off balance sheet exposure to other liabilities | -31 | |
Ending balance | 527 | 383 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 6,440 | 7,343 |
Provision (credit) for loan losses | 1,787 | 220 |
Recoveries | 346 | 402 |
Charge-offs | -583 | -1,283 |
Transfer of off balance sheet exposure to other liabilities | -242 | |
Ending balance | 7,990 | 6,440 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 2,137 | 1,892 |
Provision (credit) for loan losses | 263 | 1,311 |
Recoveries | 472 | 337 |
Charge-offs | -1,222 | -1,268 |
Transfer of off balance sheet exposure to other liabilities | -135 | |
Ending balance | $1,650 | $2,137 |
Recovered_Sheet6
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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ||
Loans individually evaluated for impairment | $72,982 | $84,244 |
Loan collectively evaluated for impairment | 2,856,206 | 2,600,041 |
Total | 2,929,188 | 2,684,285 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans individually evaluated for impairment | 13,688 | 12,183 |
Loan collectively evaluated for impairment | 626,266 | 584,547 |
Total | 639,954 | 596,730 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans individually evaluated for impairment | 1,733 | 2,243 |
Loan collectively evaluated for impairment | 358,953 | 330,870 |
Total | 360,686 | 333,113 |
Agriculture [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans individually evaluated for impairment | 593 | 546 |
Loan collectively evaluated for impairment | 105,101 | 75,382 |
Total | 105,694 | 75,928 |
Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans individually evaluated for impairment | 56,968 | 69,272 |
Loan collectively evaluated for impairment | 1,765,886 | 1,609,242 |
Total | $1,822,854 | $1,678,514 |
Recovered_Sheet7
Loans and Allowance for Loan Losses - Schedule of Loans Modified and Considered Troubled Debt Restructuring (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
SecurityLoan | SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||
Number | 16 | 22 |
Pre-Modification Recorded Investment | $1,348 | $4,373 |
Post-Modification Recorded Investment | 1,348 | 4,373 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | 7 | 4 |
Pre-Modification Recorded Investment | 668 | 253 |
Post-Modification Recorded Investment | 668 | 253 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | 3 | 6 |
Pre-Modification Recorded Investment | 11 | 138 |
Post-Modification Recorded Investment | 11 | 138 |
Agriculture [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | 1 | 1 |
Pre-Modification Recorded Investment | 39 | 24 |
Post-Modification Recorded Investment | 39 | 24 |
Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | 5 | 11 |
Pre-Modification Recorded Investment | 630 | 3,958 |
Post-Modification Recorded Investment | $630 | $3,958 |
Recovered_Sheet8
Loans and Allowance for Loan Losses - Schedule of How Loans Were Modified as Troubled Debt Restructured Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Modifications [Line Items] | ||
Adjusted Interest Rate | $420 | |
Extended Maturity | 492 | 809 |
Combined Rate and Maturity | 856 | 3,144 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended Maturity | 366 | 218 |
Combined Rate and Maturity | 302 | 35 |
Agriculture [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended Maturity | 24 | |
Combined Rate and Maturity | 39 | |
Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Adjusted Interest Rate | 420 | |
Extended Maturity | 118 | 433 |
Combined Rate and Maturity | 512 | 3,105 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended Maturity | 8 | 134 |
Combined Rate and Maturity | $3 | $4 |
Recovered_Sheet9
Loans and Allowance for Loan Losses - Schedule of Troubled Debt Restructurings (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Contract | Contract | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number | 1 | 8 |
Balance | $32 | $334 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number | 6 | |
Balance | 316 | |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Number | 1 | 2 |
Balance | $32 | $18 |
Recovered_Sheet10
Loans and Allowance for Loan Losses - Analysis of Changes in Loans to Officers, Directors, Principal Shareholders, or Associates of Such Persons (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Receivables [Abstract] | |
Beginning Balance | $47,299 |
Additional Loans | 132,118 |
Payments | 124,620 |
Ending Balance | $54,797 |
Bank_Premises_and_Equipment_Su
