Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 25, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | FFIN | |
Entity Registrant Name | FIRST FINANCIAL BANKSHARES INC | |
Entity Central Index Key | 36,029 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 66,063,285 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
ASSETS | |||
CASH AND DUE FROM BANKS | $ 166,981 | $ 179,140 | $ 133,340 |
FEDERAL FUNDS SOLD | 3,400 | 3,810 | 2,790 |
INTEREST-BEARING DEPOSITS IN BANKS | 117,334 | 89,936 | 4,268 |
Total cash and cash equivalents | 287,715 | 272,886 | 140,398 |
INTEREST-BEARING TIME DEPOSITS IN BANKS | 1,707 | 3,495 | 4,491 |
SECURITIES AVAILABLE-FOR-SALE, at fair value | 2,729,030 | 2,733,899 | 2,737,353 |
SECURITIES HELD-TO-MATURITY (fair value of $133, $291 and $283 at September 30, 2016 and 2015, and December 31, 2015, respectively) | 129 | 278 | 286 |
LOANS: | |||
Held for investment | 3,337,793 | 3,317,050 | 3,266,817 |
Less - allowance for loan losses | (45,298) | (41,877) | (40,420) |
Net loans held for investment | 3,292,495 | 3,275,173 | 3,226,397 |
Held for sale | 31,591 | 33,543 | 21,605 |
Net loans | 3,324,086 | 3,308,716 | 3,248,002 |
BANK PREMISES AND EQUIPMENT, net | 122,725 | 115,712 | 116,803 |
INTANGIBLE ASSETS | 143,729 | 144,449 | 144,296 |
OTHER ASSETS | 77,615 | 85,635 | 76,016 |
Total assets | 6,686,736 | 6,665,070 | 6,467,645 |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
NONINTEREST-BEARING DEPOSITS | 1,702,993 | 1,745,952 | 1,720,383 |
INTEREST-BEARING DEPOSITS | 3,532,471 | 3,444,217 | 3,376,900 |
Total deposits | 5,235,464 | 5,190,169 | 5,097,283 |
DIVIDENDS PAYABLE | 11,891 | 10,558 | 10,551 |
SHORT-TERM BORROWINGS | 513,759 | 615,675 | 500,903 |
OTHER LIABILITIES | 57,678 | 43,682 | 66,874 |
Total liabilities | 5,818,792 | 5,860,084 | 5,675,611 |
COMMITMENTS AND CONTINGENCIES | |||
SHAREHOLDERS' EQUITY: | |||
Common stock - ($0.01 par value, authorized 120,000,000 shares; 66,063,285, 65,942,155, and 65,990,234 shares issued at September 30, 2016 and 2015, and December 31, 2015, respectively) | 661 | 660 | 659 |
Capital surplus | 371,170 | 368,925 | 367,444 |
Retained earnings | 431,765 | 388,006 | 373,372 |
Treasury stock (shares at cost: 510,955, 524,163, and 520,651 at September 30, 2016 and 2015, and December 31, 2015, respectively) | (6,566) | (6,296) | (6,207) |
Deferred compensation | 6,566 | 6,296 | 6,207 |
Accumulated other comprehensive earnings | 64,348 | 47,395 | 50,559 |
Total shareholders' equity | 867,944 | 804,986 | 792,034 |
Total liabilities and shareholders' equity | $ 6,686,736 | $ 6,665,070 | $ 6,467,645 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Statement of Financial Position [Abstract] | |||
SECURITIES HELD-TO-MATURITY, fair value | $ 133 | $ 283 | $ 291 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 120,000,000 | 120,000,000 | 120,000,000 |
Common stock, shares issued | 66,063,285 | 65,990,234 | 65,942,155 |
Treasury stock, shares | 510,955 | 520,651 | 524,163 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
INTEREST INCOME: | ||||
Interest and fees on loans | $ 40,411 | $ 39,368 | $ 120,700 | $ 110,464 |
Interest on investment securities: | ||||
Taxable | 6,775 | 7,298 | 21,167 | 22,502 |
Exempt from federal income tax | 10,808 | 10,457 | 32,220 | 29,439 |
Interest on federal funds sold and interest-bearing deposits in banks | 99 | 40 | 222 | 171 |
Total interest income | 58,093 | 57,163 | 174,309 | 162,576 |
INTEREST EXPENSE: | ||||
Interest on deposits | 1,112 | 932 | 3,197 | 2,761 |
Other | 254 | 133 | 811 | 281 |
Total interest expense | 1,366 | 1,065 | 4,008 | 3,042 |
Net interest income | 56,727 | 56,098 | 170,301 | 159,534 |
PROVISION FOR LOAN LOSSES | 3,833 | 2,664 | 8,219 | 5,508 |
Net interest income after provision for loan losses | 52,894 | 53,434 | 162,082 | 154,026 |
NONINTEREST INCOME: | ||||
Trust fees | 5,066 | 4,818 | 14,446 | 14,289 |
Service charges on deposit accounts | 4,796 | 4,653 | 13,614 | 12,442 |
ATM, interchange and credit card fees | 6,000 | 5,794 | 17,521 | 16,209 |
Real estate mortgage operations | 4,697 | 3,742 | 11,849 | 7,321 |
Net gain on sale of available-for-sale securities (includes $239 and $136 for the three months ended September 30, 2016 and 2015, respectively, and $1,153 and $380 for the nine months ended September 30, 2016 and 2015, respectively, related to accumulated other comprehensive earnings reclassifications) | 239 | 136 | 1,153 | 380 |
Net gain (loss) on sale of foreclosed assets | (10) | 28 | 343 | 10 |
Net gain (loss) on sale of assets | (168) | (11) | 271 | (11) |
Interest on loan recoveries | 709 | 323 | 1,970 | 834 |
Other | 823 | 963 | 2,243 | 2,678 |
Total noninterest income | 22,152 | 20,446 | 63,410 | 54,152 |
NONINTEREST EXPENSE: | ||||
Salaries and employee benefits | 22,931 | 21,648 | 67,668 | 59,086 |
Net occupancy expense | 2,672 | 3,050 | 7,886 | 7,640 |
Equipment expense | 3,420 | 3,114 | 10,186 | 9,005 |
FDIC insurance premiums | 513 | 819 | 2,155 | 2,316 |
ATM, interchange and credit card expenses | 1,859 | 1,509 | 5,352 | 4,844 |
Professional and service fees | 1,883 | 1,148 | 5,099 | 3,370 |
Printing, stationery and supplies | 536 | 594 | 1,504 | 1,662 |
Amortization of intangible assets | 172 | 200 | 570 | 362 |
Other | 8,017 | 7,891 | 23,420 | 20,837 |
Total noninterest expense | 42,003 | 39,973 | 123,840 | 109,122 |
EARNINGS BEFORE INCOME TAXES | 33,043 | 33,907 | 101,652 | 99,056 |
INCOME TAX EXPENSE (includes $84 and $48 for the three months ended September 30, 2016 and 2015, respectively, and $404 and $133 for the nine months ended September 30, 2016 and 2015, respectively, related to income tax expense from reclassification items) | 7,440 | 8,021 | 23,544 | 23,867 |
NET EARNINGS | $ 25,603 | $ 25,886 | $ 78,108 | $ 75,189 |
EARNINGS PER SHARE, BASIC | $ 0.39 | $ 0.40 | $ 1.18 | $ 1.16 |
EARNINGS PER SHARE, ASSUMING DILUTION | 0.39 | 0.40 | 1.18 | 1.16 |
DIVIDENDS PER SHARE | $ 0.18 | $ 0.16 | $ 0.52 | $ 0.46 |
Consolidated Statements of Ear5
Consolidated Statements of Earnings (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Reclassifications adjustment for realized gains on investment securities included in net earnings (loss), before income tax | $ 239 | $ 136 | $ 1,153 | $ 380 |
Income tax expense from reclassification items | $ 84 | $ 48 | $ 404 | $ 133 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
NET EARNINGS | $ 25,603 | $ 25,886 | $ 78,108 | $ 75,189 |
OTHER ITEMS OF COMPREHENSIVE EARNINGS (LOSS): | ||||
Change in unrealized gain (loss) on investment securities available-for-sale, before income taxes | (18,984) | 23,025 | 27,235 | 5,318 |
Reclassification adjustment for realized gains on investment securities included in net earnings, before income tax | (239) | (136) | (1,153) | (380) |
Minimum liability pension adjustment, before income taxes | (108) | (216) | ||
Total other items of comprehensive earnings (losses) | (19,223) | 22,781 | 26,082 | 4,722 |
Income tax benefit (expense) related to: | ||||
Investment securities | 6,728 | (8,011) | (9,129) | (1,728) |
Minimum liability pension adjustment | 38 | 76 | ||
Total income tax benefit (expense) | 6,728 | (7,973) | (9,129) | (1,652) |
COMPREHENSIVE EARNINGS | $ 13,108 | $ 40,694 | $ 95,061 | $ 78,259 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Deferred Compensation [Member] | Accumulated Other Comprehensive Earnings [Member] |
Beginning Balance at Dec. 31, 2014 | $ 681,537 | $ 641 | $ 305,429 | $ 327,978 | $ (5,878) | $ 5,878 | $ 47,489 |
Beginning Balance, Shares at Dec. 31, 2014 | 64,089,921 | ||||||
Treasury Stock, Beginning Balance, Shares at Dec. 31, 2014 | (529,563) | ||||||
Net earnings (unaudited) | 75,189 | 75,189 | |||||
Stock option exercises (unaudited) | 1,290 | 1,290 | |||||
Stock option exercises, Shares (Unaudited) | 89,790 | ||||||
Restricted stock grant (unaudited) | 250 | 250 | |||||
Restricted stock grant, Shares (unaudited) | 7,070 | ||||||
Stock issued in acquisition of FBC Bancshares, Inc. (unaudited) | 59,648 | $ 18 | 59,630 | ||||
Stock issued in acquisition of FBC Bancshares, Inc., Shares | 1,755,374 | ||||||
Cash dividends declared (Unaudited) | (29,795) | (29,795) | |||||
Minimum liability pension adjustment, net of related income taxes (unaudited) | (140) | (140) | |||||
Change in unrealized gain in investment securities available-for-sale, net of related income taxes (unaudited) | 3,210 | 3,210 | |||||
Additional tax benefit related to directors' deferred compensation plan (unaudited) | 303 | 303 | |||||
Shares purchased in connection with directors' deferred compensation plan, net (unaudited) | $ (329) | 329 | |||||
Shares purchased in connection with directors' deferred compensation plan, net, Shares (Unaudited) | 5,400 | ||||||
Stock option expense (unaudited) | 542 | 542 | |||||
Ending Balance at Sep. 30, 2015 | $ 792,034 | $ 659 | 367,444 | 373,372 | $ (6,207) | 6,207 | 50,559 |
Ending Balance, Shares at Sep. 30, 2015 | 65,942,155 | ||||||
Treasury Stock, Ending Balance, Shares at Sep. 30, 2015 | (524,163) | (524,163) | |||||
Beginning Balance at Dec. 31, 2015 | $ 804,986 | $ 660 | 368,925 | 388,006 | $ (6,296) | 6,296 | 47,395 |
Beginning Balance, Shares at Dec. 31, 2015 | 65,990,234 | ||||||
Treasury Stock, Beginning Balance, Shares at Dec. 31, 2015 | (520,651) | (520,651) | |||||
Net earnings (unaudited) | $ 78,108 | 78,108 | |||||
Stock option exercises (unaudited) | 989 | $ 1 | 988 | ||||
Stock option exercises, Shares (Unaudited) | 66,866 | ||||||
Restricted stock grant (unaudited) | 250 | 250 | |||||
Restricted stock grant, Shares (unaudited) | 6,185 | ||||||
Cash dividends declared (Unaudited) | (34,349) | (34,349) | |||||
Change in unrealized gain in investment securities available-for-sale, net of related income taxes (unaudited) | 16,953 | 16,953 | |||||
Additional tax benefit related to directors' deferred compensation plan (unaudited) | $ 345 | 345 | |||||
Shares purchased in connection with directors' deferred compensation plan, net (unaudited) | $ (270) | 270 | |||||
Shares purchased in connection with directors' deferred compensation plan, net, Shares (Unaudited) | 0 | 9,696 | |||||
Stock option expense (unaudited) | $ 662 | 662 | |||||
Ending Balance at Sep. 30, 2016 | $ 867,944 | $ 661 | $ 371,170 | $ 431,765 | $ (6,566) | $ 6,566 | $ 64,348 |
Ending Balance, Shares at Sep. 30, 2016 | 66,063,285 | ||||||
Treasury Stock, Ending Balance, Shares at Sep. 30, 2016 | (510,955) | (510,955) |
Consolidated Statements of Sha8
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash dividend per share (Unaudited) | $ 0.52 | $ 0.46 |
Retained Earnings [Member] | ||
Cash dividend per share (Unaudited) | $ 0.52 | $ 0.46 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET EARNINGS | $ 78,108 | $ 75,189 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 8,627 | 8,069 |
PROVISION FOR LOAN LOSSES | 8,219 | 5,508 |
Securities premium amortization (discount accretion), net | 21,275 | 20,493 |
Gain on sale of assets, net | (1,767) | (379) |
Deferred federal income tax expense (benefit) | 825 | (1,487) |
Change in loans held for sale | 1,952 | (12,801) |
Change in other assets | 10,059 | (9,655) |
Change in other liabilities | 530 | 8,983 |
Total adjustments | 49,720 | 18,731 |
Net cash provided by operating activities | 127,828 | 93,920 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash paid for asset acquisition of 4Trust Mortgage, Inc. | (1,931) | |
Cash received in acquisition of FBC Bancshares, Inc. | 65,197 | |
Net decrease in interest-bearing time deposits in banks | 1,788 | 12,511 |
Activity in available-for-sale securities: | ||
Sales | 20,792 | 34,541 |
Maturities | 2,830,522 | 2,189,905 |
Purchases | (2,835,964) | (2,501,587) |
Activity in held-to-maturity securities - maturities | 148 | 155 |
Net increase in loans | (27,446) | (91,259) |
Purchases of bank premises and equipment and other assets | (17,151) | (12,437) |
Proceeds from sale of other assets | 2,960 | 727 |
Net cash used in investing activities | (24,351) | (304,178) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in noninterest-bearing deposits | (42,959) | (2,096) |
Net decrease in interest-bearing deposits | 88,254 | 5,540 |
Net increase (decrease) in short-term borrowings | (101,916) | 120,668 |
Common stock transactions: | ||
Proceeds from stock issuances | 989 | 1,290 |
Dividends paid | (33,016) | (28,217) |
Net cash (used in) provided by financing activities | (88,648) | 97,185 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 14,829 | (113,073) |
CASH AND CASH EQUIVALENTS, beginning of period | 272,886 | 253,471 |
CASH AND CASH EQUIVALENTS, end of period | 287,715 | 140,398 |
SUPPLEMENTAL INFORMATION AND NONCASH TRANSACTIONS: | ||
Interest paid | 4,018 | 3,066 |
Federal income tax paid | 21,631 | 22,179 |
Transfer of loans to foreclosed assets | 1,905 | 97 |
Investment securities purchased but not settled | $ 4,521 | $ 17,869 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 - Basis of Presentation The unaudited interim consolidated financial statements include the accounts of the Company, a Texas corporation and a financial holding company registered under the Bank Holding Company Act of 1956, as amended, or BHCA, and its wholly-owned subsidiaries: First Financial Bank, National Association, Abilene, Texas; First Technology Services, Inc.; First Financial Trust & Asset Management Company, National Association; First Financial Investments, Inc.; and First Financial Insurance Agency, Inc. Through our subsidiary bank, we conduct a full-service commercial banking business. Our banking centers are located primarily in Central, North Central, Southeast and West Texas. As of September 30, 2016, we had 69 financial centers across Texas, with eleven locations in Abilene, three locations in San Angelo and Weatherford, two locations in Cleburne, Conroe, Stephenville and Granbury, and one location each in Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, Cisco, Clyde, Cut and Shoot, Decatur, Eastland, Fort Worth, Glen Rose, Grapevine, Hereford, Huntsville, Keller, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Port Arthur, Ranger, Rising Star, Roby, Southlake, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Willis and Willow Park, all in Texas. Our trust subsidiary has eight locations which are located in Abilene, Fort Worth, Lubbock, Odessa, Beaumont, San Angelo, Stephenville and Sweetwater. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments necessary for a fair presentation of the Company’s financial position and unaudited results of operations and should be read in conjunction with the Company’s audited consolidated financial statements, and notes thereto in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2015. All adjustments were of a normal recurring nature. However, the results of operations for the three months and nine months ended September 30, 2016, are not necessarily indicative of the results to be expected for the year ending December 31, 2016, due to seasonality, changes in economic conditions and loan credit quality, interest rate fluctuations, regulatory and legislative changes and other factors. The preparation of financial statements in conformity with United States generally accepted accounting principles (“GAAP”) require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the financial statement date. Actual results could vary. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted under U.S. Securities and Exchange Commission (“SEC”) rules and regulations. The Company evaluated subsequent events for potential recognition and/or disclosure through the date the consolidated financial statements were issued. On April 28, 2015, 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 120,000,000. Goodwill and other intangible assets are evaluated annually for impairment as of the end of the second quarter. No such impairment has been noted in connection with the current or any prior evaluations. |
Stock Repurchase
