Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FFIN | ||
Entity Registrant Name | FIRST FINANCIAL BANKSHARES INC | ||
Entity Central Index Key | 36,029 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 66,125,622 | ||
Entity Public Float | $ 2,070 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
CASH AND DUE FROM BANKS | $ 204,782 | $ 179,140 |
FEDERAL FUNDS SOLD | 3,130 | 3,810 |
INTEREST-BEARING DEPOSITS IN BANKS | 48,574 | 89,936 |
Total cash and cash equivalents | 256,486 | 272,886 |
INTEREST-BEARING TIME DEPOSITS IN BANKS | 1,707 | 3,495 |
SECURITIES AVAILABLE-FOR-SALE, at fair value | 2,860,837 | 2,733,899 |
SECURITIES HELD-TO-MATURITY (fair value of $124 and $283 at December 31, 2016 and 2015, respectively) | 121 | 278 |
LOANS: | ||
Held for investment | 3,357,307 | 3,317,050 |
Less - allowance for loan losses | (45,779) | (41,877) |
Net loans held for investment | 3,311,528 | 3,275,173 |
Held for sale | 26,898 | 33,543 |
Net loans | 3,338,426 | 3,308,716 |
BANK PREMISES AND EQUIPMENT, net | 122,685 | 115,712 |
INTANGIBLE ASSETS | 143,603 | 144,449 |
OTHER ASSETS | 86,066 | 85,635 |
Total assets | 6,809,931 | 6,665,070 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
NONINTEREST-BEARING DEPOSITS | 1,717,722 | 1,745,952 |
INTEREST-BEARING DEPOSITS | 3,760,817 | 3,444,217 |
Total deposits | 5,478,539 | 5,190,169 |
DIVIDENDS PAYABLE | 11,897 | 10,558 |
BORROWINGS | 445,770 | 615,675 |
OTHER LIABILITIES | 35,840 | 43,682 |
Total liabilities | 5,972,046 | 5,860,084 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS' EQUITY: | ||
Common stock - $0.01 par value; authorized 120,000,000 shares; 66,094,695 and 65,990,234 shares issued at December 31, 2016 and 2015, respectively | 661 | 660 |
Capital surplus | 372,245 | 368,925 |
Retained earnings | 446,534 | 388,006 |
Treasury stock (shares at cost: 507,409 and 520,651 at December 31, 2016 and 2015, respectively) | (6,671) | (6,296) |
Deferred Compensation | 6,671 | 6,296 |
Accumulated other comprehensive earnings | 18,445 | 47,395 |
Total shareholders' equity | 837,885 | 804,986 |
Total liabilities and shareholders' equity | $ 6,809,931 | $ 6,665,070 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
SECURITIES HELD-TO-MATURITY, fair value | $ 124 | $ 283 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 66,094,695 | 65,990,234 |
Treasury stock, shares | 507,409 | 520,651 |
Consolidated Statement of Earni
Consolidated Statement of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
INTEREST INCOME: | |||
Interest and fees on loans | $ 161,018 | $ 151,662 | $ 136,684 |
Interest on investment securities: | |||
Taxable | 27,626 | 29,673 | 28,402 |
Exempt from federal income tax | 43,302 | 40,080 | 33,081 |
Interest on federal funds sold and interest-bearing deposits in banks | 342 | 208 | 372 |
Total interest income | 232,288 | 221,623 | 198,539 |
INTEREST EXPENSE: | |||
Interest on deposits | 4,503 | 3,642 | 3,883 |
Other | 948 | 446 | 298 |
Total interest expense | 5,451 | 4,088 | 4,181 |
Net interest income | 226,837 | 217,535 | 194,358 |
PROVISION FOR LOAN LOSSES | 10,212 | 9,685 | 4,465 |
Net interest income after provision for loan losses | 216,625 | 207,850 | 189,893 |
NONINTEREST INCOME: | |||
Trust fees | 19,636 | 19,252 | 18,766 |
Service charges on deposit accounts | 18,386 | 17,171 | 16,910 |
ATM, interchange and credit card fees | 23,910 | 21,860 | 19,427 |
Real estate mortgage operations | 16,086 | 10,409 | 6,511 |
Net gain (loss) on sale of available-for-sale securities (includes $1,270, $432 and ($4) for the years ended December 31, 2016, 2015 and 2014, respectively, related to accumulated comprehensive earnings reclassifications) | 1,270 | 432 | (4) |
Net gain on sale of foreclosed assets | 456 | 538 | 904 |
Net gain (loss) on sale of assets | 168 | (820) | 10 |
Interest on loan recoveries | 2,112 | 1,050 | 601 |
Other | 3,108 | 3,540 | 3,499 |
Total noninterest income | 85,132 | 73,432 | 66,624 |
NONINTEREST EXPENSE: | |||
Salaries and employee benefits | 90,739 | 80,999 | 70,456 |
Loss from partial settlement of pension plan | 267 | 2,909 | |
Net occupancy expense | 10,420 | 10,314 | 9,100 |
Equipment expense | 13,479 | 12,222 | 10,740 |
FDIC insurance premiums | 2,680 | 3,153 | 2,725 |
ATM, interchange and credit card expenses | 7,231 | 6,384 | 6,870 |
Professional and service fees | 6,877 | 4,831 | 4,295 |
Printing, stationery and supplies | 2,093 | 2,278 | 2,637 |
Amortization of intangible assets | 738 | 561 | 275 |
Other | 31,306 | 28,722 | 27,918 |
Total noninterest expense | 165,830 | 149,464 | 137,925 |
EARNINGS BEFORE INCOME TAXES | 135,927 | 131,818 | 118,592 |
INCOME TAX EXPENSE (includes $445, $151 and ($1) for the years ended December 31, 2016, 2015 and 2014, respectively, related to income tax expense from reclassification items) | 31,153 | 31,437 | 29,033 |
NET EARNINGS | $ 104,774 | $ 100,381 | $ 89,559 |
NET EARNINGS PER SHARE, BASIC | $ 1.59 | $ 1.55 | $ 1.40 |
NET EARNINGS PER SHARE, ASSUMING DILUTION | $ 1.59 | $ 1.54 | $ 1.39 |
Consolidated Statement of Earn5
Consolidated Statement of Earnings (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Reclassifications adjustment for realized gains on investment securities included in net earnings (loss), before income tax | $ 1,270 | $ 432 | $ (4) |
Income tax expense from reclassification items | $ 445 | $ 151 | $ (1) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
NET EARNINGS | $ 104,774 | $ 100,381 | $ 89,559 |
OTHER ITEMS OF COMPREHENSIVE EARNINGS (LOSS): | |||
Change in unrealized gain (loss) on investment securities available-for-sale, before income tax | (44,679) | 2,273 | 54,571 |
Reclassification adjustment for realized losses (gains) on investment securities included in net earnings, before income tax | (1,270) | (432) | 4 |
Minimum liability pension adjustment, before income tax | 1,410 | (1,986) | 2,540 |
Total other items of comprehensive earnings (losses) | (44,539) | (145) | 57,115 |
Income tax benefit (expense) related to: | |||
Investment securities | 16,082 | (644) | (19,101) |
Minimum liability pension adjustment | (493) | 695 | (889) |
Total income tax benefit (expense) | 15,589 | 51 | (19,990) |
COMPREHENSIVE EARNINGS | $ 75,824 | $ 100,287 | $ 126,684 |
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 (Losses) [Member] |
Beginning Balance at Dec. 31, 2013 | $ 587,647 | $ 320 | $ 302,991 | $ 273,972 | $ (5,490) | $ 5,490 | $ 10,364 |
Beginning Balance, Shares at Dec. 31, 2013 | 31,992,497 | ||||||
Treasury Stock, Beginning Balance, Shares at Dec. 31, 2013 | (269,467) | ||||||
NET EARNINGS | 89,559 | 89,559 | |||||
Stock option exercises | 1,437 | $ 1 | 1,436 | ||||
Stock option exercises, Shares | 74,664 | ||||||
Cash dividends declared | (35,233) | (35,233) | |||||
Minimum liability pension adjustment, net of related income taxes | 1,651 | 1,651 | |||||
Change in unrealized gain (loss) in investment securities available-for-sale, net of related income taxes | 35,474 | 35,474 | |||||
Additional tax benefit related to directors' deferred compensation plan | $ 293 | 293 | |||||
Shares purchased in connection with directors' deferred compensation plan, net | $ (388) | 388 | |||||
Shares purchased in connection with directors' deferred compensation plan, net, Shares | 0 | 8,038 | |||||
Stock option expense | $ 709 | 709 | |||||
Two-for-one stock split in the form of 100% stock dividend | $ 320 | (320) | |||||
Two-for-one stock split in the form of a 100% stock dividend, Shares | 32,022,760 | (268,134) | |||||
Ending Balance at Dec. 31, 2014 | 681,537 | $ 641 | 305,429 | 327,978 | $ (5,878) | 5,878 | 47,489 |
Ending Balance, Shares at Dec. 31, 2014 | 64,089,921 | ||||||
Treasury Stock, Ending Balance, Shares at Dec. 31, 2014 | (529,563) | ||||||
NET EARNINGS | 100,381 | 100,381 | |||||
Stock issued in acquisition of FBC Bancshares, Inc. | 59,648 | $ 18 | 59,630 | ||||
Stock issued in acquisition of FBC Bancshares, Inc., Shares | 1,755,374 | ||||||
Stock option exercises | 1,545 | $ 1 | 1,544 | ||||
Stock option exercises, Shares | 105,121 | ||||||
Restricted Stock grant | 1,350 | 1,350 | |||||
Restricted stock grant, Shares | 39,818 | ||||||
Cash dividends declared | (40,353) | (40,353) | |||||
Minimum liability pension adjustment, net of related income taxes | (1,291) | (1,291) | |||||
Change in unrealized gain (loss) in investment securities available-for-sale, net of related income taxes | 1,197 | 1,197 | |||||
Additional tax benefit related to directors' deferred compensation plan | $ 328 | 328 | |||||
Shares purchased in connection with directors' deferred compensation plan, net | $ (418) | 418 | |||||
Shares purchased in connection with directors' deferred compensation plan, net, Shares | 0 | 8,912 | |||||
Stock option expense | $ 644 | 644 | |||||
Ending Balance at Dec. 31, 2015 | $ 804,986 | $ 660 | 368,925 | 388,006 | $ (6,296) | 6,296 | 47,395 |
Ending Balance, Shares at Dec. 31, 2015 | 65,990,234 | ||||||
Treasury Stock, Ending Balance, Shares at Dec. 31, 2015 | (520,651) | (520,651) | |||||
NET EARNINGS | $ 104,774 | 104,774 | |||||
Stock option exercises | 1,260 | $ 1 | 1,259 | ||||
Stock option exercises, Shares | 82,871 | ||||||
Restricted Stock grant | 809 | 809 | |||||
Restricted stock grant, Shares | 21,590 | ||||||
Cash dividends declared | (46,246) | (46,246) | |||||
Minimum liability pension adjustment, net of related income taxes | 917 | 917 | |||||
Change in unrealized gain (loss) in investment securities available-for-sale, net of related income taxes | (29,867) | (29,867) | |||||
Additional tax benefit related to directors' deferred compensation plan | $ 370 | 370 | |||||
Shares purchased in connection with directors' deferred compensation plan, net | $ (375) | 375 | |||||
Shares purchased in connection with directors' deferred compensation plan, net, Shares | 0 | 13,242 | |||||
Stock option expense | $ 882 | 882 | |||||
Ending Balance at Dec. 31, 2016 | $ 837,885 | $ 661 | $ 372,245 | $ 446,534 | $ (6,671) | $ 6,671 | $ 18,445 |
Ending Balance, Shares at Dec. 31, 2016 | 66,094,695 | ||||||
Treasury Stock, Ending Balance, Shares at Dec. 31, 2016 | (507,409) | (507,409) |
Consolidated Statements of Sha8
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash dividend per share | $ 0.70 | $ 0.62 | $ 0.55 |
Percentage of stock dividend | 100.00% | ||
Common Stock [Member] | |||
Percentage of stock dividend | 100.00% | ||
Retained Earnings [Member] | |||
Cash dividend per share | $ 0.70 | $ 0.62 | $ 0.55 |
Percentage of stock dividend | 100.00% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET EARNINGS | $ 104,774 | $ 100,381 | $ 89,559 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 11,573 | 11,145 | 9,262 |
PROVISION FOR LOAN LOSSES | 10,212 | 9,685 | 4,465 |
Securities premium amortization (discount accretion), net | 29,005 | 27,705 | 20,221 |
Gain on sale of assets, net | (1,894) | (150) | (910) |
Deferred federal income tax expense (benefit) | 673 | 320 | (893) |
Change in loans held for sale | 6,645 | (24,739) | (3,640) |
Change in other assets | 2,397 | (16,919) | 9,852 |
Change in other liabilities | (2,643) | 1,664 | 3,486 |
Total adjustments | 55,968 | 8,711 | 41,843 |
Net cash provided by operating activities | 160,742 | 109,092 | 131,402 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Cash paid for asset acquisition of 4Trust Mortgage, Inc., net | (1,931) | ||
Cash received in acquisition of FBC Bancshares, Inc., net | 65,197 | ||
Net decrease in interest-bearing time deposits in banks | 1,788 | 13,507 | 14,915 |
Activity in available-for-sale securities: | |||
Sales | 40,510 | 35,580 | 1,619 |
Maturities | 3,509,113 | 2,717,724 | 2,917,407 |
Purchases | (3,737,865) | (3,055,117) | (3,248,804) |
Activity in held-to-maturity securities - maturities | 157 | 163 | 243 |
Net increase in loans | (48,836) | (144,320) | (247,829) |
Purchases of bank premises and equipment and other assets | (20,399) | (17,433) | (17,412) |
Proceeds from sale of bank premises and equipment and other assets | 3,572 | 2,405 | 4,656 |
Net cash used in (provided by) investing activities | (251,960) | (384,225) | (575,205) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase (decrease) in noninterest-bearing deposits | (28,230) | 23,473 | 208,146 |
Net increase in interest-bearing deposits | 316,600 | 72,857 | 407,035 |
Net increase (decrease) in borrowings | (169,905) | 235,440 | (96,778) |
Common stock transactions: | |||
Proceeds from stock issuances | 1,260 | 1,545 | 1,437 |
Dividends paid | (44,907) | (38,767) | (34,578) |
Net cash provided by financing activities | 74,818 | 294,548 | 485,262 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (16,400) | 19,415 | 41,459 |
CASH AND CASH EQUIVALENTS, beginning of year | 272,886 | 253,471 | 212,012 |
CASH AND CASH EQUIVALENTS, end of year | $ 256,486 | $ 272,886 | $ 253,471 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Nature of Operations First Financial Bankshares, Inc. (a Texas corporation) (“Bankshares”, “Company”, “we” or “us”) is a financial holding company which owns all of the capital stock of one bank with 69 locations located in Texas as of December 31, 2016. The subsidiary bank is First Financial Bank, National Association, Abilene. The bank’s primary source of revenue is providing loans and banking services to consumers and commercial customers in the market area in which the subsidiary is located. In addition, the Company also owns First Financial Trust & Asset Management Company, National Association, First Financial Insurance Agency, Inc., and First Technology Services, Inc. A summary of significant accounting policies of Bankshares and its subsidiaries applied in the preparation of the accompanying consolidated financial statements follows. The accounting principles followed by the Company and the methods of applying them are in conformity with both U.S. GAAP and prevailing practices of the banking industry. The Company evaluated subsequent events for potential recognition through the date the consolidated financial statements were issued. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include its allowance for loan losses and its valuation of financial instruments. Consolidation The accompanying consolidated financial statements include the accounts of Bankshares and its subsidiaries, all of which are wholly-owned. All significant intercompany accounts and transactions have been eliminated. Stock Repurchase On October 28, 2014, the Company’s Board of Directors authorized the repurchase of up to 1,500,000 common shares through September 30, 2017. The stock buyback plan authorizes management to repurchase the stock at such time as repurchases are considered beneficial to stockholders. Any repurchase of stock will be made through the open market, block trades or in privately negotiated transactions in accordance with applicable laws and regulations. Under the repurchase plan, there is no minimum number of shares that the Company is required to repurchase. For the years ended December 31, 2016, 2015 and 2014, no shares were repurchased under this or the prior authorization that expired September 30, 2014. Stock Split On April 22, 2014, the Company’s Board of Directors declared a two-for-one Acquisitions and Asset Purchase On July 31, 2015, the Company acquired 100% of the outstanding capital stock of FBC Bancshares, Inc. through the merger of a wholly-owned subsidiary with and into FBC Bancshares, Inc. Following such merger, FBC Bancshares, Inc. and its wholly-owned subsidiary, First Bank, N.A. were merged into the Company and First Financial Bank, National Association, respectively. The results of operations of FBC Bancshares, Inc. subsequent to the acquisition date, are included in the consolidated earnings of the Company. See Note 18 for additional information. On June 1, 2015, the Company completed the asset purchase of 4Trust Mortgage, Inc. The results of operation of 4Trust Mortgage Inc. subsequent to the asset purchase date, are included in the consolidated earnings of the Company. See Note 18 for additional information. Increase in Authorized Shares 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. Investment Securities Management classifies debt and equity securities as held-to-maturity, available-for-sale, held-to-maturity held-to-maturity available-for-sale Available-for-sale The Company records its available-for-sale 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 held-to-maturity The Company’s investment portfolio consists of U.S. Treasury securities, obligations of U.S. government sponsored enterprises and agencies, obligations of state and political subdivisions, mortgage pass-through securities, corporate bonds and general obligation or revenue based municipal bonds. Pricing for such securities is generally readily available and transparent in the market. The Company utilizes independent third party pricing services to value its investment securities, which the Company reviews as well as the underlying pricing methodologies for reasonableness and to ensure such prices are aligned with pricing matrices. The Company validates quarterly, on a sample basis, prices supplied by the independent pricing services by comparison to prices obtained from other third party sources. Loans and Allowance for Loan Losses Loans held for investment are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. Interest on loans is calculated by using the simple interest method on daily balances of the principal amounts outstanding. The Company defers and amortizes net loan origination fees and costs as an adjustment to yield. The allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for loan losses when management believes the collectability of the principal is unlikely. The allowance for loan losses is an amount which represents management’s best estimate of probable losses that are inherent in the Company’s loan portfolio as of the balance sheet date. The allowance for loan losses is comprised of three elements: (i) specific reserves determined based on probable losses on specific classified loans; (ii) a historical valuation reserve component that considers historical loss rates and estimated loss emergence periods; 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 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 could result in increased levels of non-performing 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. charged-off charge-off 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 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 non-accrual The Company originates certain mortgage loans for sale in the secondary market. Accordingly, these loans are classified as held-for-sale 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 Purchased credit impaired loans are those loans that showed evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all amounts contractually owed. Their acquisition fair value, which includes a credit component at the acquisition date, was based on the estimate of cash flows, both principal and interest, expected to be collected or estimated collateral values if cash flows are not estimable, discounted at prevailing market rates of interest. The difference between the discounted cash flows expected at acquisition and the investment in the loan is recognized as interest income on a level-yield method over the life of the loan, unless management was unable to reasonably forecast cash flows in which case the loans were placed on nonaccrual. Contractually required payments for interest and principal that exceed the cash flows expected at acquisition are not recognized as a yield adjustment. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows subsequent to acquisition are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition. The carrying amount of purchased credit impaired loans at December 31, 2016 and 2015 were $1,256,000 and $2,178,000, respectively, compared to a contractual balance of $1,865,000 and $2,936,000, respectively. Other purchased credit impaired loan disclosures were omitted due to immateriality. Other Real Estate Other real estate owned is foreclosed property held pending disposition and is initially recorded at fair value, less estimated costs to sell. At foreclosure, if the fair value of the real estate, less estimated costs to sell, is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the allowance for loan losses. Any subsequent reduction in value is recognized by a charge to income. Operating and holding expenses of such properties, net of related income, and gains and losses on their disposition are included in net gain (loss) on sale of foreclosed assets as incurred. Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed principally on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized over the life of the respective lease or the estimated useful lives of the improvements, whichever is shorter. Business Combinations, Goodwill and Other Intangible Assets The Company accounts for all business combinations under the purchase method of accounting. Tangible and intangible assets and liabilities of the acquired entity are recorded at fair value. Intangible assets with finite useful lives represent the future benefit associated with the acquisition of the core deposits and are amortized over seven years, utilizing a method that approximates the expected attrition of the deposits. Goodwill with an indefinite life is not amortized, but rather tested annually for impairment as of June 30 each year and totaled $139,971,000 at both December 31, 2016 and 2015. There was no impairment recorded for the years ended December 31, 2016, 2015 and 2014. The carrying amount of goodwill arising from acquisitions that qualify as an asset purchase for federal income tax purposes was $74,376,000 both at December 31, 2016 and 2015, and is deductible for federal income tax purposes. Also included in other intangible assets are mortgage servicing rights totaling $1,795,000 and $1,902,000 at December 31, 2016 and 2015, respectively. Securities Sold Under Agreements To Repurchase Securities sold under agreements to repurchase, which are classified as borrowings, generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of the cash received in connection with the transaction. The Company may be required to provide additional collateral based on the estimated fair value of the underlying securities. Segment Reporting The Company has determined that its banking regions meet the aggregation criteria of the current authoritative accounting guidance since each of its banking regions offer similar products and services, operate in a similar manner, have similar customers and report to the same regulatory authority, and therefore operate one line of business (community banking) located in a single geographic area (Texas). Statements of Cash Flows For purposes of reporting cash flows, cash and cash equivalents includes cash on hand, amounts due from banks, including interest-bearing deposits in banks with original maturity of 90 days or less, and federal funds sold. Accumulated Other Comprehensive Income (Loss) Unrealized net gains on the Company’s available-for-sale Income Taxes The Company’s provision for income taxes is based on income before income taxes adjusted for permanent differences between financial reporting and taxable income. Deferred tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. Stock Based Compensation The Company grants stock options for a fixed number of shares to employees with an exercise price equal to the fair value of the shares at the grant date. The Company recorded stock option expense totaling $882,000, $644,000 and $709,000 for the years ended December 31, 2016, 2015 and 2014, respectively. The Company also grants restricted stock for a fixed number of shares. The Company recorded expenses associated with its director and officer restricted stock grants totaling $278,000 and $381,000, respectively, for the year ended December 31, 2016 and $139,000 and $62,000, respectively, for the year ended December 31, 2015. As the restricted stock plan was approved by shareholders in April 2015, there were no such expenses in 2014. See Note 15 for further information. Advertising Costs Advertising costs are expensed as incurred. Per Share Data Net earnings per share (“EPS”) are computed by dividing net earnings by the weighted average number of common stock shares outstanding during the period. The Company calculates dilutive EPS assuming all outstanding stock options to purchase common stock have been exercised at the beginning of the year (or the time of issuance, if later.) The dilutive effect of the outstanding options and restricted stock is reflected by application of the treasury stock method, whereby the proceeds from the exercised options and restricted stock are assumed to be used to purchase common stock at the average market price during the respective year. The following table reconciles the computation of basic EPS to dilutive EPS: Net Weighted Per Share For the year ended December 31, 2016: Net earnings per share, basic $ 104,774 66,013,004 $ 1.59 Effect of stock options and stock grants — 89,882 — Net earnings per share, assuming dilution $ 104,774 66,102,886 $ 1.59 For the year ended December 31, 2015: Net earnings per share, basic $ 100,381 64,892,934 $ 1.55 Effect of stock options and stock grants — 175,096 (0.01 ) Net earnings per share, assuming dilution $ 100,381 65,068,030 $ 1.54 For the year ended December 31, 2014: Net earnings per share, basic $ 89,559 64,047,803 $ 1.40 Effect of stock options — 260,732 (0.01 ) Net earnings per share, assuming dilution $ 89,559 64,308,535 $ 1.39 Recently Issued Authoritative Accounting Guidance Accounting Standards Update ( “ ASU ” ) 2014-09, “ Revenue from Contracts with Customers. ” 2014-09 2015-4 2014-09 2014-09, non-interest 2014-09 2014-09 non-interest ASU 2014-11, “Transfers and Servicing.” 2014-11 repurchase-to-maturity repurchase-to-maturity repurchase-to-maturity ASU 2014-14, “Receivables – Troubled Debt Restructuring by Creditors.” 2014-14 ASU 2014-15, “Presentation of Financial Statements – Going Concern.” 2014-15 2014-15 ASU 2015-01, “Income Statement – Extraordinary and Unusual Items.” 2015-01 ASU 2015-05, “ Intangibles – Goodwill and Other – Internal-Use Software – Customer ’ s Accounting for Fees Paid in a Cloud Computing Arrangement. ” 2015-05 2015-05 2015-05 ASU 2015-16, “Business Combinations – Simplifying the Accounting Measurement Period Adjustments. 2015-16 ASU 2016-1, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” 2016-1, available-for-sale 2016-1 ASU 2016-02, “Leases.” 2016-02 right-of-use 2016-02 ASU 2016-09, “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting.” 2016-09 2016-09 2016-09 ASU 2016-13, “ Financial Instruments – Credit Losses. ” 2016-13 held-to-maturity 2016-13 2016-13 ASU 2017-04, “Intangibles – Goodwill and Other.” 2017-04 2017-04 |
Interest-bearing Time Deposits
Interest-bearing Time Deposits in Banks and Securities | 12 Months Ended |
Dec. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Interest-bearing Time Deposits in Banks and Securities | 2. INTEREST-BEARING TIME DEPOSITS IN BANKS AND SECURITIES: Interest-bearing time deposits in banks totaled $1,707,000 and $3,495,000 at December 31, 2016 and 2015, respectively, and have original maturities generally ranging from one to three years. A summary of the Company’s available-for-sale December 31, 2016 Amortized Gross Gross Estimated Securities available-for-sale: U.S. Treasury securities $ 10,649 $ 19 $ — $ 10,668 Obligations of U.S. government sponsored enterprises and agencies 113,450 253 — 113,703 Obligations of state and political subdivisions 1,534,095 40,194 (10,013 ) 1,564,276 Corporate bonds and other 51,920 476 (3 ) 52,393 Residential mortgage-backed securities 848,614 8,260 (5,513 ) 851,361 Commercial mortgage-backed securities 269,044 622 (1,230 ) 268,436 Total securities available-for-sale $ 2,827,772 $ 49,824 $ (16,759 ) $ 2,860,837 December 31, 2015 Amortized Gross Gross Estimated Securities available-for-sale: 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 state 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 The Company invests in mortgage-backed securities that have expected maturities that differ from their contractual maturities. These differences arise because borrowers may have the right to call or prepay obligations with or without a prepayment penalty. These securities include collateralized mortgage obligations (CMOs) and other asset backed securities. The expected maturities of these securities at December 31, 2016, were computed by using scheduled amortization of balances and historical prepayment rates. At December 31, 2016 and 2015, the Company did not hold any CMOs that entail higher risks than standard mortgage-backed securities. The amortized cost and estimated fair value of available-for-sale Amortized Estimated Due within one year $ 206,182 $ 207,276 Due after one year through five years 664,151 684,849 Due after five years through ten years 836,421 845,257 Due after ten years 3,360 3,658 Mortgage-backed securities 1,117,658 1,119,797 Total $ 2,827,772 $ 2,860,837 The following tables disclose, as of December 31, 2016 and 2015, the Company’s investment securities that have been in a continuous unrealized-loss Less than 12 Months 12 Months or Longer Total December 31, 2016 Fair Unrealized Fair Unrealized Fair Unrealized Obligations of state and political subdivisions $ 446,052 $ 9,997 $ 1,209 $ 16 $ 447,261 $ 10,013 Corporate bonds and other 244 3 — — 244 3 Residential mortgage-backed securities 372,331 4,532 33,227 981 405,558 5,513 Commercial mortgage-backed securities 193,495 1,180 13,263 50 206,758 1,230 Total $ 1,012,122 $ 15,712 $ 47,699 $ 1,047 $ 1,059,821 $ 16,759 Less than 12 Months 12 Months or Longer Total December 31, 2015 Fair Unrealized Fair Unrealized Fair 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 state 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 466 at December 31, 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 December 31, 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 December 31, 2016, 82.13% of our available-for-sale Securities, carried at approximately $1,940,460,000 and $1,759,570,000 at December 31, 2016 and 2015, respectively, were pledged as collateral for public or trust fund deposits, repurchase agreements and for other purposes required or permitted by law. During 2016, 2015, and 2014, sales of investment securities that were classified as available-for-sale |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | 3. LOANS AND ALLOWANCE FOR LOAN LOSSES: Loans held-for-investment December 31, 2016 2015 Commercial $ 674,410 $ 696,163 Agricultural 84,021 102,351 Real estate 2,189,844 2,136,233 Consumer 409,032 382,303 Total loans held-for-investment $ 3,357,307 $ 3,317,050 Loans held-for-sale The Company’s non-accrual December 31, 2016 2015 Non-accrual $ 27,371 $ 28,601 Loans still accruing and past due 90 days or more 284 341 Troubled debt restructured loans** 701 199 Total $ 28,356 $ 29,141 * Includes $1,256,000 and $2,178,000, respectively, of purchased credit impaired loans as of December 31, 2016 and 2015. ** Our troubled debt restructured loans of $6,863,000 and $6,113,000, whose interest collection, after considering economic and business conditions and collection efforts, is doubtful are included in non-accrual The Company’s recorded investment in impaired loans and the related valuation allowance are as follows (in thousands): December 31, 2016 December 31, 2015 Recorded Investment Valuation Allowance Recorded Investment Valuation Allowance $ 27,371 $ 5,012 $ 28,601 $ 5,071 The Company had $29,000,000 and $29,768,000 in non-accrual, Non-accrual December 31, 2016 2015 Commercial $ 7,284 $ 8,761 Agricultural 99 97 Real Estate 18,754 18,766 Consumer 1,234 977 Total $ 27,371 $ 28,601 No significant additional funds are committed to be advanced in connection with impaired loans as of December 31, 2016. The Company’s impaired loans and related allowance as of December 31, 2016 and 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. December 31, 2016 Unpaid Recorded Recorded Total Related 12 Month Commercial $ 13,389 $ 1,148 $ 6,136 $ 7,284 $ 2,128 $ 4,921 Agricultural 103 — 99 99 25 50 Real Estate 23,466 6,229 12,525 18,754 2,428 16,170 Consumer 1,421 280 954 1,234 431 914 Total $ 38,379 $ 7,657 $ 19,714 $ 27,371 $ 5,012 $ 22,055 * Includes $1,256,000 of purchased credit impaired loans. December 31, 2015 Unpaid Recorded Recorded Total Related 12 Month 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 $829,000, $922,000 and $162,000 during the years ended December 31, 2016, 2015, and 2014, respectively. From a credit risk standpoint, the Company rates its loans in one of four categories: (i) pass, (ii) special mention, (iii) substandard or (iv) doubtful. Loans rated as loss are charged-off. The ratings of loans reflect a judgment about the risks of default and loss associated with the loan. The Company reviews the ratings on our credits as part of our on-going 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 December 31, 2016 Pass Special Substandard Doubtful Total Commercial $ 629,756 $ 5,769 $ 38,885 $ — $ 674,410 Agricultural 81,620 715 1,686 — 84,021 Real Estate 2,111,947 18,091 59,806 — 2,189,844 Consumer 406,182 212 2,638 — 409,032 Total $ 3,229,505 $ 24,787 $ 103,015 $ — $ 3,357,307 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 December 31, 2016 and 2015, the Company’s past due loans are as follows (in thousands): December 31, 2016 15-59 60-89 Greater Total Total Total Total 90 Commercial $ 3,908 $ 1,122 $ 2,220 $ 7,250 $ 667,160 $ 674,410 $ 10 Agricultural 185 — — 185 83,836 84,021 — Real Estate 13,172 1,301 5,268 19,741 2,170,103 2,189,844 272 Consumer 1,845 368 122 2,335 406,697 409,032 2 Total $ 19,110 $ 2,791 $ 7,610 $ 29,511 $ 3,327,796 $ 3,357,307 $ 284 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 December 31, 2016 and 2015 by portfolio segment (in thousands). There were no allowances for purchased credit impaired loans at December 31, 2016 or 2015. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. December 31, 2016 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 2,128 $ 25 $ 2,428 $ 431 $ 5,012 Loan collectively evaluated for impairment 9,579 1,076 24,436 5,676 40,767 Total $ 11,707 $ 1,101 $ 26,864 $ 6,107 $ 45,779 December 31, 2015 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 2,030 $ 70 $ 2,827 $ 144 $ 5,071 Loan 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 years ended December 31, 2016 and 2015 are summarized as follows (in thousands): December 31, 2016 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 12,644 $ 1,191 $ 24,375 $ 3,667 $ 41,877 Provision for loan losses 5,101 104 1,150 3,857 10,212 Recoveries 952 25 2,021 508 3,506 Charge-offs (6,990 ) (219 ) (682 ) (1,925 ) (9,816 ) Ending balance $ 11,707 $ 1,101 $ 26,864 $ 6,107 $ 45,779 December 31, 2015 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 7,990 $ 527 $ 26,657 $ 1,650 $ 36,824 Provision for loan losses 8,044 773 (2,399 ) 3,267 9,685 Recoveries 344 55 558 450 1,407 Charge-offs (3,734 ) (164 ) (441 ) (1,700 ) (6,039 ) Ending balance $ 12,644 $ 1,191 $ 24,375 $ 3,667 $ 41,877 The Company’s recorded investment in loans as of December 31, 2016 and 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 $1,256,000 and $2,178,000, respectively, at December 31, 2016 and 2015 are included in loans individually evaluated for impairment. December 31, 2016 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 7,284 $ 99 $ 18,754 $ 1,234 $ 27,371 Loan collectively evaluated for impairment 667,126 83,922 2,171,090 407,798 3,329,936 Total $ 674,410 $ 84,021 $ 2,189,844 $ 409,032 $ 3,357,307 December 31, 2015 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 8,761 $ 97 $ 18,766 $ 977 $ 28,601 Loan 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 years ended December 31, 2016 and 2015, and considered troubled debt restructurings are as follows (in thousands): Year Ended December 31, 2016 Year Ended December 31, 2015 Number Pre-Modification Post- Number Pre-Modification Post- Commercial 15 $ 3,208 $ 3,208 8 $ 447 $ 447 Agricultural — — — 3 128 128 Real Estate 6 1,460 1,460 5 598 598 Consumer 7 189 189 7 255 255 Total 28 $ 4,857 $ 4,857 23 $ 1,428 $ 1,428 The balances below provide information as to how the loans were modified as troubled debt restructured loans during the years ended December 31, 2016 and 2015 (in thousands): Year Ended December 31, 2016 Year Ended December 31, 2015 Adjusted Extended Combined Adjusted Extended Combined Commercial $ — $ 2,560 $ 648 $ — $ 182 $ 265 Agricultural — — — — 128 — Real Estate — 298 1,162 15 150 433 Consumer — 70 119 — 56 199 Total $ — $ 2,928 $ 1,929 $ 15 $ 516 $ 897 During the years ended December 31, 2016 and 2015, certain loans were modified as a troubled debt restructured loans within the previous 12 months and for which there was a payment default. A default for purposes of this disclosure is a troubled debt restructured loan in which the borrower is 90 days past or more due or results in the foreclosure and repossession of the applicable collateral. The loans with payment default are as follows (dollars in thousands): Year Ended December 31, 2016 Year Ended December 31, 2015 Number Balance Number Balance Commercial 4 $ 1,690 1 $ 66 Agriculture — — — — Real Estate 3 921 1 15 Consumer — — 2 32 Total 7 $ 2,611 4 $ 113 As of December 31, 2016, the Company has no commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings. An analysis of the changes in loans to officers, directors, principal shareholders, or associates of such persons for the year ended December 31, 2016 (determined as of each respective year-end) Beginning Additional Payments Ending Year ended December 31, 2016 $ 65,729 $ 49,674 $ 70,974 $ 44,429 In the opinion of management, those loans are on substantially the same terms, including interest rates and collateral requirements, as those prevailing at the time for comparable transactions with unaffiliated persons. Our subsidiary bank has established a line of credit with the Federal Home Loan Bank of Dallas (FHLB) to provide liquidity and meet pledging requirements for those customers eligible to have securities pledged to secure certain uninsured deposits. At December 31, 2016, $2,081,615,000 in loans held by our bank subsidiary were subject to blanket liens as security for this line of credit. At December 31, 2016, $75,000,000 in advances were outstanding under this line of credit. |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | 4. BANK PREMISES AND EQUIPMENT The following is a summary of bank premises and equipment (in thousands): Useful Life December 31, 2016 2015 Land — $ 28,266 $ 29,050 Buildings 20 to 40 years 115,566 106,515 Furniture and equipment 3 to 10 years 58,145 54,353 Leasehold improvements Lesser of lease term or 5 to 15 years 4,783 4,328 206,760 194,246 Less- accumulated depreciation and amortization (84,075 ) (78,534 ) Total Bank Premises and Equipment $ 122,685 $ 115,712 Depreciation expense for the years ended December 31, 2016, 2015 and 2014 amounted to $9,390,000, $9,125,000 and $7,833,000, respectively, and is included in the captions net occupancy expense and equipment expense in the accompanying consolidated statements of earnings. The Company is lessor for portions of its banking premises. Total rental income for all leases included in net occupancy expense is approximately $2,139,000, $1,949,000 and $1,923,000, for the years ended December 31, 2016, 2015, and 2014, respectively. During the years ended December 31, 2016, 2015 and 2014, the Company recorded gains (losses) on sale the of bank premises and equipment totaling $168,000, ($820,000) and $10,000. In 2016, the Company sold its Weatherford and Orange main region branch building for $1,385,000 and $2,000,000 and recorded a gain of $560,000 and a loss of $31,000, respectively. The Company recorded a write down of $1,000,000 in 2015 in anticipation of the Orange branch building sale. |
Deposits and Borrowings
Deposits and Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposits and Borrowings | 5. DEPOSITS AND BORROWINGS: Time deposits of $250,000 or more totaled approximately $130,385,000 and $190,386,000 at December 31, 2016 and 2015, respectively. At December 31, 2016, the scheduled maturities of time deposits (in thousands) were, as follows: Year ending December 31, 2017 $ 419,326 2018 54,713 2019 17,893 2020 9,939 2021 7,093 Thereafter 32 $ 508,996 Deposits received from related parties at December 31, 2016 and 2015 totaled $114,513,000 and $89,006,000, respectively. Borrowings at December 31, 2016 and 2015 consisted of the following (dollars in thousands): December 31, 2016 2015 Securities sold under agreements with customers to repurchase $ 360,820 $ 310,330 Federal funds purchased 9,950 6,325 Advances from Federal Home Loan Bank of Dallas 75,000 299,020 Total $ 445,770 $ 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” At December 31, 2016 and 2015, the Company had advances from the Federal Home Loan Bank of Dallas of $75,000,000 and $299,020,000, respectively, that are scheduled to mature in 2017 and 2018. The interest rate on these advances were 0.46% and 0.31%, respectively, at December 31, 2016 and 2015. |
Line of Credit