Bank Premises and Equipment - Summary of Bank Premises and Equipment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Land | 25,096 | $22,635 |
Buildings | 97,013 | 89,907 |
Furniture and equipment | 50,700 | 48,763 |
Leasehold improvements | 4,687 | 4,802 |
Gross | 177,496 | 166,107 |
Less- accumulated depreciation and amortization | -74,496 | -70,602 |
Premises and equipment, Net | 103,000 | $95,505 |
Minimum [Member] | Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life in years | 20 years | |
Minimum [Member] | Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life in years | 3 years | |
Minimum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life in years | 5 years | |
Maximum [Member] | Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life in years | 40 years | |
Maximum [Member] | Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life in years | 10 years | |
Maximum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life in years | 15 years |
Bank_Premises_and_Equipment_Ad
Bank Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $7,833,000 | $7,196,000 | $6,492,000 |
Rental income for leases included in net occupancy expense | $1,923,000 | $1,862,000 | $1,703,000 |
Deposits_and_ShortTerm_Borrowi2
Deposits and Short-Term Borrowings - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Time Deposits [Line Items] | ||
Time deposit threshold amount | $250,000 | |
Time deposits of $250,000 or more totaled | 211,490,000 | 142,842,000 |
Deposits received from related parties | 53,556,000 | 42,237,000 |
Advances from Federal Home Loan Bank of Dallas | 1,010,000 | |
Short-Term Borrowings [Member] | ||
Time Deposits [Line Items] | ||
Securities sold under agreements to repurchase | 357,400,000 | 267,269,000 |
Advances from Federal Home Loan Bank of Dallas | $1,010,000 | $191,119,000 |
Deposits_and_ShortTerm_Borrowi3
Deposits and Short-Term Borrowings - Scheduled Maturities of Time Deposits (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Banking and Thrift [Abstract] | |
2015 | $565,794 |
2016 | 40,122 |
2017 | 14,417 |
2018 | 15,107 |
Thereafter | 13,552 |
Time deposits | $648,992 |
Line_of_Credit_Additional_Info
Line of Credit - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
Apr. 22, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | |||
Revolving line of credit, permitted | $25,000,000 | ||
Line of credit, maturity date | 30-Jun-15 | ||
Term facility payable (in years) | Five | ||
Interest paid on basis points | Prime Rate plus 50 basis points or LIBOR plus 250 basis points. | ||
Percentage of restricted dividend payments | 55.00% | ||
Line of credit | $0 | $0 | |
Percentage of stock dividend declared | 100.00% | ||
Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Percentage of stock dividend declared | 37.00% | ||
Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Percentage of stock dividend declared | 53.00% | ||
Prime Rate Basis [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread above benchmark rate | 0.50% | ||
LIBOR Basis [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread above benchmark rate | 2.50% |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Current federal income tax | $29,832 | $24,931 | $23,605 |
Current state income tax | 94 | 15 | 13 |
Deferred federal income tax expense (benefit) | -893 | 754 | 1,517 |
Income tax expense | $29,033 | $25,700 | $25,135 |
Income_Taxes_Percentage_of_Pre
Income Taxes - Percentage of Pretax Earnings, Differs from Statutory Federal Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Reductions in tax rate resulting from interest income exempt from federal income tax | -10.60% | -10.50% | -9.70% |
Effect of state income tax | 0.10% | 0.10% | |
ESOP tax credit | -0.20% | -0.20% | -0.30% |
Other | 0.20% | 0.30% | 0.20% |
Effective income tax rate | 24.50% | 24.60% | 25.30% |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Tax basis of loans in excess of financial statement basis | $13,876 | $12,904 |
Minimum liability in defined benefit plan | 1,440 | 2,328 |
Deferred compensation | 2,423 | 2,213 |
Write-downs and adjustments to other real estate owned and repossessed assets | 78 | 174 |
Other deferred tax assets | 350 | 322 |
Total deferred tax assets | 18,167 | 17,941 |
Deferred tax liabilities: | ||
Financial statement basis of fixed assets in excess of tax basis | 5,311 | 5,567 |
Intangible asset amortization deductible for tax purposes, but not for financial reporting purposes | 11,704 | 10,277 |
Accretion on investment securities | 1,679 | 1,678 |