Stock Repurchase | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Stock Repurchase | Note 2 – 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 shareholders. Any repurchase of stock will be made through the open market, block trades or in privately negotiated transactions in accordance with applicable laws and regulations. Under the repurchase plan, there is no minimum number of shares that the Company is required to repurchase. Through September 30, 2016, no shares were repurchased under this authorization. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3 - Earnings Per Share Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares outstanding during the periods presented. In computing diluted earnings per common share for the three months and nine months ended September 30, 2016 and 2015, the Company assumes that all dilutive outstanding options to purchase common stock have been exercised at the beginning of the period (or the time of issuance, if later). The dilutive effect of the restricted stock and the outstanding options is reflected by application of the treasury stock method, whereby the proceeds from the restricted stock and exercised options are assumed to be used to purchase common stock at the average market price during the respective periods. The weighted average common shares outstanding used in computing basic earnings per common share for the three months ended September 30, 2016 and 2015 were 66,023,069 and 65,335,457 shares, respectively. The weighted average common shares outstanding used in computing basic earnings per common share for the nine months ended September 30, 2016 and 2015 were 66,004,797 and 64,540,034 shares, respectively. The weighted average common shares outstanding used in computing fully diluted earnings per common share for the three months ended September 30, 2016 and 2015 were 66,147,202 and 65,501,697 shares, respectively. The weighted average common shares outstanding used in computing fully diluted earnings per common share for the nine months ended September 30, 2016 and 2015 were 66,135,918 and 64,736,155 shares, respectively. |
Interest-bearing Time Deposits
Interest-bearing Time Deposits in Banks and Securities | 9 Months Ended |
Sep. 30, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Interest-bearing Time Deposits in Banks and Securities | Note 4 - Interest-bearing Time Deposits in Banks and Securities Interest-bearing time deposits in banks totaled $1,707,000, $4,491,000 and $3,495,000 at September 30, 2016 and 2015 and December 31, 2015, respectively, and have original maturities generally ranging from one to three years. 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 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 states 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. A summary of the Company’s available-for-sale securities follows (in thousands): September 30, 2016 Amortized Gross Gross Estimated U.S. Treasury securities $ 10,685 $ 54 $ — $ 10,739 Obligations of U.S. government sponsored enterprises and agencies 114,918 802 — 115,720 Obligations of states and political subdivisions 1,419,737 83,694 (715 ) 1,502,716 Corporate bonds and other 68,285 1,325 (1 ) 69,609 Residential mortgage-backed securities 750,673 17,125 (1,299 ) 766,499 Commercial mortgage-backed securities 259,636 4,200 (89 ) 263,747 Total securities available-for-sale $ 2,623,934 $ 107,200 $ (2,104 ) $ 2,729,030 September 30, 2015 Amortized Gross Gross Estimated U.S. Treasury securities $ 10,828 $ 89 $ — $ 10,917 Obligations of U.S. government sponsored enterprises and agencies 153,960 1,237 — 155,197 Obligations of states and political subdivisions 1,375,958 62,005 (812 ) 1,437,151 Corporate bonds and other 88,927 2,382 — 91,309 Residential mortgage-backed securities 817,791 16,566 (1,498 ) 832,859 Commercial mortgage-backed securities 207,778 2,175 (33 ) 209,920 Total securities available-for-sale $ 2,655,242 $ 84,454 $ (2,343 ) $ 2,737,353 December 31, 2015 Amortized Gross Gross Estimated U.S. Treasury securities $ 10,792 $ 5 $ (2 ) $ 10,795 Obligations of U.S. government sponsored enterprises and agencies 148,393 268 (107 ) 148,554 Obligations of states and political subdivisions 1,379,879 71,382 (134 ) 1,451,127 Corporate bonds and other 86,182 1,778 (5 ) 87,955 Residential mortgage-backed securities 781,648 10,993 (3,759 ) 788,882 Commercial mortgage-backed securities 247,991 429 (1,834 ) 246,586 Total securities available-for-sale $ 2,654,885 $ 84,855 $ (5,841 ) $ 2,733,899 Disclosures related to the Company’s held-to-maturity securities, which totaled $129,000, $286,000 and $278,000 at September 30, 2016 and 2015, and December 31, 2015, 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 September 30, 2016 were computed by using scheduled amortization of balances and historical prepayment rates. At September 30, 2016 and 2015, and December 31, 2015, the Company did not hold CMOs that entail higher risks than standard mortgage-backed securities. The amortized cost and estimated fair value of available-for-sale securities at September 30, 2016, by contractual and expected maturity, are shown below (in thousands): Amortized Estimated Due within one year $ 195,637 $ 197,334 Due after one year through five years 675,403 710,096 Due after five years through ten years 740,541 788,744 Due after ten years 2,044 2,610 Mortgage-backed securities 1,010,309 1,030,246 Total $ 2,623,934 $ 2,729,030 The following tables disclose, as of September 30, 2016 and 2015, and December 31, 2015, 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 September 30, 2016 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of states and political subdivisions $ 82,131 $ 711 $ 741 $ 4 $ 82,872 $ 715 Corporate bonds and other 12,257 1 — — 12,257 1 Residential mortgage-backed securities 80,015 267 57,334 1,032 137,349 1,299 Commercial mortgage-backed securities 10,213 25 13,692 64 23,905 89 Total $ 184,616 $ 1,004 $ 71,767 $ 1,100 $ 256,383 $ 2,104 Less than 12 Months 12 Months or Longer Total September 30, 2015 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of states and political subdivisions $ 97,670 $ 792 $ 2,233 $ 20 $ 99,903 $ 812 Residential mortgage-backed securities 62,765 396 65,614 1,102 128,379 1,498 Commercial mortgage-backed securities 5,878 9 9,466 24 15,344 33 Total $ 166,313 $ 1,197 $ 77,313 $ 1,146 $ 243,626 $ 2,343 Less than 12 Months 12 Months or Longer Total December 31, 2015 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 5,110 $ 2 $ — $ — $ 5,110 $ 2 Obligations of U.S. government sponsored enterprises and agencies 50,388 107 — — 50,388 107 Obligations of states and political subdivisions 32,929 127 1,513 7 34,442 134 Corporate bonds and other 7,004 5 — — 7,004 5 Residential mortgage-backed securities 231,481 1,765 63,919 1,994 295,400 3,759 Commercial mortgage-backed securities 196,163 1,752 9,345 82 205,508 1,834 Total $ 523,075 $ 3,758 $ 74,777 $ 2,083 $ 597,852 $ 5,841 The number of investments in an unrealized loss position totaled 89 at September 30, 2016. 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 September 30, 2016 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. At September 30, 2016, 81.51% of our available-for-sale securities that are obligations of states and political subdivisions were issued within the State of Texas, of which 32.00% are guaranteed by the Texas Permanent School Fund. At September 30, 2016, $1,805,813,000 of the Company’s securities were pledged as collateral for public or trust fund deposits, repurchase agreements and for other purposes required or permitted by law. During the quarters ended September 30, 2016 and 2015, sales of investment securities that were classified as available-for-sale totaled $7,410,000 and $27,910,000, respectively. Gross realized gains from security sales during the third quarter of 2016 and 2015 totaled $239,000 and $142,000, respectively. Gross realized losses from security sales during the third quarter of 2015 totaled $6,000. There were no gross realized losses during the third quarter of 2016. During the nine months ended September 30, 2016 and 2015, sales of investment securities that were classified as available-for-sale totaled $20,792,000 and $34,541,000, respectively. Gross realized gains from security sales during the nine-month periods ended September 30, 2016 and 2015 totaled $1,158,000 and $390,000, respectively. Gross realized losses from security sales during the nine-month periods ended September 30, 2016 and 2015 totaled $5,000 and $10,000, respectively. The specific identification method was used to determine cost in order to compute the realized gains and losses. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Note 5 - Loans and Allowance for Loan Losses Loans held for investment are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. Interest on loans is calculated by using the simple interest method on daily balances of the principal amounts outstanding. The Company defers and amortizes net loan origination fees and costs as an adjustment to yield. The allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for loan losses when management believes the collectability of the principal is unlikely. The Company has certain lending policies and procedures in place that are designed to maximize loan income with an acceptable level of risk. Management reviews and approves these policies and procedures on an annual basis and makes changes as appropriate. Management receives and reviews monthly reports related to loan originations, quality, concentrations, delinquencies, nonperforming and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions, both by type of loan and geographic location. Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and effectively. Underwriting standards are designed to determine whether the borrower possesses sound business ethics and practices and to evaluate current and projected cash flows to determine the ability of the borrower to repay their obligations as agreed. Commercial loans are primarily made based on the identified cash flows of the borrower and, secondarily, on the underlying collateral provided by the borrower. Most commercial loans are secured by the assets being financed or other business assets, such as accounts receivable or inventory, and include personal guarantees. Agricultural loans are subject to underwriting standards and processes similar to commercial loans. These agricultural loans are based primarily on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. Most agricultural loans are secured by the agriculture related assets being financed, such as farm land, cattle or equipment, and include personal guarantees. Real estate loans are also subject to underwriting standards and processes similar to commercial and agricultural loans. These loans are underwritten primarily based on projected cash flows and, secondarily, as loans secured by real estate. The repayment of real estate loans is generally largely dependent on the successful operation of the property securing the loans or the business conducted on the property securing the loan. Real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s real estate portfolio are generally diverse in terms of type and geographic location within Texas. This diversity helps reduce the exposure to adverse economic events that affect any single market or industry. Generally, real estate loans are owner occupied which further reduces the Company’s risk. Consumer loan underwriting utilizes methodical credit standards and analysis to supplement the Company’s underwriting policies and procedures. The Company’s loan policy addresses types of consumer loans that may be originated and the collateral, if secured, which must be perfected. The relatively smaller individual dollar amounts of consumer loans that are spread over numerous individual borrowers also minimize the Company’s risk. The allowance for loan losses is an amount 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 decline in the economy and employment rates 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 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 September 30, 2016 and 2015, and December 31, 2015, 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 September 30, 2016 and 2015, and December 31, 2015, 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 nine 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, non-accrual 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 interest income over the estimated life of the acquired loan portfolio. 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 September 30, 2016 and 2015, and December 31, 2015, was $1,853,000, $2,422,000 and $2,178,000, respectively, compared to a contractual balance of $2,528,000, $3,213,000, and $2,936,000, respectively. Other purchased credit impaired loan disclosures were omitted due to immateriality. Loans held-for-investment by class of financing receivables are as follows (in thousands): September 30, December 31, 2016 2015 2015 Commercial $ 663,581 $ 698,406 $ 696,163 Agricultural 84,716 99,232 102,351 Real estate 2,191,260 2,088,002 2,136,233 Consumer 398,236 381,177 382,303 Total loans held-for-investment $ 3,337,793 $ 3,266,817 $ 3,317,050 Loans held for sale totaled $31,591,000, $21,605,000 and $33,543,000 at September 30, 2016 and 2015, and December 31, 2015, respectively, which are valued using the lower of cost or market method. The Company’s non-accrual loans, loans still accruing and past due 90 days or more and restructured loans are as follows (in thousands): September 30, December 31, 2016 2015 2015 Non-accrual loans* $ 33,712 $ 21,788 $ 28,601 Loans still accruing and past due 90 days or more 107 49 341 Troubled debt restructured loans** 750 204 199 Total $ 34,569 $ 22,041 $ 29,141 * Includes $1,853,000, $2,422,000 and $2,178,000 of purchased credit impaired loans as of September 30, 2016 and 2015, and December 31, 2015, respectively. ** Troubled debt restructured loans of $7,513,000, $6,462,000 and $6,113,000, whose interest collection, after considering economic and business conditions and collection efforts, is doubtful are included in non-accrual loans at September 30, 2016 and 2015, and December 31, 2015, respectively. The Company’s recorded investment in impaired loans and the related valuation allowance are as follows (in thousands): September 30, 2016 September 30, 2015 December 31, 2015 Recorded Valuation Recorded Valuation Recorded Valuation $ 33,712 $ 7,042 $ 21,788 $ 4,645 $ 28,601 $ 5,071 The Company had $34,938,000, $22,742,000 and $29,768,000 in non-accrual, past due 90 days or more and still accruing, restructured loans and foreclosed assets at September 30, 2016 and 2015, and December 31, 2015, respectively. Non-accrual loans at September 30, 2016 and 2015, and December 31, 2015, consisted of the following by class of financing receivables (in thousands): September 30, December 31, 2016 2015 2015 Commercial $ 12,714 $ 5,077 $ 8,761 Agricultural 167 75 97 Real estate 19,582 16,124 18,766 Consumer 1,249 512 977 Total $ 33,712 $ 21,788 $ 28,601 No significant additional funds are committed to be advanced in connection with impaired loans as of September 30, 2016. The Company’s impaired loans and related allowance as of September 30, 2016 and 2015, and December 31, 2015, are 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. September 30, 2016 Unpaid Recorded Recorded Total Related Year-to-Date Three-Month Commercial $ 21,696 $ 1,067 $ 11,647 $ 12,714 $ 3,983 $ 8,421 $ 14,238 Agricultural 168 — 167 167 41 83 84 Real Estate 24,130 5,626 13,956 19,582 2,566 17,021 19,436 Consumer 1,479 324 925 1,249 452 989 1,166 Total $ 47,473 $ 7,017 $ 26,695 $ 33,712 $ 7,042 $ 26,514 $ 34,924 * Includes $1,853,000 of purchased credit impaired loans. September 30, 2015 Unpaid Recorded Recorded Total Related Year-to-Date Three-month Commercial $ 6,351 $ 413 $ 4,664 $ 5,077 $ 1,666 $ 4,037 $ 4,316 Agricultural 121 — 75 75 47 55 85 Real Estate 22,796 4,341 11,783 16,124 2,844 15,222 15,114 Consumer 698 343 169 512 88 441 511 Total $ 29,966 $ 5,097 $ 16,691 $ 21,788 $ 4,645 $ 19,755 $ 20,026 * Includes $2,422,000 of purchased credit impaired loans. December 31, 2015 Unpaid Recorded Recorded Total Related Year Commercial $ 10,056 $ 608 $ 8,153 $ 8,761 $ 2,030 $ 5,812 Agricultural 97 — 97 97 70 48 Real Estate 23,710 5,314 13,452 18,766 2,827 15,211 Consumer 1,167 624 353 977 144 664 Total $ 35,030 $ 6,546 $ 22,055 $ 28,601 $ 5,071 $ 21,735 * Includes $2,178,000 of purchased credit impaired loans. The Company recognized interest income on impaired loans prior to being recognized as impaired of approximately $922,000 during the year ended December 31, 2015. Such amounts for the three-month and nine-month periods ended September 30, 2016 and 2015 were not significant. 