Line of Credit | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Line of Credit | 6. LINE OF CREDIT: The Company renewed its loan agreement, effective June 30, 2015, with Frost Bank. Under the loan agreement, as renewed and amended, we are permitted to draw up to $25,000,000 on a revolving line of credit. Prior to June 30, 2017, interest is paid quarterly at The Wall Street Journal The Wall Street Journal |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES: The Company files a consolidated federal income tax return. Income tax expense is comprised of the following (dollars in thousands): Year Ended December 31, 2016 2015 2014 Current federal income tax $ 30,381 $ 31,014 $ 29,832 Current state income tax 99 103 94 Deferred federal income tax expense (benefit) 673 320 (893 ) Income tax expense $ 31,153 $ 31,437 $ 29,033 Income tax expense, as a percentage of pretax earnings, differs from the statutory federal income tax rate as follows: As a Percent of Pretax Earnings 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % Reductions in tax rate resulting from interest income exempt from federal income tax (12.1 ) (11.4 ) (10.6 ) Effect of state income tax 0.1 0.1 0.1 ESOP tax deduction (0.2 ) (0.2 ) (0.2 ) Other 0.1 0.3 0.2 Effective income tax rate 22.9 % 23.8 % 24.5 % The approximate effects of each type of difference that gave rise to the Company’s deferred tax assets and liabilities at December 31, 2016 and 2015 are as follows (dollars in thousands): 2016 2015 Deferred tax assets: Tax basis of loans in excess of financial statement basis $ 17,006 $ 16,326 Minimum liability in defined benefit plan 1,641 2,135 Recognized for financial reporting purposes but not yet for tax purposes: Deferred compensation 2,807 2,602 Write-downs and adjustments to other real estate owned and repossessed assets 9 7 Other deferred tax assets 226 224 Total deferred tax assets 21,689 21,294 Deferred tax liabilities: Financial statement basis of fixed assets in excess of tax basis 5,870 5,644 Intangible asset amortization deductible for tax purposes, but not for financial reporting purposes 15,191 13,881 Recognized for financial reporting purposes but not yet for tax purposes: Accretion on investment securities 1,788 1,813 Pension plan contributions 1,799 1,761 Net unrealized gain on investment securities available-for-sale 11,573 27,655 Other deferred tax liabilities 83 71 Total deferred tax liabilities 36,304 50,825 Net deferred tax asset (liability) $ (14,615 ) $ (29,531 ) At December 31, 2016 and 2015, management believes that it is more likely than not that all of the deferred tax amounts shown above will be realized and therefore no valuation allowance was recorded. Current authoritative accounting guidance prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not more-likely-than-not more-likely-than-not |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 8. 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 There were no transfers between Level 2 and Level 3 during the year ended December 31, 2016, 2015 and 2014. The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2016, and 2015 segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): December 31, 2016 Level 1 Level 2 Level 3 Total Fair Available-for-sale U.S. Treasury securities $ 10,668 $ — $ — $ 10,668 Obligations of U. S. government sponsored enterprises and agencies — 113,703 — 113,703 Obligations of state and political subdivisions — 1,564,276 — 1,564,276 Corporate bonds — 47,965 — 47,965 Residential mortgage-backed securities — 851,361 — 851,361 Commercial mortgage-backed securities — 268,436 — 268,436 Other securities 4,428 — — 4,428 Total $ 15,096 $ 2,845,741 $ — $ 2,860,837 December 31, 2015 Level 1 Level 2 Level 3 Total Fair Available-for-sale U.S. Treasury securities $ 10,795 $ — $ — $ 10,795 Obligations of U. S. government sponsored enterprises and agencies — 148,554 — 148,554 Obligations of state 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 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 December 31, 2016, impaired loans with a carrying value of $27,371,000 were reduced by specific valuation reserves totaling $5,012,000 resulting in a net fair value of $22,359,000. Loans Held-for-Sale held-for-sale held-for-sale held-for-sale Certain non-financial non-financial non-recurring non-financial Non-financial non-recurring re-measured re-measured Year 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 December 31, 2016 and 2015, other real estate owned totaled $413,000 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 The estimated fair values and carrying values of all financial instruments under current authoritative guidance at December 31, 2016 and 2015, were as follows (dollars in thousands): 2016 2015 Carrying Estimated Carrying Estimated Fair Value Cash and due from banks $ 204,782 $ 204,782 $ 179,140 $ 179,140 Level 1 Federal funds sold 3,130 3,130 3,810 3,810 Level 1 Interest-bearing deposits in banks 48,574 48,574 89,936 89,936 Level 1 Interest-bearing time deposits in banks 1,707 1,709 3,495 3,500 Level 2 Available-for-sale 2,860,837 2,860,837 2,733,899 2,733,899 Levels 1 and 2 Held-to-maturity 121 124 278 283 Level 2 Loans 3,338,426 3,361,735 3,308,716 3,316,243 Level 3 Accrued interest receivable 36,469 36,469 34,697 34,697 Level 2 Deposits with stated maturities 508,996 510,304 620,852 622,572 Level 2 Deposits with no stated maturities 4,969,543 4,969,543 4,569,317 4,569,317 Level 1 Borrowings 445,770 445,770 615,675 615,675 Level 2 Accrued interest payable 225 225 240 240 Level 2 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. COMMITMENTS AND CONTINGENCIES: The Company is engaged in legal actions arising from the normal course of business. In management’s opinion, the Company has adequate legal defenses with respect to these actions, and as of December 31, 2016 the resolution of these matters is not expected to have material adverse effects upon the results of operations or financial condition of the Company. The Company leases a portion of its bank premises and equipment under operating leases. At December 31, 2016, future minimum lease commitments were: 2017 - $774,000, 2018 - $369,000, 2019 - $268,000, 2020 - $140,000, and 2021 - $32,000. |
Financial Instruments with Off-
Financial Instruments with Off-Balance-Sheet Risk | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Financial Instruments with Off-Balance-Sheet Risk | 10. FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET We are a party to financial instruments with off-balance-sheet Our exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for unfunded lines of credit, commitments to extend credit and standby letters of credit is represented by the contractual notional amount of these instruments. We generally use the same credit policies in making commitments and conditional obligations as we do for on-balance-sheet Total Notional Financial instruments whose contract amounts represent credit risk: Unfunded lines of credit $ 549,000 Unfunded commitments to extend credit 199,235 Standby letters of credit 27,380 Total commercial commitments $ 775,615 Unfunded lines of credit and commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. These commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. We evaluate each customer’s creditworthiness on a case-by-case Standby letters of credit are conditional commitments we issue to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The average collateral value held on letters of credit usually exceeds the contract amount. We believe we have no other off-balance |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | 11. CONCENTRATION OF CREDIT RISK: The Company grants commercial, retail, agriculture and residential real estate loans to customers primarily in North Central, Southeastern and West Texas. Although the Company has a diversified loan portfolio, a substantial portion of its borrowers’ ability to honor their commitments is dependent upon each local economic sector. In addition, the Company holds mortgage related securities which are guaranteed by GNMA, FNMA or FHLMC or are collateralized by loans backed by these agencies. |
Pension and Profit Sharing Plan
Pension and Profit Sharing Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Profit Sharing Plans | 12. PENSION AND PROFIT SHARING PLANS: The Company’s defined benefit pension plan was frozen effective January 1, 2004, whereby no new participants will be added to the Plan and no additional years of service will accrue to participants, unless the pension plan is reinstated at a future date. The pension plan covered substantially all of the Company’s employees at the time. The benefits for each employee were based on years of service and a percentage of the employee’s qualifying compensation during the final years of employment. The Company’s funding policy was and is to contribute annually the amount necessary to satisfy the Internal Revenue Service’s funding standards. Contributions to the pension plan, prior to freezing the plan, were intended to provide not only for benefits attributed to service to date but also for those expected to be earned in the future. As a result of the Pension Protection Act of 2006 (the “Protection Act”), the Company will be required to contribute amounts in future years to fund any shortfalls. The Company has evaluated the provisions of the Protection Act as well as the Internal Revenue Service’s funding standards to develop a plan for funding in future years. As a result, the Company made a contribution totaling $500,000 in both 2016 and 2015, and is continuing to evaluate future funding amounts. During 2016 and 2014, as permitted by the Internal Revenue Service, the Company offered settlement of a portion of its pension obligations to those plan participants who no longer were employed by the Company. As a result of the partial settlement of the plan, the Company recognized $267,000 and $2,909,000 for the years ended December 31, 2016 and 2014, respectively, in additional pension expense, before income tax, a component of noninterest expense. The effect of this transaction was relatively neutral to shareholders’ equity since the recorded pension obligation associated with the plan participants who accepted the settlement closely approximated the amount offered to such plan participants and the amount recognized in pension expense had been previously recognized as unrealized losses in other comprehensive earnings. In connection with this partial settlement, the Company paid $649,000 and $10,626,000 out of pension plan assets and the number of participants was reduced by 38 and 335, in 2016 and 2014, respectively. The Company’s investment risk and administrative expense associated with the Company’s pension plan has been significantly reduced going forward. Using an actuarial measurement date of December 31, 2016 and 2015, benefit obligation activity and fair value of plan assets for the years ended December 31, 2016 and 2015, and a statement of the funded status as of December 31, 2016 and 2015, are as follows (dollars in thousands): 2016 2015 Reconciliation of benefit obligations: Benefit obligation at January 1 $ 16,002 $ 15,581 Interest cost on projected benefit obligation 665 622 Actuarial loss (gain) 139 635 Benefits paid, including partial settlement of certain participant balances (1,353 ) (836 ) Benefit obligation at December 31 $ 15,453 $ 16,002 Reconciliation of fair value of plan assets: Fair value of plan assets at January 1 $ 14,820 $ 15,458 Actual return on plan assets 1,820 (302 ) Employer contributions 500 500 Benefits paid, including partial settlement of certain participant balances (1,353 ) (836 ) Fair value of plan assets at December 31 15,787 14,820 Funded status $ 334 $ (1,182 ) Amounts recognized as a component of accumulated other comprehensive earnings as of year-end 2016 2015 Net actuarial loss $ (4,688 ) $ (6,098 ) Deferred tax benefit 1,641 2,134 Amounts included in accumulated other comprehensive earnings, net of tax $ (3,047 ) $ (3,964 ) Net periodic benefit cost for the years ended December 31, 2016, 2015, and 2014, are as follows (dollars in thousands): Year Ended December 31, 2016 2015 2014 Service cost - benefits earned during the period $ — $ — $ — Interest cost on projected benefit obligation 665 622 1,131 Expected return on plan assets (912 ) (948 ) (1,497 ) Amortization of unrecognized net loss 375 222 337 Recognized loss on partial settlement of certain participant balances 267 — 2,909 Net periodic pension benefit expense (benefit) $ 395 $ (104 ) $ 2,880 The following table sets forth the rates used in the actuarial calculations of the present value of benefit obligations and net periodic pension cost and the rate of return on plan assets: 2016 2015 2014 Weighted average discount rate 4.25 % 4.25 % 4.10 % Expected long-term rate of return on assets 6.25 % 6.25 % 6.25 % The weighted average discount rate is estimated based on setting a discount rate to establish an obligation for pension benefits equivalent to an amount that, if invested in high quality fixed income securities, would produce a return that matches the expected benefit payment stream. The expected long-term rate of return on plan assets is based on historical returns and expectations of future returns based on asset mix, after consultation with our investment advisors and actuaries. The major type of plan assets in the pension plan and the targeted allocation percentage as of December 31, 2016 and 2015 is as follows: December 31, 2016 December 31, 2015 Targeted Equity securities 77 % 74 % 75 % Debt securities 22 % 25 % 25 % Cash and equivalents 1 % 1 % — The range and weighted average final maturities of debt securities held in the pension plan as of December 31, 2016 are 2.52 to 11.34 years and approximately 5.08 years, respectively. Assets held in the pension plan are considered either Level 1 consisting of the money market funds, publicly traded common stocks and publically traded mutual funds or Level 2 consisting of obligations of state and political subdivisions, corporate bonds and mortgage-backed securities. There were no Level 3 securities. See note 8 for a discussion of the fair value hierarchy. The breakdown by level is as follows (dollars in thousands): Level 1 Level 2 Level 3 Total Fair Money market fund $ 100 $ — $ — $ 100 Obligations of state and political subdivisions — 659 — 659 Corporate bonds — 885 — 885 Mortgage-backed securities — 956 — 956 Corporate stocks and mutual funds 13,187 — — 13,187 Total $ 13,287 $ 2,500 $ — $ 15,787 First Financial Trust & Asset Management Company, National Association, a wholly owned subsidiary of the Company, manages the pension plan assets as well as the profit sharing plan assets (see below). The investment strategy and targeted allocations are based on similar strategies First Financial Trust & Asset Management Company, National Association employs for most of its managed accounts whereby appropriate diversification is achieved. First Financial Trust & Asset Management Company, National Association is prohibited from holding investments deemed to be high risk by the Office of the Comptroller of the Currency. An estimate of the undiscounted projected future payments to eligible participants for the next five years and the following five years in the aggregate is as follows (in thousands): Year Ending December 31, 2017 856 2018 872 2019 892 2020 913 2021 935 2022 forward 4,861 As of December 31, 2016 and 2015, the pension plan’s total assets included First Financial Bankshares, Inc. common stock valued at approximately $2,786,000 and $1,859,000, respectively. The Company also provides a profit sharing plan, which covers substantially all full-time employees. The profit sharing plan is a defined contribution plan and allows employees to contribute a percentage of their base annual salary. Employees are fully vested to the extent of their contributions and become fully vested in the Company’s contributions over a six-year In 2004, after freezing our pension plan, we added a safe harbor match to the 401(k) plan. We match a maximum of 4% on employee deferrals of 5% of their employee compensation. Total expense for this matching in 2016, 2015 and 2014 was $2,331,000, $2,043,000 and $1,699,000, respectively, and is included in salaries and employee benefits in the statements of earnings. The Company has a directors’ deferred compensation plan whereby the directors may elect to defer up to 100% of their directors’ fees. All deferred compensation is invested in the Company’s common stock held in a rabbi trust. The stock is held in nominee name of the trustee, and the principal and earnings of the trust are held separate and apart from other funds of the Company, and are used exclusively for the uses and purposes of the deferred compensation agreement. The accounts of the trust have been consolidated in the financial statements of the Company. |
Dividends from Subsidiaries
Dividends from Subsidiaries | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Dividends from Subsidiaries | 13. DIVIDENDS FROM SUBSIDIARIES: At December 31, 2016, approximately $170,730,000 was available for the declaration of dividends by the Company’s subsidiaries without the prior approval of regulatory agencies. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | 14. REGULATORY MATTERS: Banking regulators measure capital adequacy by means of the risk-based capital ratios and the leverage ratio under the Basel III regulatory capital framework and prompt corrective action regulations. The risk-based capital rules provide for the weighting of assets and off-balance-sheet quarter-to-date Beginning in January 2016, under the Basel III regulatory capital framework, the implementation of the capital conservation buffer was effective for the Company starting at the 0.625% level and increasing 0.625% each year thereafter, until it reaches 2.5% on January 1, 2019. The capital conservation buffer is designed to absorb losses during periods of economic stress and requires increased capital levels for the purpose of capital distributions and other payments. Failure to meet the amount of the buffer will result in restrictions on the Company’s ability to make capital distributions, including dividend payments and stock repurchases, and to pay discretionary bonuses to executive officers. As of December 31, 2016 and 2015, we had a total risk-based capital ratio of 18.45% and 16.97%, a Tier 1 capital to risk-weighted assets ratio of 17.30% and 15.90%; a common equity Tier 1 capital to risk-weighted assets ratio of 17.30% and 15.90%, and a Tier 1 leverage ratio of 10.71% and 9.96%, respectively. The regulatory capital ratios as of December 31, 2016 and 2015 were calculated under Basel III rules. There is no threshold for well-capitalized status for bank holding companies. As of December 31, 2016 and 2015, the regulatory capital ratios of the Company and Bank under the Basel III regulatory capital framework are as follows: Actual Minimum Capital Phase-In Minimum Capital Phased-In Required to be As of December 31, 2016: Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total Capital to Risk-Weighted Assets: Consolidated $ 739,959 18.45 % $ 345,827 8.625 % $ 421,007 10.50 % — N/A First Financial Bank, N.A. $ 633,403 15.84 % $ 344,930 8.625 % $ 419,915 10.50 % $ 399,919 10.00 % Tier 1 Capital to Risk-Weighted Assets: Consolidated $ 693,584 17.30 % $ 265,635 6.625 % $ 340,815 8.50 % — N/A First Financial Bank, N.A. $ 587,028 14.68 % $ 264,946 6.625 % $ 339,931 8.50 % $ 319,935 8.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets: Consolidated $ 693,584 17.30 % $ 205,491 5.125 % $ 280,671 7.00 % — N/A First Financial Bank, N.A. $ 587,028 14.68 % $ 204,959 5.125 % $ 279,943 7.00 % $ 259,947 6.50 % Leverage Ratio: Consolidated $ 693,584 10.71 % $ 258,978 4.00 % $ 258,978 4.00 % — N/A First Financial Bank, N.A. $ 587,028 9.10 % $ 257,941 4.00 % $ 257,941 4.00 % $ 322,426 5.00 % As of December 31, 2015: Total Capital to Risk-Weighted Assets: Consolidated $ 672,920 16.97 % $ 318,528 8.00 % $ 418,068 10.50 % — N/A First Financial Bank, N.A. $ 570,910 14.37 % $ 317,788 8.00 % $ 417,097 10.50 % $ 397,235 10.00 % Tier 1 Capital to Risk-Weighted Assets: Consolidated $ 630,413 15.90 % $ 238,896 6.00 % $ 338,436 8.50 % — N/A First Financial Bank, N.A. $ 528,403 13.30 % $ 238,341 6.00 % $ 337,650 8.50 % $ 317,788 8.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets: Consolidated $ 630,413 15.90 % $ 179,172 4.50 % $ 278,712 7.00 % — N/A First Financial Bank, N.A. $ 528,403 13.30 % $ 178,756 4.50 % $ 278,065 7.00 % $ 258,203 6.50 % Leverage Ratio: Consolidated $ 630,413 9.96 % $ 256,368 4.00 % $ 256,368 4.00 % — N/A First Financial Bank, N.A. $ 528,403 8.37 % $ 252,419 4.00 % $ 252,419 4.00 % $ 315,524 5.00 % We have performed a preliminary assessment using the regulatory capital estimation tool made available by the OCC and believe the Company and Bank are prepared to meet the new requirements upon full adoption of Basel III that will be effective December 31, 2019. In connection with the adoption of the Basel III regulatory capital framework, our subsidiary bank made the election to continue to exclude most accumulated other comprehensive income (“AOCI”) from capital in connection with its March 31, 2015 quarterly financial filing and, in effect, to retain the AOCI treatment under the prior capital rules. In connection with the First Financial Trust & Asset Management Company, National Association’s (the “Trust Company”) application to obtain our trust charter, the Trust Company is required to maintain tangible net assets of $2,000,000 at all times. As of December 31, 2016, our Trust Company had tangible net assets totaling $14,300,000. Our subsidiary bank may be required at times to maintain reserve balances with the Federal Reserve Bank. At December 31, 2016 and 2015, the subsidiary bank’s reserve balances were $4,340,000 and $17,725,000, respectively. |
Stock Option Plan and Restricte
Stock Option Plan and Restricted Stock Plan | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plan and Restricted Stock Plan | 15. STOCK OPTION PLAN AND RESTRICTED STOCK PLAN: The Company has an incentive stock plan to provide for the granting of options to employees of the Company at prices not less than market at the date of grant. At December 31, 2016, the Company had allocated 3,337,000 shares of stock for issuance under the plan. The plan provides that options granted are exercisable after two years from date of grant at a rate of 20% each year cumulatively during the 10-year Weighted- Shares Weighted- Remaining Aggregate Intrinsic Outstanding, beginning of year 1,231,346 $ 26.70 Granted — — Exercised (82,871 ) 15.69 Cancelled (54,440 ) (29.52 ) Outstanding, end of year 1,094,035 27.40 6.56 $ 19,475 Exercisable at end of year 422,945 $ 20.38 4.29 $ 10,498 The options outstanding at December 31, 2016, had exercise prices ranging between $13.66 and $33.89. Stock options have been adjusted retroactively for the effects of stock dividends and splits. The following table summarizes information concerning outstanding and vested stock options as of December 31, 2016: Exercise Price Number Remaining Number Vested $ 13.66 36,522 0.1 36,522 16.78 123,473 2.4 123,473 15.73 180,380 4.8 136,460 30.85 320,410 6.8 126,490 $ 33.89 433,250 8.8 — 1,094,035 422,945 The fair value of the options granted during 2015 were estimated using the Black-Scholes options pricing model with the following weighted-average assumptions: risk-free interest rate of 1.89%; expected dividend yield of 1.89%; expected life of 5.78 years; and expected volatility of 23.36%. The weighted-average grant-date fair value of options granted during 2015 was $6.72. There were no grants during 2014 and 2016. The total intrinsic value of options exercised during the years ended December 31, 2016, 2015, and 2014, was $1,226,000, $1,539,000 and $1,738,000, respectively. As of December 31, 2016, there was $3,058,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 2.14 years. The total fair value of shares vested during the years ended December 31, 2016, 2015, and 2014 was $592,000, $810,000 and $382,000. The aggregate intrinsic value of vested stock options at December 31, 2016 totaled $10,498,000. On April 28, 2015, shareholders of the Company approved a restricted stock plan for selected employees, officers, non-employee On July 21, 2015, 7,070 shares were granted to the ten non-employee re-election non-employee On October 27, 2015, the Company granted 31,273 shares with a total value of $1,060,000 to certain officers that is being expensed over the vesting period of three years. On October 25, 2016, the Company granted 15,405 shares with a total value of $560,000 to certain officers that is being expensed over the vesting period of three years. The Company recorded restricted stock expense for officers of $381,000 and $62,000, respectively, for the year ended December 31, 2016 and 2015. |
