Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | FFIN | |
Entity Registrant Name | FIRST FINANCIAL BANKSHARES INC | |
Entity Central Index Key | 36,029 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 67,669,658 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
ASSETS | |||
CASH AND DUE FROM BANKS | $ 178,217 | $ 209,583 | $ 163,435 |
FEDERAL FUNDS SOLD | 8,450 | 3,740 | |
INTEREST-BEARING DEPOSITS IN BANKS | 99,499 | 162,764 | 53,336 |
Total cash and cash equivalents | 286,166 | 372,347 | 220,511 |
INTEREST-BEARING TIME DEPOSITS IN BANKS | 1,458 | 1,458 | 1,458 |
SECURITIES AVAILABLE-FOR-SALE, at fair value | 3,197,567 | 3,087,473 | 2,964,513 |
SECURITIES HELD-TO-MATURITY (fair value of $107 at June 30, 2017) | 0 | 0 | 105 |
LOANS: | |||
Held for investment | 3,831,480 | 3,485,569 | 3,439,352 |
Less - allowance for loan losses | (49,951) | (48,156) | (47,410) |
Net loans held for investment | 3,781,529 | 3,437,413 | 3,391,942 |
Held for sale | 24,289 | 15,130 | 18,327 |
Net loans | 3,805,818 | 3,452,543 | 3,410,269 |
BANK PREMISES AND EQUIPMENT, net | 130,366 | 124,026 | 123,620 |
INTANGIBLE ASSETS | 175,185 | 141,143 | 143,120 |
OTHER ASSETS | 88,910 | 75,725 | 83,796 |
Total assets | 7,685,470 | 7,254,715 | 6,947,392 |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
NONINTEREST-BEARING DEPOSITS | 2,105,953 | 2,041,650 | 1,856,439 |
INTEREST-BEARING DEPOSITS | 4,104,654 | 3,921,311 | 3,770,170 |
Total deposits | 6,210,607 | 5,962,961 | 5,626,609 |
DIVIDENDS PAYABLE | 14,211 | 12,589 | 12,572 |
BORROWINGS | 456,935 | 331,000 | 379,324 |
OTHER LIABILITIES | 18,089 | 25,397 | 41,445 |
Total liabilities | 6,699,842 | 6,331,947 | 6,059,950 |
COMMITMENTS AND CONTINGENCIES | |||
SHAREHOLDERS' EQUITY: | |||
Common stock - ($0.01 par value, authorized 120,000,000 shares; 67,669,658, 66,170,312 and 66,260,444 shares issued at June 30, 2018 and 2017 and December 31, 2017, respectively) | 677 | 663 | 662 |
Capital surplus | 439,731 | 378,062 | 374,391 |
Retained earnings | 556,615 | 517,257 | 476,912 |
Treasury stock (shares at cost: 491,170, 501,198, and 495,964 at June 30, 2018 and 2017 and December 31, 2017, respectively) | (7,419) | (7,148) | (6,948) |
Deferred compensation | 7,419 | 7,148 | 6,948 |
Accumulated other comprehensive earnings (loss) | (11,395) | 26,786 | 35,477 |
Total shareholders' equity | 985,628 | 922,768 | 887,442 |
Total liabilities and shareholders' equity | $ 7,685,470 | $ 7,254,715 | $ 6,947,392 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Statement of Financial Position [Abstract] | |||
SECURITIES HELD-TO-MATURITY, fair value | $ 107 | ||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 120,000,000 | 120,000,000 | 120,000,000 |
Common stock, shares issued | 67,669,658 | 66,260,444 | 66,170,312 |
Treasury stock, shares | 491,170 | 495,964 | 501,198 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
INTEREST INCOME: | ||||
Interest and fees on loans | $ 49,105 | $ 41,311 | $ 95,851 | $ 80,894 |
Interest on investment securities: | ||||
Taxable | 12,719 | 8,343 | 24,073 | 15,774 |
Exempt from federal income tax | 9,983 | 11,408 | 20,324 | 22,900 |
Interest on federal funds sold and interest-bearing deposits in banks | 271 | 120 | 912 | 397 |
Total interest income | 72,078 | 61,182 | 141,160 | 119,965 |
INTEREST EXPENSE: | ||||
Interest on deposits | 4,005 | 1,930 | 7,524 | 3,520 |
Other | 462 | 167 | 576 | 340 |
Total interest expense | 4,467 | 2,097 | 8,100 | 3,860 |
Net interest income | 67,611 | 59,085 | 133,060 | 116,105 |
PROVISION FOR LOAN LOSSES | 1,105 | 1,725 | 2,415 | 3,675 |
Net interest income after provision for loan losses | 66,506 | 57,360 | 130,645 | 112,430 |
NONINTEREST INCOME: | ||||
ATM, interchange and credit card fees | 7,041 | 6,598 | 14,037 | 12,762 |
Net gain on sale of available-for-sale securities (includes $67 and $747 for the three months ended June 30, 2018 and 2017, respectively, and $1,288 and $750 for the six months ended June 30, 2018 and 2017, respectively, related to accumulated other comprehensive earnings reclassifications) | 67 | 747 | 1,288 | 750 |
Net gain (loss) on sale of foreclosed assets | 19 | (72) | 118 | (31) |
Net gain (loss) on sale of assets | (200) | (91) | (196) | |
Interest on loan recoveries | 289 | 337 | 408 | 491 |
Other | 1,676 | 942 | 3,034 | 1,877 |
Total noninterest income | 25,488 | 23,170 | 49,912 | 44,455 |
NONINTEREST EXPENSE: | ||||
Salaries and employee benefits | 26,862 | 23,465 | 53,065 | 46,724 |
Net occupancy expense | 2,806 | 2,771 | 5,689 | 5,370 |
Equipment expense | 3,440 | 3,665 | 6,957 | 7,102 |
FDIC insurance premiums | 632 | 550 | 1,199 | 1,097 |
ATM, interchange and credit card expenses | 2,205 | 1,803 | 4,348 | 3,516 |
Professional and service fees | 2,026 | 2,025 | 4,439 | 3,842 |
Printing, stationery and supplies | 612 | 536 | 1,098 | 974 |
Operational and other losses | 305 | 574 | 871 | 1,559 |
Software amortization and expense | 479 | 995 | 1,003 | 1,495 |
Amortization of intangible assets | 384 | 165 | 771 | 333 |
Other | 7,393 | 7,226 | 15,503 | 13,914 |
Total noninterest expense | 47,144 | 43,775 | 94,943 | 85,926 |
EARNINGS BEFORE INCOME TAXES | 44,850 | 36,755 | 85,614 | 70,959 |
INCOME TAX EXPENSE (includes $14 and $261 for the three months ended June 30, 2018 and 2017, respectively, and $270 and $263 for the six months ended June 30, 2018 and 2017, respectively, related to income tax expense from reclassification items) | 7,217 | 8,500 | 13,462 | 16,105 |
NET EARNINGS | $ 37,633 | $ 28,255 | $ 72,152 | $ 54,854 |
EARNINGS PER SHARE, BASIC | $ 0.56 | $ 0.43 | $ 1.07 | $ 0.83 |
EARNINGS PER SHARE, ASSUMING DILUTION | 0.55 | 0.43 | 1.06 | 0.83 |
DIVIDENDS PER SHARE | $ 0.21 | $ 0.19 | $ 0.40 | $ 0.37 |
Trust Fees [Member] | ||||
NONINTEREST INCOME: | ||||
Revenue from contract with customer | $ 7,070 | $ 5,747 | $ 13,975 | $ 11,764 |
Service Charges on Deposit Accounts [Member] | ||||
NONINTEREST INCOME: | ||||
Revenue from contract with customer | 5,375 | 4,883 | 10,259 | 9,433 |
Real Estate Mortgage Operations [Member] | ||||
NONINTEREST INCOME: | ||||
Revenue from contract with customer | $ 3,951 | $ 4,188 | $ 6,884 | $ 7,605 |
Consolidated Statements of Ear5
Consolidated Statements of Earnings (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
Reclassifications adjustment for realized gains on investment securities included in net earnings (loss), before income tax | $ 67 | $ 747 | $ 1,288 | $ 750 |
Income tax expense from reclassification items | $ 14 | $ 261 | $ 270 | $ 263 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Loss) - (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
NET EARNINGS | $ 37,633 | $ 28,255 | $ 72,152 | $ 54,854 |
OTHER ITEMS OF COMPREHENSIVE EARNINGS (LOSS): | ||||
Change in unrealized gain (loss) on investment securities available-for-sale, before income taxes | (11,600) | 17,725 | (54,306) | 26,953 |
Reclassification adjustment for realized gains on investment securities included in net earnings, before income tax | (67) | (747) | (1,288) | (750) |
Total other items of comprehensive earnings (loss) | (11,667) | 16,978 | (55,594) | 26,203 |
Income tax benefit (expense) related to other items of comprehensive earnings | 2,450 | (5,842) | 11,675 | (9,171) |
Reclassification of certain income tax effects related to the change in the U.S. statutory federal income tax rate under the Tax Cuts and Jobs Act to retained earnings | 5,759 | |||
COMPREHENSIVE EARNINGS | $ 28,416 | $ 39,391 | $ 33,992 | $ 71,886 |
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, 2016 | $ 837,885 | $ 661 | $ 372,245 | $ 446,534 | $ (6,671) | $ 6,671 | $ 18,445 |
Beginning Balance, Shares at Dec. 31, 2016 | 66,094,695 | ||||||
Treasury Stock, Beginning Balance, Shares at Dec. 31, 2016 | (507,409) | ||||||
Net earnings (unaudited) | 54,854 | 54,854 | |||||
Stock option exercises (unaudited) | 1,115 | $ 1 | 1,114 | ||||
Stock option exercises, Shares | 60,967 | ||||||
Restricted stock grant (unaudited) | 600 | 600 | |||||
Restricted stock grant, Shares | 14,650 | ||||||
Cash dividends declared (unaudited) | (24,476) | (24,476) | |||||
Change in unrealized gain (loss) in investment securities available-for-sale, net of related income taxes (unaudited) | 17,032 | 17,032 | |||||
Shares purchased (redeemed) in connection with directors' deferred compensation plan, net (unaudited) | $ (277) | 277 | |||||
Shares purchased (redeemed) in connection with directors' deferred compensation plan, net, Shares | 6,211 | ||||||
Stock option expense (unaudited) | 432 | 432 | |||||
Ending Balance at Jun. 30, 2017 | $ 887,442 | $ 662 | 374,391 | 476,912 | $ (6,948) | 6,948 | 35,477 |
Ending Balance, Shares at Jun. 30, 2017 | 66,170,312 | ||||||
Treasury Stock, Ending Balance, Shares at Jun. 30, 2017 | (501,198) | (501,198) | |||||
Beginning Balance at Dec. 31, 2017 | $ 922,768 | $ 663 | 378,062 | 517,257 | $ (7,148) | 7,148 | 26,786 |
Beginning Balance, Shares at Dec. 31, 2017 | 66,260,444 | ||||||
Treasury Stock, Beginning Balance, Shares at Dec. 31, 2017 | (495,964) | (495,964) | |||||
Net earnings (unaudited) | $ 72,152 | 72,152 | |||||
Stock option exercises (unaudited) | 2,319 | $ 1 | 2,318 | ||||
Stock option exercises, Shares | 109,133 | ||||||
Restricted stock grant (unaudited) | 523 | 523 | |||||
Restricted stock grant, Shares | 10,710 | ||||||
Cash dividends declared (unaudited) | (27,056) | (27,056) | |||||
Stock issued in acquisition of Commercial Bancshares, Inc. | 58,087 | $ 13 | 58,074 | ||||
Stock issued in acquisition of Commercial Bancshares, Inc, Shares | 1,289,371 | ||||||
Change in unrealized gain (loss) in investment securities available-for-sale, net of related income taxes (unaudited) | (43,919) | (43,919) | |||||
Shares purchased (redeemed) in connection with directors' deferred compensation plan, net (unaudited) | $ (271) | 271 | |||||
Shares purchased (redeemed) in connection with directors' deferred compensation plan, net, Shares | 4,794 | ||||||
Stock option expense (unaudited) | 754 | 754 | |||||
Reclassification of certain income tax effects related to the change in the U.S. statutory federal income tax rate under the Tax Cuts and Jobs Act to retained earnings (umaudited) | (5,759) | 5,759 | |||||
Reclassification of unrealized gain in equity securities at December 31, 2017 from accumulated other comprehensive earnings to retained earnings (unaudited) | 21 | (21) | |||||
Ending Balance at Jun. 30, 2018 | $ 985,628 | $ 677 | $ 439,731 | $ 556,615 | $ (7,419) | $ 7,419 | $ (11,395) |
Ending Balance, Shares at Jun. 30, 2018 | 67,669,658 | ||||||
Treasury Stock, Ending Balance, Shares at Jun. 30, 2018 | (491,170) | (491,170) |
Consolidated Statements of Sha8
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash dividend per share | $ 0.40 | $ 0.37 |
Retained Earnings [Member] | ||
Cash dividend per share | $ 0.40 | $ 0.37 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET EARNINGS | $ 72,152 | $ 54,854 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 6,433 | 6,209 |
PROVISION FOR LOAN LOSSES | 2,415 | 3,675 |
Securities premium amortization (discount accretion), net | 14,109 | 15,592 |
Gain on sale of assets, net | (1,245) | (523) |
Deferred federal income tax benefit | (908) | (614) |
Change in loans held-for-sale | (9,009) | 8,572 |
Change in other assets | (1,192) | 4,210 |
Change in other liabilities | 6,218 | 5,533 |
Total adjustments | 16,821 | 42,654 |
Net cash provided by operating activities | 88,973 | 97,508 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash received in acquisition of Commercial Bancshares, Inc. | 18,653 | |
Net decrease in interest-bearing time deposits in banks | 249 | |
Activity in available-for-sale securities: | ||
Sales | 149,125 | 36,971 |
Maturities | 3,208,139 | 604,582 |
Purchases | (3,471,387) | (741,922) |
Activity in held-to-maturity securities - maturities | 17 | |
Net increase in loans | (80,480) | (85,212) |
Purchases of bank premises and equipment and other assets | (8,544) | (7,705) |
Proceeds from sale of bank premises and equipment and other assets | 776 | 599 |
Net cash used in investing activities | (183,718) | (192,421) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in noninterest-bearing deposits | (97,737) | 138,717 |
Net increase in interest-bearing deposits | 3,481 | 9,353 |
Net increase (decrease) in borrowings | 125,935 | (66,446) |
Common stock transactions: | ||
Proceeds from stock issuances | 2,319 | 1,115 |
Dividends paid | (25,434) | (23,801) |
Net cash provided by (used in) financing activities | 8,564 | 58,938 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (86,181) | (35,975) |
CASH AND CASH EQUIVALENTS, beginning of period | 372,347 | 256,486 |
CASH AND CASH EQUIVALENTS, end of period | 286,166 | 220,511 |
SUPPLEMENTAL INFORMATION AND NONCASH TRANSACTIONS: | ||
Interest paid | 8,074 | 3,921 |
Federal income taxes paid | 12,762 | 13,348 |
Transfer of loans and bank premises to other real estate | 126 | 1,916 |
Investment securities purchased but not settled | 4,325 | |
Restricted stocks grant to directors and officers | 523 | $ 600 |
Stock issued in acquisition of Commercial Bancshares, Inc. | $ 58,087 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The unaudited interim consolidated financial statements include the accounts of the Company, a Texas corporation and a financial holding company registered under the Bank Holding Company Act of 1956, as amended, or BHCA, and its wholly-owned subsidiaries: First Financial Bank, National Association, Abilene, Texas; First Technology Services, Inc.; First Financial Trust & Asset Management Company, National Association; First Financial Investments, Inc.; and First Financial Insurance Agency, Inc. Through our subsidiary bank, we conduct a full-service commercial banking business. Our banking centers are located primarily in Central, North Central, Southeast and West Texas. As of June 30, 2018, we had 72 financial centers across Texas, with eleven locations in Abilene, three locations in Weatherford, two locations in Cleburne, Conroe, San Angelo, Stephenville and Granbury, and one location each in Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, Cisco, Clyde, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Fulshear, Glen Rose, Grapevine, Hereford, Huntsville, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, Southlake, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Willis and Willow Park, all in Texas. Our trust subsidiary has seven locations which are located in Abilene, Fort Worth, Odessa, Beaumont, San Angelo, Stephenville and Sweetwater. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments necessary for a fair presentation of the Company’s financial position and unaudited results of operations and should be read in conjunction with the Company’s audited consolidated financial statements, and notes thereto in the Company’s Annual Report on Form 10-K, Goodwill and other intangible assets are evaluated annually for impairment as of the end of the second quarter. No such impairment has been noted in connection with the current or any prior evaluations. New Revenue Recognition Standard ASC 606, “Revenue from Contracts with Customers” established principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of the Company’s revenue is derived from loan and investment income which are specifically excluded from the scope of this standard. Of the Company’s remaining sources of income, substantially all sources of revenue are recognized either by transaction (ATM, interchange, wire transfer, etc.) or when the Company charges a customer for a service that has already been rendered (monthly service charges, account fees, monthly trust management fees, etc.). Payment for such performance obligations are generally received at the time the performance obligations are satisfied. Other non-interest |
Stock Repurchase