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 are the same, at September 30, 2016 and 2015, and December 31, 2015 (in thousands): September 30, 2016 Pass Special Substandard Doubtful Total Commercial $ 614,900 $ 6,108 $ 42,573 $ — $ 663,581 Agricultural 82,400 — 2,316 — 84,716 Real Estate 2,118,807 19,064 53,389 — 2,191,260 Consumer 395,086 316 2,832 2 398,236 Total $ 3,211,193 $ 25,488 $ 101,110 $ 2 $ 3,337,793 September 30, 2015 Pass Special Substandard Doubtful Total Commercial $ 656,566 $ 19,242 $ 22,598 $ — $ 698,406 Agricultural 98,180 148 904 — 99,232 Real Estate 2,020,556 23,542 43,846 58 2,088,002 Consumer 379,397 352 1,424 4 381,177 Total $ 3,154,699 $ 43,284 $ 68,772 $ 62 $ 3,266,817 December 31, 2015 Pass Special Substandard Doubtful Total Commercial $ 633,083 $ 9,762 $ 53,318 $ — $ 696,163 Agricultural 99,862 1,398 1,091 — 102,351 Real Estate 2,054,738 29,000 52,458 37 2,136,233 Consumer 379,941 416 1,946 — 382,303 Total $ 3,167,624 $ 40,576 $ 108,813 $ 37 $ 3,317,050 At September 30, 2016 and 2015, and December 31, 2015, the Company’s past due loans are as follows (in thousands): September 30, 2016 15-59 60-89 Greater Total Current Total 90 Days Commercial $ 4,707 $ 841 $ 6,950 $ 12,498 $ 651,083 $ 663,581 $ 61 Agricultural 523 63 — 586 84,130 84,716 — Real Estate 13,444 1,496 3,376 18,316 2,172,944 2,191,260 34 Consumer 1,418 314 180 1,912 396,324 398,236 12 Total $ 20,092 $ 2,714 $ 10,506 $ 33,312 $ 3,304,481 $ 3,337,793 $ 107 September 30, 2015 15-59 60-89 Greater Total Current Total 90 Days Commercial $ 11,554 $ 1,043 $ 202 $ 12,799 $ 685,607 $ 698,406 $ — Agricultural 169 28 33 230 99,002 99,232 — Real Estate 19,392 1,267 2,328 22,987 2,065,015 2,088,002 21 Consumer 1,657 467 53 2,177 379,000 381,177 28 Total $ 32,772 $ 2,805 $ 2,616 $ 38,193 $ 3,228,624 $ 3,266,817 $ 49 December 31, 2015 15-59 60-89 Greater Total Total Total Total 90 Commercial $ 3,099 $ 3,652 $ 1,024 $ 7,775 $ 688,388 $ 696,163 $ 54 Agricultural 348 83 — 431 101,920 102,351 — Real Estate 12,247 2,226 2,874 17,347 2,118,886 2,136,233 217 Consumer 1,645 183 266 2,094 380,209 382,303 70 Total $ 17,339 $ 6,144 $ 4,164 $ 27,647 $ 3,289,403 $ 3,317,050 $ 341 * 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 following table details the allowance for loan losses at September 30, 2016 and 2015, and December 31, 2015, by portfolio segment (in thousands). There were no allowances for purchased credit impaired loans at September 30, 2016 and 2015, and December 31, 2015. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. September 30, 2016 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 3,983 $ 41 $ 2,566 $ 452 $ 7,042 Loans collectively evaluated for impairment 9,733 1,027 23,655 3,841 38,256 Total $ 13,716 $ 1,068 $ 26,221 $ 4,293 $ 45,298 September 30, 2015 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 1,666 $ 47 $ 2,844 $ 88 $ 4,645 Loans collectively evaluated for impairment 10,195 867 20,954 3,759 35,775 Total $ 11,861 $ 914 $ 23,798 $ 3,847 $ 40,420 December 31, 2015 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 2,030 $ 70 $ 2,827 $ 144 $ 5,071 Loans collectively evaluated for impairment 10,614 1,121 21,548 3,523 36,806 Total $ 12,644 $ 1,191 $ 24,375 $ 3,667 $ 41,877 Changes in the allowance for loan losses for the three and nine months ended September 30, 2016 and 2015, are summarized as follows by portfolio segment (in thousands): Three months ended September 30, 2016 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 14,026 $ 1,451 $ 25,644 $ 3,939 $ 45,060 Provision for loan losses 3,248 (358 ) 296 647 3,833 Recoveries 298 4 367 108 777 Charge-offs (3,856 ) (29 ) (86 ) (401 ) (4,372 ) Ending balance $ 13,716 $ 1,068 $ 26,221 $ 4,293 $ 45,298 Three months ended September 30, 2015 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 11,456 $ 392 $ 24,342 $ 2,809 $ 38,999 Provision for loan losses 1,283 544 (369 ) 1,206 2,664 Recoveries 52 — 65 117 234 Charge-offs (930 ) (22 ) (240 ) (285 ) (1,477 ) Ending balance $ 11,861 $ 914 $ 23,798 $ 3,847 $ 40,420 Nine months ended September 30, 2016 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 12,644 $ 1,191 $ 24,375 $ 3,667 $ 41,877 Provision for loan losses 6,239 41 367 1,572 8,219 Recoveries 839 20 1,957 427 3,243 Charge-offs (6,006 ) (184 ) (478 ) (1,373 ) (8,041 ) Ending balance $ 13,716 $ 1,068 $ 26,221 $ 4,293 $ 45,298 Nine months ended September 30, 2015 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 7,990 $ 527 $ 26,657 $ 1,650 $ 36,824 Provision for loan losses 5,072 486 (2,884 ) 2,834 5,508 Recoveries 249 2 438 329 1,018 Charge-offs (1,450 ) (101 ) (413 ) (966 ) (2,930 ) Ending balance $ 11,861 $ 914 $ 23,798 $ 3,847 $ 40,420 The Company’s recorded investment in loans as of September 30, 2016 and 2015, and December 31, 2015 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 $1,853,000, $2,422,000 and $2,178,000 at September 30, 2016 and 2015, and December 31, 2015, respectively, are included in loans individually evaluated for impairment. September 30, 2016 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 12,714 $ 167 $ 19,582 $ 1,249 $ 33,712 Loans collectively evaluated for impairment 650,867 84,549 2,171,678 396,987 3,304,081 Total $ 663,581 $ 84,716 $ 2,191,260 $ 398,236 $ 3,337,793 September 30, 2015 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 5,077 $ 75 $ 16,124 $ 512 $ 21,788 Loans collectively evaluated for impairment 693,329 99,157 2,071,878 380,665 3,245,029 Total $ 698,406 $ 99,232 $ 2,088,002 $ 381,177 $ 3,266,817 December 31, 2015 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 8,761 $ 97 $ 18,766 $ 977 $ 28,601 Loans collectively evaluated for impairment 687,402 102,254 2,117,467 381,326 3,288,449 Total $ 696,163 $ 102,351 $ 2,136,233 $ 382,303 $ 3,317,050 The Company’s loans that were modified in the three and nine months ended September 30, 2016 and 2015 and considered troubled debt restructurings are as follows (in thousands): Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Pre- Modification Post- Pre- Modification Post- Recorded Recorded Recorded Recorded Number Investment Investment Number Investment Investment Commercial 3 $ 230 $ 230 14 $ 3,156 $ 3,156 Agricultural — — — — — — Real Estate 3 706 706 5 1,169 1,169 Consumer 1 44 44 5 162 162 Total 7 $ 980 $ 980 24 $ 4,487 $ 4,487 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Pre- Modification Post- Pre- Modification Post- Recorded Recorded Recorded Recorded Number Investment Investment Number Investment Investment Commercial 1 $ 66 $ 66 3 $ 139 $ 139 Agricultural — — — 3 129 129 Real Estate 1 149 149 2 228 228 Consumer 2 32 32 5 60 60 Total 4 $ 247 $ 247 13 $ 556 $ 556 The balances below provide information as to how the loans were modified as troubled debt restructured loans during the three and nine months ended September 30, 2016 and 2015 (in thousands): Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Adjusted Extended Combined Adjusted Extended Combined Commercial $ — $ 112 $ 118 — $ 2,561 $ 595 Agricultural — — — — — — Real Estate — 185 521 — 298 871 Consumer — — 44 — 43 119 Total $ — $ 297 $ 683 — $ 2,902 $ 1,585 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Adjusted Extended Combined Adjusted Extended Combined Commercial $ — $ 66 $ — $ — $ 139 $ — Agricultural — — — — 129 — Real Estate — 149 — — 149 79 Consumer — 32 — — 36 24 Total $ — $ 247 $ — $ — $ 453 $ 103 During the three months ended September 30, 2016, two loans were modified as troubled debt restructured loan within the previous 12 months and for which there was a payment default. There were no such defaults in the three months ended September 30, 2015. During the nine months ended September 30, 2016 and 2015, three loans and one loan, respectively, were modified as a troubled debt restructured loan 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 due or more or results in the foreclosure and repossession of the applicable collateral. The loans with payment default are as follows (dollars in thousands): Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Number Balance Number Balance Commercial 1 $ 62 1 $ 62 Agriculture — — — — Real Estate 1 112 2 462 Consumer — — — — Total 2 $ 174 3 $ 524 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Number Balance Number Balance Commercial — $ — 1 $ 111 Agriculture — — — — Real Estate — — — — Consumer — — — — Total — $ — 1 $ 111 As of September 30, 2016, the Company has no commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings. Our subsidiary bank has established a line of credit with the Federal Home Loan Bank of Dallas (FHLB) to provide liquidity and meet pledging requirements for those customers eligible to have securities pledged to secure certain uninsured deposits. At September 30, 2016, $2,037,821,000 in loans held by our bank subsidiary were subject to blanket liens as security for this line of credit. At September 30, 2016, $160,000,000 were outstanding under this line of credit. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 6 – Borrowings Borrowings at September 30, 2016 and 2015, and December 31, 2015 consisted of the following (dollars in thousands): September 30, December 31, 2016 2015 2015 Securities sold under agreements with customers to repurchase $ 345,559 $ 324,150 $ 310,330 Federal funds purchased 8,200 6,725 6,325 Advances from Federal Home Loan Bank of Dallas 160,000 170,028 299,020 Total $ 513,759 $ 500,903 $ 615,675 Securities sold under repurchase agreements are generally with significant customers of the Company that require short-term liquidity for their funds for which the Company pledges certain securities that have a fair value equal to at least the amount of the borrowings. The agreements mature daily and therefore the risk arising from a decline in the fair value of the collateral pledged is minimal. The securities pledged are mortgage-backed securities. These agreements do not include “right of set-off” provisions and therefore the Company does not offset such agreements for financial reporting purposes. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 - Income Taxes Income tax expense was $7,440,000 for the third quarter of 2016 as compared to $8,021,000 for the same period in 2015. The Company’s effective tax rates on pretax income were 22.52% and 23.66% for the third quarters of 2016 and 2015, respectively. Income tax expense was $23,544,000 for the nine months ended September 30, 2016 as compared to $23,867,000 for the same period in 2015. The Company’s effective tax rates on pretax income were 23.16% and 24.09% for the nine months ended September 30, 2016 and 2015, respectively. The effective tax rates differ from the statutory federal tax rate of 35% primarily due to tax exempt interest income earned on certain investment securities and loans and the deductibility of dividends paid to our employee stock ownership plan. |
Stock Option Plan and Restricte
Stock Option Plan and Restricted Stock Plan | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plan and Restricted Stock Plan | Note 8 - Stock Option Plan and Restricted Stock Plan The Company grants incentive stock options for a fixed number of shares with an exercise price equal to the fair value of the shares at the date of grant to employees. Through September 30, 2016, no options have been granted in 2016. On October 27, 2015, the Company granted 455,000 shares in incentive stock options at an exercise price of $33.89 to its employees. The Company recorded stock option expense totaling $220,000 and $182,000 for the three-month periods ended September 30, 2016 and 2015, respectively. The Company recorded stock option expense totaling $661,000 and $543,000 for the nine months ended September 30, 2016 and 2015, respectively. The additional disclosure requirements under authoritative accounting guidance have been omitted due to the amounts being insignificant. On April 28, 2015, shareholders of the Company approved a restricted stock plan for selected employees, officers, non-employee directors and consultants. On July 21, 2015, 7,070 shares were granted to the ten non-employee directors. Total value of these shares totaled $250,000 and was expensed over the period from grant date to April 26, 2016, the annual shareholders’ meeting at which these director’s term expired. On April 26, 2016, upon re-election of existing directors, 7,660 shares with a total value of $250,000 were granted to the ten non-employee directors and is being expensed over the period from grant day to April 25, 2017, the next scheduled annual shareholders’ meeting at which the current directors’ current term will expire. The Company recorded director expense related to these restricted stock grants of $63,000 and $56,000, respectively, for the three months ended September 30, 2016 and 2015 and $215,000 and $56,000, respectively, for the nine months ended September 30, 2016 and 2015. On October 27, 2015, the Company also granted 32,748 shares with a total value of $1,110,000 to certain officers that is being expensed over the vesting period of three years. The Company recorded restricted stock grant expense for officers of $88,000 for the three month period ended September 30, 2016. The Company recorded restricted stock grant expense for officers of $262,000 for the nine month period ended September 30, 2016. |
Pension Plan