Condensed Financial Information
Condensed Financial Information - Parent Company | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information - Parent Company | 16. CONDENSED FINANCIAL INFORMATION - PARENT COMPANY: Condensed Balance Sheets-December 31, 2016 and 2015 2016 2015 ASSETS Cash in subsidiary bank $ 15,070 $ 12,311 Cash in unaffiliated banks 2 2 Interest-bearing deposits in subsidiary bank 78,179 78,160 Total cash and cash equivalents 93,251 90,473 Securities available-for-sale, 11,593 12,062 Investment in and advances to subsidiaries, at equity 744,971 713,909 Intangible assets 723 723 Other assets 2,668 3,693 Total assets $ 853,206 $ 820,860 LIABILITIES AND SHAREHOLDERS’ EQUITY Total liabilities $ 15,321 $ 15,874 Shareholders’ equity: Common stock 661 660 Capital surplus 372,245 368,925 Retained earnings 446,534 388,006 Treasury stock (6,671 ) (6,296 ) Deferred compensation 6,671 6,296 Accumulated other comprehensive earnings 18,445 47,395 Total shareholders’ equity 837,885 804,986 Total liabilities and shareholders’ equity $ 853,206 $ 820,860 Condensed Statements of Earnings- For the Years Ended December 31, 2016, 2015 and 2014 2016 2015 2014 Income: Cash dividends from subsidiaries $ 48,800 $ 51,200 $ 34,000 Excess of earnings over dividends of subsidiaries 58,809 52,911 58,539 Other 4,184 4,185 3,717 Total Income 111,793 108,296 96,256 Expenses: Salaries and employee benefits 5,655 6,067 5,595 Other operating expenses 3,531 4,439 3,309 Total Expense 9,186 10,506 8,904 Earnings before income taxes 102,607 97,790 87,352 Income tax benefit 2,167 2,591 2,207 Net earnings $ 104,774 $ 100,381 $ 89,559 Condensed Statements of Cash Flows- For the Years Ended December 31, 2016, 2015, and 2014 2016 2015 2014 Cash flows from operating activities: Net earnings $ 104,774 $ 100,381 $ 89,559 Adjustments to reconcile net earnings to net cash provided by operating activities: Excess of earnings over dividends of subsidiary bank (58,809 ) (52,911 ) (58,539 ) Depreciation and amortization, net 208 197 200 Decrease (increase) in other assets 1,702 507 (150 ) Increase (decrease) in other liabilities (1,374 ) 3,743 (314 ) Other 8 — — Net cash provided by operating activities 46,509 51,917 30,756 Cash flows from investing activities: Cash received (paid) in connection with acquisition of banks — 13,125 — Net decrease in interest-bearing time deposits in unaffiliated banks — — 480 Purchases of bank premises and equipment (94 ) (107 ) (780 ) Repayment from (of advances to) investment in and advances to subsidiaries, net — 5,800 (3,300 ) Other 10 — — Net cash used in (provided by) investing activities (84 ) 18,818 (3,600 ) Cash flows from financing activities: Repayment of subordinated debt — (13,125 ) — Proceeds of stock issuances 1,260 1,545 1,437 Cash dividends paid (44,907 ) (38,767 ) (34,578 ) Net cash used in financing activities (43,647 ) (50,347 ) (33,141 ) Net increase (decrease) in cash and cash equivalents 2,778 20,388 (5,985 ) Cash and cash equivalents, beginning of year 90,473 70,085 76,070 Cash and cash equivalents, end of year $ 93,251 $ 90,473 $ 70,085 |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Information | 17. CASH FLOW INFORMATION: Supplemental information on cash flows and noncash transactions is as follows (dollars in thousands): Year Ended December 31, 2016 2015 2014 Supplemental cash flow information: Interest paid $ 5,465 $ 4,085 $ 4,231 Federal income taxes paid 28,348 29,674 28,711 Schedule of noncash investing and financing activities: Assets acquired through foreclosure 2,269 203 1,385 Investment securities purchased but not settled 12,381 — 1,248 |
Acquisitions and Asset Purchase
Acquisitions and Asset Purchase | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions and Asset Purchase | 18. ACQUISITIONS 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. 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, N.A., Conroe, Texas, 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, N.A.’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, N.A. had branches in Conroe, Magnolia, Tomball, Willis, Cut and Shoot and Huntsville, all located north of Houston, Texas. In February 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 June 1, 2015. 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. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations First Financial Bankshares, Inc. (a Texas corporation) (“Bankshares”, “Company”, “we” or “us”) is a financial holding company which owns all of the capital stock of one bank with 69 locations located in Texas as of December 31, 2016. The subsidiary bank is First Financial Bank, National Association, Abilene. The bank’s primary source of revenue is providing loans and banking services to consumers and commercial customers in the market area in which the subsidiary is located. In addition, the Company also owns First Financial Trust & Asset Management Company, National Association, First Financial Insurance Agency, Inc., and First Technology Services, Inc. A summary of significant accounting policies of Bankshares and its subsidiaries applied in the preparation of the accompanying consolidated financial statements follows. The accounting principles followed by the Company and the methods of applying them are in conformity with both U.S. GAAP and prevailing practices of the banking industry. The Company evaluated subsequent events for potential recognition through the date the consolidated financial statements were issued. |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include its allowance for loan losses and its valuation of financial instruments. |
Consolidation | Consolidation The accompanying consolidated financial statements include the accounts of Bankshares and its subsidiaries, all of which are wholly-owned. All significant intercompany accounts and transactions have been eliminated. |
Stock Repurchase | Stock Repurchase On October 28, 2014, the Company’s Board of Directors authorized the repurchase of up to 1,500,000 common shares through September 30, 2017. The stock buyback plan authorizes management to repurchase the stock at such time as repurchases are considered beneficial to stockholders. Any repurchase of stock will be made through the open market, block trades or in privately negotiated transactions in accordance with applicable laws and regulations. Under the repurchase plan, there is no minimum number of shares that the Company is required to repurchase. For the years ended December 31, 2016, 2015 and 2014, no shares were repurchased under this or the prior authorization that expired September 30, 2014. |
Stock Split | Stock Split On April 22, 2014, the Company’s Board of Directors declared a two-for-one |
Acquisitions and Asset Purchase | Acquisitions and Asset Purchase On July 31, 2015, the Company acquired 100% of the outstanding capital stock of FBC Bancshares, Inc. through the merger of a wholly-owned subsidiary with and into FBC Bancshares, Inc. Following such merger, FBC Bancshares, Inc. and its wholly-owned subsidiary, First Bank, N.A. were merged into the Company and First Financial Bank, National Association, respectively. The results of operations of FBC Bancshares, Inc. subsequent to the acquisition date, are included in the consolidated earnings of the Company. See Note 18 for additional information. On June 1, 2015, the Company completed the asset purchase of 4Trust Mortgage, Inc. The results of operation of 4Trust Mortgage Inc. subsequent to the asset purchase date, are included in the consolidated earnings of the Company. See Note 18 for additional information. |
Increase in Authorized Shares | Increase in Authorized Shares 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. |
Investment Securities | Investment Securities Management classifies debt and equity securities as held-to-maturity, available-for-sale, held-to-maturity held-to-maturity available-for-sale Available-for-sale The Company records its available-for-sale 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 held-to-maturity The Company’s investment portfolio consists of U.S. Treasury securities, obligations of U.S. government sponsored enterprises and agencies, obligations of state and political subdivisions, mortgage pass-through securities, corporate bonds and general obligation or revenue based municipal bonds. Pricing for such securities is generally readily available and transparent in the market. The Company utilizes independent third party pricing services to value its investment securities, which the Company reviews as well as the underlying pricing methodologies for reasonableness and to ensure such prices are aligned with pricing matrices. The Company validates quarterly, on a sample basis, prices supplied by the independent pricing services by comparison to prices obtained from other third party sources. |
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses Loans held for investment are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. Interest on loans is calculated by using the simple interest method on daily balances of the principal amounts outstanding. The Company defers and amortizes net loan origination fees and costs as an adjustment to yield. The allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for loan losses when management believes the collectability of the principal is unlikely. The allowance for loan losses is an amount which represents management’s best estimate of probable losses that are inherent in the Company’s loan portfolio as of the balance sheet date. The allowance for loan losses is comprised of three elements: (i) specific reserves determined based on probable losses on specific classified loans; (ii) a historical valuation reserve component that considers historical loss rates and estimated loss emergence periods; 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 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 could result in increased levels of non-performing 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. charged-off charge-off 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 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 non-accrual The Company originates certain mortgage loans for sale in the secondary market. Accordingly, these loans are classified as held-for-sale 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 Purchased credit impaired loans are those loans that showed evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all amounts contractually owed. Their acquisition fair value, which includes a credit component at the acquisition date, was based on the estimate of cash flows, both principal and interest, expected to be collected or estimated collateral values if cash flows are not estimable, discounted at prevailing market rates of interest. The difference between the discounted cash flows expected at acquisition and the investment in the loan is recognized as interest income on a level-yield method over the life of the loan, unless management was unable to reasonably forecast cash flows in which case the loans were placed on nonaccrual. Contractually required payments for interest and principal that exceed the cash flows expected at acquisition are not recognized as a yield adjustment. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows subsequent to acquisition are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition. The carrying amount of purchased credit impaired loans at December 31, 2016 and 2015 were $1,256,000 and $2,178,000, respectively, compared to a contractual balance of $1,865,000 and $2,936,000, respectively. Other purchased credit impaired loan disclosures were omitted due to immateriality. |
Other Real Estate | Other Real Estate Other real estate owned is foreclosed property held pending disposition and is initially recorded at fair value, less estimated costs to sell. At foreclosure, if the fair value of the real estate, less estimated costs to sell, is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the allowance for loan losses. Any subsequent reduction in value is recognized by a charge to income. Operating and holding expenses of such properties, net of related income, and gains and losses on their disposition are included in net gain (loss) on sale of foreclosed assets as incurred. |
Bank Premises and Equipment | Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed principally on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized over the life of the respective lease or the estimated useful lives of the improvements, whichever is shorter. |
Business Combinations, Goodwill and Other Intangible Assets | Business Combinations, Goodwill and Other Intangible Assets The Company accounts for all business combinations under the purchase method of accounting. Tangible and intangible assets and liabilities of the acquired entity are recorded at fair value. Intangible assets with finite useful lives represent the future benefit associated with the acquisition of the core deposits and are amortized over seven years, utilizing a method that approximates the expected attrition of the deposits. Goodwill with an indefinite life is not amortized, but rather tested annually for impairment as of June 30 each year and totaled $139,971,000 at both December 31, 2016 and 2015. There was no impairment recorded for the years ended December 31, 2016, 2015 and 2014. The carrying amount of goodwill arising from acquisitions that qualify as an asset purchase for federal income tax purposes was $74,376,000 both at December 31, 2016 and 2015, and is deductible for federal income tax purposes. Also included in other intangible assets are mortgage servicing rights totaling $1,795,000 and $1,902,000 at December 31, 2016 and 2015, respectively. |
Securities Sold Under Agreements To Repurchase | Securities Sold Under Agreements To Repurchase Securities sold under agreements to repurchase, which are classified as borrowings, generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of the cash received in connection with the transaction. The Company may be required to provide additional collateral based on the estimated fair value of the underlying securities. |
Segment Reporting | Segment Reporting The Company has determined that its banking regions meet the aggregation criteria of the current authoritative accounting guidance since each of its banking regions offer similar products and services, operate in a similar manner, have similar customers and report to the same regulatory authority, and therefore operate one line of business (community banking) located in a single geographic area (Texas). |
Statements of Cash Flows | Statements of Cash Flows For purposes of reporting cash flows, cash and cash equivalents includes cash on hand, amounts due from banks, including interest-bearing deposits in banks with original maturity of 90 days or less, and federal funds sold. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Unrealized net gains on the Company’s available-for-sale |
Income Taxes | Income Taxes The Company’s provision for income taxes is based on income before income taxes adjusted for permanent differences between financial reporting and taxable income. Deferred tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. |
Stock Based Compensation | Stock Based Compensation The Company grants stock options for a fixed number of shares to employees with an exercise price equal to the fair value of the shares at the grant date. The Company recorded stock option expense totaling $882,000, $644,000 and $709,000 for the years ended December 31, 2016, 2015 and 2014, respectively. The Company also grants restricted stock for a fixed number of shares. The Company recorded expenses associated with its director and officer restricted stock grants totaling $278,000 and $381,000, respectively, for the year ended December 31, 2016 and $139,000 and $62,000, respectively, for the year ended December 31, 2015. As the restricted stock plan was approved by shareholders in April 2015, there were no such expenses in 2014. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. |
Per Share Data | Per Share Data Net earnings per share (“EPS”) are computed by dividing net earnings by the weighted average number of common stock shares outstanding during the period. The Company calculates dilutive EPS assuming all outstanding stock options to purchase common stock have been exercised at the beginning of the year (or the time of issuance, if later.) The dilutive effect of the outstanding options and restricted stock is reflected by application of the treasury stock method, whereby the proceeds from the exercised options and restricted stock are assumed to be used to purchase common stock at the average market price during the respective year. The following table reconciles the computation of basic EPS to dilutive EPS: Net Weighted Per Share For the year ended December 31, 2016: Net earnings per share, basic $ 104,774 66,013,004 $ 1.59 Effect of stock options and stock grants — 89,882 — Net earnings per share, assuming dilution $ 104,774 66,102,886 $ 1.59 For the year ended December 31, 2015: Net earnings per share, basic $ 100,381 64,892,934 $ 1.55 Effect of stock options and stock grants — 175,096 (0.01 ) Net earnings per share, assuming dilution $ 100,381 65,068,030 $ 1.54 For the year ended December 31, 2014: Net earnings per share, basic $ 89,559 64,047,803 $ 1.40 Effect of stock options — 260,732 (0.01 ) Net earnings per share, assuming dilution $ 89,559 64,308,535 $ 1.39 |
Recently Issued Authoritative Accounting Guidance | Recently Issued Authoritative Accounting Guidance Accounting Standards Update ( “ ASU ” ) 2014-09, “ Revenue from Contracts with Customers. ” 2014-09 2015-4 2014-09 2014-09, non-interest 2014-09 2014-09 non-interest ASU 2014-11, “Transfers and Servicing.” 2014-11 repurchase-to-maturity repurchase-to-maturity repurchase-to-maturity ASU 2014-14, “Receivables – Troubled Debt Restructuring by Creditors.” 2014-14 ASU 2014-15, “Presentation of Financial Statements – Going Concern.” 2014-15 2014-15 ASU 2015-01, “Income Statement – Extraordinary and Unusual Items.” 2015-01 ASU 2015-05, “ Intangibles – Goodwill and Other – Internal-Use Software – Customer ’ s Accounting for Fees Paid in a Cloud Computing Arrangement. ” 2015-05 2015-05 2015-05 ASU 2015-16, “Business Combinations – Simplifying the Accounting Measurement Period Adjustments. 2015-16 ASU 2016-1, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” 2016-1, available-for-sale 2016-1 ASU 2016-02, “Leases.” 2016-02 right-of-use 2016-02 ASU 2016-09, “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting.” 2016-09 2016-09 2016-09 ASU 2016-13, “ Financial Instruments – Credit Losses. ” 2016-13 held-to-maturity 2016-13 2016-13 ASU 2017-04, “Intangibles – Goodwill and Other.” 2017-04 2017-04 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Computation of Basic EPS to Dilutive EPS | The following table reconciles the computation of basic EPS to dilutive EPS: Net Weighted Per Share For the year ended December 31, 2016: Net earnings per share, basic $ 104,774 66,013,004 $ 1.59 Effect of stock options and stock grants — 89,882 — Net earnings per share, assuming dilution $ 104,774 66,102,886 $ 1.59 For the year ended December 31, 2015: Net earnings per share, basic $ 100,381 64,892,934 $ 1.55 Effect of stock options and stock grants — 175,096 (0.01 ) Net earnings per share, assuming dilution $ 100,381 65,068,030 $ 1.54 For the year ended December 31, 2014: Net earnings per share, basic $ 89,559 64,047,803 $ 1.40 Effect of stock options — 260,732 (0.01 ) Net earnings per share, assuming dilution $ 89,559 64,308,535 $ 1.39 |
Interest-bearing Time Deposit30
Interest-bearing Time Deposits in Banks and Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Available-for-Sale Securities | A summary of the Company’s available-for-sale December 31, 2016 Amortized Gross Gross Estimated Securities available-for-sale: U.S. Treasury securities $ 10,649 $ 19 $ — $ 10,668 Obligations of U.S. government sponsored enterprises and agencies 113,450 253 — 113,703 Obligations of state and political subdivisions 1,534,095 40,194 (10,013 ) 1,564,276 Corporate bonds and other 51,920 476 (3 ) 52,393 Residential mortgage-backed securities 848,614 8,260 (5,513 ) 851,361 Commercial mortgage-backed securities 269,044 622 (1,230 ) 268,436 Total securities available-for-sale $ 2,827,772 $ 49,824 $ (16,759 ) $ 2,860,837 December 31, 2015 Amortized Gross Gross Estimated Securities available-for-sale: 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 state 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 Amortized Estimated Due within one year $ 206,182 $ 207,276 Due after one year through five years 664,151 684,849 Due after five years through ten years 836,421 845,257 Due after ten years 3,360 3,658 Mortgage-backed securities 1,117,658 1,119,797 Total $ 2,827,772 $ 2,860,837 |