Stock Repurchase | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Stock Repurchase | Note 2 – Stock Repurchase On July 25, 2017, the Company’s Board of Directors authorized the repurchase of up to 2,000,000 common shares through September 30, 2020. The shares buyback plan authorizes management to repurchase the shares at such time as repurchases are considered beneficial to shareholders. Any repurchase of shares will be made through the open market, block trades or in privately negotiated transactions in accordance with applicable laws and regulations. Under the repurchase plan, there is no minimum number of shares that the Company is required to repurchase. Through June 30, 2018, no shares were repurchased under this authorization. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3 – Earnings Per Share Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares outstanding during the periods presented. In computing diluted earnings per common share for the three months and six months ended June 30, 2018, and 2017, the Company assumes that all dilutive outstanding options to purchase common shares have been exercised at the beginning of the period (or the time of issuance, if later). The dilutive effect of the outstanding options and the restricted shares is reflected by application of the treasury stock method, whereby the proceeds from exercised options and restricted shares are assumed to be used to purchase common shares at the average market price during the respective periods. The weighted average common shares outstanding used in computing basic earnings per common share for the three months ended June 30, 2018 and 2017 were 67,597,275 and 66,100,089 shares, respectively. The weighted average common shares outstanding used in computing basic earnings per common share for the six months ended June 30, 2018 and 2017 were 67,562,336 and 66,086,817 shares, respectively. The weighted average common shares outstanding used in computing fully diluted earnings per common share for the three months ended June 30, 2018 and 2017 were 67,924,168 and 66,344,943 shares, respectively. The weighted average common shares outstanding used in computing fully diluted earnings per common share for the six months ended June 30, 2018 and 2017 were 67,867,965 and 66,362,191 shares, respectively. For the three and six months ended June 30, 2018 and 2017, there were no weighted average outstanding stock options that were anti-dilutive that have been excluded from the earnings per share calculation. |
Interest-bearing Time Deposits
Interest-bearing Time Deposits in Banks and Securities | 6 Months Ended |
Jun. 30, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Interest-bearing Time Deposits in Banks and Securities | Note 4 – Interest-bearing Time Deposits in Banks and Securities Interest-bearing time deposits in banks totaled $1,458,000 at June 30, 2018 and 2017 and December 31, 2017, respectively, and have original maturities generally ranging from one to two years. 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 states and political subdivisions, mortgage pass-through securities, corporate bonds and general obligation or revenue based municipal bonds. Pricing for such securities is generally readily available and transparent in the market. The Company utilizes independent third-party pricing services to value its investment securities, which the Company reviews as well as the underlying pricing methodologies for reasonableness and to ensure such prices are aligned with pricing matrices. The Company validates quarterly, on a sample basis, prices supplied by the independent pricing services by comparison to prices obtained from other third-party sources. A summary of the Company’s available-for-sale June 30, 2018 Gross Gross Amortized Unrealized Unrealized Estimated Cost Basis Holding Gains Holding Losses Fair Value U.S. Treasury Securities $ 9,957 $ 8 $ — $ 9,965 Obligations of U.S. government sponsored enterprises and agencies 304 — (1 ) 303 Obligations of states and political subdivisions 1,257,547 29,924 (2,696 ) 1,284,775 Corporate bonds and other 4,861 — (79 ) 4,782 Residential mortgage-backed securities 1,464,345 1,630 (30,718 ) 1,435,257 Commercial mortgage-backed securities 471,398 — (8,913 ) 462,485 Total securities available-for-sale $ 3,208,412 $ 31,562 $ (42,407 ) $ 3,197,567 June 30, 2017 Gross Gross Amortized Unrealized Unrealized Estimated Cost Basis Holding Gains Holding Losses Fair Value U.S. Treasury securities $ 10,578 $ — $ (5 ) $ 10,573 Obligations of U.S. government sponsored enterprises and agencies 73,666 60 (21 ) 73,705 Obligations of states and political subdivisions 1,476,714 58,707 (3,548 ) 1,531,873 Corporate bonds and other 30,079 163 (2 ) 30,240 Residential mortgage-backed securities 971,557 8,083 (4,558 ) 975,082 Commercial mortgage-backed securities 342,651 1,202 (813 ) 343,040 Total securities available-for-sale $ 2,905,245 $ 68,215 $ (8,947 ) $ 2,964,513 December 31, 2017 Gross Gross Amortized Unrealized Unrealized Estimated Cost Basis Holding Gains Holding Losses Fair Value Obligations of U.S. government sponsored enterprises and agencies $ 60,516 $ — $ (186 ) $ 60,330 Obligations of states and political subdivisions 1,369,295 52,491 (936 ) 1,420,850 Corporate bonds and other 11,421 43 (5 ) 11,459 Residential mortgage-backed securities 1,223,452 4,561 (8,916 ) 1,219,097 Commercial mortgage-backed securities 377,934 263 (2,460 ) 375,737 Total securities available-for-sale $ 3,042,618 $ 57,358 $ (12,503 ) $ 3,087,473 Disclosures related to the Company’s held-to-maturity 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 June 30, 2018 were computed by using scheduled amortization of balances and historical prepayment rates. At June 30, 2018 and 2017, and December 31, 2017, the Company did not hold CMOs that entail higher risks than standard mortgage-backed securities. The amortized cost and estimated fair value of available-for-sale Amortized Estimated Cost Basis Fair Value Due within one year $ 183,132 $ 184,671 Due after one year through five years 609,481 626,252 Due after five years through ten years 478,355 486,921 Due after ten years 1,701 1,981 Mortgage-backed securities 1,935,743 1,897,742 Total $ 3,208,412 $ 3,197,567 The following tables disclose the Company’s investment securities that have been in a continuous unrealized-loss Less than 12 Months 12 Months or Longer Total June 30, 2018 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of U.S. government sponsored enterprises and agencies $ 303 $ 1 $ — $ — $ 303 $ 1 Obligations of states and political subdivisions 136,950 1,122 43,239 1,574 180,189 2,696 Corporate bonds and other 4,617 76 233 3 4,850 79 Residential mortgage-backed securities 1,073,327 21,838 227,155 8,880 1,300,482 30,718 Commercial mortgage-backed securities 379,201 7,477 83,285 1,436 462,486 8,913 Total $ 1,594,398 $ 30,514 $ 353,912 $ 11,893 $ 1,948,310 $ 42,407 Less than 12 Months 12 Months or Longer Total June 30, 2017 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 10,321 $ 5 $ — $ — $ 10,321 $ 5 Obligations of U.S. government sponsored enterprises and agencies 30,062 21 — — 30,062 21 Obligations of states and political subdivisions 110,706 1,906 37,851 1,642 148,557 3,548 Corporate bonds and other 241 2 — — 241 2 Residential mortgage-backed securities 422,087 3,387 60,410 1,171 482,497 4,558 Commercial mortgage-backed securities 150,805 745 20,120 68 170,925 813 Total $ 724,222 $ 6,066 $ 118,381 $ 2,881 $ 842,603 $ 8,947 December 31, 2017 Fair Unrealized Fair Unrealized Fair Unrealized Obligations of U.S. government sponsored enterprises and agencies $ 60,329 $ 186 $ — $ — $ 60,329 $ 186 Obligations of state and political subdivisions 66,361 219 44,938 717 111,299 936 Corporate bonds and other 224 2 237 3 461 5 Residential mortgage-backed securities 701,252 3,988 239,641 4,928 940,893 8,916 Commercial mortgage-backed securities 239,548 1,500 92,549 960 332,097 2,460 Total $ 1,067,714 $ 5,895 $ 377,365 $ 6,608 $ 1,445,079 $ 12,503 The number of investments in an unrealized loss position totaled 459 at June 30, 2018. 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 June 30, 2018 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 June 30, 2018, 84.03% of our available-for-sale At June 30, 2018, $1,919,043,000 of the Company’s securities were pledged as collateral for public or trust fund deposits, repurchase agreements and for other purposes required or permitted by law. During the quarters ended June 30, 2018 and 2017, sales of investment securities that were classified as available-for-sale available-for-sale six-month six-month The specific identification method was used to determine cost in order to compute the realized gains and losses. |
Loans Held for Investment and A
Loans Held for Investment and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loans Held for Investment and Allowance for Loan Losses | Note 5 – Loans Held for Investment and Allowance for Loan Losses Loans held for investment are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. Interest on loans is calculated by using the simple interest method on daily balances of the principal amounts outstanding. The Company defers and amortizes net loan origination fees and costs as an adjustment to yield. The allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for loan losses when management believes the collectability of the principal is unlikely. The Company has certain lending policies and procedures in place that are designed to maximize loan income with an acceptable level of risk. Management reviews and approves these policies and procedures on an annual basis and makes changes as appropriate. Management receives and reviews monthly reports related to loan originations, quality, concentrations, delinquencies, nonperforming and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions, both by type of loan and geographic location. Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and effectively. Underwriting standards are designed to determine whether the borrower possesses sound business ethics and practices and to evaluate current and projected cash flows to determine the ability of the borrower to repay their obligations as agreed. Commercial loans are primarily made based on the identified cash flows of the borrower and, secondarily, on the underlying collateral provided by the borrower. Most commercial loans are secured by the assets being financed or other business assets, such as accounts receivable or inventory, and include personal guarantees. Agricultural loans are subject to underwriting standards and processes similar to commercial loans. These agricultural loans are based primarily on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. Most agricultural loans are secured by the agriculture related assets being financed, such as farm land, cattle or equipment, and include personal guarantees. Real estate loans are also subject to underwriting standards and processes similar to commercial and agricultural loans. These loans are underwritten primarily based on projected cash flows and, secondarily, as loans secured by real estate. The repayment of real estate loans is generally largely dependent on the successful operation of the property securing the loans or the business conducted on the property securing the loan. Real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s real estate portfolio are generally diverse in terms of type and geographic location within Texas. This diversity helps reduce the exposure to adverse economic events that affect any single market or industry. Generally, real estate loans are owner occupied which further reduces the Company’s risk. Consumer loan underwriting utilizes methodical credit standards and analysis to supplement the Company’s underwriting policies and procedures. The Company’s loan policy addresses types of consumer loans that may be originated and the collateral, if secured, which must be perfected. The relatively smaller individual dollar amounts of consumer loans that are spread over numerous individual borrowers also minimize the Company’s risk. The allowance for loan losses is an amount which represents management’s best estimate of probable losses that are inherent in the Company’s loan portfolio as of the balance sheet date. The allowance for loan losses is comprised of three elements: (i) specific reserves determined based on probable losses on specific classified loans; (ii) a historical valuation reserve component that considers historical loss rates; and (iii) qualitative reserves based upon general economic conditions and other qualitative risk factors both internal and external to the Company. The allowance for loan losses is increased by charges to income and decreased by charge-offs Although we believe we use the best information available to make loan loss allowance determinations, future adjustments could be necessary if circumstances or economic conditions differ substantially from the assumptions used in making our initial determinations. A decline in the economy and employment rates could result in increased levels of non-performing 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 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 June 30, 2018 and 2017, and December 31, 2017, was $2,813,000, $889,000 and $618,000, respectively, compared to a contractual balance of $3,918,000, $1,174,290, and $755,000, respectively. Other purchased credit impaired loan disclosures were omitted due to immateriality. Loans held-for-investment June 30, December 31, 2018 2017 2017 Commercial $ 775,010 $ 668,049 $ 684,099 Agricultural 92,583 77,342 94,543 Real estate 2,567,878 2,271,100 2,302,998 Consumer 396,009 422,861 403,929 Total loans held-for-investment $ 3,831,480 $ 3,439,352 $ 3,485,569 The Company’s non-accrual June 30, December 31, 2018 2017 2017 Non-accrual $ 26,685 $ 21,489 $ 17,670 Loans still accruing and past due 90 days or more 200 314 288 Troubled debt restructured loans** 514 672 627 Total $ 27,399 $ 22,475 $ 18,585 * Includes $2,813,000, $889,000 and $618,000 of purchased credit impaired loans as of June 30, 2018 and 2017, and December 31, 2017, respectively. ** Troubled debt restructured loans of $4,329,000, $5,417,000 and $4,629,000, 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): June 30, 2018 June 30, 2017 December 31, 2017 Recorded Valuation Recorded Valuation Recorded Valuation Investment Allowance Investment Allowance Investment Allowance $26,685 $ 4,823 $ 21,489 $ 4,543 $ 17,670 $ 3,996 The Company had $28,104,000, $24,720,000 and $20,117,000 in non-accrual, Non-accrual June 30, December 31, 2018 2017 2017 Commercial $ 7,580 $ 5,404 $ 3,612 Agricultural 1,259 61 134 Real estate 16,715 14,801 12,838 Consumer 1,131 1,223 1,086 Total $ 26,685 $ 21,489 $ 17,670 No significant additional funds are committed to be advanced in connection with impaired loans as of June 30, 2018. The Company’s impaired loans and related allowance 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. June 30, 2018 Unpaid Recorded Recorded Total Related Year–to-Date Three- Commercial $ 9,432 $ 3,264 $ 4,316 $ 7,580 $ 1,379 $ 8,485 $ 8,226 Agricultural 1,278 50 1,209 1,259 368 1,670 1,589 Real Estate 22,358 3,569 13,146 16,715 2,645 18,441 18,019 Consumer 1,344 169 962 1,131 431 1,240 1,192 Total $ 34,412 $ 7,052 $ 19,633 $ 26,685 $ 4,823 $ 29,836 $ 29,026 * Includes $2,813,000 of purchased credit impaired loans. June 30, 2017 Unpaid Recorded Recorded Total Related Year–to-Date Three- Commercial $ 9,362 $ 708 $ 4,696 $ 5,404 $ 1,683 $ 13,590 $ 7,985 Agricultural 66 — 61 61 17 69 66 Real Estate 19,071 3,755 11,046 14,801 2,369 17,769 15,473 Consumer 1,432 309 914 1,223 474 1,457 1,294 Total $ 29,931 $ 4,772 $ 16,717 $ 21,489 $ 4,543 $ 32,885 $ 24,818 * Includes $889,000 of purchased credit impaired loans. December 31, 2017 Unpaid Recorded Recorded Total Related 12 Month Commercial $ 5,597 $ 518 $ 3,094 $ 3,612 $ 1,194 $ 4,849 Agricultural 147 — 134 134 31 120 Real Estate 16,823 2,348 10,490 12,838 2,316 13,835 Consumer 1,284 143 943 1,086 455 1,258 Total $ 23,851 $ 3,009 $ 14,661 $ 17,670 $ 3,996 $ 20,062 * Includes $618,000 of purchased credit impaired loans. The Company recognized interest income on impaired loans prior to being recognized as impaired of approximately $624,000 during the year ended December 31, 2017. Such amounts for the three-month and six-month 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 June 30, 2018 Pass Special Substandard Doubtful Total Commercial $ 749,387 $ 6,439 $ 19,184 $ — $ 775,010 Agricultural 87,768 1,568 3,247 — 92,583 Real Estate 2,487,399 26,182 54,297 — 2,567,878 Consumer 393,200 368 2,441 — 396,009 Total $ 3,717,754 $ 34,557 $ 79,169 $ — $ 3,831,480 June 30, 2017 Pass Special Substandard Doubtful Total Commercial $ 627,812 $ 5,965 $ 34,272 $ — $ 668,049 Agricultural 73,727 859 2,756 — 77,342 Real Estate 2,200,067 20,978 50,055 — 2,271,100 Consumer 420,138 197 2,526 — 422,861 Total $ 3,321,744 $ 27,999 $ 89,609 $ — $ 3,439,352 December 31, 2017 Pass Special Substandard Doubtful Total Commercial $ 649,166 $ 6,282 $ 28,651 $ — $ 684,099 Agricultural 90,457 1,527 2,559 — 94,543 Real Estate 2,227,302 29,089 46,607 — 2,302,998 Consumer 401,434 181 2,314 — 403,929 Total $ 3,368,359 $ 37,079 $ 80,131 $ — $ 3,485,569 The Company’s past due loans are as follows (in thousands): June 30, 2018 15-59 60-89 Greater Total Past Current Total Loans 90 Days Commercial $ 4,950 $ 1,085 $ 3,029 $ 9,064 $ 765,946 $ 775,010 $ 74 Agricultural 626 159 — 785 91,798 92,583 — Real Estate 13,441 474 532 14,447 2,553,431 2,567,878 70 Consumer 919 232 76 1,227 394,782 396,009 56 Total $ 19,936 $ 1,950 $ 3,637 $ 25,523 $ 3,805,957 $ 3,831,480 $ 200 June 30, 2017 15-59 60-89 Greater Total Past Current Total Loans 90 Days Commercial $ 3,026 $ 872 $ 2,673 $ 6,571 $ 661,478 $ 668,049 $ 150 Agricultural 633 — 8 641 76,701 77,342 8 Real Estate 12,794 1,713 4,661 19,168 2,251,932 2,271,100 99 Consumer 1,134 414 99 1,647 421,214 422,861 57 Total $ 17,587 $ 2,999 $ 7,441 $ 28,027 $ 3,411,325 $ 3,439,352 $ 314 December 31, 2017 15-59 60-89 Greater Total Past Total Current Total Loans Total 90 Commercial $ 2,039 $ 1,104 $ 1,081 $ 4,224 $ 679,875 $ 684,099 $ 7 Agricultural 640 — — 640 93,903 94,543 — Real Estate 12,308 511 1,198 14,017 2,288,981 2,302,998 216 Consumer 1,360 361 135 1,856 402,073 403,929 65 Total $ 16,347 $ 1,976 $ 2,414 $ 20,737 $ 3,464,832 $ 3,485,569 $ 288 * 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 by portfolio segment (in thousands). There were no allowances for purchased credit impaired loans at June 30, 2018 and 2017, and December 31, 2017. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. June 30, 2018 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 1,379 $ 368 $ 2,645 $ 431 $ 4,823 Loans collectively evaluated for impairment 7,839 1,034 30,598 5,657 45,128 Total $ 9,218 $ 1,402 $ 33,243 $ 6,088 $ 49,951 June 30, 2017 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 1,683 $ 17 $ 2,369 $ 474 $ 4,543 Loans collectively evaluated for impairment 10,252 1,110 25,654 5,851 42,867 Total $ 11,935 $ 1,127 $ 28,023 $ 6,325 $ 47,410 December 31, 2017 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 1,194 $ 31 $ 2,316 $ 455 $ 3,996 Loans collectively evaluated for impairment 9,671 1,274 27,580 5,635 44,160 Total $ 10,865 $ 1,305 $ 29,896 $ 6,090 $ 48,156 Changes in the allowance for loan losses are summarized as follows by portfolio segment (in thousands): Three months ended June 30, 2018 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 9,277 $ 1,512 $ 32,539 $ 6,171 $ 49,499 Provision for loan losses 335 (115 ) 799 86 1,105 Recoveries 126 5 18 147 296 Charge-offs (520 ) — (113 ) (316 ) (949 ) Ending balance $ 9,218 $ 1,402 $ 33,243 $ 6,088 $ 49,951 Three months ended June 30, 2017 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 11,682 $ 946 $ 27,279 $ 6,285 $ 46,192 Provision for loan losses (76 ) 207 1,359 235 1,725 Recoveries 522 2 39 104 667 Charge-offs (193 ) (28 ) (654 ) (299 ) (1,174 ) Ending balance $ 11,935 $ 1,127 $ 28,023 $ 6,325 $ 47,410 Six months ended June 30, 2018 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 10,865 $ 1,305 $ 29,896 $ 6,090 $ 48,156 Provision for loan losses (1,292 ) 88 3,233 386 2,415 Recoveries 284 9 260 247 800 Charge-offs (639 ) — (146 ) (635 ) (1,420 ) Ending balance $ 9,218 $ 1,402 $ 33,243 $ 6,088 $ 49,951 Six months ended June 30, 2017 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 11,707 $ 1,101 $ 26,864 $ 6,107 $ 45,779 Provision for loan losses 927 54 2,132 562 3,675 Recoveries 749 8 91 309 1,157 Charge-offs (1,448 ) (36 ) (1,064 ) (653 ) (3,201 ) Ending balance $ 11,935 $ 1,127 $ 28,023 $ 6,325 $ 47,410 The Company’s recorded investment in loans related to the balance in the allowance for loan losses on the basis of the Company’s impairment methodology is as follows (in thousands). Purchased credit impaired loans of $2,813,000, $889,000 and $618,000 at June 30, 2018 and 2017, and December 31, 2017, respectively, are included in loans individually evaluated for impairment. June 30, 2018 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 7,580 $ 1,259 $ 16,715 $ 1,131 $ 26,685 Loans collectively evaluated for impairment 767,430 91,324 2,551,163 394,878 3,804,795 Total $ 775,010 $ 92,583 $ 2,567,878 $ 396,009 $ 3,831,480 June 30, 2017 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 5,404 $ 61 $ 14,801 $ 1,223 $ 21,489 Loans collectively evaluated for impairment 662,645 77,281 2,256,299 421,638 3,417,863 Total $ 668,049 $ 77,342 $ 2,271,100 $ 422,861 $ 3,439,352 December 31, 2017 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 3,612 $ 134 $ 12,838 $ 1,086 $ 17,670 Loan collectively evaluated for impairment 680,487 94,409 2,290,160 402,843 3,467,899 Total $ 684,099 $ 94,543 $ 2,302,998 $ 403,929 $ 3,485,569 The Company’s loans that were modified and considered troubled debt restructurings are as follows (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Pre-Modification Post-Modification Pre-Modification Post-Modification Recorded Recorded Recorded Recorded Number Investment Investment Number Investment Investment Commercial 1 $ 279 $ 279 1 $ 279 $ 279 Agricultural — — — 1 4 4 Real Estate 2 162 162 4 525 525 Consumer 3 39 39 6 113 113 Total 6 $ 480 $ 480 12 $ 921 $ 921 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Pre-Modification Post-Modification Pre-Modification Post-Modification Recorded Recorded Recorded Recorded Number Investment Investment Number Investment Investment Commercial 2 $ 90 $ 90 6 $ 324 $ 324 Agricultural — — — — — — Real Estate 1 161 161 2 217 217 Consumer 1 25 25 1 25 25 Total 4 $ 276 $ 276 9 $ 566 $ 566 The balances below provide information as to how the loans were modified as troubled debt restructured loans (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Adjusted Extended Combined Adjusted Extended Combined Commercial $ — $ — $ 279 — $ — $ 279 Agricultural — — — — — 4 Real Estate — 162 — — 162 363 Consumer — — 39 — — 113 Total $ — $ 162 $ 318 — $ 162 $ 759 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Adjusted Extended Combined Adjusted Extended Combined Commercial $ — $ 90 $ — — $ 180 $ 144 Agricultural — — — — — — Real Estate — — 161 — 56 161 Consumer — 25 — — 25 — Total $ — $ 115 $ 161 — $ 261 $ 305 During the three months ended June 30, 2018 and 2017, no loans were modified as a troubled debt restructured loan within the previous 12 months and for which there was a payment default. During the six months ended June 30, 2017, two loans were modified in the six-month Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Number Balance Number Balance Commercial — $ — — $ — Agriculture — — — — Real Estate — — — — Consumer — — — — Total — $ — — $ — Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Number Balance Number Balance Commercial — $ — 1 $ 53 Agriculture — — — — Real Estate — — 1 63 Consumer — — — — Total — $ — 2 $ 116 As of June 30, 2018, the Company has no commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings. Our subsidiary bank has established a line of credit with the Federal Home Loan Bank of Dallas (FHLB) to provide liquidity and meet pledging requirements for those customers eligible to have securities pledged to secure certain uninsured deposits. At June 30, 2018, $2,378,431,000 in loans held by our bank subsidiary were subject to blanket liens as security for this line of credit. At June 30, 2018, there was $60,000,000 outstanding under this line of credit. At June 30, 2018, $1,500,000 million in letters of credit were outstanding under this line of credit that were pledged as collateral for public funds held by our bank subsidiary. |
Loans Held for Sale
Loans Held for Sale | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Loans Held for Sale | Note 6 – Loans Held for Sale The Company originates certain mortgage loans for sale in the secondary market. The mortgage loan sales contracts contain indemnification clauses should the loans default, generally in the first three to nine months, or if documentation is determined not to be in compliance with regulations. The Company’s historic losses as a result of these indemnities have been insignificant. Loans held for sale totaled $24,289,000, $18,327,000 and $15,130,000 at June 30, 2018 and 2017, and December 31, 2017, respectively, all of which are valued at the lower of cost or fair value, except for $5,061,000 of the June 30, 2018 amounts, which is valued under the fair value option The change to the fair value option for loans held for sale was done in conjunction with the Company’s move to mandatory delivery in the secondary market and the purchase of forward mortgage-backed securities to manage the changes in fair value (see note 7 for additional information). These loans, which are sold on a servicing released basis, are valued using a market approach by utilizing either: (i) the fair value of the securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan, including the value attributable to mortgage servicing and credit risk, (ii) current commitments to purchase loans or (iii) recent observable market trades for similar loans, adjusted for credit risk and other individual loan characteristics. As these prices are derived from market observable inputs, the Company classifies these valuations as Level 2 in the fair value disclosures (see note 12). Interest income on mortgage loans held for sale is recognized based on the contractual rates and reflected in interest income on loans in the consolidated statements of earnings. The Company has no continuing involvement in any residential mortgage loans sold. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 7 – Derivative Financial Instruments The Company enters into interest rate lock commitments (“IRLCs”) with customers to originate residential mortgage loans at a specific interest rate that are ultimately sold in the secondary market. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by the Company. Beginning in the second quarter of 2018, the Company purchased forward mortgage-backed securities contracts to manage the changes in fair value associated with changes in interest rates related to a portion of the IRLCs. These instruments are typically entered into at the time the IRLC is made. These financial instruments are not designated as hedging instruments and are used for asset and liability management needs. All derivatives are carried at fair value in either other assets or other liabilities. The fair values of IRLCs are based on current secondary market prices for underlying loans and estimated servicing value with similar coupons, maturity and credit quality, subject to the anticipated loan funding probability (pull-through rate). The fair value of IRLCs is subject to change primarily due to changes in interest rates and the estimated pull-through rate. These commitments are classified as Level 2 in the fair value disclosures (see note 12), as the valuations are based on observable market inputs. Forward mortgage-backed securities contracts are exchange-traded or traded within highly active dealer markets. In order to determine the fair value of these instruments, the Company utilizes the exchange price or dealer market price for the particular derivative contract and these instruments are therefore classified as Level 2 in the fair value disclosures (see note 12). The estimated fair values are subject to change primarily due to changes in interest rates. The following table provides the outstanding notional balances and fair values of outstanding derivative positions (dollars in thousands): June 30, 2018: Outstanding Asset Liability IRLCs $ 61,520 $ 501 $ — Forward mortgage-backed securities trades 17,500 — 47 June 30, 2017: Outstanding Asset Liability IRLCs $ 72,281 $ 380 $ — December 31, 2017: Outstanding Asset Liability IRLCs $ 37,589 $ 500 $ — |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 8 – Borrowings Borrowings consisted of the following (dollars in thousands): June 30, December 31, 2018 2017 2017 Securities sold under agreements with customers to repurchase $ 389,010 $ 309,524 $ 320,450 Federal funds purchased 7,925 19,800 10,550 Advances from the Federal Home Loan Bank 60,000 50,000 — Total $ 456,935 $ 379,324 $ 331,000 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” |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 – Income Taxes Income tax expense was $7,217,000 for the second quarter of 2018 as compared to $8,500,000 for the same period in 2017. The Company’s effective tax rates on pretax income were 16.09% and 23.13% for the second quarters of 2018 and 2017, respectively. Income tax expense was $13,462,000 for the six months ended June 30, 2018 as compared to $16,105,000 for the same period in 2017. The Company’s effective tax rates on pretax income were 15.72% and 22.70% for the six months ended June 2018 and 2017, respectively. The effective tax rates differ from the statutory federal tax rate of 21% for 2018 and 35% for 2017 primarily due to tax exempt interest income earned on certain investment securities and loans, the deductibility of dividends paid to our employee stock ownership plan and excess tax benefits related to our directors’ deferred compensation plan. On December 22, 2017, the Tax Cuts and Jobs Act was signed into law with sweeping modifications to the Internal Revenue Service Code. The primary change for the Company was to lower the corporate income tax rate to 21% from 35%. The Company’s deferred tax assets and liabilities were re-measured re-measurement |
Stock Option Plan and Restricte
Stock Option Plan and Restricted Stock Plan | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plan and Restricted Stock Plan | Note 10 – Stock Option Plan and Restricted Stock Plan The Company grants incentive stock options for a fixed number of shares with an exercise price equal to the fair value of the shares at the date of grant to employees. In June 2017, the Company granted 452,450 incentive stock options with an exercise price of $42.35 per share. The fair value of the options was $9.90 per option and was 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 1.79%; expected life of 6.24 years; and expected volatility of 26.51%. No options have been granted in 2018. The Company recorded stock option expense totaling $377,000 and $217,000 for the three-month periods ended June 30, 2018 and 2017, respectively. The Company recorded stock option expense totaling $754,000 and $432,000 for the six months ended June 30, 2018 and 2017, respectively. The additional disclosure requirements under authoritative accounting guidance have been omitted due to the amounts being insignificant. On April 26, 2016, upon re-election non-employee re-election non-employee re-election non-employee On October 27, 2015, the Company granted 31,273 restricted 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 restricted stock shares with a total value of $560,000 to certain officers that is being expensed over the vesting period of three years. On October 24, 2017, the Company granted 14,191 restricted shares with a total value of $655,000 to certain officers that is being expensed over the vesting period of one to three years. The Company recorded restricted stock expense for officers of $158,000 and $133,000, for the three-month periods ended June 30, 2018 and 2017, respectively. The Company recorded restricted stock expense for officers of $326,000 and $266,000, for the six-month |
Pension Plan