Pension plan contributions | 1,414 | 2,309 |
Net unrealized gain on investment securities available-for-sale | 27,010 | 7,909 |
Other deferred tax liabilities | 310 | 366 |
Total deferred tax liabilities | 47,428 | 28,106 |
Net deferred tax asset (liability) | ($29,261) | ($10,165) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (Minimum [Member]) | Dec. 31, 2014 |
Minimum [Member] | |
Income Taxes [Line Items] | |
Tax position measured if more-likely-than-not threshold is exceeded, percentage | 50.00% |
Fair_Value_Disclosures_Additio
Fair Value Disclosures - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ||
Assets transfer between Level 2 and Level 3 | $0 | |
Impaired loans carrying value | 20,194,000 | 27,926,000 |
Impaired loans valuation reserves | 4,213,000 | |
Impaired loans net fair value | 15,981,000 | |
Other real estate owned, total | $943,000 | $2,903,000 |
Minimum [Member] | ||
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ||
Debt discounts, percentage | 5.00% | |
Maximum [Member] | ||
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ||
Debt discounts, percentage | 25.00% |
Fair_Value_Disclosures_Financi
Fair Value Disclosures - Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | $2,415,856 | $2,057,723 |
Corporate Bonds [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 94,065 | |
U.S. Treasury Securities [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 520 | |
Obligations of U.S. Government Sponsored-Enterprises and Agencies [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 129,755 | 138,088 |
Obligations of State and Political Subdivisions [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 1,167,628 | 991,269 |
Residential Mortgage-Backed Securities [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 885,211 | 710,620 |
Commercial Mortgage-Backed Securities [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 133,984 | 108,706 |
Other Securities [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 4,693 | |
Level 1 Inputs [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 64,668 | |
Level 1 Inputs [Member] | U.S. Treasury Securities [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 520 | |
Level 1 Inputs [Member] | Obligations of State and Political Subdivisions [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 59,455 | |
Level 1 Inputs [Member] | Other Securities [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 4,693 | |
Level 2 Inputs [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 2,351,188 | |
Level 2 Inputs [Member] | Corporate Bonds [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 94,065 | |
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 | 129,755 | |
Level 2 Inputs [Member] | Obligations of State and Political Subdivisions [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 1,108,173 | |
Level 2 Inputs [Member] | Residential Mortgage-Backed Securities [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 885,211 | |
Level 2 Inputs [Member] | Commercial Mortgage-Backed Securities [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | $133,984 |
Fair_Value_Disclosures_Other_R
Fair Value Disclosures - Other Real Estate Owned (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ||
Carrying value of other real estate owned prior to remeasurement | $881 | $2,405 |
Write-downs included in gain (loss) on sale of other real estate owned | -135 | -445 |
Fair value | $746 | $1,960 |
Fair_Value_Disclosures_Schedul
Fair Value Disclosures - Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
CASH AND DUE FROM BANKS | $190,387 | $183,084 |
FEDERAL FUNDS SOLD | 8,760 | 3,430 |
INTEREST-BEARING DEPOSITS IN BANKS | 54,324 | 25,498 |
INTEREST-BEARING TIME DEPOSITS IN BANKS | 17,002 | 31,917 |
Available-for-sale securities | 2,415,856 | 2,057,723 |
Held-to-maturity securities | 441 | 684 |
Loans | 2,901,167 | 2,655,548 |
SHORT-TERM BORROWINGS | 367,110 | 463,888 |
Level 1 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 64,668 | |
Level 2 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 2,351,188 | |
Carrying Value [Member] | Level 1 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
CASH AND DUE FROM BANKS | 190,387 | 183,084 |
FEDERAL FUNDS SOLD | 8,760 | 3,430 |
INTEREST-BEARING DEPOSITS IN BANKS | 54,324 | 25,498 |
Deposits with no stated maturities | 4,101,263 | 3,448,449 |
Carrying Value [Member] | Level 2 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
INTEREST-BEARING TIME DEPOSITS IN BANKS | 17,002 | 31,917 |
Held-to-maturity securities | 441 | 684 |