Continuous Unrealized-Loss Position of Available-for-Sale Securities | The following tables disclose, as of December 31, 2016 and 2015, the Company’s investment securities that have been in a continuous unrealized-loss Less than 12 Months 12 Months or Longer Total December 31, 2016 Fair Unrealized Fair Unrealized Fair Unrealized Obligations of state and political subdivisions $ 446,052 $ 9,997 $ 1,209 $ 16 $ 447,261 $ 10,013 Corporate bonds and other 244 3 — — 244 3 Residential mortgage-backed securities 372,331 4,532 33,227 981 405,558 5,513 Commercial mortgage-backed securities 193,495 1,180 13,263 50 206,758 1,230 Total $ 1,012,122 $ 15,712 $ 47,699 $ 1,047 $ 1,059,821 $ 16,759 Less than 12 Months 12 Months or Longer Total December 31, 2015 Fair Unrealized Fair Unrealized Fair 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 state 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 31
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans Held-for-Investment by Class of Financing Receivables | Loans held-for-investment December 31, 2016 2015 Commercial $ 674,410 $ 696,163 Agricultural 84,021 102,351 Real estate 2,189,844 2,136,233 Consumer 409,032 382,303 Total loans held-for-investment $ 3,357,307 $ 3,317,050 |
Non-Accrual Loans, Loans Still Accruing and Past Due 90 Days or More and Restructured Loans | The Company’s non-accrual December 31, 2016 2015 Non-accrual $ 27,371 $ 28,601 Loans still accruing and past due 90 days or more 284 341 Troubled debt restructured loans** 701 199 Total $ 28,356 $ 29,141 * Includes $1,256,000 and $2,178,000, respectively, of purchased credit impaired loans as of December 31, 2016 and 2015. ** Our troubled debt restructured loans of $6,863,000 and $6,113,000, whose interest collection, after considering economic and business conditions and collection efforts, is doubtful are included in non-accrual |
Recorded Investment in Impaired Loans and Related Valuation Allowance | The Company’s recorded investment in impaired loans and the related valuation allowance are as follows (in thousands): December 31, 2016 December 31, 2015 Recorded Investment Valuation Allowance Recorded Investment Valuation Allowance $ 27,371 $ 5,012 $ 28,601 $ 5,071 |
Schedule of Non-Accrual Loans | Non-accrual December 31, 2016 2015 Commercial $ 7,284 $ 8,761 Agricultural 99 97 Real Estate 18,754 18,766 Consumer 1,234 977 Total $ 27,371 $ 28,601 |
Schedule of Impaired Loans and Related Allowance | The Company’s impaired loans and related allowance as of December 31, 2016 and 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. December 31, 2016 Unpaid Recorded Recorded Total Related 12 Month Commercial $ 13,389 $ 1,148 $ 6,136 $ 7,284 $ 2,128 $ 4,921 Agricultural 103 — 99 99 25 50 Real Estate 23,466 6,229 12,525 18,754 2,428 16,170 Consumer 1,421 280 954 1,234 431 914 Total $ 38,379 $ 7,657 $ 19,714 $ 27,371 $ 5,012 $ 22,055 * Includes $1,256,000 of purchased credit impaired loans. December 31, 2015 Unpaid Recorded Recorded Total Related 12 Month 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 December 31, 2016 Pass Special Substandard Doubtful Total Commercial $ 629,756 $ 5,769 $ 38,885 $ — $ 674,410 Agricultural 81,620 715 1,686 — 84,021 Real Estate 2,111,947 18,091 59,806 — 2,189,844 Consumer 406,182 212 2,638 — 409,032 Total $ 3,229,505 $ 24,787 $ 103,015 $ — $ 3,357,307 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 December 31, 2016 and 2015, the Company’s past due loans are as follows (in thousands): December 31, 2016 15-59 60-89 Greater Total Total Total Total 90 Commercial $ 3,908 $ 1,122 $ 2,220 $ 7,250 $ 667,160 $ 674,410 $ 10 Agricultural 185 — — 185 83,836 84,021 — Real Estate 13,172 1,301 5,268 19,741 2,170,103 2,189,844 272 Consumer 1,845 368 122 2,335 406,697 409,032 2 Total $ 19,110 $ 2,791 $ 7,610 $ 29,511 $ 3,327,796 $ 3,357,307 $ 284 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 December 31, 2016 and 2015 by portfolio segment (in thousands). There were no allowances for purchased credit impaired loans at December 31, 2016 or 2015. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. December 31, 2016 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 2,128 $ 25 $ 2,428 $ 431 $ 5,012 Loan collectively evaluated for impairment 9,579 1,076 24,436 5,676 40,767 Total $ 11,707 $ 1,101 $ 26,864 $ 6,107 $ 45,779 December 31, 2015 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 2,030 $ 70 $ 2,827 $ 144 $ 5,071 Loan 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 years ended December 31, 2016 and 2015 are summarized as follows (in thousands): December 31, 2016 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 12,644 $ 1,191 $ 24,375 $ 3,667 $ 41,877 Provision for loan losses 5,101 104 1,150 3,857 10,212 Recoveries 952 25 2,021 508 3,506 Charge-offs (6,990 ) (219 ) (682 ) (1,925 ) (9,816 ) Ending balance $ 11,707 $ 1,101 $ 26,864 $ 6,107 $ 45,779 December 31, 2015 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 7,990 $ 527 $ 26,657 $ 1,650 $ 36,824 Provision for loan losses 8,044 773 (2,399 ) 3,267 9,685 Recoveries 344 55 558 450 1,407 Charge-offs (3,734 ) (164 ) (441 ) (1,700 ) (6,039 ) Ending balance $ 12,644 $ 1,191 $ 24,375 $ 3,667 $ 41,877 |
Schedule of Investment in Loans Related to Balance in Allowance for Loan Losses on Basis of Company's Impairment Methodology | The Company’s recorded investment in loans as of December 31, 2016 and 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 $1,256,000 and $2,178,000, respectively, at December 31, 2016 and 2015 are included in loans individually evaluated for impairment. December 31, 2016 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 7,284 $ 99 $ 18,754 $ 1,234 $ 27,371 Loan collectively evaluated for impairment 667,126 83,922 2,171,090 407,798 3,329,936 Total $ 674,410 $ 84,021 $ 2,189,844 $ 409,032 $ 3,357,307 December 31, 2015 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 8,761 $ 97 $ 18,766 $ 977 $ 28,601 Loan 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 years ended December 31, 2016 and 2015, and considered troubled debt restructurings are as follows (in thousands): Year Ended December 31, 2016 Year Ended December 31, 2015 Number Pre-Modification Post- Number Pre-Modification Post- Commercial 15 $ 3,208 $ 3,208 8 $ 447 $ 447 Agricultural — — — 3 128 128 Real Estate 6 1,460 1,460 5 598 598 Consumer 7 189 189 7 255 255 Total 28 $ 4,857 $ 4,857 23 $ 1,428 $ 1,428 |
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 years ended December 31, 2016 and 2015 (in thousands): Year Ended December 31, 2016 Year Ended December 31, 2015 Adjusted Extended Combined Adjusted Extended Combined Commercial $ — $ 2,560 $ 648 $ — $ 182 $ 265 Agricultural — — — — 128 — Real Estate — 298 1,162 15 150 433 Consumer — 70 119 — 56 199 Total $ — $ 2,928 $ 1,929 $ 15 $ 516 $ 897 |
Schedule of Troubled Debt Restructurings | The loans with payment default are as follows (dollars in thousands): Year Ended December 31, 2016 Year Ended December 31, 2015 Number Balance Number Balance Commercial 4 $ 1,690 1 $ 66 Agriculture — — — — Real Estate 3 921 1 15 Consumer — — 2 32 Total 7 $ 2,611 4 $ 113 |
Analysis of Changes in Loans to Officers, Directors, Principal Shareholders, or Associates of Such Persons | An analysis of the changes in loans to officers, directors, principal shareholders, or associates of such persons for the year ended December 31, 2016 (determined as of each respective year-end) Beginning Additional Payments Ending Year ended December 31, 2016 $ 65,729 $ 49,674 $ 70,974 $ 44,429 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary of Bank Premises and Equipment | The following is a summary of bank premises and equipment (in thousands): Useful Life December 31, 2016 2015 Land — $ 28,266 $ 29,050 Buildings 20 to 40 years 115,566 106,515 Furniture and equipment 3 to 10 years 58,145 54,353 Leasehold improvements Lesser of lease term or 5 to 15 years 4,783 4,328 206,760 194,246 Less- accumulated depreciation and amortization (84,075 ) (78,534 ) Total Bank Premises and Equipment $ 122,685 $ 115,712 |
Deposits and Borrowings (Tables
Deposits and Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Scheduled Maturities of Time Deposits | At December 31, 2016, the scheduled maturities of time deposits (in thousands) were, as follows: Year ending December 31, 2017 $ 419,326 2018 54,713 2019 17,893 2020 9,939 2021 7,093 Thereafter 32 $ 508,996 |
Schedule of Borrowings | Borrowings at December 31, 2016 and 2015 consisted of the following (dollars in thousands): December 31, 2016 2015 Securities sold under agreements with customers to repurchase $ 360,820 $ 310,330 Federal funds purchased 9,950 6,325 Advances from Federal Home Loan Bank of Dallas 75,000 299,020 Total $ 445,770 $ 615,675 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | The Company files a consolidated federal income tax return. Income tax expense is comprised of the following (dollars in thousands): Year Ended December 31, 2016 2015 2014 Current federal income tax $ 30,381 $ 31,014 $ 29,832 Current state income tax 99 103 94 Deferred federal income tax expense (benefit) 673 320 (893 ) Income tax expense $ 31,153 $ 31,437 $ 29,033 |
Percentage of Pretax Earnings, Differs from Statutory Federal Income Tax Rate | Income tax expense, as a percentage of pretax earnings, differs from the statutory federal income tax rate as follows: As a Percent of Pretax Earnings 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % Reductions in tax rate resulting from interest income exempt from federal income tax (12.1 ) (11.4 ) (10.6 ) Effect of state income tax 0.1 0.1 0.1 ESOP tax deduction (0.2 ) (0.2 ) (0.2 ) Other 0.1 0.3 0.2 Effective income tax rate 22.9 % 23.8 % 24.5 % |
Schedule of Deferred Tax Assets and Liabilities | The approximate effects of each type of difference that gave rise to the Company’s deferred tax assets and liabilities at December 31, 2016 and 2015 are as follows (dollars in thousands): 2016 2015 Deferred tax assets: Tax basis of loans in excess of financial statement basis $ 17,006 $ 16,326 Minimum liability in defined benefit plan 1,641 2,135 Recognized for financial reporting purposes but not yet for tax purposes: Deferred compensation 2,807 2,602 Write-downs and adjustments to other real estate owned and repossessed assets 9 7 Other deferred tax assets 226 224 Total deferred tax assets 21,689 21,294 Deferred tax liabilities: Financial statement basis of fixed assets in excess of tax basis 5,870 5,644 Intangible asset amortization deductible for tax purposes, but not for financial reporting purposes 15,191 13,881 Recognized for financial reporting purposes but not yet for tax purposes: Accretion on investment securities 1,788 1,813 Pension plan contributions 1,799 1,761 Net unrealized gain on investment securities available-for-sale 11,573 27,655 Other deferred tax liabilities 83 71 Total deferred tax liabilities 36,304 50,825 Net deferred tax asset (liability) $ (14,615 ) $ (29,531 ) |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2016, and 2015 segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): December 31, 2016 Level 1 Level 2 Level 3 Total Fair Available-for-sale U.S. Treasury securities $ 10,668 $ — $ — $ 10,668 Obligations of U. S. government sponsored enterprises and agencies — 113,703 — 113,703 Obligations of state and political subdivisions — 1,564,276 — 1,564,276 Corporate bonds — 47,965 — 47,965 Residential mortgage-backed securities — 851,361 — 851,361 Commercial mortgage-backed securities — 268,436 — 268,436 Other securities 4,428 — — 4,428 Total $ 15,096 $ 2,845,741 $ — $ 2,860,837 December 31, 2015 Level 1 Level 2 Level 3 Total Fair Available-for-sale U.S. Treasury securities $ 10,795 $ — $ — $ 10,795 Obligations of U. S. government sponsored enterprises and agencies — 148,554 — 148,554 Obligations of state 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 Year 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 December 31, 2016 and 2015, were as follows (dollars in thousands): 2016 2015 Carrying Estimated Carrying Estimated Fair Value Cash and due from banks $ 204,782 $ 204,782 $ 179,140 $ 179,140 Level 1 Federal funds sold 3,130 3,130 3,810 3,810 Level 1 Interest-bearing deposits in banks 48,574 48,574 89,936 89,936 Level 1 Interest-bearing time deposits in banks 1,707 1,709 3,495 3,500 Level 2 Available-for-sale 2,860,837 2,860,837 2,733,899 2,733,899 Levels 1 and 2 Held-to-maturity 121 124 278 283 Level 2 Loans 3,338,426 3,361,735 3,308,716 3,316,243 Level 3 Accrued interest receivable 36,469 36,469 34,697 34,697 Level 2 Deposits with stated maturities 508,996 510,304 620,852 622,572 Level 2 Deposits with no stated maturities 4,969,543 4,969,543 4,569,317 4,569,317 Level 1 Borrowings 445,770 445,770 615,675 615,675 Level 2 Accrued interest payable 225 225 240 240 Level 2 |
Financial Instruments with Of36
Financial Instruments with Off-Balance-Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Schedule of Financial Instruments with Off-Balance-Sheet Risk | We generally use the same credit policies in making commitments and conditional obligations as we do for on-balance-sheet Total Notional Financial instruments whose contract amounts represent credit risk: Unfunded lines of credit $ 549,000 Unfunded commitments to extend credit 199,235 Standby letters of credit 27,380 Total commercial commitments $ 775,615 |
Pension and Profit Sharing Pl37
Pension and Profit Sharing Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Benefit Obligation Activity and Fair Value of Plan Assets and Statement of Funded Status | Using an actuarial measurement date of December 31, 2016 and 2015, benefit obligation activity and fair value of plan assets for the years ended December 31, 2016 and 2015, and a statement of the funded status as of December 31, 2016 and 2015, are as follows (dollars in thousands): 2016 2015 Reconciliation of benefit obligations: Benefit obligation at January 1 $ 16,002 $ 15,581 Interest cost on projected benefit obligation 665 622 Actuarial loss (gain) 139 635 Benefits paid, including partial settlement of certain participant balances (1,353 ) (836 ) Benefit obligation at December 31 $ 15,453 $ 16,002 Reconciliation of fair value of plan assets: Fair value of plan assets at January 1 $ 14,820 $ 15,458 Actual return on plan assets 1,820 (302 ) Employer contributions 500 500 Benefits paid, including partial settlement of certain participant balances (1,353 ) (836 ) Fair value of plan assets at December 31 15,787 14,820 Funded status $ 334 $ (1,182 ) |
Component of Accumulated Other Comprehensive Earnings | Amounts recognized as a component of accumulated other comprehensive earnings as of year-end 2016 2015 Net actuarial loss $ (4,688 ) $ (6,098 ) Deferred tax benefit 1,641 2,134 Amounts included in accumulated other comprehensive earnings, net of tax $ (3,047 ) $ (3,964 ) |
Net Periodic Pension Cost | Net periodic benefit cost for the years ended December 31, 2016, 2015, and 2014, are as follows (dollars in thousands): Year Ended December 31, 2016 2015 2014 Service cost - benefits earned during the period $ — $ — $ — Interest cost on projected benefit obligation 665 622 1,131 Expected return on plan assets (912 ) (948 ) (1,497 ) Amortization of unrecognized net loss 375 222 337 Recognized loss on partial settlement of certain participant balances 267 — 2,909 Net periodic pension benefit expense (benefit) $ 395 $ (104 ) $ 2,880 |
Benefit Obligations and Net Periodic Pension Cost and Rate of Return on Plan Assets | The following table sets forth the rates used in the actuarial calculations of the present value of benefit obligations and net periodic pension cost and the rate of return on plan assets: 2016 2015 2014 Weighted average discount rate 4.25 % 4.25 % 4.10 % Expected long-term rate of return on assets 6.25 % 6.25 % 6.25 % |
Pension Plan and Targeted Allocation Percentage | The major type of plan assets in the pension plan and the targeted allocation percentage as of December 31, 2016 and 2015 is as follows: December 31, 2016 December 31, 2015 Targeted Equity securities 77 % 74 % 75 % Debt securities 22 % 25 % 25 % Cash and equivalents 1 % 1 % — |
Breakdown by Level | The breakdown by level is as follows (dollars in thousands): Level 1 Level 2 Level 3 Total Fair Money market fund $ 100 $ — $ — $ 100 Obligations of state and political subdivisions — 659 — 659 Corporate bonds — 885 — 885 Mortgage-backed securities — 956 — 956 Corporate stocks and mutual funds 13,187 — — 13,187 Total $ 13,287 $ 2,500 $ — $ 15,787 |
Estimate of Undiscounted Projected Future Payments | An estimate of the undiscounted projected future payments to eligible participants for the next five years and the following five years in the aggregate is as follows (in thousands): Year Ending December 31, 2017 856 2018 872 2019 892 2020 913 2021 935 2022 forward 4,861 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of Regulatory Capital Ratios Under the Basel III Regulatory Capital Framework | As of December 31, 2016 and 2015, the regulatory capital ratios of the Company and Bank under the Basel III regulatory capital framework are as follows: Actual Minimum Capital Phase-In Minimum Capital Phased-In Required to be As of December 31, 2016: Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total Capital to Risk-Weighted Assets: Consolidated $ 739,959 18.45 % $ 345,827 8.625 % $ 421,007 10.50 % — N/A First Financial Bank, N.A. $ 633,403 15.84 % $ 344,930 8.625 % $ 419,915 10.50 % $ 399,919 10.00 % Tier 1 Capital to Risk-Weighted Assets: Consolidated $ 693,584 17.30 % $ 265,635 6.625 % $ 340,815 8.50 % — N/A First Financial Bank, N.A. $ 587,028 14.68 % $ 264,946 6.625 % $ 339,931 8.50 % $ 319,935 8.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets: Consolidated $ 693,584 17.30 % $ 205,491 5.125 % $ 280,671 7.00 % — N/A First Financial Bank, N.A. $ 587,028 14.68 % $ 204,959 5.125 % $ 279,943 7.00 % $ 259,947 6.50 % Leverage Ratio: Consolidated $ 693,584 10.71 % $ 258,978 4.00 % $ 258,978 4.00 % — N/A First Financial Bank, N.A. $ 587,028 9.10 % $ 257,941 4.00 % $ 257,941 4.00 % $ 322,426 5.00 % As of December 31, 2015: Total Capital to Risk-Weighted Assets: Consolidated $ 672,920 16.97 % $ 318,528 8.00 % $ 418,068 10.50 % — N/A First Financial Bank, N.A. $ 570,910 14.37 % $ 317,788 8.00 % $ 417,097 10.50 % $ 397,235 10.00 % Tier 1 Capital to Risk-Weighted Assets: Consolidated $ 630,413 15.90 % $ 238,896 6.00 % $ 338,436 8.50 % — N/A First Financial Bank, N.A. $ 528,403 13.30 % $ 238,341 6.00 % $ 337,650 8.50 % $ 317,788 8.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets: Consolidated $ 630,413 15.90 % $ 179,172 4.50 % $ 278,712 7.00 % — N/A First Financial Bank, N.A. $ 528,403 13.30 % $ 178,756 4.50 % $ 278,065 7.00 % $ 258,203 6.50 % Leverage Ratio: Consolidated $ 630,413 9.96 % $ 256,368 4.00 % $ 256,368 4.00 % — N/A First Financial Bank, N.A. $ 528,403 8.37 % $ 252,419 4.00 % $ 252,419 4.00 % $ 315,524 5.00 % |
Stock Option Plan and Restric39
Stock Option Plan and Restricted Stock Plan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Analysis of Stock Option Activity | An analysis of stock option activity for the year ended December 31, 2016 is presented in the table and narrative below: Weighted- Shares Weighted- Remaining Aggregate Intrinsic Outstanding, beginning of year 1,231,346 $ 26.70 Granted — — Exercised (82,871 ) 15.69 Cancelled (54,440 ) (29.52 ) Outstanding, end of year 1,094,035 27.40 6.56 $ 19,475 Exercisable at end of year 422,945 $ 20.38 4.29 $ 10,498 |
Schedule of Information Concerning Outstanding and Vested Stock Options | The following table summarizes information concerning outstanding and vested stock options as of December 31, 2016: Exercise Price Number Remaining Number Vested $ 13.66 36,522 0.1 36,522 16.78 123,473 2.4 123,473 15.73 180,380 4.8 136,460 30.85 320,410 6.8 126,490 $ 33.89 433,250 8.8 — 1,094,035 422,945 |
Condensed Financial Informati40
Condensed Financial Information - Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets-December 31, 2016 and 2015 2016 2015 ASSETS Cash in subsidiary bank $ 15,070 $ 12,311 Cash in unaffiliated banks 2 2 Interest-bearing deposits in subsidiary bank 78,179 78,160 Total cash and cash equivalents 93,251 90,473 Securities available-for-sale, 11,593 12,062 Investment in and advances to subsidiaries, at equity 744,971 713,909 Intangible assets 723 723 Other assets 2,668 3,693 Total assets $ 853,206 $ 820,860 LIABILITIES AND SHAREHOLDERS’ EQUITY Total liabilities $ 15,321 $ 15,874 Shareholders’ equity: Common stock 661 660 Capital surplus 372,245 368,925 Retained earnings 446,534 388,006 Treasury stock (6,671 ) (6,296 ) Deferred compensation 6,671 6,296 Accumulated other comprehensive earnings 18,445 47,395 Total shareholders’ equity 837,885 804,986 Total liabilities and shareholders’ equity $ 853,206 $ 820,860 |