Pension Plan | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plan | Note 9 - Pension Plan 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 $500,000 in 2015 and through September 30, 2016 has made a contribution of $500,000. Net periodic benefit costs totaling $82,000 and $83,000 were recorded for the three months ended September 30, 2016 and 2015, respectively. Net periodic benefit costs totaling $247,000 and $232,000 were recorded for the nine months ended September 30, 2016 and 2015, respectively. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Note 10 - Fair Value Disclosures The authoritative accounting guidance for fair value measurements defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The authoritative accounting guidance requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement costs). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, the authoritative guidance establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: • Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 Inputs – Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities. A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Securities classified as available-for-sale and trading are reported at fair value utilizing Level 1 and Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include market spreads, cash flows, the United States Treasury yield curve, live trading levels, trade execution data, dealer quotes, market consensus prepayments speeds, credit information and the security’s terms and conditions, among other items. There were no transfers between Level 2 and Level 3 during the three and nine months ended September 30, 2016 and 2015, and the year ended December 31, 2015. The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2016 and 2015, and December 31, 2015, respectively, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands): September 30, 2016 Level 1 Level 2 Level 3 Total Fair Available-for-sale investment securities: U.S. Treasury securities $ 10,739 $ — $ — $ 10,739 Obligations of U. S. government sponsored enterprises and agencies — 115,720 — 115,720 Obligations of states and political subdivisions — 1,502,716 — 1,502,716 Corporate bonds — 65,037 — 65,037 Residential mortgage-backed securities — 766,499 — 766,499 Commercial mortgage-backed securities — 263,747 — 263,747 Other securities 4,572 — — 4,572 Total $ 15,311 $ 2,713,719 $ — $ 2,729,030 September 30, 2015 Level 1 Level 2 Level 3 Total Fair Available-for-sale investment securities: U.S. Treasury securities $ 10,917 $ — $ — $ 10,917 Obligations of U. S. government sponsored enterprises and agencies — 155,197 — 155,197 Obligations of states and political subdivisions — 1,437,151 — 1,437,151 Corporate bonds — 86,342 — 86,342 Residential mortgage-backed securities — 832,859 — 832,859 Commercial mortgage-backed securities — 209,920 — 209,920 Other securities 4,967 — — 4,967 Total $ 15,884 $ 2,721,469 $ — $ 2,737,353 December 31, 2015 Level 1 Level 2 Level 3 Total Fair Available-for-sale investment securities: U.S. Treasury securities $ 10,795 $ — $ — $ 10,795 Obligations of U. S. government sponsored enterprises and agencies — 148,554 — 148,554 Obligations of states and political subdivisions — 1,451,127 — 1,451,127 Corporate bonds — 83,254 — 83,254 Residential mortgage-backed securities — 788,882 — 788,882 Commercial mortgage-backed securities — 246,586 — 246,586 Other securities 4,701 — — 4,701 Total $ 15,496 $ 2,718,403 $ — $ 2,733,899 Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis, that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Financial assets and financial liabilities measured at fair value on a non-recurring basis include the following at September 30, 2016: 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. At September 30, 2016, impaired loans with a carrying value of $33,712,000 were reduced by specific valuation reserves totaling $7,042,000 resulting in a net fair value of $26,670,000. Loans Held-for-Sale – Loans held-for-sale are reported at the lower of cost or fair value. In determining whether the fair value of loans held-for-sale is less than cost when quoted market prices are not available, the Company considers investor commitments/contracts. These loans are considered Level 2 of the fair value hierarchy. At September 30, 2016, the Company’s mortgage loans held-for-sale were recorded at cost as fair value exceeded cost. Certain non-financial assets and non-financial liabilities measured at fair value on a non-recurring basis include other real estate owned, goodwill and other intangible assets and other non-financial long-lived assets. Non-financial assets measured at fair value on a non-recurring basis during the three months and nine months ended September 30, 2016 and 2015 include other real estate owned which, subsequent to their initial transfer to other real estate owned from loans, were re-measured at fair value through a write-down included in gain (loss) on sale of foreclosed assets. During the reported periods, all fair value measurements for foreclosed assets utilized Level 2 inputs based on observable market data, generally third-party appraisals, or Level 3 inputs based on customized discounting criteria. These appraisals are evaluated individually and discounted as necessary due to the age of the appraisal, lack of comparable sales, expected holding periods of property or special use type of the property. Such discounts vary by appraisal based on the above factors but generally range from 5% to 25% of the appraised value. Re-evaluation of other real estate owned is performed at least annually as required by regulatory guidelines or more often if particular circumstances arise. The following table presents other real estate owned that were re-measured subsequent to their initial transfer to other real estate owned (dollars in thousands): Three Months Ended 2016 2015 Carrying value of other real estate owned prior to re-measurement $ — $ — Write-downs included in gain (loss) on sale of other real estate owned — — Fair value $ — $ — Nine Months Ended 2016 2015 Carrying value of other real estate owned prior to re-measurement $ — $ 351 Write-downs included in gain (loss) on sale of other real estate owned — (95 ) Fair value $ — $ 256 At September 30, 2016 and 2015, and December 31, 2015, other real estate owned totaled $241,000, $360,000, and $153,000, 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 Levels 1 or 2 of the fair value hierarchy. Financial instruments with stated maturities have been valued using a present value discounted cash flow with a discount rate approximating current market for similar assets and liabilities and are considered Levels 2 and 3 of the fair value hierarchy. Financial instrument liabilities with no stated maturities have an estimated fair value equal to both the amount payable on demand and the carrying value and are considered Level 1 of the fair value hierarchy. The carrying value and the estimated fair value of the Company’s contractual off-balance-sheet unfunded lines of credit, loan commitments and letters of credit, which are generally priced at market at the time of funding, are not material. The estimated fair values and carrying values of all financial instruments under current authoritative guidance at September 30, 2016 and 2015, and December 31, 2015, were as follows (in thousands): September 30, December 31, 2016 2015 2015 Carrying Estimated Carrying Estimated Carrying Estimated Fair Value Cash and due from banks $ 166,981 $ 166,981 $ 133,340 $ 133,340 $ 179,140 $ 179,140 Level 1 Federal funds sold 3,400 3,400 2,790 2,790 3,810 3,810 Level 1 Interest-bearing deposits in banks 117,334 117,334 4,268 4,268 89,936 89,936 Level 1 Interest-bearing time deposits in banks 1,707 1,709 4,491 4,498 3,495 3,500 Level 2 Available-for-sale Securities 2,729,030 2,729,030 2,737,353 2,737,353 2,733,899 2,733,899 Levels 1 Held-to-maturity securities 129 133 286 291 278 283 Level 2 Loans 3,324,086 3,334,965 3,248,002 3,249,558 3,308,716 3,316,243 Level 3 Accrued interest receivable 26,209 26,209 26,888 26,888 34,697 34,697 Level 2 Deposits with stated maturities 535,793 537,167 652,919 654,705 620,852 622,572 Level 2 Deposits with no stated maturities 4,699,671 4,699,671 4,444,364 4,444,364 4,569,317 4,569,317 Level 1 Borrowings 513,759 513,759 500,903 500,903 615,675 615,675 Level 2 Accrued interest Payable 230 230 261 261 240 240 Level 2 |
Recently Issued Authoritative A
Recently Issued Authoritative Accounting Guidance | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Authoritative Accounting Guidance | Note 11 - Recently Issued Authoritative Accounting Guidance Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers.” ASU 2014-11, “Transfers and Servicing.” ASU 2014-14, “Receivables – Troubled Debt Restructuring by Creditors.” ASU 2015-01, “Income Statement – Extraordinary and Unusual Items.” ASU 2015-05, “Intangibles – Goodwill and Other – Internal-Use Software – Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” ASU 2015-16, “Business Combinations – Simplifying the Accounting Measurement Period Adjustments. ASU 2016-1, “No. 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-02, “Leases.” ASU 2016-09, “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting.” ASU 2016-13, “Financial Instruments – Credit Losses.” |
Acquisition and Asset Purchase
Acquisition and Asset Purchase | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisition and Asset Purchase | Note 12 – Acquisition and Asset Purchase On April 1, 2015, we entered into an agreement and plan of reorganization to acquire FBC Bancshares, Inc. and its wholly owned bank subsidiary, First Bank, N.A., Conroe, Texas (“First Bank”). On July 31, 2015, the transaction was completed. Pursuant to the agreement, we issued 1,755,374 shares of the Company’s common stock in exchange for all of the outstanding shares of FBC Bancshares, Inc. At closing, FBC Bancshares, Inc. was merged into the Company and First Bank was merged into First Financial Bank, National Association, 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 45 in southern Texas, north of Houston. Factors that contributed to a purchase price resulting in goodwill include First Bank’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 August 1, 2015. 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: Common stock issued (1,755,374 shares) $ 59,648 Fair value of identifiable assets acquired: Cash and cash equivalents 65,197 Securities available-for-sale 42,903 Loans 248,380 Identifiable intangible assets 2,343 Other assets 15,262 Total identifiable assets acquired 374,085 Fair value of liabilities assumed: Deposits 343,583 Subordinated debt 13,125 Other liabilities 1,651 Total liabilities assumed 358,359 Fair value of net identifiable assets acquired 15,726 Goodwill resulting from acquisition $ 43,922 Goodwill recorded in the acquisition 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 not deductible for federal income tax purposes. The subordinated debt of $13,125,000 was paid off August 3, 2015, subsequent to closing. The fair value of total loans acquired was $248,380,000 at acquisition compared to contractual amounts of $252,458,000. The fair value of purchased credit impaired loans at acquisition was $1,398,000 compared to contractual amounts of $1,704,000. Additional purchased credit impaired loan disclosures were omitted due to immateriality. All other acquired loans were considered performing loans. First Bank had branches in Conroe, Magnolia, Montgomery, Tomball, Cut and Shoot and Huntsville, all located north of Houston, Texas. On February 26, 2016, the Company closed First Bank’s Huntsville location and consolidated the branch with the Company’s existing Huntsville location. On April 8, 2015, the Company announced that it had entered into an asset purchase agreement with 4Trust Mortgage, Inc. for a cash purchase price of $1,900,000. The asset purchase was finalized on May 31, 2015, which we refer to herein as the “4Trust asset purchase.” The total asset purchase price exceeded the estimated fair value of assets purchased by approximately $1,750,000 and the Company recorded such excess as goodwill. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Loans and Allowance for Loan Losses | Loans held for investment are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. Interest on loans is calculated by using the simple interest method on daily balances of the principal amounts outstanding. The Company defers and amortizes net loan origination fees and costs as an adjustment to yield. The allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for loan losses when management believes the collectability of the principal is unlikely. The Company has certain lending policies and procedures in place that are designed to maximize loan income with an acceptable level of risk. Management reviews and approves these policies and procedures on an annual basis and makes changes as appropriate. Management receives and reviews monthly reports related to loan originations, quality, concentrations, delinquencies, nonperforming and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions, both by type of loan and geographic location. Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and effectively. Underwriting standards are designed to determine whether the borrower possesses sound business ethics and practices and to evaluate current and projected cash flows to determine the ability of the borrower to repay their obligations as agreed. Commercial loans are primarily made based on the identified cash flows of the borrower and, secondarily, on the underlying collateral provided by the borrower. Most commercial loans are secured by the assets being financed or other business assets, such as accounts receivable or inventory, and include personal guarantees. Agricultural loans are subject to underwriting standards and processes similar to commercial loans. These agricultural loans are based primarily on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. Most agricultural loans are secured by the agriculture related assets being financed, such as farm land, cattle or equipment, and include personal guarantees. Real estate loans are also subject to underwriting standards and processes similar to commercial and agricultural loans. These loans are underwritten primarily based on projected cash flows and, secondarily, as loans secured by real estate. The repayment of real estate loans is generally largely dependent on the successful operation of the property securing the loans or the business conducted on the property securing the loan. Real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s real estate portfolio are generally diverse in terms of type and geographic location within Texas. This diversity helps reduce the exposure to adverse economic events that affect any single market or industry. Generally, real estate loans are owner occupied which further reduces the Company’s risk. Consumer loan underwriting utilizes methodical credit standards and analysis to supplement the Company’s underwriting policies and procedures. The Company’s loan policy addresses types of consumer loans that may be originated and the collateral, if secured, which must be perfected. The relatively smaller individual dollar amounts of consumer loans that are spread over numerous individual borrowers also minimize the Company’s risk. The allowance for loan losses is an amount 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 decline in the economy and employment rates 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 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 September 30, 2016 and 2015, and December 31, 2015, 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 September 30, 2016 and 2015, and December 31, 2015, 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 nine 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, non-accrual 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 interest income over the estimated life of the acquired loan portfolio. 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 September 30, 2016 and 2015, and December 31, 2015, was $1,853,000, $2,422,000 and $2,178,000, respectively, compared to a contractual balance of $2,528,000, $3,213,000, and $2,936,000, respectively. Other purchased credit impaired loan disclosures were omitted due to immateriality. |
Fair Value Disclosures | The authoritative accounting guidance for fair value measurements defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The authoritative accounting guidance requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement costs). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, the authoritative guidance establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: • Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 Inputs – Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities. A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Securities classified as available-for-sale and trading are reported at fair value utilizing Level 1 and Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include market spreads, cash flows, the United States Treasury yield curve, live trading levels, trade execution data, dealer quotes, market consensus prepayments speeds, credit information and the security’s terms and conditions, among other items. |
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 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 states 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. |
Recently Issued Authoritative Accounting Guidance | Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers.” ASU 2014-11, “Transfers and Servicing.” ASU 2014-14, “Receivables – Troubled Debt Restructuring by Creditors.” ASU 2015-01, “Income Statement – Extraordinary and Unusual Items.” ASU 2015-05, “Intangibles – Goodwill and Other – Internal-Use Software – Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” ASU 2015-16, “Business Combinations – Simplifying the Accounting Measurement Period Adjustments. ASU 2016-1, “No. 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-02, “Leases.” ASU 2016-09, “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting.” ASU 2016-13, “Financial Instruments – Credit Losses.” |
Interest-bearing Time Deposit23