Accrued interest receivable | 28,998 | 26,865 |
Deposits with stated maturities | 648,992 | 686,626 |
SHORT-TERM BORROWINGS | 367,110 | 463,888 |
Accrued interest payable | 237 | 299 |
Carrying Value [Member] | Levels 1 and 2 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 2,415,856 | 2,057,723 |
Carrying Value [Member] | Level 3 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 2,901,167 | 2,655,548 |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
CASH AND DUE FROM BANKS | 190,387 | 183,084 |
FEDERAL FUNDS SOLD | 8,760 | 3,430 |
INTEREST-BEARING DEPOSITS IN BANKS | 54,324 | 25,498 |
Deposits with no stated maturities | 4,101,263 | 3,448,449 |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
INTEREST-BEARING TIME DEPOSITS IN BANKS | 17,032 | 32,059 |
Held-to-maturity securities | 447 | 694 |
Accrued interest receivable | 28,998 | 26,865 |
Deposits with stated maturities | 650,893 | 688,876 |
SHORT-TERM BORROWINGS | 367,110 | 463,888 |
Accrued interest payable | 237 | 299 |
Estimated Fair Value [Member] | Levels 1 and 2 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 2,415,856 | 2,057,723 |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | $2,906,399 | $2,667,743 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum lease commitments, 2015 | $640,000 |
Future minimum lease commitments, 2016 | 503,000 |
Future minimum lease commitments, 2017 | 312,000 |
Future minimum lease commitments, 2018 | 78,000 |
Future minimum lease commitments, 2019 | $16,000 |
Financial_Instruments_with_Off2
Financial Instruments with Off-Balance-Sheet Risk - Schedule of Financial Instruments with Off-Balance-Sheet Risk (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Concentration Risk [Line Items] | |
Financial instruments whose contract amounts represent credit risk | $604,281 |
Unfunded Lines of Credit [Member] | |
Concentration Risk [Line Items] | |
Financial instruments whose contract amounts represent credit risk | 444,687 |
Unfunded Commitments to Extend Credit [Member] | |
Concentration Risk [Line Items] | |
Financial instruments whose contract amounts represent credit risk | 128,293 |
Standby Letters of Credit [Member] | |
Concentration Risk [Line Items] | |
Financial instruments whose contract amounts represent credit risk | $31,301 |
Pension_and_Profit_Sharing_Pla2
Pension and Profit Sharing Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Participants | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution towards pension plan | $250,000 | $1,000,000 | |
Recognized pension expense, before income tax | 2,909,000 | ||
Benefits paid out of pension plan assets to plan participants | 10,626,000 | ||
Percentage of benefits paid of total outstanding obligation balance to plan participants | 43.00% | ||
Number of participants reduced | 335 | ||
Number of participants reduced percentage | 44.00% | ||
Weighted average final maturities of debt securities held in the pension plan, Years | 7 years 8 months 23 days | ||
Level 3 securities | 0 | ||
Common stock value | 641,000 | 320,000 | |
Vesting period | 6 years | ||
Defined contribution plan cost | 5,324,000 | 5,686,000 | 4,711,000 |
Employee deferrals | 4.00% | ||
Employee compensation | 5.00% | ||
Directors' fees | 100.00% | ||
Profit Sharing Plan's Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Common stock value | 42,008,000 | 46,979,000 | |
Pension Plan's Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Common stock value | 1,933,000 | 2,037,000 | |
Safe Harbor 401(k) Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan cost | $1,699,000 | $1,560,000 | $1,383,000 |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average final maturities of debt securities held in the pension plan, Years | 3 years 4 days | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average final maturities of debt securities held in the pension plan, Years | 13 years 4 months 2 days |
Pension_and_Profit_Sharing_Pla3
Pension and Profit Sharing Plans - Benefit Obligation Activity and Fair Value of Plan Assets and Statement of Funded Status (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost on projected benefit obligation | $1,131,000 | $1,020,000 | $1,113,000 |
Actuarial loss (gain) | -4,435,000 | -6,975,000 | |
Employer contributions | 250,000 | 1,000,000 | |
Fair value of plan assets at December 31 | 15,458,000 | ||
Reconciliation of Benefit Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at January 1 | 25,499,000 | 27,838,000 | |