Condensed Statements of Earnings | Condensed Statements of Earnings- For the Years Ended December 31, 2016, 2015 and 2014 2016 2015 2014 Income: Cash dividends from subsidiaries $ 48,800 $ 51,200 $ 34,000 Excess of earnings over dividends of subsidiaries 58,809 52,911 58,539 Other 4,184 4,185 3,717 Total Income 111,793 108,296 96,256 Expenses: Salaries and employee benefits 5,655 6,067 5,595 Other operating expenses 3,531 4,439 3,309 Total Expense 9,186 10,506 8,904 Earnings before income taxes 102,607 97,790 87,352 Income tax benefit 2,167 2,591 2,207 Net earnings $ 104,774 $ 100,381 $ 89,559 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows- For the Years Ended December 31, 2016, 2015, and 2014 2016 2015 2014 Cash flows from operating activities: Net earnings $ 104,774 $ 100,381 $ 89,559 Adjustments to reconcile net earnings to net cash provided by operating activities: Excess of earnings over dividends of subsidiary bank (58,809 ) (52,911 ) (58,539 ) Depreciation and amortization, net 208 197 200 Decrease (increase) in other assets 1,702 507 (150 ) Increase (decrease) in other liabilities (1,374 ) 3,743 (314 ) Other 8 — — Net cash provided by operating activities 46,509 51,917 30,756 Cash flows from investing activities: Cash received (paid) in connection with acquisition of banks — 13,125 — Net decrease in interest-bearing time deposits in unaffiliated banks — — 480 Purchases of bank premises and equipment (94 ) (107 ) (780 ) Repayment from (of advances to) investment in and advances to subsidiaries, net — 5,800 (3,300 ) Other 10 — — Net cash used in (provided by) investing activities (84 ) 18,818 (3,600 ) Cash flows from financing activities: Repayment of subordinated debt — (13,125 ) — Proceeds of stock issuances 1,260 1,545 1,437 Cash dividends paid (44,907 ) (38,767 ) (34,578 ) Net cash used in financing activities (43,647 ) (50,347 ) (33,141 ) Net increase (decrease) in cash and cash equivalents 2,778 20,388 (5,985 ) Cash and cash equivalents, beginning of year 90,473 70,085 76,070 Cash and cash equivalents, end of year $ 93,251 $ 90,473 $ 70,085 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information on Cash Flows and Noncash Transactions | Supplemental information on cash flows and noncash transactions is as follows (dollars in thousands): Year Ended December 31, 2016 2015 2014 Supplemental cash flow information: Interest paid $ 5,465 $ 4,085 $ 4,231 Federal income taxes paid 28,348 29,674 28,711 Schedule of noncash investing and financing activities: Assets acquired through foreclosure 2,269 203 1,385 Investment securities purchased but not settled 12,381 — 1,248 |
Acquisitions and Asset Purcha42
Acquisitions and Asset Purchase (Tables) - FBC Bancshares, Inc. and First Bank, N.A. [Member] | 12 Months Ended |
Dec. 31, 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 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Additional Information (Detail) | Apr. 22, 2014 | Dec. 31, 2016USD ($)Locationshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Jul. 31, 2015 | Apr. 28, 2015shares | Oct. 28, 2014shares |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Number of locations | Location | 69 | ||||||
Stock repurchase program expiration date | Sep. 30, 2017 | ||||||
Minimum number of shares that company is required to repurchase | shares | 0 | ||||||
Stock repurchased under authorization | shares | 0 | 0 | 0 | ||||
Stock split conversion ratio | Two-for-one stock split | ||||||
Percentage of stock dividend declared | 100.00% | ||||||
Dividend declared date | Apr. 22, 2014 | ||||||
Dividend record date | May 15, 2014 | ||||||
Dividend distribution date | Jun. 2, 2014 | ||||||
Common stock, shares authorized | shares | 120,000,000 | 120,000,000 | 120,000,000 | ||||
Minimum number of days to consider the loans as non-accrual | Greater than 90 days | ||||||
Loans individually evaluated for impairment | $ 27,371,000 | $ 28,601,000 | |||||
Contractual balance | 38,379,000 | 35,030,000 | |||||
Impairment recorded | $ 0 | 0 | $ 0 | ||||
Other identifiable intangible assets, amortized period (years) | 7 years | ||||||
Goodwill and intangible assets with indefinite lives | $ 139,971,000 | 139,971,000 | |||||
Carrying amount of goodwill arising from acquisitions, is deductible for federal income tax purposes | 74,376,000 | 74,376,000 | |||||
Other intangible assets mortgage servicing rights | $ 1,795,000 | 1,902,000 | |||||
Securities sold under agreements to repurchase maturity range (in days) | One to four days | ||||||
Interest-bearing time deposits, maturity period (in days) | 90 days or less | ||||||
Unrealized net gains in available-for-sale securities, included in accumulated other comprehensive income | $ 21,492,000 | 51,359,000 | |||||
Minimum pension liability, included in accumulated other comprehensive income | (3,047,000) | (3,964,000) | |||||
Stock compensation expense | 882,000 | 644,000 | 709,000 | ||||
Restricted stock expense | $ 0 | ||||||
Purchased Credit Impaired Loans [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Loans individually evaluated for impairment | 1,256,000 | 2,178,000 | |||||
Contractual balance | 1,865,000 | 2,936,000 | |||||
Director [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Restricted stock expense | 278,000 | 139,000 | |||||
Officers [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Restricted stock expense | 381,000 | $ 62,000 | |||||
FBC Bancshares, Inc. and First Bank, N.A. [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Percentage of common stock acquired | 100.00% | ||||||
Goodwill and intangible assets with indefinite lives | 43,922,000 | ||||||
FBC Bancshares, Inc. and First Bank, N.A. [Member] | Purchased Credit Impaired Loans [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Contractual balance | $ 1,704,000 | ||||||
Maximum [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Stock repurchase program, number of shares authorized to be repurchased | shares | 1,500,000 | ||||||
Percentage of stock dividend declared | 53.00% |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Computation of Basic EPS to Dilutive EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Net earnings | $ 104,774 | $ 100,381 | $ 89,559 |
Effect of stock options and stock grants, Net Earnings | 0 | 0 | 0 |
Net earnings per share, assuming dilution, Net Earnings | $ 104,774 | $ 100,381 | $ 89,559 |
Net earnings per share, basic, Weighted Average Shares | 66,013,004 | 64,892,934 | 64,047,803 |
Effect of stock options and stock grants, Weighted Average Shares | 89,882 | 175,096 | 260,732 |
Net earnings per share, assuming dilution, Weighted Average Shares | 66,102,886 | 65,068,030 | 64,308,535 |
Net earnings per share, basic, Per Share Amount | $ 1.59 | $ 1.55 | $ 1.40 |
Effect of stock options and stock grants, Per Share Amount | (0.01) | (0.01) | |
Net earnings per share, assuming dilution, Per Share Amount | $ 1.59 | $ 1.54 | $ 1.39 |
Interest-bearing Time Deposit45
Interest-bearing Time Deposits in Banks and Securities - Additional Information (Detail) $ in Thousands | Dec. 31, 2016USD ($)Investment | Dec. 31, 2016USD ($)Investment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Interest Bearing Time Deposits In Banks And Securities [Line Items] | ||||
INTEREST-BEARING TIME DEPOSITS IN BANKS | $ 1,707 | $ 1,707 | $ 3,495 | |
Held-to-maturity securities | $ 121 | $ 121 | 278 | |
Number of investment positions | Investment | 466 | 466 | ||
Securities pledged as collateral | $ 1,940,460 | $ 1,940,460 | 1,759,570 | |
Sales of investment securities available-for-sale | 40,510 | 35,580 | $ 1,619 | |
Gross realized gains from security sales | 1,579 | 443 | 2 | |
Gross realized losses from security sales or calls | $ 309 | $ 11 | $ 6 | |
Obligations of State and Political Subdivisions [Member] | Texas [Member] | ||||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | ||||
Percentage of securities guaranteed by Texas Permanent School Fund | 33.91% | |||
Obligations of State and Political Subdivisions [Member] | Texas [Member] | Available-for-Sale Securities [Member] | Geographic Concentration Risk [Member] | ||||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | ||||
Concentration risk, percentage | 82.13% | |||
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 Deposit46
Interest-bearing Time Deposits in Banks and Securities - Summary of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost Basis, Total | $ 2,827,772 | $ 2,654,885 |
Securities available-for-sale, Gross Unrealized Holding Gains | 49,824 | 84,855 |
Securities available-for-sale, Gross Unrealized Holding Losses | (16,759) | (5,841) |
Securities available-for-sale, Estimated Fair Value | 2,860,837 | 2,733,899 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost Basis, Total | 10,649 | 10,792 |
Securities available-for-sale, Gross Unrealized Holding Gains | 19 | 5 |
Securities available-for-sale, Gross Unrealized Holding Losses | (2) | |
Securities available-for-sale, Estimated Fair Value | 10,668 | 10,795 |
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 | 113,450 | 148,393 |
Securities available-for-sale, Gross Unrealized Holding Gains | 253 | 268 |
Securities available-for-sale, Gross Unrealized Holding Losses | (107) | |
Securities available-for-sale, Estimated Fair Value | 113,703 | 148,554 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost Basis, Total | 1,534,095 | 1,379,879 |
Securities available-for-sale, Gross Unrealized Holding Gains | 40,194 | 71,382 |
Securities available-for-sale, Gross Unrealized Holding Losses | (10,013) | (134) |
Securities available-for-sale, Estimated Fair Value | 1,564,276 | 1,451,127 |
Corporate Bonds and Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost Basis, Total | 51,920 | 86,182 |
Securities available-for-sale, Gross Unrealized Holding Gains | 476 | 1,778 |
Securities available-for-sale, Gross Unrealized Holding Losses | (3) | (5) |
Securities available-for-sale, Estimated Fair Value | 52,393 | 87,955 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost Basis, Total | 848,614 | 781,648 |
Securities available-for-sale, Gross Unrealized Holding Gains | 8,260 | 10,993 |
Securities available-for-sale, Gross Unrealized Holding Losses | (5,513) | (3,759) |
Securities available-for-sale, Estimated Fair Value | 851,361 | 788,882 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost Basis, Total | 269,044 | 247,991 |
Securities available-for-sale, Gross Unrealized Holding Gains | 622 | 429 |
Securities available-for-sale, Gross Unrealized Holding Losses | (1,230) | (1,834) |
Securities available-for-sale, Estimated Fair Value | $ 268,436 | $ 246,586 |
Interest-bearing Time Deposit47
Interest-bearing Time Deposits in Banks and Securities - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-Sale, Amortized Cost Basis, Due within one year | $ 206,182 | |
Available-for-Sale, Amortized Cost Basis, Due after one year through five years | 664,151 | |
Available-for-Sale, Amortized Cost Basis, Due after five years through ten years | 836,421 | |
Available-for-Sale, Amortized Cost Basis, Due after ten years | 3,360 | |
Available-for-Sale, Amortized Cost Basis, Mortgage-backed securities | 1,117,658 | |
Available-for-Sale, Amortized Cost Basis, Total | 2,827,772 | $ 2,654,885 |
Available-for-Sale, Estimated Fair Value, Due within one year | 207,276 | |
Available-for-Sale, Estimated Fair Value, Due after one year through five years | 684,849 | |
Available-for-Sale, Estimated Fair Value, Due after five years through ten years | 845,257 | |
Available-for-Sale, Estimated Fair Value, Due after ten years | 3,658 | |
Available-for-Sale, Estimated Fair Value, Mortgage-backed securities | 1,119,797 | |
Securities available-for-sale, Estimated Fair Value, Total | $ 2,860,837 | $ 2,733,899 |
Interest-bearing Time Deposit48
Interest-bearing Time Deposits in Banks and Securities - Continuous Unrealized-Loss Position of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | $ 1,012,122 | $ 523,075 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 15,712 | 3,758 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 47,699 | 74,777 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 1,047 | 2,083 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 1,059,821 | 597,852 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 16,759 | 5,841 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 446,052 | 32,929 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 9,997 | 127 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 1,209 | 1,513 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 16 | 7 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 447,261 | 34,442 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 10,013 | 134 |
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 | 372,331 | 231,481 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 4,532 | 1,765 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 33,227 | 63,919 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 981 | 1,994 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 405,558 | 295,400 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 5,513 | 3,759 |
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 | 193,495 | 196,163 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 1,180 | 1,752 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 13,263 | 9,345 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 50 | 82 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 206,758 | 205,508 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 1,230 | 1,834 |
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 | 244 | 7,004 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 3 | 5 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 244 | 7,004 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | $ 3 | $ 5 |
Loans and Allowance for Loan 49
Loans and Allowance for Loan Losses - Loans Held-for-Investment by Class of Financing Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Total | $ 3,357,307 | $ 3,317,050 |
Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total | 674,410 | 696,163 |
Agriculture [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total | 84,021 | 102,351 |
Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total | 2,189,844 | 2,136,233 |
Consumer [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total | $ 409,032 | $ 382,303 |
Loans and Allowance for Loan 50
Loans and Allowance for Loan Losses - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for sale | $ 26,898,000 | $ 33,543,000 | $ 26,898,000 | $ 33,543,000 | |
Nonaccrual, past due 90 days or more and still accruing, restructured loans and foreclosed assets | 29,000,000 | 29,768,000 | 29,000,000 | 29,768,000 | |
Non accrual loans | 27,371,000 | 28,601,000 | 27,371,000 | 28,601,000 | |
Additional funds advanced in connection with impaired loans | 0 | 0 | |||
Interest income recognized on impaired loans | 0 | 0 | |||
Interest income recognized on impaired loans | 829,000 | 922,000 | $ 162,000 | ||
Allowance for loan losses | 45,779,000 | 41,877,000 | 45,779,000 | 41,877,000 | $ 36,824,000 |
Loans individually evaluated for impairment | 27,371,000 | 28,601,000 | $ 27,371,000 | 28,601,000 | |
Default for purposes of this disclosure is a troubled debt restructured loan | 90 days | ||||
Commitments to lend additional funds to borrowers with loan that have been modified as TDRs | 0 | $ 0 | |||
Loans held by subsidiaries subject to blanket liens | 2,081,615,000 | 2,081,615,000 | |||
Advances from Federal Home Loan Bank of Dallas | 75,000,000 | 299,020,000 | 75,000,000 | 299,020,000 | |
Purchased Credit Impaired Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non accrual loans | 1,256,000 | 2,178,000 | 1,256,000 | 2,178,000 | |
Allowance for loan losses | 0 | 0 | 0 | 0 | |
Loans individually evaluated for impairment | $ 1,256,000 | $ 2,178,000 | $ 1,256,000 | $ 2,178,000 |
Loans and Allowance for Loan 51
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 | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Non-accrual loans | $ 27,371 | $ 28,601 |
Loans still accruing and past due 90 days or more | 284 | 341 |
Troubled debt restructured loans | 701 | 199 |
Total | $ 28,356 | $ 29,141 |
Loans and Allowance for Loan 52
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 ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | $ 27,371 | $ 28,601 |
Troubled debt restructured loans | 701 | 199 |
Purchased Credit Impaired Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 1,256 | 2,178 |
Doubtful [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Troubled debt restructured loans | $ 6,863 | $ 6,113 |
Loans and Allowance for Loan 53
Loans and Allowance for Loan Losses - Recorded Investment in Impaired Loans and Related Valuation Allowance (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Recorded Investment | $ 27,371 | $ 28,601 |
Valuation Allowance | $ 5,012 | $ 5,071 |
Loans and Allowance for Loan 54
Loans and Allowance for Loan Losses - Schedule of Non-Accrual Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | $ 27,371 | $ 28,601 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | 7,284 | 8,761 |
Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | 99 | 97 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | 18,754 | 18,766 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | $ 1,234 | $ 977 |
Loans and Allowance for Loan 55
Loans and Allowance for Loan Losses - Schedule of Impaired Loans and Related Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | $ 38,379 | $ 35,030 |
Recorded Investment With No Allowance | 7,657 | 6,546 |
Recorded Investment With Allowance | 19,714 | 22,055 |
Total Recorded Investment | 27,371 | 28,601 |
Related Allowance | 5,012 | 5,071 |
12 Month Average Recorded Investment | 22,055 | 21,735 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 13,389 | 10,056 |
Recorded Investment With No Allowance | 1,148 | 608 |
Recorded Investment With Allowance | 6,136 | 8,153 |
Total Recorded Investment | 7,284 | 8,761 |
Related Allowance | 2,128 | 2,030 |
12 Month Average Recorded Investment | 4,921 | 5,812 |
Agriculture [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 103 | 97 |
Recorded Investment With Allowance | 99 | 97 |
Total Recorded Investment | 99 | 97 |
Related Allowance | 25 | 70 |
12 Month Average Recorded Investment | 50 | 48 |
Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 23,466 | 23,710 |
Recorded Investment With No Allowance | 6,229 | 5,314 |
Recorded Investment With Allowance | 12,525 | 13,452 |
Total Recorded Investment | 18,754 | 18,766 |
Related Allowance | 2,428 | 2,827 |
12 Month Average Recorded Investment | 16,170 | 15,211 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 1,421 | 1,167 |
Recorded Investment With No Allowance | 280 | 624 |
Recorded Investment With Allowance | 954 | 353 |
Total Recorded Investment | 1,234 | 977 |
Related Allowance | 431 | 144 |
12 Month Average Recorded Investment | $ 914 | $ 664 |
Loans and Allowance for Loan 56
Loans and Allowance for Loan Losses - Schedule of Impaired Loans and Related Allowance (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Allowance | $ 7,657 | $ 6,546 |
Purchased Credit Impaired Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Allowance | $ 1,256 | $ 2,178 |
Loans and Allowance for Loan 57
Loans and Allowance for Loan Losses - Schedule of Internal Ratings of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | $ 3,357,307 | $ 3,317,050 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 674,410 | 696,163 |
Agriculture [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 84,021 | 102,351 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 2,189,844 | 2,136,233 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 409,032 | 382,303 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 3,229,505 | 3,167,624 |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 629,756 | 633,083 |
Pass [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 81,620 | 99,862 |
Pass [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 2,111,947 | 2,054,738 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 406,182 | 379,941 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 24,787 | 40,576 |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 5,769 | 9,762 |
Special Mention [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 715 | 1,398 |
Special Mention [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 18,091 | 29,000 |
Special Mention [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 212 | 416 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 103,015 | 108,813 |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 38,885 | 53,318 |
Substandard [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 1,686 | 1,091 |
Substandard [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 59,806 | 52,458 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | $ 2,638 | 1,946 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | 37 | |
Doubtful [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Internal ratings of loan | $ 37 |
Loans and Allowance for Loan 58
Loans and Allowance for Loan Losses - Schedule of Past Due Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 29,511 | $ 27,647 |
Total Current | 3,327,796 | 3,289,403 |
Total Loans | 3,357,307 | 3,317,050 |
Total 90 Days Past Due Still Accruing | 284 | 341 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,250 | 7,775 |
Total Current | 667,160 | 688,388 |
Total Loans | 674,410 | 696,163 |
Total 90 Days Past Due Still Accruing | 10 | 54 |
Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 185 | 431 |
Total Current | 83,836 | 101,920 |
Total Loans | 84,021 | 102,351 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19,741 | 17,347 |
Total Current | 2,170,103 | 2,118,886 |
Total Loans | 2,189,844 | 2,136,233 |
Total 90 Days Past Due Still Accruing | 272 | 217 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,335 | 2,094 |
Total Current | 406,697 | 380,209 |
Total Loans | 409,032 | 382,303 |
Total 90 Days Past Due Still Accruing | 2 | 70 |
15-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19,110 | 17,339 |
15-59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,908 | 3,099 |
15-59 Days Past Due [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 185 | 348 |
15-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,172 | 12,247 |