Pension Plan | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Pension Plan | Note 11 – Pension Plan The Company’s defined benefit pension plan was frozen effective January 1, 2004, whereby no new participants will be added to the plan and no additional years of service will accrue to participants, unless the pension plan is reinstated at a future date. The pension plan covered substantially all of the Company’s employees at the time. The benefits for each employee were based on years of service and a percentage of the employee’s qualifying compensation during the final years of employment. The Company’s funding policy was and is to contribute annually the amount necessary to satisfy the Internal Revenue Service’s funding standards. Contributions to the pension plan, prior to freezing the plan, were intended to provide not only for benefits attributed to service to date but also for those expected to be earned in the future. As a result of the Pension Protection Act of 2006 (the “Protection Act”), the Company will be required to contribute amounts in future years to fund any shortfalls. The Company has evaluated the provisions of the Protection Act as well as the Internal Revenue Service’s funding standards to develop a plan for funding in future years. The Company made no contribution in 2017, and has not made a contribution through June 30, 2018. Net periodic benefit costs totaling $56,000 and $84,000 were recorded for the three months ended June 30, 2018 and 2017, respectively. Net periodic benefit costs totaling $111,000 and $168,000 were recorded for the six months ended June 30, 2018 and 2017, respectively. |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Note 12 – 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 1 and Level 2 or Level 2 and Level 3 during the six months ended June 30, 2018 and 2017, and the year ended December 31, 2017. The following table summarizes the Company’s available-for-sale securities which are measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands): June 30, 2018 Level 1 Level 2 Level 3 Total Fair Available-for-sale U.S. Treasury securities $ 9,965 $ — $ — $ 9,965 Obligations of U. S. government sponsored enterprises and agencies — 303 — 303 Obligations of states and political subdivisions — 1,284,775 — 1,284,775 Corporate bonds — 451 — 451 Residential mortgage-backed securities — 1,435,257 — 1,435,257 Commercial mortgage-backed securities — 462,485 — 462,485 Other securities 4,331 — — 4,331 Total $ 14,296 $ 3,183,271 $ — $ 3,197,567 June 30, 2017 Level 1 Level 2 Level 3 Total Fair Available-for-sale U.S. Treasury securities $ 10,573 $ — $ — $ 10,573 Obligations of U. S. government sponsored enterprises and agencies — 73,705 — 73,705 Obligations of states and political subdivisions — 1,531,873 — 1,531,873 Corporate bonds — 25,788 — 25,788 Residential mortgage-backed securities — 975,082 — 975,082 Commercial mortgage-backed securities — 343,040 — 343,040 Other securities 4,452 — — 4,452 Total $ 15,025 $ 2,949,488 $ — $ 2,964,513 December 31, 2017 Level 1 Level 2 Level 3 Total Fair Available-for-sale Obligations of U. S. government sponsored enterprises and agencies — 60,330 — 60,330 Obligations of states and political subdivisions — 1,420,850 — 1,420,850 Corporate bonds — 7,031 — 7,031 Residential mortgage-backed securities — 1,219,097 — 1,219,097 Commercial mortgage-backed securities — 375,737 — 375,737 Other securities 4,428 — — 4,428 Total $ 4,428 $ 3,083,045 $ — $ 3,087,473 Certain financial assets and financial liabilities are measured at fair value on a non-recurring 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 less costs to sell. Collateral values are estimated using Level 2 inputs based on observable market data. At June 30, 2018, impaired loans with a carrying value of $26,685,000 were reduced by specific valuation reserves totaling $4,823,000 resulting in a net fair value of $21,862,000. The Company also had impaired loans of $7,052,000 with no specific valuation reserve at June 30, 2018, due to the loans carrying value generally being lower than the value of the collateral associated with the loan. Loans Held-for-Sale held-for-sale IRLCs and Forward Mortgage-Backed Securities Trades – IRLCs and forward mortgage-backed securities trades are reported at fair value (see note 7). Certain non-financial non-financial non-recurring non-financial Non-financial non-recurring re-measured Re-evaluation re-measured Three Months Ended 2018 2017 Carrying value of other real estate owned prior to re-measurement $ 526 $ 88 Write-downs included in gain (loss) on sale of other real estate owned (126 ) (8 ) Fair value $ 400 $ 80 Six Months Ended 2018 2017 Carrying value of other real estate owned prior to re-measurement $ 526 $ 88 Write-downs included in gain (loss) on sale of other real estate owned (126 ) (8 ) Fair value $ 400 $ 80 At June 30, 2018 and 2017, and December 31, 2017, other real estate owned totaled $642,000, $2,023,000 and $1,347,000, 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, were as follows (in thousands): June 30, December 31, Fair Value 2018 2017 2017 Carrying Estimated Carrying Estimated Carrying Estimated Cash and due from banks $ 178,217 $ 178,217 $ 163,435 $ 163,435 $ 209,583 $ 209,583 Level 1 Federal funds sold 8,450 8,450 3,740 3,740 — — Level 1 Interest-bearing deposits in banks 99,499 99,499 53,336 53,336 162,764 162,764 Level 1 Interest-bearing time deposits in banks 1,458 1,458 1,458 1,458 1,458 1,458 Level 2 Available-for-sale 3,197,567 3,197,567 2,964,513 2,964,513 3,087,473 3,087,473 Levels 1 and 2 Held-to-maturity — — 105 107 — — Level 2 Loans Held for Investment 3,781,529 3,807,267 3,391,942 3,448,104 3,437,413 3,455,003 Level 3 Loans Held for Sale 24,289 24,289 18,327 18,327 15,130 15,130 Level 3 Accrued interest receivable 36,513 36,513 35,600 35,600 36,081 36,081 Level 2 Deposits with stated maturities 483,230 484,230 477,441 478,393 451,255 451,255 Level 2 Deposits with no stated maturities 5,727,377 5,727,377 5,149,168 5,149,168 5,511,706 5,511,706 Level 1 Borrowings 456,935 456,935 379,324 379,324 331,000 331,000 Level 2 Accrued interest payable 223 223 164 164 197 197 Level 2 |
Recently Issued Authoritative A
Recently Issued Authoritative Accounting Guidance | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Authoritative Accounting Guidance | Note 13 – Recently Issued Authoritative Accounting Guidance Accounting Standards Update (“ASU”) 2014-09, 2014-09 2015-4 2014-09 2014-09, non-interest ASU 2016-1, 2016-1, available-for-sale 2016-1 ASU 2016-02, 2016-02 right-of-use 2016-02 ASU 2016-09, 2016-09 2016-09 2016-09 ASU 2016-13, 2016-13 held-to-maturity 2016-13 2016-13 ASU 2017-04, 2017-04 2017-04 ASU 2017-07, 2017-17 2017-17 ASU 2017-08, 2017-08 2017-08 2017-08 ASU 2018-02, 2018-02 2018-02 |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisition | Note 14 – Acquisition On October 12, 2017, we entered into an agreement and plan of reorganization to acquire Commercial Bancshares, Inc. and its wholly owned bank subsidiary, Commercial State Bank, Kingwood, Texas. On January 1, 2018, the transaction was completed. Pursuant to the agreement, we issued 1,289,371 shares of the Company’s common stock in exchange for all of the outstanding shares of Commercial Bancshares, Inc. In addition, Commercial Bancshares, Inc. made a $22,075,000 special dividend to its shareholders prior to closing of the transaction, which was increased for the amount by which Commercial Bancshares, Inc.’s consolidated shareholders’ equity as of January 1, 2018 exceeded $42,402,000, after certain adjustments per the merger agreement. At closing, Commercial Bancshares, Inc. was merged into the Company and Commercial State Bank, Kingwood, 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 around Houston. Factors that contributed to a purchase price resulting in goodwill include Commercial State Bank’s record of earnings, strong management and board of directors, 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 January 1, 2018. 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 (1,289,371 shares) $ 58,087 Fair value of identifiable assets acquired: Cash and cash equivalents 18,653 Securities available-for-sale 64,501 Loans 266,327 Identifiable intangible assets 3,167 Other assets 15,375 Total identifiable assets acquired 368,023 Fair value of liabilities assumed: Deposits 341,902 Other liabilities (373 ) Total liabilities assumed 341,529 Fair value of net identifiable assets acquired 26,494 Goodwill resulting from acquisition $ 31,593 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 fair value of total loans acquired was $266,327,000 at acquisition compared to contractual amounts of $271,714,000. The fair value of purchased credit impaired loans at acquisition was $3,013,000 compared to contractual amounts of $3,806,000. Additional purchased credit impaired loan disclosures were omitted due to immateriality. All other acquired loans were considered performing loans. Commercial State Bank had branches in Kingwood, Fulshear, El Campo and Palacios, all located around Houston, Texas. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 states and political subdivisions, mortgage pass-through securities, corporate bonds and general obligation or revenue based municipal bonds. Pricing for such securities is generally readily available and transparent in the market. The Company utilizes independent third-party pricing services to value its investment securities, which the Company reviews as well as the underlying pricing methodologies for reasonableness and to ensure such prices are aligned with pricing matrices. The Company validates quarterly, on a sample basis, prices supplied by the independent pricing services by comparison to prices obtained from other third-party sources. |
Loans and Allowance for Loan Losses | Loans held for investment are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. Interest on loans is calculated by using the simple interest method on daily balances of the principal amounts outstanding. The Company defers and amortizes net loan origination fees and costs as an adjustment to yield. The allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for loan losses when management believes the collectability of the principal is unlikely. The Company has certain lending policies and procedures in place that are designed to maximize loan income with an acceptable level of risk. Management reviews and approves these policies and procedures on an annual basis and makes changes as appropriate. Management receives and reviews monthly reports related to loan originations, quality, concentrations, delinquencies, nonperforming and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions, both by type of loan and geographic location. Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and effectively. Underwriting standards are designed to determine whether the borrower possesses sound business ethics and practices and to evaluate current and projected cash flows to determine the ability of the borrower to repay their obligations as agreed. Commercial loans are primarily made based on the identified cash flows of the borrower and, secondarily, on the underlying collateral provided by the borrower. Most commercial loans are secured by the assets being financed or other business assets, such as accounts receivable or inventory, and include personal guarantees. Agricultural loans are subject to underwriting standards and processes similar to commercial loans. These agricultural loans are based primarily on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. Most agricultural loans are secured by the agriculture related assets being financed, such as farm land, cattle or equipment, and include personal guarantees. Real estate loans are also subject to underwriting standards and processes similar to commercial and agricultural loans. These loans are underwritten primarily based on projected cash flows and, secondarily, as loans secured by real estate. The repayment of real estate loans is generally largely dependent on the successful operation of the property securing the loans or the business conducted on the property securing the loan. Real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s real estate portfolio are generally diverse in terms of type and geographic location within Texas. This diversity helps reduce the exposure to adverse economic events that affect any single market or industry. Generally, real estate loans are owner occupied which further reduces the Company’s risk. Consumer loan underwriting utilizes methodical credit standards and analysis to supplement the Company’s underwriting policies and procedures. The Company’s loan policy addresses types of consumer loans that may be originated and the collateral, if secured, which must be perfected. The relatively smaller individual dollar amounts of consumer loans that are spread over numerous individual borrowers also minimize the Company’s risk. The allowance for loan losses is an amount which represents management’s best estimate of probable losses that are inherent in the Company’s loan portfolio as of the balance sheet date. The allowance for loan losses is comprised of three elements: (i) specific reserves determined based on probable losses on specific classified loans; (ii) a historical valuation reserve component that considers historical loss rates; and (iii) qualitative reserves based upon general economic conditions and other qualitative risk factors both internal and external to the Company. The allowance for loan losses is increased by charges to income and decreased by charge-offs Although we believe we use the best information available to make loan loss allowance determinations, future adjustments could be necessary if circumstances or economic conditions differ substantially from the assumptions used in making our initial determinations. A decline in the economy and employment rates could result in increased levels of non-performing 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 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 June 30, 2018 and 2017, and December 31, 2017, was $2,813,000, $889,000 and $618,000, respectively, compared to a contractual balance of $3,918,000, $1,174,290, and $755,000, respectively. Other purchased credit impaired loan disclosures were omitted due to immateriality. |
Recently Issued Authoritative Accounting Guidance | Accounting Standards Update (“ASU”) 2014-09, 2014-09 2015-4 2014-09 2014-09, non-interest ASU 2016-1, 2016-1, available-for-sale 2016-1 ASU 2016-02, 2016-02 right-of-use 2016-02 ASU 2016-09, 2016-09 2016-09 2016-09 ASU 2016-13, 2016-13 held-to-maturity 2016-13 2016-13 ASU 2017-04, 2017-04 2017-04 ASU 2017-07, 2017-17 2017-17 ASU 2017-08, 2017-08 2017-08 2017-08 ASU 2018-02, 2018-02 2018-02 |
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 |
Interest-bearing Time Deposit25
Interest-bearing Time Deposits in Banks and Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Available-for-Sale Securities | A summary of the Company’s available-for-sale June 30, 2018 Gross Gross Amortized Unrealized Unrealized Estimated Cost Basis Holding Gains Holding Losses Fair Value U.S. Treasury Securities $ 9,957 $ 8 $ — $ 9,965 Obligations of U.S. government sponsored enterprises and agencies 304 — (1 ) 303 Obligations of states and political subdivisions 1,257,547 29,924 (2,696 ) 1,284,775 Corporate bonds and other 4,861 — (79 ) 4,782 Residential mortgage-backed securities 1,464,345 1,630 (30,718 ) 1,435,257 Commercial mortgage-backed securities 471,398 — (8,913 ) 462,485 Total securities available-for-sale $ 3,208,412 $ 31,562 $ (42,407 ) $ 3,197,567 June 30, 2017 Gross Gross Amortized Unrealized Unrealized Estimated Cost Basis Holding Gains Holding Losses Fair Value U.S. Treasury securities $ 10,578 $ — $ (5 ) $ 10,573 Obligations of U.S. government sponsored enterprises and agencies 73,666 60 (21 ) 73,705 Obligations of states and political subdivisions 1,476,714 58,707 (3,548 ) 1,531,873 Corporate bonds and other 30,079 163 (2 ) 30,240 Residential mortgage-backed securities 971,557 8,083 (4,558 ) 975,082 Commercial mortgage-backed securities 342,651 1,202 (813 ) 343,040 Total securities available-for-sale $ 2,905,245 $ 68,215 $ (8,947 ) $ 2,964,513 December 31, 2017 Gross Gross Amortized Unrealized Unrealized Estimated Cost Basis Holding Gains Holding Losses Fair Value Obligations of U.S. government sponsored enterprises and agencies $ 60,516 $ — $ (186 ) $ 60,330 Obligations of states and political subdivisions 1,369,295 52,491 (936 ) 1,420,850 Corporate bonds and other 11,421 43 (5 ) 11,459 Residential mortgage-backed securities 1,223,452 4,561 (8,916 ) 1,219,097 Commercial mortgage-backed securities 377,934 263 (2,460 ) 375,737 Total securities available-for-sale $ 3,042,618 $ 57,358 $ (12,503 ) $ 3,087,473 |