Interest cost on projected benefit obligation | 1,131,000 | 1,020,000 | |
Actuarial loss (gain) | 1,075,000 | -2,097,000 | |
Benefits paid, including partial settlement of certain participant balances | -12,124,000 | -1,262,000 | |
Benefit obligation at December 31 | 15,581,000 | 25,499,000 | |
Reconciliation of Fair Value of Plan Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at January 1 | 25,467,000 | 21,110,000 | |
Actual return on plan assets | 1,865,000 | 4,619,000 | |
Employer contributions | 250,000 | 1,000,000 | |
Benefits paid, including partial settlement of certain participant balances | -12,124,000 | -1,262,000 | |
Fair value of plan assets at December 31 | 15,458,000 | 25,467,000 | |
Funded status | ($123,000) | ($32,000) |
Pension_and_Profit_Sharing_Pla4
Pension and Profit Sharing Plans - Component of Accumulated other Comprehensive Earnings (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ||
Net actuarial loss | ($4,435) | ($6,975) |
Deferred tax benefit | 1,762 | 2,651 |
Amounts included in accumulated other comprehensive earnings, net of tax | ($2,673) | ($4,324) |
Pension_and_Profit_Sharing_Pla5
Pension and Profit Sharing Plans - Net Periodic Pension Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Service cost - benefits earned during the period | $0 | $0 | $0 |
Interest cost on projected benefit obligation | 1,131 | 1,020 | 1,113 |
Expected return on plan assets | -1,497 | -1,293 | -1,140 |
Amortization of unrecognized net loss | 337 | 786 | 659 |
Loss from partial settlement of pension plan | 2,909 | ||
Net periodic pension benefit expense | $2,880 | $513 | $632 |
Pension_and_Profit_Sharing_Pla6
Pension and Profit Sharing Plans - Benefit Obligations and Net Periodic Pension Cost and Rate of Return on Plan Assets (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Weighted average discount rate | 4.10% | 4.75% | 3.75% |
Expected long-term rate of return on assets | 6.25% | 6.25% | 6.25% |
Pension_and_Profit_Sharing_Pla7
Pension and Profit Sharing Plans - Pension Plan and Targeted Allocation Percentage (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Allocation | 75.00% | 75.00% |
Targeted Allocation | 75.00% | |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Allocation | 24.00% | 24.00% |
Targeted Allocation | 25.00% | |
Cash and Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Allocation | 1.00% | 1.00% |
Pension_and_Profit_Sharing_Pla8
Pension and Profit Sharing Plans - Breakdown by Level (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | $15,458 |
Money Market Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 281 |
Obligations of State and Political Subdivisions [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 687 |
Corporate Bonds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 791 |
Mortgage-backed Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 1,178 |
Corporate Stocks and Mutual Funds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 12,521 |
Level 1 Inputs [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 12,802 |
Level 1 Inputs [Member] | Money Market Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 281 |
Level 1 Inputs [Member] | Corporate Stocks and Mutual Funds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 12,521 |
Level 2 Inputs [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 2,656 |
Level 2 Inputs [Member] | Obligations of State and Political Subdivisions [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 687 |
Level 2 Inputs [Member] | Corporate Bonds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 791 |
Level 2 Inputs [Member] | Mortgage-backed Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | $1,178 |
Pension_and_Profit_Sharing_Pla9
Pension and Profit Sharing Plans - Estimate of Undiscounted Projected Future Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
2015 | $784 |
2016 | 805 |
2017 | 855 |
2018 | 874 |
2019 | 899 |
2020 forward | $4,754 |
Dividends_from_Subsidiaries_Ad
Dividends from Subsidiaries - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
Equity [Abstract] | |
Amount available for the declaration of dividends by subsidiary banks without prior approval of regulatory agencies | $93,160,000 |
Regulatory_Matters_Schedule_of
Regulatory Matters - Schedule of Actual Capital Amounts and Ratios (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Parent [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual Amount | $492,668 | $433,538 |
Tier1 Capital (to Risk-Weighted Assets), Actual Amount | 454,698 | 398,538 |