15-59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,845 | 1,645 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,791 | 6,144 |
60-89 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,122 | 3,652 |
60-89 Days Past Due [Member] | Agriculture [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 83 | |
60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,301 | 2,226 |
60-89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 368 | 183 |
Greater than 90 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,610 | 4,164 |
Greater than 90 Days [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,220 | 1,024 |
Greater than 90 Days [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,268 | 2,874 |
Greater than 90 Days [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 122 | $ 266 |
Loans and Allowance for Loan 59
Loans and Allowance for Loan Losses - Schedule of Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | $ 5,012 | $ 5,071 | |
Loan collectively evaluated for impairment | 40,767 | 36,806 | |
Total allowance for loan losses | 45,779 | 41,877 | $ 36,824 |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 2,128 | 2,030 | |
Loan collectively evaluated for impairment | 9,579 | 10,614 | |
Total allowance for loan losses | 11,707 | 12,644 | 7,990 |
Agriculture [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 25 | 70 | |
Loan collectively evaluated for impairment | 1,076 | 1,121 | |
Total allowance for loan losses | 1,101 | 1,191 | 527 |
Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 2,428 | 2,827 | |
Loan collectively evaluated for impairment | 24,436 | 21,548 | |
Total allowance for loan losses | 26,864 | 24,375 | 26,657 |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 431 | 144 | |
Loan collectively evaluated for impairment | 5,676 | 3,523 | |
Total allowance for loan losses | $ 6,107 | $ 3,667 | $ 1,650 |
Loans and Allowance for Loan 60
Loans and Allowance for Loan Losses - Changes in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | $ 41,877 | $ 36,824 |
Provision for loan losses | 10,212 | 9,685 |
Recoveries | 3,506 | 1,407 |
Charge-offs | (9,816) | (6,039) |
Ending balance | 45,779 | 41,877 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 12,644 | 7,990 |
Provision for loan losses | 5,101 | 8,044 |
Recoveries | 952 | 344 |
Charge-offs | (6,990) | (3,734) |
Ending balance | 11,707 | 12,644 |
Agriculture [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 1,191 | 527 |
Provision for loan losses | 104 | 773 |
Recoveries | 25 | 55 |
Charge-offs | (219) | (164) |
Ending balance | 1,101 | 1,191 |
Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 24,375 | 26,657 |
Provision for loan losses | 1,150 | (2,399) |
Recoveries | 2,021 | 558 |
Charge-offs | (682) | (441) |
Ending balance | 26,864 | 24,375 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 3,667 | 1,650 |
Provision for loan losses | 3,857 | 3,267 |
Recoveries | 508 | 450 |
Charge-offs | (1,925) | (1,700) |
Ending balance | $ 6,107 | $ 3,667 |
Loans and Allowance for Loan 61
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 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | $ 27,371 | $ 28,601 |
Loan collectively evaluated for impairment | 3,329,936 | 3,288,449 |
Total | 3,357,307 | 3,317,050 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 7,284 | 8,761 |
Loan collectively evaluated for impairment | 667,126 | 687,402 |
Total | 674,410 | 696,163 |
Agriculture [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 99 | 97 |
Loan collectively evaluated for impairment | 83,922 | 102,254 |
Total | 84,021 | 102,351 |
Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 18,754 | 18,766 |
Loan collectively evaluated for impairment | 2,171,090 | 2,117,467 |
Total | 2,189,844 | 2,136,233 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 1,234 | 977 |
Loan collectively evaluated for impairment | 407,798 | 381,326 |
Total | $ 409,032 | $ 382,303 |
Loans and Allowance for Loan 62
Loans and Allowance for Loan Losses - Schedule of Loans Modified and Considered Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)SecurityLoan | Dec. 31, 2015USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||
Number | SecurityLoan | 28 | 23 |
Pre-Modification Recorded Investment | $ 4,857 | $ 1,428 |
Post-Modification Recorded Investment | $ 4,857 | $ 1,428 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | SecurityLoan | 15 | 8 |
Pre-Modification Recorded Investment | $ 3,208 | $ 447 |
Post-Modification Recorded Investment | $ 3,208 | $ 447 |
Agriculture [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | SecurityLoan | 3 | |
Pre-Modification Recorded Investment | $ 128 | |
Post-Modification Recorded Investment | $ 128 | |
Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | SecurityLoan | 6 | 5 |
Pre-Modification Recorded Investment | $ 1,460 | $ 598 |
Post-Modification Recorded Investment | $ 1,460 | $ 598 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | SecurityLoan | 7 | 7 |
Pre-Modification Recorded Investment | $ 189 | $ 255 |
Post-Modification Recorded Investment | $ 189 | $ 255 |
Loans and Allowance for Loan 63
Loans and Allowance for Loan Losses - Schedule of How Loans Were Modified as Troubled Debt Restructured Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | $ 4,857 | $ 1,428 |
Adjusted Interest Rate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 15 | |
Extended Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 2,928 | 516 |
Combined Rate and Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 1,929 | 897 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 3,208 | 447 |
Commercial [Member] | Extended Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 2,560 | 182 |
Commercial [Member] | Combined Rate and Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 648 | 265 |
Agriculture [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 128 | |
Agriculture [Member] | Extended Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 128 | |
Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 1,460 | 598 |
Real Estate [Member] | Adjusted Interest Rate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 15 | |
Real Estate [Member] | Extended Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 298 | 150 |
Real Estate [Member] | Combined Rate and Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 1,162 | 433 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 189 | 255 |
Consumer [Member] | Extended Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 70 | 56 |
Consumer [Member] | Combined Rate and Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | $ 119 | $ 199 |
Loans and Allowance for Loan 64
Loans and Allowance for Loan Losses - Schedule of Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)Contract | Dec. 31, 2015USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number | Contract | 7 | 4 |
Balance | $ | $ 2,611 | $ 113 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | Contract | 4 | 1 |
Balance | $ | $ 1,690 | $ 66 |
Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | Contract | 3 | 1 |
Balance | $ | $ 921 | $ 15 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | Contract | 2 | |
Balance | $ | $ 32 |
Loans and Allowance for Loan 65
Loans and Allowance for Loan Losses - Analysis of Changes in Loans to Officers, Directors, Principal Shareholders, or Associates of Such Persons (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Receivables [Abstract] | |
Beginning Balance | $ 65,729 |
Additional Loans | 49,674 |
Payments | 70,974 |
Ending Balance | $ 44,429 |
Bank Premises and Equipment - S
Bank Premises and Equipment - Summary of Bank Premises and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Land | $ 28,266 | $ 29,050 |
Buildings | 115,566 | 106,515 |
Furniture and equipment | 58,145 | 54,353 |
Leasehold improvements | 4,783 | 4,328 |
Gross | 206,760 | 194,246 |
Less- accumulated depreciation and amortization | (84,075) | (78,534) |
Total Bank Premises and Equipment | $ 122,685 | $ 115,712 |
Minimum [Member] | Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life in years | 20 years | |
Minimum [Member] | Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life in years | 3 years | |
Minimum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life in years | 5 years | |
Maximum [Member] | Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life in years | 40 years | |
Maximum [Member] | Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life in years | 10 years | |
Maximum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life in years | 15 years |
Bank Premises and Equipment - A
Bank Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 9,390 | $ 9,125 | $ 7,833 |
Rental income for leases included in net occupancy expense | 2,139 | 1,949 | 1,923 |
Gain (loss) on sale the of bank premises and equipment | 168 | (820) | 10 |
Gain (loss) on sale of building | 1,894 | 150 | $ 910 |
Weatherford [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Building | 1,385 | ||
Gain (loss) on sale of building | 560 | ||
Orange [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Building | 2,000 | ||
Gain (loss) on sale of building | $ (31) | ||
Write down of anticipated building sale | $ 1,000 |
Deposits and Borrowing - Additi
Deposits and Borrowing - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Banking and Thrift [Abstract] | ||
Time deposit threshold amount | $ 250,000 | |
Time deposits of $250,000 or more totaled | 130,385,000 | $ 190,386,000 |
Deposits received from related parties | 114,513,000 | 89,006,000 |
Advances from Federal Home Loan Bank of Dallas, maturing during 2017 | $ 75,000,000 | 299,020,000 |
Advances from Federal Home Loan Bank of Dallas, maturing during 2018 | $ 299,020,000 | |
Interest rate on advance | 0.46% | 0.31% |
Deposits and Borrowings - Sched
Deposits and Borrowings - Scheduled Maturities of Time Deposits (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Banking and Thrift [Abstract] | |
2,017 | $ 419,326 |
2,018 | 54,713 |
2,019 | 17,893 |
2,020 | 9,939 |
2,021 | 7,093 |
Thereafter | 32 |
Time deposits | $ 508,996 |
Deposits and Borrowings - Sch70
Deposits and Borrowings - Schedule of Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Securities sold under agreements with customers to repurchase | $ 360,820 | $ 310,330 |
Federal funds purchased | 9,950 | 6,325 |
Advances from Federal Home Loan Bank of Dallas | 75,000 | 299,020 |
Total | $ 445,770 | $ 615,675 |
Line of Credit - Additional Inf
Line of Credit - Additional Information (Detail) - USD ($) | Apr. 22, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | |||
Revolving line of credit, permitted | $ 25,000,000 | ||
Line of credit, maturity date | Jun. 30, 2017 | ||
Term facility payable (in years) | Five | ||
Interest paid on basis points | Prime Rate plus 50 basis points or LIBOR plus 250 basis points. | ||
Percentage of restricted dividend payments | 55.00% | ||
Line of credit | $ 0 | $ 0 | |
Percentage of stock dividend declared | 100.00% | ||
Prime Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread above benchmark rate | 0.50% | ||
LIBOR [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread above benchmark rate | 2.50% | ||
Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Percentage of stock dividend declared | 37.00% | ||
Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Percentage of stock dividend declared | 53.00% |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current federal income tax | $ 30,381 | $ 31,014 | $ 29,832 |
Current state income tax | 99 | 103 | 94 |
Deferred federal income tax expense (benefit) | 673 | 320 | (893) |
Income tax expense | $ 31,153 | $ 31,437 | $ 29,033 |
Income Taxes - Percentage of Pr
Income Taxes - Percentage of Pretax Earnings, Differs from Statutory Federal Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Reductions in tax rate resulting from interest income exempt from federal income tax | (12.10%) | (11.40%) | (10.60%) |
Effect of state income tax | 0.10% | 0.10% | 0.10% |
ESOP tax deduction | (0.20%) | (0.20%) | (0.20%) |
Other | 0.10% | 0.30% | 0.20% |
Effective income tax rate | 22.90% | 23.80% | 24.50% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Tax basis of loans in excess of financial statement basis | $ 17,006 | $ 16,326 |
Minimum liability in defined benefit plan | 1,641 | 2,135 |
Deferred compensation | 2,807 | 2,602 |
Write-downs and adjustments to other real estate owned and repossessed assets | 9 | 7 |
Other deferred tax assets | 226 | 224 |
Total deferred tax assets | 21,689 | 21,294 |
Deferred tax liabilities: | ||
Financial statement basis of fixed assets in excess of tax basis | 5,870 | 5,644 |
Intangible asset amortization deductible for tax purposes, but not for financial reporting purposes | 15,191 | 13,881 |
Accretion on investment securities | 1,788 | 1,813 |
Pension plan contributions | 1,799 | 1,761 |
Net unrealized gain on investment securities available-for-sale | 11,573 | 27,655 |
Other deferred tax liabilities | 83 | 71 |
Total deferred tax liabilities | 36,304 | 50,825 |
Net deferred tax asset (liability) | $ (14,615) | $ (29,531) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Line Items] | ||
Deferred tax amounts, valuation allowance recorded | $ 0 | $ 0 |
Uncertain tax positions | $ 0 | $ 0 |
Minimum [Member] | ||
Income Taxes [Line Items] | ||
Tax position measured if more-likely-than-not threshold is exceeded, percentage | 50.00% |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets transfer between Level 2 and Level 3 | $ 0 | $ 0 | $ 0 |
Impaired loans carrying value | 27,371,000 | 28,601,000 | |
Impaired loans valuation reserves | 5,012,000 | 5,071,000 | |
Impaired loans net fair value | 22,359,000 | ||
Other real estate owned, total | 413,000 | $ 153,000 | |
Level 2 Inputs [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage loan held-for-sale, fair value | $ 26,702,000 | ||
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 | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | $ 2,860,837 | $ 2,733,899 |
U.S. Treasury Securities [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 10,668 | 10,795 |
Obligations of U.S. Government Sponsored Enterprises and Agencies [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 113,703 | 148,554 |
Obligations of State and Political Subdivisions [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 1,564,276 | 1,451,127 |
Residential Mortgage-Backed Securities [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 851,361 | 788,882 |
Commercial Mortgage-Backed Securities [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 268,436 | 246,586 |
Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 2,860,837 | 2,733,899 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 47,965 | 83,254 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 10,668 | 10,795 |
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 | 113,703 | 148,554 |
Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 1,564,276 | 1,451,127 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 851,361 | 788,882 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 268,436 | 246,586 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 4,428 | 4,701 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 15,096 | 15,496 |
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 | 10,668 | 10,795 |
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 | 4,428 | 4,701 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 2,845,741 | 2,718,403 |
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 | 47,965 | 83,254 |
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 | 113,703 | 148,554 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Obligations of State and Political Subdivisions [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale investment securities, Total Fair Value | 1,564,276 | 1,451,127 |
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 | 851,361 | 788,882 |
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 | $ 268,436 | $ 246,586 |
Fair Value Disclosures - Other
Fair Value Disclosures - Other Real Estate Owned (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 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 | Dec. 31, 2016 | Dec. 31, 2015 |
Carrying Value [Member] | Level 1 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
CASH AND DUE FROM BANKS | $ 204,782 | $ 179,140 |
FEDERAL FUNDS SOLD | 3,130 | 3,810 |
INTEREST-BEARING DEPOSITS IN BANKS | 48,574 | 89,936 |
Deposits with no stated maturities | 4,969,543 | 4,569,317 |
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 |
Held-to-maturity securities | 121 | 278 |
Accrued interest receivable | 36,469 | 34,697 |
Deposits with stated maturities | 508,996 | 620,852 |
BORROWINGS | 445,770 | 615,675 |
Accrued interest payable | 225 | 240 |
Carrying Value [Member] | Levels 1 and 2 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 2,860,837 | 2,733,899 |
Carrying Value [Member] | Level 3 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 3,338,426 | 3,308,716 |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
CASH AND DUE FROM BANKS | 204,782 | 179,140 |
FEDERAL FUNDS SOLD | 3,130 | 3,810 |
INTEREST-BEARING DEPOSITS IN BANKS | 48,574 | 89,936 |
Deposits with no stated maturities | 4,969,543 | 4,569,317 |
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 |
Held-to-maturity securities | 124 | 283 |
Accrued interest receivable | 36,469 | 34,697 |
Deposits with stated maturities | 510,304 | 622,572 |
BORROWINGS | 445,770 | 615,675 |
Accrued interest payable | 225 | 240 |
Estimated Fair Value [Member] | Levels 1 and 2 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 2,860,837 | 2,733,899 |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | $ 3,361,735 | $ 3,316,243 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum lease commitments, 2017 | $ 774,000 |
Future minimum lease commitments, 2018 | 369,000 |
Future minimum lease commitments, 2019 | 268,000 |
Future minimum lease commitments, 2020 | 140,000 |
Future minimum lease commitments, 2021 | $ 32,000 |
Financial Instruments with Of81
Financial Instruments with Off-Balance-Sheet Risk - Schedule of Financial Instruments with Off-Balance-sheet Risk (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Concentration Risk [Line Items] | |
Financial instruments whose contract amounts represent credit risk | $ 775,615 |
Unfunded Lines of Credit [Member] | |
Concentration Risk [Line Items] | |
Financial instruments whose contract amounts represent credit risk | 549,000 |
Unfunded Commitments to Extend Credit [Member] | |
Concentration Risk [Line Items] | |
Financial instruments whose contract amounts represent credit risk | 199,235 |
Standby Letters of Credit [Member] | |
Concentration Risk [Line Items] | |
Financial instruments whose contract amounts represent credit risk | $ 27,380 |
Pension and Profit Sharing Pl82
Pension and Profit Sharing Plans - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Participantsshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Participants | |
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to the plan | $ 500,000 | $ 500,000 | |
Loss from partial settlement of pension plan | 267,000 | $ 2,909,000 | |
Benefits paid out of pension plan assets to plan participants | $ 649,000 | $ 10,626,000 | |
Number of participants reduced | Participants | 38 | 335 | |
Weighted average final maturities of debt securities held in the pension plan, Years | 5 years 29 days | ||
Level 3 securities | shares | 0 | ||
Common stock value | $ 661,000 | 660,000 | |
Vesting period | 6 years | ||
Defined contribution plan cost | $ 3,221,000 | 5,455,000 | $ 5,324,000 |
Employee deferrals | 4.00% | ||
Employee compensation | 5.00% | ||
Directors' fees | 100.00% | ||
Profit Sharing Plan's Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Common stock value | $ 60,270,000 | 41,599,000 | |
Pension Plan's Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Common stock value | 2,786,000 | 1,859,000 | |
Safe Harbor 401(k) Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan cost | $ 2,331,000 | $ 2,043,000 | $ 1,699,000 |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average final maturities of debt securities held in the pension plan, Years | 2 years 6 months 7 days | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average final maturities of debt securities held in the pension plan, Years | 11 years 4 months 2 days |
Pension and Profit Sharing Pl83
Pension and Profit Sharing Plans - Benefit Obligation Activity and Fair Value of Plan Assets and Statement of Funded Status (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost on projected benefit obligation | $ 665,000 | $ 622,000 | $ 1,131,000 |
Actuarial loss (gain) | (4,688,000) | (6,098,000) | |
Employer contributions | 500,000 | 500,000 | |
Fair value of plan assets at December 31 | 15,787,000 | ||
Reconciliation of Benefit Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at January 1 | 16,002,000 | 15,581,000 | |
Interest cost on projected benefit obligation | 665,000 | 622,000 | |
Actuarial loss (gain) | 139,000 | 635,000 | |
Benefits paid, including partial settlement of certain participant balances | (1,353,000) | (836,000) | |
Benefit obligation at December 31 | 15,453,000 | 16,002,000 | 15,581,000 |
Reconciliation of Fair Value of Plan Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at January 1 | 14,820,000 | 15,458,000 | |
Actual return on plan assets | 1,820,000 | (302,000) | |
Employer contributions | 500,000 | 500,000 | |
Benefits paid, including partial settlement of certain participant balances | (1,353,000) | (836,000) | |
Fair value of plan assets at December 31 | 15,787,000 | 14,820,000 | $ 15,458,000 |
Funded status | $ 334,000 | $ (1,182,000) |