Amortized Cost and Estimated Fair Value of Available-for-Sale Securities | The amortized cost and estimated fair value of available-for-sale Amortized Estimated Cost Basis Fair Value Due within one year $ 183,132 $ 184,671 Due after one year through five years 609,481 626,252 Due after five years through ten years 478,355 486,921 Due after ten years 1,701 1,981 Mortgage-backed securities 1,935,743 1,897,742 Total $ 3,208,412 $ 3,197,567 |
Continuous Unrealized-Loss Position of Available-for-Sale Securities | The following tables disclose the Company’s investment securities that have been in a continuous unrealized-loss Less than 12 Months 12 Months or Longer Total June 30, 2018 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of U.S. government sponsored enterprises and agencies $ 303 $ 1 $ — $ — $ 303 $ 1 Obligations of states and political subdivisions 136,950 1,122 43,239 1,574 180,189 2,696 Corporate bonds and other 4,617 76 233 3 4,850 79 Residential mortgage-backed securities 1,073,327 21,838 227,155 8,880 1,300,482 30,718 Commercial mortgage-backed securities 379,201 7,477 83,285 1,436 462,486 8,913 Total $ 1,594,398 $ 30,514 $ 353,912 $ 11,893 $ 1,948,310 $ 42,407 Less than 12 Months 12 Months or Longer Total June 30, 2017 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 10,321 $ 5 $ — $ — $ 10,321 $ 5 Obligations of U.S. government sponsored enterprises and agencies 30,062 21 — — 30,062 21 Obligations of states and political subdivisions 110,706 1,906 37,851 1,642 148,557 3,548 Corporate bonds and other 241 2 — — 241 2 Residential mortgage-backed securities 422,087 3,387 60,410 1,171 482,497 4,558 Commercial mortgage-backed securities 150,805 745 20,120 68 170,925 813 Total $ 724,222 $ 6,066 $ 118,381 $ 2,881 $ 842,603 $ 8,947 December 31, 2017 Fair Unrealized Fair Unrealized Fair Unrealized Obligations of U.S. government sponsored enterprises and agencies $ 60,329 $ 186 $ — $ — $ 60,329 $ 186 Obligations of state and political subdivisions 66,361 219 44,938 717 111,299 936 Corporate bonds and other 224 2 237 3 461 5 Residential mortgage-backed securities 701,252 3,988 239,641 4,928 940,893 8,916 Commercial mortgage-backed securities 239,548 1,500 92,549 960 332,097 2,460 Total $ 1,067,714 $ 5,895 $ 377,365 $ 6,608 $ 1,445,079 $ 12,503 |
Loans Held for Investment and26
Loans Held for Investment and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loans Held-for-Investment by Class of Financing Receivables | Loans held-for-investment June 30, December 31, 2018 2017 2017 Commercial $ 775,010 $ 668,049 $ 684,099 Agricultural 92,583 77,342 94,543 Real estate 2,567,878 2,271,100 2,302,998 Consumer 396,009 422,861 403,929 Total loans held-for-investment $ 3,831,480 $ 3,439,352 $ 3,485,569 |
Non-Accrual Loans, Loans Still Accruing and Past Due 90 Days or More and Restructured Loans | The Company’s non-accrual June 30, December 31, 2018 2017 2017 Non-accrual $ 26,685 $ 21,489 $ 17,670 Loans still accruing and past due 90 days or more 200 314 288 Troubled debt restructured loans** 514 672 627 Total $ 27,399 $ 22,475 $ 18,585 * Includes $2,813,000, $889,000 and $618,000 of purchased credit impaired loans as of June 30, 2018 and 2017, and December 31, 2017, respectively. ** Troubled debt restructured loans of $4,329,000, $5,417,000 and $4,629,000, 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): June 30, 2018 June 30, 2017 December 31, 2017 Recorded Valuation Recorded Valuation Recorded Valuation Investment Allowance Investment Allowance Investment Allowance $26,685 $ 4,823 $ 21,489 $ 4,543 $ 17,670 $ 3,996 |
Schedule of Non-Accrual Loans | Non-accrual June 30, December 31, 2018 2017 2017 Commercial $ 7,580 $ 5,404 $ 3,612 Agricultural 1,259 61 134 Real estate 16,715 14,801 12,838 Consumer 1,131 1,223 1,086 Total $ 26,685 $ 21,489 $ 17,670 |
Schedule of Impaired Loans and Related Allowance | The Company’s impaired loans and related allowance 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. June 30, 2018 Unpaid Recorded Recorded Total Related Year–to-Date Three- Commercial $ 9,432 $ 3,264 $ 4,316 $ 7,580 $ 1,379 $ 8,485 $ 8,226 Agricultural 1,278 50 1,209 1,259 368 1,670 1,589 Real Estate 22,358 3,569 13,146 16,715 2,645 18,441 18,019 Consumer 1,344 169 962 1,131 431 1,240 1,192 Total $ 34,412 $ 7,052 $ 19,633 $ 26,685 $ 4,823 $ 29,836 $ 29,026 * Includes $2,813,000 of purchased credit impaired loans. June 30, 2017 Unpaid Recorded Recorded Total Related Year–to-Date Three- Commercial $ 9,362 $ 708 $ 4,696 $ 5,404 $ 1,683 $ 13,590 $ 7,985 Agricultural 66 — 61 61 17 69 66 Real Estate 19,071 3,755 11,046 14,801 2,369 17,769 15,473 Consumer 1,432 309 914 1,223 474 1,457 1,294 Total $ 29,931 $ 4,772 $ 16,717 $ 21,489 $ 4,543 $ 32,885 $ 24,818 * Includes $889,000 of purchased credit impaired loans. December 31, 2017 Unpaid Recorded Recorded Total Related 12 Month Commercial $ 5,597 $ 518 $ 3,094 $ 3,612 $ 1,194 $ 4,849 Agricultural 147 — 134 134 31 120 Real Estate 16,823 2,348 10,490 12,838 2,316 13,835 Consumer 1,284 143 943 1,086 455 1,258 Total $ 23,851 $ 3,009 $ 14,661 $ 17,670 $ 3,996 $ 20,062 * Includes $618,000 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 June 30, 2018 Pass Special Substandard Doubtful Total Commercial $ 749,387 $ 6,439 $ 19,184 $ — $ 775,010 Agricultural 87,768 1,568 3,247 — 92,583 Real Estate 2,487,399 26,182 54,297 — 2,567,878 Consumer 393,200 368 2,441 — 396,009 Total $ 3,717,754 $ 34,557 $ 79,169 $ — $ 3,831,480 June 30, 2017 Pass Special Substandard Doubtful Total Commercial $ 627,812 $ 5,965 $ 34,272 $ — $ 668,049 Agricultural 73,727 859 2,756 — 77,342 Real Estate 2,200,067 20,978 50,055 — 2,271,100 Consumer 420,138 197 2,526 — 422,861 Total $ 3,321,744 $ 27,999 $ 89,609 $ — $ 3,439,352 December 31, 2017 Pass Special Substandard Doubtful Total Commercial $ 649,166 $ 6,282 $ 28,651 $ — $ 684,099 Agricultural 90,457 1,527 2,559 — 94,543 Real Estate 2,227,302 29,089 46,607 — 2,302,998 Consumer 401,434 181 2,314 — 403,929 Total $ 3,368,359 $ 37,079 $ 80,131 $ — $ 3,485,569 |
Schedule of Past Due Loans | The Company’s past due loans are as follows (in thousands): June 30, 2018 15-59 60-89 Greater Total Past Current Total Loans 90 Days Commercial $ 4,950 $ 1,085 $ 3,029 $ 9,064 $ 765,946 $ 775,010 $ 74 Agricultural 626 159 — 785 91,798 92,583 — Real Estate 13,441 474 532 14,447 2,553,431 2,567,878 70 Consumer 919 232 76 1,227 394,782 396,009 56 Total $ 19,936 $ 1,950 $ 3,637 $ 25,523 $ 3,805,957 $ 3,831,480 $ 200 June 30, 2017 15-59 60-89 Greater Total Past Current Total Loans 90 Days Commercial $ 3,026 $ 872 $ 2,673 $ 6,571 $ 661,478 $ 668,049 $ 150 Agricultural 633 — 8 641 76,701 77,342 8 Real Estate 12,794 1,713 4,661 19,168 2,251,932 2,271,100 99 Consumer 1,134 414 99 1,647 421,214 422,861 57 Total $ 17,587 $ 2,999 $ 7,441 $ 28,027 $ 3,411,325 $ 3,439,352 $ 314 December 31, 2017 15-59 60-89 Greater Total Past Total Current Total Loans Total 90 Commercial $ 2,039 $ 1,104 $ 1,081 $ 4,224 $ 679,875 $ 684,099 $ 7 Agricultural 640 — — 640 93,903 94,543 — Real Estate 12,308 511 1,198 14,017 2,288,981 2,302,998 216 Consumer 1,360 361 135 1,856 402,073 403,929 65 Total $ 16,347 $ 1,976 $ 2,414 $ 20,737 $ 3,464,832 $ 3,485,569 $ 288 * 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 by portfolio segment (in thousands). There were no allowances for purchased credit impaired loans at June 30, 2018 and 2017, and December 31, 2017. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. June 30, 2018 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 1,379 $ 368 $ 2,645 $ 431 $ 4,823 Loans collectively evaluated for impairment 7,839 1,034 30,598 5,657 45,128 Total $ 9,218 $ 1,402 $ 33,243 $ 6,088 $ 49,951 June 30, 2017 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 1,683 $ 17 $ 2,369 $ 474 $ 4,543 Loans collectively evaluated for impairment 10,252 1,110 25,654 5,851 42,867 Total $ 11,935 $ 1,127 $ 28,023 $ 6,325 $ 47,410 December 31, 2017 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 1,194 $ 31 $ 2,316 $ 455 $ 3,996 Loans collectively evaluated for impairment 9,671 1,274 27,580 5,635 44,160 Total $ 10,865 $ 1,305 $ 29,896 $ 6,090 $ 48,156 |
Changes in Allowance for Loan Losses | Changes in the allowance for loan losses are summarized as follows by portfolio segment (in thousands): Three months ended June 30, 2018 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 9,277 $ 1,512 $ 32,539 $ 6,171 $ 49,499 Provision for loan losses 335 (115 ) 799 86 1,105 Recoveries 126 5 18 147 296 Charge-offs (520 ) — (113 ) (316 ) (949 ) Ending balance $ 9,218 $ 1,402 $ 33,243 $ 6,088 $ 49,951 Three months ended June 30, 2017 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 11,682 $ 946 $ 27,279 $ 6,285 $ 46,192 Provision for loan losses (76 ) 207 1,359 235 1,725 Recoveries 522 2 39 104 667 Charge-offs (193 ) (28 ) (654 ) (299 ) (1,174 ) Ending balance $ 11,935 $ 1,127 $ 28,023 $ 6,325 $ 47,410 Six months ended June 30, 2018 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 10,865 $ 1,305 $ 29,896 $ 6,090 $ 48,156 Provision for loan losses (1,292 ) 88 3,233 386 2,415 Recoveries 284 9 260 247 800 Charge-offs (639 ) — (146 ) (635 ) (1,420 ) Ending balance $ 9,218 $ 1,402 $ 33,243 $ 6,088 $ 49,951 Six months ended June 30, 2017 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 11,707 $ 1,101 $ 26,864 $ 6,107 $ 45,779 Provision for loan losses 927 54 2,132 562 3,675 Recoveries 749 8 91 309 1,157 Charge-offs (1,448 ) (36 ) (1,064 ) (653 ) (3,201 ) Ending balance $ 11,935 $ 1,127 $ 28,023 $ 6,325 $ 47,410 |
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 related to the balance in the allowance for loan losses on the basis of the Company’s impairment methodology is as follows (in thousands). Purchased credit impaired loans of $3,061,000, $889,000 and $618,000 at June 30, 2018 and 2017, and December 31, 2017, respectively, are included in loans individually evaluated for impairment. June 30, 2018 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 7,580 $ 1,259 $ 16,715 $ 1,131 $ 26,685 Loans collectively evaluated for impairment 767,430 91,324 2,551,163 394,878 3,804,795 Total $ 775,010 $ 92,583 $ 2,567,878 $ 396,009 $ 3,831,480 June 30, 2017 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 5,404 $ 61 $ 14,801 $ 1,223 $ 21,489 Loans collectively evaluated for impairment 662,645 77,281 2,256,299 421,638 3,417,863 Total $ 668,049 $ 77,342 $ 2,271,100 $ 422,861 $ 3,439,352 December 31, 2017 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 3,612 $ 134 $ 12,838 $ 1,086 $ 17,670 Loan collectively evaluated for impairment 680,487 94,409 2,290,160 402,843 3,467,899 Total $ 684,099 $ 94,543 $ 2,302,998 $ 403,929 $ 3,485,569 |
Schedule of Loans Modified and Considered Troubled Debt Restructurings | The Company’s loans that were modified and considered troubled debt restructurings are as follows (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Pre-Modification Post-Modification Pre-Modification Post-Modification Recorded Recorded Recorded Recorded Number Investment Investment Number Investment Investment Commercial 1 $ 279 $ 279 1 $ 279 $ 279 Agricultural — — — 1 4 4 Real Estate 2 162 162 4 525 525 Consumer 3 39 39 6 113 113 Total 6 $ 480 $ 480 12 $ 921 $ 921 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Pre-Modification Post-Modification Pre-Modification Post-Modification Recorded Recorded Recorded Recorded Number Investment Investment Number Investment Investment Commercial 2 $ 90 $ 90 6 $ 324 $ 324 Agricultural — — — — — — Real Estate 1 161 161 2 217 217 Consumer 1 25 25 1 25 25 Total 4 $ 276 $ 276 9 $ 566 $ 566 |
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 (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Adjusted Extended Combined Adjusted Extended Combined Commercial $ — $ — $ 279 — $ — $ 279 Agricultural — — — — — 4 Real Estate — 162 — — 162 363 Consumer — — 39 — — 113 Total $ — $ 162 $ 318 — $ 162 $ 759 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Adjusted Extended Combined Adjusted Extended Combined Commercial $ — $ 90 $ — — $ 180 $ 144 Agricultural — — — — — — Real Estate — — 161 — 56 161 Consumer — 25 — — 25 — Total $ — $ 115 $ 161 — $ 261 $ 305 |
Schedule of Troubled Debt Restructurings | The loans with payment default are as follows (dollars in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Number Balance Number Balance Commercial — $ — — $ — Agriculture — — — — Real Estate — — — — Consumer — — — — Total — $ — — $ — Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Number Balance Number Balance Commercial — $ — 1 $ 53 Agriculture — — — — Real Estate — — 1 63 Consumer — — — — Total — $ — 2 $ 116 |
Derivative Financial Instrume27
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Outstanding Notional Balances and Fair Values of Outstanding Derivative Positions | The following table provides the outstanding notional balances and fair values of outstanding derivative positions (dollars in thousands): June 30, 2018: Outstanding Asset Liability IRLCs $ 61,520 $ 501 $ — Forward mortgage-backed securities trades 17,500 — 47 June 30, 2017: Outstanding Asset Liability IRLCs $ 72,281 $ 380 $ — December 31, 2017: Outstanding Asset Liability IRLCs $ 37,589 $ 500 $ — |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Borrowings consisted of the following (dollars in thousands): June 30, December 31, 2018 2017 2017 Securities sold under agreements with customers to repurchase $ 389,010 $ 309,524 $ 320,450 Federal funds purchased 7,925 19,800 10,550 Advances from the Federal Home Loan Bank 60,000 50,000 — Total $ 456,935 $ 379,324 $ 331,000 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Available- for-Sale Securities Measured at Fair Value on Recurring Basis | The following table summarizes the Company’s available-for-sale securities which are measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands): June 30, 2018 Level 1 Level 2 Level 3 Total Fair Available-for-sale U.S. Treasury securities $ 9,965 $ — $ — $ 9,965 Obligations of U. S. government sponsored enterprises and agencies — 303 — 303 Obligations of states and political subdivisions — 1,284,775 — 1,284,775 Corporate bonds — 451 — 451 Residential mortgage-backed securities — 1,435,257 — 1,435,257 Commercial mortgage-backed securities — 462,485 — 462,485 Other securities 4,331 — — 4,331 Total $ 14,296 $ 3,183,271 $ — $ 3,197,567 June 30, 2017 Level 1 Level 2 Level 3 Total Fair Available-for-sale U.S. Treasury securities $ 10,573 $ — $ — $ 10,573 Obligations of U. S. government sponsored enterprises and agencies — 73,705 — 73,705 Obligations of states and political subdivisions — 1,531,873 — 1,531,873 Corporate bonds — 25,788 — 25,788 Residential mortgage-backed securities — 975,082 — 975,082 Commercial mortgage-backed securities — 343,040 — 343,040 Other securities 4,452 — — 4,452 Total $ 15,025 $ 2,949,488 $ — $ 2,964,513 December 31, 2017 Level 1 Level 2 Level 3 Total Fair Available-for-sale Obligations of U. S. government sponsored enterprises and agencies — 60,330 — 60,330 Obligations of states and political subdivisions — 1,420,850 — 1,420,850 Corporate bonds — 7,031 — 7,031 Residential mortgage-backed securities — 1,219,097 — 1,219,097 Commercial mortgage-backed securities — 375,737 — 375,737 Other securities 4,428 — — 4,428 Total $ 4,428 $ 3,083,045 $ — $ 3,087,473 |
Other Real Estate Owned | The following table presents other real estate owned that were re-measured Three Months Ended 2018 2017 Carrying value of other real estate owned prior to re-measurement $ 526 $ 88 Write-downs included in gain (loss) on sale of other real estate owned (126 ) (8 ) Fair value $ 400 $ 80 Six Months Ended 2018 2017 Carrying value of other real estate owned prior to re-measurement $ 526 $ 88 Write-downs included in gain (loss) on sale of other real estate owned (126 ) (8 ) Fair value $ 400 $ 80 |
Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments | The estimated fair values and carrying values of all financial instruments under current authoritative guidance, were as follows (in thousands): June 30, December 31, Fair Value 2018 2017 2017 Carrying Estimated Carrying Estimated Carrying Estimated Cash and due from banks $ 178,217 $ 178,217 $ 163,435 $ 163,435 $ 209,583 $ 209,583 Level 1 Federal funds sold 8,450 8,450 3,740 3,740 — — Level 1 Interest-bearing deposits in banks 99,499 99,499 53,336 53,336 162,764 162,764 Level 1 Interest-bearing time deposits in banks 1,458 1,458 1,458 1,458 1,458 1,458 Level 2 Available-for-sale 3,197,567 3,197,567 2,964,513 2,964,513 3,087,473 3,087,473 Levels 1 and 2 Held-to-maturity — — 105 107 — — Level 2 Loans Held for Investment 3,781,529 3,807,267 3,391,942 3,448,104 3,437,413 3,455,003 Level 3 Loans Held for Sale 24,289 24,289 18,327 18,327 15,130 15,130 Level 3 Accrued interest receivable 36,513 36,513 35,600 35,600 36,081 36,081 Level 2 Deposits with stated maturities 483,230 484,230 477,441 478,393 451,255 451,255 Level 2 Deposits with no stated maturities 5,727,377 5,727,377 5,149,168 5,149,168 5,511,706 5,511,706 Level 1 Borrowings 456,935 456,935 379,324 379,324 331,000 331,000 Level 2 Accrued interest payable 223 223 164 164 197 197 Level 2 |
Acquisition (Tables)
Acquisition (Tables) - FBC Bancshares, Inc. and First Bank, N.A. [Member] | 6 Months Ended |
Jun. 30, 2018 | |
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 (1,289,371 shares) $ 58,087 |
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 (1,289,371 shares) $ 58,087 Fair value of identifiable assets acquired: Cash and cash equivalents 18,653 Securities available-for-sale 64,501 Loans 266,327 Identifiable intangible assets 3,167 Other assets 15,375 Total identifiable assets acquired 368,023 Fair value of liabilities assumed: Deposits 341,902 Other liabilities (373 ) Total liabilities assumed 341,529 Fair value of net identifiable assets acquired 26,494 Goodwill resulting from acquisition $ 31,593 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | Jun. 30, 2018Location |
Basis Of Presentation [Line Items] | |
Number of locations | 72 |
Subsidiary of Common Parent [Member] | |
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Number of locations | 7 |
Abilene [Member] | |
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Number of locations | 11 |
Abilene [Member] | Subsidiary of Common Parent [Member] | |
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Number of locations | 1 |
San Angelo [Member] | |
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Number of locations | 2 |
San Angelo [Member] | Subsidiary of Common Parent [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Weatherford [Member] | |
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Number of locations | 3 |
Cleburne [Member] | |
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Number of locations | 2 |
Stephenville [Member] | |
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Number of locations | 2 |
Stephenville [Member] | Subsidiary of Common Parent [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Granbury [Member] | |
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Number of locations | 2 |
Conroe [Member] | |
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Number of locations | 2 |
Acton [Member] | |
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Number of locations | 2 |
Albany [Member] | |
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Number of locations | 1 |
Aledo [Member] | |
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Number of locations | 1 |
Alvarado [Member] | |
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Number of locations | 1 |
Beaumont [Member] | |
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Number of locations | 1 |
Beaumont [Member] | Subsidiary of Common Parent [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Boyd [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Bridgeport [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Brock [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Burleson [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Cisco [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Clyde [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Cut and Shoot [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Decatur [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Eastland [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
El Campo [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Fort Worth [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Fort Worth [Member] | Subsidiary of Common Parent [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Fulshear [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Glen Rose [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Grapevine [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Hereford [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Huntsville [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Keller [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Kingwood [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Magnolia [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Mauriceville [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Merkel [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Midlothian [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Mineral Wells [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Montgomery [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Moran [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
New Waverly [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Newton [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Odessa [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Odessa [Member] | Subsidiary of Common Parent [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Orange [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Palacios [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Port Arthur [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Ranger [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Rising Star [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Roby [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Southlake [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Sweetwater [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Sweetwater [Member] | Subsidiary of Common Parent [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Tomball [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Trent [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Trophy Club [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Vidor [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 7 |
Waxahachie [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Willis [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Willow Park [Member] | |
Basis Of Presentation [Line Items] | |
Number of locations | 1 |
Stock Repurchase - Additional I
Stock Repurchase - Additional Information (Detail) - shares | Jun. 30, 2018 | Jun. 30, 2018 | Jul. 25, 2017 |
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchase program expiration date | Sep. 30, 2020 | ||
Minimum number of shares that company is required to repurchase | 0 | ||
Stock repurchased under authorization | 0 | ||
Maximum [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchase program, number of shares authorized to be repurchased | 2,000,000 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding, basic | 67,597,275 | 66,100,089 | 67,562,336 | 66,086,817 |
Weighted average common shares outstanding, diluted | 67,924,168 | 66,344,943 | 67,867,965 | 66,362,191 |
Anti-dilutive securities excluded from the earnings per share calculations | 0 | 0 | 0 | 0 |
Interest-bearing Time Deposit34
Interest-bearing Time Deposits in Banks and Securities - Additional Information (Detail) $ in Thousands | Jun. 30, 2018USD ($)Investment | Jun. 30, 2018USD ($)Investment | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)Investment | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) |
Interest Bearing Time Deposits In Banks And Securities [Line Items] | ||||||
INTEREST-BEARING TIME DEPOSITS IN BANKS | $ 1,458 | $ 1,458 | $ 1,458 | $ 1,458 | $ 1,458 | $ 1,458 |
Held-to-maturity securities | $ 0 | $ 0 | 105 | $ 0 | 105 | $ 0 |
Number of investment positions | Investment | 459 | 459 | 459 | |||
Securities pledged as collateral | $ 1,919,043 | $ 1,919,043 | $ 1,919,043 | |||
Sales of investment securities available-for-sale | 57,680 | 30,791 | 149,125 | 36,971 | ||
Gross realized gains from security sales | 287 | 795 | 1,529 | 800 | ||
Gross realized losses from security sales or calls | $ 220 | $ 48 | $ 241 | $ 50 | ||
Obligations of States and Political Subdivisions [Member] | Texas [Member] | ||||||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | ||||||
Percentage of securities guaranteed by Texas Permanent School Fund | 29.04% | |||||
Obligations of States and Political Subdivisions [Member] | Texas [Member] | Available-for-Sale Securities [Member] | Geographic Concentration Risk [Member] | ||||||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | ||||||
Concentration risk, percentage | 84.03% | |||||
Minimum [Member] | ||||||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | ||||||
Interest-bearing time deposits, maturity period, years | 1 year | |||||
Maximum [Member] | ||||||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | ||||||
Interest-bearing time deposits, maturity period, years | 2 years |
Interest-bearing Time Deposit35
Interest-bearing Time Deposits in Banks and Securities - Summary of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | $ 3,208,412 | $ 3,042,618 | $ 2,905,245 |
Securities available-for-sale, Gross Unrealized Holding Gains | 31,562 | 57,358 | 68,215 |
Securities available-for-sale, Gross Unrealized Holding Losses | (42,407) | (12,503) | (8,947) |
Securities available-for-sale, Estimated Fair Value | 3,197,567 | 3,087,473 | 2,964,513 |
U.S. Treasury Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | 9,957 | 10,578 | |
Securities available-for-sale, Gross Unrealized Holding Gains | 8 | ||
Securities available-for-sale, Gross Unrealized Holding Losses | (5) | ||
Securities available-for-sale, Estimated Fair Value | 9,965 | 10,573 | |
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 | 304 | 60,516 | 73,666 |
Securities available-for-sale, Gross Unrealized Holding Gains | 60 | ||
Securities available-for-sale, Gross Unrealized Holding Losses | (1) | (186) | (21) |
Securities available-for-sale, Estimated Fair Value | 303 | 60,330 | 73,705 |
Obligations of States and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | 1,257,547 | 1,369,295 | 1,476,714 |
Securities available-for-sale, Gross Unrealized Holding Gains | 29,924 | 52,491 | 58,707 |
Securities available-for-sale, Gross Unrealized Holding Losses | (2,696) | (936) | (3,548) |
Securities available-for-sale, Estimated Fair Value | 1,284,775 | 1,420,850 | 1,531,873 |
Corporate Bonds and Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | 4,861 | 11,421 | 30,079 |
Securities available-for-sale, Gross Unrealized Holding Gains | 43 | 163 | |
Securities available-for-sale, Gross Unrealized Holding Losses | (79) | (5) | (2) |
Securities available-for-sale, Estimated Fair Value | 4,782 | 11,459 | 30,240 |
Residential Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | 1,464,345 | 1,223,452 | 971,557 |
Securities available-for-sale, Gross Unrealized Holding Gains | 1,630 | 4,561 | 8,083 |
Securities available-for-sale, Gross Unrealized Holding Losses | (30,718) | (8,916) | (4,558) |
Securities available-for-sale, Estimated Fair Value | 1,435,257 | 1,219,097 | 975,082 |
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | 471,398 | 377,934 | 342,651 |
Securities available-for-sale, Gross Unrealized Holding Gains | 263 | 1,202 | |
Securities available-for-sale, Gross Unrealized Holding Losses | (8,913) | (2,460) | (813) |
Securities available-for-sale, Estimated Fair Value | $ 462,485 | $ 375,737 | $ 343,040 |
Interest-bearing Time Deposit36
Interest-bearing Time Deposits in Banks and Securities - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Investments, Debt and Equity Securities [Abstract] | |||
Available-for-Sale, Amortized Cost Basis, Due within one year | $ 183,132 | ||
Available-for-Sale, Amortized Cost Basis, Due after one year through five years | 609,481 | ||
Available-for-Sale, Amortized Cost Basis, Due after five years through ten years | 478,355 | ||
Available-for-Sale, Amortized Cost Basis, Due after ten years | 1,701 | ||
Available-for-Sale, Amortized Cost Basis, Mortgage-backed securities | 1,935,743 | ||
Available-for-Sale, Amortized Cost Basis, Total | 3,208,412 | $ 3,042,618 | $ 2,905,245 |
Available-for-Sale, Estimated Fair Value, Due within one year | 184,671 | ||
Available-for-Sale, Estimated Fair Value, Due after one year through five years | 626,252 | ||
Available-for-Sale, Estimated Fair Value, Due after five years through ten years | 486,921 | ||
Available-for-Sale, Estimated Fair Value, Due after ten years | 1,981 | ||
Available-for-Sale, Estimated Fair Value, Mortgage-backed securities | 1,897,742 | ||
Securities available-for-sale, Estimated Fair Value, Total | $ 3,197,567 | $ 3,087,473 | $ 2,964,513 |
Interest-bearing Time Deposit37
Interest-bearing Time Deposits in Banks and Securities - Continuous Unrealized-Loss Position of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | $ 1,594,398 | $ 1,067,714 | $ 724,222 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 30,514 | 5,895 | 6,066 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 353,912 | 377,365 | 118,381 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 11,893 | 6,608 | 2,881 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 1,948,310 | 1,445,079 | 842,603 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 42,407 | 12,503 | 8,947 |
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 | 303 | 60,329 | 30,062 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 1 | 186 | 21 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 303 | 60,329 | 30,062 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 1 | 186 | 21 |
Obligations of States and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 136,950 | 66,361 | 110,706 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 1,122 | 219 | 1,906 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 43,239 | 44,938 | 37,851 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 1,574 | 717 | 1,642 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 180,189 | 111,299 | 148,557 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 2,696 | 936 | 3,548 |
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 | 4,617 | 224 | 241 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 76 | 2 | 2 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 233 | 237 | |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 3 | 3 | |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 4,850 | 461 | 241 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 79 | 5 | 2 |
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 | 1,073,327 | 701,252 | 422,087 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 21,838 | 3,988 | 3,387 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 227,155 | 239,641 | 60,410 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 8,880 | 4,928 | 1,171 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 1,300,482 | 940,893 | 482,497 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 30,718 | 8,916 | 4,558 |
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 | 379,201 | 239,548 | 150,805 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 7,477 | 1,500 | 745 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 83,285 | 92,549 | 20,120 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 1,436 | 960 | 68 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 462,486 | 332,097 | 170,925 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | $ 8,913 | $ 2,460 | 813 |
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 | 10,321 | ||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 5 | ||
Available-for-sale securities, continuous unrealized loss position, Fair Value | 10,321 | ||
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | $ 5 |
Loans Held for Investment and38
Loans Held for Investment and Allowance for Loan Losses - Additional Information (Detail) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)Contract | Jun. 30, 2017USD ($)Contract | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($)Contract | Dec. 31, 2017USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Minimum number of days to consider the loans as non-accrual | 90 days | ||||||||||