Interest-bearing Time Deposits in Banks and Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Available-for-Sale Securities | A summary of the Company’s available-for-sale securities follows (in thousands): September 30, 2016 Amortized Gross Gross Estimated U.S. Treasury securities $ 10,685 $ 54 $ — $ 10,739 Obligations of U.S. government sponsored enterprises and agencies 114,918 802 — 115,720 Obligations of states and political subdivisions 1,419,737 83,694 (715 ) 1,502,716 Corporate bonds and other 68,285 1,325 (1 ) 69,609 Residential mortgage-backed securities 750,673 17,125 (1,299 ) 766,499 Commercial mortgage-backed securities 259,636 4,200 (89 ) 263,747 Total securities available-for-sale $ 2,623,934 $ 107,200 $ (2,104 ) $ 2,729,030 September 30, 2015 Amortized Gross Gross Estimated U.S. Treasury securities $ 10,828 $ 89 $ — $ 10,917 Obligations of U.S. government sponsored enterprises and agencies 153,960 1,237 — 155,197 Obligations of states and political subdivisions 1,375,958 62,005 (812 ) 1,437,151 Corporate bonds and other 88,927 2,382 — 91,309 Residential mortgage-backed securities 817,791 16,566 (1,498 ) 832,859 Commercial mortgage-backed securities 207,778 2,175 (33 ) 209,920 Total securities available-for-sale $ 2,655,242 $ 84,454 $ (2,343 ) $ 2,737,353 December 31, 2015 Amortized Gross Gross Estimated U.S. Treasury securities $ 10,792 $ 5 $ (2 ) $ 10,795 Obligations of U.S. government sponsored enterprises and agencies 148,393 268 (107 ) 148,554 Obligations of states and political subdivisions 1,379,879 71,382 (134 ) 1,451,127 Corporate bonds and other 86,182 1,778 (5 ) 87,955 Residential mortgage-backed securities 781,648 10,993 (3,759 ) 788,882 Commercial mortgage-backed securities 247,991 429 (1,834 ) 246,586 Total securities available-for-sale $ 2,654,885 $ 84,855 $ (5,841 ) $ 2,733,899 |
Amortized Cost and Estimated Fair Value of Available-for-Sale Securities | The amortized cost and estimated fair value of available-for-sale securities at September 30, 2016, by contractual and expected maturity, are shown below (in thousands): Amortized Estimated Due within one year $ 195,637 $ 197,334 Due after one year through five years 675,403 710,096 Due after five years through ten years 740,541 788,744 Due after ten years 2,044 2,610 Mortgage-backed securities 1,010,309 1,030,246 Total $ 2,623,934 $ 2,729,030 |
Continuous Unrealized-Loss Position of Available-for-Sale Securities | The following tables disclose, as of September 30, 2016 and 2015, and December 31, 2015, 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 September 30, 2016 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of states and political subdivisions $ 82,131 $ 711 $ 741 $ 4 $ 82,872 $ 715 Corporate bonds and other 12,257 1 — — 12,257 1 Residential mortgage-backed securities 80,015 267 57,334 1,032 137,349 1,299 Commercial mortgage-backed securities 10,213 25 13,692 64 23,905 89 Total $ 184,616 $ 1,004 $ 71,767 $ 1,100 $ 256,383 $ 2,104 Less than 12 Months 12 Months or Longer Total September 30, 2015 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of states and political subdivisions $ 97,670 $ 792 $ 2,233 $ 20 $ 99,903 $ 812 Residential mortgage-backed securities 62,765 396 65,614 1,102 128,379 1,498 Commercial mortgage-backed securities 5,878 9 9,466 24 15,344 33 Total $ 166,313 $ 1,197 $ 77,313 $ 1,146 $ 243,626 $ 2,343 Less than 12 Months 12 Months or Longer Total December 31, 2015 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 5,110 $ 2 $ — $ — $ 5,110 $ 2 Obligations of U.S. government sponsored enterprises and agencies 50,388 107 — — 50,388 107 Obligations of states and political subdivisions 32,929 127 1,513 7 34,442 134 Corporate bonds and other 7,004 5 — — 7,004 5 Residential mortgage-backed securities 231,481 1,765 63,919 1,994 295,400 3,759 Commercial mortgage-backed securities 196,163 1,752 9,345 82 205,508 1,834 Total $ 523,075 $ 3,758 $ 74,777 $ 2,083 $ 597,852 $ 5,841 |
Loans and Allowance for Loan 24
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans Held-for-Investment by Class of Financing Receivables | Loans held-for-investment by class of financing receivables are as follows (in thousands): September 30, December 31, 2016 2015 2015 Commercial $ 663,581 $ 698,406 $ 696,163 Agricultural 84,716 99,232 102,351 Real estate 2,191,260 2,088,002 2,136,233 Consumer 398,236 381,177 382,303 Total loans held-for-investment $ 3,337,793 $ 3,266,817 $ 3,317,050 |
Non-Accrual Loans, Loans Still Accruing and Past Due 90 Days or More and Restructured Loans | The Company’s non-accrual loans, loans still accruing and past due 90 days or more and restructured loans are as follows (in thousands): September 30, December 31, 2016 2015 2015 Non-accrual loans* $ 33,712 $ 21,788 $ 28,601 Loans still accruing and past due 90 days or more 107 49 341 Troubled debt restructured loans** 750 204 199 Total $ 34,569 $ 22,041 $ 29,141 * Includes $1,853,000, $2,422,000 and $2,178,000 of purchased credit impaired loans as of September 30, 2016 and 2015, and December 31, 2015, respectively. ** Troubled debt restructured loans of $7,513,000, $6,462,000 and $6,113,000, whose interest collection, after considering economic and business conditions and collection efforts, is doubtful are included in non-accrual loans at September 30, 2016 and 2015, and December 31, 2015, 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): September 30, 2016 September 30, 2015 December 31, 2015 Recorded Valuation Recorded Valuation Recorded Valuation $ 33,712 $ 7,042 $ 21,788 $ 4,645 $ 28,601 $ 5,071 |
Schedule of Non-Accrual Loans | Non-accrual loans at September 30, 2016 and 2015, and December 31, 2015, consisted of the following by class of financing receivables (in thousands): September 30, December 31, 2016 2015 2015 Commercial $ 12,714 $ 5,077 $ 8,761 Agricultural 167 75 97 Real estate 19,582 16,124 18,766 Consumer 1,249 512 977 Total $ 33,712 $ 21,788 $ 28,601 |
Schedule of Impaired Loans and Related Allowance | The Company’s impaired loans and related allowance as of September 30, 2016 and 2015, and December 31, 2015, are 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. September 30, 2016 Unpaid Recorded Recorded Total Related Year-to-Date Three-Month Commercial $ 21,696 $ 1,067 $ 11,647 $ 12,714 $ 3,983 $ 8,421 $ 14,238 Agricultural 168 — 167 167 41 83 84 Real Estate 24,130 5,626 13,956 19,582 2,566 17,021 19,436 Consumer 1,479 324 925 1,249 452 989 1,166 Total $ 47,473 $ 7,017 $ 26,695 $ 33,712 $ 7,042 $ 26,514 $ 34,924 * Includes $1,853,000 of purchased credit impaired loans. September 30, 2015 Unpaid Recorded Recorded Total Related Year-to-Date Three-month Commercial $ 6,351 $ 413 $ 4,664 $ 5,077 $ 1,666 $ 4,037 $ 4,316 Agricultural 121 — 75 75 47 55 85 Real Estate 22,796 4,341 11,783 16,124 2,844 15,222 15,114 Consumer 698 343 169 512 88 441 511 Total $ 29,966 $ 5,097 $ 16,691 $ 21,788 $ 4,645 $ 19,755 $ 20,026 * Includes $2,422,000 of purchased credit impaired loans. December 31, 2015 Unpaid Recorded Recorded Total Related Year Commercial $ 10,056 $ 608 $ 8,153 $ 8,761 $ 2,030 $ 5,812 Agricultural 97 — 97 97 70 48 Real Estate 23,710 5,314 13,452 18,766 2,827 15,211 Consumer 1,167 624 353 977 144 664 Total $ 35,030 $ 6,546 $ 22,055 $ 28,601 $ 5,071 $ 21,735 * Includes $2,178,000 of purchased 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 are the same, at September 30, 2016 and 2015, and December 31, 2015 (in thousands): September 30, 2016 Pass Special Substandard Doubtful Total Commercial $ 614,900 $ 6,108 $ 42,573 $ — $ 663,581 Agricultural 82,400 — 2,316 — 84,716 Real Estate 2,118,807 19,064 53,389 — 2,191,260 Consumer 395,086 316 2,832 2 398,236 Total $ 3,211,193 $ 25,488 $ 101,110 $ 2 $ 3,337,793 September 30, 2015 Pass Special Substandard Doubtful Total Commercial $ 656,566 $ 19,242 $ 22,598 $ — $ 698,406 Agricultural 98,180 148 904 — 99,232 Real Estate 2,020,556 23,542 43,846 58 2,088,002 Consumer 379,397 352 1,424 4 381,177 Total $ 3,154,699 $ 43,284 $ 68,772 $ 62 $ 3,266,817 December 31, 2015 Pass Special Substandard Doubtful Total Commercial $ 633,083 $ 9,762 $ 53,318 $ — $ 696,163 Agricultural 99,862 1,398 1,091 — 102,351 Real Estate 2,054,738 29,000 52,458 37 2,136,233 Consumer 379,941 416 1,946 — 382,303 Total $ 3,167,624 $ 40,576 $ 108,813 $ 37 $ 3,317,050 |
Schedule of Past Due Loans | At September 30, 2016 and 2015, and December 31, 2015, the Company’s past due loans are as follows (in thousands): September 30, 2016 15-59 60-89 Greater Total Current Total 90 Days Commercial $ 4,707 $ 841 $ 6,950 $ 12,498 $ 651,083 $ 663,581 $ 61 Agricultural 523 63 — 586 84,130 84,716 — Real Estate 13,444 1,496 3,376 18,316 2,172,944 2,191,260 34 Consumer 1,418 314 180 1,912 396,324 398,236 12 Total $ 20,092 $ 2,714 $ 10,506 $ 33,312 $ 3,304,481 $ 3,337,793 $ 107 September 30, 2015 15-59 60-89 Greater Total Current Total 90 Days Commercial $ 11,554 $ 1,043 $ 202 $ 12,799 $ 685,607 $ 698,406 $ — Agricultural 169 28 33 230 99,002 99,232 — Real Estate 19,392 1,267 2,328 22,987 2,065,015 2,088,002 21 Consumer 1,657 467 53 2,177 379,000 381,177 28 Total $ 32,772 $ 2,805 $ 2,616 $ 38,193 $ 3,228,624 $ 3,266,817 $ 49 December 31, 2015 15-59 60-89 Greater Total Total Total Total 90 Commercial $ 3,099 $ 3,652 $ 1,024 $ 7,775 $ 688,388 $ 696,163 $ 54 Agricultural 348 83 — 431 101,920 102,351 — Real Estate 12,247 2,226 2,874 17,347 2,118,886 2,136,233 217 Consumer 1,645 183 266 2,094 380,209 382,303 70 Total $ 17,339 $ 6,144 $ 4,164 $ 27,647 $ 3,289,403 $ 3,317,050 $ 341 * 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. |
Schedule of Allowance for Loan Losses by Portfolio Segment | The following table details the allowance for loan losses at September 30, 2016 and 2015, and December 31, 2015, by portfolio segment (in thousands). There were no allowances for purchased credit impaired loans at September 30, 2016 and 2015, and December 31, 2015. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. September 30, 2016 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 3,983 $ 41 $ 2,566 $ 452 $ 7,042 Loans collectively evaluated for impairment 9,733 1,027 23,655 3,841 38,256 Total $ 13,716 $ 1,068 $ 26,221 $ 4,293 $ 45,298 September 30, 2015 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 1,666 $ 47 $ 2,844 $ 88 $ 4,645 Loans collectively evaluated for impairment 10,195 867 20,954 3,759 35,775 Total $ 11,861 $ 914 $ 23,798 $ 3,847 $ 40,420 December 31, 2015 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 2,030 $ 70 $ 2,827 $ 144 $ 5,071 Loans collectively evaluated for impairment 10,614 1,121 21,548 3,523 36,806 Total $ 12,644 $ 1,191 $ 24,375 $ 3,667 $ 41,877 |
Changes in Allowance for Loan Losses | Changes in the allowance for loan losses for the three and nine months ended September 30, 2016 and 2015, are summarized as follows by portfolio segment (in thousands): Three months ended September 30, 2016 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 14,026 $ 1,451 $ 25,644 $ 3,939 $ 45,060 Provision for loan losses 3,248 (358 ) 296 647 3,833 Recoveries 298 4 367 108 777 Charge-offs (3,856 ) (29 ) (86 ) (401 ) (4,372 ) Ending balance $ 13,716 $ 1,068 $ 26,221 $ 4,293 $ 45,298 Three months ended September 30, 2015 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 11,456 $ 392 $ 24,342 $ 2,809 $ 38,999 Provision for loan losses 1,283 544 (369 ) 1,206 2,664 Recoveries 52 — 65 117 234 Charge-offs (930 ) (22 ) (240 ) (285 ) (1,477 ) Ending balance $ 11,861 $ 914 $ 23,798 $ 3,847 $ 40,420 Nine months ended September 30, 2016 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 12,644 $ 1,191 $ 24,375 $ 3,667 $ 41,877 Provision for loan losses 6,239 41 367 1,572 8,219 Recoveries 839 20 1,957 427 3,243 Charge-offs (6,006 ) (184 ) (478 ) (1,373 ) (8,041 ) Ending balance $ 13,716 $ 1,068 $ 26,221 $ 4,293 $ 45,298 Nine months ended September 30, 2015 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 7,990 $ 527 $ 26,657 $ 1,650 $ 36,824 Provision for loan losses 5,072 486 (2,884 ) 2,834 5,508 Recoveries 249 2 438 329 1,018 Charge-offs (1,450 ) (101 ) (413 ) (966 ) (2,930 ) Ending balance $ 11,861 $ 914 $ 23,798 $ 3,847 $ 40,420 |
Schedule of Investment in Loans Related to Balance in Allowance for Loan Losses on Basis of Company's Impairment Methodology | The Company’s recorded investment in loans as of September 30, 2016 and 2015, and December 31, 2015 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 $1,853,000, $2,422,000 and $2,178,000 at September 30, 2016 and 2015, and December 31, 2015, respectively, are included in loans individually evaluated for impairment. September 30, 2016 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 12,714 $ 167 $ 19,582 $ 1,249 $ 33,712 Loans collectively evaluated for impairment 650,867 84,549 2,171,678 396,987 3,304,081 Total $ 663,581 $ 84,716 $ 2,191,260 $ 398,236 $ 3,337,793 September 30, 2015 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 5,077 $ 75 $ 16,124 $ 512 $ 21,788 Loans collectively evaluated for impairment 693,329 99,157 2,071,878 380,665 3,245,029 Total $ 698,406 $ 99,232 $ 2,088,002 $ 381,177 $ 3,266,817 December 31, 2015 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 8,761 $ 97 $ 18,766 $ 977 $ 28,601 Loans collectively evaluated for impairment 687,402 102,254 2,117,467 381,326 3,288,449 Total $ 696,163 $ 102,351 $ 2,136,233 $ 382,303 $ 3,317,050 |
Schedule of Loans Modified and Considered Troubled Debt Restructurings | The Company’s loans that were modified in the three and nine months ended September 30, 2016 and 2015 and considered troubled debt restructurings are as follows (in thousands): Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Pre- Modification Post- Pre- Modification Post- Recorded Recorded Recorded Recorded Number Investment Investment Number Investment Investment Commercial 3 $ 230 $ 230 14 $ 3,156 $ 3,156 Agricultural — — — — — — Real Estate 3 706 706 5 1,169 1,169 Consumer 1 44 44 5 162 162 Total 7 $ 980 $ 980 24 $ 4,487 $ 4,487 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Pre- Modification Post- Pre- Modification Post- Recorded Recorded Recorded Recorded Number Investment Investment Number Investment Investment Commercial 1 $ 66 $ 66 3 $ 139 $ 139 Agricultural — — — 3 129 129 Real Estate 1 149 149 2 228 228 Consumer 2 32 32 5 60 60 Total 4 $ 247 $ 247 13 $ 556 $ 556 |
Schedule of How Loans Were Modified as Troubled Debt Restructured Loans | The balances below provide information as to how the loans were modified as troubled debt restructured loans during the three and nine months ended September 30, 2016 and 2015 (in thousands): Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Adjusted Extended Combined Adjusted Extended Combined Commercial $ — $ 112 $ 118 — $ 2,561 $ 595 Agricultural — — — — — — Real Estate — 185 521 — 298 871 Consumer — — 44 — 43 119 Total $ — $ 297 $ 683 — $ 2,902 $ 1,585 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Adjusted Extended Combined Adjusted Extended Combined Commercial $ — $ 66 $ — $ — $ 139 $ — Agricultural — — — — 129 — Real Estate — 149 — — 149 79 Consumer — 32 — — 36 24 Total $ — $ 247 $ — $ — $ 453 $ 103 |