Pension and Profit Sharing Pl84
Pension and Profit Sharing Plans - Component of Accumulated other Comprehensive Earnings (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Net actuarial loss | $ (4,688) | $ (6,098) |
Deferred tax benefit | 1,641 | 2,134 |
Amounts included in accumulated other comprehensive earnings, net of tax | $ (3,047) | $ (3,964) |
Pension and Profit Sharing Pl85
Pension and Profit Sharing Plans - Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Service cost - benefits earned during the period | $ 0 | $ 0 | $ 0 |
Interest cost on projected benefit obligation | 665 | 622 | 1,131 |
Expected return on plan assets | (912) | (948) | (1,497) |
Amortization of unrecognized net loss | 375 | 222 | 337 |
Recognized loss on partial settlement of certain participant balances | 267 | 2,909 | |
Net periodic pension benefit expense (benefit) | $ 395 | $ (104) | $ 2,880 |
Pension and Profit Sharing Pl86
Pension and Profit Sharing Plans - Benefit Obligations and Net Periodic Pension Cost and Rate of Return on Plan Assets (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Weighted average discount rate | 4.25% | 4.25% | 4.10% |
Expected long-term rate of return on assets | 6.25% | 6.25% | 6.25% |
Pension and Profit Sharing Pl87
Pension and Profit Sharing Plans - Pension Plan and Targeted Allocation Percentage (Detail) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Allocation | 77.00% | 74.00% |
Targeted Allocation | 75.00% | |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Allocation | 22.00% | 25.00% |
Targeted Allocation | 25.00% | |
Cash and Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Allocation | 1.00% | 1.00% |
Pension and Profit Sharing Pl88
Pension and Profit Sharing Plans - Breakdown by Level (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | $ 15,787 |
Money Market Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 100 |
Obligations of State and Political Subdivisions [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 659 |
Corporate Bonds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 885 |
Mortgage-backed Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 956 |
Corporate Stocks and Mutual Funds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 13,187 |
Level 1 Inputs [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 13,287 |
Level 1 Inputs [Member] | Money Market Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 100 |
Level 1 Inputs [Member] | Corporate Stocks and Mutual Funds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 13,187 |
Level 2 Inputs [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 2,500 |
Level 2 Inputs [Member] | Obligations of State and Political Subdivisions [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 659 |
Level 2 Inputs [Member] | Corporate Bonds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | 885 |
Level 2 Inputs [Member] | Mortgage-backed Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Fair Value | $ 956 |
Pension and Profit Sharing Pl89
Pension and Profit Sharing Plans - Estimate of Undiscounted Projected Future Payments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Compensation and Retirement Disclosure [Abstract] | |
2,017 | $ 856 |
2,018 | 872 |
2,019 | 892 |
2,020 | 913 |
2,021 | 935 |
2022 forward | $ 4,861 |
Dividends from Subsidiaries - A
Dividends from Subsidiaries - Additional Information (Detail) | Dec. 31, 2016USD ($) |
Equity [Abstract] | |
Amount available for the declaration of dividends by subsidiary banks without prior approval of regulatory agencies | $ 170,730,000 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Periodic increase of capital conservation buffer | 0.625% | |
Total risk-based capital ratio, Actual Ratio | 18.45% | 16.97% |
Tier1 Capital (to Risk-Weighted Assets), Actual Ratio | 17.30% | 15.90% |
Common Tier1 Capital (to Risk-Weighted Assets), Actual Ratio | 17.30% | 15.90% |
Tier1 Leverage ratio, Actual Ratio | 10.71% | 9.96% |
Required tangible net assets | $ 2,000,000 | |
Tangible net assets, total | 14,300,000 | |
Subsidiary bank's reserve balance | $ 4,340,000 | $ 17,725,000 |
Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer | 0.625% | |
Maximum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer | 2.50% |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Regulatory Capital Ratios Under the Basel III Regulatory Capital Framework (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Ratio | 18.45% | 16.97% |
Tier1 Capital to Risk-Weighted Assets, Actual Ratio | 17.30% | 15.90% |
Common Equity Tier1 Capital to Risk-Weighted Assets, Actual Ratio | 17.30% | 15.90% |
Leverage Ratio, Actual Ratio | 10.71% | 9.96% |
Consolidated [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 739,959 | $ 672,920 |
Tier1 Capital to Risk-Weighted Assets, Actual Amount | 693,584 | 630,413 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Actual Amount | 693,584 | 630,413 |
Leverage Ratio, Actual Amount | $ 693,584 | $ 630,413 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 18.45% | 16.97% |
Tier1 Capital to Risk-Weighted Assets, Actual Ratio | 17.30% | 15.90% |
Common Equity Tier1 Capital to Risk-Weighted Assets, Actual Ratio | 17.30% | 15.90% |
Leverage Ratio, Actual Ratio | 10.71% | 9.96% |
Consolidated [Member] | Minimum [Member] | Basel III Fully Phased-In [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Minimum Capital Required | $ 421,007 | $ 418,068 |
Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 340,815 | 338,436 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 280,671 | 278,712 |
Leverage Ratio, Minimum Capital Required | $ 258,978 | $ 256,368 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required | 10.50% | 10.50% |
Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 8.50% | 8.50% |
Common Equity Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required, Ratio | 7.00% | 7.00% |
Leverage Ratio, Minimum Capital Required, Ratio | 4.00% | 4.00% |
Consolidated [Member] | Minimum [Member] | Basel III Phase-In [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Minimum Capital Required | $ 345,827 | $ 318,528 |
Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 265,635 | 238,896 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 205,491 | 179,172 |
Leverage Ratio, Minimum Capital Required | $ 258,978 | $ 256,368 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required | 8.625% | 8.00% |
Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 6.625% | 6.00% |
Common Equity Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required, Ratio | 5.125% | 4.50% |
Leverage Ratio, Minimum Capital Required, Ratio | 4.00% | 4.00% |
Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 633,403 | $ 570,910 |
Tier1 Capital to Risk-Weighted Assets, Actual Amount | 587,028 | 528,403 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Actual Amount | 587,028 | 528,403 |
Leverage Ratio, Actual Amount | $ 587,028 | $ 528,403 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 15.84% | 14.37% |
Tier1 Capital to Risk-Weighted Assets, Actual Ratio | 14.68% | 13.30% |
Common Equity Tier1 Capital to Risk-Weighted Assets, Actual Ratio | 14.68% | 13.30% |
Leverage Ratio, Actual Ratio | 9.10% | 8.37% |
Parent Company [Member] | Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Required To Be Considered Well Capitalized , Ratio | 10.00% | 10.00% |
Total Capital to Risk-Weighted Assets, Required To Be Considered Well Capitalized, Amount | $ 399,919 | $ 397,235 |
Tier1 Capital to Risk-Weighted Assets, Required To Be Considered Well Capitalized , Ratio | 8.00% | 8.00% |
Tier1 Capital to Risk-Weighted Assets, Required To Be Considered Well Capitalized, Amount | $ 319,935 | $ 317,788 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Required To Be Considered Well Capitalized , Ratio | 6.50% | 6.50% |
Common Equity Tier1 Capital to Risk-Weighted Assets, Required To Be Considered Well Capitalized, Amount | $ 259,947 | $ 258,203 |
Leverage Ratio, Required To Be Considered Well Capitalized , Ratio | 5.00% | 5.00% |
Leverage Ratio, Required To Be Considered Well Capitalized, Amount | $ 322,426 | $ 315,524 |
Parent Company [Member] | Minimum [Member] | Basel III Fully Phased-In [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Minimum Capital Required | 419,915 | 417,097 |
Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 339,931 | 337,650 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 279,943 | 278,065 |
Leverage Ratio, Minimum Capital Required | $ 257,941 | $ 252,419 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required | 10.50% | 10.50% |
Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 8.50% | 8.50% |
Common Equity Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required, Ratio | 7.00% | 7.00% |
Leverage Ratio, Minimum Capital Required, Ratio | 4.00% | 4.00% |
Parent Company [Member] | Minimum [Member] | Basel III Phase-In [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Minimum Capital Required | $ 344,930 | $ 317,788 |
Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 264,946 | 238,341 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 204,959 | 178,756 |
Leverage Ratio, Minimum Capital Required | $ 257,941 | $ 252,419 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required | 8.625% | 8.00% |
Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 6.625% | 6.00% |
Common Equity Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required, Ratio | 5.125% | 4.50% |
Leverage Ratio, Minimum Capital Required, Ratio | 4.00% | 4.00% |
Stock Option Plan and Restric93
Stock Option Plan and Restricted Stock Plan - Additional Information (Detail) | Oct. 25, 2016USD ($)shares | Apr. 26, 2016USD ($)Non_Employee_Directorsshares | Oct. 27, 2015USD ($)shares | Jul. 21, 2015USD ($)Non_Employee_Directorsshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares of stock for issuance under the plan | shares | 3,337,000 | ||||||
Restricted shares vesting period | 6 years | ||||||
Percentage of options granted | 20.00% | ||||||
Duration of options granted, years | 10 years | ||||||
Stock options outstanding, exercise price range, lower | $ / shares | $ 13.66 | ||||||
Stock options outstanding, exercise price range, upper | $ / shares | 33.89 | ||||||
Weighted-average assumptions, risk-free interest rate | 1.89% | ||||||
Expected dividend yield | 1.89% | ||||||
Expected life | 5 years 9 months 11 days | ||||||
Expected volatility | 23.36% | ||||||
Weighted-average grant-date fair value of options granted | $ / shares | $ 0 | $ 6.72 | $ 0 | ||||
Total intrinsic value of options exercised | $ 1,226,000 | $ 1,539,000 | $ 1,738,000 | ||||
Total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan | $ 3,058,000 | ||||||
Weighted-average period of unrecognized compensation cost recognition, years | 2 years 1 month 21 days | ||||||
Total fair value of shares vested | $ 592,000 | 810,000 | 382,000 | ||||
Aggregate intrinsic value of vested stock options | 10,498,000 | ||||||
Stock compensation expense | $ 882,000 | 644,000 | $ 709,000 | ||||
Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted shares vesting period | 2 years | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares of stock for issuance under the plan | shares | 439,000 | ||||||
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] | |||||||
Restricted shares granted | shares | 7,660 | 7,070 | |||||
Restricted shares value | $ 250,000 | $ 250,000 | |||||
Stock compensation expense | $ 278,000 | 139,000 | |||||
Restricted Stock [Member] | Officers [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted shares vesting period | 3 years | 3 years | |||||
Restricted shares granted | shares | 15,405 | 31,273 | |||||
Restricted shares value | $ 560,000 | $ 1,060,000 | |||||
Stock compensation expense | $ 381,000 | $ 62,000 |
Stock Option Plan and Restric94
Stock Option Plan and Restricted Stock Plan - Schedule of Analysis of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding, beginning of year, Shares | shares | 1,231,346 |
Granted, Shares | shares | 0 |
Exercised, Shares | shares | (82,871) |
Cancelled, Shares | shares | (54,440) |
Outstanding, end of year, Shares | shares | 1,094,035 |
Exercisable at end of year, Shares | shares | 422,945 |
Outstanding, beginning of year, Weighted-Average Ex. Price | $ / shares | $ 26.70 |
Granted, Weighted-Average Ex. Price | $ / shares | 0 |
Exercised, Weighted-Average Ex. Price | $ / shares | 15.69 |
Cancelled, Weighted-Average Ex. Price | $ / shares | (29.52) |
Outstanding, end of year, Weighted-Average Ex. Price | $ / shares | 27.40 |
Exercisable at end of year, Weighted-Average Ex. Price | $ / shares | $ 20.38 |
Outstanding, end of year, Weighted-Average Remaining Contractual Term (Years) | 6 years 6 months 22 days |
Exercisable at end of year, Weighted-Average Remaining Contractual Term (Years) | 4 years 3 months 15 days |
Outstanding, end of year, Aggregate Intrinsic Value | $ | $ 19,475 |
Exercisable at end of year, Aggregate Intrinsic Value | $ | $ 10,498 |
Stock Option Plan and Restric95
Stock Option Plan and Restricted Stock Plan - Schedule of Information Concerning Outstanding and Vested Stock Options (Detail) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding | 1,094,035 |
Number Vested | 422,945 |
Exercise Price $13.66 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 13.66 |
Number Outstanding | 36,522 |
Number Vested | 36,522 |
Remaining Contracted Life (Years) | 1 month 6 days |
Exercise Price $16.78 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 16.78 |
Number Outstanding | 123,473 |
Number Vested | 123,473 |
Remaining Contracted Life (Years) | 2 years 4 months 24 days |
Exercise Price $15.73 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 15.73 |
Number Outstanding | 180,380 |
Number Vested | 136,460 |
Remaining Contracted Life (Years) | 4 years 9 months 18 days |
Exercise Price $30.85 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 30.85 |
Number Outstanding | 320,410 |
Number Vested | 126,490 |
Remaining Contracted Life (Years) | 6 years 9 months 18 days |
Exercise Price $33.89 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 33.89 |
Number Outstanding | 433,250 |
Remaining Contracted Life (Years) | 8 years 9 months 18 days |
Condensed Financial Informati96
Condensed Financial Information - Parent Company - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Interest-bearing deposits in subsidiary bank | $ 48,574 | $ 89,936 | ||
Total cash and cash equivalents | 256,486 | 272,886 | $ 253,471 | $ 212,012 |
OTHER ASSETS | 86,066 | 85,635 | ||
Total assets | 6,809,931 | 6,665,070 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Total liabilities | 5,972,046 | 5,860,084 | ||
SHAREHOLDERS' EQUITY: | ||||
Common stock | 661 | 660 | ||
Capital surplus | 372,245 | 368,925 | ||
Retained earnings | 446,534 | 388,006 | ||
Treasury stock | (6,671) | (6,296) | ||
Deferred Compensation | 6,671 | 6,296 | ||
Accumulated other comprehensive earnings | 18,445 | 47,395 | ||
Total shareholders' equity | 837,885 | 804,986 | 681,537 | 587,647 |
Total liabilities and shareholders' equity | 6,809,931 | 6,665,070 | ||
Subsidiary Bank [Member] | ||||
ASSETS | ||||
Cash in banks | 15,070 | 12,311 | ||
Interest-bearing deposits in subsidiary bank | 78,179 | 78,160 | ||
Unaffiliated Banks [Member] | ||||
ASSETS | ||||
Cash in banks | 2 | 2 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Total cash and cash equivalents | 93,251 | 90,473 | $ 70,085 | $ 76,070 |
SECURITIES AVAILABLE-FOR-SALE, at fair value | 11,593 | 12,062 | ||
Investment in and advances to subsidiaries, at equity | 744,971 | 713,909 | ||
INTANGIBLE ASSETS | 723 | 723 | ||
OTHER ASSETS | 2,668 | 3,693 | ||
Total assets | 853,206 | 820,860 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Total liabilities | 15,321 | 15,874 | ||
SHAREHOLDERS' EQUITY: | ||||
Common stock | 661 | 660 | ||
Capital surplus | 372,245 | 368,925 | ||
Retained earnings | 446,534 | 388,006 | ||
Treasury stock | (6,671) | (6,296) | ||
Deferred Compensation | 6,671 | 6,296 | ||
Accumulated other comprehensive earnings | 18,445 | 47,395 | ||
Total shareholders' equity | 837,885 | 804,986 | ||
Total liabilities and shareholders' equity | $ 853,206 | $ 820,860 |
Condensed Financial Informati97
Condensed Financial Information - Parent Company - Condensed Statements of Earnings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income: | |||
Total interest income | $ 232,288 | $ 221,623 | $ 198,539 |
Expenses: | |||
Salaries and employee benefits | 90,739 | 80,999 | 70,456 |
EARNINGS BEFORE INCOME TAXES | 135,927 | 131,818 | 118,592 |
Income tax benefit | (31,153) | (31,437) | (29,033) |
NET EARNINGS | 104,774 | 100,381 | 89,559 |
Parent Company [Member] | |||
Income: | |||
Cash dividends from subsidiaries | 48,800 | 51,200 | 34,000 |
Excess of earnings over dividends of subsidiaries | 58,809 | 52,911 | 58,539 |
Other | 4,184 | 4,185 | 3,717 |
Total interest income | 111,793 | 108,296 | 96,256 |
Expenses: | |||
Salaries and employee benefits | 5,655 | 6,067 | 5,595 |
Other operating expenses | 3,531 | 4,439 | 3,309 |
Total Expense | 9,186 | 10,506 | 8,904 |
EARNINGS BEFORE INCOME TAXES | 102,607 | 97,790 | 87,352 |
Income tax benefit | 2,167 | 2,591 | 2,207 |
NET EARNINGS | $ 104,774 | $ 100,381 | $ 89,559 |
Condensed Financial Informati98
Condensed Financial Information - Parent Company - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET EARNINGS | $ 104,774 | $ 100,381 | $ 89,559 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization, net | 11,573 | 11,145 | 9,262 |
Decrease (increase) in other assets | 2,397 | (16,919) | 9,852 |
Increase (decrease) in other liabilities | (2,643) | 1,664 | 3,486 |
Net cash provided by operating activities | 160,742 | 109,092 | 131,402 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net decrease in interest-bearing time deposits in unaffiliated banks | 1,788 | 13,507 | 14,915 |
Purchases of bank premises and equipment | (20,399) | (17,433) | (17,412) |
Net cash used in (provided by) investing activities | (251,960) | (384,225) | (575,205) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds of stock issuances | 1,260 | 1,545 | 1,437 |
Cash dividends paid | (44,907) | (38,767) | (34,578) |
Net cash provided by financing activities | 74,818 | 294,548 | 485,262 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (16,400) | 19,415 | 41,459 |
CASH AND CASH EQUIVALENTS, beginning of year | 272,886 | 253,471 | 212,012 |
CASH AND CASH EQUIVALENTS, end of year | 256,486 | 272,886 | 253,471 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET EARNINGS | 104,774 | 100,381 | 89,559 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Excess of earnings over dividends of subsidiary bank | (58,809) | (52,911) | (58,539) |
Depreciation and amortization, net | 208 | 197 | 200 |
Decrease (increase) in other assets | 1,702 | 507 | (150) |
Increase (decrease) in other liabilities | (1,374) | 3,743 | (314) |
Other | 8 | ||
Net cash provided by operating activities | 46,509 | 51,917 | 30,756 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Cash received (paid) in connection with acquisition of banks | 13,125 | ||
Net decrease in interest-bearing time deposits in unaffiliated banks | 480 | ||
Purchases of bank premises and equipment | (94) | (107) | (780) |
Repayment from (of advances to) investment in and advances to subsidiaries, net | 5,800 | (3,300) | |
Other | 10 | ||
Net cash used in (provided by) investing activities | (84) | 18,818 | (3,600) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayment of subordinated debt | (13,125) | ||
Proceeds of stock issuances | 1,260 | 1,545 | 1,437 |
Cash dividends paid | (44,907) | (38,767) | (34,578) |
Net cash provided by financing activities | (43,647) | (50,347) | (33,141) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2,778 | 20,388 | (5,985) |
CASH AND CASH EQUIVALENTS, beginning of year | 90,473 | 70,085 | 76,070 |
CASH AND CASH EQUIVALENTS, end of year | $ 93,251 | $ 90,473 | $ 70,085 |
Cash Flow Information - Supplem
Cash Flow Information - Supplemental Information on Cash Flows and Noncash Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental cash flow information: | |||
Interest paid | $ 5,465 | $ 4,085 | $ 4,231 |
Federal income taxes paid | 28,348 | 29,674 | 28,711 |
Schedule of noncash investing and financing activities: | |||
Assets acquired through foreclosure | 2,269 | $ 203 | 1,385 |
Investment securities purchased but not settled | $ 12,381 | $ 1,248 |
Acquisitions and Asset Purch100
Acquisitions and Asset Purchase - Additional Information (Detail) - USD ($) | Aug. 03, 2015 | Jul. 31, 2015 | Apr. 08, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||
Fair value of purchased credit impaired loans | $ 27,371,000 | $ 28,601,000 | |||
Contractual amounts | 38,379,000 | 35,030,000 | |||
Business acquisition, cash purchase price | 1,931,000 | ||||
Goodwill resulting from acquisition | 139,971,000 | 139,971,000 | |||
Purchased Credit Impaired Loans [Member] | |||||
Business Acquisition [Line Items] | |||||
Contractual amounts | $ 1,865,000 | $ 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 |
Acquisitions and Asset Purch101
Acquisitions 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 |
Acquisitions and Asset Purch102
Acquisitions 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 |
Acquisitions and Asset Purch103
Acquisitions and Asset Purchase - Schedule of Preliminary Estimated Fair Value Amounts Assigned to Major Asset and Liability Categories at Acquisition Date (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||
Goodwill resulting from acquisition | $ 139,971,000 | $ 139,971,000 |
FBC Bancshares, Inc. and First Bank, N.A. [Member] | ||
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 |