Loans individually evaluated for impairment | $ 26,685,000 | $ 17,670,000 | $ 21,489,000 | $ 26,685,000 | $ 21,489,000 | $ 26,685,000 | $ 21,489,000 | $ 17,670,000 | |||
Contractual balance | 34,412,000 | 23,851,000 | 29,931,000 | 34,412,000 | 29,931,000 | 34,412,000 | 29,931,000 | 23,851,000 | |||
Nonaccrual, past due 90 days or more and still accruing, restructured loans and foreclosed assets | 28,104,000 | 20,117,000 | 24,720,000 | 28,104,000 | 24,720,000 | 28,104,000 | 24,720,000 | 20,117,000 | |||
Additional funds advanced in connection with impaired loans | 0 | 0 | 0 | ||||||||
Interest income recognized on impaired loans | 0 | 0 | 0 | ||||||||
Interest income recognized on impaired loans | 0 | 0 | 624,000 | ||||||||
Allowance for loan losses | 49,951,000 | 48,156,000 | 47,410,000 | $ 49,951,000 | $ 47,410,000 | 49,951,000 | $ 47,410,000 | 48,156,000 | $ 49,499,000 | $ 46,192,000 | $ 45,779,000 |
Default for purposes of this disclosure is a troubled debt restructured loan | 90 days | 90 days | |||||||||
Number of loans modified | Contract | 0 | 0 | 2 | ||||||||
Commitments to lend additional funds to borrowers with loan that have been modified as TDRs | 0 | $ 0 | 0 | ||||||||
Loans held by subsidiaries subject to blanket liens | 2,378,431,000 | 2,378,431,000 | 2,378,431,000 | ||||||||
Advances from Federal Home Loan Bank of Dallas | 60,000,000 | 50,000,000 | 60,000,000 | $ 50,000,000 | 60,000,000 | $ 50,000,000 | |||||
Letters of credit outstanding | 1,500,000,000,000 | 1,500,000,000,000 | 1,500,000,000,000 | ||||||||
Purchased Credit Impaired Loans [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Loans individually evaluated for impairment | 2,813,000 | 618,000 | 889,000 | 2,813,000 | 889,000 | 2,813,000 | 889,000 | 618,000 | |||
Contractual balance | 3,918,000 | 755,000 | 1,174,290 | 3,918,000 | 1,174,290 | 3,918,000 | 1,174,290 | 755,000 | |||
Allowance for loan losses | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Loans Held for Investment and39
Loans Held for Investment and Allowance for Loan Losses - Loans Held-for-Investment by Class of Financing Receivables (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total | $ 3,831,480 | $ 3,485,569 | $ 3,439,352 |
Commercial [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total | 775,010 | 684,099 | 668,049 |
Agriculture [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total | 92,583 | 94,543 | 77,342 |
Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total | 2,567,878 | 2,302,998 | 2,271,100 |
Consumer [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total | $ 396,009 | $ 403,929 | $ 422,861 |
Loans Held for Investment and40
Loans Held for Investment and Allowance for Loan Losses - Non-Accrual Loans, Loans Still Accruing and Past Due 90 Days or More and Restructured Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Receivables [Abstract] | |||
Non-accrual loans | $ 26,685 | $ 17,670 | $ 21,489 |
Loans still accruing and past due 90 days or more | 200 | 288 | 314 |
Troubled debt restructured loans | 514 | 627 | 672 |
Total | $ 27,399 | $ 18,585 | $ 22,475 |
Loans Held for Investment and41
Loans Held for Investment and Allowance for Loan Losses - Non-Accrual Loans, Loans Still Accruing and Past Due 90 Days or More and Restructured Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Non-accrual loans | $ 26,685 | $ 17,670 | $ 21,489 |
Troubled debt restructured loans | 514 | 627 | 672 |
Doubtful [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Troubled debt restructured loans | 4,329 | 4,629 | 5,417 |
Purchased Credit Impaired Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Non-accrual loans | $ 2,813 | $ 618 | $ 889 |
Loans Held for Investment and42
Loans Held for Investment and Allowance for Loan Losses - Recorded Investment in Impaired Loans and Related Valuation Allowance (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Receivables [Abstract] | |||
Recorded Investment | $ 26,685 | $ 17,670 | $ 21,489 |
Valuation Allowance | $ 4,823 | $ 3,996 | $ 4,543 |
Loans Held for Investment and43
Loans Held for Investment and Allowance for Loan Losses - Schedule of Non-Accrual Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | $ 26,685 | $ 17,670 | $ 21,489 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 7,580 | 3,612 | 5,404 |
Agriculture [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 1,259 | 134 | 61 |
Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | 16,715 | 12,838 | 14,801 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-accrual loans | $ 1,131 | $ 1,086 | $ 1,223 |
Loans Held for Investment and44
Loans Held for Investment and Allowance for Loan Losses - Schedule of Impaired Loans and Related Allowance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | $ 34,412 | $ 29,931 | $ 34,412 | $ 29,931 | $ 23,851 |
Recorded Investment With No Allowance | 7,052 | 4,772 | 7,052 | 4,772 | 3,009 |
Recorded Investment With Allowance | 19,633 | 16,717 | 19,633 | 16,717 | 14,661 |
Total Recorded Investment | 26,685 | 21,489 | 26,685 | 21,489 | 17,670 |
Related Allowance | 4,823 | 4,543 | 4,823 | 4,543 | 3,996 |
Average Recorded Investment | 29,026 | 24,818 | 29,836 | 32,885 | 20,062 |
Commercial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 9,432 | 9,362 | 9,432 | 9,362 | 5,597 |
Recorded Investment With No Allowance | 3,264 | 708 | 3,264 | 708 | 518 |
Recorded Investment With Allowance | 4,316 | 4,696 | 4,316 | 4,696 | 3,094 |
Total Recorded Investment | 7,580 | 5,404 | 7,580 | 5,404 | 3,612 |
Related Allowance | 1,379 | 1,683 | 1,379 | 1,683 | 1,194 |
Average Recorded Investment | 8,226 | 7,985 | 8,485 | 13,590 | 4,849 |
Agriculture [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 1,278 | 66 | 1,278 | 66 | 147 |
Recorded Investment With No Allowance | 50 | 50 | |||
Recorded Investment With Allowance | 1,209 | 61 | 1,209 | 61 | 134 |
Total Recorded Investment | 1,259 | 61 | 1,259 | 61 | 134 |
Related Allowance | 368 | 17 | 368 | 17 | 31 |
Average Recorded Investment | 1,589 | 66 | 1,670 | 69 | 120 |
Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 22,358 | 19,071 | 22,358 | 19,071 | 16,823 |
Recorded Investment With No Allowance | 3,569 | 3,755 | 3,569 | 3,755 | 2,348 |
Recorded Investment With Allowance | 13,146 | 11,046 | 13,146 | 11,046 | 10,490 |
Total Recorded Investment | 16,715 | 14,801 | 16,715 | 14,801 | 12,838 |
Related Allowance | 2,645 | 2,369 | 2,645 | 2,369 | 2,316 |
Average Recorded Investment | 18,019 | 15,473 | 18,441 | 17,769 | 13,835 |
Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 1,344 | 1,432 | 1,344 | 1,432 | 1,284 |
Recorded Investment With No Allowance | 169 | 309 | 169 | 309 | 143 |
Recorded Investment With Allowance | 962 | 914 | 962 | 914 | 943 |
Total Recorded Investment | 1,131 | 1,223 | 1,131 | 1,223 | 1,086 |
Related Allowance | 431 | 474 | 431 | 474 | 455 |
Average Recorded Investment | $ 1,192 | $ 1,294 | $ 1,240 | $ 1,457 | $ 1,258 |
Loans Held for Investment and45
Loans Held for Investment and Allowance for Loan Losses - Schedule of Impaired Loans and Related Allowance (Parenthetical) (Detail) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With No Allowance | $ 7,052,000 | $ 3,009,000 | $ 4,772,000 |
Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With No Allowance | $ 2,813,000 | $ 618,000 | $ 889,000 |
Loans Held for Investment and46
Loans Held for Investment and Allowance for Loan Losses - Schedule of Internal Ratings of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | $ 3,831,480 | $ 3,485,569 | $ 3,439,352 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 775,010 | 684,099 | 668,049 |
Agriculture [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 92,583 | 94,543 | 77,342 |
Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 2,567,878 | 2,302,998 | 2,271,100 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 396,009 | 403,929 | 422,861 |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 3,717,754 | 3,368,359 | 3,321,744 |
Pass [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 749,387 | 649,166 | 627,812 |
Pass [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 87,768 | 90,457 | 73,727 |
Pass [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 2,487,399 | 2,227,302 | 2,200,067 |
Pass [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 393,200 | 401,434 | 420,138 |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 34,557 | 37,079 | 27,999 |
Special Mention [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 6,439 | 6,282 | 5,965 |
Special Mention [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 1,568 | 1,527 | 859 |
Special Mention [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 26,182 | 29,089 | 20,978 |
Special Mention [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 368 | 181 | 197 |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 79,169 | 80,131 | 89,609 |
Substandard [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 19,184 | 28,651 | 34,272 |
Substandard [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 3,247 | 2,559 | 2,756 |
Substandard [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 54,297 | 46,607 | 50,055 |
Substandard [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | $ 2,441 | $ 2,314 | $ 2,526 |
Loans Held for Investment and47
Loans Held for Investment and Allowance for Loan Losses - Schedule of Past Due Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 25,523 | $ 20,737 | $ 28,027 |
Total Current | 3,805,957 | 3,464,832 | 3,411,325 |
Total Loans | 3,831,480 | 3,485,569 | 3,439,352 |
Total 90 Days Past Due Still Accruing | 200 | 288 | 314 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 9,064 | 4,224 | 6,571 |
Total Current | 765,946 | 679,875 | 661,478 |
Total Loans | 775,010 | 684,099 | 668,049 |
Total 90 Days Past Due Still Accruing | 74 | 7 | 150 |
Agriculture [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 785 | 640 | 641 |
Total Current | 91,798 | 93,903 | 76,701 |
Total Loans | 92,583 | 94,543 | 77,342 |
Total 90 Days Past Due Still Accruing | 8 | ||
Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 14,447 | 14,017 | 19,168 |
Total Current | 2,553,431 | 2,288,981 | 2,251,932 |
Total Loans | 2,567,878 | 2,302,998 | 2,271,100 |
Total 90 Days Past Due Still Accruing | 70 | 216 | 99 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,227 | 1,856 | 1,647 |
Total Current | 394,782 | 402,073 | 421,214 |
Total Loans | 396,009 | 403,929 | 422,861 |
Total 90 Days Past Due Still Accruing | 56 | 65 | 57 |
15-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 19,936 | 16,347 | 17,587 |
15-59 Days Past Due [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,950 | 2,039 | 3,026 |
15-59 Days Past Due [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 626 | 640 | 633 |
15-59 Days Past Due [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 13,441 | 12,308 | 12,794 |
15-59 Days Past Due [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 919 | 1,360 | 1,134 |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,950 | 1,976 | 2,999 |
60-89 Days Past Due [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,085 | 1,104 | 872 |
60-89 Days Past Due [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 159 | ||
60-89 Days Past Due [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 474 | 511 | 1,713 |
60-89 Days Past Due [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 232 | 361 | 414 |
Greater than 90 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,637 | 2,414 | 7,441 |
Greater than 90 Days [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,029 | 1,081 | 2,673 |
Greater than 90 Days [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 8 | ||
Greater than 90 Days [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 532 | 1,198 | 4,661 |
Greater than 90 Days [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 76 | $ 135 | $ 99 |
Loans Held for Investment and48
Loans Held for Investment and Allowance for Loan Losses - Schedule of Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | $ 4,823 | $ 3,996 | $ 4,543 | |||
Loans collectively evaluated for impairment | 45,128 | 44,160 | 42,867 | |||
Total allowance for loan losses | 49,951 | $ 49,499 | 48,156 | 47,410 | $ 46,192 | $ 45,779 |
Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 1,379 | 1,194 | 1,683 | |||
Loans collectively evaluated for impairment | 7,839 | 9,671 | 10,252 | |||
Total allowance for loan losses | 9,218 | 9,277 | 10,865 | 11,935 | 11,682 | 11,707 |
Agriculture [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 368 | 31 | 17 | |||
Loans collectively evaluated for impairment | 1,034 | 1,274 | 1,110 | |||
Total allowance for loan losses | 1,402 | 1,512 | 1,305 | 1,127 | 946 | 1,101 |
Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 2,645 | 2,316 | 2,369 | |||
Loans collectively evaluated for impairment | 30,598 | 27,580 | 25,654 | |||
Total allowance for loan losses | 33,243 | 32,539 | 29,896 | 28,023 | 27,279 | 26,864 |
Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans individually evaluated for impairment | 431 | 455 | 474 | |||
Loans collectively evaluated for impairment | 5,657 | 5,635 | 5,851 | |||
Total allowance for loan losses | $ 6,088 | $ 6,171 | $ 6,090 | $ 6,325 | $ 6,285 | $ 6,107 |
Loans Held for Investment and49
Loans Held for Investment and Allowance for Loan Losses - Changes in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 49,499 | $ 46,192 | $ 48,156 | $ 45,779 |
Provision for loan losses | 1,105 | 1,725 | 2,415 | 3,675 |
Recoveries | 296 | 667 | 800 | 1,157 |
Charge-offs | (949) | (1,174) | (1,420) | (3,201) |
Ending balance | 49,951 | 47,410 | 49,951 | 47,410 |
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 9,277 | 11,682 | 10,865 | 11,707 |
Provision for loan losses | 335 | (76) | (1,292) | 927 |
Recoveries | 126 | 522 | 284 | 749 |
Charge-offs | (520) | (193) | (639) | (1,448) |
Ending balance | 9,218 | 11,935 | 9,218 | 11,935 |
Agriculture [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,512 | 946 | 1,305 | 1,101 |
Provision for loan losses | (115) | 207 | 88 | 54 |
Recoveries | 5 | 2 | 9 | 8 |
Charge-offs | (28) | (36) | ||
Ending balance | 1,402 | 1,127 | 1,402 | 1,127 |
Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 32,539 | 27,279 | 29,896 | 26,864 |
Provision for loan losses | 799 | 1,359 | 3,233 | 2,132 |
Recoveries | 18 | 39 | 260 | 91 |
Charge-offs | (113) | (654) | (146) | (1,064) |
Ending balance | 33,243 | 28,023 | 33,243 | 28,023 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 6,171 | 6,285 | 6,090 | 6,107 |
Provision for loan losses | 86 | 235 | 386 | 562 |
Recoveries | 147 | 104 | 247 | 309 |
Charge-offs | (316) | (299) | (635) | (653) |
Ending balance | $ 6,088 | $ 6,325 | $ 6,088 | $ 6,325 |
Loans Held for Investment and50
Loans Held for Investment and Allowance for Loan Losses - Schedule of Investment in Loans Related to Balance in Allowance for Loan Losses on Basis of Company's Impairment Methodology (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | $ 26,685 | $ 17,670 | $ 21,489 |
Loans collectively evaluated for impairment | 3,804,795 | 3,467,899 | 3,417,863 |
Total | 3,831,480 | 3,485,569 | 3,439,352 |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 7,580 | 3,612 | 5,404 |
Loans collectively evaluated for impairment | 767,430 | 680,487 | 662,645 |
Total | 775,010 | 684,099 | 668,049 |
Agriculture [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 1,259 | 134 | 61 |
Loans collectively evaluated for impairment | 91,324 | 94,409 | 77,281 |
Total | 92,583 | 94,543 | 77,342 |
Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 16,715 | 12,838 | 14,801 |
Loans collectively evaluated for impairment | 2,551,163 | 2,290,160 | 2,256,299 |
Total | 2,567,878 | 2,302,998 | 2,271,100 |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 1,131 | 1,086 | 1,223 |
Loans collectively evaluated for impairment | 394,878 | 402,843 | 421,638 |
Total | $ 396,009 | $ 403,929 | $ 422,861 |
Loans Held for Investment and51
Loans Held for Investment and Allowance for Loan Losses - Schedule of Loans Modified and Considered Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)SecurityLoan | Jun. 30, 2017USD ($)SecurityLoan | Jun. 30, 2018USD ($)SecurityLoan | Jun. 30, 2017USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||||