Tier1 Capital (to Average Assets), Actual Amount | 454,698 | 398,538 |
Total Capital (to Risk-Weighted Assets), Actual Ratio | 14.00% | 14.00% |
Tier1 Capital (to Risk-Weighted Assets), Actual Ratio | 13.00% | 13.00% |
Tier1 Capital (to Average Assets), Actual Ratio | 8.00% | 8.00% |
Parent [Member] | Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Amount | 272,318 | 246,788 |
Tier1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Amount | 136,159 | 123,394 |
Tier1 Capital (to Average Assets), For Capital Adequacy Purposes, Amount | 165,598 | 148,690 |
Total Capital (to Risk-Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 340,397 | 308,484 |
Tier1 Capital (to Risk-Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 204,238 | 185,091 |
Tier1 Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 275,996 | 247,816 |
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier1 Capital (to Average Assets), For Capital Adequacy Purposes, Ratio | 3.00% | 3.00% |
Total Capital (to Risk-Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier1 Capital (to Risk-Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.00% | 6.00% |
Tier1 Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Consolidated [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual Amount | 587,094 | 525,460 |
Tier1 Capital (to Risk-Weighted Assets), Actual Amount | 549,124 | 490,460 |
Tier1 Capital (to Average Assets), Actual Amount | 549,124 | 490,460 |
Total Capital (to Risk-Weighted Assets), Actual Ratio | 17.00% | 17.00% |
Tier1 Capital (to Risk-Weighted Assets), Actual Ratio | 16.00% | 16.00% |
Tier1 Capital (to Average Assets), Actual Ratio | 10.00% | 10.00% |
Consolidated [Member] | Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Amount | 273,764 | 247,985 |
Tier1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Amount | 136,882 | 123,993 |
Tier1 Capital (to Average Assets), For Capital Adequacy Purposes, Amount | $166,489 | $149,488 |
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier1 Capital (to Average Assets), For Capital Adequacy Purposes, Ratio | 3.00% | 3.00% |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Banking and Thrift [Abstract] | ||
Required tangible net assets | $2,000,000 | |
Tangible net assets, total | 11,659,000 | |
Subsidiary bank's reserve balance | $14,334,000 | $5,916,000 |
Stock_Option_Plan_Additional_I
Stock Option Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares of stock for issuance under the plan | 3,553,000 | ||
Options exercisable period after, years | 6 years | ||
Percentage of options granted | 20.00% | ||
Duration of options granted, years | 10 years | ||
Stock options outstanding, exercise price range, lower | $11.03 | ||
Stock options outstanding, exercise price range, upper | $30.85 | ||
Weighted-average assumptions, risk-free interest rate | 1.59% | ||
Expected dividend yield | 1.69% | ||
Expected life | 5 years 11 months 27 days | ||
Expected volatility | 26.91% | ||
Weighted-average grant-date fair value of options granted | $0 | $7.14 | $0 |
Total intrinsic value of options exercised | $1,738,000 | $1,958,000 | $510,000 |
Total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan | 2,201,000 | ||
Weighted-average period of unrecognized compensation cost recognition, years | 2 years 3 months 18 days | ||
Total fair value of shares vested | 382,000 | 565,000 | 423,000 |
Aggregate intrinsic value of vested stock options | $5,225,438 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable period after, years | 2 years |
Stock_Option_Plan_Schedule_of_
Stock Option Plan - Schedule of Analysis of Stock Option Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding, beginning of year, Shares | 1,064,064 |
Granted, Shares | 0 |
Exercised, Shares | -104,927 |
Cancelled, Shares | -31,460 |
Outstanding, end of year, Shares | 927,677 |
Exercisable at end of year, Shares | 358,597 |
Outstanding, beginning of year, Weighted-Average Ex. Price | $20.99 |
Granted, Weighted-Average Ex. Price | $0 |
Exercised, Weighted-Average Ex. Price | $13.69 |
Cancelled, Weighted-Average Ex. Price | $24.78 |
Outstanding, end of year, Weighted-Average Ex. Price | $21.69 |
Exercisable at end of year, Weighted-Average Ex. Price | $15.31 |
Outstanding, end of year, Weighted-Average Remaining Contractual Term (Years) | 6 years 5 months 5 days |
Exercisable at end of year, Weighted-Average Remaining Contractual Term (Years) | 4 years 26 days |
Outstanding, end of year, Aggregate Intrinsic Value | $20,118 |