Schedule of Troubled Debt Restructurings | The loans with payment default are as follows (dollars in thousands): Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Number Balance Number Balance Commercial 1 $ 62 1 $ 62 Agriculture — — — — Real Estate 1 112 2 462 Consumer — — — — Total 2 $ 174 3 $ 524 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Number Balance Number Balance Commercial — $ — 1 $ 111 Agriculture — — — — Real Estate — — — — Consumer — — — — Total — $ — 1 $ 111 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Borrowings at September 30, 2016 and 2015, and December 31, 2015 consisted of the following (dollars in thousands): September 30, December 31, 2016 2015 2015 Securities sold under agreements with customers to repurchase $ 345,559 $ 324,150 $ 310,330 Federal funds purchased 8,200 6,725 6,325 Advances from Federal Home Loan Bank of Dallas 160,000 170,028 299,020 Total $ 513,759 $ 500,903 $ 615,675 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2016 and 2015, and December 31, 2015, respectively, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands): September 30, 2016 Level 1 Level 2 Level 3 Total Fair Available-for-sale investment securities: U.S. Treasury securities $ 10,739 $ — $ — $ 10,739 Obligations of U. S. government sponsored enterprises and agencies — 115,720 — 115,720 Obligations of states and political subdivisions — 1,502,716 — 1,502,716 Corporate bonds — 65,037 — 65,037 Residential mortgage-backed securities — 766,499 — 766,499 Commercial mortgage-backed securities — 263,747 — 263,747 Other securities 4,572 — — 4,572 Total $ 15,311 $ 2,713,719 $ — $ 2,729,030 September 30, 2015 Level 1 Level 2 Level 3 Total Fair Available-for-sale investment securities: U.S. Treasury securities $ 10,917 $ — $ — $ 10,917 Obligations of U. S. government sponsored enterprises and agencies — 155,197 — 155,197 Obligations of states and political subdivisions — 1,437,151 — 1,437,151 Corporate bonds — 86,342 — 86,342 Residential mortgage-backed securities — 832,859 — 832,859 Commercial mortgage-backed securities — 209,920 — 209,920 Other securities 4,967 — — 4,967 Total $ 15,884 $ 2,721,469 $ — $ 2,737,353 December 31, 2015 Level 1 Level 2 Level 3 Total Fair Available-for-sale investment securities: U.S. Treasury securities $ 10,795 $ — $ — $ 10,795 Obligations of U. S. government sponsored enterprises and agencies — 148,554 — 148,554 Obligations of states and political subdivisions — 1,451,127 — 1,451,127 Corporate bonds — 83,254 — 83,254 Residential mortgage-backed securities — 788,882 — 788,882 Commercial mortgage-backed securities — 246,586 — 246,586 Other securities 4,701 — — 4,701 Total $ 15,496 $ 2,718,403 $ — $ 2,733,899 |
Other Real Estate Owned | The following table presents other real estate owned that were re-measured subsequent to their initial transfer to other real estate owned (dollars in thousands): Three Months Ended 2016 2015 Carrying value of other real estate owned prior to re-measurement $ — $ — Write-downs included in gain (loss) on sale of other real estate owned — — Fair value $ — $ — Nine Months Ended 2016 2015 Carrying value of other real estate owned prior to re-measurement $ — $ 351 Write-downs included in gain (loss) on sale of other real estate owned — (95 ) Fair value $ — $ 256 |
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 September 30, 2016 and 2015, and December 31, 2015, were as follows (in thousands): September 30, December 31, 2016 2015 2015 Carrying Estimated Carrying Estimated Carrying Estimated Fair Value Cash and due from banks $ 166,981 $ 166,981 $ 133,340 $ 133,340 $ 179,140 $ 179,140 Level 1 Federal funds sold 3,400 3,400 2,790 2,790 3,810 3,810 Level 1 Interest-bearing deposits in banks 117,334 117,334 4,268 4,268 89,936 89,936 Level 1 Interest-bearing time deposits in banks 1,707 1,709 4,491 4,498 3,495 3,500 Level 2 Available-for-sale Securities 2,729,030 2,729,030 2,737,353 2,737,353 2,733,899 2,733,899 Levels 1 Held-to-maturity securities 129 133 286 291 278 283 Level 2 Loans 3,324,086 3,334,965 3,248,002 3,249,558 3,308,716 3,316,243 Level 3 Accrued interest receivable 26,209 26,209 26,888 26,888 34,697 34,697 Level 2 Deposits with stated maturities 535,793 537,167 652,919 654,705 620,852 622,572 Level 2 Deposits with no stated maturities 4,699,671 4,699,671 4,444,364 4,444,364 4,569,317 4,569,317 Level 1 Borrowings 513,759 513,759 500,903 500,903 615,675 615,675 Level 2 Accrued interest Payable 230 230 261 261 240 240 Level 2 |
Acquisition and Asset Purchase
Acquisition and Asset Purchase (Tables) - FBC Bancshares, Inc. and First Bank, N.A. [Member] | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Amounts Recorded on Consolidated Balance Sheet on 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: Common stock issued (1,755,374 shares) $ 59,648 |
Schedule of Preliminary Estimated Fair Value Amounts Assigned to Major Asset and Liability Categories at Acquisition Date | Fair value of consideration paid: Common stock issued (1,755,374 shares) $ 59,648 Fair value of identifiable assets acquired: Cash and cash equivalents 65,197 Securities available-for-sale 42,903 Loans 248,380 Identifiable intangible assets 2,343 Other assets 15,262 Total identifiable assets acquired 374,085 Fair value of liabilities assumed: Deposits 343,583 Subordinated debt 13,125 Other liabilities 1,651 Total liabilities assumed 358,359 Fair value of net identifiable assets acquired 15,726 Goodwill resulting from acquisition $ 43,922 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | Sep. 30, 2016Locationshares | Dec. 31, 2015shares | Sep. 30, 2015shares | Apr. 28, 2015shares |
Basis Of Presentation [Line Items] | ||||
Number of locations | 69 | |||
Common stock, shares authorized | shares | 120,000,000 | 120,000,000 | 120,000,000 | 120,000,000 |
Subsidiary of Common Parent [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 8 | |||
Abilene [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 11 | |||
Abilene [Member] | Subsidiary of Common Parent [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
San Angelo [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 3 | |||
San Angelo [Member] | Subsidiary of Common Parent [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Weatherford [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 3 | |||
Cleburne [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 2 | |||
Stephenville [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 2 | |||
Stephenville [Member] | Subsidiary of Common Parent [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Granbury [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 2 | |||
Conroe [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 2 | |||
Acton [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Albany [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Aledo [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Alvarado [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Beaumont [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Beaumont [Member] | Subsidiary of Common Parent [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Boyd [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Bridgeport [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Brock [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Burleson [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Cisco [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Clyde [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Cut and Shoot [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Decatur [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Eastland [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Fort Worth [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Fort Worth [Member] | Subsidiary of Common Parent [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Glen Rose [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Grapevine [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Hereford [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Huntsville [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Keller [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Magnolia [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Mauriceville [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Merkel [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Midlothian [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Mineral Wells [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Montgomery [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Moran [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
New Waverly [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Newton [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Odessa [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Odessa [Member] | Subsidiary of Common Parent [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Orange [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Port Arthur [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Ranger [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Rising Star [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Roby [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Southlake [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Sweetwater [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Sweetwater [Member] | Subsidiary of Common Parent [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Tomball [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Trent [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Trophy Club [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Vidor [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Waxahachie [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Willis [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Willow Park [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 | |||
Lubbock [Member] | Subsidiary of Common Parent [Member] | ||||
Basis Of Presentation [Line Items] | ||||
Number of locations | 1 |
Stock Repurchase - Additional I
Stock Repurchase - Additional Information (Detail) - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2014 | |
Equity, Class of Treasury Stock [Line Items] | ||
Stock repurchase program expiration date | Sep. 30, 2017 | |
Minimum number of shares that company is required to repurchase | 0 | |
Stock repurchased under authorization | 0 | |
Maximum [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Stock repurchase program, number of shares authorized to be repurchased | 1,500,000 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding, basic | 66,023,069 | 65,335,457 | 66,004,797 | 64,540,034 |
Weighted average common shares outstanding, diluted | 66,147,202 | 65,501,697 | 66,135,918 | 64,736,155 |
Interest-bearing Time Deposit31
Interest-bearing Time Deposits in Banks and Securities - Additional Information (Detail) | Sep. 30, 2016USD ($)Investment | Sep. 30, 2016USD ($)Investment | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Investment | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Interest Bearing Time Deposits In Banks And Securities [Line Items] | ||||||
INTEREST-BEARING TIME DEPOSITS IN BANKS | $ 1,707,000 | $ 1,707,000 | $ 4,491,000 | $ 1,707,000 | $ 4,491,000 | $ 3,495,000 |
Held-to-maturity securities | $ 129,000 | $ 129,000 | 286,000 | $ 129,000 | 286,000 | $ 278,000 |
Number of investment positions | Investment | 89 | 89 | 89 | |||
Securities pledged as collateral | $ 1,805,813,000 | $ 1,805,813,000 | $ 1,805,813,000 | |||
Sales of investment securities available-for-sale | 7,410,000 | 27,910,000 | 20,792,000 | 34,541,000 | ||
Gross realized gains from security sales | 239,000 | 142,000 | 1,158,000 | 390,000 | ||
Gross realized losses from security sales or calls | $ 0 | $ 6,000 | $ 5,000 | $ 10,000 | ||
Obligations of States and Political Subdivisions [Member] | Texas [Member] | ||||||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | ||||||
Percentage of securities guaranteed by Texas Permanent School Fund | 32.00% | |||||
Obligations of States and Political Subdivisions [Member] | Texas [Member] | Available-for-Sale Securities [Member] | Geographic Concentration Risk [Member] | ||||||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | ||||||
Concentration risk, percentage | 81.51% | |||||
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 | 3 years |
Interest-bearing Time Deposit32
Interest-bearing Time Deposits in Banks and Securities - Summary of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | $ 2,623,934 | $ 2,654,885 | $ 2,655,242 |
Securities available-for-sale, Gross Unrealized Holding Gains | 107,200 | 84,855 | 84,454 |
Securities available-for-sale, Gross Unrealized Holding Losses | (2,104) | (5,841) | (2,343) |
Securities available-for-sale, Estimated Fair Value | 2,729,030 | 2,733,899 | 2,737,353 |
U.S. Treasury Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | 10,685 | 10,792 | 10,828 |
Securities available-for-sale, Gross Unrealized Holding Gains | 54 | 5 | 89 |
Securities available-for-sale, Gross Unrealized Holding Losses | (2) | ||
Securities available-for-sale, Estimated Fair Value | 10,739 | 10,795 | 10,917 |
Obligations of U.S. Government Sponsored Enterprises and Agencies [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | 114,918 | 148,393 | 153,960 |
Securities available-for-sale, Gross Unrealized Holding Gains | 802 | 268 | 1,237 |
Securities available-for-sale, Gross Unrealized Holding Losses | (107) | ||
Securities available-for-sale, Estimated Fair Value | 115,720 | 148,554 | 155,197 |
Obligations of States and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | 1,419,737 | 1,379,879 | 1,375,958 |
Securities available-for-sale, Gross Unrealized Holding Gains | 83,694 | 71,382 | 62,005 |
Securities available-for-sale, Gross Unrealized Holding Losses | (715) | (134) | (812) |
Securities available-for-sale, Estimated Fair Value | 1,502,716 | 1,451,127 | 1,437,151 |
Corporate Bonds and Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | 68,285 | 86,182 | 88,927 |
Securities available-for-sale, Gross Unrealized Holding Gains | 1,325 | 1,778 | 2,382 |
Securities available-for-sale, Gross Unrealized Holding Losses | (1) | (5) | |
Securities available-for-sale, Estimated Fair Value | 69,609 | 87,955 | 91,309 |
Residential Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | 750,673 | 781,648 | 817,791 |
Securities available-for-sale, Gross Unrealized Holding Gains | 17,125 | 10,993 | 16,566 |
Securities available-for-sale, Gross Unrealized Holding Losses | (1,299) | (3,759) | (1,498) |
Securities available-for-sale, Estimated Fair Value | 766,499 | 788,882 | 832,859 |
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | 259,636 | 247,991 | 207,778 |
Securities available-for-sale, Gross Unrealized Holding Gains | 4,200 | 429 | 2,175 |
Securities available-for-sale, Gross Unrealized Holding Losses | (89) | (1,834) | (33) |
Securities available-for-sale, Estimated Fair Value | $ 263,747 | $ 246,586 | $ 209,920 |
Interest-bearing Time Deposit33
Interest-bearing Time Deposits in Banks and Securities - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Investments, Debt and Equity Securities [Abstract] | |||
Available-for-Sale, Amortized Cost Basis, Due within one year | $ 195,637 | ||
Available-for-Sale, Amortized Cost Basis, Due after one year through five years | 675,403 | ||
Available-for-Sale, Amortized Cost Basis, Due after five years through ten years | 740,541 | ||
Available-for-Sale, Amortized Cost Basis, Due after ten years | 2,044 | ||
Available-for-Sale, Amortized Cost Basis, Mortgage-backed securities | 1,010,309 | ||
Available-for-Sale, Amortized Cost Basis, Total | 2,623,934 | $ 2,654,885 | $ 2,655,242 |
Available-for-Sale, Estimated Fair Value, Due within one year | 197,334 | ||
Available-for-Sale, Estimated Fair Value, Due after one year through five years | 710,096 | ||
Available-for-Sale, Estimated Fair Value, Due after five years through ten years | 788,744 | ||
Available-for-Sale, Estimated Fair Value, Due after ten years | 2,610 | ||
Available-for-Sale, Estimated Fair Value, Mortgage-backed securities | 1,030,246 | ||
Securities available-for-sale, Estimated Fair Value, Total | $ 2,729,030 | $ 2,733,899 | $ 2,737,353 |
Interest-bearing Time Deposit34
Interest-bearing Time Deposits in Banks and Securities - Continuous Unrealized-Loss Position of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | $ 184,616 | $ 523,075 | $ 166,313 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 1,004 | 3,758 | 1,197 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 71,767 | 74,777 | 77,313 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 1,100 | 2,083 | 1,146 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 256,383 | 597,852 | 243,626 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 2,104 | 5,841 | 2,343 |
Obligations of States and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 82,131 | 32,929 | 97,670 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 711 | 127 | 792 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 741 | 1,513 | 2,233 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 4 | 7 | 20 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 82,872 | 34,442 | 99,903 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 715 | 134 | 812 |