Number | SecurityLoan | 6 | 4 | 12 | 9 |
Pre-Modification Recorded Investment | $ 480 | $ 276 | $ 921 | $ 566 |
Post-Modification Recorded Investment | $ 480 | $ 276 | $ 921 | $ 566 |
Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number | SecurityLoan | 1 | 2 | 1 | 6 |
Pre-Modification Recorded Investment | $ 279 | $ 90 | $ 279 | $ 324 |
Post-Modification Recorded Investment | $ 279 | $ 90 | $ 279 | $ 324 |
Agriculture [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number | SecurityLoan | 1 | |||
Pre-Modification Recorded Investment | $ 4 | |||
Post-Modification Recorded Investment | $ 4 | |||
Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number | SecurityLoan | 2 | 1 | 4 | 2 |
Pre-Modification Recorded Investment | $ 162 | $ 161 | $ 525 | $ 217 |
Post-Modification Recorded Investment | $ 162 | $ 161 | $ 525 | $ 217 |
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number | SecurityLoan | 3 | 1 | 6 | 1 |
Pre-Modification Recorded Investment | $ 39 | $ 25 | $ 113 | $ 25 |
Post-Modification Recorded Investment | $ 39 | $ 25 | $ 113 | $ 25 |
Loans Held for Investment and52
Loans Held for Investment and Allowance for Loan Losses - Schedule of How Loans Were Modified as Troubled Debt Restructured Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | $ 480 | $ 276 | $ 921 | $ 566 |
Extended Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 162 | 115 | 162 | 261 |
Combined Rate and Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 318 | 161 | 759 | 305 |
Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 279 | 90 | 279 | 324 |
Commercial [Member] | Extended Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 90 | 180 | ||
Commercial [Member] | Combined Rate and Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 279 | 279 | 144 | |
Agriculture [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 4 | |||
Agriculture [Member] | Combined Rate and Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 4 | |||
Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 162 | 161 | 525 | 217 |
Real Estate [Member] | Extended Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 162 | 162 | 56 | |
Real Estate [Member] | Combined Rate and Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 161 | 363 | 161 | |
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | 39 | 25 | 113 | 25 |
Consumer [Member] | Extended Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | $ 25 | $ 25 | ||
Consumer [Member] | Combined Rate and Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled Debt Restructured Loans | $ 39 | $ 113 |
Loans Held for Investment and53
Loans Held for Investment and Allowance for Loan Losses - Schedule of Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018Contract | Jun. 30, 2017Contract | Jun. 30, 2017USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number | Contract | 0 | 0 | 2 |
Balance | $ | $ 116 | ||
Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number | Contract | 1 | ||
Balance | $ | $ 53 | ||
Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number | Contract | 1 | ||
Balance | $ | $ 63 |
Loans Held for Sale - Additiona
Loans Held for Sale - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group [Abstract] | |||
Loans Held for Sale | $ 24,289 | $ 15,130 | $ 18,327 |
Loans held for sale under fair value | $ 5,061 |
Derivative Financial Instrume55
Derivative Financial Instruments - Summary of Outstanding Notional Balances and Fair Values of Outstanding Derivative Positions (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
IRLCs [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Outstanding Notional Balance | $ 61,520 | $ 37,589 | $ 72,281 |
Asset Derivative Fair Value | 501 | $ 500 | $ 380 |
Forward Mortgage-Backed Securities Trades [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Outstanding Notional Balance | 17,500 | ||
Liability Derivative Fair Value | $ 47 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowings (Detail) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Debt Disclosure [Abstract] | |||
Securities sold under agreements with customers to repurchase | $ 389,010,000 | $ 320,450,000 | $ 309,524,000 |
Federal funds purchased | 7,925,000 | 10,550,000 | 19,800,000 |
Advances from the Federal Home Loan Bank | 60,000,000 | 50,000,000 | |
Total | $ 456,935,000 | $ 331,000,000 | $ 379,324,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 22, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||||||
Income tax expense | $ 7,217,000 | $ 8,500,000 | $ 13,462,000 | $ 16,105,000 | ||
Effective tax rates on pre-tax income | 16.09% | 23.13% | 15.72% | 22.70% | ||
Federal statutory tax rate | 21.00% | 35.00% | ||||
Restatement of deferred tax liability due to change in tax rate | $ 7,650,000 | |||||
Change in deferred tax assets and liabilities related to reclassification from accumulated other comprehensive income to retained earnings | $ 5,759,000 |
Stock Option Plan and Restric58
Stock Option Plan and Restricted Stock Plan - Additional Information (Detail) | Apr. 24, 2018USD ($)Non_Employee_Directorsshares | Oct. 24, 2017USD ($)shares | Apr. 25, 2017USD ($)Non_Employee_Directorsshares | Oct. 25, 2016USD ($)shares | Apr. 26, 2016USD ($)Non_Employee_Directorsshares | Oct. 27, 2015USD ($)shares | Jun. 30, 2017$ / sharesshares | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($)$ / shares | Jun. 30, 2018USD ($)shares | Jun. 30, 2017USD ($)$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock options granted | shares | 452,450 | 0 | |||||||||
Exercise price of stock option | $ / shares | $ 42.35 | $ 42.35 | $ 42.35 | ||||||||
Fair value assumptions method used | Black-Scholes options pricing model | ||||||||||
Fair value of the options | $ / shares | $ 9.90 | ||||||||||
Risk-free interest rate | 1.89% | ||||||||||
Expected dividend yield | 1.79% | ||||||||||
Expected life | 6 years 2 months 27 days | ||||||||||
Expected volatility | 26.51% | ||||||||||
Stock compensation expense | $ 377,000 | $ 217,000 | $ 754,000 | $ 432,000 | |||||||
Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of non employee directors | Non_Employee_Directors | 9 | 10 | 10 | ||||||||
Restricted Stock [Member] | Non-Employee Directors [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted shares granted | shares | 10,710 | 14,650 | 7,660 | ||||||||
Restricted shares value | $ 540,000 | $ 600,000 | $ 250,000 | ||||||||
Restricted Stock [Member] | Director [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock compensation expense | 140,000 | 121,000 | 290,000 | 183,000 | |||||||
Restricted Stock [Member] | Officers [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock compensation expense | $ 158,000 | $ 133,000 | $ 326,000 | $ 266,000 | |||||||
Restricted shares granted | shares | 14,191 | 15,405 | 31,273 | ||||||||
Restricted shares value | $ 655,000 | $ 560,000 | $ 1,060,000 | ||||||||
Restricted shares vesting period | 3 years | 3 years | |||||||||
Restricted Stock [Member] | Officers [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted shares vesting period | 1 year | ||||||||||
Restricted Stock [Member] | Officers [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted shares vesting period | 3 years |
Pension Plan - Additional Infor
Pension Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||||
Contributions to the plan | $ 0 | $ 0 | |||
Net periodic benefit costs, total | $ 56,000 | $ 84,000 | $ 111,000 | $ 168,000 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets transfer between Level 1 and Level 2 | $ 0 | $ 0 | $ 0 |
Assets transfer between Level 2 and Level 3 | 0 | 0 | 0 |
Impaired loans carrying value | 26,685,000 | 21,489,000 | 17,670,000 |
Impaired loans valuation reserves | 4,823,000 | 4,543,000 | 3,996,000 |
Impaired loans net fair value | 21,862,000 | ||
Recorded Investment With No Allowance | 7,052,000 | 4,772,000 | 3,009,000 |
Other real estate owned, total | $ 642,000 | $ 2,023,000 | $ 1,347,000 |
Minimum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt discounts, percentage | 5 | ||
Maximum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt discounts, percentage | 25 |
Fair Value Disclosures - Availa
Fair Value Disclosures - Available- for-Sale Securities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | $ 3,197,567 | $ 3,087,473 | $ 2,964,513 |
U.S. Treasury Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 9,965 | 10,573 | |
Obligations of U.S. Government Sponsored Enterprises and Agencies [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 303 | 60,330 | 73,705 |
Obligations of States and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 1,284,775 | 1,420,850 | 1,531,873 |
Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 1,435,257 | 1,219,097 | 975,082 |
Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 462,485 | 375,737 | 343,040 |
Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 3,197,567 | 3,087,473 | 2,964,513 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 451 | 7,031 | 25,788 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 9,965 | 10,573 | |
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 | 303 | 60,330 | 73,705 |
Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 1,284,775 | 1,420,850 | 1,531,873 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 1,435,257 | 1,219,097 | 975,082 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 462,485 | 375,737 | 343,040 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 4,331 | 4,428 | 4,452 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 14,296 | 4,428 | 15,025 |
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 | 9,965 | 10,573 | |
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 | 4,331 | 4,428 | 4,452 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 3,183,271 | 3,083,045 | 2,949,488 |
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 | 451 | 7,031 | 25,788 |
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 | 303 | 60,330 | 73,705 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Obligations of States and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 1,284,775 | 1,420,850 | 1,531,873 |
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 | 1,435,257 | 1,219,097 | 975,082 |
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 | $ 462,485 | $ 375,737 | $ 343,040 |
Fair Value Disclosures - Other
Fair Value Disclosures - Other Real Estate Owned (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | ||||
Carrying value of other real estate owned prior to re-measurement | $ 526 | $ 88 | $ 526 | $ 88 |
Write-downs included in gain (loss) on sale of other real estate owned | (126) | (8) | (126) | (8) |
Other real estate owned, fair value | $ 400 | $ 80 | $ 400 | $ 80 |
Fair Value Disclosures - Schedu
Fair Value Disclosures - Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
CASH AND DUE FROM BANKS | $ 178,217 | $ 209,583 | $ 163,435 |
FEDERAL FUNDS SOLD | 8,450 | 3,740 | |
INTEREST-BEARING DEPOSITS IN BANKS | 99,499 | 162,764 | 53,336 |
INTEREST-BEARING TIME DEPOSITS IN BANKS | 1,458 | 1,458 | 1,458 |
Available-for-sale securities | 3,197,567 | 3,087,473 | 2,964,513 |
Held-to-maturity securities | 0 | 0 | 105 |
Loans Held for Investment | 3,781,529 | 3,437,413 | 3,391,942 |
Loans Held for Sale | 24,289 | 15,130 | 18,327 |
BORROWINGS | 456,935 | 331,000 | 379,324 |
Carrying Value [Member] | Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
CASH AND DUE FROM BANKS | 178,217 | 209,583 | 163,435 |
FEDERAL FUNDS SOLD | 8,450 | 3,740 | |
INTEREST-BEARING DEPOSITS IN BANKS | 99,499 | 162,764 | 53,336 |
Deposits with no stated maturities | 5,727,377 | 5,511,706 | 5,149,168 |
Carrying Value [Member] | Level 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
INTEREST-BEARING TIME DEPOSITS IN BANKS | 1,458 | 1,458 | 1,458 |
Held-to-maturity securities | 105 | ||
Accrued interest receivable | 36,513 | 36,081 | 35,600 |
Deposits with stated maturities | 483,230 | 451,255 | 477,441 |
BORROWINGS | 456,935 | 331,000 | 379,324 |
Accrued interest payable | 223 | 197 | 164 |
Carrying Value [Member] | Levels 1 and 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale securities | 3,197,567 | 3,087,473 | 2,964,513 |
Carrying Value [Member] | Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans Held for Investment | 3,781,529 | 3,437,413 | 3,391,942 |
Loans Held for Sale | 24,289 | 15,130 | 18,327 |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
CASH AND DUE FROM BANKS | 178,217 | 209,583 | 163,435 |
FEDERAL FUNDS SOLD | 8,450 | 3,740 | |
INTEREST-BEARING DEPOSITS IN BANKS | 99,499 | 162,764 | 53,336 |
Deposits with no stated maturities | 5,727,377 | 5,511,706 | 5,149,168 |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
INTEREST-BEARING TIME DEPOSITS IN BANKS | 1,458 | 1,458 | 1,458 |
Held-to-maturity securities | 107 | ||
Accrued interest receivable | 36,513 | 36,081 | 35,600 |
Deposits with stated maturities | 484,230 | 451,255 | 478,393 |
BORROWINGS | 456,935 | 331,000 | 379,324 |
Accrued interest payable | 223 | 197 | 164 |
Estimated Fair Value [Member] | Levels 1 and 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale securities | 3,197,567 | 3,087,473 | 2,964,513 |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans Held for Investment | 3,807,267 | 3,455,003 | 3,448,104 |
Loans Held for Sale | $ 24,289 | $ 15,130 | $ 18,327 |
Recently Issued Authoritative64
Recently Issued Authoritative Accounting Guidance - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Federal statutory tax rate | 21.00% | 35.00% |
Accounting Standards Update 2018-02 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Reclassification of standard tax debit within accumulated other comprehensive income to retained earnings | $ 5,759,000 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) | Jan. 01, 2018 | Oct. 12, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Business Acquisition [Line Items] | |||||
Fair value of purchased credit impaired loans | $ 26,685,000 | $ 17,670,000 | $ 21,489,000 | ||
Contractual amounts | 34,412,000 | 23,851,000 | 29,931,000 | ||
Purchased Credit Impaired Loans [Member] | |||||
Business Acquisition [Line Items] | |||||
Contractual amounts | 3,918,000 | $ 755,000 | $ 1,174,290 | ||
FBC Bancshares, Inc. and First Bank, N.A. [Member] | |||||
Business Acquisition [Line Items] | |||||
Payment for all outstanding shares of acquired entity by shares | 1,289,371 | ||||
Fair value of total loans | 266,327,000 | ||||
Total loans of contractual amounts | 271,714,000 | ||||
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 | 3,013,000 | ||||
Contractual amounts | $ 3,806,000 | ||||
Commercial Bancshares, Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, agreement date | Oct. 12, 2017 | ||||
Payment for all outstanding shares of acquired entity by shares | 1,289,371 | ||||
Business acquisition, special dividend | $ 22,075,000 | ||||
Increase decrease in business acquisition, special dividend | $ 42,402,000 |
Acquisition - Schedule of Amoun
Acquisition - Schedule of Amounts Recorded on Consolidated Balance Sheet on Acquisition Date (Detail) $ in Thousands | Oct. 12, 2017USD ($) |
FBC Bancshares, Inc. and First Bank, N.A. [Member] | |
Business Acquisition [Line Items] | |
Common stock issued (1,289,371 shares) | $ 58,087 |
Acquisition - Schedule of Amo67
Acquisition - Schedule of Amounts Recorded on Consolidated Balance Sheet on Acquisition Date (Parenthetical) (Detail) | Oct. 12, 2017shares |
FBC Bancshares, Inc. and First Bank, N.A. [Member] | |
Business Acquisition [Line Items] | |
Common stock issued shares | 1,289,371 |
Acquisition - Schedule of Preli
Acquisition - Schedule of Preliminary Estimated Fair Value Amounts Assigned to Major Asset and Liability Categories at Acquisition Date (Detail) - FBC Bancshares, Inc. and First Bank, N.A. [Member] $ in Thousands | Jun. 30, 2018USD ($) |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $ 18,653 |
Securities available-for-sale | 64,501 |
Loans | 266,327 |
Identifiable intangible assets | 3,167 |
Other assets | 15,375 |
Total identifiable assets acquired | 368,023 |
Deposits | 341,902 |
Other liabilities | (373) |
Total liabilities assumed | 341,529 |
Fair value of net identifiable assets acquired | 26,494 |
Goodwill resulting from acquisition | $ 31,593 |