Exercisable at end of year, Aggregate Intrinsic Value | $5,489 |
Stock_Option_Plan_Schedule_of_1
Stock Option Plan - Schedule of Information Concerning Outstanding and Vested Stock Options (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding | 927,677 |
Number Vested | 358,597 |
Exercise Price $11.03 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $11.03 |
Number Outstanding | 22,816 |
Number Vested | 22,816 |
Remaining Contracted Life (Years) | 1 month 6 days |
Exercise Price $13.66 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $13.66 |
Number Outstanding | 106,110 |
Number Vested | 106,110 |
Remaining Contracted Life (Years) | 2 years 1 month 6 days |
Exercise Price $16.78 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $16.78 |
Number Outstanding | 182,411 |
Number Vested | 138,431 |
Remaining Contracted Life (Years) | 4 years 4 months 24 days |
Exercise Price $15.73 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $15.73 |
Number Outstanding | 241,940 |
Number Vested | 89,240 |
Remaining Contracted Life (Years) | 6 years 9 months 18 days |
Exercise Price $30.85 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $30.85 |
Number Outstanding | 374,400 |
Number Vested | 2,000 |
Remaining Contracted Life (Years) | 8 years 9 months 18 days |
Condensed_Financial_Informatio2
Condensed Financial Information - Parent Company - Condensed Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
ASSETS | ||||
Interest-bearing deposits in subsidiary bank | $54,324,000 | $25,498,000 | ||
Total cash and cash equivalents | 253,471,000 | 212,012,000 | 360,739,000 | 250,836,000 |
Interest-bearing time deposits in unaffiliated banks | 17,002,000 | 31,917,000 | ||
SECURITIES AVAILABLE-FOR-SALE, at fair value | 2,415,856,000 | 2,057,723,000 | ||
INTANGIBLE ASSETS | 97,359,000 | 97,485,000 | ||
OTHER ASSETS | 59,906,000 | 71,334,000 | ||
Total assets | 5,848,202,000 | 5,222,208,000 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Total liabilities | 5,166,665,000 | 4,634,561,000 | ||
SHAREHOLDERS' EQUITY: | ||||
Common stock | 641,000 | 320,000 | ||
Capital surplus | 305,429,000 | 302,991,000 | ||
Retained earnings | 327,978,000 | 273,972,000 | ||
Treasury shares | -5,878,000 | -5,490,000 | ||
Deferred Compensation | 5,878,000 | 5,490,000 | ||
Accumulated other comprehensive earnings | 47,489,000 | 10,364,000 | ||
Total shareholders' equity | 681,537,000 | 587,647,000 | 556,963,000 | 508,537,000 |
Total liabilities and shareholders' equity | 5,848,202,000 | 5,222,208,000 | ||
Subsidiary Bank [Member] | ||||
ASSETS | ||||
Cash in banks | 9,441,000 | 11,960,000 | ||
Interest-bearing deposits in subsidiary bank | 60,642,000 | 64,108,000 | ||
Unaffiliated Banks [Member] | ||||
ASSETS | ||||
Cash in banks | 2,000 | 2,000 | ||
Interest-bearing time deposits in unaffiliated banks | 480,000 | |||
Parent Company [Member] | ||||
ASSETS | ||||
Total cash and cash equivalents | 70,085,000 | 76,070,000 | 72,045,000 | 50,020,000 |
SECURITIES AVAILABLE-FOR-SALE, at fair value | 12,243,000 | 11,701,000 | ||
Investment in and advances to subsidiaries, at equity | 606,415,000 | 507,074,000 | ||
INTANGIBLE ASSETS | 723,000 | 723,000 | ||
OTHER ASSETS | 2,787,000 | 2,054,000 | ||
Total assets | 692,253,000 | 598,102,000 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Total liabilities | 10,716,000 | 10,455,000 | ||
SHAREHOLDERS' EQUITY: | ||||
Common stock | 641,000 | 320,000 | ||
Capital surplus | 305,429,000 | 302,991,000 | ||
Retained earnings | 327,978,000 | 273,972,000 | ||
Treasury shares | -5,878,000 | -5,490,000 | ||
Deferred Compensation | 5,878,000 | 5,490,000 | ||
Accumulated other comprehensive earnings | 47,489,000 | 10,364,000 | ||
Total shareholders' equity | 681,537,000 | 587,647,000 | ||
Total liabilities and shareholders' equity | $692,253,000 | $598,102,000 |
Condensed_Financial_Informatio3
Condensed Financial Information - Parent Company - Condensed Statements of Earnings (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income: | |||
Total interest income | $198,539 | $176,369 | $159,796 |
Expenses: | |||
Salaries and employee benefits | 70,456 | 66,529 | 58,269 |
EARNINGS BEFORE INCOME TAXES | 118,592 | 104,568 | 99,360 |
Income tax benefit | -29,033 | -25,700 | -25,135 |
NET EARNINGS | 89,559 | 78,868 | 74,225 |
Parent Company [Member] | |||
Income: | |||
Cash dividends from subsidiaries | 34,000 | 64,200 | 58,400 |
Excess of earnings over dividends of subsidiaries | 58,539 | 17,192 | 17,547 |
Other | 3,717 | 3,118 | 2,682 |