Residential Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 80,015 | 231,481 | 62,765 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 267 | 1,765 | 396 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 57,334 | 63,919 | 65,614 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 1,032 | 1,994 | 1,102 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 137,349 | 295,400 | 128,379 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 1,299 | 3,759 | 1,498 |
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 10,213 | 196,163 | 5,878 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 25 | 1,752 | 9 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 13,692 | 9,345 | 9,466 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 64 | 82 | 24 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 23,905 | 205,508 | 15,344 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 89 | 1,834 | $ 33 |
U.S. Treasury Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 5,110 | ||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 2 | ||
Available-for-sale securities, continuous unrealized loss position, Fair Value | 5,110 | ||
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 2 | ||
Obligations of U.S. Government Sponsored Enterprises and Agencies [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 50,388 | ||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 107 | ||
Available-for-sale securities, continuous unrealized loss position, Fair Value | 50,388 | ||
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 107 | ||
Corporate Bonds and Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 12,257 | 7,004 | |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 1 | 5 | |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 12,257 | 7,004 | |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | $ 1 | $ 5 |
Loans and Allowance for Loan 35
Loans and Allowance for Loan Losses - Additional Information (Detail) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2015USD ($)SecurityLoan | Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2015USD ($)SecurityLoan | Dec. 31, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Minimum number of days to consider the loans as non-accrual | Greater than 90 days | ||||||||||
Loans individually evaluated for impairment | $ 33,712,000 | $ 28,601,000 | $ 21,788,000 | $ 33,712,000 | $ 21,788,000 | $ 33,712,000 | $ 21,788,000 | $ 28,601,000 | |||
Contractual balance | 47,473,000 | 35,030,000 | 29,966,000 | 47,473,000 | 29,966,000 | 47,473,000 | 29,966,000 | 35,030,000 | |||
Loans held for sale | 31,591,000 | 33,543,000 | 21,605,000 | 31,591,000 | 21,605,000 | 31,591,000 | 21,605,000 | 33,543,000 | |||
Nonaccrual, past due 90 days or more and still accruing, restructured loans and foreclosed assets | 34,938,000 | 29,768,000 | 22,742,000 | 34,938,000 | 22,742,000 | 34,938,000 | 22,742,000 | 29,768,000 | |||
Additional funds advanced in connection with impaired loans | 0 | 0 | 0 | ||||||||
Interest income recognized on impaired loans | 0 | 0 | 0 | ||||||||
Interest income recognized on impaired loans | 0 | 0 | 0 | 0 | 922,000 | ||||||
Allowance for loan losses | 45,298,000 | 41,877,000 | 40,420,000 | $ 45,298,000 | $ 40,420,000 | $ 45,298,000 | $ 40,420,000 | 41,877,000 | $ 45,060,000 | $ 38,999,000 | $ 36,824,000 |
Default for purposes of this disclosure is a troubled debt restructured loan | 90 days | ||||||||||
Number of loans modified | SecurityLoan | 2 | 0 | 3 | 1 | |||||||
Commitments to lend additional funds to borrowers with loan that have been modified as TDRs | 0 | $ 0 | $ 0 | ||||||||
Loans held by subsidiaries subject to blanket liens | 2,037,821,000 | 2,037,821,000 | 2,037,821,000 | ||||||||
Advances from Federal Home Loan Bank of Dallas | 160,000,000 | 299,020,000 | 170,028,000 | 160,000,000 | $ 170,028,000 | 160,000,000 | $ 170,028,000 | 299,020,000 | |||
Purchased Credit Impaired Loans [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Loans individually evaluated for impairment | 1,853,000 | 2,178,000 | 2,422,000 | 1,853,000 | 2,422,000 | 1,853,000 | 2,422,000 | 2,178,000 | |||
Contractual balance | 2,528,000 | 2,936,000 | 3,213,000 | 2,528,000 | 3,213,000 | 2,528,000 | 3,213,000 | 2,936,000 | |||
Allowance for loan losses | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Loan 36
Loans and Allowance for Loan Losses - Loans Held-for-Investment by Class of Financing Receivables (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total | $ 3,337,793 | $ 3,317,050 | $ 3,266,817 |
Commercial [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total | 663,581 | 696,163 | 698,406 |
Agriculture [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total | 84,716 | 102,351 | 99,232 |
Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total | 2,191,260 | 2,136,233 | 2,088,002 |
Consumer [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total | $ 398,236 | $ 382,303 | $ 381,177 |
Loans and Allowance for Loan 37
Loans and Allowance for Loan Losses - Non-Accrual Loans, Loans Still Accruing and Past Due 90 Days or More and Restructured Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Receivables [Abstract] | |||
Non-accrual loans | $ 33,712 | $ 28,601 | $ 21,788 |
Loans still accruing and past due 90 days or more | 107 | 341 | 49 |
Troubled debt restructured loans | 750 | 199 | 204 |
Total | $ 34,569 | $ 29,141 | $ 22,041 |
Loans and Allowance for Loan 38
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 ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Non-accrual loans | $ 33,712,000 | $ 28,601,000 | $ 21,788,000 |
Troubled debt restructured loans | 750,000 | 199,000 | 204,000 |
Purchased Credit Impaired Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Non-accrual loans | 1,853,000 | 2,178,000 | 2,422,000 |
Doubtful [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Troubled debt restructured loans | $ 7,513,000 | $ 6,113,000 | $ 6,462,000 |
Loans and Allowance for Loan 39
Loans and Allowance for Loan Losses - Recorded Investment in Impaired Loans and Related Valuation Allowance (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Receivables [Abstract] | |||
Recorded Investment | $ 33,712 | $ 28,601 | $ 21,788 |
Valuation Allowance | $ 7,042 | $ 5,071 | $ 4,645 |
Loans and Allowance for Loan 40
Loans and Allowance for Loan Losses - Schedule of Non-Accrual Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | $ 33,712 | $ 28,601 | $ 21,788 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 12,714 | 8,761 | 5,077 |
Agriculture [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 167 | 97 | 75 |
Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 19,582 | 18,766 | 16,124 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | $ 1,249 | $ 977 | $ 512 |
Loans and Allowance for Loan 41
Loans and Allowance for Loan Losses - Schedule of Impaired Loans and Related Allowance (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | $ 47,473 | $ 29,966 | $ 35,030 |
Recorded Investment With No Allowance | 7,017 | 5,097 | 6,546 |
Recorded Investment With Allowance | 26,695 | 16,691 | 22,055 |
Total Recorded Investment | 33,712 | 21,788 | 28,601 |
Related Allowance | 7,042 | 4,645 | 5,071 |
Year Average Recorded Investment | 26,514 | 19,755 | 21,735 |
Three-month Average Recorded Investment | 34,924 | 20,026 | |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 21,696 | 6,351 | 10,056 |
Recorded Investment With No Allowance | 1,067 | 413 | 608 |
Recorded Investment With Allowance | 11,647 | 4,664 | 8,153 |
Total Recorded Investment | 12,714 | 5,077 | 8,761 |
Related Allowance | 3,983 | 1,666 | 2,030 |
Year Average Recorded Investment | 8,421 | 4,037 | 5,812 |
Three-month Average Recorded Investment | 14,238 | 4,316 | |
Agriculture [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 168 | 121 | 97 |
Recorded Investment With Allowance | 167 | 75 | 97 |
Total Recorded Investment | 167 | 75 | 97 |
Related Allowance | 41 | 47 | 70 |
Year Average Recorded Investment | 83 | 55 | 48 |
Three-month Average Recorded Investment | 84 | 85 | |
Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 24,130 | 22,796 | 23,710 |
Recorded Investment With No Allowance | 5,626 | 4,341 | 5,314 |
Recorded Investment With Allowance | 13,956 | 11,783 | 13,452 |
Total Recorded Investment | 19,582 | 16,124 | 18,766 |
Related Allowance | 2,566 | 2,844 | 2,827 |
Year Average Recorded Investment | 17,021 | 15,222 | 15,211 |
Three-month Average Recorded Investment | 19,436 | 15,114 | |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 1,479 | 698 | 1,167 |
Recorded Investment With No Allowance | 324 | 343 | 624 |
Recorded Investment With Allowance | 925 | 169 | 353 |
Total Recorded Investment | 1,249 | 512 | 977 |
Related Allowance | 452 | 88 | 144 |
Year Average Recorded Investment | 989 | 441 | $ 664 |
Three-month Average Recorded Investment | $ 1,166 | $ 511 |
Loans and Allowance for Loan 42
Loans and Allowance for Loan Losses - Schedule of Impaired Loans and Related Allowance (Parenthetical) (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With No Allowance | $ 7,017,000 | $ 6,546,000 | $ 5,097,000 |
Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With No Allowance | $ 1,853,000 | $ 2,178,000 | $ 2,422,000 |
Loans and Allowance for Loan 43
Loans and Allowance for Loan Losses - Schedule of Internal Ratings of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | $ 3,337,793 | $ 3,317,050 | $ 3,266,817 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 663,581 | 696,163 | 698,406 |
Agriculture [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 84,716 | 102,351 | 99,232 |
Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 2,191,260 | 2,136,233 | 2,088,002 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 398,236 | 382,303 | 381,177 |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 3,211,193 | 3,167,624 | 3,154,699 |
Pass [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 614,900 | 633,083 | 656,566 |
Pass [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 82,400 | 99,862 | 98,180 |
Pass [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 2,118,807 | 2,054,738 | 2,020,556 |
Pass [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 395,086 | 379,941 | 379,397 |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 25,488 | 40,576 | 43,284 |
Special Mention [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 6,108 | 9,762 | 19,242 |
Special Mention [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 1,398 | 148 | |
Special Mention [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 19,064 | 29,000 | 23,542 |
Special Mention [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 316 | 416 | 352 |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 101,110 | 108,813 | 68,772 |
Substandard [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 42,573 | 53,318 | 22,598 |
Substandard [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 2,316 | 1,091 | 904 |
Substandard [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 53,389 | 52,458 | 43,846 |
Substandard [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 2,832 | 1,946 | 1,424 |
Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 2 | 37 | 62 |
Doubtful [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | $ 37 | 58 | |
Doubtful [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | $ 2 | $ 4 |
Loans and Allowance for Loan 44
Loans and Allowance for Loan Losses - Schedule of Past Due Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 33,312 | $ 27,647 | $ 38,193 |
Total Current | 3,304,481 | 3,289,403 | 3,228,624 |
Total | 3,337,793 | 3,317,050 | 3,266,817 |
Total 90 Days Past Due Still Accruing | 107 | 341 | 49 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 12,498 | 7,775 | 12,799 |
Total Current | 651,083 | 688,388 | 685,607 |
Total | 663,581 | 696,163 | 698,406 |
Total 90 Days Past Due Still Accruing | 61 | 54 | |
Agriculture [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 586 | 431 | 230 |
Total Current | 84,130 | 101,920 | 99,002 |
Total | 84,716 | 102,351 | 99,232 |
Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 18,316 | 17,347 | 22,987 |
Total Current | 2,172,944 | 2,118,886 | 2,065,015 |
Total | 2,191,260 | 2,136,233 | 2,088,002 |
Total 90 Days Past Due Still Accruing | 34 | 217 | 21 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,912 | 2,094 | 2,177 |
Total Current | 396,324 | 380,209 | 379,000 |
Total | 398,236 | 382,303 | 381,177 |
Total 90 Days Past Due Still Accruing | 12 | 70 | 28 |
15-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 20,092 | 17,339 | 32,772 |
15-59 Days Past Due [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,707 | 3,099 | 11,554 |
15-59 Days Past Due [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 523 | 348 | 169 |
15-59 Days Past Due [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 13,444 | 12,247 | 19,392 |
15-59 Days Past Due [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,418 | 1,645 | 1,657 |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,714 | 6,144 | 2,805 |
60-89 Days Past Due [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 841 | 3,652 | 1,043 |
60-89 Days Past Due [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 63 | 83 | 28 |
60-89 Days Past Due [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,496 | 2,226 | 1,267 |
60-89 Days Past Due [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 314 | 183 | 467 |
Greater than 90 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 10,506 | 4,164 | 2,616 |
Greater than 90 Days [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,950 | 1,024 | 202 |
Greater than 90 Days [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 33 | ||
Greater than 90 Days [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,376 | 2,874 | 2,328 |
Greater than 90 Days [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 180 | $ 266 | $ 53 |
Loans and Allowance for Loan 45
Loans and Allowance for Loan Losses - Schedule of Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | $ 7,042 | $ 5,071 | $ 4,645 | |||
Loan collectively evaluated for impairment | 38,256 | 36,806 | 35,775 | |||
Total allowance for loan losses | 45,298 | $ 45,060 | 41,877 | 40,420 | $ 38,999 | $ 36,824 |
Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 3,983 | 2,030 | 1,666 | |||
Loan collectively evaluated for impairment | 9,733 | 10,614 | 10,195 | |||
Total allowance for loan losses | 13,716 | 14,026 | 12,644 | 11,861 | 11,456 | 7,990 |
Agriculture [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 41 | 70 | 47 | |||
Loan collectively evaluated for impairment | 1,027 | 1,121 | 867 | |||
Total allowance for loan losses | 1,068 | 1,451 | 1,191 | 914 | 392 | 527 |
Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 2,566 | 2,827 | 2,844 | |||
Loan collectively evaluated for impairment | 23,655 | 21,548 | 20,954 | |||
Total allowance for loan losses | 26,221 | 25,644 | 24,375 | 23,798 | 24,342 | 26,657 |
Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 452 | 144 | 88 | |||
Loan collectively evaluated for impairment | 3,841 | 3,523 | 3,759 | |||
Total allowance for loan losses | $ 4,293 | $ 3,939 | $ 3,667 | $ 3,847 | $ 2,809 | $ 1,650 |
Loans and Allowance for Loan 46
Loans and Allowance for Loan Losses - Changes in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 45,060 | $ 38,999 | $ 41,877 | $ 36,824 |
Provision for loan losses | 3,833 | 2,664 | 8,219 | 5,508 |
Recoveries | 777 | 234 | 3,243 | 1,018 |
Charge-offs | (4,372) | (1,477) | (8,041) | (2,930) |
Ending balance | 45,298 | 40,420 | 45,298 | 40,420 |
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 14,026 | 11,456 | 12,644 | 7,990 |
Provision for loan losses | 3,248 | 1,283 | 6,239 | 5,072 |
Recoveries | 298 | 52 | 839 | 249 |
Charge-offs | (3,856) | (930) | (6,006) | (1,450) |
Ending balance | 13,716 | 11,861 | 13,716 | 11,861 |
Agriculture [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,451 | 392 | 1,191 | 527 |
Provision for loan losses | (358) | 544 | 41 | 486 |