Total interest income | 96,256 | 84,510 | 78,629 |
Expenses: | |||
Salaries and employee benefits | 5,595 | 4,540 | 3,668 |
Other operating expenses | 3,309 | 3,017 | 2,338 |
Expenses, total | 8,904 | 7,557 | 6,006 |
EARNINGS BEFORE INCOME TAXES | 87,352 | 76,953 | 72,623 |
Income tax benefit | 2,207 | 1,915 | 1,602 |
NET EARNINGS | $89,559 | $78,868 | $74,225 |
Condensed_Financial_Informatio4
Condensed Financial Information - Parent Company - Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET EARNINGS | $89,559 | $78,868 | $74,225 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization, net | 9,262 | 8,638 | 7,920 |
Decrease (increase) in other assets | 9,852 | -6,254 | -5,170 |
Increase (decrease) in other liabilities | 3,486 | -250 | -1,216 |
Net cash provided by operating activities | 131,402 | 109,858 | 93,062 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of bank | -25,706 | ||
Maturities of available-for-sale securities | 2,917,407 | 2,181,684 | 1,909,635 |
Purchases of bank premises and equipment | -17,412 | -11,324 | -16,180 |
Net cash used in investing activities | -575,205 | -556,770 | -294,991 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds of stock issuances | 1,437 | 1,958 | 824 |
Cash dividends paid | -34,578 | -24,505 | -38,719 |
Net cash provided by financing activities | 485,262 | 298,185 | 311,832 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 41,459 | -148,727 | 109,903 |
CASH AND CASH EQUIVALENTS, beginning of year | 212,012 | 360,739 | 250,836 |
CASH AND CASH EQUIVALENTS, end of year | 253,471 | 212,012 | 360,739 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET EARNINGS | 89,559 | 78,868 | 74,225 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Excess of earnings over dividends of subsidiary bank | -58,539 | -17,192 | -17,547 |
Depreciation and amortization, net | 200 | 135 | 142 |
Decrease (increase) in other assets | -150 | -3 | 34 |
Increase (decrease) in other liabilities | -314 | 890 | -918 |
Net cash provided by operating activities | 30,756 | 62,698 | 55,936 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of bank | -39,200 | ||
Net decrease (increase) in interest-bearing time deposits in unaffiliated banks | 480 | 2,598 | -960 |
Maturities of available-for-sale securities | 5,430 | ||
Purchases of bank premises and equipment | -780 | -224 | -86 |
Repayment from (of advances to) investment in and advances to subsidiaries, net | -3,300 | 700 | -400 |
Net cash used in investing activities | -3,600 | -36,126 | 3,984 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds of stock issuances | 1,437 | 1,958 | 824 |
Cash dividends paid | -34,578 | -24,505 | -38,719 |
Net cash provided by financing activities | -33,141 | -22,547 | -37,895 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -5,985 | 4,025 | 22,025 |
CASH AND CASH EQUIVALENTS, beginning of year | 76,070 | 72,045 | 50,020 |
CASH AND CASH EQUIVALENTS, end of year | $70,085 | $76,070 | $72,045 |
Cash_Flow_Information_Suppleme
Cash Flow Information - Supplemental Information on Cash Flows and Noncash Transactions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental cash flow information: | |||
Interest paid | $4,231 | $4,077 | $5,419 |
Federal income taxes paid | 28,711 | 21,790 | 20,779 |
Schedule of noncash investing and financing activities: | |||
Assets acquired through foreclosure | 1,385 | 1,615 | 2,459 |
Investment securities purchased but not settled | $1,248 | $7,248 | $8,589 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
31-May-13 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [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 | 840,000 | ||
Date of acquisition agreement | 9-Feb-13 | ||
Fair value of purchased credit impaired loans | 20,194,000 | 27,926,000 | |
Contractual amounts | 3,275,000 | 3,970,000 | |
Orange Savings Bank [Member] | |||
Business Acquisition [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 $) | 0 Months Ended |
31-May-13 | |
Business Acquisition [Line Items] | |
Cash | $39,200,000 |
Orange Savings Bank [Member] | |
Business Acquisition [Line Items] | |
Cash | 39,200,000 |
Common stock issued (840,000 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) | 0 Months Ended |
31-May-13 | |
Business Combinations [Abstract] | |
Common stock issued shares | 840,000 |
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 $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Orange Savings Bank [Member] | |
Business Acquisition [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 |