Recoveries | 4 | 20 | 2 | |
Charge-offs | (29) | (22) | (184) | (101) |
Ending balance | 1,068 | 914 | 1,068 | 914 |
Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 25,644 | 24,342 | 24,375 | 26,657 |
Provision for loan losses | 296 | (369) | 367 | (2,884) |
Recoveries | 367 | 65 | 1,957 | 438 |
Charge-offs | (86) | (240) | (478) | (413) |
Ending balance | 26,221 | 23,798 | 26,221 | 23,798 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 3,939 | 2,809 | 3,667 | 1,650 |
Provision for loan losses | 647 | 1,206 | 1,572 | 2,834 |
Recoveries | 108 | 117 | 427 | 329 |
Charge-offs | (401) | (285) | (1,373) | (966) |
Ending balance | $ 4,293 | $ 3,847 | $ 4,293 | $ 3,847 |
Loans and Allowance for Loan 47
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 ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | $ 33,712 | $ 28,601 | $ 21,788 |
Loans collectively evaluated for impairment | 3,304,081 | 3,288,449 | 3,245,029 |
Total | 3,337,793 | 3,317,050 | 3,266,817 |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 12,714 | 8,761 | 5,077 |
Loans collectively evaluated for impairment | 650,867 | 687,402 | 693,329 |
Total | 663,581 | 696,163 | 698,406 |
Agriculture [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 167 | 97 | 75 |
Loans collectively evaluated for impairment | 84,549 | 102,254 | 99,157 |
Total | 84,716 | 102,351 | 99,232 |
Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 19,582 | 18,766 | 16,124 |
Loans collectively evaluated for impairment | 2,171,678 | 2,117,467 | 2,071,878 |
Total | 2,191,260 | 2,136,233 | 2,088,002 |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 1,249 | 977 | 512 |
Loans collectively evaluated for impairment | 396,987 | 381,326 | 380,665 |
Total | $ 398,236 | $ 382,303 | $ 381,177 |
Loans and Allowance for Loan 48
Loans and Allowance for Loan Losses - Schedule of Loans Modified and Considered Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2015USD ($)SecurityLoan | Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2015USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||||
Number | SecurityLoan | 7 | 4 | 24 | 13 |
Pre-Modification Recorded Investment | $ 980 | $ 247 | $ 4,487 | $ 556 |
Post-Modification Recorded Investment | $ 980 | $ 247 | $ 4,487 | $ 556 |
Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number | SecurityLoan | 3 | 1 | 14 | 3 |
Pre-Modification Recorded Investment | $ 230 | $ 66 | $ 3,156 | $ 139 |
Post-Modification Recorded Investment | $ 230 | $ 66 | $ 3,156 | $ 139 |
Agriculture [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number | SecurityLoan | 3 | |||
Pre-Modification Recorded Investment | $ 129 | |||
Post-Modification Recorded Investment | $ 129 | |||
Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number | SecurityLoan | 3 | 1 | 5 | 2 |
Pre-Modification Recorded Investment | $ 706 | $ 149 | $ 1,169 | $ 228 |
Post-Modification Recorded Investment | $ 706 | $ 149 | $ 1,169 | $ 228 |
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number | SecurityLoan | 1 | 2 | 5 | 5 |
Pre-Modification Recorded Investment | $ 44 | $ 32 | $ 162 | $ 60 |
Post-Modification Recorded Investment | $ 44 | $ 32 | $ 162 | $ 60 |
Loans and Allowance for Loan 49
Loans and Allowance for Loan Losses - Schedule of How Loans Were Modified as Troubled Debt Restructured Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | $ 980 | $ 247 | $ 4,487 | $ 556 |
Extended Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 297 | 247 | 2,902 | 453 |
Combined Rate and Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 683 | 1,585 | 103 | |
Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 230 | 66 | 3,156 | 139 |
Commercial [Member] | Extended Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 112 | 66 | 2,561 | 139 |
Commercial [Member] | Combined Rate and Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 118 | 595 | ||
Agriculture [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 129 | |||
Agriculture [Member] | Extended Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 129 | |||
Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 706 | 149 | 1,169 | 228 |
Real Estate [Member] | Extended Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 185 | 149 | 298 | 149 |
Real Estate [Member] | Combined Rate and Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 521 | 871 | 79 | |
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 44 | 32 | 162 | 60 |
Consumer [Member] | Extended Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | $ 32 | 43 | 36 | |
Consumer [Member] | Combined Rate and Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | $ 44 | $ 119 | $ 24 |
Loans and Allowance for Loan 50
Loans and Allowance for Loan Losses - Schedule of Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)SecurityLoanContract | Sep. 30, 2015SecurityLoan | Sep. 30, 2016USD ($)SecurityLoanContract | Sep. 30, 2015USD ($)SecurityLoanContract | |
Financing Receivable, Modifications [Line Items] | ||||
Number | SecurityLoan | 2 | 0 | 3 | 1 |
Balance | $ 174 | $ 524 | $ 111 | |
Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number | Contract | 1 | 1 | 1 | |
Balance | $ 62 | $ 62 | $ 111 | |
Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number | Contract | 1 | 2 | ||
Balance | $ 112 | $ 462 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowings (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Debt Disclosure [Abstract] | |||
Securities sold under agreements with customers to repurchase | $ 345,559,000 | $ 310,330,000 | $ 324,150,000 |
Federal funds purchased | 8,200,000 | 6,325,000 | 6,725,000 |
Advances from Federal Home Loan Bank of Dallas | 160,000,000 | 299,020,000 | 170,028,000 |
Total | $ 513,759,000 | $ 615,675,000 | $ 500,903,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 7,440 | $ 8,021 | $ 23,544 | $ 23,867 |
Effective tax rates on pre-tax income | 22.52% | 23.66% | 23.16% | 24.09% |
Statutory federal tax rate | 35.00% |
Stock Option Plan and Restric53
Stock Option Plan and Restricted Stock Plan - Additional Information (Detail) | Apr. 26, 2016USD ($)Non_Employee_Directorsshares | Oct. 27, 2015USD ($)$ / sharesshares | Jul. 21, 2015USD ($)Non_Employee_Directorsshares | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options granted | shares | 455,000 | 0 | |||||
Stock compensation expense | $ 220,000 | $ 182,000 | $ 661,000 | $ 543,000 | |||
Exercise Price | $ / shares | $ 33.89 | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of non employee directors | Non_Employee_Directors | 10 | 10 | |||||
Restricted Stock [Member] | Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock compensation expense | 63,000 | $ 56,000 | 215,000 | $ 56,000 | |||
Restricted shares granted | shares | 7,660 | 7,070 | |||||
Restricted shares value | $ 250,000 | $ 250,000 | |||||
Restricted Stock [Member] | Officers [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock compensation expense | $ 88,000 | $ 262,000 | |||||
Restricted shares granted | shares | 32,748 | ||||||
Restricted shares value | $ 1,110,000 | ||||||
Restricted shares vesting period | 3 years |
Pension Plan - Additional Infor
Pension Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |||||
Contributions to the plan | $ 500,000 | $ 500,000 | |||
Net periodic benefit costs, total | $ 82,000 | $ 83,000 | $ 247,000 | $ 232,000 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets transfer between Level 2 and Level 3 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Impaired loans carrying value | 33,712,000 | 33,712,000 | |||
Impaired loans valuation reserves | 7,042,000 | 4,645,000 | 7,042,000 | 4,645,000 | 5,071,000 |
Impaired loans net fair value | 26,670,000 | 26,670,000 | |||
Other real estate owned, total | $ 241,000 | $ 360,000 | $ 241,000 | $ 360,000 | $ 153,000 |
Minimum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt discounts, percentage | 5.00% | ||||
Maximum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt discounts, percentage | 25.00% |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | $ 2,729,030 | $ 2,733,899 | $ 2,737,353 |
U.S. Treasury Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 10,739 | 10,795 | 10,917 |
Obligations of U.S. Government Sponsored Enterprises and Agencies [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 115,720 | 148,554 | 155,197 |
Obligations of States and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 1,502,716 | 1,451,127 | 1,437,151 |
Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 766,499 | 788,882 | 832,859 |
Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 263,747 | 246,586 | 209,920 |
Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 2,729,030 | 2,733,899 | 2,737,353 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 65,037 | 83,254 | 86,342 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 10,739 | 10,795 | 10,917 |
Fair Value, Measurements, Recurring [Member] | Obligations of U.S. Government Sponsored Enterprises and Agencies [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 115,720 | 148,554 | 155,197 |
Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 1,502,716 | 1,451,127 | 1,437,151 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 766,499 | 788,882 | 832,859 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 263,747 | 246,586 | 209,920 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 4,572 | 4,701 | 4,967 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 15,311 | 15,496 | 15,884 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | U.S. Treasury Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 10,739 | 10,795 | 10,917 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | Other Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 4,572 | 4,701 | 4,967 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 2,713,719 | 2,718,403 | 2,721,469 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Corporate Bonds [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 65,037 | 83,254 | 86,342 |
Fair Value, Measurements, Recurring [Member] | 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 | 115,720 | 148,554 | 155,197 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Obligations of States and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 1,502,716 | 1,451,127 | 1,437,151 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 766,499 | 788,882 | 832,859 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | $ 263,747 | $ 246,586 | $ 209,920 |
Fair Value Disclosures - Other
Fair Value Disclosures - Other Real Estate Owned (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Fair Value Disclosures [Abstract] | |
Carrying value of other real estate owned prior to re-measurement | $ 351 |
Write-downs included in gain (loss) on sale of other real estate owned | (95) |
Other real estate owned, fair value | $ 256 |
Fair Value Disclosures - Schedu
Fair Value Disclosures - Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
CASH AND DUE FROM BANKS | $ 166,981 | $ 179,140 | $ 133,340 |
FEDERAL FUNDS SOLD | 3,400 | 3,810 | 2,790 |
INTEREST-BEARING DEPOSITS IN BANKS | 117,334 | 89,936 | 4,268 |
INTEREST-BEARING TIME DEPOSITS IN BANKS | 1,707 | 3,495 | 4,491 |
Available-for-sale Securities | 2,729,030 | 2,733,899 | 2,737,353 |
Held-to-maturity securities | 129 | 278 | 286 |
Loans | 3,324,086 | 3,308,716 | 3,248,002 |
Carrying Value [Member] | Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
CASH AND DUE FROM BANKS | 166,981 | 179,140 | 133,340 |
FEDERAL FUNDS SOLD | 3,400 | 3,810 | 2,790 |
INTEREST-BEARING DEPOSITS IN BANKS | 117,334 | 89,936 | 4,268 |
Deposits with no stated maturities | 4,699,671 | 4,569,317 | 4,444,364 |
Carrying Value [Member] | Level 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
INTEREST-BEARING TIME DEPOSITS IN BANKS | 1,707 | 3,495 | 4,491 |
Held-to-maturity securities | 129 | 278 | 286 |
Accrued interest receivable | 26,209 | 34,697 | 26,888 |
Deposits with stated maturities | 535,793 | 620,852 | 652,919 |
Borrowings | 513,759 | 615,675 | 500,903 |
Accrued interest Payable | 230 | 240 | 261 |
Carrying Value [Member] | Levels 1 and 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale Securities | 2,729,030 | 2,733,899 | 2,737,353 |
Carrying Value [Member] | Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans | 3,324,086 | 3,308,716 | 3,248,002 |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
CASH AND DUE FROM BANKS | 166,981 | 179,140 | 133,340 |
FEDERAL FUNDS SOLD | 3,400 | 3,810 | 2,790 |
INTEREST-BEARING DEPOSITS IN BANKS | 117,334 | 89,936 | 4,268 |
Deposits with no stated maturities | 4,699,671 | 4,569,317 | 4,444,364 |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
INTEREST-BEARING TIME DEPOSITS IN BANKS | 1,709 | 3,500 | 4,498 |
Held-to-maturity securities | 133 | 283 | 291 |
Accrued interest receivable | 26,209 | 34,697 | 26,888 |
Deposits with stated maturities | 537,167 | 622,572 | 654,705 |
Borrowings | 513,759 | 615,675 | 500,903 |
Accrued interest Payable | 230 | 240 | 261 |
Estimated Fair Value [Member] | Levels 1 and 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale Securities | 2,729,030 | 2,733,899 | 2,737,353 |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans | $ 3,334,965 | $ 3,316,243 | $ 3,249,558 |
Acquisition and Asset Purchas59
Acquisition and Asset Purchase - Additional Information (Detail) - USD ($) | Aug. 03, 2015 | Jul. 31, 2015 | Apr. 08, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||
Fair value of purchased credit impaired loans | $ 33,712,000 | $ 21,788,000 | $ 28,601,000 | |||
Contractual amounts | 47,473,000 | 29,966,000 | 35,030,000 | |||
Business acquisition, cash purchase price | 1,931,000 | |||||
Purchased Credit Impaired Loans [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Contractual amounts | $ 2,528,000 | $ 3,213,000 | $ 2,936,000 | |||
FBC Bancshares, Inc. and First Bank, N.A. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, agreement date | Apr. 1, 2015 | |||||
Payment for all outstanding shares of acquired entity by shares | 1,755,374 | |||||
Subordinated debt, paid off | $ 13,125,000 | |||||
Fair value of total loans | $ 248,380,000 | |||||
Total loans of contractual amounts | 252,458,000 | |||||
Goodwill resulting from acquisition | 43,922,000 | |||||
FBC Bancshares, Inc. and First Bank, N.A. [Member] | Purchased Credit Impaired Loans [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of purchased credit impaired loans | 1,398,000 | |||||
Contractual amounts | $ 1,704,000 | |||||
4Trust Mortgage, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, agreement date | Apr. 8, 2015 | |||||
Business acquisition, cash purchase price | $ 1,900,000 | |||||
Goodwill resulting from acquisition | $ 1,750,000 |
Acquisition and Asset Purchas60
Acquisition and Asset Purchase - Schedule of Amounts Recorded on Consolidated Balance Sheet on Acquisition Date (Detail) $ in Thousands | Jul. 31, 2015USD ($) |
FBC Bancshares, Inc. and First Bank, N.A. [Member] | |
Business Acquisition [Line Items] | |
Common stock issued (1,755,374 shares) | $ 59,648 |
Acquisition and Asset Purchas61
Acquisition and Asset Purchase - Schedule of Amounts Recorded on Consolidated Balance Sheet on Acquisition Date (Parenthetical) (Detail) | Jul. 31, 2015shares |
FBC Bancshares, Inc. and First Bank, N.A. [Member] | |
Business Acquisition [Line Items] | |
Common stock issued shares | 1,755,374 |
Acquisition and Asset Purchas62
Acquisition and Asset Purchase - Schedule of Preliminary Estimated Fair Value Amounts Assigned to Major Asset and Liability Categories at Acquisition Date (Detail) - FBC Bancshares, Inc. and First Bank, N.A. [Member] | Sep. 30, 2016USD ($) |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $ 65,197,000 |
Securities available-for-sale | 42,903,000 |
Loans | 248,380,000 |
Identifiable intangible assets | 2,343,000 |
Other assets | 15,262,000 |
Total identifiable assets acquired | 374,085,000 |
Deposits | 343,583,000 |
Subordinated debt | 13,125,000 |
Other liabilities | 1,651,000 |
Total liabilities assumed | 358,359,000 |
Fair value of net identifiable assets acquired | 15,726,000 |
Goodwill resulting from acquisition | $ 43,922,000 |